324 S 4th Ave Ave E · Ely, MN 55731

$149,200

4 bd · 3.0 ba · 2,430 sqft · Other public records · 71 Days on market

Built 1898 5,000 sqft lot $61/sqft · 18% below area Est $198k · 25% under ↓ 19% 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 +20.7/30.0
• ARV discount +15.0/15.0
• DSCR +6.6/10.0
• 1% rule +4.6/10.0
• Schools +3.9/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Incredible investment opportunity by unlocking this historic 2.75 story home’s potential! Much of original character is retained - 26 ft covered front porch, 9 ft ceilings, large windows, original wood interior doors & woodwork, hardwood floors & some vintage fixtures. Third level attic offers even more potential living space with 7’ ceilings in 3 large rooms! Updates include roof, siding, main level windows, electrical service, plumbing, etc. 4 city lots, off-street parking, fully fenced yard. Originally built as Section 30 hospital, moved to this site, converted into triplex & later, main level housed a child day care. Ideally located in heart of Ely.

Key facts

• 5,000 sq ft lot
• Built 1898
• Listed 71 days

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath other listed at $149k.

Deal economics

• At list price, monthly cash flow is $203 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $143k (4.0% below list).
• Recommended offer: $140k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 4.0% in Ely — 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 77/100 on livability (#128 in MN, #2,900 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Ely Public School District (town): math 37% / reading 56% proficiency, ranked #175 of 301 in MN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 128 active listings in the ZIP; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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

• Watch-outs: built in 1898 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,248 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1898 — 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 B-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: 0.96% ✗
• Cap rate: 7.92%
• Cash-on-cash: 5.82%
• DSCR: 1.26
• GRM: 8.7

CMA / ARV

• ARV (median comp): $198,144
• List price: $149,200
• Delta: -24.70%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -7.3%
• Equity multiple: 0.73×
• Total profit: $-11,309
• Equity at exit: $22,246

10-year hold

• IRR: 2.2%
• Equity multiple: 1.16×
• Total profit: $6,608
• Equity at exit: $12,900

Cash invested: $41,776 (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 55731

• Active inventory: 128
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,432 medium
• Mortgage (P&I): −$782
• Tax from tax record: −$84 /mo · $1,010/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$301
• Net cashflow: $203

Break-even live

Break-even rent $1,176

Max offer price $149,200

Occupancy floor 81%

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: $37,300
• Closing costs: $4,476
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $149,200 Active 71 DOM
2. 2026-06-17
   days on market $149,200 Active 70 DOM
3. 2026-06-16
   days on market $149,200 Active 69 DOM
4. 2026-06-15
   days on market $149,200 Active 68 DOM
5. 2026-06-13
   days on market $149,200 Active 66 DOM
6. 2026-06-12
   days on market $149,200 Active 65 DOM
7. 2026-06-09
   days on market $149,200 Active 62 DOM
8. 2026-06-08
   days on market $149,200 Active 61 DOM
9. 2026-06-07
   days on market $149,200 Active 60 DOM
10. 2026-06-07
    days on market $149,200 Active 59 DOM
11. 2026-06-04
    days on market $149,200 Active 56 DOM
12. 2026-06-02
    days on market $149,200 Active 55 DOM
13. 2026-06-01
    days on market $149,200 Active 54 DOM
14. 2026-05-31
    days on market $149,200 Active 53 DOM
15. 2026-05-31
    days on market $149,200 Active 52 DOM
16. 2026-04-08
    listed $149,200 Active 692-char remark

    Show marketing remark (691 chars)

    Incredible investment opportunity by unlocking this historic 2.75 story home’s potential! Much of original character is retained - 26 ft covered front porch, 9 ft ceilings, large windows, original interior doors & woodwork, hardwood floors & some vintage fixtures. Third level attic offers even more potential living space with 7’ ceilings in 3 large rooms! Updates include roof, siding, main level windows, electrical service, plumbing, etc. 4 city lots, off-street parking, fully fenced yard. Originally built as Sec 30 hospital, moved to this site, converted to a triplex & later, main level housed a child’s day care. Ideally located in heart of Ely.

17. 2026-04-08
    listed $149,200 Active 691-char remark

    Show marketing remark (691 chars)

    Incredible investment opportunity by unlocking this historic 2.75 story home’s potential! Much of original character is retained - 26 ft covered front porch, 9 ft ceilings, large windows, original interior doors & woodwork, hardwood floors & some vintage fixtures. Third level attic offers even more potential living space with 7’ ceilings in 3 large rooms! Updates include roof, siding, main level windows, electrical service, plumbing, etc. 4 city lots, off-street parking, fully fenced yard. Originally built as Sec 30 hospital, moved to this site, converted to a triplex & later, main level housed a child’s day care. Ideally located in heart of Ely.

18. 2025-10-01
    listed $159,500 Active
19. 2025-08-14
    price $168,500
20. 2025-04-01
    price $184,000

ⓘ 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: $1,010 · $84/mo
• Projected year-2 tax: $1,341 · $112/mo
• Expected delta: +$331/yr (+$28/mo · 32.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 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: $17,187
• − Mortgage interest: −$8,358
• − Property taxes: −$1,010
• − Insurance: −$746
• − Repairs & maintenance: −$1,375
• − Management: −$1,375
• − Depreciation: −$4,340
• Taxable loss: −$17
• Est. tax savings @ 24.0%: +$4
• After-tax cash flow: $2,436/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: Ely Public School District
• NCES district ID: 2711520
• Math proficiency: 37% ▼ -13.00%
• Reading proficiency: 56% ▼ -7.00%
• Median HH income: $41,677
• Composite: 39.01/100
• National rank: #4069
• State rank: #175 of 301 in MN

Livability — Ely

• Score: 77/100
• State rank: #128
• US rank: #2900

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ely, MN
• Population (ZIP): 5,292

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 (94%)
• Race & ethnicity: White 94% Two or more races 3% Black 1% Hispanic / Latino 1%
• Common ancestry: Portuguese 11% Romanian 5% Scottish 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 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: ▼ -167.09%
• Current HPI: 199.1448
• 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

-18.9% since first listed

5 events — show timeline

• 2026-04-08 Listed $149,200 RAOR
• 2026-04-08 Listed $149,200 LSAR
• 2025-10-01 Listed $159,500 RAOR
• 2025-08-14 Price Changed $168,500 RAOR
• 2025-04-01 Price Changed $184,000 RAOR

Property tax history

-5.6%/yr

Latest (2025): $1,010 · +16.4% YoY. Source: county tax records.