320 Andover Rd · Hoyt Lakes, MN 55750

$135,000

2 bd · 1.0 ba · 974 sqft · SingleFamily public records · 33 Days on market

Built 1956 7,187 sqft lot

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Why this score? — see what drove the D- 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 +11.9/30.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• DSCR +3.5/10.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable Fixer-Upper in Hoyt Lakes. If you’ve been looking for a project with real potential, this 2-bedroom, 1-bath home in Hoyt Lakes is worth a serious look. With just over 1,000 square feet of living space, an attached 1-stall garage, and both a front (8x12) and rear (4x4) deck, this property offers a solid starting point for someone ready to roll up their sleeves. The home features natural gas forced-air heat and a newer roof, giving you a couple of big-ticket items already checked off the list. Inside, the space needs work — updates, repairs, and your own vision — but the layout is workable, and the bones appear good. Best of all, it’s priced $30,000 under its tax value, making this an opportunity that doesn’t come along often in this market. Whether you’re an investor, a first-time buyer looking for sweat equity, or someone who enjoys bringing homes back to life, this one has room to grow. Homes in this price range are rare — take advantage while you can.

Key facts

• 7,187 sq ft lot
• Garage
• Built 1956

Property features AI

Finance

• Financial info: Conventional mortgage type

Exterior

• Parking: Attached garage (1 car) with asphalt driveway — garage roughly 11 x 21
• Utilities: City water connected; City sewer connected; Natural gas fuel; 100 amp electric service (Lake Country Power)
• Home design: Residential property; One story; Main entry level on main floor; Property faces unspecified direction
• Construction: Block and concrete construction; Asphalt roof; Block foundation (foundation dimensions 24 x 32); Built area includes finished above-grade and unfinished below-grade space
• Exterior features: Deck; Wood siding; Storage shed; Light tree coverage; City street front with public road maintenance

Interior

• Kitchen: Cooktop; Dishwasher; Disposal
• Bedrooms: Two bedrooms — one on the main floor and one on the upper level
• Bathrooms: One full bathroom on the main floor (6 x 8)
• Heating & cooling: Baseboard heating; Central air conditioning
• Interior features: Cooktop, Dishwasher, Disposal; Kitchen/Dining room layout; Sump pump in unfinished basement; Wheelchair ramp access
• Laundry & utility: Laundry room with washer and dryer hookups; Electric dryer hookup; Laundry sink; Laundry located in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $-34 ($-410/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (4.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $98k (27.4% below list).
• Recommended offer: $98k (27.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#270 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Mesabi East School District (rural): math 27% / reading 47% proficiency, ranked #240 of 301 in MN (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mesabi East Elementary (math 33% / reading 47%, grade F, #600 of 857 statewide, top 70%, 474 students, 51% FRL); Mesabi East Secondary (math 12% / reading 47%, grade F, #354 of 471 statewide, top 77%, 415 students, 43% FRL).
• Market conditions: 23 active listings in the ZIP; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $55k; list at $135k implies a 146% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $97,977 (27.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.73% ✗
• Cap rate: 5.99%
• Cash-on-cash: -1.09%
• DSCR: 0.95
• GRM: 11.5

CMA / ARV

• ARV (on-the-fly): $87,660
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
415 Leeds Rd	0.23mi	3/1.0 (+1)	864 (-11%)	2mo	$93,000	$108	63
316 Wyandotte Rd	0.15mi	3/1.0 (+1)	1,102 (+13%)	8mo	$99,500	$90	59
330 Wyandotte Rd	0.17mi	1/2.0 (-1)	864 (-11%)	9mo	$35,000	$41	57
202 Dorchester Dr	0.46mi	3/1.0 (+1)	950 (-2%)	23mo	$80,000	$84	50
201 Hampshire Dr	0.61mi	3/1.0 (+1)	1,080 (+11%)	7mo	$88,750	$82	42
220 Andover Rd	0.31mi	3/1.2 (+1)	1,109 (+14%)	21mo	$155,000	$140	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -18.1%
• Equity multiple: 0.36×
• Total profit: $-24,115
• Equity at exit: $20,129

10-year hold

• IRR: -10.5%
• Equity multiple: 0.36×
• Total profit: $-24,054
• Equity at exit: $11,672

Cash invested: $37,800 (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 55750

• Home prices YoY: -23.3%
• Active inventory: 23
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $980 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$44 /mo · $528/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $-34

Break-even live

Break-even rent $1,023

Max offer price $128,961

Occupancy floor 98%

Sensitivity live

Price	-10% $42	-5% $4	+0% $-34	+5% $-72	+10% $-111
Rent	-10% $-112	-5% $-73	+0% $-34	+5% $5	+10% $43
Rate	-1.0pp $34	-0.5pp $0	base $-34	+0.5pp $-69	+1.0pp $-105

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-21
   days on market $135,000 Active 33 DOM
2. 2026-06-19
   days on market $135,000 Active 31 DOM
3. 2026-06-18
   days on market $135,000 Active 30 DOM
4. 2026-06-17
   days on market $135,000 Active 29 DOM
5. 2026-06-16
   days on market $135,000 Active 28 DOM
6. 2026-06-15
   days on market $135,000 Active 27 DOM
7. 2026-06-14
   days on market $135,000 Active 25 DOM
8. 2026-06-13
   days on market $135,000 Active 24 DOM
9. 2026-06-10
   days on market $135,000 Active 22 DOM
10. 2026-06-09
    days on market $135,000 Active 21 DOM
11. 2026-06-08
    days on market $135,000 Active 20 DOM
12. 2026-06-07
    days on market $135,000 Active 19 DOM
13. 2026-06-03
    days on market $135,000 Active 15 DOM
14. 2026-06-02
    days on market $135,000 Active 14 DOM
15. 2026-06-01
    days on market $135,000 Active 13 DOM
16. 2026-05-31
    days on market $135,000 Active 12 DOM
17. 2026-05-30
    days on market $135,000 Active 11 DOM
18. 2026-05-20
    listed $135,000 Active
19. 2026-05-18
    historical $135,000
20. 2026-02-24
    soldstatus $54,950 Closed 1020-char remark

    Show marketing remark (1020 chars)

    Affordable Fixer-Upper in Hoyt Lakes. If you’ve been looking for a project with real potential, this 2-bedroom, 1-bath home in Hoyt Lakes is worth a serious look. With just over 1,000 square feet of living space, an attached 1-stall garage, and both a front (8x12) and rear (4x4) deck, this property offers a solid starting point for someone ready to roll up their sleeves. The home features natural gas forced-air heat and a newer roof, giving you a couple of big-ticket items already checked off the list. Inside, the space needs work — updates, repairs, and your own vision — but the layout is workable, and the bones appear good. Best of all, it’s priced $30,000 under its tax value, making this an opportunity that doesn’t come along often in this market. Whether you’re an investor, a first-time buyer looking for sweat equity, or someone who enjoys bringing homes back to life, this one has room to grow. Homes in this price range are rare — take advantage while you can.

21. 2026-02-24
    soldstatus $54,950 Sold 1020-char remark

    Show marketing remark (1020 chars)

    Affordable Fixer-Upper in Hoyt Lakes. If you’ve been looking for a project with real potential, this 2-bedroom, 1-bath home in Hoyt Lakes is worth a serious look. With just over 1,000 square feet of living space, an attached 1-stall garage, and both a front (8x12) and rear (4x4) deck, this property offers a solid starting point for someone ready to roll up their sleeves. The home features natural gas forced-air heat and a newer roof, giving you a couple of big-ticket items already checked off the list. Inside, the space needs work — updates, repairs, and your own vision — but the layout is workable, and the bones appear good. Best of all, it’s priced $30,000 under its tax value, making this an opportunity that doesn’t come along often in this market. Whether you’re an investor, a first-time buyer looking for sweat equity, or someone who enjoys bringing homes back to life, this one has room to grow. Homes in this price range are rare — take advantage while you can.

22. 2026-02-24
    soldstatus $54,950 Closed

    Show marketing remark (1020 chars)

    Affordable Fixer-Upper in Hoyt Lakes. If you’ve been looking for a project with real potential, this 2-bedroom, 1-bath home in Hoyt Lakes is worth a serious look. With just over 1,000 square feet of living space, an attached 1-stall garage, and both a front (8x12) and rear (4x4) deck, this property offers a solid starting point for someone ready to roll up their sleeves. The home features natural gas forced-air heat and a newer roof, giving you a couple of big-ticket items already checked off the list. Inside, the space needs work — updates, repairs, and your own vision — but the layout is workable, and the bones appear good. Best of all, it’s priced $30,000 under its tax value, making this an opportunity that doesn’t come along often in this market. Whether you’re an investor, a first-time buyer looking for sweat equity, or someone who enjoys bringing homes back to life, this one has room to grow. Homes in this price range are rare — take advantage while you can.

23. 2026-01-14
    status Pending

    Show marketing remark (1020 chars)

    Affordable Fixer-Upper in Hoyt Lakes. If you’ve been looking for a project with real potential, this 2-bedroom, 1-bath home in Hoyt Lakes is worth a serious look. With just over 1,000 square feet of living space, an attached 1-stall garage, and both a front (8x12) and rear (4x4) deck, this property offers a solid starting point for someone ready to roll up their sleeves. The home features natural gas forced-air heat and a newer roof, giving you a couple of big-ticket items already checked off the list. Inside, the space needs work — updates, repairs, and your own vision — but the layout is workable, and the bones appear good. Best of all, it’s priced $30,000 under its tax value, making this an opportunity that doesn’t come along often in this market. Whether you’re an investor, a first-time buyer looking for sweat equity, or someone who enjoys bringing homes back to life, this one has room to grow. Homes in this price range are rare — take advantage while you can.

24. 2026-01-14
    status Pending 1020-char remark

    Show marketing remark (1020 chars)

    Affordable Fixer-Upper in Hoyt Lakes. If you’ve been looking for a project with real potential, this 2-bedroom, 1-bath home in Hoyt Lakes is worth a serious look. With just over 1,000 square feet of living space, an attached 1-stall garage, and both a front (8x12) and rear (4x4) deck, this property offers a solid starting point for someone ready to roll up their sleeves. The home features natural gas forced-air heat and a newer roof, giving you a couple of big-ticket items already checked off the list. Inside, the space needs work — updates, repairs, and your own vision — but the layout is workable, and the bones appear good. Best of all, it’s priced $30,000 under its tax value, making this an opportunity that doesn’t come along often in this market. Whether you’re an investor, a first-time buyer looking for sweat equity, or someone who enjoys bringing homes back to life, this one has room to grow. Homes in this price range are rare — take advantage while you can.

25. 2025-12-16
    listed $62,500 Active 1020-char remark

    Show marketing remark (1020 chars)

    Affordable Fixer-Upper in Hoyt Lakes. If you’ve been looking for a project with real potential, this 2-bedroom, 1-bath home in Hoyt Lakes is worth a serious look. With just over 1,000 square feet of living space, an attached 1-stall garage, and both a front (8x12) and rear (4x4) deck, this property offers a solid starting point for someone ready to roll up their sleeves. The home features natural gas forced-air heat and a newer roof, giving you a couple of big-ticket items already checked off the list. Inside, the space needs work — updates, repairs, and your own vision — but the layout is workable, and the bones appear good. Best of all, it’s priced $30,000 under its tax value, making this an opportunity that doesn’t come along often in this market. Whether you’re an investor, a first-time buyer looking for sweat equity, or someone who enjoys bringing homes back to life, this one has room to grow. Homes in this price range are rare — take advantage while you can.

26. 2025-12-15
    listed $62,500 Active
27. 2025-12-12
    listed $62,500 Active 1020-char remark

    Show marketing remark (1020 chars)

    Affordable Fixer-Upper in Hoyt Lakes. If you’ve been looking for a project with real potential, this 2-bedroom, 1-bath home in Hoyt Lakes is worth a serious look. With just over 1,000 square feet of living space, an attached 1-stall garage, and both a front (8x12) and rear (4x4) deck, this property offers a solid starting point for someone ready to roll up their sleeves. The home features natural gas forced-air heat and a newer roof, giving you a couple of big-ticket items already checked off the list. Inside, the space needs work — updates, repairs, and your own vision — but the layout is workable, and the bones appear good. Best of all, it’s priced $30,000 under its tax value, making this an opportunity that doesn’t come along often in this market. Whether you’re an investor, a first-time buyer looking for sweat equity, or someone who enjoys bringing homes back to life, this one has room to grow. Homes in this price range are rare — take advantage while you can.

28. 2005-12-17
    soldstatus $35,000
29. 2000-12-01
    soldstatus $34,000

ⓘ 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: $528 · $44/mo
• Projected year-2 tax: $1,020 · $85/mo
• Expected delta: +$492/yr (+$41/mo · 93.2%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥90°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,757
• − Mortgage interest: −$7,562
• − Property taxes: −$528
• − Insurance: −$675
• − Repairs & maintenance: −$941
• − Management: −$941
• − Depreciation: −$3,927
• Taxable loss: −$2,816
• Est. tax savings @ 24.0%: +$676
• After-tax cash flow: $266/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: Mesabi East School District
• NCES district ID: 2791450
• Math proficiency: 27% ▼ -17.00%
• Reading proficiency: 47% ▼ -8.00%
• Median HH income: $47,546
• Composite: 31.69/100
• National rank: #5922
• State rank: #240 of 301 in MN

Livability — Hoyt Lakes

• Score: 72/100
• State rank: #270
• US rank: #5844

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hoyt Lakes, MN
• Population (ZIP): 2,078

Population outlook (St. Louis County) Hauer SSP2

• Today (2025): 202,411 people
• By 2030: 203,234 · +0.4%
• By 2040: 202,520 · +0.1%
• By 2050: 200,853 · -0.8%
• By 2075: 200,943 · -0.7%
• By 2100: 192,058 · -5.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 6% Native American 3%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Portuguese 19% Lithuanian 4% Romanian 4%
• Foreign-born: 0%
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · St. Louis

• 2024 margin: D (+13.7) · D 55.9% · R 42.2% · Other 1.8%
• 2008→2024 swing: -18.8pp toward R · 2008: 32.5pp · 2024: 13.7pp
• All cycles: 2024: D+13.7 2020: D+15.6 2016: D+11.8 2012: D+29.6 2008: D+32.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -52.12%
• Current HPI: 171.9924
• 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

+297.1% since first listed

12 events — show timeline

• 2026-05-20 Listed $135,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-18 Coming Soon $135,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-24 Sold (MLS) $54,950 LSAR
• 2026-02-24 Sold (MLS) $54,950 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-24 Sold (MLS) $54,950 RAOR
• 2026-01-14 Pending — LSAR
• 2026-01-14 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-16 Listed $62,500 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-15 Listed $62,500 LSAR
• 2025-12-12 Listed $62,500 RAOR
• 2005-12-17 Sold (Public Records) $35,000 Public Records
• 2000-12-01 Sold (Public Records) $34,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $528 · -11.1% YoY. Source: county tax records.