12532 Harpers Ct NE Unit C · Blaine, MN 55449

$339,000

3 bd · 3.0 ba · 1,512 sqft · Townhouse public records · 71 Days on market

Built 2024 6,054 sqft lot $282/mo HOA · 10% of rent ↓ 5% since listing

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Why this score? — see what drove the D- 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 +10.8/30.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• 1% rule +3.7/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• DSCR +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

***Ask how you can receive a 5.75% 30 year fixed interest rate and up to $10,000 towards closing costs on this home!*** Welcome to our Beautiful 3- level townhomes. This beautiful home is located in the heart of Blaine at our Harper's Landing community and features all three bedrooms and laundry on same floor for your convenience. The finished lower level bonus room is perfect for guests, home office, or fitness. The main level is sure to impress with the kitchen of your dreams, featuring 42” cabinets, expansive white quartz island for 4-person seating, vented microwave hood and gas range PLUS a huge family room with an expansive deck off of it for relaxation, and separate dining area on the main level is included. Private dog park, close to parks and more all with a professionally managed HOA.

Key facts

• $282 HOA
• 2 garage spots
• Built 2024

Property features AI

Finance

• HOA & community: HOA managed by New Concepts Management Group; Monthly association fee of $282; HOA covers lawn care, grounds maintenance, professional management, shared amenities, and snow removal

Exterior

• Parking: Attached tuck-under garage with insulated garage and garage door opener; Asphalt driveway; 2-car garage (approximately 21x20)
• Utilities: City water (connected); City sewer (connected); Natural gas
• Home design: Residential attached property; More than 2 stories; Entry level: Main
• Construction: Concrete construction; Roof replaced/age 8 years or less; Foundation: Other
• Exterior features: Deck; Stone accents; City street frontage

Interior

• Kitchen: Kitchen with center island; Stainless steel appliances; Range; Microwave; Dishwasher; Refrigerator; Disposal; Eat-in kitchen / kitchen-dining area
• Bedrooms: 3 bedrooms (two upper level bedrooms; one upper level primary bedroom)
• Bathrooms: Primary 3/4 bath (private); Upper level full bath; Upper level 3/4 bath; Main floor half bath
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Air-to-air exchanger; Water softener (owned); Indoor sprinklers; Walk-in closet; Finished basement with daylight/lookout windows; Drain-tiled basement; Concrete basement
• Laundry & utility: Upper level laundry; Washer/dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath townhouse listed at $339k.

Deal economics

• At list price, monthly cash flow is $-154 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $312k (8.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $295k (12.8% below list).
• Recommended offer: $295k (12.8% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 4.0% in Blaine — 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 71/100 on livability (#315 in MN) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, commute F.
• Anoka-Hennepin Public School District (suburban): math 49% / reading 55% proficiency, ranked #71 of 301 in MN (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Johnsville Elementary (math 52% / reading 58%, grade C, #310 of 857 statewide, top 37%, 674 students, 44% FRL); Roosevelt Middle (math 46% / reading 61%, grade C+, #51 of 258 statewide, top 20%, 809 students, 30% FRL); Blaine High School (math 46% / reading 67%, grade C, #77 of 471 statewide, top 17%, 2,969 students, 37% FRL).
• Market conditions: Rents rising fast (+4.4%/yr); 245 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,083 units permitted in Anoka County in 2024 (134 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Anoka County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($319k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Recommended offer $295,455 (12.8% 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 71 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 0.87% ✗
• Cap rate: 5.75%
• Cash-on-cash: -1.94%
• DSCR: 0.91
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.42% rent growth · sell at horizon

5-year hold

• IRR: -17.8%
• Equity multiple: 0.36×
• Total profit: $-60,304
• Equity at exit: $50,546

10-year hold

• IRR: -7.2%
• Equity multiple: 0.51×
• Total profit: $-46,486
• Equity at exit: $29,311

Cash invested: $94,920 (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 55449

• Home prices YoY: -23.8%
• Rents YoY: 4.4%
• Active inventory: 245
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,955 medium
• Mortgage (P&I): −$1,778
• Tax from tax record: −$287 /mo · $3,441/yr
• Insurance: −$141
• HOA: −$282
• Vacancy / Maint / Mgmt: −$620
• Net cashflow: $-154

Break-even live

Break-even rent $3,149

Max offer price $311,858

Occupancy floor —

Sensitivity live

Price	-10% $38	-5% $-58	+0% $-154	+5% $-250	+10% $-346
Rent	-10% $-387	-5% $-270	+0% $-154	+5% $-37	+10% $80
Rate	-1.0pp $17	-0.5pp $-67	base $-154	+0.5pp $-241	+1.0pp $-331

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: $84,750
• Closing costs: $10,170
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12335 Midway Cir NE Minneapolis, MN	4.0	2.0	2150	$2,800	$1.30	4d	1	0.45mi
2445 120th Cir NE Blaine, MN	2.0–4.0	2.5–3.5	1894	$3,314	$1.75	0d	18	0.76mi
2444 120th Ln NE Blaine, MN	3.0	2.5	1858	$3,345	$1.80	0d	1	0.87mi
12210 Urbank St NE Unit B Blaine, MN	2.0	1.5	1632	$2,295	$1.41	0d	1	0.92mi

HOA detail

• Monthly dues: $282 · $3,384/yr
• Likely covers: gas

Listing history 11 events

1. 2026-05-07
   status Pending
2. 2026-04-17
   historical Contingent - Inspection
3. 2026-03-23
   price $339,000
4. 2026-03-08
   price $344,900
5. 2026-02-26
   listed $355,000 Active
6. 2026-02-25
   historical $355,000
7. 2024-05-10
   soldstatus $344,990 Sold 811-char remark

   Show marketing remark (811 chars)

   ***Ask how you can receive a 5.75% 30 year fixed interest rate and up to $10,000 towards closing costs on this home!*** Welcome to our Beautiful 3- level townhomes. This beautiful home is located in the heart of Blaine at our Harper's Landing community and features all three bedrooms and laundry on same floor for your convenience. The finished lower level bonus room is perfect for guests, home office, or fitness. The main level is sure to impress with the kitchen of your dreams, featuring 42” cabinets, expansive white quartz island for 4-person seating, vented microwave hood and gas range PLUS a huge family room with an expansive deck off of it for relaxation, and separate dining area on the main level is included. Private dog park, close to parks and more all with a professionally managed HOA.

8. 2024-03-30
   status Pending 811-char remark

   Show marketing remark (811 chars)

   ***Ask how you can receive a 5.75% 30 year fixed interest rate and up to $10,000 towards closing costs on this home!*** Welcome to our Beautiful 3- level townhomes. This beautiful home is located in the heart of Blaine at our Harper's Landing community and features all three bedrooms and laundry on same floor for your convenience. The finished lower level bonus room is perfect for guests, home office, or fitness. The main level is sure to impress with the kitchen of your dreams, featuring 42” cabinets, expansive white quartz island for 4-person seating, vented microwave hood and gas range PLUS a huge family room with an expansive deck off of it for relaxation, and separate dining area on the main level is included. Private dog park, close to parks and more all with a professionally managed HOA.

9. 2024-03-17
   historical Contingent - Sale of Another Property 811-char remark

   Show marketing remark (811 chars)

   ***Ask how you can receive a 5.75% 30 year fixed interest rate and up to $10,000 towards closing costs on this home!*** Welcome to our Beautiful 3- level townhomes. This beautiful home is located in the heart of Blaine at our Harper's Landing community and features all three bedrooms and laundry on same floor for your convenience. The finished lower level bonus room is perfect for guests, home office, or fitness. The main level is sure to impress with the kitchen of your dreams, featuring 42” cabinets, expansive white quartz island for 4-person seating, vented microwave hood and gas range PLUS a huge family room with an expansive deck off of it for relaxation, and separate dining area on the main level is included. Private dog park, close to parks and more all with a professionally managed HOA.

10. 2024-02-15
    price $344,990 811-char remark

    Show marketing remark (811 chars)

    ***Ask how you can receive a 5.75% 30 year fixed interest rate and up to $10,000 towards closing costs on this home!*** Welcome to our Beautiful 3- level townhomes. This beautiful home is located in the heart of Blaine at our Harper's Landing community and features all three bedrooms and laundry on same floor for your convenience. The finished lower level bonus room is perfect for guests, home office, or fitness. The main level is sure to impress with the kitchen of your dreams, featuring 42” cabinets, expansive white quartz island for 4-person seating, vented microwave hood and gas range PLUS a huge family room with an expansive deck off of it for relaxation, and separate dining area on the main level is included. Private dog park, close to parks and more all with a professionally managed HOA.

11. 2024-01-18
    listed $354,990 Active 811-char remark

    Show marketing remark (811 chars)

    ***Ask how you can receive a 5.75% 30 year fixed interest rate and up to $10,000 towards closing costs on this home!*** Welcome to our Beautiful 3- level townhomes. This beautiful home is located in the heart of Blaine at our Harper's Landing community and features all three bedrooms and laundry on same floor for your convenience. The finished lower level bonus room is perfect for guests, home office, or fitness. The main level is sure to impress with the kitchen of your dreams, featuring 42” cabinets, expansive white quartz island for 4-person seating, vented microwave hood and gas range PLUS a huge family room with an expansive deck off of it for relaxation, and separate dining area on the main level is included. Private dog park, close to parks and more all with a professionally managed HOA.

ⓘ 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: $3,441 · $287/mo
• Projected year-2 tax: $3,619 · $302/mo
• Expected delta: +$178/yr (+$15/mo · 5.2%)

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

Taxation est. · year 1

• Rental income: $35,455
• − Mortgage interest: −$18,989
• − Property taxes: −$3,441
• − Insurance: −$1,695
• − Repairs & maintenance: −$2,836
• − Management: −$2,836
• − HOA: −$3,384
• − Depreciation: −$9,862
• Taxable loss: −$7,589
• Est. tax savings @ 24.0%: +$1,821
• After-tax cash flow: $-22/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: Anoka-Hennepin Public School District
• NCES district ID: 2703180
• Math proficiency: 49% ▼ -14.00%
• Reading proficiency: 55% ▼ -10.00%
• Median HH income: $73,837
• Composite: 46.7/100
• National rank: #2400
• State rank: #71 of 301 in MN

Livability — Blaine

• Score: 71/100
• State rank: #315
• US rank: #7073

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Blaine, MN
• County: Anoka County · 277,116 people
• City population: 67,472
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 34,443
• Household income: $131,832
• Rent vs Own: 12.1% rent · 87.9% own
• Severe rent burden: 275.0

Population outlook (Anoka County) Hauer SSP2

• Today (2025): 375,223 people
• By 2030: 387,850 · +3.4%
• By 2040: 407,239 · +8.5%
• By 2050: 417,541 · +11.3%
• By 2075: 448,447 · +19.5%
• By 2100: 464,954 · +23.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Asian 10% Black 9% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Portuguese 10% Romanian 5% Lithuanian 3%
• Foreign-born: 14% · Canada, Vietnam, China
• Languages at home: 79% English-only · Arabic 4% Other Asian/Pacific 4% Spanish 3%

Political lean MEDSL · Anoka

• 2024 margin: Toss-up / Even · D 46.6% · R 51.0% · Other 2.4%
• 2008→2024 swing: -2.0pp toward R · 2008: -2.4pp · 2024: -4.4pp
• All cycles: 2024: R+4.4 2020: R+1.9 2016: R+9.7 2012: R+2.6 2008: R+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.24%
• Current HPI: 225.2348
• Rent YoY: ▲ 4.42%
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• 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

-4.5% since first listed

11 events — show timeline

• 2026-05-07 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-17 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-23 Price Changed $339,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-08 Price Changed $344,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-26 Listed $355,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-25 Coming Soon $355,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-05-10 Sold (MLS) $344,990 NORTHSTARMLS as Distributed by MLS Grid
• 2024-03-30 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2024-03-17 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2024-02-15 Price Changed $344,990 NORTHSTARMLS as Distributed by MLS Grid
• 2024-01-18 Listed $354,990 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+121.3%/yr

Latest (2026): $3,441 · +3.9% YoY. Source: county tax records.