7220 Elmo Ct · Lino Lakes, MN 55038

$334,900

3 bd · 3.0 ba · 1,788 sqft · Townhouse public records · 41 Days on market

Built 2022 2,134 sqft lot $187/sqft · at area comps Est $332k · at est. $295/mo HOA · 10% of rent ↓ 6% since listing

---

Why this score? — see what drove the D- 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 +9.2/30.0
• ARV discount +7.1/15.0
• Schools +4.6/10.0
• Livability +3.6/5.0
• 1% rule +3.5/10.0
• DSCR +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Exceed your expectations of town home living with the Franklin! The ideal home, lifestyle and location you have been searching for. The Franklin end home has an abundance of natural light along with 3 spacious bedrooms, 3 baths, essential upper level laundry, inviting loft space, owners retreat, 2 car garage, relaxing great room, beautiful kitchen, private porch and much more. The Watermark Community has recreation and leisure at your fingertips with scenic nature areas, expansive parks, clubhouse, large central lake, nature filled ponds, picnic areas, play grounds, basketball and pickle ball courts, all interconnected by miles of picturesque walking paths to go along with ideal access to the Twin Cities and nearby park and ride. Our Everything’s included, connected and WIFI guaranteed homes features provide the most modern and efficient homes at an unmatched value.

Key facts

• Open main level
• End unit townhome
• Expansive parks

Tags

• END UNIT TOWNHOME
• OPEN MAIN LEVEL
• UPPER LEVEL LOFT
• PRIVATE PRIMARY SUITE
• THE WATERMARK COMMUNITY
• EXPANSIVE PARKS

Property features AI

Finance

• Other: Living area approximately 1,800; Main level finished area approximately 680; Above-grade finished area 1,800
• HOA & community: HOA managed by Associa; Monthly association fee of $295; HOA covers hazard insurance, lawn care, grounds maintenance, professional management, shared amenities, and snow removal

Exterior

• Parking: Attached garage; 2 garage spaces; Asphalt driveway; Guest parking
• Utilities: City water (connected); City sewer (connected); Natural gas; Electric service by Connexus Energy
• Home design: Residential attached property; Two levels; 3 bedrooms on one level; Main entry on main level
• Construction: Slab foundation; Foundation area approximately 680; Roof age 8 years or less; Built with vinyl siding
• Exterior features: Vinyl exterior; Patio; No fencing; Lot approximately 45 x 47; In-ground sprinkler system

Interior

• Kitchen: Range; Microwave; Dishwasher; Refrigerator; Stainless steel appliances; Kitchen/dining open layout
• Bedrooms: 3 bedrooms; Primary suite with private 3/4 bath; Upper-level bedrooms and loft
• Bathrooms: One full bathroom (upper level); One 3/4 bathroom (primary); One half bath on the main floor
• Heating & cooling: Forced air heating; Central air conditioning; Gas water heater
• Interior features: Ceiling fan(s); Kitchen center island; Primary bedroom walk-in closet; Patio; In-ground sprinkler; Washer/dryer hookup; Air-to-air exchanger; Humidifier; Water softener (owned)
• Laundry & utility: Washer; Dryer; Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath townhouse listed at $335k.

Deal economics

• At list price, monthly cash flow is $-250 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $291k (13.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $286k (14.7% below list).
• Recommended offer: $286k (14.7% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 3.1% in Lino Lakes — 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 72/100 on livability (#287 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D+, amenities F, commute F.
• White Bear Lake School District (suburban): math 45% / reading 57% proficiency, ranked #83 of 301 in MN (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Matoska International (math 45% / reading 54%, grade D, #423 of 857 statewide, top 55%, 554 students, 24% FRL); Central Middle (math 41% / reading 55%, grade C-, #90 of 258 statewide, top 35%, 1,020 students, 24% FRL); White Bear South Campus Senior (math 37%, 1,111 students, 26% FRL) — zoned schools at 25% FRL track the district average.
• Market conditions: 278 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 1,083 units permitted in Anoka County in 2024 (134 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($325k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago 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.

Recommended offer $285,824 (14.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
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. 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?
7. 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.
8. 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.
9. 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: 0.85% ✗
• Cap rate: 5.40%
• Cash-on-cash: -3.19%
• DSCR: 0.86
• GRM: 9.8

CMA / ARV

• ARV (median comp): $332,295
• List price: $334,900
• Delta: 0.78%
• Verdict: FAIR
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -21.6%
• Equity multiple: 0.25×
• Total profit: $-70,005
• Equity at exit: $49,935

10-year hold

• IRR: -15.1%
• Equity multiple: 0.14×
• Total profit: $-80,774
• Equity at exit: $28,956

Cash invested: $93,772 (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 55038

• Home prices YoY: -31.6%
• Active inventory: 278
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,858 medium
• Mortgage (P&I): −$1,756
• Tax from tax record: −$317 /mo · $3,802/yr
• Insurance: −$140
• HOA: −$295
• Vacancy / Maint / Mgmt: −$600
• Net cashflow: $-250

Break-even live

Break-even rent $3,174

Max offer price $290,803

Occupancy floor —

Sensitivity live

Price	-10% $-60	-5% $-155	+0% $-250	+5% $-344	+10% $-439
Rent	-10% $-475	-5% $-363	+0% $-250	+5% $-137	+10% $-24
Rate	-1.0pp $-81	-0.5pp $-164	base $-250	+0.5pp $-336	+1.0pp $-425

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: $83,725
• Closing costs: $10,047
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4631 Rosemary Way Hugo, MN	3.0	1.0–2.0	963	$2,800	$2.91	0d	1	0.98mi
15119 Fanning Dr N Hugo, MN	4.0	3.0	1982	$2,750	$1.39	4d	1	1.49mi

HOA detail

• Monthly dues: $295 · $3,540/yr
• Likely covers: waterinternetlandscaping

Listing history 22 events

1. 2026-06-21
   days on market $334,900 Active 41 DOM
2. 2026-06-18
   days on market $334,900 Active 38 DOM
3. 2026-06-17
   days on market $334,900 Active 37 DOM
4. 2026-06-16
   days on market $334,900 Active 36 DOM
5. 2026-06-15
   days on market $334,900 Active 35 DOM
6. 2026-06-13
   days on market $334,900 Active 33 DOM
7. 2026-06-13
   pricedays on market $334,900 Active 32 DOM
8. 2026-06-09
   days on market $339,900 Active 29 DOM
9. 2026-06-08
   days on market $339,900 Active 28 DOM
10. 2026-06-07
    days on market $339,900 Active 27 DOM
11. 2026-06-04
    days on market $339,900 Active 24 DOM
12. 2026-06-03
    days on market $339,900 Active 23 DOM
13. 2026-06-02
    days on market $339,900 Active 22 DOM
14. 2026-06-01
    days on market $339,900 Active 21 DOM
15. 2026-05-31
    days on market $339,900 Active 20 DOM
16. 2026-05-11
    price $345,000 947-char remark
17. 2026-05-11
    listed $349,000 Active 947-char remark
18. 2023-03-31
    soldstatus $327,500 Sold 886-char remark

    Show marketing remark (886 chars)

    Exceed your expectations of town home living with the Franklin! The ideal home, lifestyle and location you have been searching for. The Franklin end home has an abundance of natural light along with 3 spacious bedrooms, 3 baths, essential upper level laundry, inviting loft space, owners retreat, 2 car garage, relaxing great room, beautiful kitchen, private porch and much more. The Watermark Community has recreation and leisure at your fingertips with scenic nature areas, expansive parks, clubhouse, large central lake, nature filled ponds, picnic areas, play grounds, basketball and pickle ball courts, all interconnected by miles of picturesque walking paths to go along with ideal access to the Twin Cities and nearby park and ride. Our Everything’s included, connected and WIFI guaranteed homes features provide the most modern and efficient homes at an unmatched value.

19. 2023-02-16
    status Pending 886-char remark

    Show marketing remark (886 chars)

    Exceed your expectations of town home living with the Franklin! The ideal home, lifestyle and location you have been searching for. The Franklin end home has an abundance of natural light along with 3 spacious bedrooms, 3 baths, essential upper level laundry, inviting loft space, owners retreat, 2 car garage, relaxing great room, beautiful kitchen, private porch and much more. The Watermark Community has recreation and leisure at your fingertips with scenic nature areas, expansive parks, clubhouse, large central lake, nature filled ponds, picnic areas, play grounds, basketball and pickle ball courts, all interconnected by miles of picturesque walking paths to go along with ideal access to the Twin Cities and nearby park and ride. Our Everything’s included, connected and WIFI guaranteed homes features provide the most modern and efficient homes at an unmatched value.

20. 2022-12-30
    price $329,990 886-char remark

    Show marketing remark (886 chars)

    Exceed your expectations of town home living with the Franklin! The ideal home, lifestyle and location you have been searching for. The Franklin end home has an abundance of natural light along with 3 spacious bedrooms, 3 baths, essential upper level laundry, inviting loft space, owners retreat, 2 car garage, relaxing great room, beautiful kitchen, private porch and much more. The Watermark Community has recreation and leisure at your fingertips with scenic nature areas, expansive parks, clubhouse, large central lake, nature filled ponds, picnic areas, play grounds, basketball and pickle ball courts, all interconnected by miles of picturesque walking paths to go along with ideal access to the Twin Cities and nearby park and ride. Our Everything’s included, connected and WIFI guaranteed homes features provide the most modern and efficient homes at an unmatched value.

21. 2022-12-01
    price $336,990 886-char remark

    Show marketing remark (886 chars)

    Exceed your expectations of town home living with the Franklin! The ideal home, lifestyle and location you have been searching for. The Franklin end home has an abundance of natural light along with 3 spacious bedrooms, 3 baths, essential upper level laundry, inviting loft space, owners retreat, 2 car garage, relaxing great room, beautiful kitchen, private porch and much more. The Watermark Community has recreation and leisure at your fingertips with scenic nature areas, expansive parks, clubhouse, large central lake, nature filled ponds, picnic areas, play grounds, basketball and pickle ball courts, all interconnected by miles of picturesque walking paths to go along with ideal access to the Twin Cities and nearby park and ride. Our Everything’s included, connected and WIFI guaranteed homes features provide the most modern and efficient homes at an unmatched value.

22. 2022-10-22
    listed $356,390 Active 886-char remark

    Show marketing remark (886 chars)

    Exceed your expectations of town home living with the Franklin! The ideal home, lifestyle and location you have been searching for. The Franklin end home has an abundance of natural light along with 3 spacious bedrooms, 3 baths, essential upper level laundry, inviting loft space, owners retreat, 2 car garage, relaxing great room, beautiful kitchen, private porch and much more. The Watermark Community has recreation and leisure at your fingertips with scenic nature areas, expansive parks, clubhouse, large central lake, nature filled ponds, picnic areas, play grounds, basketball and pickle ball courts, all interconnected by miles of picturesque walking paths to go along with ideal access to the Twin Cities and nearby park and ride. Our Everything’s included, connected and WIFI guaranteed homes features provide the most modern and efficient homes at an unmatched value.

ⓘ 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: $3,802 · $317/mo
• Projected year-2 tax: $3,802 · $317/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,299
• − Mortgage interest: −$18,760
• − Property taxes: −$3,802
• − Insurance: −$1,674
• − Repairs & maintenance: −$2,744
• − Management: −$2,744
• − HOA: −$3,540
• − Depreciation: −$9,743
• Taxable loss: −$8,708
• Est. tax savings @ 24.0%: +$2,090
• After-tax cash flow: $-906/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: White Bear Lake School District
• NCES district ID: 2742360
• Math proficiency: 45% ▼ -18.00%
• Reading proficiency: 57% ▼ -8.00%
• Median HH income: $73,051
• Composite: 45.78/100
• National rank: #2564
• State rank: #83 of 301 in MN

Livability — Lino Lakes

• Score: 72/100
• State rank: #287
• US rank: #6259

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lino Lakes, MN
• County: Washington County · 235,613 people
• City population: 28,975
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 25,061
• Household income: $130,931
• Rent vs Own: 8.6% rent · 91.4% own
• Severe rent burden: 222.0

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 (87%)
• Race & ethnicity: White 87% Asian 4% Two or more races 4% Hispanic / Latino 3% Black 3%
• Common ancestry: Portuguese 14% Lithuanian 7% Romanian 4%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Other Asian/Pacific 2% Spanish 1%

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: ▼ -103.33%
• Current HPI: 223.6524
• Rent YoY: —
• 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

-6.0% since first listed

9 events — show timeline

• 2026-06-10 Price Changed $334,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-23 Price Changed $339,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-11 Price Changed $345,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-11 Listed $349,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-03-31 Sold (MLS) $327,500 NORTHSTARMLS as Distributed by MLS Grid
• 2023-02-16 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-12-30 Price Changed $329,990 NORTHSTARMLS as Distributed by MLS Grid
• 2022-12-01 Price Changed $336,990 NORTHSTARMLS as Distributed by MLS Grid
• 2022-10-22 Listed $356,390 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+75.8%/yr

Latest (2026): $3,802 · +5.4% YoY. Source: county tax records.