503 Franklin Ave · Crosby, MN 56441

$169,900

2 bd · 2.0 ba · 756 sqft · SingleFamily public records · 99 Days on market

Built 1940 7,405 sqft lot $225/sqft · 20% below area Est $213k · 20% under

---

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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Cash flow +4.0/30.0
• Schools +3.8/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Charming and convenient one-level living on a corner lot in Crosby! This cozy 1-bedroom, 2-bathroom home is perfect for easy living, featuring a main floor primary bedroom and laundry. The functional layout includes a combined living/dining area with all appliances included. Stay comfortable year-round with central air and enjoy the convenience of a heated, detached single-stall garage. A full unfinished basement offers great storage or future potential. Don't miss this opportunity for a well-located and affordable home. Schedule your showing today

Key facts

• 7,405 sq ft lot
• Garage
• Built 1940

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $-475 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $86k (49.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $79k (53.6% below list).
• Recommended offer: $79k (53.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 66/100 on livability (#471 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, health & safety C-, amenities F.
• Crosby-Ironton Public School District (town): math 38% / reading 52% proficiency, ranked #184 of 301 in MN (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 45 active listings in the ZIP; 420 units permitted in Crow Wing County in 2024 (17 in 5+ unit buildings).

Forward outlook

• In year one you build about $18k of equity ($1k loan paydown + $17k appreciation (10.0% local appreciation)).
• Crow Wing County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 3, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y 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.
• Current owner paid $63k; list at $170k implies a 170% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $78,917 (53.6% below list)

Questions for the listing agent

1. 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?
2. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 54% concession, seller financing, or rate buy-down credit?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.46% ✗
• Cap rate: 2.94%
• Cash-on-cash: -11.98%
• DSCR: 0.47
• GRM: 17.9

CMA / ARV

• ARV (median comp): $212,694
• List price: $169,900
• Delta: -20.12%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.9%
• Equity multiple: 2.31×
• Total profit: $62,256
• Equity at exit: $153,059

10-year hold

• IRR: 15.3%
• Equity multiple: 5.35×
• Total profit: $207,046
• Equity at exit: $330,078

Cash invested: $47,572 (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 56441

• Home prices YoY: 23.3%
• Active inventory: 45
• Price-to-rent: 17.9×

Monthly cashflow live

• Estimated rent: $789 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$136 /mo · $1,638/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$166
• Net cashflow: $-475

Break-even live

Break-even rent $1,390

Max offer price $86,021

Occupancy floor —

Sensitivity live

Price	-10% $-379	-5% $-427	+0% $-475	+5% $-523	+10% $-571
Rent	-10% $-537	-5% $-506	+0% $-475	+5% $-444	+10% $-412
Rate	-1.0pp $-389	-0.5pp $-432	base $-475	+0.5pp $-519	+1.0pp $-564

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-19
   days on market $169,900 Active 99 DOM
2. 2026-06-18
   days on market $169,900 Active 98 DOM
3. 2026-06-17
   days on market $169,900 Active 97 DOM
4. 2026-06-16
   days on market $169,900 Active 96 DOM
5. 2026-06-15
   days on market $169,900 Active 95 DOM
6. 2026-06-14
   days on market $169,900 Active 93 DOM
7. 2026-06-12
   days on market $169,900 Active 92 DOM
8. 2026-06-09
   days on market $169,900 Active 89 DOM
9. 2026-06-08
   days on market $169,900 Active 88 DOM
10. 2026-06-07
    days on market $169,900 Active 87 DOM
11. 2026-06-05
    days on market $169,900 Active 84 DOM
12. 2026-06-03
    days on market $169,900 Active 83 DOM
13. 2026-06-02
    days on market $169,900 Active 82 DOM
14. 2026-06-01
    days on market $169,900 Active 81 DOM
15. 2026-05-31
    days on market $169,900 Active 80 DOM
16. 2026-05-30
    days on market $169,900 Active 79 DOM
17. 2026-03-13
    listed $169,900 Active 554-char remark

    Show marketing remark (554 chars)

    Charming and convenient one-level living on a corner lot in Crosby! This cozy 1-bedroom, 2-bathroom home is perfect for easy living, featuring a main floor primary bedroom and laundry. The functional layout includes a combined living/dining area with all appliances included. Stay comfortable year-round with central air and enjoy the convenience of a heated, detached single-stall garage. A full unfinished basement offers great storage or future potential. Don't miss this opportunity for a well-located and affordable home. Schedule your showing today

18. 2026-03-11
    historical $169,900 554-char remark

    Show marketing remark (554 chars)

    Charming and convenient one-level living on a corner lot in Crosby! This cozy 1-bedroom, 2-bathroom home is perfect for easy living, featuring a main floor primary bedroom and laundry. The functional layout includes a combined living/dining area with all appliances included. Stay comfortable year-round with central air and enjoy the convenience of a heated, detached single-stall garage. A full unfinished basement offers great storage or future potential. Don't miss this opportunity for a well-located and affordable home. Schedule your showing today

19. 2016-03-03
    soldstatus $63,000 Sold 269-char remark

    Show marketing remark (269 chars)

    Very well maintained one story home on a corner lot in town. One bedroom, two bath. Main floor bath has an walk-in tub. Main floor laundry, all new hardwood flooring, unfinished basement, heated workshop attached to insulated, heated one car garage, asphalt driveway.

20. 2016-03-03
    soldstatus $63,000

    Show marketing remark (269 chars)

    Very well maintained one story home on a corner lot in town. One bedroom, two bath. Main floor bath has an walk-in tub. Main floor laundry, all new hardwood flooring, unfinished basement, heated workshop attached to insulated, heated one car garage, asphalt driveway.

21. 2016-02-11
    status Pending 269-char remark

    Show marketing remark (269 chars)

    Very well maintained one story home on a corner lot in town. One bedroom, two bath. Main floor bath has an walk-in tub. Main floor laundry, all new hardwood flooring, unfinished basement, heated workshop attached to insulated, heated one car garage, asphalt driveway.

22. 2016-02-02
    listed $64,900 Active 269-char remark

    Show marketing remark (269 chars)

    Very well maintained one story home on a corner lot in town. One bedroom, two bath. Main floor bath has an walk-in tub. Main floor laundry, all new hardwood flooring, unfinished basement, heated workshop attached to insulated, heated one car garage, asphalt driveway.

23. 2014-07-16
    soldstatus $59,900 Sold
24. 2014-07-16
    soldstatus $59,900
25. 2014-07-16
    soldstatus $59,900
26. 2014-05-23
    status Pending
27. 2014-05-19
    listed $59,900 Active
28. 2014-05-18
    listed $59,900
29. 2014-05-18
    listed $59,900

ⓘ 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: $1,638 · $136/mo
• Projected year-2 tax: $1,770 · $148/mo
• Expected delta: +$132/yr (+$11/mo · 8.1%)

ⓘ 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 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥93°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,470
• − Mortgage interest: −$9,517
• − Property taxes: −$1,638
• − Insurance: −$850
• − Repairs & maintenance: −$758
• − Management: −$758
• − Depreciation: −$4,943
• Taxable loss: −$8,992
• Est. tax savings @ 24.0%: +$2,158
• After-tax cash flow: $-3,540/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: Crosby-Ironton Public School District
• NCES district ID: 2709750
• Math proficiency: 38% ▼ -8.00%
• Reading proficiency: 52% ▼ -12.00%
• Median HH income: $43,809
• Composite: 38.0/100
• National rank: #4290
• State rank: #184 of 301 in MN

Livability — Crosby

• Score: 66/100
• State rank: #471
• US rank: #11254

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Crosby, MN
• Population (ZIP): 3,328

Population outlook (Crow Wing County) Hauer SSP2

• Today (2025): 64,187 people
• By 2030: 64,057 · -0.2%
• By 2040: 62,470 · -2.7%
• By 2050: 59,064 · -8.0%
• By 2075: 48,738 · -24.1%
• By 2100: 36,112 · -43.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5%
• Common ancestry: Portuguese 16% Lithuanian 6% Romanian 4%
• Foreign-born: 1%

Political lean MEDSL · Crow Wing

• 2024 margin: Solid R (+31.4) · D 33.6% · R 65.0% · Other 1.5%
• 2008→2024 swing: -23.7pp toward R · 2008: -7.7pp · 2024: -31.4pp
• All cycles: 2024: R+31.4 2020: R+29.7 2016: R+31.8 2012: R+13.4 2008: R+7.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 61.92%
• Current HPI: 327.34
• 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

+183.6% since first listed

13 events — show timeline

• 2026-03-13 Listed $169,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-11 Coming Soon $169,900 NORTHSTARMLS as Distributed by MLS Grid
• 2016-03-03 Sold (Public Records) $63,000 Public Records
• 2016-03-03 Sold (MLS) $63,000 NORTHSTARMLS as Distributed by MLS Grid
• 2016-02-11 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2016-02-02 Listed $64,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-07-16 Sold (MLS) $59,900 LSAR
• 2014-07-16 Sold (MLS) $59,900 RASM
• 2014-07-16 Sold (MLS) $59,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-05-23 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2014-05-19 Listed $59,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-05-18 Listed $59,900 LSAR
• 2014-05-18 Listed $59,900 RASM

Property tax history

+17.2%/yr

Latest (2025): $1,638 · +14.7% YoY. Source: county tax records.