118 E Indiana Ave · Gilbert, MN 55741

$45,000

3 bd · 2.0 ba · 1,155 sqft · SingleFamily public records · 92 Days on market

Built 1910 4,800 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

This 1.5-story home is a true fixer-upper with plenty of potential! The spacious main floor offers a kitchen, dining area, and large living room, creating a great foundation for updating and customizing to your taste. Upstairs you’ll find three bedrooms and a full bathroom, providing a functional layout for everyday living. While the home does need considerable work, it’s a great opportunity for an investor or buyer looking for a project to make their own.

Key facts

• 4,800 sq ft lot
• 2 garage spots
• Built 1910

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $596 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $41k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#704 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, health & safety D, schools D-.
• Market conditions: 26 active listings in the ZIP; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($311 loan paydown + $4k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 92 days — a 9% lower offer ($41k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $40,950 (9.0% below list)

Questions for the listing agent

1. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 2.44% ✓
• Cap rate: 22.17%
• Cash-on-cash: 56.72%
• DSCR: 3.52
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $122,430
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
108 Dakota Ave	0.15mi	3/1.5	1,248 (+8%)	12mo	$24,000	$19	68
510 Broadway St S	0.61mi	3/2.0	1,232 (+7%)	1mo	$155,000	$126	59
107 W Louisiana Ave	0.67mi	2/1.0 (-1)	1,176 (+2%)	10mo	$125,000	$106	48
106 New York Ave W	0.51mi	2/1.0 (-1)	1,047 (-9%)	13mo	$95,000	$91	41
108 Louisiana Ave Ave W	0.64mi	2/2.0 (-1)	1,296 (+12%)	16mo	$138,000	$106	31

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: 69.3%
• Equity multiple: 5.96×
• Total profit: $62,434
• Equity at exit: $40,540

10-year hold

• IRR: 63.1%
• Equity multiple: 13.22×
• Total profit: $154,015
• Equity at exit: $87,425

Cash invested: $12,600 (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 55741

• Home prices YoY: 23.4%
• Active inventory: 26
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,100 medium
• Mortgage (P&I): −$236
• Tax from tax record: −$18 /mo · $222/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $596

Break-even live

Break-even rent $346

Max offer price $45,000

Occupancy floor 41%

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2025-12-10
   status Pending
2. 2025-09-09
   listed $45,000 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: $222 · $18/mo
• Projected year-2 tax: $363 · $30/mo
• Expected delta: +$141/yr (+$12/mo · 63.5%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X · 24% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥90°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,197
• − Mortgage interest: −$2,521
• − Property taxes: −$222
• − Insurance: −$225
• − Repairs & maintenance: −$1,056
• − Management: −$1,056
• − Depreciation: −$1,309
• Taxable income: $6,809
• Est. tax owed @ 24.0%: −$1,634
• After-tax cash flow: $5,513/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)

No district data.

Livability — Gilbert

• Score: 62/100
• State rank: #704
• US rank: #16952

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gilbert, MN
• Population (ZIP): 2,933

Population outlook (St. Louis County) Hauer SSP2

• Today (2025): 202,411 people
• By 2030: 203,234 · +0.4%
• By 2040: 202,520 · +0.1%
• By 2050: 200,853 · -0.8%
• By 2075: 200,943 · -0.7%
• By 2100: 192,058 · -5.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 3%
• Common ancestry: Portuguese 11% Romanian 6% Lithuanian 3%
• Foreign-born: 1%

Political lean MEDSL · St. Louis

• 2024 margin: D (+13.7) · D 55.9% · R 42.2% · Other 1.8%
• 2008→2024 swing: -18.8pp toward R · 2008: 32.5pp · 2024: 13.7pp
• All cycles: 2024: D+13.7 2020: D+15.6 2016: D+11.8 2012: D+29.6 2008: D+32.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 58.57%
• Current HPI: 308.63
• 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

2 events — show timeline

• 2025-12-10 Pending — RAOR
• 2025-09-09 Listed $45,000 RAOR

Property tax history

-5.8%/yr

Latest (2025): $222 · +82.0% YoY. Source: county tax records.