12532 Harpers Ct NE Unit C

Blaine, MN 55449

$339,000D-

3 bd · 3.0 ba · 1,512 sqft · Built 2024 · Townhouse · Pending · 71 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,955/mo
• Mortgage (P&I): −$1,778
• Tax + insurance: −$428
• HOA: −$282
• Vac / Maint / Mgmt: −$620
• Net cashflow: $-154/mo
• Annual: $-1,844/yr
• Cap rate: 5.75%
• Cash-on-cash: -1.94%
• DSCR: 0.91
• 1% rule: 0.87%
• Cash to close: $94,920

Investor read

• This is a 3-bed/3.0-bath townhouse listed at $339k.
• 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).
• It's been on market 71 days — a 6% lower offer ($319k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $295k (12.8% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Anoka County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• 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.

Questions for listing agent

• 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?
• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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?
• 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?
• 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.