88 Banks Blvd · Silver Bay, MN 55614

$115,000

3 bd · 1.0 ba · 864 sqft · SingleFamily public records · 181 Days on market

Built 1953 10,454 sqft lot Est $141k · 18% under

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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 +20.5/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +6.5/10.0
• 1% rule +4.2/10.0
• Schools +3.8/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

This 3 bedroom, 1 bath home is conveniently located near the Shopping Center, library and just a few blocks from the school in Silver Bay! Natural lighting , vinyl frame windows, spacious back yard, 1 car garage. Make your appt today! Please include the "As Is" Addendum as it is being sold for an Estate. Water has been shut off , water nor gas will be turned on for inspections or appraisals. All measurements are approximate and to be verified by Buyer/Buyers Agent.

Key facts

• Natural lighting
• Vinyl frame windows
• Spacious back yard

Tags

• NATURAL LIGHTING
• VINYL FRAME WINDOWS
• SPACIOUS BACK YARD

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer; Cable available
• Home design: Single family detached residence; Single-story
• Construction: Asphalt shingle roof; 864 above-grade finished area
• Exterior features: Level lot; Public maintained road frontage on a city street; Has a view

Interior

• Kitchen: Range; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: High speed internet; Master bedroom on main floor
• Laundry & utility: Washer hookup on main level; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $152 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (8.0% below list).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 4.5% in Silver Bay — 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 74/100 on livability (#217 in MN, #4,547 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Lake Superior Public School District (rural): math 34% / reading 53% proficiency, ranked #191 of 301 in MN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 66 active listings in the ZIP; 81 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($795 loan paydown + $12k appreciation (10.0% local appreciation)).
• Lake County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 181 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $79k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 181 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 1953 — 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 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: 0.92% ✗
• Cap rate: 7.88%
• Cash-on-cash: 5.67%
• DSCR: 1.25
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $140,832
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
88 Banks Blvd	0.00mi	3/1.0	864 (0%)	0mo	$105,000	$122	100
51 Davis Dr	0.13mi	3/1.0	864 (0%)	3mo	$107,500	$124	91
33 Charles Crk	0.16mi	3/1.0	864 (0%)	14mo	$145,000	$168	81
12 Dodge Ln	0.04mi	2/1.0 (-1)	864 (0%)	18mo	$141,000	$163	78
31 Charles Cr Cir	0.17mi	2/1.0 (-1)	864 (0%)	18mo	$145,000	$168	72
10 Drake Cr Cir	0.10mi	2/1.0 (-1)	864 (0%)	23mo	$150,000	$174	72
66 Banks Blvd	0.21mi	2/1.0 (-1)	768 (-11%)	4mo	$117,000	$152	64
36 Aiken Cr Cir	0.69mi	2/1.0 (-1)	864 (0%)	2mo	$130,000	$150	61
42 Banks Blvd	0.41mi	3/1.0	900 (+4%)	20mo	$163,900	$182	57
11 Aiken Crk	0.59mi	3/1.0	932 (+8%)	6mo	$124,000	$133	54
100 Edison Blvd	0.74mi	3/1.0	960 (+11%)	3mo	$135,000	$141	44
36 Adams Blvd	0.74mi	2/1.0 (-1)	768 (-11%)	13mo	$170,000	$221	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.4%
• Equity multiple: 3.24×
• Total profit: $72,263
• Equity at exit: $103,601

10-year hold

• IRR: 24.7%
• Equity multiple: 7.37×
• Total profit: $205,083
• Equity at exit: $223,420

Cash invested: $32,200 (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 55614

• Home prices YoY: 11.9%
• Active inventory: 66
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,058 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$33 /mo · $390/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $152

Break-even live

Break-even rent $865

Max offer price $115,000

Occupancy floor 81%

Sensitivity live

Price	-10% $217	-5% $185	+0% $152	+5% $119	+10% $87
Rent	-10% $68	-5% $110	+0% $152	+5% $194	+10% $236
Rate	-1.0pp $210	-0.5pp $181	base $152	+0.5pp $122	+1.0pp $92

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-04-29
   status Pending
2. 2026-01-17
   price $115,000
3. 2025-10-30
   listed $125,000 Active
4. 2005-11-28
   soldstatus $79,000

ⓘ 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: $390 · $33/mo
• Projected year-2 tax: $839 · $70/mo
• Expected delta: +$449/yr (+$37/mo · 115.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥86°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,692
• − Mortgage interest: −$6,442
• − Property taxes: −$390
• − Insurance: −$575
• − Repairs & maintenance: −$1,015
• − Management: −$1,015
• − Depreciation: −$3,345
• Taxable loss: −$91
• Est. tax savings @ 24.0%: +$22
• After-tax cash flow: $1,846/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: Lake Superior Public School District
• NCES district ID: 2740740
• Math proficiency: 34% ▼ -24.00%
• Reading proficiency: 53% ▼ -9.00%
• Median HH income: $51,958
• Composite: 37.51/100
• National rank: #4399
• State rank: #191 of 301 in MN

Livability — Silver Bay

• Score: 74/100
• State rank: #217
• US rank: #4547

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Silver Bay, MN
• Population (ZIP): 2,450

Population outlook (Lake County) Hauer SSP2

• Today (2025): 9,943 people
• By 2030: 9,437 · -5.1%
• By 2040: 8,326 · -16.3%
• By 2050: 7,365 · -25.9%
• By 2075: 6,008 · -39.6%
• By 2100: 5,038 · -49.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 7% Hispanic / Latino 2%
• Common ancestry: Portuguese 21% Lithuanian 2% Scottish 2%
• Foreign-born: 1% · Vietnam
• Languages at home: 98% English-only · Other Indo-European 1%

Political lean MEDSL · Lake

• 2024 margin: Toss-up / Even · D 51.0% · R 47.1% · Other 1.9%
• 2008→2024 swing: -18.2pp toward R · 2008: 22.1pp · 2024: 3.9pp
• All cycles: 2024: D+3.9 2020: D+3.5 2016: D+2.2 2012: D+21.1 2008: D+22.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 52.26%
• Current HPI: 490.17
• 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

+45.6% since first listed

4 events — show timeline

• 2026-04-29 Pending — LSAR
• 2026-01-17 Price Changed $115,000 LSAR
• 2025-10-30 Listed $125,000 LSAR
• 2005-11-28 Sold (Public Records) $79,000 Public Records

Property tax history

+13.7%/yr

Latest (2025): $390 · +77.4% YoY. Source: county tax records.