2328 1st Ave · Hibbing, MN 55746

$125,000

3 bd · 4.0 ba · 4,000 sqft · Other public records · 246 Days on market

Built 1920 3,092 sqft lot $31/sqft · 43% above area Est $87k · 43% over ↓ 11% since listing

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

What an opportunity to have your own retail/office or even converting this space for a 4th apartment combined with three 1 bedroomapartments, off street parking. Why rent when you can own and produce income. Tenants may be present during showing.

Key facts

• 3,092 sq ft lot
• Built 1920
• Listed 245 days

What this means for you Summary

Snapshot

• This is a 3-bed/4.0-bath other listed at $125k.

Deal economics

• At list price, monthly cash flow is $507 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.2% 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; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• This rent runs 36% 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 $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 246 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $24k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $125k implies a 317% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 246 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — 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: 1.32% ✓
• Cap rate: 11.16%
• Cash-on-cash: 17.40%
• DSCR: 1.77
• GRM: 6.3

CMA / ARV

• ARV (median comp): $87,469
• List price: $125,000
• Delta: 42.91%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 8.8%
• Equity multiple: 1.34×
• Total profit: $12,044
• Equity at exit: $18,638

10-year hold

• IRR: 18.0%
• Equity multiple: 2.49×
• Total profit: $52,035
• Equity at exit: $10,808

Cash invested: $35,000 (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: 6.3×

Monthly cashflow live

• Estimated rent: $1,653 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$91 /mo · $1,088/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $507

Break-even live

Break-even rent $1,010

Max offer price $125,000

Occupancy floor 64%

Sensitivity live

Price	-10% $578	-5% $543	+0% $507	+5% $472	+10% $437
Rent	-10% $377	-5% $442	+0% $507	+5% $573	+10% $638
Rate	-1.0pp $570	-0.5pp $539	base $507	+0.5pp $475	+1.0pp $442

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-19
   days on market $125,000 Active 246 DOM
2. 2026-06-18
   days on market $125,000 Active 245 DOM
3. 2026-06-17
   days on market $125,000 Active 244 DOM
4. 2026-06-16
   days on market $125,000 Active 243 DOM
5. 2026-06-15
   days on market $125,000 Active 242 DOM
6. 2026-06-14
   days on market $125,000 Active 240 DOM
7. 2026-06-13
   days on market $125,000 Active 239 DOM
8. 2026-06-10
   days on market $125,000 Active 237 DOM
9. 2026-06-09
   days on market $125,000 Active 236 DOM
10. 2026-06-08
    days on market $125,000 Active 235 DOM
11. 2026-06-07
    days on market $125,000 Active 234 DOM
12. 2026-06-05
    days on market $125,000 Active 231 DOM
13. 2026-06-03
    days on market $125,000 Active 230 DOM
14. 2026-06-02
    days on market $125,000 Active 229 DOM
15. 2026-06-01
    days on market $125,000 Active 228 DOM
16. 2026-05-31
    days on market $125,000 Active 227 DOM
17. 2026-05-30
    days on market $125,000 Active 226 DOM
18. 2025-12-04
    price $125,000 246-char remark

    Show marketing remark (248 chars)

    What an opportunity to have your own retail/office or even converting this space for a 4th apartment combined with three 1 bedroom apartments, off street parking. Why rent when you can own and produce income. Tenants may be present during showing.

19. 2025-12-04
    price $125,000 248-char remark

    Show marketing remark (248 chars)

    What an opportunity to have your own retail/office or even converting this space for a 4th apartment combined with three 1 bedroom apartments, off street parking. Why rent when you can own and produce income. Tenants may be present during showing.

20. 2025-10-15
    listed $149,000 Active 246-char remark

    Show marketing remark (246 chars)

    What an opportunity to have your own retail/office or even converting this space for a 4th apartment combined with three 1 bedroomapartments, off street parking. Why rent when you can own and produce income. Tenants may be present during showing.

21. 2025-10-14
    listed $149,000 Active 248-char remark

    Show marketing remark (248 chars)

    What an opportunity to have your own retail/office or even converting this space for a 4th apartment combined with three 1 bedroom apartments, off street parking. Why rent when you can own and produce income. Tenants may be present during showing.

22. 2018-04-04
    soldstatus $30,000
23. 2012-12-18
    soldstatus $30,000
24. 2004-09-20
    soldstatus $140,000

ⓘ 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: $1,088 · $91/mo
• Projected year-2 tax: $1,244 · $104/mo
• Expected delta: +$156/yr (+$13/mo · 14.3%)

ⓘ 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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,832
• − Mortgage interest: −$7,002
• − Property taxes: −$1,088
• − Insurance: −$625
• − Repairs & maintenance: −$1,587
• − Management: −$1,587
• − Depreciation: −$3,636
• Taxable income: $4,308
• Est. tax owed @ 24.0%: −$1,034
• After-tax cash flow: $5,055/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

-10.7% since first listed

7 events — show timeline

• 2025-12-04 Price Changed $125,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-04 Price Changed $125,000 LSAR
• 2025-10-15 Listed $149,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-14 Listed $149,000 LSAR
• 2018-04-04 Sold (Public Records) $30,000 Public Records
• 2012-12-18 Sold (Public Records) $30,000 Public Records
• 2004-09-20 Sold (Public Records) $140,000 Public Records

Property tax history

-3.8%/yr

Latest (2018): $1,088 · -16.3% YoY. Source: county tax records.