122 Banks Blvd · Silver Bay, MN 55614

$75,000

2 bd · 1.0 ba · 864 sqft · SingleFamily public records · 131 Days on market

Built 1954 9,191 sqft lot $87/sqft · 48% below area Est $147k · 49% under ↓ 19% since listing

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Why this score? — see what drove the A- 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 +29.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +7.8/10.0
• Schools +3.8/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Wholesale purchase opportunity. Being sold AS IS, needs new roof and interior finishing.

Key facts

• 9,191 sq ft lot
• 2 garage spots
• Built 1954

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $261 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($962 rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 4.7% in Silver Bay — 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 74/100 on livability (#217 in MN, #4,547 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute 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: 66 active listings in the ZIP; 81 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($519 loan paydown + $8k appreciation (10.0% local appreciation)).
• Lake County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 131 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 131 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.28% ✓
• Cap rate: 10.47%
• Cash-on-cash: 14.92%
• DSCR: 1.66
• GRM: 6.5

CMA / ARV

• ARV (median comp): $146,655
• List price: $75,000
• Delta: -48.86%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
51 Davis Dr	0.23mi	3/1.0 (+1)	864 (0%)	3mo	$107,500	$124	82
88 Banks Blvd	0.27mi	3/1.0 (+1)	864 (0%)	0mo	$105,000	$122	82
12 Dodge Ln	0.28mi	2/1.0	864 (0%)	18mo	$141,000	$163	72
10 Drake Cr Cir	0.32mi	2/1.0	864 (0%)	23mo	$150,000	$174	66
31 Charles Cr Cir	0.44mi	2/1.0	864 (0%)	18mo	$145,000	$168	64
33 Charles Crk	0.42mi	3/1.0 (+1)	864 (0%)	14mo	$145,000	$168	63
66 Banks Blvd	0.48mi	2/1.0	768 (-11%)	4mo	$117,000	$152	56
100 Edison Blvd	0.49mi	3/1.0 (+1)	960 (+11%)	3mo	$135,000	$141	51
52 Burk Dr	0.68mi	3/1.0 (+1)	864 (0%)	23mo	$153,000	$177	44
42 Banks Blvd	0.68mi	3/1.0 (+1)	900 (+4%)	20mo	$163,900	$182	39
27 James Rd	0.66mi	3/2.0 (+1)	960 (+11%)	8mo	$130,000	$135	35
77 Hays Crk	0.66mi	3/1.0 (+1)	960 (+11%)	20mo	$230,000	$240	29

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 35.3%
• Equity multiple: 3.74×
• Total profit: $57,476
• Equity at exit: $67,566

10-year hold

• IRR: 30.4%
• Equity multiple: 8.44×
• Total profit: $156,187
• Equity at exit: $145,709

Cash invested: $21,000 (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 55614

• Home prices YoY: 11.9%
• Active inventory: 66
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $962 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$74 /mo · $894/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$202
• Net cashflow: $261

Break-even live

Break-even rent $632

Max offer price $75,000

Occupancy floor 68%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $75,000 Active 131 DOM
2. 2026-06-17
   days on market $75,000 Active 130 DOM
3. 2026-06-16
   days on market $75,000 Active 129 DOM
4. 2026-06-15
   price $75,000 Active 128 DOM
5. 2026-06-15
   days on market $79,900 Active 128 DOM
6. 2026-06-14
   days on market $79,900 Active 126 DOM
7. 2026-06-13
   days on market $79,900 Active 125 DOM
8. 2026-06-10
   pricedays on market $79,900 Active 123 DOM
9. 2026-06-09
   days on market $84,900 Active 122 DOM
10. 2026-06-08
    days on market $84,900 Active 121 DOM
11. 2026-06-07
    days on market $84,900 Active 120 DOM
12. 2026-06-02
    days on market $84,900 Active 115 DOM
13. 2026-06-01
    days on market $84,900 Active 114 DOM
14. 2026-05-31
    days on market $84,900 Active 113 DOM
15. 2026-05-30
    days on market $84,900 Active 112 DOM
16. 2026-05-13
    price $88,900 88-char remark

    Show marketing remark (88 chars)

    Wholesale purchase opportunity. Being sold AS IS, needs new roof and interior finishing.

17. 2026-04-24
    price $91,900 88-char remark

    Show marketing remark (88 chars)

    Wholesale purchase opportunity. Being sold AS IS, needs new roof and interior finishing.

18. 2026-04-03
    price $99,000 88-char remark

    Show marketing remark (88 chars)

    Wholesale purchase opportunity. Being sold AS IS, needs new roof and interior finishing.

19. 2026-02-06
    listed $99,900 Active 88-char remark

    Show marketing remark (88 chars)

    Wholesale purchase opportunity. Being sold AS IS, needs new roof and interior finishing.

20. 2026-02-05
    historical
21. 2026-01-14
    price $99,900
22. 2025-12-05
    listed $109,900 Active

ⓘ 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: $894 · $74/mo
• Projected year-2 tax: $894 · $74/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥86°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,545
• − Mortgage interest: −$4,201
• − Property taxes: −$894
• − Insurance: −$375
• − Repairs & maintenance: −$924
• − Management: −$924
• − Depreciation: −$2,182
• Taxable income: $2,046
• Est. tax owed @ 24.0%: −$491
• After-tax cash flow: $2,641/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: 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 Bay

• Score: 74/100
• State rank: #217
• US rank: #4547

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Silver Bay, MN
• Population (ZIP): 2,450

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 (91%)
• Race & ethnicity: White 91% Two or more races 7% Hispanic / Latino 2%
• Common ancestry: Portuguese 21% Lithuanian 2% Scottish 2%
• Foreign-born: 1% · Vietnam
• Languages at home: 98% English-only · Other Indo-European 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: ▲ 52.26%
• Current HPI: 490.17
• 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

-19.1% since first listed

7 events — show timeline

• 2026-05-13 Price Changed $88,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-24 Price Changed $91,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-03 Price Changed $99,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-06 Listed $99,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-05 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-14 Price Changed $99,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-05 Listed $109,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+3.8%/yr

Latest (2025): $894 · +182.7% YoY. Source: county tax records.