900 Ledgestone Dr · Mahtomedi, MN 55115

$319,900

3 bd · 2.5 ba · 2,050 sqft · Townhouse public records · 35 Days on market

Built 2007 1,263 sqft lot $385/mo HOA · 14% of rent

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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 +8.1/30.0
• ARV discount +7.5/15.0
• Schools +6.2/10.0
• Livability +3.9/5.0
• 1% rule +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

MOVE-IN READY!!! Wonderful 3-bedroom, 3 bath townhomes located in the sought-after Ledgestone neighborhood. Award-winning Mahtomedi schools! Bright & sunny open spaces with main level consisting of a large kitchen with center island, dining room, living room with 3-sided gas fireplace upgraded with Silestone, out to balcony from the kitchen, large laundry room, vaulted master with walk-in closet and private ensuite bath toilets. Lots of updates. Garage has EV Charge Port (Level II) and opens to mudroom, large storage closet & spacious family room. Don't miss this one!

Key facts

• $385 HOA
• 2 garage spots
• Built 2007

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $320k.

Deal economics

• At list price, monthly cash flow is $-309 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $265k (17.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $273k (14.8% below list).
• Recommended offer: $265k (17.1% below list) — sets the bar for cash-flow.
• Cap rate 5.1% vs local median 1.8% in Mahtomedi — 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 78/100 on livability (#116 in MN, #2,658 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: commute D+, amenities F, cost of living F.
• Mahtomedi Public School District (suburban): math 67% / reading 68% proficiency, ranked #12 of 301 in MN (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 7% free/reduced lunch — higher-income household profile.
• Market conditions: 58 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,405 units permitted in Washington County in 2024 (121 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Washington County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($310k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y 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 $271k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $265,250 (17.1% 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 35 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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?
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: 0.85% ✗
• Cap rate: 5.13%
• Cash-on-cash: -4.14%
• DSCR: 0.82
• GRM: 9.8

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: -23.2%
• Equity multiple: 0.20×
• Total profit: $-71,344
• Equity at exit: $47,698

10-year hold

• IRR: -17.6%
• Equity multiple: 0.03×
• Total profit: $-86,699
• Equity at exit: $27,659

Cash invested: $89,572 (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 55115

• Home prices YoY: -31.0%
• Active inventory: 58
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,727 medium
• Mortgage (P&I): −$1,678
• Tax from tax record: −$268 /mo · $3,210/yr
• Insurance: −$133
• HOA: −$385
• Vacancy / Maint / Mgmt: −$573
• Net cashflow: $-309

Break-even live

Break-even rent $3,118

Max offer price $265,250

Occupancy floor —

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: $79,975
• Closing costs: $9,597
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5680 Hadley Ave N Saint Paul, MN	2.0	1.0–2.0	960	$2,137	$2.22	1d	6	0.47mi
2515 Jansen Ave White Bear Lake, MN	3.0	3.0	1742	$3,400	$1.95	1d	1	0.97mi

HOA detail

• Monthly dues: $385 · $4,620/yr
• Likely covers: gas

Listing history 14 events

1. 2026-04-24
   listed $319,900 Active 582-char remark

   Show marketing remark (582 chars)

   MOVE-IN READY!!! Wonderful 3-bedroom, 3 bath townhomes located in the sought-after Ledgestone neighborhood. Award-winning Mahtomedi schools! Bright & sunny open spaces with main level consisting of a large kitchen with center island, dining room, living room with 3-sided gas fireplace upgraded with Silestone, out to balcony from the kitchen, large laundry room, vaulted master with walk-in closet and private ensuite bath toilets. Lots of updates. Garage has EV Charge Port (Level II) and opens to mudroom, large storage closet & spacious family room. Don't miss this one!

2. 2026-04-16
   historical $319,900 582-char remark

   Show marketing remark (582 chars)

   MOVE-IN READY!!! Wonderful 3-bedroom, 3 bath townhomes located in the sought-after Ledgestone neighborhood. Award-winning Mahtomedi schools! Bright & sunny open spaces with main level consisting of a large kitchen with center island, dining room, living room with 3-sided gas fireplace upgraded with Silestone, out to balcony from the kitchen, large laundry room, vaulted master with walk-in closet and private ensuite bath toilets. Lots of updates. Garage has EV Charge Port (Level II) and opens to mudroom, large storage closet & spacious family room. Don't miss this one!

3. 2019-10-07
   soldstatus $271,000
4. 2019-09-30
   soldstatus $271,000 Sold 956-char remark

   Show marketing remark (956 chars)

   LOVELY 3 Bed/3/Bath townhome fully-updated in last 14 months! Mahtomedi schools! Fresh Paint Walls/Millwork & new beautiful hickory hardwood on main & LVP in baths/entry. Light/bright main floor has great flow between living rm, dining & kitchen and out to balcony. Sleek kitchen features freshly painted gray cabinetry, new quartz countertops with glass tiled backsplash with new sink, faucet and disposal. Layout was improved with rotation of island & expansion of counter to include seating space for 4. Updated LG S/S appliances in kitchen & laundry. 3-sided gas fireplace upgraded with Silestone--don't miss the stunning new light fixtures! Bedroom level features quality carpet (top of line foam pad), spacious bedrooms, vaulted master with walk-in closet and private ensuite bath (new toilets). Garage has EV Charge Port (Level II) and opens to mudroom, large storage closet & spacious family room. Don't miss this one! WOW!

5. 2019-09-07
   status Pending 956-char remark

   Show marketing remark (956 chars)

   LOVELY 3 Bed/3/Bath townhome fully-updated in last 14 months! Mahtomedi schools! Fresh Paint Walls/Millwork & new beautiful hickory hardwood on main & LVP in baths/entry. Light/bright main floor has great flow between living rm, dining & kitchen and out to balcony. Sleek kitchen features freshly painted gray cabinetry, new quartz countertops with glass tiled backsplash with new sink, faucet and disposal. Layout was improved with rotation of island & expansion of counter to include seating space for 4. Updated LG S/S appliances in kitchen & laundry. 3-sided gas fireplace upgraded with Silestone--don't miss the stunning new light fixtures! Bedroom level features quality carpet (top of line foam pad), spacious bedrooms, vaulted master with walk-in closet and private ensuite bath (new toilets). Garage has EV Charge Port (Level II) and opens to mudroom, large storage closet & spacious family room. Don't miss this one! WOW!

6. 2019-08-30
   historical Contingent - Inspection 956-char remark

   Show marketing remark (956 chars)

   LOVELY 3 Bed/3/Bath townhome fully-updated in last 14 months! Mahtomedi schools! Fresh Paint Walls/Millwork & new beautiful hickory hardwood on main & LVP in baths/entry. Light/bright main floor has great flow between living rm, dining & kitchen and out to balcony. Sleek kitchen features freshly painted gray cabinetry, new quartz countertops with glass tiled backsplash with new sink, faucet and disposal. Layout was improved with rotation of island & expansion of counter to include seating space for 4. Updated LG S/S appliances in kitchen & laundry. 3-sided gas fireplace upgraded with Silestone--don't miss the stunning new light fixtures! Bedroom level features quality carpet (top of line foam pad), spacious bedrooms, vaulted master with walk-in closet and private ensuite bath (new toilets). Garage has EV Charge Port (Level II) and opens to mudroom, large storage closet & spacious family room. Don't miss this one! WOW!

7. 2019-08-21
   listed $274,900 Active 956-char remark

   Show marketing remark (956 chars)

   LOVELY 3 Bed/3/Bath townhome fully-updated in last 14 months! Mahtomedi schools! Fresh Paint Walls/Millwork & new beautiful hickory hardwood on main & LVP in baths/entry. Light/bright main floor has great flow between living rm, dining & kitchen and out to balcony. Sleek kitchen features freshly painted gray cabinetry, new quartz countertops with glass tiled backsplash with new sink, faucet and disposal. Layout was improved with rotation of island & expansion of counter to include seating space for 4. Updated LG S/S appliances in kitchen & laundry. 3-sided gas fireplace upgraded with Silestone--don't miss the stunning new light fixtures! Bedroom level features quality carpet (top of line foam pad), spacious bedrooms, vaulted master with walk-in closet and private ensuite bath (new toilets). Garage has EV Charge Port (Level II) and opens to mudroom, large storage closet & spacious family room. Don't miss this one! WOW!

8. 2018-06-05
   soldstatus $247,000 Sold
9. 2018-04-21
   status Pending
10. 2018-04-20
    listed $235,000 Active
11. 2013-06-11
    soldstatus $185,000
12. 2013-05-31
    soldstatus $185,000
13. 2013-04-23
    historical
14. 2013-04-15
    listed $193,900

ⓘ 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: $3,210 · $268/mo
• Projected year-2 tax: $3,396 · $283/mo
• Expected delta: +$186/yr (+$16/mo · 5.8%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,719
• − Mortgage interest: −$17,919
• − Property taxes: −$3,210
• − Insurance: −$1,600
• − Repairs & maintenance: −$2,618
• − Management: −$2,618
• − HOA: −$4,620
• − Depreciation: −$9,306
• Taxable loss: −$9,171
• Est. tax savings @ 24.0%: +$2,201
• After-tax cash flow: $-1,511/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: Mahtomedi Public School District
• NCES district ID: 2718750
• Math proficiency: 67% ▼ -10.00%
• Reading proficiency: 68% ▼ -11.00%
• Median HH income: $95,268
• Composite: 61.62/100
• National rank: #747
• State rank: #12 of 301 in MN

Livability — Mahtomedi

• Score: 78/100
• State rank: #116
• US rank: #2658

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mahtomedi, MN
• City population: 8,926
• Population (ZIP): 8,926

Population outlook (Washington County) Hauer SSP2

• Today (2025): 278,554 people
• By 2030: 290,465 · +4.3%
• By 2040: 310,014 · +11.3%
• By 2050: 324,118 · +16.4%
• By 2075: 362,697 · +30.2%
• By 2100: 381,491 · +37.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Asian 2%
• Common ancestry: Portuguese 11% Romanian 6% Scottish 6%
• Foreign-born: 3% · Canada, China, Philippines
• Languages at home: 94% English-only · German/W. Germanic 2% Other Asian/Pacific 1% Spanish 1%

Political lean MEDSL · Washington

• 2024 margin: Lean D (+8.9) · D 53.5% · R 44.6% · Other 1.9%
• 2008→2024 swing: +4.6pp toward D · 2008: 4.3pp · 2024: 8.9pp
• All cycles: 2024: D+8.9 2020: D+9.2 2016: D+1.9 2012: D+0.8 2008: D+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -107.17%
• Current HPI: 238.3946
• 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

+65.0% since first listed

14 events — show timeline

• 2026-04-24 Listed $319,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-16 Coming Soon $319,900 NORTHSTARMLS as Distributed by MLS Grid
• 2019-10-07 Sold (Public Records) $271,000 Public Records
• 2019-09-30 Sold (MLS) $271,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-09-07 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2019-08-30 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2019-08-21 Listed $274,900 NORTHSTARMLS as Distributed by MLS Grid
• 2018-06-05 Sold (MLS) $247,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-04-21 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2018-04-20 Listed $235,000 NORTHSTARMLS as Distributed by MLS Grid
• 2013-06-11 Sold (Public Records) $185,000 Public Records
• 2013-05-31 Sold (MLS) $185,000 NORTHSTARMLS as Distributed by MLS Grid
• 2013-04-23 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2013-04-15 Listed $193,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+4.2%/yr

Latest (2025): $3,210 · +4.3% YoY. Source: county tax records.