3400 Kalenda Ave NE · St. Michael, MN 55376

$369,900

2 bd · 2.0 ba · 1,210 sqft · SingleFamily public records · 8 Days on market

Built 2001 0.30 ac lot

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Schools +5.8/10.0
• Cash flow +5.7/30.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.2/10.0
• DSCR +0.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Newer roof, master bedroom with walk-in-closet and full bath. Very unique split foyer floor plan. Spacious and open. Great eat-in kitchen and formal dining. Room to expand.

Key facts

• 0.3 acre lot
• 3 garage spots
• Built 2001

Property features AI

Finance

• Financial info: Eligible for VA financing

Exterior

• Parking: Attached heated and insulated garage with garage door opener; 3-car garage
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential split-entry (bi-level) home; Main entry level and lower level living areas
• Construction: Asphalt roof (age 8 years or less); Block foundation; Built with vinyl and metal siding
• Exterior features: Vinyl and metal exterior; Invisible fencing; Storage shed; In-ground sprinkler system; Corner lot with medium tree coverage; City street with paved frontage

Interior

• Kitchen: Refrigerator; Range; Microwave; Dishwasher; Stainless steel appliances; Kitchen island
• Bedrooms: 4 bedrooms (primary suite on upper level / main and lower level bedrooms included)
• Bathrooms: 2 full bathrooms; 1 half bathroom; Primary bathroom is private with walk-in shower stall; Rough-in for additional bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fans; Kitchen center island; Kitchen window; Primary bedroom with walk-in closet; Walk-in closet(s); Water softener (owned); Finished daylight basement with lookout windows; Block foundation in basement
• Laundry & utility: Washer and dryer included; Lower-level laundry room; Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $370k.

Deal economics

• At list price, monthly cash flow is $-757 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $236k (36.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $191k (48.4% below list).
• Recommended offer: $191k (48.4% below list) — sets the bar for 1% rule.
• Cap rate 3.8% vs local median 3.2% in St. Michael — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads: area grade F — 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: St. Michael Elementary (math 84% / reading 71%, grade A, #21 of 857 statewide, top 3%, 588 students, 23% FRL); St. Michael-Albertville Middle East (math 57% / reading 65%, grade B+, #24 of 258 statewide, top 9%, 892 students, 18% 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; high-income renter base; 1,260 units permitted in Wright County in 2024 (180 in 5+ unit buildings).
• This rent is only 17% of the median local income ($131k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 17y 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 $180k; list at $370k implies a 106% gain — meaningful room to come down on a strong offer.

Recommended offer $190,979 (48.4% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 0.52% ✗
• Cap rate: 3.84%
• Cash-on-cash: -8.77%
• DSCR: 0.61
• GRM: 16.1

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: -31.9%
• Equity multiple: -0.05×
• Total profit: $-108,273
• Equity at exit: $55,153

10-year hold

• IRR: -36.8%
• Equity multiple: -0.52×
• Total profit: $-156,935
• Equity at exit: $31,982

Cash invested: $103,572 (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 55376

• Home prices YoY: -30.4%
• Active inventory: 356
• Price-to-rent: 16.1×

Monthly cashflow live

• Estimated rent: $1,910 medium
• Mortgage (P&I): −$1,940
• Tax from tax record: −$171 /mo · $2,056/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $-757

Break-even live

Break-even rent $2,867

Max offer price $236,258

Occupancy floor —

Sensitivity live

Price	-10% $-547	-5% $-652	+0% $-757	+5% $-861	+10% $-966
Rent	-10% $-907	-5% $-832	+0% $-757	+5% $-681	+10% $-606
Rate	-1.0pp $-570	-0.5pp $-662	base $-757	+0.5pp $-852	+1.0pp $-950

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: $92,475
• Closing costs: $11,097
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-22
   listed $369,900 Active
2. 2026-05-19
   historical $369,900
3. 2009-04-30
   soldstatus $179,900
4. 2009-03-25
   historical 172-char remark

   Show marketing remark (172 chars)

   Newer roof, master bedroom with walk-in-closet and full bath. Very unique split foyer floor plan. Spacious and open. Great eat-in kitchen and formal dining. Room to expand.

5. 2009-03-25
   soldstatus $179,900 166-char remark

   Show marketing remark (172 chars)

   Newer roof, master bedroom with walk-in-closet and full bath. Very unique split foyer floor plan. Spacious and open. Great eat-in kitchen and formal dining. Room to expand.

6. 2009-03-25
   soldstatus $179,900 172-char remark

   Show marketing remark (172 chars)

   Newer roof, master bedroom with walk-in-closet and full bath. Very unique split foyer floor plan. Spacious and open. Great eat-in kitchen and formal dining. Room to expand.

7. 2009-03-07
   historical 166-char remark

   Show marketing remark (166 chars)

   Very Unique split foyer plan. Spacious and open. Newer roof, Master Beddroom has walk-in closet and full bath. Great eat-in kitchen and family dining. Room to expand.

8. 2009-02-17
   listed $179,900 172-char remark

   Show marketing remark (172 chars)

   Newer roof, master bedroom with walk-in-closet and full bath. Very unique split foyer floor plan. Spacious and open. Great eat-in kitchen and formal dining. Room to expand.

9. 2009-01-27
   listed $179,900 166-char remark

   Show marketing remark (166 chars)

   Very Unique split foyer plan. Spacious and open. Newer roof, Master Beddroom has walk-in closet and full bath. Great eat-in kitchen and family dining. Room to expand.

ⓘ 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: $2,056 · $171/mo
• Projected year-2 tax: $3,099 · $258/mo
• Expected delta: +$1,043/yr (+$87/mo · 50.8%)

ⓘ 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: $22,917
• − Mortgage interest: −$20,720
• − Property taxes: −$2,056
• − Insurance: −$1,850
• − Repairs & maintenance: −$1,833
• − Management: −$1,833
• − Depreciation: −$10,761
• Taxable loss: −$16,136
• Est. tax savings @ 24.0%: +$3,873
• After-tax cash flow: $-5,206/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

+105.6% since first listed

9 events — show timeline

• 2026-05-22 Listed $369,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-19 Coming Soon $369,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-04-30 Sold (Public Records) $179,900 Public Records
• 2009-03-25 Sold (MLS) $179,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-03-25 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-03-25 Sold (MLS) $179,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-03-07 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-02-17 Listed $179,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-01-27 Listed $179,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

-0.2%/yr

Latest (2025): $2,056 · +4.9% YoY. Source: county tax records.