7920 Terrace Rd NE · Spring Lake Park, MN 55432

$350,000

4 bd · 2.0 ba · 1,536 sqft · MultiFamily public records · 4 Days on market

Built 1958 0.36 ac lot

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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 +11.8/30.0
• ARV discount +7.5/15.0
• Livability +4.1/5.0
• Rent growth +4.0/5.0
• Schools +4.0/10.0
• DSCR +3.5/10.0
• 1% rule +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Rare opportunity! This cash-flowing, side by side duplex is now available! Each unit has 2 bedrooms, 1 bathroom with attached garage. There is an onsite shared laundry room between the units. The property boasts large front and back yards with plenty of shade and lots of off-street parking as well as on street parking. The property is located in a quiet, well maintained neighborhood and is close to many schools, as well as several retail shopping hubs. This is an easy to maintain investment and will be a great addition to any portfolio.

Key facts

• Side-by-side duplex
• Spacious lot
• 0.36 acre lot

Tags

• SIDE-BY-SIDE DUPLEX
• VACANT FOR OWNER-OCCUPANCY
• IMMEDIATE RENTAL INCOME
• SHARED ONSITE LAUNDRY ROOM
• SPACIOUS LOT
• LARGE FRONT AND BACK YARDS

Property features AI

Finance

• Other: No additional financial community details provided
• Financial info: Multi-family property with 2 units; Gross income recorded as $39,600; Owner pays gas, insurance, repairs, sewer, taxes, and water; Recorded fuel expense: $1,214.20; Recorded water/sewer expense: $1,685.80; Recorded insurance expense: $2,991.32
• HOA & community: No HOA information provided

Exterior

• Parking: Attached garage; 2 garage spaces; Asphalt driveway
• Security: No security features listed
• Utilities: City water (connected); City sewer (connected); Natural gas
• Home design: Residential income property (duplex, side-by-side); Single-level (one story); No fractional ownership; Not owner-occupied
• Construction: Asphalt roof (age over 8 years); Foundation area covers the building footprint
• Exterior features: Light tree coverage; No fencing

Interior

• Kitchen: No specific kitchen appliance details provided
• Bedrooms: 4 total bedrooms; Each unit contains 2 bedrooms
• Flooring: No flooring information provided
• Bathrooms: Each unit has 1 full bathroom
• Heating & cooling: Forced air heating; Wall cooling in one unit
• Interior features: No basement; No internal stairs (single-level accessibility)
• Laundry & utility: No specific laundry details provided

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $-94 ($-1k/yr) — negative. Per door: $-47/mo.
• To cash-flow at today's rent, offer at most $333k (4.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $287k (17.9% below list).
• Recommended offer: $287k (17.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 82/100 on livability (#43 in MN, #1,216 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: amenities F.
• Spring Lake Park Public Schools (suburban): math 41% / reading 49% proficiency, ranked #162 of 301 in MN (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Park Terrace Elementary (math 37% / reading 27%, grade F, #670 of 857 statewide, top 79%, 552 students, 76% FRL); Westwood Intermediate & Middle Sch (math 34% / reading 54%, grade D, #126 of 258 statewide, top 49%, 1,691 students, 49% FRL); Spring Lake Park Senior High (math 47% / reading 32%, grade F, #246 of 471 statewide, top 59%, 1,947 students, 46% FRL) — zoned schools average 57% FRL vs 30% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.8%/yr); 98 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,083 units permitted in Anoka County in 2024 (134 in 5+ unit buildings).
• This rent runs 43% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 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 $252k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $287,300 (17.9% 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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.82% ✗
• Cap rate: 5.97%
• Cash-on-cash: -1.15%
• DSCR: 0.95
• GRM: 10.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.82% rent growth · sell at horizon

5-year hold

• IRR: -15.2%
• Equity multiple: 0.45×
• Total profit: $-54,301
• Equity at exit: $52,186

10-year hold

• IRR: -2.5%
• Equity multiple: 0.81×
• Total profit: $-18,499
• Equity at exit: $30,262

Cash invested: $98,000 (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 55432

• Rents YoY: 5.8%
• Active inventory: 98
• Price-to-rent: 20.3×

Monthly cashflow live

• Estimated rent: $2,873 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$382 /mo · $4,587/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$603
• Net cashflow: $-94

Break-even live

Break-even rent $2,992

Max offer price $333,423

Occupancy floor 98%

Sensitivity live

Price	-10% $104	-5% $5	+0% $-94	+5% $-193	+10% $-292
Rent	-10% $-321	-5% $-207	+0% $-94	+5% $20	+10% $133
Rate	-1.0pp $82	-0.5pp $-5	base $-94	+0.5pp $-185	+1.0pp $-277

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,872
Total (2 units)			$2,873

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1121 79th Ave NE Minneapolis, MN	3.0	1.0	1050	$1,425	$1.36	13d	6	0.82mi
1129 79th Ave NE Unit 1129-06 Minneapolis, MN	3.0	1.0	1050	$1,455	$1.39	12d	1	0.84mi
1129 79th Ave NE Unit 1129-05 Minneapolis, MN	3.0	1.0	1050	$1,399	$1.33	24d	1	0.84mi
1129 79th Ave NE Unit 1129-03 Minneapolis, MN	3.0	1.0	1050	$1,375	$1.31	0d	1	0.84mi
7855 E River Rd Fridley, MN	1.0–3.0	1.0–1.5	965	$1,840	$1.91	0d	27	0.88mi
1412 Osborne Rd NE Minneapolis, MN	4.0	2.0	1400	$2,150	$1.54	45d	1	1.20mi

Listing history 19 events

1. 2026-04-13
   status Pending
2. 2026-04-09
   listed $350,000 Active
3. 2020-11-30
   soldstatus $252,000
4. 2020-11-20
   soldstatus $252,000 Sold 542-char remark

   Show marketing remark (542 chars)

   Rare opportunity! This cash-flowing, side by side duplex is now available! Each unit has 2 bedrooms, 1 bathroom with attached garage. There is an onsite shared laundry room between the units. The property boasts large front and back yards with plenty of shade and lots of off-street parking as well as on street parking. The property is located in a quiet, well maintained neighborhood and is close to many schools, as well as several retail shopping hubs. This is an easy to maintain investment and will be a great addition to any portfolio.

5. 2020-10-20
   status Pending 542-char remark

   Show marketing remark (542 chars)

   Rare opportunity! This cash-flowing, side by side duplex is now available! Each unit has 2 bedrooms, 1 bathroom with attached garage. There is an onsite shared laundry room between the units. The property boasts large front and back yards with plenty of shade and lots of off-street parking as well as on street parking. The property is located in a quiet, well maintained neighborhood and is close to many schools, as well as several retail shopping hubs. This is an easy to maintain investment and will be a great addition to any portfolio.

6. 2020-10-06
   historical Contingent - Inspection 542-char remark

   Show marketing remark (542 chars)

   Rare opportunity! This cash-flowing, side by side duplex is now available! Each unit has 2 bedrooms, 1 bathroom with attached garage. There is an onsite shared laundry room between the units. The property boasts large front and back yards with plenty of shade and lots of off-street parking as well as on street parking. The property is located in a quiet, well maintained neighborhood and is close to many schools, as well as several retail shopping hubs. This is an easy to maintain investment and will be a great addition to any portfolio.

7. 2020-10-02
   price $300,000 542-char remark

   Show marketing remark (542 chars)

   Rare opportunity! This cash-flowing, side by side duplex is now available! Each unit has 2 bedrooms, 1 bathroom with attached garage. There is an onsite shared laundry room between the units. The property boasts large front and back yards with plenty of shade and lots of off-street parking as well as on street parking. The property is located in a quiet, well maintained neighborhood and is close to many schools, as well as several retail shopping hubs. This is an easy to maintain investment and will be a great addition to any portfolio.

8. 2020-09-02
   price $325,000 542-char remark

   Show marketing remark (542 chars)

   Rare opportunity! This cash-flowing, side by side duplex is now available! Each unit has 2 bedrooms, 1 bathroom with attached garage. There is an onsite shared laundry room between the units. The property boasts large front and back yards with plenty of shade and lots of off-street parking as well as on street parking. The property is located in a quiet, well maintained neighborhood and is close to many schools, as well as several retail shopping hubs. This is an easy to maintain investment and will be a great addition to any portfolio.

9. 2020-08-14
   listed $350,000 Active 542-char remark

   Show marketing remark (542 chars)

   Rare opportunity! This cash-flowing, side by side duplex is now available! Each unit has 2 bedrooms, 1 bathroom with attached garage. There is an onsite shared laundry room between the units. The property boasts large front and back yards with plenty of shade and lots of off-street parking as well as on street parking. The property is located in a quiet, well maintained neighborhood and is close to many schools, as well as several retail shopping hubs. This is an easy to maintain investment and will be a great addition to any portfolio.

10. 2017-06-01
    status Pending 159-char remark

    Show marketing remark (159 chars)

    Nice side by side in strong Spring Lake Park School District. Close to Unity Hospital and public transportation. Fully rented, newer roof. Shared washer/dryer.

11. 2017-06-01
    soldstatus $193,750 Sold 159-char remark

    Show marketing remark (159 chars)

    Nice side by side in strong Spring Lake Park School District. Close to Unity Hospital and public transportation. Fully rented, newer roof. Shared washer/dryer.

12. 2017-04-30
    historical 159-char remark

    Show marketing remark (159 chars)

    Nice side by side in strong Spring Lake Park School District. Close to Unity Hospital and public transportation. Fully rented, newer roof. Shared washer/dryer.

13. 2017-04-12
    status Active 159-char remark

    Show marketing remark (159 chars)

    Nice side by side in strong Spring Lake Park School District. Close to Unity Hospital and public transportation. Fully rented, newer roof. Shared washer/dryer.

14. 2017-03-29
    historical 159-char remark

    Show marketing remark (159 chars)

    Nice side by side in strong Spring Lake Park School District. Close to Unity Hospital and public transportation. Fully rented, newer roof. Shared washer/dryer.

15. 2017-03-24
    price $200,000 159-char remark

    Show marketing remark (159 chars)

    Nice side by side in strong Spring Lake Park School District. Close to Unity Hospital and public transportation. Fully rented, newer roof. Shared washer/dryer.

16. 2017-03-16
    listed $220,000 Active 159-char remark

    Show marketing remark (159 chars)

    Nice side by side in strong Spring Lake Park School District. Close to Unity Hospital and public transportation. Fully rented, newer roof. Shared washer/dryer.

17. 2013-10-29
    historical
18. 2013-09-26
    price $179,900
19. 2013-09-07
    listed $199,900 Active

ⓘ 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: $4,587 · $382/mo
• Projected year-2 tax: $4,587 · $382/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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,476
• − Mortgage interest: −$19,605
• − Property taxes: −$4,587
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,758
• − Management: −$2,758
• − Depreciation: −$10,182
• Taxable loss: −$7,164
• Est. tax savings @ 24.0%: +$1,719
• After-tax cash flow: $593/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: Spring Lake Park Public Schools
• NCES district ID: 2733330
• Math proficiency: 41% ▼ -6.00%
• Reading proficiency: 49% ▼ -8.00%
• Median HH income: $65,602
• Composite: 40.11/100
• National rank: #3802
• State rank: #162 of 301 in MN

Livability — Spring Lake Park

• Score: 82/100
• State rank: #43
• US rank: #1216

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spring Lake Park, MN
• County: Anoka County · 277,116 people
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 33,672
• Household income: $79,520
• Rent vs Own: 36.2% rent · 63.8% own
• Severe rent burden: 954.0

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 58% Black 18% Hispanic / Latino 13% Two or more races 9% Asian 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 9% Italian 4% Romanian 4%
• Foreign-born: 18% · Canada, Vietnam, Jamaica
• Languages at home: 71% English-only · Spanish 12% Other Asian/Pacific 3% Arabic 3%

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: ▼ -241.23%
• Current HPI: 257.6713
• Rent YoY: ▲ 5.82%
• 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

+75.1% since first listed

19 events — show timeline

• 2026-04-13 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-09 Listed $350,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-11-30 Sold (Public Records) $252,000 Public Records
• 2020-11-20 Sold (MLS) $252,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-10-20 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2020-10-06 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2020-10-02 Price Changed $300,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-09-02 Price Changed $325,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-08-14 Listed $350,000 NORTHSTARMLS as Distributed by MLS Grid
• 2017-06-01 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2017-06-01 Sold (MLS) $193,750 NORTHSTARMLS as Distributed by MLS Grid
• 2017-04-30 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2017-04-12 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2017-03-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2017-03-24 Price Changed $200,000 NORTHSTARMLS as Distributed by MLS Grid
• 2017-03-16 Listed $220,000 NORTHSTARMLS as Distributed by MLS Grid
• 2013-10-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2013-09-26 Price Changed $179,900 NORTHSTARMLS as Distributed by MLS Grid
• 2013-09-07 Listed $199,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+4.4%/yr

Latest (2026): $4,587 · +6.0% YoY. Source: county tax records.