1348 104th Way NE · Blaine, MN 55434

$139,800

4 bd · 2.0 ba · 1,680 sqft · Manufactured public records · 45 Days on market

Built 1981 Poor condition $83/sqft · 70% below area $995/mo HOA · 37% of rent ↓ 18% since listing

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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 +25.0/30.0
• 1% rule +10.0/10.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Rent growth +3.7/5.0
• Livability +3.6/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Key facts

• Built 1981
• Listed 45 days

Property features AI

Finance

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

Exterior

• Parking: On-street parking only
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; One story; Manufactured home
• Construction: Approximately 1,085 above-grade finished area; Foundation 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 heating; Central air conditioning
• Interior features: Doors 36"+ for accessibility; No basement

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 $304 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 4.0% in Blaine — 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 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); 114 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,083 units permitted in Anoka County in 2024 (134 in 5+ unit buildings).
• This rent runs 36% of the median local income ($90k/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 $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.
• At projected returns (-3.0% appreciation + 4.8% rent growth), your $39k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($136k) 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 37% of rent.

Recommended offer $135,606 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.92% ✓
• Cap rate: 8.90%
• Cash-on-cash: 9.33%
• DSCR: 1.41
• GRM: 4.3

CMA / ARV

• ARV (median comp): $303,856
• List price: $139,800
• Delta: -53.99%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.79% rent growth · sell at horizon

5-year hold

• IRR: 1.4%
• Equity multiple: 1.06×
• Total profit: $2,214
• Equity at exit: $20,845

10-year hold

• IRR: 13.9%
• Equity multiple: 2.28×
• Total profit: $50,144
• 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: 114
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $2,688 medium
• Mortgage (P&I): −$733
• Tax from tax record: −$33 /mo · $394/yr
• Insurance: −$58
• HOA: −$995
• Vacancy / Maint / Mgmt: −$564
• Net cashflow: $304

Break-even live

Break-even rent $2,303

Max offer price $139,800

Occupancy floor 84%

Sensitivity live

Price	-10% $383	-5% $344	+0% $304	+5% $265	+10% $225
Rent	-10% $92	-5% $198	+0% $304	+5% $410	+10% $517
Rate	-1.0pp $375	-0.5pp $340	base $304	+0.5pp $268	+1.0pp $231

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
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	0d	1	0.83mi
1509 111th Dr NE Unit D Minneapolis, MN	3.0	3.0	1792	$2,500	$1.40	3d	1	0.86mi
1509 111th Dr NE Unit D Minneapolis, MN	3.0	3.0	1800	$2,500	$1.39	13d	1	0.86mi

HOA detail

• Monthly dues: $995 · $11,940/yr

Listing history 23 events

1. 2026-06-21
   days on market $139,800 Active 45 DOM
2. 2026-06-18
   days on market $139,800 Active 42 DOM
3. 2026-06-17
   days on market $139,800 Active 41 DOM
4. 2026-06-16
   days on market $139,800 Active 40 DOM
5. 2026-06-15
   days on market $139,800 Active 39 DOM
6. 2026-06-13
   days on market $139,800 Active 37 DOM
7. 2026-06-13
   days on market $139,800 Active 36 DOM
8. 2026-06-09
   days on market $139,800 Active 33 DOM
9. 2026-06-08
   days on market $139,800 Active 32 DOM
10. 2026-06-07
    days on market $139,800 Active 31 DOM
11. 2026-06-04
    days on market $139,800 Active 28 DOM
12. 2026-06-03
    days on market $139,800 Active 27 DOM
13. 2026-06-02
    days on market $139,800 Active 26 DOM
14. 2026-06-01
    days on market $139,800 Active 25 DOM
15. 2026-05-31
    days on market $139,800 Active 24 DOM
16. 2026-05-07
    listed $139,800 Active 412-char remark
17. 2026-04-21
    historical
18. 2026-03-27
    listed $149,900 Active
19. 2025-10-20
    historical
20. 2025-09-30
    listed $159,900 Active
21. 2025-09-29
    historical
22. 2025-09-22
    price $159,900
23. 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: $32,255
• − Mortgage interest: −$7,831
• − Property taxes: −$394
• − Insurance: −$699
• − Repairs & maintenance: −$2,580
• − Management: −$2,580
• − HOA: −$11,940
• − Depreciation: −$4,067
• Taxable income: $2,163
• Est. tax owed @ 24.0%: −$519
• After-tax cash flow: $3,132/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

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

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen · No kitchen visible	Major	$15,000–50,000
bathrooms · No bathrooms visible	Major	$15,000–50,000
roof · No roof visible	Major	$15,000–50,000
exterior · No exterior visible	Major	$15,000–50,000
HVAC/mechanicals · No HVAC or mechanicals visible	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• 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 ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

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 · 277,116 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: 526.0

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%

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%

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

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

-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.