15207 60th Ave N

Plymouth, MN 55446

$332,500D-

3 bd · 2.0 ba · 1,777 sqft · Built 2007 · Townhouse · Active · 67 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,487/mo
• Mortgage (P&I): −$1,744
• Tax + insurance: −$453
• HOA: −$352
• Vac / Maint / Mgmt: −$522
• Net cashflow: $-584/mo
• Annual: $-7,003/yr
• Cap rate: 4.19%
• Cash-on-cash: -7.52%
• DSCR: 0.67
• 1% rule: 0.75%
• Cash to close: $93,100

Investor read

• This is a 3-bed/2.0-bath townhouse listed at $332k.
• At list price, monthly cash flow is $-584 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $229k (31.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $249k (25.2% below list).
• It's been on market 67 days — a 6% lower offer ($313k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $229k (31.0% below list) — sets the bar for cash-flow.
• 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.
• Location reads 85/100 on livability (#17 in MN, #517 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, commute A+; Watch: amenities F, cost of living F.
• Wayzata Public School District (urban): math 75% / reading 78% proficiency, ranked #2 of 301 in MN (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 11% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.7%/yr); 212 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• Hennepin County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 12y ago; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $233k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 4.2% vs local median 3.1% in Plymouth — 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.
• This rent is only 17% of the median local income ($171k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 67 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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?
• 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?
• 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.