2000 Wick - 2/1 Plan

Shoreview, MN 55126

$69,499B

2 bd · 1.0 ba · 960 sqft · Built — · Manufactured · Active · 63 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,587/mo
• Mortgage (P&I): −$364
• Tax + insurance: −$116
• HOA: −$0
• Vac / Maint / Mgmt: −$333
• Net cashflow: $773/mo
• Annual: $9,279/yr
• Cap rate: 19.64%
• Cash-on-cash: 47.68%
• DSCR: 3.12
• 1% rule: 2.28%
• Cash to close: $19,460

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $69k. Condition is rated good.
• At list price, monthly cash flow is $773 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $69k).
• It's been on market 63 days — a 6% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $65k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $480 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#89 in MN, #2,019 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: cost of living C-, amenities F, health & safety F.
• Mounds View Public School District (suburban): math 58% / reading 64% proficiency, ranked #30 of 301 in MN (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Turtle Lake Elementary (math 79% / reading 78%, grade A, #18 of 857 statewide, top 2%, 988 students, 14% FRL); Chippewa Middle School (math 62% / reading 74%, grade A-, #8 of 258 statewide, top 3%, 1,089 students, 17% FRL); Mounds View Senior High (math 77% / reading 74%, grade A-, #5 of 471 statewide, top 1%, 1,901 students, 18% FRL).
• Zoned-school proficiency averages 74% at this address vs 61% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Mounds View Public School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+3.7%/yr); 153 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• Ramsey County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 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.
• At projected returns (-3.0% appreciation + 3.7% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 19.6% vs local median 3.8% in Shoreview — 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.
• This rent is only 18% of the median local income ($108k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.