15631 Linnet St NW Unit 3-202 · Andover, MN 55304

$265,000

2 bd · 2.0 ba · 1,188 sqft · Condo public records · 13 Days on market

Built 2006 $206/mo HOA · 7% 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 +21.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +5.9/10.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

With limited 55+ condos in Andover, this is the perfect home to call yours! Located in the heart of Andover close to stores, restaurants, and wild life. This beautiful condo features low maintenance laminate wood flooring throughout the kitchen and living room, tons of storage and in-unit laundry. The primary suite includes a 3/4 bath with a walk in closet attached. The extra bedroom and full bathroom are great for accommodating guests or to use as a flex space. This unit comes with a heated underground garage space featuring a car wash bay and elevator access. Reserve the community room to invite friends and family over, or take advantage of the many events held like bingo, pizza parties and more!

Key facts

• $206 HOA
• Garage
• Built 2006

Property features AI

Finance

• Other: Shared community room
• Financial info: Conventional mortgage type
• HOA & community: HOA managed by Cedar Management; Monthly association fee of $206; Association amenities include elevator(s), lobby entrance, car wash, fire sprinkler system, in-ground sprinkler system, shared amenities, trail(s) and security lighting; Association fee covers controlled access, hazard insurance, lawn care, grounds maintenance, parking, professional management, snow removal and water

Exterior

• Parking: Attached heated garage with garage door opener; Underground parking garage and surface parking lot; Designated parking area (garage stall number 27)
• Security: Security system; Security lighting; Controlled access
• Utilities: City water connected; City sewer connected; Natural gas fuel; Electric service with circuit breakers and 100 amp service (Connexus Energy)
• Home design: Residential attached property; One level; All living area on one level; Accessible features including 36+ inch doors, 42+ inch hallways, lever door handles, grab bars in bathroom, no internal stairs, and an accessible elevator installed
• Construction: Block construction; Block foundation
• Exterior features: Covered patio or porch; Deck; Stone, stucco and vinyl exterior; Gazebo; Light tree coverage; In-ground sprinkler system

Interior

• Kitchen: Dishwasher; Range; Refrigerator; Kitchen with center island; Breakfast bar; Disposal; Exhaust fan
• Bedrooms: 2 bedrooms (both on the main level); Primary bedroom on the main floor
• Bathrooms: Main floor full bathroom; Main floor 3/4 bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fan(s); Intercom system; Natural woodwork; Security system; Water filtration system; In-unit washer/dryer hookup; Washer and dryer hookups on main level; All living facilities on one level; Main floor primary bedroom; Main floor bedroom; Main floor laundry; Primary bedroom suite; Walk-in closet; Primary bedroom walk-in closet; Kitchen center island; Breakfast bar; Informal dining area; Open concept kitchen/dining/living (kitchen/dining room, living/dining room)
• Laundry & utility: Laundry room on main level; In-unit washer hookup; Electric dryer hookup; Washer and dryer included in appliance list

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $265k.

Deal economics

• At list price, monthly cash flow is $392 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Cap rate 8.1% vs local median 3.6% in Andover — 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 (#291 in MN) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, schools A; Watch: amenities F, commute F, cost of living D-.
• Anoka-Hennepin Public School District (suburban): math 49% / reading 55% proficiency, ranked #71 of 301 in MN (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 392 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $8k 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 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 17y ago; this cycle's ask is 8% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $265,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.09% ✓
• Cap rate: 8.07%
• Cash-on-cash: 6.34%
• DSCR: 1.28
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -6.5%
• Equity multiple: 0.76×
• Total profit: $-17,901
• Equity at exit: $39,512

10-year hold

• IRR: 3.1%
• Equity multiple: 1.23×
• Total profit: $16,876
• Equity at exit: $22,912

Cash invested: $74,200 (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 55304

• Active inventory: 392
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $2,889 medium
• Mortgage (P&I): −$1,390
• Tax from tax record: −$184 /mo · $2,212/yr
• Insurance: −$110
• HOA: −$206
• Vacancy / Maint / Mgmt: −$607
• Net cashflow: $392

Break-even live

Break-even rent $2,393

Max offer price $265,000

Occupancy floor 81%

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1753 156th Ln NW Andover, MN	1.0–2.0	1.0–1.5	887	$2,889	$3.26	2d	3	0.22mi

HOA detail condo

• Monthly dues: $206 · $2,472/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-18
   days on market $265,000 Active 13 DOM
2. 2026-06-17
   days on market $265,000 Active 12 DOM
3. 2026-06-16
   days on market $265,000 Active 11 DOM
4. 2026-06-15
   days on market $265,000 Active 10 DOM
5. 2026-06-13
   days on market $265,000 Active 8 DOM
6. 2026-06-13
   days on market $265,000 Active 7 DOM
7. 2026-06-09
   days on market $265,000 Active 4 DOM
8. 2026-06-08
   days on market $265,000 Active 3 DOM
9. 2026-06-07
   statusdays on market $265,000 Active 2 DOM
10. 2026-06-04
    remarks 672-char remark
11. 2026-06-04
    listed $265,000 Coming Soon 1 DOM

ⓘ 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: $2,212 · $184/mo
• Projected year-2 tax: $2,590 · $216/mo
• Expected delta: +$378/yr (+$32/mo · 17.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $34,668
• − Mortgage interest: −$14,844
• − Property taxes: −$2,212
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,773
• − Management: −$2,773
• − HOA: −$2,472
• − Depreciation: −$7,709
• Taxable income: $559
• Est. tax owed @ 24.0%: −$134
• After-tax cash flow: $4,569/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: Anoka-Hennepin Public School District
• NCES district ID: 2703180
• Math proficiency: 49% ▼ -14.00%
• Reading proficiency: 55% ▼ -10.00%
• Median HH income: $73,837
• Composite: 46.7/100
• National rank: #2400
• State rank: #71 of 301 in MN

Livability — Andover

• Score: 72/100
• State rank: #291
• US rank: #6311

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: Andover, MN
• Population (ZIP): 49,452

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 (88%)
• Race & ethnicity: White 88% Two or more races 4% Asian 3% Black 3% Hispanic / Latino 2%
• Common ancestry: Portuguese 14% Romanian 6% Lithuanian 3%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Other Asian/Pacific 2% Spanish 1% Russian/Polish/Slavic 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: ▼ -267.68%
• Current HPI: 242.7122
• 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

+25.7% since first listed

29 events — show timeline

• 2026-06-04 Coming Soon $265,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-06-27 Sold (Public Records) $245,000 Public Records
• 2023-06-27 Sold (MLS) $245,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-05-19 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-04-04 Listed $245,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-05-12 Sold (Public Records) $230,000 Public Records
• 2021-04-30 Sold (MLS) $230,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-03-17 Listed $230,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-03-17 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2015-05-21 Sold (Public Records) $128,900 Public Records
• 2015-05-15 Sold (MLS) $128,900 NORTHSTARMLS as Distributed by MLS Grid
• 2015-04-22 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2015-04-10 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2015-02-20 Listed $128,900 NORTHSTARMLS as Distributed by MLS Grid
• 2015-02-19 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2015-01-04 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2014-12-31 Price Changed $128,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-12-30 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2014-10-10 Price Changed $136,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-08-27 Listed $141,900 NORTHSTARMLS as Distributed by MLS Grid
• 2013-10-25 Sold (MLS) $135,000 NORTHSTARMLS as Distributed by MLS Grid
• 2013-10-09 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2013-10-03 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2013-10-02 Listed $149,900 NORTHSTARMLS as Distributed by MLS Grid
• 2013-09-07 Listed $1,250 NORTHSTARMLS as Distributed by MLS Grid
• 2009-09-11 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-08-16 Listed $190,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-08-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-01-30 Listed $210,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+2.6%/yr

Latest (2026): $2,212 · +6.0% YoY. Source: county tax records.