46 115th Ave NE · Blaine, MN 55434

$150,000

4 bd · 3.0 ba · 1,976 sqft · Manufactured public records · 43 Days on market

Built 1997

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Rent growth +3.7/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover the perfect blend of comfort & convenience in this beautifully updated trailer home offering 4 BD & 3 BA. Step inside to find a meticulously maintained interior featuring stylish upgrades throughout. The spacious living area provides a warm & inviting atmosphere, ideal for relaxing or entertaining guests. The kitchen boasts modern appliances, ample cabinet space, & a breakfast bar for casual dining. Extra flex space is perfect for an office or exercise room. Outside, immerse yourself in the fantastic amenities offered by the community. Whether you're looking to unwind at the community center, enjoy outdoor activities at the recreational area, or take a refres

Key facts

• Pool
• Built 1997
• Listed 43 days

Property features AI

Finance

• Other: Lot size listed as 0.00 acres (site within a leased lot/park)
• Financial info: Land is leased with a land lease fee (monthly); Mortgage status: Free and clear
• HOA & community: Association offers shared amenities (other community amenities)

Exterior

• Parking: Asphalt parking
• Utilities: City water connected; City sewer (in street); Natural gas
• Home design: Single-story residential unit; Manufactured home; Entry level: Main
• Construction: Approximately 1,976 above-grade living area; One level
• Exterior features: Indoor shared pool; Community/shared rooms (community room and other shared spaces); No stairs inside (accessible)

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator; Kitchen island; Kitchen window
• Bedrooms: 4 bedrooms (all on the main level); Primary bedroom (private bath) on the main level; Bedroom sizes include 23x13, 19x12, 14x12, 12x9 (approx.); Bonus room 10x9 on the main level
• Flooring: Hardwood floors
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Forced-air heating; Central air conditioning
• Interior features: Hardwood floors; Kitchen center island; Kitchen window; Walk-in closet; Private primary bathroom; Main-floor half bath; Main-floor full bath; No basement
• Laundry & utility: Washer and dryer included; Laundry room on the main level; Washer/Dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Recommended offer: $146k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.4% 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: Eisenhower Elementary (math 64% / reading 61%, grade B, #173 of 857 statewide, top 21%, 473 students, 60% 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 48% FRL vs 24% district-wide (23 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; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,083 units permitted in Anoka County in 2024 (134 in 5+ unit buildings).
• This rent runs 37% 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 $1k 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 $42k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.

Recommended offer $145,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.84% ✓
• Cap rate: 16.44%
• Cash-on-cash: 36.25%
• DSCR: 2.61
• GRM: 4.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 33.9%
• Equity multiple: 2.46×
• Total profit: $61,517
• Equity at exit: $22,365

10-year hold

• IRR: 41.7%
• Equity multiple: 5.26×
• Total profit: $178,956
• Equity at exit: $12,969

Cash invested: $42,000 (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: 4.5×

Monthly cashflow live

• Estimated rent: $2,753 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$57 /mo · $685/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$578
• Net cashflow: $1,269

Break-even live

Break-even rent $1,147

Max offer price $150,000

Occupancy floor 49%

Sensitivity live

Price	-10% $1,354	-5% $1,311	+0% $1,269	+5% $1,226	+10% $1,184
Rent	-10% $1,051	-5% $1,160	+0% $1,269	+5% $1,378	+10% $1,486
Rate	-1.0pp $1,344	-0.5pp $1,307	base $1,269	+0.5pp $1,230	+1.0pp $1,190

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	1.29mi
12373 Oak Park Blvd NE Blaine, MN	1.0–3.0	1.0–2.0	1023	$2,189	$2.14	0d	1	1.45mi

Listing history 4 events

1. 2026-04-10
   status Pending
2. 2026-04-02
   historical Contingent - Inspection
3. 2026-02-27
   listed $150,000 Active
4. 2026-02-25
   historical $150,000

ⓘ 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: $685 · $57/mo
• Projected year-2 tax: $1,183 · $99/mo
• Expected delta: +$497/yr (+$41/mo · 72.6%)

ⓘ 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: $33,040
• − Mortgage interest: −$8,402
• − Property taxes: −$685
• − Insurance: −$750
• − Repairs & maintenance: −$2,643
• − Management: −$2,643
• − Depreciation: −$4,364
• Taxable income: $13,552
• Est. tax owed @ 24.0%: −$3,252
• After-tax cash flow: $11,974/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: 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

+0.0% since first listed

4 events — show timeline

• 2026-04-10 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-02 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-27 Listed $150,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-25 Coming Soon $150,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+9.4%/yr

Latest (2026): $685 · +23.4% YoY. Source: county tax records.