2633 Pine Ln

Comfort, MN 55051

$235,000D-

1 bd · 1.0 ba · 758 sqft · Built 2019 · Other · Active · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,560/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$278
• HOA: −$0
• Vac / Maint / Mgmt: −$328
• Net cashflow: $-278/mo
• Annual: $-3,331/yr
• Cap rate: 4.88%
• Cash-on-cash: -5.06%
• DSCR: 0.77
• 1% rule: 0.66%
• Cash to close: $65,800

Investor read

• This is a 1-bed/1.0-bath other listed at $235k.
• At list price, monthly cash flow is $-278 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $186k (20.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $156k (33.6% below list).
• It's been on market 19 days — a 2% lower offer ($231k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $156k (33.6% below list) — sets the bar for 1% rule.
• In year one you build about $16k of equity ($2k loan paydown + $14k appreciation (6.2% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Mora Public School District (town): math 44% / reading 58% proficiency, ranked #115 of 301 in MN (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 108 active listings in the ZIP; 59 units permitted in Kanabec County in 2024 (0 in 5+ unit buildings).
• Kanabec County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 sale attempts since 7y 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 $196k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 3, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• 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?
• 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.