208 Andover Rd · Hoyt Lakes, MN 55750

$129,900

3 bd · 2.0 ba · 1,056 sqft · Manufactured public records · 108 Days on market

Built 1976 9,000 sqft lot $123/sqft · 22% above area Est $106k · 22% over

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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 +18.3/30.0
• DSCR +5.8/10.0
• 1% rule +4.2/10.0
• Livability +3.6/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 3 bedroom 1.5 bath home sitting on a larger lot near downtown Hoyt Lakes. The home features an open concept between the living room, dining room, and kitchen. There are 3 bedrooms on the main level with one being converted into a large laundry room. The lower level is ready for your finishing touches with another 3/4 bathroom and plenty of space for a rec room, bedroom, or anything you can think of! Enjoy your cook outs on the large covered deck out back.

Key facts

• Covered deck
• Open concept
• Large laundry room

Tags

• OPEN CONCEPT
• LARGE LAUNDRY ROOM
• COVERED DECK

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $130k.

Deal economics

• At list price, monthly cash flow is $119 ($1k/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 $120k (7.6% below list).
• Recommended offer: $118k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#270 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools D, amenities F.
• Mesabi East School District (rural): math 27% / reading 47% proficiency, ranked #240 of 301 in MN (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 23 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 $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 108 days — a 9% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y 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.
• Current owner paid $93k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $118,209 (9.0% below list)

Questions for the listing agent

1. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — 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. 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: 0.92% ✗
• Cap rate: 7.39%
• Cash-on-cash: 3.93%
• DSCR: 1.18
• GRM: 9.0

CMA / ARV

• ARV (median comp): $106,350
• List price: $129,900
• Delta: 22.14%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -10.2%
• Equity multiple: 0.63×
• Total profit: $-13,481
• Equity at exit: $19,369

10-year hold

• IRR: -0.8%
• Equity multiple: 0.94×
• Total profit: $-2,060
• Equity at exit: $11,231

Cash invested: $36,372 (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 55750

• Home prices YoY: -23.3%
• Active inventory: 23
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,200 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$94 /mo · $1,122/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $119

Break-even live

Break-even rent $1,049

Max offer price $129,900

Occupancy floor 85%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-19
   days on market $129,900 Active 108 DOM
2. 2026-06-18
   days on market $129,900 Active 107 DOM
3. 2026-06-17
   days on market $129,900 Active 106 DOM
4. 2026-06-16
   days on market $129,900 Active 105 DOM
5. 2026-06-15
   days on market $129,900 Active 104 DOM
6. 2026-06-14
   days on market $129,900 Active 102 DOM
7. 2026-06-13
   days on market $129,900 Active 101 DOM
8. 2026-06-10
   days on market $129,900 Active 99 DOM
9. 2026-06-09
   days on market $129,900 Active 98 DOM
10. 2026-06-08
    days on market $129,900 Active 97 DOM
11. 2026-06-07
    days on market $129,900 Active 96 DOM
12. 2026-06-03
    days on market $129,900 Active 92 DOM
13. 2026-06-02
    days on market $129,900 Active 91 DOM
14. 2026-06-01
    days on market $129,900 Active 90 DOM
15. 2026-05-31
    days on market $129,900 Active 89 DOM
16. 2026-05-30
    days on market $129,900 Active 88 DOM
17. 2026-03-02
    listed $129,900 Active 468-char remark

    Show marketing remark (468 chars)

    Charming 3 bedroom 1.5 bath home sitting on a larger lot near downtown Hoyt Lakes. The home features an open concept between the living room, dining room, and kitchen. There are 3 bedrooms on the main level with one being converted into a large laundry room. The lower level is ready for your finishing touches with another 3/4 bathroom and plenty of space for a rec room, bedroom, or anything you can think of! Enjoy your cook outs on the large covered deck out back.

18. 2024-11-08
    soldstatus $93,400 Closed 469-char remark

    Show marketing remark (469 chars)

    Charming 3 bedroom 1.5 bath home sitting on a larger lot near downtown Hoyt Lakes. The home features an open concept between the living room, dining room, and kitchen. There are 3 bedrooms on the main level with one being converted into a large laundry room. The lower level is ready for your finishing touches with another 3/4 bathroom and plenty of space for a rec room, bedroom, or anything you can think of! Enjoy your cook outs on the large covered deck out back.

19. 2024-11-07
    status Pending 469-char remark

    Show marketing remark (469 chars)

    Charming 3 bedroom 1.5 bath home sitting on a larger lot near downtown Hoyt Lakes. The home features an open concept between the living room, dining room, and kitchen. There are 3 bedrooms on the main level with one being converted into a large laundry room. The lower level is ready for your finishing touches with another 3/4 bathroom and plenty of space for a rec room, bedroom, or anything you can think of! Enjoy your cook outs on the large covered deck out back.

20. 2024-09-10
    price $89,900 469-char remark

    Show marketing remark (469 chars)

    Charming 3 bedroom 1.5 bath home sitting on a larger lot near downtown Hoyt Lakes. The home features an open concept between the living room, dining room, and kitchen. There are 3 bedrooms on the main level with one being converted into a large laundry room. The lower level is ready for your finishing touches with another 3/4 bathroom and plenty of space for a rec room, bedroom, or anything you can think of! Enjoy your cook outs on the large covered deck out back.

21. 2024-08-27
    price $97,500 469-char remark

    Show marketing remark (469 chars)

    Charming 3 bedroom 1.5 bath home sitting on a larger lot near downtown Hoyt Lakes. The home features an open concept between the living room, dining room, and kitchen. There are 3 bedrooms on the main level with one being converted into a large laundry room. The lower level is ready for your finishing touches with another 3/4 bathroom and plenty of space for a rec room, bedroom, or anything you can think of! Enjoy your cook outs on the large covered deck out back.

22. 2024-08-07
    listed $109,500 Active 469-char remark

    Show marketing remark (469 chars)

    Charming 3 bedroom 1.5 bath home sitting on a larger lot near downtown Hoyt Lakes. The home features an open concept between the living room, dining room, and kitchen. There are 3 bedrooms on the main level with one being converted into a large laundry room. The lower level is ready for your finishing touches with another 3/4 bathroom and plenty of space for a rec room, bedroom, or anything you can think of! Enjoy your cook outs on the large covered deck out back.

23. 2013-12-27
    soldstatus $21,000
24. 2013-06-25
    listed $24,900
25. 2013-06-25
    listed $33,000

ⓘ 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: $1,122 · $94/mo
• Projected year-2 tax: $1,288 · $107/mo
• Expected delta: +$166/yr (+$14/mo · 14.8%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥90°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,401
• − Mortgage interest: −$7,276
• − Property taxes: −$1,122
• − Insurance: −$650
• − Repairs & maintenance: −$1,152
• − Management: −$1,152
• − Depreciation: −$3,779
• Taxable loss: −$730
• Est. tax savings @ 24.0%: +$175
• After-tax cash flow: $1,606/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: Mesabi East School District
• NCES district ID: 2791450
• Math proficiency: 27% ▼ -17.00%
• Reading proficiency: 47% ▼ -8.00%
• Median HH income: $47,546
• Composite: 31.69/100
• National rank: #5922
• State rank: #240 of 301 in MN

Livability — Hoyt Lakes

• Score: 72/100
• State rank: #270
• US rank: #5844

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hoyt Lakes, MN
• Population (ZIP): 2,078

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 (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 6% Native American 3%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Portuguese 19% Lithuanian 4% Romanian 4%
• Foreign-born: 0%
• Languages at home: 97% English-only · Spanish 3%

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: ▼ -52.12%
• Current HPI: 171.9924
• 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

+293.6% since first listed

9 events — show timeline

• 2026-03-02 Listed $129,900 RAOR
• 2024-11-08 Sold (MLS) $93,400 RAOR
• 2024-11-07 Pending — RAOR
• 2024-09-10 Price Changed $89,900 RAOR
• 2024-08-27 Price Changed $97,500 RAOR
• 2024-08-07 Listed $109,500 RAOR
• 2013-12-27 Sold (MLS) $21,000 RAOR
• 2013-06-25 Listed $24,900 RAOR
• 2013-06-25 Listed $33,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+7.8%/yr

Latest (2025): $1,122 · -1.4% YoY. Source: county tax records.