1348 104th Way NE · Blaine, MN 55434

$139,800

4 bd · 2.0 ba · 1,680 sqft · Manufactured public records · 64 Days on market

Manufactured home Built 1981 Poor condition $83/sqft · 71% below area $995/mo HOA · 49% of rent ↓ 18% since listing

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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).

• 1% rule +9.4/10.0
• ARV discount +7.5/15.0
• Cash flow +6.7/30.0
• Schools +5.5/10.0
• Rent growth +3.7/5.0
• Livability +3.6/5.0
• Appreciation +2.5/10.0
• Condition / age +1.0/5.0
• DSCR +0.9/10.0
• Manufactured-home adj. -3.3

Key facts

• Built 1981
• Listed 63 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $140k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $-224 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $100k (28.3% below list).
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $100k (28.3% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 71/100 on livability (#315 in MN) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, commute F.
• Anoka-Hennepin Public School District (suburban): math 49% / reading 55% proficiency, ranked #71 of 301 in MN (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Madison Elementary (math 57% / reading 62%, grade B-, #216 of 857 statewide, top 29%, 407 students, 55% FRL); Northdale Middle (math 40% / reading 55%, grade C-, #93 of 258 statewide, top 37%, 1,274 students, 46% FRL); Blaine High School (math 46% / reading 67%, grade C, #77 of 471 statewide, top 17%, 2,969 students, 37% FRL) — zoned schools average 46% FRL vs 24% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.8%/yr); 182 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 36d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,083 units permitted in Anoka County in 2024 (134 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Anoka County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 4 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.

Risks & watch-outs

• Watch-outs: HOA is 49% of rent.

Recommended offer $100,290 (28.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.44% ✓
• Cap rate: 4.37%
• Cash-on-cash: -6.86%
• DSCR: 0.69
• GRM: 5.8

CMA / ARV

• ARV (median comp): $315,290
• List price: $139,800
• Delta: -55.66%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12210 Johnson St NE	2.23mi	2/2.0 (-2)	1,696 (+1%)	56mo	$271,000	$160	33
1640 87th Ave NE	2.18mi	4/2.0	1,800 (+7%)	41mo	$347,900	$193	33
8901 7th St NE	2.17mi	5/1.0 (+1)	1,724 (+3%)	56mo	$274,900	$159	32
9328 6th St NE	1.80mi	4/1.0	1,386 (-18%)	10mo	$309,900	$224	28
648 120th Ave NE	2.17mi	4/2.0	1,506 (-10%)	52mo	$320,000	$212	28
11122 Aberdeen St NE Unit A	0.83mi	2/2.0 (-2)	1,834 (+9%)	47mo	$285,000	$155	20
191 91st Ln NE	1.94mi	2/1.0 (-2)	1,333 (-21%)	8mo	$315,000	$236	19
801 118th Ln NE	1.98mi	3/2.0 (-1)	1,890 (+12%)	39mo	$385,000	$204	19
9844 Butternut St NW	1.72mi	4/3.0	2,052 (+22%)	26mo	$386,900	$189	16
1108 112th Ln NE	1.10mi	3/3.0 (-1)	2,062 (+23%)	27mo	$438,800	$213	11
11122 7th St NE	1.47mi	3/1.0 (-1)	1,281 (-24%)	31mo	$297,000	$232	11
249 106th Ln NE	1.22mi	3/3.0 (-1)	1,932 (+15%)	56mo	$315,000	$163	11

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 · 4.79% rent growth · sell at horizon

5-year hold

• IRR: -23.5%
• Equity multiple: 0.17×
• Total profit: $-32,641
• Equity at exit: $20,845

10-year hold

• IRR: -10.4%
• Equity multiple: 0.27×
• Total profit: $-28,754
• Equity at exit: $12,087

Cash invested: $39,144 (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 55434

• Rents YoY: 4.8%
• Active inventory: 182
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $2,020 high
• Mortgage (P&I): −$733
• Tax from tax record: −$33 /mo · $394/yr
• Insurance: −$58
• HOA: −$995
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$424
• Net cashflow: $-224

Break-even live

Break-even rent $2,303

Max offer price $100,290

Occupancy floor —

Sensitivity live

Price	-10% $-145	-5% $-184	+0% $-224	+5% $-263	+10% $-303
Rent	-10% $-383	-5% $-303	+0% $-224	+5% $-144	+10% $-64
Rate	-1.0pp $-153	-0.5pp $-188	base $-224	+0.5pp $-260	+1.0pp $-297

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: $34,950
• Closing costs: $4,194
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10550 Quincy Blvd NE Unit 1 Blaine, MN	5.0	2.0	2044	$2,850	$1.39	35d	1	0.83mi
1509 111th Dr NE Unit D Minneapolis, MN	3.0	3.0	1800	$2,500	$1.39	61d	1	0.86mi
1509 111th Dr NE Unit D Minneapolis, MN	3.0	3.0	1792	$2,500	$1.40	51d	1	0.86mi
9436 Ulysses St NE Blaine, MN	3.0	1.0–2.0	943	$2,520	$2.67	8d	14	1.16mi
9401 Polk St NE Blaine, MN	3.0	1.0–2.0	918	$1,999	$2.18	8d	4	1.31mi
10240 3rd St NE Unit D Blaine, MN	3.0	2.5	1846	$2,395	$1.30	8d	1	1.43mi

Property features AI

Finance

• Other: Directions: North on Central, turn right on 104th; property is on the left.
• HOA & community: HOA: Blaine International VillageMonthly association fee of $995 covering water, sewer and other services

Exterior

• Parking: On-street parking only
• Utilities: City water connectedCity sewer connectedNatural gas
• Home design: Residential propertyOne storyManufactured home
• Construction: Approximately 1,085 above-grade finished areaFoundation area listed as 1,600
• Exterior features: Located in a manufactured-home community (Blaine International Village)

Interior

• Kitchen: Main-level kitchen (13x14)
• Bedrooms: 4 bedrooms, all on the main level (sizes include 15x11, 13x13, 10x13, 11x11)
• Bathrooms: One full bathroom (main level, 11x11)One three-quarter bathroom (main level, 10x5)
• Heating & cooling: Forced air heatingCentral air conditioning
• Interior features: Doors 36"+ for accessibilityNo basement

Listing history 39 events

1. 2026-07-10
   days on market $139,800 Active 64 DOM
2. 2026-07-09
   days on market $139,800 Active 63 DOM
3. 2026-07-07
   days on market $139,800 Active 61 DOM
4. 2026-07-06
   days on market $139,800 Active 60 DOM
5. 2026-07-06
   days on market $139,800 Active 59 DOM
6. 2026-07-05
   days on market $139,800 Active 58 DOM
7. 2026-07-03
   days on market $139,800 Active 57 DOM
8. 2026-07-02
   days on market $139,800 Active 56 DOM
9. 2026-07-01
   days on market $139,800 Active 55 DOM
10. 2026-06-30
    days on market $139,800 Active 54 DOM
11. 2026-06-29
    days on market $139,800 Active 53 DOM
12. 2026-06-28
    days on market $139,800 Active 52 DOM
13. 2026-06-27
    days on market $139,800 Active 51 DOM
14. 2026-06-26
    days on market $139,800 Active 50 DOM
15. 2026-06-24
    days on market $139,800 Active 48 DOM
16. 2026-06-22
    days on market $139,800 Active 46 DOM
17. 2026-06-21
    days on market $139,800 Active 45 DOM
18. 2026-06-18
    days on market $139,800 Active 42 DOM
19. 2026-06-17
    days on market $139,800 Active 41 DOM
20. 2026-06-16
    days on market $139,800 Active 40 DOM
21. 2026-06-15
    days on market $139,800 Active 39 DOM
22. 2026-06-13
    days on market $139,800 Active 37 DOM
23. 2026-06-13
    days on market $139,800 Active 36 DOM
24. 2026-06-09
    days on market $139,800 Active 33 DOM
25. 2026-06-08
    days on market $139,800 Active 32 DOM
26. 2026-06-07
    days on market $139,800 Active 31 DOM
27. 2026-06-04
    days on market $139,800 Active 28 DOM
28. 2026-06-03
    days on market $139,800 Active 27 DOM
29. 2026-06-02
    days on market $139,800 Active 26 DOM
30. 2026-06-01
    days on market $139,800 Active 25 DOM
31. 2026-05-31
    days on market $139,800 Active 24 DOM
32. 2026-05-07
    listed $139,800 Active 412-char remark
33. 2026-04-21
    historical
34. 2026-03-27
    listed $149,900 Active
35. 2025-10-20
    historical
36. 2025-09-30
    listed $159,900 Active
37. 2025-09-29
    historical
38. 2025-09-22
    price $159,900
39. 2025-08-13
    listed $169,900 Active

ⓘ 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: $394 · $33/mo
• Projected year-2 tax: $980 · $82/mo
• Expected delta: +$586/yr (+$49/mo · 148.7%)

ⓘ 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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,236
• − Mortgage interest: −$7,831
• − Property taxes: −$394
• − Insurance: −$699
• − Repairs & maintenance: −$1,939
• − Management: −$1,939
• − HOA: −$11,940
• − Depreciation: −$4,067
• Taxable loss: −$4,572
• Est. tax savings @ 24.0%: +$1,097
• After-tax cash flow: $-1,587/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab Est. rehab $84,000–$151,200 screening

This manufactured home requires extensive repairs and updates to its kitchen, bathrooms, roof, exterior, and HVAC systems. Immediate attention is needed to improve its condition and increase its value.

Repairs flagged

• Major kitchen — No kitchen visible
• Major bathrooms — No bathrooms visible
• Major roof — No roof visible
• Major exterior — No exterior visible
• Major HVAC/mechanicals — No HVAC or mechanicals visible

Value-add opportunities

• Resale Paint interior walls — Fresh paint can significantly improve the home's appearance and appeal to potential buyers ↑
• Both Install kitchen and bathrooms — A fully functional kitchen and bathrooms are essential for both resale and rental value ↑
• Both Replace roof and exterior siding — A new roof and siding will enhance the home's curb appeal and increase its value ↑
• Both Install HVAC and mechanicals — A reliable HVAC system and proper mechanicals are crucial for both resale and rental value ↑

ⓘ Rehab cost is a screening estimate — Extensive scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 54/100

Zoned Schools

Elementary Madison Elementary B- MN #216/857 Nat'l #7,252/41,679 Middle Northdale Middle C- MN #93/258 Nat'l #4,042/14,009 High Blaine High School C MN #77/471 Nat'l #4,271/17,239

Schools (NCES district)

• District: Anoka-Hennepin Public School District
• NCES district ID: 2703180
• Math proficiency: 49% ▼ -14.00%
• Reading proficiency: 55% ▼ -10.00%
• Median HH income: $73,837
• Composite: 46.7/100
• National rank: #2400
• State rank: #71 of 301 in MN

B Composite livability gradescore 71/100

Livability — Blaine

• Score: 71/100
• State rank: #315
• US rank: #7073

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Blaine, MN
• County: Anoka County · 375,223 people
• City population: 67,472
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 33,029
• Household income: $90,336
• Rent vs Own: 17.8% rent · 82.2% own
• Severe rent burden: 16% of renters

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Population outlook (Anoka County) Hauer SSP2

• Today (2025): 375,223 people
• By 2030: 387,850 · +3.4%
• By 2040: 407,239 · +8.5%
• By 2050: 417,541 · +11.3%
• By 2075: 448,447 · +19.5%
• By 2100: 464,954 · +23.9%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Asian 10% Black 9% Two or more races 8% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 10% Romanian 5% Italian 2%
• Foreign-born: 15% · Canada, Vietnam, China
• Languages at home: 79% English-only · Spanish 5% Other Asian/Pacific 2% Vietnamese 2%

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Political lean MEDSL · Anoka

• 2024 margin: Toss-up / Even · D 46.6% · R 51.0% · Other 2.4%
• 2008→2024 swing: -2.0pp toward R · 2008: -2.4pp · 2024: -4.4pp
• All cycles: 2024: R+4.4 2020: R+1.9 2016: R+9.7 2012: R+2.6 2008: R+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -230.62%
• Current HPI: 254.0422
• Rent YoY: ▲ 4.79%
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• State GDP YoY: ▲ 2.41%
• F500 in state: 34

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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

Property features AI

Finance

• Other: Directions: North on Central, turn right on 104th; property is on the left.
• HOA & community: HOA: Blaine International VillageMonthly association fee of $995 covering water, sewer and other services

Exterior

• Parking: On-street parking only
• Utilities: City water connectedCity sewer connectedNatural gas
• Home design: Residential propertyOne storyManufactured home
• Construction: Approximately 1,085 above-grade finished areaFoundation area listed as 1,600
• Exterior features: Located in a manufactured-home community (Blaine International Village)

Interior

• Kitchen: Main-level kitchen (13x14)
• Bedrooms: 4 bedrooms, all on the main level (sizes include 15x11, 13x13, 10x13, 11x11)
• Bathrooms: One full bathroom (main level, 11x11)One three-quarter bathroom (main level, 10x5)
• Heating & cooling: Forced air heatingCentral air conditioning
• Interior features: Doors 36"+ for accessibilityNo basement

Price history

-17.7% since first listed

8 events — show timeline

• 2026-05-07 Listed $139,800 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-21 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-27 Listed $149,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-20 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-30 Listed $159,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-22 Price Changed $159,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-08-13 Listed $169,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+32.8%/yr

Latest (2026): $394 · +9.8% YoY. Source: county tax records.