6522 E Viking Blvd

Wyoming, MN 55092

$25,000D+

2 bd · 1.0 ba · 1,124 sqft · Built 1976 · Land · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,237/mo
• Mortgage (P&I): −$131
• Tax + insurance: −$42
• HOA: −$0
• Vac / Maint / Mgmt: −$260
• Net cashflow: $804/mo
• Annual: $9,654/yr
• Cap rate: 44.91%
• Cash-on-cash: 137.91%
• DSCR: 7.14
• 1% rule: 4.95%
• Cash to close: $7,000

Investor read

• This is a 2-bed/1.0-bath land listed at $25k.
• At list price, monthly cash flow is $804 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $173 of loan paydown is wiped out by about $750 of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#387 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Forest Lake Public School District (town): math 48% / reading 52% proficiency, ranked #90 of 301 in MN (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Wyoming Elementary (math 57% / reading 53%, grade C, #310 of 857 statewide, top 37%, 488 students, 31% FRL); Forest Lake Area High School (math 45% / reading 60%, grade C-, #109 of 471 statewide, top 23%, 1,876 students, 24% FRL).
• Market conditions: 65 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 362 units permitted in Chisago County in 2024 (121 in 5+ unit buildings).
• Chisago County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 44.9% vs local median 3.1% in Wyoming — 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.

Questions for listing agent

• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.