23284 Woodbine St NW

St. Francis, MN 55070

$309,900F

3 bd · 1.0 ba · 1,050 sqft · Built 1994 · SingleFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,475/mo
• Mortgage (P&I): −$1,625
• Tax + insurance: −$395
• HOA: −$0
• Vac / Maint / Mgmt: −$310
• Net cashflow: $-855/mo
• Annual: $-10,262/yr
• Cap rate: 2.98%
• Cash-on-cash: -11.83%
• DSCR: 0.47
• 1% rule: 0.48%
• Cash to close: $86,772

Investor read

• This is a 3-bed/1.0-bath single-family listed at $310k.
• At list price, monthly cash flow is $-855 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $159k (48.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $148k (52.4% below list).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $148k (52.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• St. Francis Area Schools (rural): math 35% / reading 47% proficiency, ranked #185 of 301 in MN (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: St. Francis Elementary (math 52% / reading 61%, grade C+, #300 of 857 statewide, top 35%, 654 students, 40% FRL); St. Francis Middle (math 27% / reading 44%, grade F, #172 of 258 statewide, top 68%, 828 students, 32% FRL); St. Francis High (math 32% / reading 62%, grade D-, #166 of 471 statewide, top 39%, 1,168 students, 28% FRL).
• Market conditions: 91 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,083 units permitted in Anoka County in 2024 (134 in 5+ unit buildings).
• Anoka County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 21y 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 $165k; list at $310k implies a 88% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.