206-208 W 3rd Ave · Keewatin, MN 55753

$92,000

4 bd · 2.0 ba · 920 sqft · Other public records · 105 Days on market

Built 1930 8,125 sqft lot

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +16.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Appreciation +5.0/10.0
• DSCR +4.9/10.0
• Livability +3.3/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This is an investors Dream! Great Rental opportunity! Live in one unit and let the second rental help pay your expense. This property is in a great location and both units have a nice floor plan with the hardwood floors having recently been redone. Nice central location--- with some major recent updates! Two 2-bedrooms units/ New Roof New water Heater. Two stall Garage with off street parking.

Key facts

• Off street parking
• New water heater
• Hardwood floors

Tags

• HARDWOOD FLOORS
• NEW ROOF
• NEW WATER HEATER
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $92k.

Deal economics

• At list price, monthly cash flow is $46 ($548/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $92k).
• Recommended offer: $84k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#495 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A-; Watch: schools D+, health & safety D, amenities F.
• Nashwauk-Keewatin School District (rural): math 32% / reading 39% proficiency, ranked #253 of 301 in MN (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 7 active listings in the ZIP; 121 units permitted in Itasca County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($636 loan paydown + $3k appreciation (3.0% local appreciation)).
• Itasca County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $43k (32%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $92k implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $83,720 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.09% ✓
• Cap rate: 6.89%
• Cash-on-cash: 2.13%
• DSCR: 1.09
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 9.5%
• Equity multiple: 1.55×
• Total profit: $14,078
• Equity at exit: $41,367

10-year hold

• IRR: 12.0%
• Equity multiple: 2.79×
• Total profit: $46,168
• Equity at exit: $63,752

Cash invested: $25,760 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 46 Balanced
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City: — inherits STATE

2024 reforms strengthened tenant protections; ramsey/hennepin courts paced moderate to slow.

Methodology + full state rankings →

ZIP-level market 55753

• Active inventory: 7
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,007 medium
• Mortgage (P&I): −$482
• Tax from tax record: −$229 /mo · $2,746/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $46

Break-even live

Break-even rent $949

Max offer price $92,000

Occupancy floor 90%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $23,000
• Closing costs: $2,760
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-13
   statusdays on market $92,000 Pending 105 DOM
2. 2026-06-10
   days on market $92,000 Active 103 DOM
3. 2026-06-09
   days on market $92,000 Active 102 DOM
4. 2026-06-08
   days on market $92,000 Active 101 DOM
5. 2026-06-07
   days on market $92,000 Active 100 DOM
6. 2026-06-05
   days on market $92,000 Active 97 DOM
7. 2026-06-02
   days on market $92,000 Active 95 DOM
8. 2026-06-01
   days on market $92,000 Active 94 DOM
9. 2026-05-31
   days on market $92,000 Active 93 DOM
10. 2026-05-30
    days on market $92,000 Active 92 DOM
11. 2026-05-18
    price $92,000 399-char remark

    Show marketing remark (399 chars)

    This is an investors Dream! Great Rental opportunity! Live in one unit and let the second rental help pay your expense. This property is in a great location and both units have a nice floor plan with the hardwood floors having recently been redone. Nice central location--- with some major recent updates! Two 2-bedrooms units/ New Roof New water Heater. Two stall Garage with off street parking.

12. 2026-03-18
    price $110,000 399-char remark

    Show marketing remark (399 chars)

    This is an investors Dream! Great Rental opportunity! Live in one unit and let the second rental help pay your expense. This property is in a great location and both units have a nice floor plan with the hardwood floors having recently been redone. Nice central location--- with some major recent updates! Two 2-bedrooms units/ New Roof New water Heater. Two stall Garage with off street parking.

13. 2026-02-27
    listed $135,000 Active 399-char remark

    Show marketing remark (399 chars)

    This is an investors Dream! Great Rental opportunity! Live in one unit and let the second rental help pay your expense. This property is in a great location and both units have a nice floor plan with the hardwood floors having recently been redone. Nice central location--- with some major recent updates! Two 2-bedrooms units/ New Roof New water Heater. Two stall Garage with off street parking.

14. 2021-03-01
    soldstatus $50,500 447-char remark

    Show marketing remark (447 chars)

    GREAT RENTAL OPPORTUNITY!! Live in one unit and let the second unit rental make your payment for you!! This duplex is in a great location and with a little TLC it has great income potential. This duplex features dual 2 bedroom, 1 bathroom spacious apartments. All appliances stay except for the washer (there's no dryer). 2 Stall garage with 2 alley parking spots. This is an investors dream!! Call today for your personal tour!!! Being sold As-Is

15. 2020-08-15
    listed $64,900 447-char remark

    Show marketing remark (447 chars)

    GREAT RENTAL OPPORTUNITY!! Live in one unit and let the second unit rental make your payment for you!! This duplex is in a great location and with a little TLC it has great income potential. This duplex features dual 2 bedroom, 1 bathroom spacious apartments. All appliances stay except for the washer (there's no dryer). 2 Stall garage with 2 alley parking spots. This is an investors dream!! Call today for your personal tour!!! Being sold As-Is

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MN · Partial reset (capped growth)

• Current annual tax: $2,746 · $229/mo
• Projected year-2 tax: $2,746 · $229/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥91°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,081
• − Mortgage interest: −$5,153
• − Property taxes: −$2,746
• − Insurance: −$460
• − Repairs & maintenance: −$966
• − Management: −$966
• − Depreciation: −$2,676
• Taxable loss: −$888
• Est. tax savings @ 24.0%: +$213
• After-tax cash flow: $761/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Nashwauk-Keewatin School District
• NCES district ID: 2723310
• Math proficiency: 32% ▼ -13.00%
• Reading proficiency: 39% ▼ -11.00%
• Median HH income: $43,838
• Composite: 30.15/100
• National rank: #6326
• State rank: #253 of 301 in MN

Livability — Keewatin

• Score: 66/100
• State rank: #495
• US rank: #11938

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment D- Housing A- Health & safety D User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Keewatin, MN
• City population: 1,197
• Population (ZIP): 1,197

Population outlook (Itasca County) Hauer SSP2

• Today (2025): 45,885 people
• By 2030: 45,890 · +0.0%
• By 2040: 45,171 · -1.6%
• By 2050: 43,946 · -4.2%
• By 2075: 40,950 · -10.8%
• By 2100: 34,909 · -23.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Two or more races 18% Hispanic / Latino 2%
• Common ancestry: Portuguese 9% Lithuanian 2% Romanian 1%
• Foreign-born: 1% · Canada, Jamaica
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Itasca

• 2024 margin: Strong R (+20.2) · D 39.1% · R 59.3% · Other 1.6%
• 2008→2024 swing: -33.1pp toward R · 2008: 12.9pp · 2024: -20.2pp
• All cycles: 2024: R+20.2 2020: R+16.8 2016: R+16.5 2012: D+9.9 2008: D+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.41%
• F500 in state: 34

Industry mix (Fortune 500 HQ in MN)

Industry	F500 HQs	Revenue
▸Healthcare	2	$407B
▸Retail	2	$150B
▸Consumer Goods	2	$32B
▸Industrial Machinery	2	$6B
▸Agriculture	1	$40B
▸Healthcare / Medical Devices	1	$32B

Price history

+41.8% since first listed

5 events — show timeline

• 2026-05-18 Price Changed $92,000 RAOR
• 2026-03-18 Price Changed $110,000 RAOR
• 2026-02-27 Listed $135,000 RAOR
• 2021-03-01 Sold (MLS) $50,500 RAOR
• 2020-08-15 Listed $64,900 RAOR

Property tax history

+15.1%/yr

Latest (2026): $2,746 · -2.9% YoY. Source: county tax records.