1557 Superior Shrs Unit 17-7 · Silver Creek, MN 55616

$62,000

2 bd · 2.0 ba · 1,260 sqft · Condo · 59 Days on market

Built 1984 Good condition $49/sqft · 12% below area Est $71k · 12% under $141/mo HOA · 11% of rent

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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
• ARV discount +13.1/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.8/10.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy the best of Lake Superior living with one-eighth ownership (approximately 6 weeks per year) in this well-appointed 2-bedroom plus loft unit at Superior Shores in Two Harbors. Comfortably sleeping up to 8 guests, this spacious layout is ideal for hosting family and friends. This is a rare opportunity to own a low-maintenance, cost-effective getaway on the North Shore—without the responsibilities of full-time ownership. Take in breathtaking lake views, easy shoreline access, and all the amenities Superior Shores has to offer, while creating lasting memories throughout every season.

Key facts

• Lake superior living
• Spacious layout
• $141 HOA

Tags

• LAKE SUPERIOR LIVING
• BREATHTAKING LAKE VIEWS
• EASY SHORELINE ACCESS
• LOW-MAINTENANCE GETAWAY
• SPACIOUS LAYOUT

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $62k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $423 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $62k).
• Recommended offer: $60k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.5% vs local median 2.1% in Silver Creek — 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 64/100 on livability (#582 in MN) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A, housing B+; Watch: health & safety D+, schools F, amenities F.
• Lake Superior Public School District (rural): math 34% / reading 53% proficiency, ranked #191 of 301 in MN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 83 active listings in the ZIP; 81 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $429 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Lake County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($60k) is reasonable based on typical stale-listing flexibility.

Recommended offer $60,140 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.03% ✓
• Cap rate: 14.48%
• Cash-on-cash: 29.24%
• DSCR: 2.30
• GRM: 4.1

CMA / ARV

• ARV (median comp): $70,749
• List price: $62,000
• Delta: -12.37%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 23.8%
• Equity multiple: 1.98×
• Total profit: $17,003
• Equity at exit: $9,244

10-year hold

• IRR: 31.7%
• Equity multiple: 3.88×
• Total profit: $49,930
• Equity at exit: $5,361

Cash invested: $17,360 (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 55616

• Active inventory: 83
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,256 medium
• Mortgage (P&I): −$325
• Tax est. 1.5%: −$78 /mo · $930/yr
• Insurance: −$26
• HOA: −$141
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $423

Break-even live

Break-even rent $721

Max offer price $62,000

Occupancy floor 61%

Sensitivity live

Price	-10% $466	-5% $444	+0% $423	+5% $402	+10% $380
Rent	-10% $324	-5% $373	+0% $423	+5% $473	+10% $522
Rate	-1.0pp $454	-0.5pp $439	base $423	+0.5pp $407	+1.0pp $391

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: $15,500
• Closing costs: $1,860
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $141 · $1,692/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $62,000 Active 59 DOM
2. 2026-06-17
   days on market $62,000 Active 58 DOM
3. 2026-06-16
   days on market $62,000 Active 57 DOM
4. 2026-06-15
   days on market $62,000 Active 56 DOM
5. 2026-06-14
   days on market $62,000 Active 54 DOM
6. 2026-06-13
   days on market $62,000 Active 53 DOM
7. 2026-06-10
   days on market $62,000 Active 51 DOM
8. 2026-06-09
   days on market $62,000 Active 50 DOM
9. 2026-06-08
   days on market $62,000 Active 49 DOM
10. 2026-06-07
    days on market $62,000 Active 48 DOM
11. 2026-06-02
    days on market $62,000 Active 43 DOM
12. 2026-06-01
    days on market $62,000 Active 42 DOM
13. 2026-05-31
    days on market $62,000 Active 41 DOM
14. 2026-05-30
    days on market $62,000 Active 40 DOM
15. 2026-04-20
    listed $62,000 Active 598-char remark

    Show marketing remark (598 chars)

    Enjoy the best of Lake Superior living with one-eighth ownership (approximately 6 weeks per year) in this well-appointed 2-bedroom plus loft unit at Superior Shores in Two Harbors. Comfortably sleeping up to 8 guests, this spacious layout is ideal for hosting family and friends. This is a rare opportunity to own a low-maintenance, cost-effective getaway on the North Shore—without the responsibilities of full-time ownership. Take in breathtaking lake views, easy shoreline access, and all the amenities Superior Shores has to offer, while creating lasting memories throughout every season.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥88°F today · 13 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: $15,076
• − Mortgage interest: −$3,473
• − Property taxes: −$930
• − Insurance: −$310
• − Repairs & maintenance: −$1,206
• − Management: −$1,206
• − HOA: −$1,692
• − Depreciation: −$1,804
• Taxable income: $4,455
• Est. tax owed @ 24.0%: −$1,069
• After-tax cash flow: $4,007/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This well-maintained two-bedroom condo offers a good investment opportunity with a good condition score and minimal repairs needed.

Repairs flagged

• Minor Kitchen cabinets — Worn appearance
• Minor Kitchen countertops — Dated design

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace kitchen countertops — Modern countertops improve functionality and resale value
• Both Replace dated kitchen appliances — Upgraded appliances increase functionality and appeal
• Both Replace dated bathroom fixtures — Modern fixtures improve functionality and resale value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn appearance	Minor	$500–3,000
Kitchen countertops · Dated design	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace kitchen countertops — Modern countertops improve functionality and resale value ↑
• Both Replace dated kitchen appliances — Upgraded appliances increase functionality and appeal ↑
• Both Replace dated bathroom fixtures — Modern fixtures improve functionality and resale value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Lake Superior Public School District
• NCES district ID: 2740740
• Math proficiency: 34% ▼ -24.00%
• Reading proficiency: 53% ▼ -9.00%
• Median HH income: $51,958
• Composite: 37.51/100
• National rank: #4399
• State rank: #191 of 301 in MN

Livability — Silver Creek

• Score: 64/100
• State rank: #582
• US rank: #13955

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,277

Population outlook (Lake County) Hauer SSP2

• Today (2025): 9,943 people
• By 2030: 9,437 · -5.1%
• By 2040: 8,326 · -16.3%
• By 2050: 7,365 · -25.9%
• By 2075: 6,008 · -39.6%
• By 2100: 5,038 · -49.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Portuguese 18% Scottish 4% Romanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Lake

• 2024 margin: Toss-up / Even · D 51.0% · R 47.1% · Other 1.9%
• 2008→2024 swing: -18.2pp toward R · 2008: 22.1pp · 2024: 3.9pp
• All cycles: 2024: D+3.9 2020: D+3.5 2016: D+2.2 2012: D+21.1 2008: D+22.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.94%
• Current HPI: 182.619
• 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

1 event — show timeline

• 2026-04-20 Listed $62,000 LSAR