171 Big Circle Dr #171

Little Canada, MN 55117

$26,900D+

2 bd · 1.0 ba · 924 sqft · Built 2026 · Manufactured · Active · 127 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,628/mo
• Mortgage (P&I): −$141
• Tax + insurance: −$170
• HOA: −$0
• Vac / Maint / Mgmt: −$342
• Net cashflow: $975/mo
• Annual: $11,701/yr
• Cap rate: 55.38%
• Cash-on-cash: 175.29%
• DSCR: 8.80
• 1% rule: 6.05%
• Cash to close: $7,532

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $27k.
• At list price, monthly cash flow is $975 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $27k).
• It's been on market 127 days — a 12% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $24k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $186 of loan paydown is wiped out by about $807 of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#109 in MN, #2,510 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, crime A-; Watch: amenities F.
• Roseville Public School District (suburban): math 37% / reading 53% proficiency, ranked #170 of 301 in MN (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $125/mo.
• Market conditions: Rents rising (+3.6%/yr); 170 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• Ramsey County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.6% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 55.4% vs local median 3.5% in Little Canada — 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.

Questions for listing agent

• It's been on market 127 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?