3112 Outer Dr · Hibbing, MN 55746

$119,900

3 bd · 2.0 ba · 1,142 sqft · SingleFamily public records · 14 Days on market

Built 1958 7,841 sqft lot Est $146k · 18% under

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Why this score? — see what drove the B- 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 +25.2/30.0
• ARV discount +15.0/15.0
• DSCR +8.3/10.0
• 1% rule +6.8/10.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Large corner lot. Greenhaven brick rambler. Attached garage. 2 Fireplaces. Part finished basement. Needs work but lots of potential for a great home. An "AS IS " addendum must accompany any purchase agreement or offer will not be considered.

Key facts

• Fireplaces
• Brick rambler
• Attached garage

Tags

• CORNER LOT
• BRICK RAMBLER
• ATTACHED GARAGE
• FIREPLACES
• PART FINISHED BASEMENT

Property features AI

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Frame and brick construction
• Exterior features: Irregular lot; Lot approximately 125 x 65 (0.18 acres); Asphalt roof

Interior

• Heating & cooling: Forced air heating; Oil heating
• Interior features: Two fireplaces

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $270 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Cap rate 9.0% vs local median 6.4% in Hibbing — 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 (#103 in MN, #2,307 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Hibbing Public School District (town): math 43% / reading 54% proficiency, ranked #150 of 301 in MN (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 96 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• This rent runs 30% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $119,900

Questions for the listing agent

1. Built in 1958 — 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 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?
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: 1.18% ✓
• Cap rate: 8.99%
• Cash-on-cash: 9.65%
• DSCR: 1.43
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $146,176
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3101 W 2nd Ave	0.23mi	2/2.0 (-1)	1,080 (-5%)	5mo	$129,000	$119	71
306 Highland Dr	0.54mi	2/1.0 (-1)	1,144 (+0%)	2mo	$209,000	$183	64
427 E 33rd St	0.12mi	4/1.3 (+1)	1,021 (-11%)	8mo	$140,000	$137	62
3302 W 6th Ave	0.45mi	2/1.0 (-1)	1,092 (-4%)	1mo	$199,000	$182	62
3330 Outer Dr	0.18mi	2/2.0 (-1)	977 (-14%)	6mo	$131,500	$135	58
2416 E 3rd Ave	0.57mi	3/2.0	1,218 (+7%)	9mo	$139,900	$115	55
3410 4th Ave W	0.38mi	2/1.2 (-1)	1,040 (-9%)	6mo	$133,000	$128	54
2530 E 2nd Ave	0.47mi	3/1.2	1,285 (+12%)	3mo	$150,400	$117	51
2418 W 3rd Ave	0.62mi	3/1.5	994 (-13%)	6mo	$114,900	$116	43
507 E 38th St	0.64mi	2/2.0 (-1)	1,296 (+14%)	2mo	$138,000	$106	41
3833 3rd Ave Ave W	0.67mi	3/1.0	1,001 (-12%)	7mo	$169,000	$169	38
3825 E 4th Ave	0.65mi	2/1.7 (-1)	975 (-15%)	2mo	$79,000	$81	38

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: -1.7%
• Equity multiple: 0.93×
• Total profit: $-2,208
• Equity at exit: $17,877

10-year hold

• IRR: 8.0%
• Equity multiple: 1.61×
• Total profit: $20,337
• Equity at exit: $10,367

Cash invested: $33,572 (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 55746

• Home prices YoY: -18.7%
• Active inventory: 96
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,409 high
• Mortgage (P&I): −$629
• Tax from tax record: −$165 /mo · $1,978/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $270

Break-even live

Break-even rent $1,068

Max offer price $119,900

Occupancy floor 76%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
600 E 40th St Hibbing, MN	1.0–2.0	1.0	729	$1,135	$1.56	13d	1	0.89mi
1606 E 29th St Hibbing, MN	2.0	1.0	1000	$1,160	$1.16	13d	1	1.01mi
1605 E 29th St Hibbing, MN	2.0	1.0	1000	$1,160	$1.16	44d	1	1.02mi
1627 E 29th St Hibbing, MN	3.0	1.0	1200	$1,535	$1.28	44d	1	1.05mi
1643 E 29th St Hibbing, MN	2.0	1.0	1000	$1,160	$1.16	13d	1	1.06mi
100 Southview Dr Hibbing, MN	1.0–3.0	1.0	833	$1,072	$1.29	13d	1	1.36mi

Listing history 12 events

1. 2026-06-19
   days on market $119,900 Active 14 DOM
2. 2026-06-18
   days on market $119,900 Active 13 DOM
3. 2026-06-17
   days on market $119,900 Active 12 DOM
4. 2026-06-16
   days on market $119,900 Active 11 DOM
5. 2026-06-15
   days on market $119,900 Active 10 DOM
6. 2026-06-14
   days on market $119,900 Active 8 DOM
7. 2026-06-13
   days on market $119,900 Active 7 DOM
8. 2026-06-10
   days on market $119,900 Active 5 DOM
9. 2026-06-09
   days on market $119,900 Active 4 DOM
10. 2026-06-08
    days on market $119,900 Active 3 DOM
11. 2026-06-07
    remarks 241-char remark
12. 2026-06-07
    listed $119,900 Active 2 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: $1,978 · $165/mo
• Projected year-2 tax: $1,978 · $165/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 · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥90°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,914
• − Mortgage interest: −$6,716
• − Property taxes: −$1,978
• − Insurance: −$600
• − Repairs & maintenance: −$1,353
• − Management: −$1,353
• − Depreciation: −$3,488
• Taxable income: $1,426
• Est. tax owed @ 24.0%: −$342
• After-tax cash flow: $2,897/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: Hibbing Public School District
• NCES district ID: 2713980
• Math proficiency: 43% ▼ -14.00%
• Reading proficiency: 54% ▼ -13.00%
• Median HH income: $41,666
• Composite: 40.7/100
• National rank: #3667
• State rank: #150 of 301 in MN

Livability — Hibbing

• Score: 79/100
• State rank: #103
• US rank: #2307

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hibbing, MN
• County: Saint Louis County · 115,152 people
• City population: 16,730
• Metro: Duluth, MN-WI
• Population (ZIP): 16,730
• Household income: $55,823
• Rent vs Own: 27.9% rent · 72.1% own
• Severe rent burden: 623.0

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 (93%)
• Race & ethnicity: White 93% Two or more races 4% Black 2% Hispanic / Latino 2%
• Common ancestry: Portuguese 10% Lithuanian 2% Romanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1% German/W. Germanic 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: ▼ -50.85%
• Current HPI: 220.7198
• Rent YoY: —
• Metro: Duluth, 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

1 event — show timeline

• 2026-06-05 Listed $119,900 RAOR

Property tax history

+4.3%/yr

Latest (2025): $1,978 · -8.5% YoY. Source: county tax records.