420 14th St W · Hastings, MN 55033

$350,000

2 bd · 2.0 ba · 1,086 sqft · MultiFamily public records · 65 Days on market

Built 1890 9,844 sqft lot

---

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).

• Cash flow +18.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• 1% rule +4.6/10.0
• Schools +4.2/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Fully remodeled up/down duplex offering strong income potential and low-maintenance ownership. This property features a spacious 2-bedroom unit and a comfortable 1-bedroom unit, both updated with modern finishes, mechanicals, and electrical. Situated on a large corner lot, the property also includes a rare 6-stall garage with the potential to generate up to $900/month in additional rental income. A turnkey opportunity for both investors and owner-occupants alike.

Key facts

• Remodeled duplex
• Large corner lot
• Modern finishes

Tags

• REMODELED DUPLEX
• STRONG INCOME POTENTIAL
• LOW-MAINTENANCE OWNERSHIP
• MODERN FINISHES
• LARGE CORNER LOT
• RARE 6-STALL GARAGE

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $338 ($4k/yr) — positive. Per door: $169/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $338k (3.6% below list).
• Recommended offer: $329k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 2.9% in Hastings — 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 75/100 on livability (#176 in MN, #3,817 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Hastings Public School District (town): math 43% / reading 50% proficiency, ranked #136 of 301 in MN (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Pinecrest Elementary (math 62% / reading 42%, grade C-, #368 of 857 statewide, top 47%, 450 students, 27% FRL); Hastings Middle School (math 33% / reading 48%, grade F, #144 of 258 statewide, top 56%, 1,210 students, 33% FRL); Hastings High School (math 46% / reading 67%, grade C, #77 of 471 statewide, top 17%, 1,353 students, 24% FRL).
• Market conditions: 180 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,134 units permitted in Dakota County in 2024 (898 in 5+ unit buildings).
• This rent runs 39% of the median local income ($104k/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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Dakota County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($329k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 7y 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

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $329,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.96% ✗
• Cap rate: 7.45%
• Cash-on-cash: 4.13%
• DSCR: 1.18
• GRM: 8.6

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: -9.8%
• Equity multiple: 0.64×
• Total profit: $-35,215
• Equity at exit: $52,186

10-year hold

• IRR: -0.4%
• Equity multiple: 0.97×
• Total profit: $-2,992
• Equity at exit: $30,262

Cash invested: $98,000 (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 55033

• Active inventory: 180
• Price-to-rent: 17.3×

Monthly cashflow live

• Estimated rent: $3,375 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$347 /mo · $4,168/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$709
• Net cashflow: $338

Break-even live

Break-even rent $2,948

Max offer price $350,000

Occupancy floor 85%

Sensitivity live

Price	-10% $536	-5% $437	+0% $338	+5% $239	+10% $140
Rent	-10% $71	-5% $204	+0% $338	+5% $471	+10% $604
Rate	-1.0pp $514	-0.5pp $427	base $338	+0.5pp $247	+1.0pp $155

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,374
Total (2 units)			$3,375

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1000 Lyn Way Hastings, MN	2.0	1.0	975	$1,220	$1.25	0d	1	0.71mi
600 Westview Dr Hastings, MN	2.0	1.0	825	$1,058	$1.28	0d	1	1.13mi
325 33rd St W Hastings, MN	1.0–3.0	1.0–2.0	920	$1,848	$2.01	0d	23	1.29mi

Listing history 13 events

1. 2026-06-01
   status $350,000 Pending 65 DOM
2. 2026-05-31
   days on market $350,000 Contingent - Inspection 65 DOM
3. 2026-03-27
   listed $350,000 Active 467-char remark

   Show marketing remark (467 chars)

   Fully remodeled up/down duplex offering strong income potential and low-maintenance ownership. This property features a spacious 2-bedroom unit and a comfortable 1-bedroom unit, both updated with modern finishes, mechanicals, and electrical. Situated on a large corner lot, the property also includes a rare 6-stall garage with the potential to generate up to $900/month in additional rental income. A turnkey opportunity for both investors and owner-occupants alike.

4. 2019-11-29
   status Active
5. 2019-10-01
   historical
6. 2019-07-31
   status Pending
7. 2019-07-17
   listed Contingent - Inspection
8. 2019-07-08
   status Active
9. 2019-07-08
   historical
10. 2019-06-17
    listed $250,000
11. 2019-06-14
    status Pending
12. 2019-06-01
    historical Contingent - Inspection
13. 2019-05-04
    listed $250,000 Active

ⓘ 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: $4,168 · $347/mo
• Projected year-2 tax: $4,168 · $347/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,500
• − Mortgage interest: −$19,605
• − Property taxes: −$4,168
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,240
• − Management: −$3,240
• − Depreciation: −$10,182
• Taxable loss: −$1,685
• Est. tax savings @ 24.0%: +$404
• After-tax cash flow: $4,456/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: Hastings Public School District
• NCES district ID: 2713530
• Math proficiency: 43% ▼ -25.00%
• Reading proficiency: 50% ▼ -16.00%
• Median HH income: $69,586
• Composite: 41.73/100
• National rank: #3404
• State rank: #136 of 301 in MN

Livability — Hastings

• Score: 75/100
• State rank: #176
• US rank: #3817

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hastings, MN
• County: Dakota County · 417,704 people
• City population: 29,674
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 29,674
• Household income: $103,988
• Rent vs Own: 19.6% rent · 80.4% own
• Severe rent burden: 552.0

Population outlook (Dakota County) Hauer SSP2

• Today (2025): 450,671 people
• By 2030: 465,068 · +3.2%
• By 2040: 486,770 · +8.0%
• By 2050: 498,743 · +10.7%
• By 2075: 533,865 · +18.5%
• By 2100: 550,133 · +22.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 5% Two or more races 4% Asian 2% Black 1%
• Common ancestry: Portuguese 11% Romanian 4% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Other Asian/Pacific 0%

Political lean MEDSL · Dakota

• 2024 margin: D (+12.9) · D 55.4% · R 42.5% · Other 2.1%
• 2008→2024 swing: +7.4pp toward D · 2008: 5.5pp · 2024: 12.9pp
• All cycles: 2024: D+12.9 2020: D+13.9 2016: D+4.7 2012: D+2.9 2008: D+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -268.35%
• Current HPI: 228.8854
• Rent YoY: —
• Metro: Minneapolis-St. Paul-Bloomington, 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

+40.0% since first listed

11 events — show timeline

• 2026-03-27 Listed $350,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-11-29 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2019-10-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-07-31 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2019-07-17 Listed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-07-08 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2019-07-08 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-06-17 Listed $250,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-06-14 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2019-06-01 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2019-05-04 Listed $250,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+3.2%/yr

Latest (2025): $4,168 · +12.0% YoY. Source: county tax records.