10075 City Walk Dr #104

Woodbury, MN 55129

$290,000D-

3 bd · 3.0 ba · 1,747 sqft · Built 2004 · Condo · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,788/mo
• Mortgage (P&I): −$1,521
• Tax + insurance: −$318
• HOA: −$1,027
• Vac / Maint / Mgmt: −$585
• Net cashflow: $-663/mo
• Annual: $-7,956/yr
• Cap rate: 3.55%
• Cash-on-cash: -9.80%
• DSCR: 0.56
• 1% rule: 0.96%
• Cash to close: $81,200

Investor read

• This is a 3-bed/3.0-bath condo listed at $290k.
• At list price, monthly cash flow is $-663 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $173k (40.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $279k (3.9% below list).
• It's been on market 48 days — a 3% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $173k (40.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 89/100 on livability (#6 in MN, #153 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, commute A+; Watch: cost of living F.
• Stillwater Area Public School District (suburban): math 53% / reading 56% proficiency, ranked #54 of 301 in MN (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 37% of rent.
• Market conditions: Rents rising (+2.9%/yr); 356 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,405 units permitted in Washington County in 2024 (121 in 5+ unit buildings).
• Washington County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 11 sale attempts since 20y 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.

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 48 days. Have you received any prior offers? Is the seller open to a 40% 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?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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.