242 Hampshire Dr · Hoyt Lakes, MN 55750

$136,900

2 bd · 1.0 ba · 864 sqft · SingleFamily public records · 68 Days on market

Built 1956 7,405 sqft lot $158/sqft · 63% above area Est $126k · 9% over ↓ 2% since listing

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Why this score? — see what drove the F 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 +9.6/30.0
• ARV discount +3.7/15.0
• Livability +3.6/5.0
• Schools +3.2/10.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this beautifully updated home in Hoyt Lakes, Minnesota — where small-town charm meets outdoor adventure. Whether you're a first-time buyer or looking to downsize, this renovated property checks every box. Step inside and feel the difference a top-to-bottom renovation makes. The fully remodeled bathroom features modern fixtures and a jacuzzi tub, while the updated kitchen offers a fresh, functional space you'll love cooking in. New flooring flows throughout, giving every room a clean, cohesive look year-round. This home is serious about efficiency. With R-60 insulation, you'll stay warm all winter while keeping energy bills low. The newer furnace runs reliably, and the new electric panel and mast provide modern, safe power distribution for years to come. A newer roof means one less major expense on your horizon. The detached single-stall garage provides protected parking and extra storage — a true necessity in northern Minnesota. Call for a tour!

Key facts

• 7,405 sq ft lot
• Garage
• Built 1956

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $137k.

Deal economics

• At list price, monthly cash flow is $-93 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (12.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $96k (29.7% below list).
• Recommended offer: $96k (29.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#270 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Mesabi East School District (rural): math 27% / reading 47% proficiency, ranked #240 of 301 in MN (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mesabi East Elementary (math 33% / reading 47%, grade F, #600 of 857 statewide, top 70%, 474 students, 51% FRL); Mesabi East Secondary (math 12% / reading 47%, grade F, #354 of 471 statewide, top 77%, 415 students, 43% FRL).
• Market conditions: 23 active listings in the ZIP; 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 $946 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($129k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,242 (29.7% 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 68 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. Built in 1956 — 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. 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. 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?
8. 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.
9. 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.
10. 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: 0.70% ✗
• Cap rate: 5.47%
• Cash-on-cash: -2.93%
• DSCR: 0.87
• GRM: 11.9

CMA / ARV

• ARV (median comp): $126,143
• List price: $136,900
• Delta: 8.53%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
415 Leeds Rd	0.39mi	3/1.0 (+1)	864 (0%)	2mo	$93,000	$108	75
330 Wyandotte Rd	0.31mi	1/2.0 (-1)	864 (0%)	9mo	$35,000	$41	69
202 Dorchester Dr	0.27mi	3/1.0 (+1)	950 (+10%)	23mo	$80,000	$84	47

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: -21.2%
• Equity multiple: 0.26×
• Total profit: $-28,180
• Equity at exit: $20,412

10-year hold

• IRR: -14.8%
• Equity multiple: 0.16×
• Total profit: $-32,376
• Equity at exit: $11,837

Cash invested: $38,332 (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 55750

• Home prices YoY: -23.3%
• Active inventory: 23
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $962 medium
• Mortgage (P&I): −$718
• Tax from tax record: −$79 /mo · $946/yr
• Insurance: −$57
• HOA: −$0
• Vacancy / Maint / Mgmt: −$202
• Net cashflow: $-93

Break-even live

Break-even rent $1,081

Max offer price $120,386

Occupancy floor —

Sensitivity live

Price	-10% $-16	-5% $-55	+0% $-93	+5% $-132	+10% $-171
Rent	-10% $-170	-5% $-131	+0% $-93	+5% $-55	+10% $-17
Rate	-1.0pp $-25	-0.5pp $-59	base $-93	+0.5pp $-129	+1.0pp $-165

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: $34,225
• Closing costs: $4,107
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-17
   days on market $136,900 Active 68 DOM
2. 2026-06-16
   days on market $136,900 Active 67 DOM
3. 2026-06-15
   days on market $136,900 Active 66 DOM
4. 2026-06-14
   days on market $136,900 Active 64 DOM
5. 2026-06-13
   days on market $136,900 Active 63 DOM
6. 2026-06-10
   days on market $136,900 Active 61 DOM
7. 2026-06-09
   days on market $136,900 Active 60 DOM
8. 2026-06-08
   days on market $136,900 Active 59 DOM
9. 2026-06-07
   days on market $136,900 Active 58 DOM
10. 2026-06-03
    days on market $136,900 Active 54 DOM
11. 2026-06-02
    days on market $136,900 Active 53 DOM
12. 2026-06-01
    days on market $136,900 Active 52 DOM
13. 2026-05-31
    days on market $136,900 Active 51 DOM
14. 2026-05-30
    days on market $136,900 Active 50 DOM
15. 2026-05-11
    status Pending 982-char remark

    Show marketing remark (981 chars)

    Welcome to this beautifully updated home in Hoyt Lakes, Minnesota — where small-town charm meets outdoor adventure. Whether you're a first-time buyer or looking to downsize, this renovated property checks every box. Step inside and feel the difference a top-to-bottom renovation makes. The fully remodeled bathroom features modern fixtures and a jacuzzi tub, while the updated kitchen offers a fresh, functional space you'll love cooking in. New flooring flows throughout, giving every room a clean, cohesive look year-round. This home is serious about efficiency. With R-60 insulation, you'll stay warm all winter while keeping energy bills low. The newer furnace runs reliably, and the new electric panel and mast provide modern, safe power distribution for years to come. A newer roof means one less major expense on your horizon. The detached single-stall garage provides protected parking and extra storage — a true necessity in northern Minnesota.Call for a tour!

16. 2026-05-11
    historical Contingent - Subject to Financing 981-char remark

    Show marketing remark (981 chars)

    Welcome to this beautifully updated home in Hoyt Lakes, Minnesota — where small-town charm meets outdoor adventure. Whether you're a first-time buyer or looking to downsize, this renovated property checks every box. Step inside and feel the difference a top-to-bottom renovation makes. The fully remodeled bathroom features modern fixtures and a jacuzzi tub, while the updated kitchen offers a fresh, functional space you'll love cooking in. New flooring flows throughout, giving every room a clean, cohesive look year-round. This home is serious about efficiency. With R-60 insulation, you'll stay warm all winter while keeping energy bills low. The newer furnace runs reliably, and the new electric panel and mast provide modern, safe power distribution for years to come. A newer roof means one less major expense on your horizon. The detached single-stall garage provides protected parking and extra storage — a true necessity in northern Minnesota.Call for a tour!

17. 2026-04-22
    price $136,900 982-char remark

    Show marketing remark (981 chars)

    Welcome to this beautifully updated home in Hoyt Lakes, Minnesota — where small-town charm meets outdoor adventure. Whether you're a first-time buyer or looking to downsize, this renovated property checks every box. Step inside and feel the difference a top-to-bottom renovation makes. The fully remodeled bathroom features modern fixtures and a jacuzzi tub, while the updated kitchen offers a fresh, functional space you'll love cooking in. New flooring flows throughout, giving every room a clean, cohesive look year-round. This home is serious about efficiency. With R-60 insulation, you'll stay warm all winter while keeping energy bills low. The newer furnace runs reliably, and the new electric panel and mast provide modern, safe power distribution for years to come. A newer roof means one less major expense on your horizon. The detached single-stall garage provides protected parking and extra storage — a true necessity in northern Minnesota.Call for a tour!

18. 2026-04-22
    price $136,900 981-char remark

    Show marketing remark (981 chars)

    Welcome to this beautifully updated home in Hoyt Lakes, Minnesota — where small-town charm meets outdoor adventure. Whether you're a first-time buyer or looking to downsize, this renovated property checks every box. Step inside and feel the difference a top-to-bottom renovation makes. The fully remodeled bathroom features modern fixtures and a jacuzzi tub, while the updated kitchen offers a fresh, functional space you'll love cooking in. New flooring flows throughout, giving every room a clean, cohesive look year-round. This home is serious about efficiency. With R-60 insulation, you'll stay warm all winter while keeping energy bills low. The newer furnace runs reliably, and the new electric panel and mast provide modern, safe power distribution for years to come. A newer roof means one less major expense on your horizon. The detached single-stall garage provides protected parking and extra storage — a true necessity in northern Minnesota.Call for a tour!

19. 2026-04-22
    price $136,900

    Show marketing remark (981 chars)

    Welcome to this beautifully updated home in Hoyt Lakes, Minnesota — where small-town charm meets outdoor adventure. Whether you're a first-time buyer or looking to downsize, this renovated property checks every box. Step inside and feel the difference a top-to-bottom renovation makes. The fully remodeled bathroom features modern fixtures and a jacuzzi tub, while the updated kitchen offers a fresh, functional space you'll love cooking in. New flooring flows throughout, giving every room a clean, cohesive look year-round. This home is serious about efficiency. With R-60 insulation, you'll stay warm all winter while keeping energy bills low. The newer furnace runs reliably, and the new electric panel and mast provide modern, safe power distribution for years to come. A newer roof means one less major expense on your horizon. The detached single-stall garage provides protected parking and extra storage — a true necessity in northern Minnesota.Call for a tour!

20. 2026-04-10
    listed $139,900 Active

    Show marketing remark (981 chars)

    Welcome to this beautifully updated home in Hoyt Lakes, Minnesota — where small-town charm meets outdoor adventure. Whether you're a first-time buyer or looking to downsize, this renovated property checks every box. Step inside and feel the difference a top-to-bottom renovation makes. The fully remodeled bathroom features modern fixtures and a jacuzzi tub, while the updated kitchen offers a fresh, functional space you'll love cooking in. New flooring flows throughout, giving every room a clean, cohesive look year-round. This home is serious about efficiency. With R-60 insulation, you'll stay warm all winter while keeping energy bills low. The newer furnace runs reliably, and the new electric panel and mast provide modern, safe power distribution for years to come. A newer roof means one less major expense on your horizon. The detached single-stall garage provides protected parking and extra storage — a true necessity in northern Minnesota.Call for a tour!

21. 2026-04-10
    listed $139,900 Active 982-char remark

    Show marketing remark (981 chars)

    Welcome to this beautifully updated home in Hoyt Lakes, Minnesota — where small-town charm meets outdoor adventure. Whether you're a first-time buyer or looking to downsize, this renovated property checks every box. Step inside and feel the difference a top-to-bottom renovation makes. The fully remodeled bathroom features modern fixtures and a jacuzzi tub, while the updated kitchen offers a fresh, functional space you'll love cooking in. New flooring flows throughout, giving every room a clean, cohesive look year-round. This home is serious about efficiency. With R-60 insulation, you'll stay warm all winter while keeping energy bills low. The newer furnace runs reliably, and the new electric panel and mast provide modern, safe power distribution for years to come. A newer roof means one less major expense on your horizon. The detached single-stall garage provides protected parking and extra storage — a true necessity in northern Minnesota.Call for a tour!

22. 2026-04-10
    listed $139,900 Active 981-char remark

    Show marketing remark (981 chars)

    Welcome to this beautifully updated home in Hoyt Lakes, Minnesota — where small-town charm meets outdoor adventure. Whether you're a first-time buyer or looking to downsize, this renovated property checks every box. Step inside and feel the difference a top-to-bottom renovation makes. The fully remodeled bathroom features modern fixtures and a jacuzzi tub, while the updated kitchen offers a fresh, functional space you'll love cooking in. New flooring flows throughout, giving every room a clean, cohesive look year-round. This home is serious about efficiency. With R-60 insulation, you'll stay warm all winter while keeping energy bills low. The newer furnace runs reliably, and the new electric panel and mast provide modern, safe power distribution for years to come. A newer roof means one less major expense on your horizon. The detached single-stall garage provides protected parking and extra storage — a true necessity in northern Minnesota.Call for a tour!

ⓘ 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: $946 · $79/mo
• Projected year-2 tax: $1,240 · $103/mo
• Expected delta: +$294/yr (+$24/mo · 31.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥90°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,549
• − Mortgage interest: −$7,669
• − Property taxes: −$946
• − Insurance: −$684
• − Repairs & maintenance: −$924
• − Management: −$924
• − Depreciation: −$3,983
• Taxable loss: −$3,580
• Est. tax savings @ 24.0%: +$859
• After-tax cash flow: $-262/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: Mesabi East School District
• NCES district ID: 2791450
• Math proficiency: 27% ▼ -17.00%
• Reading proficiency: 47% ▼ -8.00%
• Median HH income: $47,546
• Composite: 31.69/100
• National rank: #5922
• State rank: #240 of 301 in MN

Livability — Hoyt Lakes

• Score: 72/100
• State rank: #270
• US rank: #5844

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hoyt Lakes, MN
• Population (ZIP): 2,078

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 (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 6% Native American 3%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Portuguese 19% Lithuanian 4% Romanian 4%
• Foreign-born: 0%
• Languages at home: 97% English-only · Spanish 3%

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: ▼ -52.12%
• Current HPI: 171.9924
• 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

-2.1% since first listed

8 events — show timeline

• 2026-05-11 Pending — LSAR
• 2026-05-11 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-22 Price Changed $136,900 LSAR
• 2026-04-22 Price Changed $136,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-22 Price Changed $136,900 RAOR
• 2026-04-10 Listed $139,900 RAOR
• 2026-04-10 Listed $139,900 LSAR
• 2026-04-10 Listed $139,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+18.7%/yr

Latest (2025): $946 · +437.5% YoY. Source: county tax records.