5482 Carnation Ave · Mountain Iron, MN 55792

$90,000

4 bd · 3.0 ba · 1,092 sqft · Other public records · 38 Days on market

Built 1935

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.7/10.0
• 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

If you're looking for a project this may be the house for you. Home features 3 bedrooms, 2 baths, new cement board siding, roof, windows, seamless gutters, 200 amp electrical, plumbing, exterior doors, drywall and much more. Remodel needs to be completed.

Key facts

• Built 1935
• Listed 37 days

Tags

• MAJOR UPDATES COMPLETED
• STRONG POTENTIAL FOR EQUITY

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath other listed at $90k.

Deal economics

• At list price, monthly cash flow is $524 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#266 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Mountain Iron-Buhl School District (town): math 36% / reading 51% proficiency, ranked #196 of 301 in MN (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 64 active listings in the ZIP; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• This rent runs 33% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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 $50k; list at $90k implies a 80% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,300 (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 1935 — 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. 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: 1.65% ✓
• Cap rate: 13.28%
• Cash-on-cash: 24.96%
• DSCR: 2.11
• GRM: 5.1

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: 18.4%
• Equity multiple: 1.75×
• Total profit: $18,842
• Equity at exit: $13,419

10-year hold

• IRR: 26.9%
• Equity multiple: 3.36×
• Total profit: $59,556
• Equity at exit: $7,782

Cash invested: $25,200 (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 55792

• Home prices YoY: -26.5%
• Active inventory: 64
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,484 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$139 /mo · $1,668/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $524

Break-even live

Break-even rent $821

Max offer price $90,000

Occupancy floor 60%

Sensitivity live

Price	-10% $575	-5% $550	+0% $524	+5% $499	+10% $473
Rent	-10% $407	-5% $466	+0% $524	+5% $583	+10% $641
Rate	-1.0pp $570	-0.5pp $547	base $524	+0.5pp $501	+1.0pp $477

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $90,000 Active 38 DOM
2. 2026-06-18
   days on market $90,000 Active 37 DOM
3. 2026-06-17
   days on market $90,000 Active 36 DOM
4. 2026-06-16
   days on market $90,000 Active 35 DOM
5. 2026-06-15
   days on market $90,000 Active 34 DOM
6. 2026-06-14
   days on market $90,000 Active 32 DOM
7. 2026-06-13
   days on market $90,000 Active 31 DOM
8. 2026-06-10
   days on market $90,000 Active 29 DOM
9. 2026-06-09
   days on market $90,000 Active 28 DOM
10. 2026-06-08
    days on market $90,000 Active 27 DOM
11. 2026-06-07
    days on market $90,000 Active 26 DOM
12. 2026-06-02
    days on market $90,000 Active 21 DOM
13. 2026-06-01
    days on market $90,000 Active 20 DOM
14. 2026-05-31
    days on market $90,000 Active 19 DOM
15. 2026-05-30
    days on market $90,000 Active 18 DOM
16. 2026-05-12
    listed $90,000 Active 1184-char remark
17. 2022-11-18
    soldstatus $50,000
18. 2022-10-07
    soldstatus $50,000 255-char remark

    Show marketing remark (255 chars)

    If you're looking for a project this may be the house for you. Home features 3 bedrooms, 2 baths, new cement board siding, roof, windows, seamless gutters, 200 amp electrical, plumbing, exterior doors, drywall and much more. Remodel needs to be completed.

19. 2022-09-08
    listed $59,900 255-char remark

    Show marketing remark (255 chars)

    If you're looking for a project this may be the house for you. Home features 3 bedrooms, 2 baths, new cement board siding, roof, windows, seamless gutters, 200 amp electrical, plumbing, exterior doors, drywall and much more. Remodel needs to be completed.

ⓘ 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: $1,668 · $139/mo
• Projected year-2 tax: $1,668 · $139/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 4/10 Moderate
• 🌡 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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,813
• − Mortgage interest: −$5,041
• − Property taxes: −$1,668
• − Insurance: −$450
• − Repairs & maintenance: −$1,425
• − Management: −$1,425
• − Depreciation: −$2,618
• Taxable income: $5,185
• Est. tax owed @ 24.0%: −$1,244
• After-tax cash flow: $5,046/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: Mountain Iron-Buhl School District
• NCES district ID: 2700001
• Math proficiency: 36% ▼ -10.00%
• Reading proficiency: 51% ▼ -12.00%
• Median HH income: $46,501
• Composite: 37.01/100
• National rank: #4519
• State rank: #196 of 301 in MN

Livability — Mountain Iron

• Score: 72/100
• State rank: #266
• US rank: #5807

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mountain Iron, MN
• County: Saint Louis County · 115,152 people
• City population: 2,791
• Metro: Duluth, MN-WI
• Population (ZIP): 9,663
• Household income: $53,750
• Rent vs Own: 37.5% rent · 62.5% own
• Severe rent burden: 286.0

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 (90%)
• Race & ethnicity: White 90% Two or more races 4% Native American 3% Asian 1%
• Common ancestry: Portuguese 12% Romanian 4% Lithuanian 2%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 1% Other Asian/Pacific 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: ▼ -72.05%
• Current HPI: 199.7165
• Rent YoY: —
• Metro: Duluth, 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

+50.3% since first listed

4 events — show timeline

• 2026-05-12 Listed $90,000 FSBO.com
• 2022-11-18 Sold (Public Records) $50,000 Public Records
• 2022-10-07 Sold (MLS) $50,000 RAOR
• 2022-09-08 Listed $59,900 RAOR

Property tax history

+14.4%/yr

Latest (2026): $1,668 · +40.2% YoY. Source: county tax records.