2413 Jandell Ave NE

St. Michael, MN 55341

$439,290D

5 bd · 3.0 ba · 2,199 sqft · Built 2026 · Other · Pending · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,302/mo
• Mortgage (P&I): −$2,304
• Tax + insurance: −$732
• HOA: −$40
• Vac / Maint / Mgmt: −$693
• Net cashflow: $-467/mo
• Annual: $-5,606/yr
• Cap rate: 5.02%
• Cash-on-cash: -4.56%
• DSCR: 0.80
• 1% rule: 0.75%
• Cash to close: $123,001

Investor read

• This is a 5-bed/3.0-bath other listed at $439k.
• At list price, monthly cash flow is $-467 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $372k (15.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $330k (24.8% below list).
• It's been on market 69 days — a 6% lower offer ($413k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $330k (24.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• St. Michael-Albertville School District (rural): math 62% / reading 66% proficiency, ranked #17 of 301 in MN (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: St. Michael Elementary (math 84% / reading 71%, grade A, #21 of 857 statewide, top 3%, 588 students, 23% FRL); St. Michael-Albertville Middle East (math 57% / reading 65%, grade B+, #24 of 258 statewide, top 9%, 892 students, 18% FRL); St. Michael-Albertville Senior High (math 60% / reading 71%, grade B, #27 of 471 statewide, top 6%, 2,240 students, 17% FRL).
• Market conditions: 102 active listings in the ZIP; 1,260 units permitted in Wright County in 2024 (180 in 5+ unit buildings).
• Wright County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts; this cycle's ask has dropped $34k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 5.0% vs local median 3.2% in St. Michael — 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.

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 69 days. Have you received any prior offers? Is the seller open to a 25% 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.