48600 Anchor Ave

Nessel, MN 55080

$360,000C

4 bd · 2.0 ba · 2,072 sqft · Built 1976 · SingleFamily · Active · 82 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,207/mo
• Mortgage (P&I): −$1,888
• Tax + insurance: −$600
• HOA: −$0
• Vac / Maint / Mgmt: −$884
• Net cashflow: $836/mo
• Annual: $10,029/yr
• Cap rate: 9.08%
• Cash-on-cash: 9.95%
• DSCR: 1.44
• 1% rule: 1.17%
• Cash to close: $100,800

Investor read

• This is a 4-bed/2.0-bath single-family listed at $360k. Condition is rated fair.
• At list price, monthly cash flow is $836 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $360k).
• It's been on market 82 days — a 6% lower offer ($338k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $338k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Braham Public School District (rural): math 39% / reading 52% proficiency, ranked #170 of 301 in MN (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 31 active listings in the ZIP; 362 units permitted in Chisago County in 2024 (121 in 5+ unit buildings).
• Chisago County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 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.

Questions for listing agent

• It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — poor condition
• Major: bathroom wallpaper — poor condition
• Major: flooring — dated and worn