428 Main St N · St. Michael, MN 55376

$235,000

3 bd · 1.0 ba · 1,504 sqft · Townhouse public records · 37 Days on market

Built 1984 740 sqft lot $156/sqft · 17% below area Est $285k · 17% under $200/mo HOA · 8% of rent

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Why this score? — see what drove the C+ 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 +19.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• 1% rule +5.8/10.0
• Schools +5.8/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

NO HOA PET RESTRICTIONS! Spacious and move-in-ready side-by-side townhome with a smart, flexible layout and rare outdoor space. This well-maintained home features 3 bedrooms and 2 bathrooms, with all bedrooms thoughtfully located on the walk-out lower level for cooler sleeping and living area separation. New carpet and fresh paint, create a clean, modern feel throughout. The upper level offers an open living, dining, and kitchen area with great natural light—ideal for everyday living and entertaining. Enjoy the large yard, a standout feature for any townhome, along with a detached two-car garage that provides extra storage and covered parking! Enjoy low HOA dues covering lawn care, snow removal, sanitation, and hazard insurance. An excellent opportunity for comfortable, low-maintenance living with space inside and out.

Key facts

• $200 HOA
• 2 garage spots
• Built 1984

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $235k.

Deal economics

• At list price, monthly cash flow is $282 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $228k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 3.2% in St. Michael — 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• St. Michael-Albertville School District (rural): math 62% / reading 66% proficiency, ranked #17 of 301 in MN (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: Big Woods Elementary (math 71% / reading 66%, grade B+, #91 of 857 statewide, top 11%, 660 students, 16% FRL); St. Michael-Albertville Middle West (math 55% / reading 62%, grade B, #29 of 258 statewide, top 12%, 1,047 students, 21% FRL); St. Michael-Albertville Senior High (math 60% / reading 71%, grade B, #27 of 471 statewide, top 6%, 2,240 students, 17% FRL).
• Market conditions: 356 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,260 units permitted in Wright County in 2024 (180 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 $7k of value loss. Plan a longer hold.
• Wright County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $150k; list at $235k implies a 57% gain — meaningful room to come down on a strong offer.

Recommended offer $227,950 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.08% ✓
• Cap rate: 7.73%
• Cash-on-cash: 5.14%
• DSCR: 1.23
• GRM: 7.7

CMA / ARV

• ARV (median comp): $284,561
• List price: $235,000
• Delta: -17.42%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -8.3%
• Equity multiple: 0.70×
• Total profit: $-20,021
• Equity at exit: $35,039

10-year hold

• IRR: 1.3%
• Equity multiple: 1.09×
• Total profit: $6,101
• Equity at exit: $20,319

Cash invested: $65,800 (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 55376

• Home prices YoY: -30.4%
• Active inventory: 356
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,542 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$196 /mo · $2,356/yr
• Insurance: −$98
• HOA: −$200
• Vacancy / Maint / Mgmt: −$534
• Net cashflow: $282

Break-even live

Break-even rent $2,186

Max offer price $235,000

Occupancy floor 84%

Sensitivity live

Price	-10% $415	-5% $348	+0% $282	+5% $215	+10% $149
Rent	-10% $81	-5% $182	+0% $282	+5% $382	+10% $483
Rate	-1.0pp $400	-0.5pp $342	base $282	+0.5pp $221	+1.0pp $159

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
433 1st St NW Saint Michael, MN	4.0	2.0	1830	$2,669	$1.46	4d	1	0.11mi
4165 Orleans Dr NE Saint Michael, MN	2.0	1.5	1548	$1,800	$1.16	6d	1	0.57mi
5055 Lander Ave NE Albertville, MN	2.0–5.0	2.0–3.5	2067	$3,269	$1.58	0d	7	0.61mi
11811 Frankfort Pkwy NE Saint Michael, MN	3.0	1.0–2.0	1017	$2,500	$2.46	0d	13	0.74mi
11910 Town Center Dr NE Saint Michael, MN	3.0	1.0–2.0	912	$2,364	$2.59	0d	8	0.85mi

HOA detail

• Monthly dues: $200 · $2,400/yr
• Likely covers: landscapingsnow removalinsurance

Listing history 18 events

1. 2026-06-21
   days on market $235,000 Active 37 DOM
2. 2026-06-18
   days on market $235,000 Active 34 DOM
3. 2026-06-17
   days on market $235,000 Active 33 DOM
4. 2026-06-16
   days on market $235,000 Active 32 DOM
5. 2026-06-15
   days on market $235,000 Active 31 DOM
6. 2026-06-13
   days on market $235,000 Active 29 DOM
7. 2026-06-13
   statusdays on market $235,000 Active 28 DOM
8. 2026-05-14
   status Pending 838-char remark

   Show marketing remark (838 chars)

   NO HOA PET RESTRICTIONS! Spacious and move-in-ready side-by-side townhome with a smart, flexible layout and rare outdoor space. This well-maintained home features 3 bedrooms and 2 bathrooms, with all bedrooms thoughtfully located on the walk-out lower level for cooler sleeping and living area separation. New carpet and fresh paint, create a clean, modern feel throughout. The upper level offers an open living, dining, and kitchen area with great natural light—ideal for everyday living and entertaining. Enjoy the large yard, a standout feature for any townhome, along with a detached two-car garage that provides extra storage and covered parking! Enjoy low HOA dues covering lawn care, snow removal, sanitation, and hazard insurance. An excellent opportunity for comfortable, low-maintenance living with space inside and out.

9. 2026-05-06
   historical Contingent - Inspection 838-char remark

   Show marketing remark (838 chars)

   NO HOA PET RESTRICTIONS! Spacious and move-in-ready side-by-side townhome with a smart, flexible layout and rare outdoor space. This well-maintained home features 3 bedrooms and 2 bathrooms, with all bedrooms thoughtfully located on the walk-out lower level for cooler sleeping and living area separation. New carpet and fresh paint, create a clean, modern feel throughout. The upper level offers an open living, dining, and kitchen area with great natural light—ideal for everyday living and entertaining. Enjoy the large yard, a standout feature for any townhome, along with a detached two-car garage that provides extra storage and covered parking! Enjoy low HOA dues covering lawn care, snow removal, sanitation, and hazard insurance. An excellent opportunity for comfortable, low-maintenance living with space inside and out.

10. 2026-04-17
    listed $235,000 Active 838-char remark

    Show marketing remark (838 chars)

    NO HOA PET RESTRICTIONS! Spacious and move-in-ready side-by-side townhome with a smart, flexible layout and rare outdoor space. This well-maintained home features 3 bedrooms and 2 bathrooms, with all bedrooms thoughtfully located on the walk-out lower level for cooler sleeping and living area separation. New carpet and fresh paint, create a clean, modern feel throughout. The upper level offers an open living, dining, and kitchen area with great natural light—ideal for everyday living and entertaining. Enjoy the large yard, a standout feature for any townhome, along with a detached two-car garage that provides extra storage and covered parking! Enjoy low HOA dues covering lawn care, snow removal, sanitation, and hazard insurance. An excellent opportunity for comfortable, low-maintenance living with space inside and out.

11. 2026-04-13
    historical $235,000 838-char remark

    Show marketing remark (838 chars)

    NO HOA PET RESTRICTIONS! Spacious and move-in-ready side-by-side townhome with a smart, flexible layout and rare outdoor space. This well-maintained home features 3 bedrooms and 2 bathrooms, with all bedrooms thoughtfully located on the walk-out lower level for cooler sleeping and living area separation. New carpet and fresh paint, create a clean, modern feel throughout. The upper level offers an open living, dining, and kitchen area with great natural light—ideal for everyday living and entertaining. Enjoy the large yard, a standout feature for any townhome, along with a detached two-car garage that provides extra storage and covered parking! Enjoy low HOA dues covering lawn care, snow removal, sanitation, and hazard insurance. An excellent opportunity for comfortable, low-maintenance living with space inside and out.

12. 2026-04-06
    historical
13. 2026-02-19
    price $235,000
14. 2026-02-19
    status Active
15. 2026-02-19
    price $235,999
16. 2025-10-17
    price $239,999
17. 2025-09-19
    listed $250,000 Active
18. 2005-12-30
    soldstatus $149,500

ⓘ 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: $2,356 · $196/mo
• Projected year-2 tax: $2,494 · $208/mo
• Expected delta: +$138/yr (+$12/mo · 5.9%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°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: $30,510
• − Mortgage interest: −$13,164
• − Property taxes: −$2,356
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,441
• − Management: −$2,441
• − HOA: −$2,400
• − Depreciation: −$6,836
• Taxable loss: −$303
• Est. tax savings @ 24.0%: +$73
• After-tax cash flow: $3,456/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: St. Michael-Albertville School District
• NCES district ID: 2733790
• Math proficiency: 62% ▼ -13.00%
• Reading proficiency: 66% ▼ -10.00%
• Median HH income: $86,897
• Composite: 57.91/100
• National rank: #1042
• State rank: #17 of 301 in MN

Livability — St. Michael

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: St. Michael, MN
• County: Wright County · 79,164 people
• City population: 19,317
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 20,106
• Household income: $131,266
• Rent vs Own: 9.3% rent · 90.7% own
• Severe rent burden: 132.0

Population outlook (Wright County) Hauer SSP2

• Today (2025): 142,526 people
• By 2030: 146,915 · +3.1%
• By 2040: 153,625 · +7.8%
• By 2050: 155,416 · +9.0%
• By 2075: 150,352 · +5.5%
• By 2100: 130,631 · -8.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Black 4% Two or more races 4% Hispanic / Latino 3% Asian 3%
• Common ancestry: Portuguese 13% Romanian 5% Lithuanian 4%
• Foreign-born: 4% · Canada, South Korea, Vietnam
• Languages at home: 95% English-only · Spanish 2% Other Asian/Pacific 1% German/W. Germanic 1%

Political lean MEDSL · Wright

• 2024 margin: Strong R (+29.4) · D 34.4% · R 63.8% · Other 1.8%
• 2008→2024 swing: -11.9pp toward R · 2008: -17.4pp · 2024: -29.4pp
• All cycles: 2024: R+29.4 2020: R+28.6 2016: R+33.2 2012: R+21.4 2008: R+17.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -100.03%
• Current HPI: 229.5977
• 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

+57.2% since first listed

11 events — show timeline

• 2026-05-14 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-06 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-17 Listed $235,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-13 Coming Soon $235,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-06 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-19 Price Changed $235,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-19 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-19 Price Changed $235,999 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-17 Price Changed $239,999 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-19 Listed $250,000 NORTHSTARMLS as Distributed by MLS Grid
• 2005-12-30 Sold (Public Records) $149,500 Public Records

Property tax history

+5.5%/yr

Latest (2025): $2,356 · +5.3% YoY. Source: county tax records.