1623 Superior Shrs Unit 73B · Silver Creek, MN 55616

$78,888

2 bd · 2.0 ba · 1,120 sqft · Condo · 104 Days on market

Built 1993 Good condition $70/sqft · 27% above area Est $62k · 27% over $85/mo HOA · 7% of rent

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Why this score? — see what drove the C+ 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
• Schools +3.8/10.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Interval ownership of a two-bedroom, two bath lakehome at Superior Shores Resort. This single level unit features terra-cotta tile and pine paneling throughout. Amenities in this unit include a wood-burning fireplace, two person whirlpool, sauna, owner, storage lockers, deck and one of the best views on the property. The primary bedroom overlooks the lake and the private bath also includes a walk-in shower. Housekeeping, laundry and maintenance services provided. 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 situated on 46 wooded acres with over a half-mile of shoreline can be yours. Resort amenities include hiking trails, tennis courts and seasonal outdoor pool and spa. Shared expenses are approximately$175/month and include association dues, utilities, cable, phone, Internet, insurance, amenity supplies and management.

Key facts

• Sauna
• Deck
• Two person whirlpool

Tags

• TERRA-COTTA TILE
• PINE PANELING
• WOOD-BURNING FIREPLACE
• TWO PERSON WHIRLPOOL
• SAUNA
• DECK

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $79k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $364 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $79k).
• Recommended offer: $72k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.8% vs local median 2.1% in Silver Creek — 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 64/100 on livability (#582 in MN) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A, housing B+; Watch: health & safety D+, schools F, amenities 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: 83 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 $545 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($72k) is reasonable based on typical stale-listing flexibility.

Recommended offer $71,788 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% 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. 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?
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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.60% ✓
• Cap rate: 11.83%
• Cash-on-cash: 19.79%
• DSCR: 1.88
• GRM: 5.2

CMA / ARV

• ARV (median comp): $62,087
• List price: $78,888
• Delta: 27.06%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 11.9%
• Equity multiple: 1.47×
• Total profit: $10,483
• Equity at exit: $11,762

10-year hold

• IRR: 21.0%
• Equity multiple: 2.78×
• Total profit: $39,286
• Equity at exit: $6,821

Cash invested: $22,089 (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: 83
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,259 medium
• Mortgage (P&I): −$414
• Tax est. 1.5%: −$99 /mo · $1,183/yr
• Insurance: −$33
• HOA: −$85
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $364

Break-even live

Break-even rent $798

Max offer price $78,888

Occupancy floor 66%

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: $19,722
• Closing costs: $2,367
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $85 · $1,020/yr
• Likely covers: internetcableexterior maint.pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $78,888 Active 104 DOM
2. 2026-06-17
   days on market $78,888 Active 103 DOM
3. 2026-06-16
   days on market $78,888 Active 102 DOM
4. 2026-06-15
   days on market $78,888 Active 101 DOM
5. 2026-06-14
   days on market $78,888 Active 99 DOM
6. 2026-06-13
   days on market $78,888 Active 98 DOM
7. 2026-06-10
   days on market $78,888 Active 96 DOM
8. 2026-06-09
   days on market $78,888 Active 95 DOM
9. 2026-06-08
   days on market $78,888 Active 94 DOM
10. 2026-06-07
    days on market $78,888 Active 93 DOM
11. 2026-06-02
    days on market $78,888 Active 88 DOM
12. 2026-06-01
    days on market $78,888 Active 87 DOM
13. 2026-05-31
    days on market $78,888 Active 86 DOM
14. 2026-05-30
    days on market $78,888 Active 85 DOM
15. 2026-03-06
    listed $78,888 Active 980-char remark

    Show marketing remark (980 chars)

    Interval ownership of a two-bedroom, two bath lakehome at Superior Shores Resort. This single level unit features terra-cotta tile and pine paneling throughout. Amenities in this unit include a wood-burning fireplace, two person whirlpool, sauna, owner, storage lockers, deck and one of the best views on the property. The primary bedroom overlooks the lake and the private bath also includes a walk-in shower. Housekeeping, laundry and maintenance services provided. 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 situated on 46 wooded acres with over a half-mile of shoreline can be yours. Resort amenities include hiking trails, tennis courts and seasonal outdoor pool and spa. Shared expenses are approximately$175/month and include association dues, utilities, cable, phone, Internet, insurance, amenity supplies and management.

ⓘ 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: $15,104
• − Mortgage interest: −$4,419
• − Property taxes: −$1,183
• − Insurance: −$394
• − Repairs & maintenance: −$1,208
• − Management: −$1,208
• − HOA: −$1,020
• − Depreciation: −$2,295
• Taxable income: $3,376
• Est. tax owed @ 24.0%: −$810
• After-tax cash flow: $3,560/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This two-bedroom, two-bath lakefront condo is in good condition with a good roof and exterior. It has a good foundation and structure, and the interior walls and paint are in good condition. The kitchen and bathrooms are good, and the flooring is terra-cotta tile. The home has a good foundation and structure, and the interior walls and paint are in good condition. The home is in good condition and ready for a new owner.

Value-add opportunities

• Both Painting the exterior and interior walls — Enhances curb appeal and interior aesthetics
• Resale Updating the kitchen appliances — Modernizes the kitchen and improves functionality
• Resale Upgrading the bathroom fixtures — Enhances the bathroom's appearance and functionality

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Resale Updating the kitchen appliances — Modernizes the kitchen and improves functionality ↑
• Resale Upgrading the bathroom fixtures — Enhances the bathroom's appearance and functionality ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 Creek

• Score: 64/100
• State rank: #582
• US rank: #13955

Category grades

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

1 event — show timeline

• 2026-03-06 Listed $78,888 LSAR