355 Harvey St · Ely, MN 55731

$119,000

3 bd · 2.0 ba · 960 sqft · SingleFamily public records · 1 Days on market

Built 1939 7,841 sqft lot Est $148k · 20% 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 +15.2/30.0
• ARV discount +15.0/15.0
• DSCR +4.7/10.0
• Schools +3.9/10.0
• Livability +3.9/5.0
• 1% rule +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

If you're searching for a unique escape that combines the charm of secluded living with the convenience of modern amenities, your search ends at this marvelous Ely property. Don't miss the opportunity to call this extraordinary place home. Tucked away under the Iconic Ely Water Tower, the gateway to Ely you'll find this hidden gem. 2 BR/1.5 BA home with hardwood floors, large eat in kitchen, and main floor laundry. Main floor boasts a large kitchen, expansive living room, office, and 1/4 bath. Upper-level features two bedrooms and a 3/4 bathroom. Large deck off the upper 20x11.5 bedroom! And let's not forget the massive 18 x 36 garage. Propane furnace too!!

Key facts

• Large deck
• Large eat in kitchen
• Main floor laundry

Tags

• LARGE EAT IN KITCHEN
• MAIN FLOOR LAUNDRY
• EXPANSIVE LIVING ROOM
• LARGE DECK
• MASSIVE GARAGE

Property features AI

Finance

• Other: Lot dimensions approximately 133 x 60 (0.18 acre)

Exterior

• Parking: Detached 3-car garage
• Utilities: Public water; Public sewer
• Home design: Single family detached residence; Single-story; Entry on main level
• Construction: Stone foundation; Asphalt shingle roof; Built as residential single family
• Exterior features: Deck; Level lot; City street frontage

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Bedrooms on main level
• Flooring: Hardwood
• Bathrooms: One three-quarter bathroom; One one-quarter bathroom
• Heating & cooling: Forced air heating; Propane heating; No central cooling
• Interior features: Eat-in kitchen; Wood window frames; Hardwood flooring; Full basement
• Laundry & utility: Main level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $42 ($502/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $105k (12.1% below list).
• Recommended offer: $105k (12.1% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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; 2 comparable units currently listed for rent nearby; 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 $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 18y 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 $62k; list at $119k implies a 90% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $104,598 (12.1% below list)

Questions for the listing agent

1. Built in 1939 — 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: 0.88% ✗
• Cap rate: 6.72%
• Cash-on-cash: 1.51%
• DSCR: 1.07
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $147,840
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
232 W Sheridan St	0.14mi	3/1.0	963 (+0%)	8mo	$194,000	$201	82
27 E Harvey St	0.32mi	2/1.5 (-1)	1,041 (+8%)	2mo	$172,000	$165	62
15 E Conan St	0.31mi	3/1.5	1,031 (+7%)	19mo	$97,000	$94	56
25 W Shagawa Rd	0.29mi	2/1.0 (-1)	1,005 (+5%)	19mo	$100,000	$100	54
125 S Central Ave	0.27mi	2/2.0 (-1)	1,040 (+8%)	23mo	$95,000	$91	49
445 E Washington St	0.72mi	3/1.0	930 (-3%)	11mo	$51,000	$55	48
404 W Shagawa Rd	0.23mi	3/1.5	1,076 (+12%)	22mo	$71,500	$66	48
119 W Chapman St	0.19mi	2/1.0 (-1)	1,060 (+10%)	20mo	$163,500	$154	48
512 E Pattison St	0.68mi	2/1.0 (-1)	980 (+2%)	14mo	$170,000	$173	44
317 E James St	0.57mi	2/1.5 (-1)	875 (-9%)	13mo	$155,000	$177	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -13.9%
• Equity multiple: 0.50×
• Total profit: $-16,625
• Equity at exit: $17,743

10-year hold

• IRR: -5.1%
• Equity multiple: 0.67×
• Total profit: $-11,074
• Equity at exit: $10,289

Cash invested: $33,320 (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: 9.5×

Monthly cashflow live

• Estimated rent: $1,046 medium
• Mortgage (P&I): −$624
• Tax from tax record: −$111 /mo · $1,330/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $42

Break-even live

Break-even rent $993

Max offer price $119,000

Occupancy floor 91%

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1027 E Chapman St Unit 2 Ely, MN	2.0	1.0	748	$900	$1.20	44d	1	1.03mi
1421 E Camp St Ely, MN	2.0	1.0	957	$1,190	$1.24	13d	2	1.30mi

Listing history 2 events

1. 2026-06-15
   remarks 665-char remark
2. 2026-06-15
   listed $119,000 Active 1 DOM

ⓘ 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: $1,330 · $111/mo
• Projected year-2 tax: $1,331 · $111/mo
• Expected delta: +$1/yr ($0/mo · 0.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $12,552
• − Mortgage interest: −$6,666
• − Property taxes: −$1,330
• − Insurance: −$595
• − Repairs & maintenance: −$1,004
• − Management: −$1,004
• − Depreciation: −$3,462
• Taxable loss: −$1,509
• Est. tax savings @ 24.0%: +$362
• After-tax cash flow: $865/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

+90.4% since first listed

13 events — show timeline

• 2026-06-14 Listed $119,000 LSAR
• 2025-11-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-06-16 Listed $129,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-10-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2024-04-22 Listed $129,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-09-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2023-06-12 Price Changed $45,000 RAOR
• 2023-06-12 Price Changed $129,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-05-18 Price Changed $134,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-05-16 Listed $49,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-01-19 Listed $89,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-07-28 Listed $89,000 NORTHSTARMLS as Distributed by MLS Grid
• 2004-10-29 Sold (Public Records) $62,500 Public Records

Property tax history

+3.6%/yr

Latest (2026): $1,330 · -13.6% YoY. Source: county tax records.