601 Hayes St · Eveleth, MN 55734

$75,500

2 bd · 2.0 ba · 1,208 sqft · Other public records · 248 Days on market

Built 1900 3,049 sqft lot

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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 +5.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great starter house or future rental property. Power, gas and water are off and the house is vacant. With the right vision and a little TLC this could be yours. The property is located in a great neighborhood just walking distance from downtown Eveleth.

Key facts

• 3,049 sq ft lot
• 2 garage spots
• Built 1900

Tags

• FUTURE RENTAL PROPERTY
• WALKING DISTANCE FROM DOWNTOWN

Property features AI

Finance

• Other: Other structures: Garage(s)

Exterior

• Parking: Covered garage with electric; 2-car garage (20 x 20)
• Utilities: City water (in street); City sewer (in street); Natural gas
• Home design: Residential property; Two levels; Primary bedroom with walk-in closet
• Construction: Block and stone foundation; Asphalt roof (over 8 years old)
• Exterior features: Vinyl exterior; Covered front porch; Corner lot; City street frontage (public maintained road)

Interior

• Kitchen: Kitchen with window; Range; Refrigerator
• Bedrooms: 2 bedrooms (both on upper level)
• Flooring: Hardwood floors
• Bathrooms: Two 3/4 baths (one on main level, one on upper level)
• Heating & cooling: Boiler heating; No central cooling
• Interior features: Hardwood floors; Porch
• Laundry & utility: Washer hookup (in kitchen); Electric dryer hookup (in basement); Washer/Dryer hookup noted; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $76k.

Deal economics

• At list price, monthly cash flow is $392 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $76k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#506 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, schools D+, health & safety D.
• Market conditions: 42 active listings in the ZIP; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $522 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 248 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y ago; this cycle's ask has dropped $20k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $17k; list at $76k implies a 344% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $66,440 (12.0% below list)

Questions for the listing agent

1. It's been on market 248 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.55% ✓
• Cap rate: 12.52%
• Cash-on-cash: 22.25%
• DSCR: 1.99
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 15.0%
• Equity multiple: 1.60×
• Total profit: $12,749
• Equity at exit: $11,257

10-year hold

• IRR: 23.7%
• Equity multiple: 3.05×
• Total profit: $43,335
• Equity at exit: $6,528

Cash invested: $21,140 (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 55734

• Home prices YoY: -29.1%
• Active inventory: 42
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,167 medium
• Mortgage (P&I): −$396
• Tax from tax record: −$103 /mo · $1,232/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $392

Break-even live

Break-even rent $671

Max offer price $75,500

Occupancy floor 61%

Sensitivity live

Price	-10% $435	-5% $413	+0% $392	+5% $371	+10% $349
Rent	-10% $300	-5% $346	+0% $392	+5% $438	+10% $484
Rate	-1.0pp $430	-0.5pp $411	base $392	+0.5pp $372	+1.0pp $352

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: $18,875
• Closing costs: $2,265
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-21
   days on market $75,500 Active 248 DOM
2. 2026-06-19
   days on market $75,500 Active 246 DOM
3. 2026-06-18
   days on market $75,500 Active 245 DOM
4. 2026-06-17
   days on market $75,500 Active 244 DOM
5. 2026-06-16
   days on market $75,500 Active 243 DOM
6. 2026-06-15
   days on market $75,500 Active 242 DOM
7. 2026-06-14
   days on market $75,500 Active 240 DOM
8. 2026-06-13
   days on market $75,500 Active 239 DOM
9. 2026-06-10
   days on market $75,500 Active 237 DOM
10. 2026-06-09
    days on market $75,500 Active 236 DOM
11. 2026-06-08
    days on market $75,500 Active 235 DOM
12. 2026-06-07
    days on market $75,500 Active 234 DOM
13. 2026-06-05
    days on market $75,500 Active 231 DOM
14. 2026-06-03
    days on market $75,500 Active 230 DOM
15. 2026-06-02
    days on market $75,500 Active 229 DOM
16. 2026-06-01
    days on market $75,500 Active 228 DOM
17. 2026-05-31
    days on market $75,500 Active 227 DOM
18. 2026-05-30
    days on market $75,500 Active 226 DOM
19. 2025-11-04
    price $75,500

    Show marketing remark (253 chars)

    Great starter house or future rental property. Power, gas and water are off and the house is vacant. With the right vision and a little TLC this could be yours. The property is located in a great neighborhood just walking distance from downtown Eveleth.

20. 2025-11-04
    price $75,500 253-char remark

    Show marketing remark (253 chars)

    Great starter house or future rental property. Power, gas and water are off and the house is vacant. With the right vision and a little TLC this could be yours. The property is located in a great neighborhood just walking distance from downtown Eveleth.

21. 2025-10-16
    listed $95,900 Active
22. 2025-10-14
    listed $95,900 Active 253-char remark

    Show marketing remark (253 chars)

    Great starter house or future rental property. Power, gas and water are off and the house is vacant. With the right vision and a little TLC this could be yours. The property is located in a great neighborhood just walking distance from downtown Eveleth.

23. 2013-04-01
    soldstatus $17,000 185-char remark

    Show marketing remark (185 chars)

    2 Bedroom (Could be converted back to a 3 bedroom) and 2 Bath home, large kitchen and living room, lots of potential on nice corner lot. Looking for a quick sell. Very motivated buyers!

24. 2013-02-12
    listed $27,900 185-char remark

    Show marketing remark (185 chars)

    2 Bedroom (Could be converted back to a 3 bedroom) and 2 Bath home, large kitchen and living room, lots of potential on nice corner lot. Looking for a quick sell. Very motivated buyers!

ⓘ 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: $1,232 · $103/mo
• Projected year-2 tax: $1,232 · $103/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥90°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,004
• − Mortgage interest: −$4,229
• − Property taxes: −$1,232
• − Insurance: −$378
• − Repairs & maintenance: −$1,120
• − Management: −$1,120
• − Depreciation: −$2,196
• Taxable income: $3,729
• Est. tax owed @ 24.0%: −$895
• After-tax cash flow: $3,808/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)

No district data.

Livability — Eveleth

• Score: 66/100
• State rank: #506
• US rank: #12213

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Eveleth, MN
• Population (ZIP): 6,332

Population outlook (St. Louis County) Hauer SSP2

• Today (2025): 202,411 people
• By 2030: 203,234 · +0.4%
• By 2040: 202,520 · +0.1%
• By 2050: 200,853 · -0.8%
• By 2075: 200,943 · -0.7%
• By 2100: 192,058 · -5.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Black 1% Native American 1%
• Common ancestry: Portuguese 13% Romanian 3% Lithuanian 3%
• Foreign-born: 2%
• Languages at home: 97% English-only · Russian/Polish/Slavic 2%

Political lean MEDSL · St. Louis

• 2024 margin: D (+13.7) · D 55.9% · R 42.2% · Other 1.8%
• 2008→2024 swing: -18.8pp toward R · 2008: 32.5pp · 2024: 13.7pp
• All cycles: 2024: D+13.7 2020: D+15.6 2016: D+11.8 2012: D+29.6 2008: D+32.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.98%
• Current HPI: 209.7614
• Rent YoY: —
• Metro: —
• 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

+170.6% since first listed

6 events — show timeline

• 2025-11-04 Price Changed $75,500 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-04 Price Changed $75,500 LSAR
• 2025-10-16 Listed $95,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-14 Listed $95,900 LSAR
• 2013-04-01 Sold (MLS) $17,000 RAOR
• 2013-02-12 Listed $27,900 RAOR

Property tax history

+19.0%/yr

Latest (2025): $1,232 · +12.0% YoY. Source: county tax records.