1621 Superior Shrs #71 · Two Harbors, MN 55616

$89,000

3 bd · 3.0 ba · 1,620 sqft · SingleFamily · 156 Days on market

Built 1992 $55/sqft · 6% above area Est $84k · 6% over $134/mo HOA · 10% of rent

---

Why this score? — see what drove the B- 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 +28.2/30.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +4.9/15.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Interval ownership of a three-bedroom, three-bath lakehome at Superior Shores. This spectacular unit features vaulted ceilings with skylights, loft, fireplace, a whirlpool, garage and much, much more. This corner unit features two main floor bedrooms, including a lakeview from the primary and a second level with loft, third bedroom and third bath. Housekeeping, laundry and interior maintenance services provided by management company. All exterior maintenance services provided by property manager. Enjoy six plus weeks each year on the North Shore without the hassle of mowing, shoveling, painting, cleaning, etc. This property is situated on 46 wooded acres with over a half-mile of shoreline. Association amenities include hiking trails, tennis and pickleball courts, seasonal outdoor pool and spa. Approximate monthly expenses of $245 include association dues, utilities, cable, phone, Internet, insurance, amenity supplies and management.

Key facts

• Loft
• Lakeview
• Whirlpool

Tags

• VAULTED CEILINGS
• SKYLIGHTS
• LOFT
• FIREPLACE
• WHIRLPOOL
• LAKEVIEW

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $283 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $78k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 2.6% in Two Harbors — 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 81/100 on livability (#62 in MN, #1,444 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing 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.
• Zoned schools: Minnehaha Elementary (math 47% / reading 52%, grade D, #423 of 857 statewide, top 55%, 382 students, 44% FRL) — zoned schools average 44% FRL vs 23% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 86 active listings in the ZIP; 81 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Lake County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y 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.

Recommended offer $78,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 1.47% ✓
• Cap rate: 10.11%
• Cash-on-cash: 13.65%
• DSCR: 1.61
• GRM: 5.7

CMA / ARV

• ARV (median comp): $84,103
• List price: $89,000
• Delta: 5.82%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 3.9%
• Equity multiple: 1.15×
• Total profit: $3,733
• Equity at exit: $13,270

10-year hold

• IRR: 13.5%
• Equity multiple: 2.08×
• Total profit: $26,911
• Equity at exit: $7,695

Cash invested: $24,920 (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 55616

• Active inventory: 86
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,307 medium
• Mortgage (P&I): −$467
• Tax est. 1.5%: −$111 /mo · $1,335/yr
• Insurance: −$37
• HOA: −$134
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $283

Break-even live

Break-even rent $948

Max offer price $89,000

Occupancy floor 73%

Sensitivity live

Price	-10% $345	-5% $314	+0% $283	+5% $253	+10% $222
Rent	-10% $180	-5% $232	+0% $283	+5% $335	+10% $387
Rate	-1.0pp $328	-0.5pp $306	base $283	+0.5pp $260	+1.0pp $237

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $134 · $1,608/yr
• Likely covers: internetcableexterior maint.pool

Listing history 19 events

1. 2026-06-21
   days on market $89,000 Active 156 DOM
2. 2026-06-18
   days on market $89,000 Active 153 DOM
3. 2026-06-17
   days on market $89,000 Active 152 DOM
4. 2026-06-16
   days on market $89,000 Active 151 DOM
5. 2026-06-15
   days on market $89,000 Active 150 DOM
6. 2026-06-14
   days on market $89,000 Active 148 DOM
7. 2026-06-13
   days on market $89,000 Active 147 DOM
8. 2026-06-10
   days on market $89,000 Active 145 DOM
9. 2026-06-09
   days on market $89,000 Active 144 DOM
10. 2026-06-08
    days on market $89,000 Active 143 DOM
11. 2026-06-07
    days on market $89,000 Active 142 DOM
12. 2026-06-02
    days on market $89,000 Active 137 DOM
13. 2026-06-01
    days on market $89,000 Active 136 DOM
14. 2026-05-31
    days on market $89,000 Active 135 DOM
15. 2026-05-30
    days on market $89,000 Active 134 DOM
16. 2026-01-16
    listed $89,000 Active 946-char remark

    Show marketing remark (946 chars)

    Interval ownership of a three-bedroom, three-bath lakehome at Superior Shores. This spectacular unit features vaulted ceilings with skylights, loft, fireplace, a whirlpool, garage and much, much more. This corner unit features two main floor bedrooms, including a lakeview from the primary and a second level with loft, third bedroom and third bath. Housekeeping, laundry and interior maintenance services provided by management company. All exterior maintenance services provided by property manager. Enjoy six plus weeks each year on the North Shore without the hassle of mowing, shoveling, painting, cleaning, etc. This property is situated on 46 wooded acres with over a half-mile of shoreline. Association amenities include hiking trails, tennis and pickleball courts, seasonal outdoor pool and spa. Approximate monthly expenses of $245 include association dues, utilities, cable, phone, Internet, insurance, amenity supplies and management.

17. 2009-05-18
    soldstatus $400,000
18. 2009-04-25
    historical
19. 2008-04-15
    listed $450,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥88°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,684
• − Mortgage interest: −$4,985
• − Property taxes: −$1,335
• − Insurance: −$445
• − Repairs & maintenance: −$1,255
• − Management: −$1,255
• − HOA: −$1,608
• − Depreciation: −$2,589
• Taxable income: $2,212
• Est. tax owed @ 24.0%: −$531
• After-tax cash flow: $2,871/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 — Two Harbors

• Score: 81/100
• State rank: #62
• US rank: #1444

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,277

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 (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Portuguese 18% Scottish 4% Romanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 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: ▼ -116.94%
• Current HPI: 182.619
• 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

-80.2% since first listed

4 events — show timeline

• 2026-01-16 Listed $89,000 LSAR
• 2009-05-18 Sold (MLS) $400,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-04-25 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-04-15 Listed $450,000 NORTHSTARMLS as Distributed by MLS Grid