4045 Hodgson Rd #211 · Shoreview, MN 55126

$174,900

2 bd · 1.0 ba · 1,030 sqft · Condo public records · 42 Days on market

Built 1974 $170/sqft · 10% above area Est $160k · 10% over $538/mo HOA · 25% 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 +13.5/30.0
• 1% rule +7.3/10.0
• Schools +5.4/10.0
• DSCR +4.1/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• ARV discount +3.2/15.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this little known Shoreview Estates Condominium Complex - it is truly a fantastc find - just north of I 694; ez access to both Mpls. St.Paul and a quick get-away to cabins "Up North". Professionally remodeled 2 bdr 1 bath 1037 sq ft home with undr ground parking and swimming pool .Birch cabnetry and stainless appliances, New interior doors and trim. Imagine relaxing in your screened and carpeted porch overlooking the manicured grounds ! You will also have the elevator, the 2nd floor guest room and party room all within yards of your homes desirable location within the complex.. Entirely well managed with excellent reserves .All for less than rent!! And No work required!

Key facts

• $538 HOA
• Garage
• Community pool

Property features AI

Finance

• Other: Common lot ownership; Approximately 3 acres for the property grounds
• HOA & community: HOA: Shoreview Estates Condo Assoc; Monthly association fee (includes controlled access, hazard insurance, heating, lawn care, grounds maintenance, parking, professional management, recreation facility, sewer, shared amenities, snow removal, water); Building amenities include car wash, leased coin-op laundry, and elevator(s); Shared building rooms: amusement/party room, exercise room, guest suite

Exterior

• Parking: Assigned underground parking; Heated garage with garage door opener; 1 garage space (one stall of 14 in garage)
• Security: Controlled access (included in association)
• Utilities: City water; City sewer; Natural gas; Circuit breaker electric
• Home design: Attached residential property; More than 2 stories (unit lives on main level); Entry level: main level
• Construction: Block foundation
• Exterior features: Deck; Enclosed porch; Screened porch; Terrace; Stone exterior; Shared below-ground pool; Wheelchair ramp(s); Public transit within about 6 blocks; Medium tree coverage; City street frontage

Interior

• Kitchen: Dishwasher; Range; Refrigerator; Exhaust fan
• Bedrooms: 2 bedrooms (both on main level)
• Flooring: Tile floors
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Baseboard heating; Boiler / hot water system; Wall AC unit(s)
• Interior features: All living facilities on one level; Informal dining area / living-dining room combo; Ceiling fan(s); Panoramic view; Tile floors
• Laundry & utility: Coin-op laundry (building)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $175k.

Deal economics

• At list price, monthly cash flow is $7 ($81/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $170k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.3% 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.

Location & tenants

• 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.
• Market conditions: Rents rising (+3.7%/yr); 147 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Ramsey County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 23y 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 $138k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.

Recommended offer $169,653 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.23% ✓
• Cap rate: 6.34%
• Cash-on-cash: 0.17%
• DSCR: 1.01
• GRM: 6.8

CMA / ARV

• ARV (median comp): $159,662
• List price: $174,900
• Delta: 9.54%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.67% rent growth · sell at horizon

5-year hold

• IRR: -14.8%
• Equity multiple: 0.47×
• Total profit: $-26,113
• Equity at exit: $26,078

10-year hold

• IRR: -4.3%
• Equity multiple: 0.70×
• Total profit: $-14,740
• Equity at exit: $15,122

Cash invested: $48,972 (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 55126

• Rents YoY: 3.7%
• Active inventory: 147
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $2,157 medium
• Mortgage (P&I): −$917
• Tax from tax record: −$170 /mo · $2,034/yr
• Insurance: −$73
• HOA: −$538
• Vacancy / Maint / Mgmt: −$453
• Net cashflow: $7

Break-even live

Break-even rent $2,149

Max offer price $174,900

Occupancy floor 95%

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
418 Highway 96 W Saint Paul, MN	1.0–2.0	1.0–2.0	867	$2,380	$2.75	1d	1	1.11mi
3500 Rice St Saint Paul, MN	2.0	1.0–2.0	911	$3,190	$3.50	1d	19	1.16mi
577 Harriet Ave Shoreview, MN	1.0–2.0	1.0–2.0	950	$1,695	$1.78	1d	31	1.41mi
3529 Owasso St Shoreview, MN	1.0	1.0	625	$1,550	$2.48	43d	1	1.46mi

HOA detail condo

• Monthly dues: $538 · $6,456/yr
• Likely covers: landscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 33 events

1. 2026-06-18
   days on market $174,900 Active 42 DOM
2. 2026-06-17
   days on market $174,900 Active 41 DOM
3. 2026-06-16
   days on market $174,900 Active 40 DOM
4. 2026-06-15
   days on market $174,900 Active 39 DOM
5. 2026-06-13
   days on market $174,900 Active 37 DOM
6. 2026-06-13
   days on market $174,900 Active 36 DOM
7. 2026-06-09
   days on market $174,900 Active 33 DOM
8. 2026-06-08
   days on market $174,900 Active 32 DOM
9. 2026-06-07
   days on market $174,900 Active 31 DOM
10. 2026-06-04
    days on market $174,900 Active 28 DOM
11. 2026-06-03
    days on market $174,900 Active 27 DOM
12. 2026-06-02
    days on market $174,900 Active 26 DOM
13. 2026-06-01
    days on market $174,900 Active 25 DOM
14. 2026-05-31
    days on market $174,900 Active 24 DOM
15. 2026-05-08
    listed $180,000 Active 546-char remark
16. 2026-05-07
    historical $180,000 546-char remark
17. 2019-08-13
    soldstatus $137,500
18. 2019-07-15
    soldstatus $137,500 Sold 702-char remark

    Show marketing remark (702 chars)

    Welcome to this little known Shoreview Estates Condominium Complex - it is truly a fantastc find - just north of I 694; ez access to both Mpls. St.Paul and a quick get-away to cabins "Up North". Professionally remodeled 2 bdr 1 bath 1037 sq ft home with undr ground parking and swimming pool .Birch cabnetry and stainless appliances, New interior doors and trim. Imagine relaxing in your screened and carpeted porch overlooking the manicured grounds ! You will also have the elevator, the 2nd floor guest room and party room all within yards of your homes desirable location within the complex.. Entirely well managed with excellent reserves .All for less than rent!! And No work required!

19. 2019-05-26
    status Pending 702-char remark

    Show marketing remark (702 chars)

    Welcome to this little known Shoreview Estates Condominium Complex - it is truly a fantastc find - just north of I 694; ez access to both Mpls. St.Paul and a quick get-away to cabins "Up North". Professionally remodeled 2 bdr 1 bath 1037 sq ft home with undr ground parking and swimming pool .Birch cabnetry and stainless appliances, New interior doors and trim. Imagine relaxing in your screened and carpeted porch overlooking the manicured grounds ! You will also have the elevator, the 2nd floor guest room and party room all within yards of your homes desirable location within the complex.. Entirely well managed with excellent reserves .All for less than rent!! And No work required!

20. 2019-05-21
    price $134,900 702-char remark

    Show marketing remark (702 chars)

    Welcome to this little known Shoreview Estates Condominium Complex - it is truly a fantastc find - just north of I 694; ez access to both Mpls. St.Paul and a quick get-away to cabins "Up North". Professionally remodeled 2 bdr 1 bath 1037 sq ft home with undr ground parking and swimming pool .Birch cabnetry and stainless appliances, New interior doors and trim. Imagine relaxing in your screened and carpeted porch overlooking the manicured grounds ! You will also have the elevator, the 2nd floor guest room and party room all within yards of your homes desirable location within the complex.. Entirely well managed with excellent reserves .All for less than rent!! And No work required!

21. 2019-05-04
    listed $144,900 Active 702-char remark

    Show marketing remark (702 chars)

    Welcome to this little known Shoreview Estates Condominium Complex - it is truly a fantastc find - just north of I 694; ez access to both Mpls. St.Paul and a quick get-away to cabins "Up North". Professionally remodeled 2 bdr 1 bath 1037 sq ft home with undr ground parking and swimming pool .Birch cabnetry and stainless appliances, New interior doors and trim. Imagine relaxing in your screened and carpeted porch overlooking the manicured grounds ! You will also have the elevator, the 2nd floor guest room and party room all within yards of your homes desirable location within the complex.. Entirely well managed with excellent reserves .All for less than rent!! And No work required!

22. 2016-12-15
    soldstatus $88,700
23. 2016-12-12
    soldstatus $88,700 Sold

    Show marketing remark (237 chars)

    Professionally remodeled kitchen with warm birch cabinets/stainless appliances; new flooring/carpet throughout. New enameled doors & trim. New lighting. Great storage. Underground parking . Well-managed building: excellent reserves.

24. 2016-11-07
    status Pending

    Show marketing remark (237 chars)

    Professionally remodeled kitchen with warm birch cabinets/stainless appliances; new flooring/carpet throughout. New enameled doors & trim. New lighting. Great storage. Underground parking . Well-managed building: excellent reserves.

25. 2016-10-07
    listed $93,850 Active

    Show marketing remark (237 chars)

    Professionally remodeled kitchen with warm birch cabinets/stainless appliances; new flooring/carpet throughout. New enameled doors & trim. New lighting. Great storage. Underground parking . Well-managed building: excellent reserves.

26. 2016-10-07
    historical

    Show marketing remark (237 chars)

    Professionally remodeled kitchen with warm birch cabinets/stainless appliances; new flooring/carpet throughout. New enameled doors & trim. New lighting. Great storage. Underground parking . Well-managed building: excellent reserves.

27. 2016-08-23
    price $95,900
28. 2016-07-29
    listed $99,850 Active
29. 2007-08-14
    historical
30. 2007-05-11
    listed $139,900
31. 2003-10-16
    soldstatus $82,900
32. 2003-10-06
    historical
33. 2003-09-05
    listed $82,900

ⓘ 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: $2,034 · $170/mo
• Projected year-2 tax: $2,034 · $170/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,889
• − Mortgage interest: −$9,797
• − Property taxes: −$2,034
• − Insurance: −$874
• − Repairs & maintenance: −$2,071
• − Management: −$2,071
• − HOA: −$6,456
• − Depreciation: −$5,088
• Taxable loss: −$2,503
• Est. tax savings @ 24.0%: +$601
• After-tax cash flow: $682/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: Mounds View Public School District
• NCES district ID: 2722950
• Math proficiency: 58% ▼ -9.00%
• Reading proficiency: 64% ▼ -3.00%
• Median HH income: $72,492
• Composite: 54.04/100
• National rank: #1390
• State rank: #30 of 301 in MN

Livability — Shoreview

• Score: 79/100
• State rank: #89
• US rank: #2019

Category grades

Amenities F Commute A+ Cost of living C- 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: Shoreview, MN
• County: Ramsey County · 542,837 people
• City population: 27,456
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 27,456
• Household income: $108,217
• Rent vs Own: 20.4% rent · 79.6% own
• Severe rent burden: 468.0

Population outlook (Ramsey County) Hauer SSP2

• Today (2025): 603,431 people
• By 2030: 636,459 · +5.5%
• By 2040: 700,596 · +16.1%
• By 2050: 765,819 · +26.9%
• By 2075: 929,297 · +54.0%
• By 2100: 1,053,924 · +74.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Asian 10% Two or more races 7% Hispanic / Latino 5% Black 4%
• Common ancestry: Portuguese 11% Lithuanian 3% Romanian 3%
• Foreign-born: 10% · China, Canada, South Korea
• Languages at home: 88% English-only · Other Indo-European 3% Chinese 3% Spanish 2%

Political lean MEDSL · Ramsey

• 2024 margin: Solid D (+43.3) · D 70.5% · R 27.2% · Other 2.3%
• 2008→2024 swing: +9.4pp toward D · 2008: 33.9pp · 2024: 43.3pp
• All cycles: 2024: D+43.3 2020: D+45.4 2016: D+39.4 2012: D+35.3 2008: D+33.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -268.72%
• Current HPI: 245.484
• Rent YoY: ▲ 3.67%
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• 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

+111.0% since first listed

20 events — show timeline

• 2026-05-29 Price Changed $174,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-08 Listed $180,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-07 Coming Soon $180,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-08-13 Sold (Public Records) $137,500 Public Records
• 2019-07-15 Sold (MLS) $137,500 NORTHSTARMLS as Distributed by MLS Grid
• 2019-05-26 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2019-05-21 Price Changed $134,900 NORTHSTARMLS as Distributed by MLS Grid
• 2019-05-04 Listed $144,900 NORTHSTARMLS as Distributed by MLS Grid
• 2016-12-15 Sold (Public Records) $88,700 Public Records
• 2016-12-12 Sold (MLS) $88,700 NORTHSTARMLS as Distributed by MLS Grid
• 2016-11-07 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2016-10-07 Listed $93,850 NORTHSTARMLS as Distributed by MLS Grid
• 2016-10-07 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2016-08-23 Price Changed $95,900 NORTHSTARMLS as Distributed by MLS Grid
• 2016-07-29 Listed $99,850 NORTHSTARMLS as Distributed by MLS Grid
• 2007-08-14 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-05-11 Listed $139,900 NORTHSTARMLS as Distributed by MLS Grid
• 2003-10-16 Sold (MLS) $82,900 NORTHSTARMLS as Distributed by MLS Grid
• 2003-10-06 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2003-09-05 Listed $82,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+9.1%/yr

Latest (2025): $2,034 · -2.6% YoY. Source: county tax records.