1515 E 13th St · Hibbing, MN 55746

$129,900

3 bd · 3.0 ba · 1,491 sqft · Other public records · 110 Days on market

Built 1915 4,356 sqft lot

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Why this score? — see what drove the C 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 +24.9/30.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Many updates: Fresh paint and floor coverings. Main floor laundry. Bath on every floor. Over size two stall garage. Newer appliances. Some plumbing and electrical upgrades.

Key facts

• 4,356 sq ft lot
• 2 garage spots
• Built 1915

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath other listed at $130k.

Deal economics

• At list price, monthly cash flow is $281 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $118k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 6.4% in Hibbing — 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 79/100 on livability (#103 in MN, #2,307 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Hibbing Public School District (town): math 43% / reading 54% proficiency, ranked #150 of 301 in MN (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 96 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• This rent runs 30% of the median local income ($56k/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 $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y ago; this cycle's ask has dropped $30k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $12k; list at $130k implies a 952% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,209 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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.
7. 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.
8. 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: 1.08% ✓
• Cap rate: 8.88%
• Cash-on-cash: 9.26%
• DSCR: 1.41
• GRM: 7.7

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: -2.3%
• Equity multiple: 0.91×
• Total profit: $-3,206
• Equity at exit: $19,369

10-year hold

• IRR: 7.3%
• Equity multiple: 1.55×
• Total profit: $20,117
• Equity at exit: $11,231

Cash invested: $36,372 (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 55746

• Home prices YoY: -18.7%
• Active inventory: 96
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,399 high
• Mortgage (P&I): −$681
• Tax from tax record: −$89 /mo · $1,070/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $281

Break-even live

Break-even rent $1,044

Max offer price $129,900

Occupancy floor 75%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 Southview Dr Hibbing, MN	1.0–3.0	1.0	833	$1,072	$1.29	13d	1	0.54mi
1605 E 29th St Hibbing, MN	2.0	1.0	1000	$1,160	$1.16	44d	1	1.32mi
1606 E 29th St Hibbing, MN	2.0	1.0	1000	$1,160	$1.16	13d	1	1.32mi
1627 E 29th St Hibbing, MN	3.0	1.0	1200	$1,535	$1.28	44d	1	1.34mi
1643 E 29th St Hibbing, MN	2.0	1.0	1000	$1,160	$1.16	13d	1	1.39mi

Listing history 11 events

1. 2026-06-02
   days on market $129,900 Active 110 DOM
2. 2026-06-01
   days on market $129,900 Active 109 DOM
3. 2026-05-31
   days on market $129,900 Active 108 DOM
4. 2026-05-30
   days on market $129,900 Active 107 DOM
5. 2026-05-01
   price $129,900 173-char remark

   Show marketing remark (173 chars)

   Many updates: Fresh paint and floor coverings. Main floor laundry. Bath on every floor. Over size two stall garage. Newer appliances. Some plumbing and electrical upgrades.

6. 2026-03-27
   price $149,900 173-char remark

   Show marketing remark (173 chars)

   Many updates: Fresh paint and floor coverings. Main floor laundry. Bath on every floor. Over size two stall garage. Newer appliances. Some plumbing and electrical upgrades.

7. 2026-02-11
   listed $159,900 Active 173-char remark

   Show marketing remark (173 chars)

   Many updates: Fresh paint and floor coverings. Main floor laundry. Bath on every floor. Over size two stall garage. Newer appliances. Some plumbing and electrical upgrades.

8. 2014-12-01
   soldstatus $12,350 440-char remark

   Show marketing remark (440 chars)

   Good solid home in need of a few repairs. The main floor has a large Living Room, kitchen with dining area and a formal dining room. One room finished in the basement could be a family room or another bedroom but no egress window. There is also a nice workshop area in the basement. Large deck, screen porch and a newer garage. This home qualifies for HomePath or Homepath renovation financing with as little as 3% down. www.homepath.com

9. 2014-11-10
   soldstatus $22,000
10. 2014-08-11
    listed $38,900
11. 2014-08-08
    listed $38,900 440-char remark

    Show marketing remark (440 chars)

    Good solid home in need of a few repairs. The main floor has a large Living Room, kitchen with dining area and a formal dining room. One room finished in the basement could be a family room or another bedroom but no egress window. There is also a nice workshop area in the basement. Large deck, screen porch and a newer garage. This home qualifies for HomePath or Homepath renovation financing with as little as 3% down. www.homepath.com

ⓘ 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: $1,070 · $89/mo
• Projected year-2 tax: $1,262 · $105/mo
• Expected delta: +$192/yr (+$16/mo · 18.0%)

ⓘ 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 ≥91°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,785
• − Mortgage interest: −$7,276
• − Property taxes: −$1,070
• − Insurance: −$650
• − Repairs & maintenance: −$1,343
• − Management: −$1,343
• − Depreciation: −$3,779
• Taxable income: $1,325
• Est. tax owed @ 24.0%: −$318
• After-tax cash flow: $3,048/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: Hibbing Public School District
• NCES district ID: 2713980
• Math proficiency: 43% ▼ -14.00%
• Reading proficiency: 54% ▼ -13.00%
• Median HH income: $41,666
• Composite: 40.7/100
• National rank: #3667
• State rank: #150 of 301 in MN

Livability — Hibbing

• Score: 79/100
• State rank: #103
• US rank: #2307

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hibbing, MN
• County: Saint Louis County · 115,152 people
• City population: 16,730
• Metro: Duluth, MN-WI
• Population (ZIP): 16,730
• Household income: $55,823
• Rent vs Own: 27.9% rent · 72.1% own
• Severe rent burden: 623.0

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 (93%)
• Race & ethnicity: White 93% Two or more races 4% Black 2% Hispanic / Latino 2%
• Common ancestry: Portuguese 10% Lithuanian 2% Romanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1% German/W. Germanic 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: ▼ -50.85%
• Current HPI: 220.7198
• 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

+233.9% since first listed

7 events — show timeline

• 2026-05-01 Price Changed $129,900 RAOR
• 2026-03-27 Price Changed $149,900 RAOR
• 2026-02-11 Listed $159,900 RAOR
• 2014-12-01 Sold (MLS) $12,350 NORTHSTARMLS as Distributed by MLS Grid
• 2014-11-10 Sold (MLS) $22,000 RAOR
• 2014-08-11 Listed $38,900 RAOR
• 2014-08-08 Listed $38,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+1.9%/yr

Latest (2025): $1,070 · +6.2% YoY. Source: county tax records.