304 N Norman Ave · Eveleth, MN 55734

$69,900

2 bd · 1.0 ba · 682 sqft · SingleFamily public records · 38 Days on market

Built 1900 Est $100k · 30% under

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Why this score? — see what drove the B+ 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 +28.7/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• Schools +5.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Affordable 2 Bedroom Fixer Upper with Enclosed Porch & amp; Investment Potential & acirc; & euro; & ldquo; Eveleth, MN Opportunity awaits with this 2 bedroom, 1 bathroom home in Eveleth! This property is perfect for investors, flippers, or handy buyers looking to build equity. The home does need TLC and would benefit from updates & acirc; & euro; & rdquo; especially in the kitchen, bathroom, and bedrooms & acirc; & euro; & rdquo; but offers a solid foundation with great potential. Original hardwood floors are located under the carpet and ready to be restored. The bathroom features a newer walk-in shower, giving you a head start on improvements. With

Key facts

• Alley access
• Back door entrance
• Newer walk-in shower

Tags

• ENCLOSED FRONT PORCH
• BACK DOOR ENTRANCE
• HARDWOOD FLOORS UNDER CARPET
• NEWER WALK-IN SHOWER
• ALLEY ACCESS
• RAISED GARDEN BED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $232 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($913 rent vs $70k).
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 7.0% in Eveleth — 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 66/100 on livability (#506 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, schools D+, health & safety D.
• Market conditions: 42 active listings in the ZIP; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $67,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.31% ✓
• Cap rate: 10.28%
• Cash-on-cash: 14.25%
• DSCR: 1.63
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $100,254
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
413 Fayal Rd	0.55mi	2/2.0	628 (-8%)	1mo	$60,000	$96	56
703 N Court Ct	0.64mi	2/0.8	740 (+8%)	13mo	$95,900	$130	44
202 Fayal Rd	0.72mi	2/1.0	720 (+6%)	20mo	$140,000	$194	40
1000 Douglas Ave	0.71mi	2/2.0	780 (+14%)	5mo	$115,000	$147	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 4.6%
• Equity multiple: 1.18×
• Total profit: $3,489
• Equity at exit: $10,422

10-year hold

• IRR: 14.1%
• Equity multiple: 2.13×
• Total profit: $22,164
• Equity at exit: $6,044

Cash invested: $19,572 (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 55734

• Home prices YoY: -29.1%
• Active inventory: 42
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $913 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$93 /mo · $1,120/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$192
• Net cashflow: $232

Break-even live

Break-even rent $619

Max offer price $69,900

Occupancy floor 70%

Sensitivity live

Price	-10% $272	-5% $252	+0% $232	+5% $213	+10% $193
Rent	-10% $160	-5% $196	+0% $232	+5% $268	+10% $304
Rate	-1.0pp $268	-0.5pp $250	base $232	+0.5pp $214	+1.0pp $196

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $69,900 Active 38 DOM
2. 2026-06-18
   days on market $69,900 Active 37 DOM
3. 2026-06-17
   days on market $69,900 Active 36 DOM
4. 2026-06-16
   days on market $69,900 Active 35 DOM
5. 2026-06-15
   days on market $69,900 Active 34 DOM
6. 2026-06-14
   days on market $69,900 Active 32 DOM
7. 2026-06-13
   days on market $69,900 Active 31 DOM
8. 2026-06-10
   days on market $69,900 Active 29 DOM
9. 2026-06-09
   days on market $69,900 Active 28 DOM
10. 2026-06-08
    days on market $69,900 Active 27 DOM
11. 2026-06-07
    days on market $69,900 Active 26 DOM
12. 2026-06-05
    days on market $69,900 Active 23 DOM
13. 2026-06-03
    days on market $69,900 Active 22 DOM
14. 2026-06-02
    days on market $69,900 Active 21 DOM
15. 2026-06-01
    days on market $69,900 Active 20 DOM
16. 2026-05-31
    days on market $69,900 Active 19 DOM
17. 2026-05-30
    days on market $69,900 Active 18 DOM
18. 2026-05-12
    listed $69,900 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: $1,120 · $93/mo
• Projected year-2 tax: $1,120 · $93/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 · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥90°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,957
• − Mortgage interest: −$3,915
• − Property taxes: −$1,120
• − Insurance: −$350
• − Repairs & maintenance: −$877
• − Management: −$877
• − Depreciation: −$2,033
• Taxable income: $1,786
• Est. tax owed @ 24.0%: −$429
• After-tax cash flow: $2,360/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)

No district data.

Livability — Eveleth

• Score: 66/100
• State rank: #506
• US rank: #12213

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Eveleth, MN
• Population (ZIP): 6,332

Population outlook (St. Louis County) Hauer SSP2

• Today (2025): 202,411 people
• By 2030: 203,234 · +0.4%
• By 2040: 202,520 · +0.1%
• By 2050: 200,853 · -0.8%
• By 2075: 200,943 · -0.7%
• By 2100: 192,058 · -5.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Black 1% Native American 1%
• Common ancestry: Portuguese 13% Romanian 3% Lithuanian 3%
• Foreign-born: 2%
• Languages at home: 97% English-only · Russian/Polish/Slavic 2%

Political lean MEDSL · St. Louis

• 2024 margin: D (+13.7) · D 55.9% · R 42.2% · Other 1.8%
• 2008→2024 swing: -18.8pp toward R · 2008: 32.5pp · 2024: 13.7pp
• All cycles: 2024: D+13.7 2020: D+15.6 2016: D+11.8 2012: D+29.6 2008: D+32.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.98%
• Current HPI: 209.7614
• 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

1 event — show timeline

• 2026-05-12 Listed $69,900 FSBO.com

Property tax history

+19.4%/yr

Latest (2025): $1,120 · +4.1% YoY. Source: county tax records.