111 Carrie Ave · Eveleth, MN 55734

$28,000

3 bd · 1.0 ba · 924 sqft · Other public records · 251 Days on market

Built 1910 5,663 sqft lot ↓ 38% 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
• Schools +5.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step inside of this spacious home and make it your own! Live close to the edge of town and still have all the in town amenities. Within walking distance to down town business. This home features 3 bedrooms and 1 full bathroom. Beautiful hardwood floors cover the floors in this property. With a lot of original character make this home your own. Property needs repairs, sellers are selling "as is. "

Key facts

• Hardwood floors
• 5,663 sq ft lot
• Built 1910

Tags

• HARDWOOD FLOORS
• WALKING DISTANCE TO DOWNTOWN

Property features AI

Exterior

• Parking: No parking
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property; 2-story
• Construction: Frame construction; Vinyl siding; Asphalt/shingle roof
• Exterior features: Chain link fencing; Porch

Interior

• Kitchen: Electric range; Refrigerator; Dishwasher not listed
• Heating & cooling: Oil heating
• Interior features: Full basement; Porch
• Laundry & utility: Washer; Dryer; Gas dryer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $28k.

Deal economics

• At list price, monthly cash flow is $632 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $28k).
• Recommended offer: $25k (12.0% below list) — sets the bar for market timing.
• Cap rate 33.4% vs local median 7.0% in Eveleth — 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.

Location & tenants

• Location reads 66/100 on livability (#506 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, schools D+, health & safety D.
• Market conditions: 42 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $194 of loan paydown is wiped out by about $840 of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 251 days — a 12% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $17k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $24,640 (12.0% below list)

Questions for the listing agent

1. It's been on market 251 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 3.74% ✓
• Cap rate: 33.36%
• Cash-on-cash: 96.68%
• DSCR: 5.30
• GRM: 2.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 97.6%
• Equity multiple: 5.55×
• Total profit: $35,709
• Equity at exit: $4,175

10-year hold

• IRR: —
• Equity multiple: 11.58×
• Total profit: $82,964
• Equity at exit: $2,421

Cash invested: $7,840 (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 55734

• Home prices YoY: -29.1%
• Active inventory: 42
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $1,047 medium
• Mortgage (P&I): −$147
• Tax from tax record: −$37 /mo · $444/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $632

Break-even live

Break-even rent $247

Max offer price $28,000

Occupancy floor 35%

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: $7,000
• Closing costs: $840
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
310 15th Ave W Unit 301 Eveleth, MN	2.0	1.0	926	$1,047	$1.13	43d	1	1.34mi
310 15th Ave W Unit 204 Eveleth, MN	2.0	1.0	926	$1,047	$1.13	13d	1	1.34mi
340 15th Ave W Unit 222 Eveleth, MN	2.0	1.0	900	$1,047	$1.16	13d	1	1.37mi

Listing history 12 events

1. 2026-06-02
   status $28,000 Pending 251 DOM
2. 2026-06-01
   days on market $28,000 Active 251 DOM
3. 2026-05-31
   days on market $28,000 Active 250 DOM
4. 2026-05-30
   days on market $28,000 Active 249 DOM
5. 2026-03-13
   price $28,000

   Show marketing remark (409 chars)

   Step inside of this spacious home and make it your own! Live close to the edge of town and still have all the in town amenities. Within walking distance to down town business. This home features 3 bedrooms and 1 full bathroom. Beautiful hardwood floors cover the floors in this property. With a lot of original character make this home your own. Property needs repairs, sellers are selling "as is. "

6. 2026-03-13
   price $28,000 409-char remark

   Show marketing remark (409 chars)

   Step inside of this spacious home and make it your own! Live close to the edge of town and still have all the in town amenities. Within walking distance to down town business. This home features 3 bedrooms and 1 full bathroom. Beautiful hardwood floors cover the floors in this property. With a lot of original character make this home your own. Property needs repairs, sellers are selling "as is. "

7. 2025-12-27
   price $32,500

   Show marketing remark (409 chars)

   Step inside of this spacious home and make it your own! Live close to the edge of town and still have all the in town amenities. Within walking distance to down town business. This home features 3 bedrooms and 1 full bathroom. Beautiful hardwood floors cover the floors in this property. With a lot of original character make this home your own. Property needs repairs, sellers are selling "as is. "

8. 2025-12-27
   price $32,500 409-char remark

   Show marketing remark (409 chars)

   Step inside of this spacious home and make it your own! Live close to the edge of town and still have all the in town amenities. Within walking distance to down town business. This home features 3 bedrooms and 1 full bathroom. Beautiful hardwood floors cover the floors in this property. With a lot of original character make this home your own. Property needs repairs, sellers are selling "as is. "

9. 2025-10-30
   price $40,000

   Show marketing remark (409 chars)

   Step inside of this spacious home and make it your own! Live close to the edge of town and still have all the in town amenities. Within walking distance to down town business. This home features 3 bedrooms and 1 full bathroom. Beautiful hardwood floors cover the floors in this property. With a lot of original character make this home your own. Property needs repairs, sellers are selling "as is. "

10. 2025-10-30
    price $40,000 409-char remark

    Show marketing remark (409 chars)

    Step inside of this spacious home and make it your own! Live close to the edge of town and still have all the in town amenities. Within walking distance to down town business. This home features 3 bedrooms and 1 full bathroom. Beautiful hardwood floors cover the floors in this property. With a lot of original character make this home your own. Property needs repairs, sellers are selling "as is. "

11. 2025-09-23
    listed $45,000 Active

    Show marketing remark (409 chars)

    Step inside of this spacious home and make it your own! Live close to the edge of town and still have all the in town amenities. Within walking distance to down town business. This home features 3 bedrooms and 1 full bathroom. Beautiful hardwood floors cover the floors in this property. With a lot of original character make this home your own. Property needs repairs, sellers are selling "as is. "

12. 2025-09-23
    listed $45,000 Active 409-char remark

    Show marketing remark (409 chars)

    Step inside of this spacious home and make it your own! Live close to the edge of town and still have all the in town amenities. Within walking distance to down town business. This home features 3 bedrooms and 1 full bathroom. Beautiful hardwood floors cover the floors in this property. With a lot of original character make this home your own. Property needs repairs, sellers are selling "as is. "

ⓘ 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: $444 · $37/mo
• Projected year-2 tax: $444 · $37/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 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥90°F today · 12 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: $12,564
• − Mortgage interest: −$1,568
• − Property taxes: −$444
• − Insurance: −$140
• − Repairs & maintenance: −$1,005
• − Management: −$1,005
• − Depreciation: −$815
• Taxable income: $7,587
• Est. tax owed @ 24.0%: −$1,821
• After-tax cash flow: $5,759/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)

No district data.

Livability — Eveleth

• Score: 66/100
• State rank: #506
• US rank: #12213

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Eveleth, MN
• Population (ZIP): 6,332

Population outlook (St. Louis County) Hauer SSP2

• Today (2025): 202,411 people
• By 2030: 203,234 · +0.4%
• By 2040: 202,520 · +0.1%
• By 2050: 200,853 · -0.8%
• By 2075: 200,943 · -0.7%
• By 2100: 192,058 · -5.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Black 1% Native American 1%
• Common ancestry: Portuguese 13% Romanian 3% Lithuanian 3%
• Foreign-born: 2%
• Languages at home: 97% English-only · Russian/Polish/Slavic 2%

Political lean MEDSL · St. Louis

• 2024 margin: D (+13.7) · D 55.9% · R 42.2% · Other 1.8%
• 2008→2024 swing: -18.8pp toward R · 2008: 32.5pp · 2024: 13.7pp
• All cycles: 2024: D+13.7 2020: D+15.6 2016: D+11.8 2012: D+29.6 2008: D+32.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.98%
• Current HPI: 209.7614
• 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

-37.8% since first listed

8 events — show timeline

• 2026-03-13 Price Changed $28,000 RAOR
• 2026-03-13 Price Changed $28,000 LSAR
• 2025-12-27 Price Changed $32,500 RAOR
• 2025-12-27 Price Changed $32,500 LSAR
• 2025-10-30 Price Changed $40,000 RAOR
• 2025-10-30 Price Changed $40,000 LSAR
• 2025-09-23 Listed $45,000 LSAR
• 2025-09-23 Listed $45,000 RAOR

Property tax history

+4.5%/yr

Latest (2025): $444 · +14.4% YoY. Source: county tax records.