2464 Legend St · Knife Lake, MN 55051

$219,900

2 bd · 1.0 ba · 1,221 sqft · SingleFamily public records · 33 Days on market

Built 1951 4.00 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 +13.9/30.0
• Appreciation +8.1/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• DSCR +4.2/10.0
• 1% rule +3.4/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

1 & 1/;2 story with hdwd floors, fireplace, breakfast area, deck, porch, older barn, mature trees, peace & quiet - all close to town.

Key facts

• Hardwood flooring
• Attached garage
• 4 acre lot

Tags

• ATTACHED GARAGE
• HARDWOOD FLOORING

Property features AI

Exterior

• Parking: Attached garage (2 cars, 22 x 24)
• Utilities: Private well water; Private sewer with tank and drainage field; Propane fuel; Electric service by East Central Energy
• Home design: Residential property; One and one-half levels; Main entry with foyer
• Construction: Block, concrete and frame construction; Asphalt roof; Block foundation
• Exterior features: Wood exterior; Barn(s) on the property; Medium tree coverage; County road frontage (public maintained road)

Interior

• Kitchen: Range; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms (one on the main floor, one on the upper level)
• Bathrooms: Main floor full bath; Main floor 3/4 bath; Upper level half bath
• Heating & cooling: Forced air heating; Wood stove; No central cooling
• Interior features: Wood-burning fireplace; Grab bars in bathroom; Daylight/lookout basement windows; Sump pump; Unfinished basement
• Laundry & utility: Washer; Dryer; Water softener (owned); Laundry located in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $26 ($311/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 $185k (16.0% below list).
• Recommended offer: $185k (16.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Mora Public School District (town): math 44% / reading 58% proficiency, ranked #115 of 301 in MN (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 108 active listings in the ZIP; 59 units permitted in Kanabec County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($2k loan paydown + $14k appreciation (6.2% local appreciation)).
• Kanabec County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.2% appreciation + 3.0% rent growth), your $62k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y 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 $55k; list at $220k implies a 297% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $184,693 (16.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 0.84% ✗
• Cap rate: 6.43%
• Cash-on-cash: 0.51%
• DSCR: 1.02
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.15% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.1%
• Equity multiple: 2.09×
• Total profit: $67,070
• Equity at exit: $140,316

10-year hold

• IRR: 16.0%
• Equity multiple: 4.17×
• Total profit: $195,433
• Equity at exit: $256,269

Cash invested: $61,572 (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 55051

• Home prices YoY: 2.0%
• Active inventory: 108
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,847 medium
• Mortgage (P&I): −$1,153
• Tax from tax record: −$188 /mo · $2,260/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $26

Break-even live

Break-even rent $1,814

Max offer price $219,900

Occupancy floor 94%

Sensitivity live

Price	-10% $150	-5% $88	+0% $26	+5% $-36	+10% $-99
Rent	-10% $-120	-5% $-47	+0% $26	+5% $99	+10% $172
Rate	-1.0pp $137	-0.5pp $82	base $26	+0.5pp $-31	+1.0pp $-89

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-21
   days on market $219,900 Active 33 DOM
2. 2026-06-18
   days on market $219,900 Active 31 DOM
3. 2026-06-17
   days on market $219,900 Active 30 DOM
4. 2026-06-16
   days on market $219,900 Active 29 DOM
5. 2026-06-15
   days on market $219,900 Active 28 DOM
6. 2026-06-13
   days on market $219,900 Active 26 DOM
7. 2026-06-12
   statusdays on market $219,900 Active 25 DOM
8. 2026-06-09
   days on market $219,900 Contingent - Inspection 22 DOM
9. 2026-06-08
   days on market $219,900 Contingent - Inspection 21 DOM
10. 2026-06-07
    statusdays on market $219,900 Contingent - Inspection 20 DOM
11. 2026-06-05
    days on market $219,900 Active 18 DOM
12. 2026-06-04
    days on market $219,900 Active 16 DOM
13. 2026-06-02
    days on market $219,900 Active 15 DOM
14. 2026-06-01
    days on market $219,900 Active 14 DOM
15. 2026-05-31
    days on market $219,900 Active 13 DOM
16. 2026-05-31
    days on market $219,900 Active 12 DOM
17. 2026-05-18
    listed $219,900 Active
18. 2010-05-19
    soldstatus $55,364 141-char remark

    Show marketing remark (141 chars)

    1 & 1/;2 story with hdwd floors, fireplace, breakfast area, deck, porch, older barn, mature trees, peace & quiet - all close to town.

19. 2010-03-31
    historical 141-char remark

    Show marketing remark (141 chars)

    1 & 1/;2 story with hdwd floors, fireplace, breakfast area, deck, porch, older barn, mature trees, peace & quiet - all close to town.

20. 2010-03-11
    listed $54,900 141-char remark

    Show marketing remark (141 chars)

    1 & 1/;2 story with hdwd floors, fireplace, breakfast area, deck, porch, older barn, mature trees, peace & quiet - all close to town.

21. 2010-02-28
    historical
22. 2009-11-30
    listed $64,900
23. 2007-06-19
    soldstatus $121,000
24. 2007-06-15
    soldstatus $121,000
25. 2007-05-29
    historical
26. 2007-02-26
    listed $125,000
27. 2007-02-15
    historical
28. 2006-08-16
    listed $149,000

ⓘ 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: $2,260 · $188/mo
• Projected year-2 tax: $2,361 · $197/mo
• Expected delta: +$101/yr (+$8/mo · 4.5%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone D · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥97°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,163
• − Mortgage interest: −$12,318
• − Property taxes: −$2,260
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,773
• − Management: −$1,773
• − Depreciation: −$6,397
• Taxable loss: −$3,457
• Est. tax savings @ 24.0%: +$830
• After-tax cash flow: $1,141/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: Mora Public School District
• NCES district ID: 2721480
• Math proficiency: 44% ▼ -15.00%
• Reading proficiency: 58% ▼ -8.00%
• Median HH income: $46,788
• Composite: 43.26/100
• National rank: #3052
• State rank: #115 of 301 in MN

Livability — Knife Lake

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

Census & demographics

• Population (ZIP): 9,927

Population outlook (Kanabec County) Hauer SSP2

• Today (2025): 14,998 people
• By 2030: 14,363 · -4.2%
• By 2040: 12,841 · -14.4%
• By 2050: 11,299 · -24.7%
• By 2075: 8,458 · -43.6%
• By 2100: 6,283 · -58.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Portuguese 10% Scottish 5% Lithuanian 3%
• Foreign-born: 1%
• Languages at home: 97% English-only · German/W. Germanic 2% Spanish 1%

Political lean MEDSL · Kanabec

• 2024 margin: Solid R (+42.4) · D 28.1% · R 70.4% · Other 1.5%
• 2008→2024 swing: -33.7pp toward R · 2008: -8.7pp · 2024: -42.4pp
• All cycles: 2024: R+42.4 2020: R+37.9 2016: R+35.7 2012: R+9.0 2008: R+8.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.15%
• Current HPI: 313.18
• 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

+47.6% since first listed

12 events — show timeline

• 2026-05-18 Listed $219,900 NORTHSTARMLS as Distributed by MLS Grid
• 2010-05-19 Sold (MLS) $55,364 NORTHSTARMLS as Distributed by MLS Grid
• 2010-03-31 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2010-03-11 Listed $54,900 NORTHSTARMLS as Distributed by MLS Grid
• 2010-02-28 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-11-30 Listed $64,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-06-19 Sold (MLS) $121,000 NORTHSTARMLS as Distributed by MLS Grid
• 2007-06-15 Sold (Public Records) $121,000 Public Records
• 2007-05-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-02-26 Listed $125,000 NORTHSTARMLS as Distributed by MLS Grid
• 2007-02-15 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-08-16 Listed $149,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+9.2%/yr

Latest (2025): $2,260 · +9.2% YoY. Source: county tax records.