1486 Oak Ridge St · Hanover, MN 55341

$510,000

4 bd · 1.0 ba · 2,810 sqft · SingleFamily public records · 61 Days on market

Built 2024 9,147 sqft lot Est $478k · 7% over

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Why this score? — see what drove the D- 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 +12.7/30.0
• Schools +4.8/10.0
• ARV discount +4.5/15.0
• DSCR +3.8/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

See Sales Consultant about lower interest rate options on select quick move in homes. JP Brooks presents the Highland two story plan upgraded elevation for enhanced curb appeal w/ an unfinished LL on a lookout lot! Features, shiplap electric fireplace, quartz countertops throughout, upgraded cabinets, LVP flooring in living room with extra disc lights and a large mudroom. The upstairs includes 4 beds along w/ a laundry room. The primary bed includes a luxury primary suite w/ separate tub/shower, with ceiling fan and large walk in closet. & vaulted primary bedroom. Lower Level unfinished, in the future could include a family room, 5th bedroom, 3/4 bath & plenty of extra storage. Welcome to Hanover's Newest Community, Rivers Edge of Hanover. Conveniently located in the downtown area of Hanover. Pictures taken from a similar plan. Finishes may differ. Come see for yourself and discover why Hanover is a great place to live, work & play! COMPLETED NEW CONSTRUCTION!

Key facts

• Quartz countertops
• Fire pit patio
• Upgraded cabinetry

Tags

• MAINTENANCE FREE PRIVACY FENCE
• LANDSCAPING WITH IRRIGATION
• FIRE PIT PATIO
• VERSATILE LOFT
• QUARTZ COUNTERTOPS
• UPGRADED CABINETRY

Property features AI

Exterior

• Parking: Attached heated and insulated garage with garage door opener; 3-car garage (dimensions approximately 31 x 23)
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; Two levels
• Construction: Asphalt roof (age 8 years or less); Foundation area noted
• Exterior features: Covered front porch and patio; Stone and vinyl exterior; Full privacy fencing; Above-ground pool; In-ground sprinkler

Interior

• Kitchen: Kitchen with center island and kitchen window; Dishwasher; Range; Microwave; Refrigerator; Stainless steel appliances; Breakfast bar
• Bedrooms: 5 bedrooms total; Bedroom 5 located on lower level (12 x 11); One bedroom on main level; Four bedrooms on upper level (sizes include 16 x 14, 11 x 12, 11 x 14, 11 x 13)
• Bathrooms: Two full bathrooms; One three-quarter bathroom; One half bathroom on main floor; Basement includes two baths (one 3/4); Primary suite includes full private bath
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Finished basement with drain tile; Air-to-air exchanger; Ceiling fans; Vaulted ceiling(s); Paneled doors; Primary bedroom with ensuite and private primary; Double sink in bathroom; Separate tub and shower; Loft; Informal dining / breakfast area / kitchen-dining layout
• Laundry & utility: Upper-level laundry room with sink

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $510k.

Deal economics

• At list price, monthly cash flow is $-52 ($-629/yr) — negative.
• To cash-flow at today's rent, offer at most $501k (1.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $380k (25.5% below list).
• Recommended offer: $380k (25.5% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 4.0% in Hanover — 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 72/100 on livability (#293 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Buffalo-Hanover-Montrose Public Schools (town): math 52% / reading 56% proficiency, ranked #63 of 301 in MN (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Hanover Elementary (math 72% / reading 67%, grade A-, #74 of 857 statewide, top 10%, 369 students, 18% FRL); Buffalo Community Middle (math 48% / reading 53%, grade C, #72 of 258 statewide, top 29%, 1,142 students, 30% FRL); Buffalo Senior High (math 42% / reading 61%, grade D+, #124 of 471 statewide, top 27%, 1,818 students, 24% FRL).
• Market conditions: 102 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,260 units permitted in Wright County in 2024 (180 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Wright County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($479k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y 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 $379,900 (25.5% below list)

Questions for the listing agent

1. 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?
2. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
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 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?
6. 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?
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: 0.74% ✗
• Cap rate: 6.17%
• Cash-on-cash: -0.44%
• DSCR: 0.98
• GRM: 11.2

CMA / ARV

• ARV (on-the-fly): $477,700
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1761 Oak Ridge St	0.11mi	5/3.0 (+1)	2,452 (-13%)	18mo	$416,900	$170	45

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -17.1%
• Equity multiple: 0.40×
• Total profit: $-86,215
• Equity at exit: $76,043

10-year hold

• IRR: -9.1%
• Equity multiple: 0.44×
• Total profit: $-80,318
• Equity at exit: $44,095

Cash invested: $142,800 (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 55341

• Home prices YoY: -16.0%
• Active inventory: 102
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $3,799 medium
• Mortgage (P&I): −$2,674
• Tax from tax record: −$167 /mo · $2,000/yr
• Insurance: −$212
• HOA: −$0
• Vacancy / Maint / Mgmt: −$798
• Net cashflow: $-52

Break-even live

Break-even rent $3,865

Max offer price $500,734

Occupancy floor 96%

Sensitivity live

Price	-10% $236	-5% $92	+0% $-52	+5% $-197	+10% $-341
Rent	-10% $-353	-5% $-203	+0% $-52	+5% $98	+10% $248
Rate	-1.0pp $204	-0.5pp $77	base $-52	+0.5pp $-185	+1.0pp $-319

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: $127,500
• Closing costs: $15,300
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
30110 107th Ave N Hanover, MN	5.0	3.0	3000	$3,799	$1.27	18d	1	0.74mi

Listing history 30 events

1. 2026-06-21
   days on market $510,000 Active 61 DOM
2. 2026-06-18
   days on market $510,000 Active 58 DOM
3. 2026-06-17
   days on market $510,000 Active 57 DOM
4. 2026-06-16
   days on market $510,000 Active 56 DOM
5. 2026-06-15
   days on market $510,000 Active 55 DOM
6. 2026-06-13
   days on market $510,000 Active 53 DOM
7. 2026-06-13
   days on market $510,000 Active 52 DOM
8. 2026-06-09
   days on market $510,000 Active 49 DOM
9. 2026-06-08
   days on market $510,000 Active 48 DOM
10. 2026-06-07
    days on market $510,000 Active 47 DOM
11. 2026-06-04
    days on market $510,000 Active 44 DOM
12. 2026-06-03
    days on market $510,000 Active 43 DOM
13. 2026-06-01
    days on market $510,000 Active 41 DOM
14. 2026-05-31
    days on market $510,000 Active 40 DOM
15. 2026-05-15
    price $510,000
16. 2026-04-21
    listed $520,000 Active
17. 2026-04-21
    historical
18. 2026-02-27
    listed $525,000 Active
19. 2026-02-26
    historical
20. 2024-05-24
    soldstatus $460,000 Sold 987-char remark

    Show marketing remark (987 chars)

    See Sales Consultant about lower interest rate options on select quick move in homes. JP Brooks presents the Highland two story plan upgraded elevation for enhanced curb appeal w/ an unfinished LL on a lookout lot! Features, shiplap electric fireplace, quartz countertops throughout, upgraded cabinets, LVP flooring in living room with extra disc lights and a large mudroom. The upstairs includes 4 beds along w/ a laundry room. The primary bed includes a luxury primary suite w/ separate tub/shower, with ceiling fan and large walk in closet. & vaulted primary bedroom. Lower Level unfinished, in the future could include a family room, 5th bedroom, 3/4 bath & plenty of extra storage. Welcome to Hanover's Newest Community, Rivers Edge of Hanover. Conveniently located in the downtown area of Hanover. Pictures taken from a similar plan. Finishes may differ. Come see for yourself and discover why Hanover is a great place to live, work & play! COMPLETED NEW CONSTRUCTION!

21. 2024-04-22
    status Pending 987-char remark

    Show marketing remark (987 chars)

    See Sales Consultant about lower interest rate options on select quick move in homes. JP Brooks presents the Highland two story plan upgraded elevation for enhanced curb appeal w/ an unfinished LL on a lookout lot! Features, shiplap electric fireplace, quartz countertops throughout, upgraded cabinets, LVP flooring in living room with extra disc lights and a large mudroom. The upstairs includes 4 beds along w/ a laundry room. The primary bed includes a luxury primary suite w/ separate tub/shower, with ceiling fan and large walk in closet. & vaulted primary bedroom. Lower Level unfinished, in the future could include a family room, 5th bedroom, 3/4 bath & plenty of extra storage. Welcome to Hanover's Newest Community, Rivers Edge of Hanover. Conveniently located in the downtown area of Hanover. Pictures taken from a similar plan. Finishes may differ. Come see for yourself and discover why Hanover is a great place to live, work & play! COMPLETED NEW CONSTRUCTION!

22. 2024-04-22
    price $460,000 987-char remark

    Show marketing remark (987 chars)

    See Sales Consultant about lower interest rate options on select quick move in homes. JP Brooks presents the Highland two story plan upgraded elevation for enhanced curb appeal w/ an unfinished LL on a lookout lot! Features, shiplap electric fireplace, quartz countertops throughout, upgraded cabinets, LVP flooring in living room with extra disc lights and a large mudroom. The upstairs includes 4 beds along w/ a laundry room. The primary bed includes a luxury primary suite w/ separate tub/shower, with ceiling fan and large walk in closet. & vaulted primary bedroom. Lower Level unfinished, in the future could include a family room, 5th bedroom, 3/4 bath & plenty of extra storage. Welcome to Hanover's Newest Community, Rivers Edge of Hanover. Conveniently located in the downtown area of Hanover. Pictures taken from a similar plan. Finishes may differ. Come see for yourself and discover why Hanover is a great place to live, work & play! COMPLETED NEW CONSTRUCTION!

23. 2024-03-07
    price $454,900 987-char remark

    Show marketing remark (987 chars)

    See Sales Consultant about lower interest rate options on select quick move in homes. JP Brooks presents the Highland two story plan upgraded elevation for enhanced curb appeal w/ an unfinished LL on a lookout lot! Features, shiplap electric fireplace, quartz countertops throughout, upgraded cabinets, LVP flooring in living room with extra disc lights and a large mudroom. The upstairs includes 4 beds along w/ a laundry room. The primary bed includes a luxury primary suite w/ separate tub/shower, with ceiling fan and large walk in closet. & vaulted primary bedroom. Lower Level unfinished, in the future could include a family room, 5th bedroom, 3/4 bath & plenty of extra storage. Welcome to Hanover's Newest Community, Rivers Edge of Hanover. Conveniently located in the downtown area of Hanover. Pictures taken from a similar plan. Finishes may differ. Come see for yourself and discover why Hanover is a great place to live, work & play! COMPLETED NEW CONSTRUCTION!

24. 2024-03-07
    listed $449,900 Active 987-char remark

    Show marketing remark (987 chars)

    See Sales Consultant about lower interest rate options on select quick move in homes. JP Brooks presents the Highland two story plan upgraded elevation for enhanced curb appeal w/ an unfinished LL on a lookout lot! Features, shiplap electric fireplace, quartz countertops throughout, upgraded cabinets, LVP flooring in living room with extra disc lights and a large mudroom. The upstairs includes 4 beds along w/ a laundry room. The primary bed includes a luxury primary suite w/ separate tub/shower, with ceiling fan and large walk in closet. & vaulted primary bedroom. Lower Level unfinished, in the future could include a family room, 5th bedroom, 3/4 bath & plenty of extra storage. Welcome to Hanover's Newest Community, Rivers Edge of Hanover. Conveniently located in the downtown area of Hanover. Pictures taken from a similar plan. Finishes may differ. Come see for yourself and discover why Hanover is a great place to live, work & play! COMPLETED NEW CONSTRUCTION!

25. 2024-03-04
    historical
26. 2024-02-14
    listed $445,900 Active
27. 2024-02-07
    historical
28. 2023-11-17
    listed $449,900 Active
29. 2023-11-14
    historical
30. 2023-09-13
    listed $464,900 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: $2,000 · $167/mo
• Projected year-2 tax: $3,856 · $321/mo
• Expected delta: +$1,856/yr (+$155/mo · 92.8%)

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

Taxation est. · year 1

• Rental income: $45,588
• − Mortgage interest: −$28,568
• − Property taxes: −$2,000
• − Insurance: −$2,550
• − Repairs & maintenance: −$3,647
• − Management: −$3,647
• − Depreciation: −$14,836
• Taxable loss: −$9,660
• Est. tax savings @ 24.0%: +$2,318
• After-tax cash flow: $1,689/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: Buffalo-Hanover-Montrose Public Schools
• NCES district ID: 2707200
• Math proficiency: 52% ▼ -13.00%
• Reading proficiency: 56% ▼ -9.00%
• Median HH income: $72,549
• Composite: 48.25/100
• National rank: #2159
• State rank: #63 of 301 in MN

Livability — Hanover

• Score: 72/100
• State rank: #293
• US rank: #6387

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hanover, MN
• City population: 3,454
• Population (ZIP): 3,454

Population outlook (Wright County) Hauer SSP2

• Today (2025): 142,526 people
• By 2030: 146,915 · +3.1%
• By 2040: 153,625 · +7.8%
• By 2050: 155,416 · +9.0%
• By 2075: 150,352 · +5.5%
• By 2100: 130,631 · -8.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Asian 3% Native American 1%
• Common ancestry: Portuguese 12% Romanian 5% Iranian 3%
• Foreign-born: 2% · South Korea, Canada
• Languages at home: 98% English-only · Other Asian/Pacific 2% German/W. Germanic 1%

Political lean MEDSL · Wright

• 2024 margin: Strong R (+29.4) · D 34.4% · R 63.8% · Other 1.8%
• 2008→2024 swing: -11.9pp toward R · 2008: -17.4pp · 2024: -29.4pp
• All cycles: 2024: R+29.4 2020: R+28.6 2016: R+33.2 2012: R+21.4 2008: R+17.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -44.77%
• Current HPI: 234.7046
• 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

+9.7% since first listed

16 events — show timeline

• 2026-05-15 Price Changed $510,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-21 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-21 Listed $520,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-27 Listed $525,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-26 Coming Soon — NORTHSTARMLS as Distributed by MLS Grid
• 2024-05-24 Sold (MLS) $460,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-04-22 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2024-04-22 Price Changed $460,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-03-07 Price Changed $454,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-03-07 Listed $449,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-03-04 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2024-02-14 Listed $445,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-02-07 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2023-11-17 Listed $449,900 NORTHSTARMLS as Distributed by MLS Grid
• 2023-11-14 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2023-09-13 Listed $464,900 NORTHSTARMLS as Distributed by MLS Grid