320 Michigan Ave W · Gilbert, MN 55741

$240,000

4 bd · 3.0 ba · 1,527 sqft · SingleFamily public records · 28 Days on market

Built 1966 7,187 sqft lot ↓ 4% since listing

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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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +7.2/30.0
• Schools +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.3/10.0
• 1% rule +0.9/10.0

Listing remarks MLS

Easy One Level Living, Gorgeous Corner Lot! 2490 SF, 4 BR/2.5 BTH Updated & Well Maintained Home W/City Water, Sewer & Nat Gas, 2 Stall Garage, Deck & Beautiful Yard W/Shade Trees! All new Walsh windows, new roofs, new carpet & flooring, new doors! Professionally painted throughout. Spacious kitchen open to lg dining & lg living w/picture window. Main flr: 2 bedrms (1 being used for main flr laundry), bth. Upstairs, 2 lg bedrms & bth. Full basement has rec rm, workshop, laundry, bath, lots of storage. New compliant sump pump just installed. Click link for 3D tour!

Key facts

• 7,187 sq ft lot
• 2 garage spots
• Built 1966

Property features AI

Finance

• Other: Living area reported as 1,912 sq ft; main level finished area and below-grade finished area noted in records

Exterior

• Parking: Detached or attached 2-car garage (26 x 24)
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; Two-story
• Construction: Block and poured concrete foundation; Foundation area approximately 936
• Exterior features: Lot approximately 0.165 acres (roughly 120 x 60)

Interior

• Bedrooms: Four bedrooms
• Bathrooms: Two full bathrooms and one half bathroom
• Heating & cooling: Boiler heating; Central air conditioning
• Interior features: Finished basement (partial and full finished areas), block and poured concrete foundation details; Two levels

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $-334 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $181k (24.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (41.5% below list).
• Recommended offer: $140k (41.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 62/100 on livability (#704 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, health & safety D, schools D-.
• Market conditions: 26 active listings in the ZIP; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).

Forward outlook

• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• By year 2, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($236k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,458 (41.5% 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. Built in 1966 — 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. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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?
7. 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.
8. 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.
9. 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: 0.59% ✗
• Cap rate: 4.62%
• Cash-on-cash: -5.96%
• DSCR: 0.73
• GRM: 14.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.0%
• Equity multiple: 2.63×
• Total profit: $109,329
• Equity at exit: $216,211

10-year hold

• IRR: 18.3%
• Equity multiple: 6.04×
• Total profit: $338,462
• Equity at exit: $466,267

Cash invested: $67,200 (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 55741

• Home prices YoY: 23.4%
• Active inventory: 26
• Price-to-rent: 14.2×

Monthly cashflow live

• Estimated rent: $1,405 medium
• Mortgage (P&I): −$1,259
• Tax from tax record: −$85 /mo · $1,020/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $-334

Break-even live

Break-even rent $1,827

Max offer price $181,003

Occupancy floor —

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-19
   days on market $240,000 Active 28 DOM
2. 2026-06-18
   days on market $240,000 Active 27 DOM
3. 2026-06-17
   days on market $240,000 Active 26 DOM
4. 2026-06-16
   days on market $240,000 Active 25 DOM
5. 2026-06-15
   days on market $240,000 Active 24 DOM
6. 2026-06-14
   days on market $240,000 Active 22 DOM
7. 2026-06-13
   days on market $240,000 Active 21 DOM
8. 2026-06-10
   days on market $240,000 Active 19 DOM
9. 2026-06-09
   days on market $240,000 Active 18 DOM
10. 2026-06-08
    days on market $240,000 Active 17 DOM
11. 2026-06-07
    days on market $240,000 Active 16 DOM
12. 2026-06-05
    days on market $240,000 Active 13 DOM
13. 2026-06-03
    days on market $240,000 Active 12 DOM
14. 2026-06-02
    days on market $240,000 Active 11 DOM
15. 2026-06-01
    days on market $240,000 Active 10 DOM
16. 2026-05-31
    days on market $240,000 Active 9 DOM
17. 2026-05-30
    days on market $240,000 Active 8 DOM
18. 2026-05-22
    listed $240,000 Active
19. 2024-03-13
    soldstatus $238,752
20. 2024-03-07
    soldstatus $226,000 Sold 594-char remark

    Show marketing remark (609 chars)

    Easy One Level Living, Gorgeous Corner Lot! 2490 SF, 4 BR/2.5 BTH Updated & Well Maintained Home W/ City Water, Sewer & Nat Gas, 2 Stall Garage, Deck & Beautiful Yard W/ Shade Trees! All new Walsh windows, new roofs, new carpet & flooring, new doors! Professionally painted throughout. Spacious kitchen open to lg dining & lg living w/ picture window. Main flr: 2 bedrms (1 being used for main flr laundry), bth. Upstairs, 2 lg bedrms & bth. Full basement has rec rm, workshop, laundry, bath, lots of storage. New compliant sump pump just installed. Click link for 3D tour!

21. 2024-03-07
    soldstatus $226,000 Closed 609-char remark

    Show marketing remark (609 chars)

    Easy One Level Living, Gorgeous Corner Lot! 2490 SF, 4 BR/2.5 BTH Updated & Well Maintained Home W/ City Water, Sewer & Nat Gas, 2 Stall Garage, Deck & Beautiful Yard W/ Shade Trees! All new Walsh windows, new roofs, new carpet & flooring, new doors! Professionally painted throughout. Spacious kitchen open to lg dining & lg living w/ picture window. Main flr: 2 bedrms (1 being used for main flr laundry), bth. Upstairs, 2 lg bedrms & bth. Full basement has rec rm, workshop, laundry, bath, lots of storage. New compliant sump pump just installed. Click link for 3D tour!

22. 2024-03-07
    soldstatus $226,000

    Show marketing remark (609 chars)

    Easy One Level Living, Gorgeous Corner Lot! 2490 SF, 4 BR/2.5 BTH Updated & Well Maintained Home W/ City Water, Sewer & Nat Gas, 2 Stall Garage, Deck & Beautiful Yard W/ Shade Trees! All new Walsh windows, new roofs, new carpet & flooring, new doors! Professionally painted throughout. Spacious kitchen open to lg dining & lg living w/ picture window. Main flr: 2 bedrms (1 being used for main flr laundry), bth. Upstairs, 2 lg bedrms & bth. Full basement has rec rm, workshop, laundry, bath, lots of storage. New compliant sump pump just installed. Click link for 3D tour!

23. 2024-01-27
    status Pending 594-char remark

    Show marketing remark (594 chars)

    Easy One Level Living, Gorgeous Corner Lot! 2490 SF, 4 BR/2.5 BTH Updated & Well Maintained Home W/City Water, Sewer & Nat Gas, 2 Stall Garage, Deck & Beautiful Yard W/Shade Trees! All new Walsh windows, new roofs, new carpet & flooring, new doors! Professionally painted throughout. Spacious kitchen open to lg dining & lg living w/picture window. Main flr: 2 bedrms (1 being used for main flr laundry), bth. Upstairs, 2 lg bedrms & bth. Full basement has rec rm, workshop, laundry, bath, lots of storage. New compliant sump pump just installed. Click link for 3D tour!

24. 2023-09-08
    price $247,500 609-char remark

    Show marketing remark (594 chars)

    Easy One Level Living, Gorgeous Corner Lot! 2490 SF, 4 BR/2.5 BTH Updated & Well Maintained Home W/City Water, Sewer & Nat Gas, 2 Stall Garage, Deck & Beautiful Yard W/Shade Trees! All new Walsh windows, new roofs, new carpet & flooring, new doors! Professionally painted throughout. Spacious kitchen open to lg dining & lg living w/picture window. Main flr: 2 bedrms (1 being used for main flr laundry), bth. Upstairs, 2 lg bedrms & bth. Full basement has rec rm, workshop, laundry, bath, lots of storage. New compliant sump pump just installed. Click link for 3D tour!

25. 2023-09-08
    price $247,500 594-char remark

    Show marketing remark (594 chars)

    Easy One Level Living, Gorgeous Corner Lot! 2490 SF, 4 BR/2.5 BTH Updated & Well Maintained Home W/City Water, Sewer & Nat Gas, 2 Stall Garage, Deck & Beautiful Yard W/Shade Trees! All new Walsh windows, new roofs, new carpet & flooring, new doors! Professionally painted throughout. Spacious kitchen open to lg dining & lg living w/picture window. Main flr: 2 bedrms (1 being used for main flr laundry), bth. Upstairs, 2 lg bedrms & bth. Full basement has rec rm, workshop, laundry, bath, lots of storage. New compliant sump pump just installed. Click link for 3D tour!

26. 2023-07-02
    listed $249,500 Active 594-char remark

    Show marketing remark (594 chars)

    Easy One Level Living, Gorgeous Corner Lot! 2490 SF, 4 BR/2.5 BTH Updated & Well Maintained Home W/City Water, Sewer & Nat Gas, 2 Stall Garage, Deck & Beautiful Yard W/Shade Trees! All new Walsh windows, new roofs, new carpet & flooring, new doors! Professionally painted throughout. Spacious kitchen open to lg dining & lg living w/picture window. Main flr: 2 bedrms (1 being used for main flr laundry), bth. Upstairs, 2 lg bedrms & bth. Full basement has rec rm, workshop, laundry, bath, lots of storage. New compliant sump pump just installed. Click link for 3D tour!

27. 2023-07-02
    listed $247,500

    Show marketing remark (594 chars)

    Easy One Level Living, Gorgeous Corner Lot! 2490 SF, 4 BR/2.5 BTH Updated & Well Maintained Home W/City Water, Sewer & Nat Gas, 2 Stall Garage, Deck & Beautiful Yard W/Shade Trees! All new Walsh windows, new roofs, new carpet & flooring, new doors! Professionally painted throughout. Spacious kitchen open to lg dining & lg living w/picture window. Main flr: 2 bedrms (1 being used for main flr laundry), bth. Upstairs, 2 lg bedrms & bth. Full basement has rec rm, workshop, laundry, bath, lots of storage. New compliant sump pump just installed. Click link for 3D tour!

28. 2023-06-28
    listed $249,500 Active 609-char remark

    Show marketing remark (609 chars)

    Easy One Level Living, Gorgeous Corner Lot! 2490 SF, 4 BR/2.5 BTH Updated & Well Maintained Home W/ City Water, Sewer & Nat Gas, 2 Stall Garage, Deck & Beautiful Yard W/ Shade Trees! All new Walsh windows, new roofs, new carpet & flooring, new doors! Professionally painted throughout. Spacious kitchen open to lg dining & lg living w/ picture window. Main flr: 2 bedrms (1 being used for main flr laundry), bth. Upstairs, 2 lg bedrms & bth. Full basement has rec rm, workshop, laundry, bath, lots of storage. New compliant sump pump just installed. Click link for 3D tour!

ⓘ 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: $1,020 · $85/mo
• Projected year-2 tax: $1,854 · $154/mo
• Expected delta: +$834/yr (+$70/mo · 81.8%)

ⓘ 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 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥90°F today · 13 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: $16,855
• − Mortgage interest: −$13,444
• − Property taxes: −$1,020
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,348
• − Management: −$1,348
• − Depreciation: −$6,982
• Taxable loss: −$8,487
• Est. tax savings @ 24.0%: +$2,037
• After-tax cash flow: $-1,971/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 — Gilbert

• Score: 62/100
• State rank: #704
• US rank: #16952

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gilbert, MN
• Population (ZIP): 2,933

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 (97%)
• Race & ethnicity: White 97% Two or more races 3%
• Common ancestry: Portuguese 11% Romanian 6% Lithuanian 3%
• Foreign-born: 1%

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: ▲ 58.57%
• Current HPI: 308.63
• 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

-3.8% since first listed

11 events — show timeline

• 2026-05-22 Listed $240,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-03-13 Sold (Public Records) $238,752 Public Records
• 2024-03-07 Sold (MLS) $226,000 LSAR
• 2024-03-07 Sold (MLS) $226,000 RAOR
• 2024-03-07 Sold (MLS) $226,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-01-27 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-09-08 Price Changed $247,500 RAOR
• 2023-09-08 Price Changed $247,500 NORTHSTARMLS as Distributed by MLS Grid
• 2023-07-02 Listed $247,500 LSAR
• 2023-07-02 Listed $249,500 NORTHSTARMLS as Distributed by MLS Grid
• 2023-06-28 Listed $249,500 RAOR

Property tax history

+3.6%/yr

Latest (2025): $1,020 · -10.5% YoY. Source: county tax records.