45 W Chapman St · Ely, MN 55731

$125,000

4 bd · 2.0 ba · 1,274 sqft · Other public records · 19 Days on market

Built 1902 6,098 sqft lot $98/sqft · at area comps Est $144k · 13% under

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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 +23.0/30.0
• ARV discount +13.4/15.0
• DSCR +7.4/10.0
• 1% rule +6.0/10.0
• Schools +3.9/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

MUCH OF ORIGINAL 1902's CHARM still found throughout 4 bedroom/2 bath home …. . from beautiful hardwood floors, natural woodwork, high ceiling, cast iron radiators & sun porches. Sauna, laundry, mechanicals & updated 200 amp service in walkout basement. Plus, quaint 1 bedroom guesthouse & 2 stall detached garage. Centrally located; only a few blocks to downtown shops, restaurants & Trezona Trail. A single family home zoned commercial affords income opportunity.

Key facts

• Cedar sauna
• 2 stall garage
• Separate guest house

Tags

• 5 MINUTE WALK TO DOWNTOWN
• 3 SEASON PORCHES
• CEDAR SAUNA
• 2 STALL GARAGE
• SEPARATE GUEST HOUSE

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single family detached residential property; 2 stories
• Construction: Asphalt shingle roof; Built with other construction materials; Partial basement
• Exterior features: Porch (enclosed); Guest house; Has a view; Satellite dish

Interior

• Kitchen: Range; Refrigerator; Dishwasher
• Bedrooms: Master bedroom on main level
• Flooring: Hardwood
• Bathrooms: One three-quarter bathroom; One half bathroom
• Heating & cooling: Propane heating
• Interior features: Natural woodwork; High-speed internet; Master bedroom on main level; ENERGY STAR qualified windows
• Laundry & utility: Washer hookup; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $125k.

Deal economics

• At list price, monthly cash flow is $222 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 4.0% in Ely — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#128 in MN, #2,900 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Ely Public School District (town): math 37% / reading 56% proficiency, ranked #175 of 301 in MN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 128 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 $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y ago 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 $105k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $123,125 (1.5% below list)

Questions for the listing agent

1. Built in 1902 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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.
5. 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.
6. 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: 1.10% ✓
• Cap rate: 8.43%
• Cash-on-cash: 7.63%
• DSCR: 1.34
• GRM: 7.6

CMA / ARV

• ARV (median comp): $143,978
• List price: $125,000
• Delta: -13.18%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -4.6%
• Equity multiple: 0.83×
• Total profit: $-6,067
• Equity at exit: $18,638

10-year hold

• IRR: 5.1%
• Equity multiple: 1.37×
• Total profit: $13,047
• Equity at exit: $10,808

Cash invested: $35,000 (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 55731

• Active inventory: 128
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,376 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$157 /mo · $1,888/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $222

Break-even live

Break-even rent $1,095

Max offer price $125,000

Occupancy floor 79%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-12
   status Pending 1203-char remark
2. 2026-04-22
   listed $125,000 Active 1203-char remark
3. 2021-10-27
   soldstatus $105,000
4. 2021-10-15
   soldstatus $105,000

   Show marketing remark (496 chars)

   MUCH OF ORIGINAL 1902's CHARM still found throughout 4 bedroom/2 bath home …. . from beautiful hardwood floors, natural woodwork, high ceiling, cast iron radiators & sun porches. Sauna, laundry, mechanicals & updated 200 amp service in walkout basement. Plus, quaint 1 bedroom guesthouse & 2 stall detached garage. Centrally located; only a few blocks to downtown shops, restaurants & Trezona Trail. A single family home zoned commercial affords income opportunity.

5. 2021-05-05
   listed $110,000

   Show marketing remark (496 chars)

   MUCH OF ORIGINAL 1902's CHARM still found throughout 4 bedroom/2 bath home …. . from beautiful hardwood floors, natural woodwork, high ceiling, cast iron radiators & sun porches. Sauna, laundry, mechanicals & updated 200 amp service in walkout basement. Plus, quaint 1 bedroom guesthouse & 2 stall detached garage. Centrally located; only a few blocks to downtown shops, restaurants & Trezona Trail. A single family home zoned commercial affords income opportunity.

6. 2012-02-27
   listed $74,900
7. 2007-09-20
   soldstatus $61,951

ⓘ 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: $1,888 · $157/mo
• Projected year-2 tax: $1,888 · $157/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 5/10 Major 24% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥92°F today · 12 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: $16,517
• − Mortgage interest: −$7,002
• − Property taxes: −$1,888
• − Insurance: −$625
• − Repairs & maintenance: −$1,321
• − Management: −$1,321
• − Depreciation: −$3,636
• Taxable income: $723
• Est. tax owed @ 24.0%: −$174
• After-tax cash flow: $2,496/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: Ely Public School District
• NCES district ID: 2711520
• Math proficiency: 37% ▼ -13.00%
• Reading proficiency: 56% ▼ -7.00%
• Median HH income: $41,677
• Composite: 39.01/100
• National rank: #4069
• State rank: #175 of 301 in MN

Livability — Ely

• Score: 77/100
• State rank: #128
• US rank: #2900

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ely, MN
• Population (ZIP): 5,292

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 (94%)
• Race & ethnicity: White 94% Two or more races 3% Black 1% Hispanic / Latino 1%
• Common ancestry: Portuguese 11% Romanian 5% Scottish 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1%

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: ▼ -167.09%
• Current HPI: 199.1448
• 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

+101.8% since first listed

7 events — show timeline

• 2026-05-12 Pending — LSAR
• 2026-04-22 Listed $125,000 LSAR
• 2021-10-27 Sold (Public Records) $105,000 Public Records
• 2021-10-15 Sold (MLS) $105,000 LSAR
• 2021-05-05 Listed $110,000 LSAR
• 2012-02-27 Listed $74,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-09-20 Sold (Public Records) $61,951 Public Records

Property tax history

+11.2%/yr

Latest (2026): $1,888 · +3.2% YoY. Source: county tax records.