5023 Edgewater Dr · Mound, MN 55364

$389,000

4 bd · 2.0 ba · 1,821 sqft · SingleFamily public records · 33 Days on market

Built 1935 6,098 sqft lot $214/sqft · 29% below area Est $609k · 36% 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 +20.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• Schools +5.9/10.0
• 1% rule +4.7/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 2 story home with Harrison Bay views! Nestled into a spacious lot next to Edgewater city park. Main floor owner’s bedroom. Both a formal dining area and eat in kitchen. Upper left has a reading nook and 2 spacious bedrooms with large closets. Fully finished lower level has a great family room and 3/4 bath. Plenty of indoor and outdoor storage.

Key facts

• 6,098 sq ft lot
• Built 1935
• Listed 33 days

Property features AI

Finance

• Financial info: Conventional financing available

Exterior

• Parking: Gravel parking
• Utilities: City water (connected); City sewer (connected); Natural gas
• Home design: Residential property; One-and-one-half stories; Block foundation
• Construction: Block foundation
• Exterior features: Deck; Vinyl exterior; Storage shed; Property adjoins public land; Lake view (note: a road between the waterfront and home)

Interior

• Kitchen: Range; Refrigerator; Microwave; Dishwasher; Garbage disposal; Eat-in kitchen with breakfast bar
• Bedrooms: 3 bedrooms (one on the main level, two on the upper level)
• Bathrooms: Main floor full bath; Upper level full bath; Three-quarter bath in the basement
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Finished full basement; Breakfast bar; Eat-in kitchen; Informal dining area; Living/dining room combination; Loft; Main floor bedroom
• Laundry & utility: Washer; Dryer; Laundry room on lower level

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $389k.

Deal economics

• At list price, monthly cash flow is $474 ($6k/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 $377k (3.2% below list).
• Recommended offer: $377k (3.2% below list) — sets the bar for 1% rule.
• Cap rate 7.8% vs local median 1.8% in Mound — 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 85/100 on livability (#20 in MN, #559 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, commute A+; Watch: amenities F.
• Westonka Public School District (rural): math 65% / reading 68% proficiency, ranked #14 of 301 in MN (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: 147 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• This rent runs 42% of the median local income ($109k/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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Hennepin County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($377k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 17y 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.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $376,562 (3.2% below list)

Questions for the listing agent

1. It's been on market 33 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 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.97% ✗
• Cap rate: 7.76%
• Cash-on-cash: 5.22%
• DSCR: 1.23
• GRM: 8.6

CMA / ARV

• ARV (median comp): $609,316
• List price: $389,000
• Delta: -36.16%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1942 Shorewood Ln	0.58mi	3/3.0 (-1)	1,992 (+9%)	12mo	$1,040,000	$522	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: -8.2%
• Equity multiple: 0.70×
• Total profit: $-32,896
• Equity at exit: $58,001

10-year hold

• IRR: 1.3%
• Equity multiple: 1.09×
• Total profit: $10,001
• Equity at exit: $33,634

Cash invested: $108,920 (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 55364

• Active inventory: 147
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $3,766 medium
• Mortgage (P&I): −$2,040
• Tax from tax record: −$299 /mo · $3,584/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$791
• Net cashflow: $474

Break-even live

Break-even rent $3,165

Max offer price $389,000

Occupancy floor 82%

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: $97,250
• Closing costs: $11,670
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4870 Glasgow Rd Mound, MN	3.0	3.0	2592	$2,924	$1.13	3d	1	1.11mi
5912 Bartlett Blvd Mound, MN	4.0	2.5	2500	$7,000	$2.80	1d	1	1.32mi

Listing history 27 events

1. 2026-06-18
   status $389,000 Pending 33 DOM
2. 2026-06-17
   days on market $389,000 Contingent - Inspection 33 DOM
3. 2026-06-16
   days on market $389,000 Contingent - Inspection 32 DOM
4. 2026-06-15
   days on market $389,000 Contingent - Inspection 31 DOM
5. 2026-06-13
   days on market $389,000 Contingent - Inspection 29 DOM
6. 2026-06-09
   days on market $389,000 Contingent - Inspection 25 DOM
7. 2026-06-08
   days on market $389,000 Contingent - Inspection 24 DOM
8. 2026-06-07
   days on market $389,000 Contingent - Inspection 23 DOM
9. 2026-06-04
   days on market $389,000 Contingent - Inspection 20 DOM
10. 2026-06-03
    days on market $389,000 Contingent - Inspection 19 DOM
11. 2026-06-02
    days on market $389,000 Contingent - Inspection 18 DOM
12. 2026-06-01
    days on market $389,000 Contingent - Inspection 17 DOM
13. 2026-05-31
    days on market $389,000 Contingent - Inspection 16 DOM
14. 2026-05-15
    listed $389,000 Active 594-char remark
15. 2026-05-12
    historical $389,000 594-char remark
16. 2023-03-13
    soldstatus $358,000
17. 2023-03-07
    soldstatus $358,000 Sold 360-char remark

    Show marketing remark (360 chars)

    Charming 2 story home with Harrison Bay views! Nestled into a spacious lot next to Edgewater city park. Main floor owner’s bedroom. Both a formal dining area and eat in kitchen. Upper left has a reading nook and 2 spacious bedrooms with large closets. Fully finished lower level has a great family room and 3/4 bath. Plenty of indoor and outdoor storage.

18. 2023-02-02
    status Pending 360-char remark

    Show marketing remark (360 chars)

    Charming 2 story home with Harrison Bay views! Nestled into a spacious lot next to Edgewater city park. Main floor owner’s bedroom. Both a formal dining area and eat in kitchen. Upper left has a reading nook and 2 spacious bedrooms with large closets. Fully finished lower level has a great family room and 3/4 bath. Plenty of indoor and outdoor storage.

19. 2022-11-11
    listed $374,999 Active 360-char remark

    Show marketing remark (360 chars)

    Charming 2 story home with Harrison Bay views! Nestled into a spacious lot next to Edgewater city park. Main floor owner’s bedroom. Both a formal dining area and eat in kitchen. Upper left has a reading nook and 2 spacious bedrooms with large closets. Fully finished lower level has a great family room and 3/4 bath. Plenty of indoor and outdoor storage.

20. 2011-02-18
    soldstatus $95,000
21. 2011-01-29
    historical
22. 2010-12-28
    listed $108,900
23. 2010-10-07
    historical
24. 2010-02-09
    listed $108,900
25. 2010-02-01
    historical
26. 2009-09-14
    listed $140,000
27. 1995-10-20
    soldstatus $76,000

ⓘ 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: $3,584 · $299/mo
• Projected year-2 tax: $3,970 · $331/mo
• Expected delta: +$386/yr (+$32/mo · 10.8%)

ⓘ 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 ≥98°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: $45,187
• − Mortgage interest: −$21,790
• − Property taxes: −$3,584
• − Insurance: −$1,945
• − Repairs & maintenance: −$3,615
• − Management: −$3,615
• − Depreciation: −$11,316
• Taxable loss: −$678
• Est. tax savings @ 24.0%: +$163
• After-tax cash flow: $5,852/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: Westonka Public School District
• NCES district ID: 2722920
• Math proficiency: 65% ▼ -14.00%
• Reading proficiency: 68% ▼ -10.00%
• Median HH income: $80,965
• Composite: 59.42/100
• National rank: #928
• State rank: #14 of 301 in MN

Livability — Mound

• Score: 85/100
• State rank: #20
• US rank: #559

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mound, MN
• County: Hennepin County · 1,150,272 people
• City population: 14,097
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 14,097
• Household income: $108,725
• Rent vs Own: 18.2% rent · 81.8% own
• Severe rent burden: 198.0

Population outlook (Hennepin County) Hauer SSP2

• Today (2025): 1,405,227 people
• By 2030: 1,492,650 · +6.2%
• By 2040: 1,660,157 · +18.1%
• By 2050: 1,823,498 · +29.8%
• By 2075: 2,221,283 · +58.1%
• By 2100: 2,509,976 · +78.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 5% Hispanic / Latino 2% Black 1% Asian 1%
• Common ancestry: Portuguese 19% Lithuanian 3% Slovak 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 92% English-only · Spanish 4% Russian/Polish/Slavic 1% Chinese 1%

Political lean MEDSL · Hennepin

• 2024 margin: Solid D (+42.6) · D 70.2% · R 27.5% · Other 2.3%
• 2008→2024 swing: +14.0pp toward D · 2008: 28.6pp · 2024: 42.6pp
• All cycles: 2024: D+42.6 2020: D+43.2 2016: D+35.3 2012: D+27.1 2008: D+28.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -395.23%
• Current HPI: 249.0081
• Rent YoY: —
• 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

+411.8% since first listed

16 events — show timeline

• 2026-06-18 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-22 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-15 Listed $389,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-12 Coming Soon $389,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-03-13 Sold (Public Records) $358,000 Public Records
• 2023-03-07 Sold (MLS) $358,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-02-02 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-11-11 Listed $374,999 NORTHSTARMLS as Distributed by MLS Grid
• 2011-02-18 Sold (MLS) $95,000 NORTHSTARMLS as Distributed by MLS Grid
• 2011-01-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2010-12-28 Listed $108,900 NORTHSTARMLS as Distributed by MLS Grid
• 2010-10-07 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2010-02-09 Listed $108,900 NORTHSTARMLS as Distributed by MLS Grid
• 2010-02-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-09-14 Listed $140,000 NORTHSTARMLS as Distributed by MLS Grid
• 1995-10-20 Sold (Public Records) $76,000 Public Records

Property tax history

+4.0%/yr

Latest (2025): $3,584 · +1.2% YoY. Source: county tax records.