121 W 2nd Ave · Keewatin, MN 55753

$32,000

3 bd · 2.0 ba · 1,012 sqft · SingleFamily public records · 150 Days on market

Built 1910 3,049 sqft lot $32/sqft · 61% below area ↓ 20% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +3.3/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Equity Builder! 3 bed 2 bath home in Keewatin. This home is in need of soem TLC, great opportunity for building equity! Seller is willing to negotiate a new furnace with accepted offer.

Key facts

• 3,049 sq ft lot
• Built 1910
• Listed 150 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $32k.

Deal economics

• At list price, monthly cash flow is $540 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $32k).
• Recommended offer: $28k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#495 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A-; Watch: schools D+, health & safety D, amenities F.
• Nashwauk-Keewatin School District (rural): math 32% / reading 39% proficiency, ranked #253 of 301 in MN (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 7 active listings in the ZIP; 121 units permitted in Itasca County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($221 loan paydown + $960 appreciation (3.0% local appreciation)).
• Itasca County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($28k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $8k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $28,160 (12.0% below list)

Questions for the listing agent

1. It's been on market 150 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 3.18% ✓
• Cap rate: 26.55%
• Cash-on-cash: 72.34%
• DSCR: 4.22
• GRM: 2.6

CMA / ARV

• ARV (median comp): $81,153
• List price: $32,000
• Delta: -60.57%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
211 S 2nd St	0.15mi	3/2.0	1,008 (-0%)	22mo	$121,000	$120	74
504 W 2nd Ave	0.26mi	2/1.0 (-1)	1,076 (+6%)	4mo	$77,500	$72	65
102 E Howard Ave	0.18mi	2/1.0 (-1)	900 (-11%)	22mo	$155,500	$173	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 77.0%
• Equity multiple: 5.27×
• Total profit: $38,296
• Equity at exit: $14,389

10-year hold

• IRR: 76.5%
• Equity multiple: 10.84×
• Total profit: $88,182
• Equity at exit: $22,175

Cash invested: $8,960 (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 55753

• Active inventory: 7
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,016 medium
• Mortgage (P&I): −$168
• Tax from tax record: −$82 /mo · $980/yr
• Insurance: −$13
• HOA: −$0
• Vacancy / Maint / Mgmt: −$213
• Net cashflow: $540

Break-even live

Break-even rent $333

Max offer price $32,000

Occupancy floor 42%

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: $8,000
• Closing costs: $960
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-13
   statusdays on market $32,000 Pending 150 DOM
2. 2026-06-10
   days on market $32,000 Active 149 DOM
3. 2026-06-09
   days on market $32,000 Active 148 DOM
4. 2026-06-08
   days on market $32,000 Active 147 DOM
5. 2026-06-07
   days on market $32,000 Active 146 DOM
6. 2026-06-05
   days on market $32,000 Active 143 DOM
7. 2026-06-02
   days on market $32,000 Active 141 DOM
8. 2026-06-01
   days on market $32,000 Active 140 DOM
9. 2026-05-31
   days on market $32,000 Active 139 DOM
10. 2026-05-30
    days on market $32,000 Active 138 DOM
11. 2026-05-04
    price $32,000 185-char remark

    Show marketing remark (197 chars)

    Equity Builder! 3 bed 2 bath home in Keewatin. This home is in need of some TLC, and is a great opportunity for building equity! Seller is willing to negotiate a new furnace with an accepted offer.

12. 2026-05-04
    price $32,000 197-char remark

    Show marketing remark (197 chars)

    Equity Builder! 3 bed 2 bath home in Keewatin. This home is in need of some TLC, and is a great opportunity for building equity! Seller is willing to negotiate a new furnace with an accepted offer.

13. 2026-02-19
    price $36,000 197-char remark

    Show marketing remark (197 chars)

    Equity Builder! 3 bed 2 bath home in Keewatin. This home is in need of some TLC, and is a great opportunity for building equity! Seller is willing to negotiate a new furnace with an accepted offer.

14. 2026-01-12
    listed $40,000 Active 197-char remark

    Show marketing remark (197 chars)

    Equity Builder! 3 bed 2 bath home in Keewatin. This home is in need of some TLC, and is a great opportunity for building equity! Seller is willing to negotiate a new furnace with an accepted offer.

15. 2026-01-08
    listed $40,000 Active 185-char remark

    Show marketing remark (185 chars)

    Equity Builder! 3 bed 2 bath home in Keewatin. This home is in need of soem TLC, great opportunity for building equity! Seller is willing to negotiate a new furnace with accepted offer.

ⓘ 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: $980 · $82/mo
• Projected year-2 tax: $980 · $82/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 · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥91°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,196
• − Mortgage interest: −$1,792
• − Property taxes: −$980
• − Insurance: −$160
• − Repairs & maintenance: −$976
• − Management: −$976
• − Depreciation: −$931
• Taxable income: $6,382
• Est. tax owed @ 24.0%: −$1,532
• After-tax cash flow: $4,950/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: Nashwauk-Keewatin School District
• NCES district ID: 2723310
• Math proficiency: 32% ▼ -13.00%
• Reading proficiency: 39% ▼ -11.00%
• Median HH income: $43,838
• Composite: 30.15/100
• National rank: #6326
• State rank: #253 of 301 in MN

Livability — Keewatin

• Score: 66/100
• State rank: #495
• US rank: #11938

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Keewatin, MN
• City population: 1,197
• Population (ZIP): 1,197

Population outlook (Itasca County) Hauer SSP2

• Today (2025): 45,885 people
• By 2030: 45,890 · +0.0%
• By 2040: 45,171 · -1.6%
• By 2050: 43,946 · -4.2%
• By 2075: 40,950 · -10.8%
• By 2100: 34,909 · -23.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Two or more races 18% Hispanic / Latino 2%
• Common ancestry: Portuguese 9% Lithuanian 2% Romanian 1%
• Foreign-born: 1% · Canada, Jamaica
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Itasca

• 2024 margin: Strong R (+20.2) · D 39.1% · R 59.3% · Other 1.6%
• 2008→2024 swing: -33.1pp toward R · 2008: 12.9pp · 2024: -20.2pp
• All cycles: 2024: R+20.2 2020: R+16.8 2016: R+16.5 2012: D+9.9 2008: D+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

-20.0% since first listed

5 events — show timeline

• 2026-05-04 Price Changed $32,000 RAOR
• 2026-05-04 Price Changed $32,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-19 Price Changed $36,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-12 Listed $40,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-08 Listed $40,000 RAOR

Property tax history

+6.4%/yr

Latest (2026): $980 · -9.3% YoY. Source: county tax records.