2310 Eagle Trace Ln

Woodbury, MN 55129

$275,000D

2 bd · 1.5 ba · 1,464 sqft · Built 2002 · Condo · Active · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,469/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$366
• HOA: −$372
• Vac / Maint / Mgmt: −$519
• Net cashflow: $-229/mo
• Annual: $-2,753/yr
• Cap rate: 5.29%
• Cash-on-cash: -3.58%
• DSCR: 0.84
• 1% rule: 0.90%
• Cash to close: $77,000

Investor read

• This is a 2-bed/1.5-bath condo listed at $275k.
• At list price, monthly cash flow is $-229 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $234k (14.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $247k (10.2% below list).
• It's been on market 73 days — a 6% lower offer ($258k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $234k (14.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 89/100 on livability (#6 in MN, #153 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living F.
• South Washington County School District (suburban): math 52% / reading 61% proficiency, ranked #40 of 301 in MN (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Middleton Elementary (math 64% / reading 57%, grade B-, #203 of 857 statewide, top 24%, 586 students, 19% FRL); Lake Middle School (math 54% / reading 71%, grade B+, #18 of 258 statewide, top 7%, 1,145 students, 14% FRL); Woodbury High School (math 62% / reading 71%, grade B, #21 of 471 statewide, top 5%, 1,979 students, 21% FRL) — zoned schools at 18% FRL track the district average.
• Market conditions: Rents rising (+2.9%/yr); 357 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,405 units permitted in Washington County in 2024 (121 in 5+ unit buildings).
• Washington County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 24y ago; this cycle's ask has dropped $15k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $212k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 5.3% vs local median 3.2% in Woodbury — 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.

Questions for listing agent

• 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?
• It's been on market 73 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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?