302 Benton St · Anoka, MN 55303

$349,900

5 bd · 3.0 ba · 1,548 sqft · SingleFamily public records · 65 Days on market

Built 1897 0.25 ac lot $226/sqft · 14% above area Est $454k · 23% under

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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).

• ARV discount +15.0/15.0
• Cash flow +10.0/30.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +3.6/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautifully renovated home set on spacious corner lot, offering a perfect blend of charm, functionality, and modern updates throughout. The bright and inviting upper level features three bedrooms along with a convenient full bath and a newly added laundry area complete with storage and a built-in workstation for everyday ease. The main level boasts an expansive and versatile layout, highlighted by an updated kitchen with stainless steel appliances and an open concept flow to the eat-in dining area and living room—ideal for everyday living and entertaining. A large den provides additional living or flex space, complemented by two cozy bedrooms and a stylish 3/4 bath. The unfinished lower level offers excellent potential for future equity, featuring an egress window and a new water heater already in place. A true standout is the oversized three-car detached garage, complete with a finished office space equipped with water and plumbing—perfect for a home business, studio, or private workspace. With its thoughtful updates, flexible living spaces, and generous lot size, this property presents a rare opportunity to enjoy both comfort and versatility in one exceptional home.

Key facts

• 0.25 acre lot
• 3 garage spots
• Built 1897

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $350k.

Deal economics

• At list price, monthly cash flow is $-211 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $313k (10.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $258k (26.3% below list).
• Recommended offer: $258k (26.3% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 3.4% in Anoka — 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 79/100 on livability (#102 in MN, #2,300 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, cost of living B+; Watch: amenities D+, health & safety 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: Franklin Elementary (math 47% / reading 52%, grade D, #423 of 857 statewide, top 55%, 331 students, 66% FRL); Anoka Middle School For The Arts (math 39% / reading 44%, grade F, #138 of 258 statewide, top 55%, 1,678 students, 44% FRL); Anoka High School (math 26% / reading 63%, grade F, #189 of 471 statewide, top 44%, 2,322 students, 36% FRL) — zoned schools average 49% FRL vs 24% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.3%/yr); 346 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,083 units permitted in Anoka County in 2024 (134 in 5+ unit buildings).
• This rent runs 30% of the median local income ($103k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 65 days — a 6% lower offer ($329k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 17y ago; this cycle's ask has dropped $50k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $153k; list at $350k implies a 129% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $258,048 (26.3% 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 65 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1897 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
7. 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.
8. 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.
9. 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: 0.74% ✗
• Cap rate: 5.57%
• Cash-on-cash: -2.59%
• DSCR: 0.88
• GRM: 11.3

CMA / ARV

• ARV (median comp): $453,662
• List price: $349,900
• Delta: -22.87%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.31% rent growth · sell at horizon

5-year hold

• IRR: -19.3%
• Equity multiple: 0.32×
• Total profit: $-66,786
• Equity at exit: $52,171

10-year hold

• IRR: -9.7%
• Equity multiple: 0.37×
• Total profit: $-61,239
• Equity at exit: $30,253

Cash invested: $97,972 (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 55303

• Rents YoY: 4.3%
• Active inventory: 346
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $2,580 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$269 /mo · $3,232/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$542
• Net cashflow: $-211

Break-even live

Break-even rent $2,848

Max offer price $312,543

Occupancy floor —

Sensitivity live

Price	-10% $-13	-5% $-112	+0% $-211	+5% $-311	+10% $-410
Rent	-10% $-415	-5% $-313	+0% $-211	+5% $-110	+10% $-8
Rate	-1.0pp $-35	-0.5pp $-122	base $-211	+0.5pp $-302	+1.0pp $-394

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13470 Linwood Forest Cir Champlin, MN	4.0	3.0	1700	$2,250	$1.32	45d	1	1.26mi
3421 Placer Ave Anoka, MN	4.0	2.0	1628	$2,650	$1.63	26d	1	1.46mi

Listing history 30 events

1. 2026-06-21
   days on market $349,900 Active 65 DOM
2. 2026-06-18
   days on market $349,900 Active 62 DOM
3. 2026-06-17
   days on market $349,900 Active 61 DOM
4. 2026-06-16
   days on market $349,900 Active 60 DOM
5. 2026-06-15
   days on market $349,900 Active 59 DOM
6. 2026-06-13
   days on market $349,900 Active 57 DOM
7. 2026-06-13
   pricedays on market $349,900 Active 56 DOM
8. 2026-06-09
   days on market $362,500 Active 53 DOM
9. 2026-06-08
   days on market $362,500 Active 52 DOM
10. 2026-06-07
    days on market $362,500 Active 51 DOM
11. 2026-06-04
    days on market $362,500 Active 48 DOM
12. 2026-06-03
    days on market $362,500 Active 47 DOM
13. 2026-06-02
    days on market $362,500 Active 46 DOM
14. 2026-06-01
    days on market $362,500 Active 45 DOM
15. 2026-05-31
    days on market $362,500 Active 44 DOM
16. 2026-04-27
    price $374,900 1198-char remark

    Show marketing remark (1198 chars)

    Beautifully renovated home set on spacious corner lot, offering a perfect blend of charm, functionality, and modern updates throughout. The bright and inviting upper level features three bedrooms along with a convenient full bath and a newly added laundry area complete with storage and a built-in workstation for everyday ease. The main level boasts an expansive and versatile layout, highlighted by an updated kitchen with stainless steel appliances and an open concept flow to the eat-in dining area and living room—ideal for everyday living and entertaining. A large den provides additional living or flex space, complemented by two cozy bedrooms and a stylish 3/4 bath. The unfinished lower level offers excellent potential for future equity, featuring an egress window and a new water heater already in place. A true standout is the oversized three-car detached garage, complete with a finished office space equipped with water and plumbing—perfect for a home business, studio, or private workspace. With its thoughtful updates, flexible living spaces, and generous lot size, this property presents a rare opportunity to enjoy both comfort and versatility in one exceptional home.

17. 2026-04-27
    price $379,900 1198-char remark

    Show marketing remark (1198 chars)

    Beautifully renovated home set on spacious corner lot, offering a perfect blend of charm, functionality, and modern updates throughout. The bright and inviting upper level features three bedrooms along with a convenient full bath and a newly added laundry area complete with storage and a built-in workstation for everyday ease. The main level boasts an expansive and versatile layout, highlighted by an updated kitchen with stainless steel appliances and an open concept flow to the eat-in dining area and living room—ideal for everyday living and entertaining. A large den provides additional living or flex space, complemented by two cozy bedrooms and a stylish 3/4 bath. The unfinished lower level offers excellent potential for future equity, featuring an egress window and a new water heater already in place. A true standout is the oversized three-car detached garage, complete with a finished office space equipped with water and plumbing—perfect for a home business, studio, or private workspace. With its thoughtful updates, flexible living spaces, and generous lot size, this property presents a rare opportunity to enjoy both comfort and versatility in one exceptional home.

18. 2026-04-17
    listed $399,900 Active 1198-char remark

    Show marketing remark (1198 chars)

    Beautifully renovated home set on spacious corner lot, offering a perfect blend of charm, functionality, and modern updates throughout. The bright and inviting upper level features three bedrooms along with a convenient full bath and a newly added laundry area complete with storage and a built-in workstation for everyday ease. The main level boasts an expansive and versatile layout, highlighted by an updated kitchen with stainless steel appliances and an open concept flow to the eat-in dining area and living room—ideal for everyday living and entertaining. A large den provides additional living or flex space, complemented by two cozy bedrooms and a stylish 3/4 bath. The unfinished lower level offers excellent potential for future equity, featuring an egress window and a new water heater already in place. A true standout is the oversized three-car detached garage, complete with a finished office space equipped with water and plumbing—perfect for a home business, studio, or private workspace. With its thoughtful updates, flexible living spaces, and generous lot size, this property presents a rare opportunity to enjoy both comfort and versatility in one exceptional home.

19. 2026-04-16
    historical $399,900 1198-char remark

    Show marketing remark (1198 chars)

    Beautifully renovated home set on spacious corner lot, offering a perfect blend of charm, functionality, and modern updates throughout. The bright and inviting upper level features three bedrooms along with a convenient full bath and a newly added laundry area complete with storage and a built-in workstation for everyday ease. The main level boasts an expansive and versatile layout, highlighted by an updated kitchen with stainless steel appliances and an open concept flow to the eat-in dining area and living room—ideal for everyday living and entertaining. A large den provides additional living or flex space, complemented by two cozy bedrooms and a stylish 3/4 bath. The unfinished lower level offers excellent potential for future equity, featuring an egress window and a new water heater already in place. A true standout is the oversized three-car detached garage, complete with a finished office space equipped with water and plumbing—perfect for a home business, studio, or private workspace. With its thoughtful updates, flexible living spaces, and generous lot size, this property presents a rare opportunity to enjoy both comfort and versatility in one exceptional home.

20. 2019-02-05
    soldstatus $153,000
21. 2013-11-01
    soldstatus $180,000 Sold 247-char remark

    Show marketing remark (247 chars)

    What's this? 5 bedrooms above ground, fully renovated home, 2nd floor laundry. Completely remodeled including new foundation/basement, plumbing, electrical, hvac, windows, doors. Updated kitchen and baths right near the Mississippi River. CD terms

22. 2013-10-17
    status Pending 247-char remark

    Show marketing remark (247 chars)

    What's this? 5 bedrooms above ground, fully renovated home, 2nd floor laundry. Completely remodeled including new foundation/basement, plumbing, electrical, hvac, windows, doors. Updated kitchen and baths right near the Mississippi River. CD terms

23. 2013-10-01
    historical Contingent - Other 247-char remark

    Show marketing remark (247 chars)

    What's this? 5 bedrooms above ground, fully renovated home, 2nd floor laundry. Completely remodeled including new foundation/basement, plumbing, electrical, hvac, windows, doors. Updated kitchen and baths right near the Mississippi River. CD terms

24. 2013-09-07
    listed $185,000 Active 247-char remark

    Show marketing remark (247 chars)

    What's this? 5 bedrooms above ground, fully renovated home, 2nd floor laundry. Completely remodeled including new foundation/basement, plumbing, electrical, hvac, windows, doors. Updated kitchen and baths right near the Mississippi River. CD terms

25. 2010-12-20
    historical
26. 2010-09-20
    listed $175,000
27. 2009-09-11
    soldstatus $57,500
28. 2009-09-10
    soldstatus $57,500
29. 2009-08-11
    historical
30. 2009-08-07
    listed $54,900

ⓘ 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: $3,232 · $269/mo
• Projected year-2 tax: $3,576 · $298/mo
• Expected delta: +$343/yr (+$29/mo · 10.6%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,966
• − Mortgage interest: −$19,600
• − Property taxes: −$3,232
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,477
• − Management: −$2,477
• − Depreciation: −$10,179
• Taxable loss: −$8,749
• Est. tax savings @ 24.0%: +$2,100
• After-tax cash flow: $-438/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 — Anoka

• Score: 79/100
• State rank: #102
• US rank: #2300

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Anoka, MN
• County: Anoka County · 277,116 people
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 52,614
• Household income: $102,986
• Rent vs Own: 24.2% rent · 75.8% own
• Severe rent burden: 1060.0

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 (82%)
• Race & ethnicity: White 82% Black 7% Two or more races 6% Hispanic / Latino 4% Asian 3%
• Common ancestry: Portuguese 12% Romanian 5% Lithuanian 4%
• Foreign-born: 7% · Canada, South Korea, Vietnam
• Languages at home: 92% English-only · Other Asian/Pacific 2% Spanish 2% French/Haitian/Cajun 1%

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: ▼ -273.26%
• Current HPI: 251.4034
• Rent YoY: ▲ 4.31%
• 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

+582.9% since first listed

15 events — show timeline

• 2026-04-27 Price Changed $374,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-27 Price Changed $379,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-17 Listed $399,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-16 Coming Soon $399,900 NORTHSTARMLS as Distributed by MLS Grid
• 2019-02-05 Sold (Public Records) $153,000 Public Records
• 2013-11-01 Sold (MLS) $180,000 NORTHSTARMLS as Distributed by MLS Grid
• 2013-10-17 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2013-10-01 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2013-09-07 Listed $185,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-12-20 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2010-09-20 Listed $175,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-09-11 Sold (Public Records) $57,500 Public Records
• 2009-09-10 Sold (MLS) $57,500 NORTHSTARMLS as Distributed by MLS Grid
• 2009-08-11 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-08-07 Listed $54,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+4.3%/yr

Latest (2026): $3,232 · +0.8% YoY. Source: county tax records.