11614 19th St NE

St. Michael, MN 55376

$116,196B

4 bd · 3.5 ba · 3,211 sqft · Built 2026 · SingleFamily · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,663/mo
• Mortgage (P&I): −$609
• Tax + insurance: −$194
• HOA: −$0
• Vac / Maint / Mgmt: −$559
• Net cashflow: $1,301/mo
• Annual: $15,614/yr
• Cap rate: 19.73%
• Cash-on-cash: 47.99%
• DSCR: 3.14
• 1% rule: 2.29%
• Cash to close: $32,535

Investor read

• This is a 4-bed/3.5-bath single-family listed at $116k.
• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $116k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $803 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• St. Michael-Albertville School District (rural): math 62% / reading 66% proficiency, ranked #17 of 301 in MN (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: St. Michael Elementary (math 84% / reading 71%, grade A, #21 of 857 statewide, top 3%, 588 students, 23% FRL); St. Michael-Albertville Middle East (math 57% / reading 65%, grade B+, #24 of 258 statewide, top 9%, 892 students, 18% FRL); St. Michael-Albertville Senior High (math 60% / reading 71%, grade B, #27 of 471 statewide, top 6%, 2,240 students, 17% FRL).
• Market conditions: 356 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 1,260 units permitted in Wright County in 2024 (180 in 5+ unit buildings).
• Wright County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 19.7% vs local median 3.2% in St. Michael — 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.