408 Hampshire Dr · Hoyt Lakes, MN 55750

$164,000

3 bd · 2.0 ba · 974 sqft · SingleFamily public records · 26 Days on market

Built 1957 7,150 sqft lot

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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 +11.2/30.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• DSCR +3.3/10.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 bedroom, 1.25 bath home with a 1 stall attached garage and a 16x24 detached garage with an attached 8x16 screen porch. New roof 2020. Mostly updated windows. Updated kitchen with appliances, a large window & a door to the back yard. Spacious living room with fresh paint, a bay window & laminate floors. 2 main floor bedrooms & a 1/2 bath. Large upper level bedroom and loft/office area & attic storage. Lower level features a rec area, a 3/4 bathroom, a laundry room and two storage rooms. Gas water heater & New furnace in 2010.

Key facts

• Attached garage
• Updated windows
• Screened porch

Tags

• ATTACHED GARAGE
• DETACHED GARAGE
• SCREENED PORCH
• ELECTRIC FIREPLACE
• NEW ROOF
• UPDATED WINDOWS

Property features AI

Exterior

• Parking: Attached garage; Detached garage; Garage door opener; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: Single family residence; 2-story
• Construction: Frame construction; Shingle siding; Wood siding; Asphalt shingle roof
• Exterior features: Porch (screened and enclosed); Privacy fencing

Interior

• Kitchen: Dishwasher; Electric Range; Microwave; Refrigerator
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Dishwasher; Electric Range; Microwave; Refrigerator; Gas Water Heater
• Laundry & utility: Washer; Dryer; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $164k.

Deal economics

• At list price, monthly cash flow is $-62 ($-741/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (6.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (29.4% below list).
• Recommended offer: $116k (29.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#270 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Mesabi East School District (rural): math 27% / reading 47% proficiency, ranked #240 of 301 in MN (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mesabi East Elementary (math 33% / reading 47%, grade F, #600 of 857 statewide, top 70%, 474 students, 51% FRL); Mesabi East Secondary (math 12% / reading 47%, grade F, #354 of 471 statewide, top 77%, 415 students, 43% FRL).
• Market conditions: 23 active listings in the ZIP; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 17y 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.
• Current owner paid $71k; list at $164k implies a 131% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $115,728 (29.4% 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. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.71% ✗
• Cap rate: 5.84%
• Cash-on-cash: -1.61%
• DSCR: 0.93
• GRM: 11.8

CMA / ARV

• ARV (on-the-fly): $87,660
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
415 Leeds Rd	0.09mi	3/1.0	864 (-11%)	2mo	$93,000	$108	71
316 Wyandotte Rd	0.14mi	3/1.0	1,102 (+13%)	8mo	$99,500	$90	61
202 Dorchester Dr	0.43mi	3/1.0	950 (-2%)	23mo	$80,000	$84	53
201 Hampshire Dr	0.53mi	3/1.0	1,080 (+11%)	7mo	$88,750	$82	47
220 Andover Rd	0.41mi	3/1.2	1,109 (+14%)	21mo	$155,000	$140	37

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: -19.0%
• Equity multiple: 0.33×
• Total profit: $-30,589
• Equity at exit: $24,453

10-year hold

• IRR: -11.7%
• Equity multiple: 0.30×
• Total profit: $-32,025
• Equity at exit: $14,180

Cash invested: $45,920 (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 55750

• Home prices YoY: -23.3%
• Active inventory: 23
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $1,157 medium
• Mortgage (P&I): −$860
• Tax from tax record: −$48 /mo · $572/yr
• Insurance: −$68
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $-62

Break-even live

Break-even rent $1,235

Max offer price $153,086

Occupancy floor —

Sensitivity live

Price	-10% $31	-5% $-15	+0% $-62	+5% $-108	+10% $-155
Rent	-10% $-153	-5% $-107	+0% $-62	+5% $-16	+10% $30
Rate	-1.0pp $21	-0.5pp $-20	base $-62	+0.5pp $-104	+1.0pp $-148

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: $41,000
• Closing costs: $4,920
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-21
   days on market $164,000 Active 26 DOM
2. 2026-06-19
   days on market $164,000 Active 24 DOM
3. 2026-06-18
   days on market $164,000 Active 23 DOM
4. 2026-06-17
   days on market $164,000 Active 22 DOM
5. 2026-06-16
   days on market $164,000 Active 21 DOM
6. 2026-06-15
   days on market $164,000 Active 20 DOM
7. 2026-06-14
   days on market $164,000 Active 18 DOM
8. 2026-06-13
   days on market $164,000 Active 17 DOM
9. 2026-06-10
   pricedays on market $164,000 Active 15 DOM
10. 2026-06-09
    days on market $169,000 Active 14 DOM
11. 2026-06-08
    days on market $169,000 Active 13 DOM
12. 2026-06-07
    days on market $169,000 Active 12 DOM
13. 2026-06-03
    days on market $169,000 Active 8 DOM
14. 2026-06-02
    days on market $169,000 Active 7 DOM
15. 2026-06-01
    days on market $169,000 Active 6 DOM
16. 2026-05-31
    days on market $169,000 Active 5 DOM
17. 2026-05-30
    days on market $169,000 Active 4 DOM
18. 2026-05-27
    listed $169,000 Active
19. 2021-12-07
    soldstatus $71,000
20. 2021-11-29
    soldstatus $71,000 562-char remark

    Show marketing remark (562 chars)

    3 bedroom, 1.25 bath home with a 1 stall attached garage and a 16x24 detached garage with an attached 8x16 screen porch. New roof 2020. Mostly updated windows. Updated kitchen with appliances, a large window & a door to the back yard. Spacious living room with fresh paint, a bay window & laminate floors. 2 main floor bedrooms & a 1/2 bath. Large upper level bedroom and loft/office area & attic storage. Lower level features a rec area, a 3/4 bathroom, a laundry room and two storage rooms. Gas water heater & New furnace in 2010.

21. 2021-07-23
    listed $74,900 562-char remark

    Show marketing remark (562 chars)

    3 bedroom, 1.25 bath home with a 1 stall attached garage and a 16x24 detached garage with an attached 8x16 screen porch. New roof 2020. Mostly updated windows. Updated kitchen with appliances, a large window & a door to the back yard. Spacious living room with fresh paint, a bay window & laminate floors. 2 main floor bedrooms & a 1/2 bath. Large upper level bedroom and loft/office area & attic storage. Lower level features a rec area, a 3/4 bathroom, a laundry room and two storage rooms. Gas water heater & New furnace in 2010.

22. 2011-06-28
    soldstatus $42,000
23. 2011-06-22
    soldstatus $42,000 475-char remark

    Show marketing remark (475 chars)

    Neat & Clean, Inside Freshly Painted 3 BR, 1.25 Bath Home w/ Attached Garage Plus 2nd Garage & Hot Tub Room on Beautiful Lot w/ Big Trees & Lilacs! 2488 SF w/ full basement! Large living room looks out bay window to landscaped front yard. Large built-in kitchen features picture window & door to private backyard. Home has 2 main level bedrooms & huge 3rd bedroom upstairs. Lots of storage. Mostly newer windows. All appliances. Move right in!

24. 2009-07-06
    listed $49,000 475-char remark

    Show marketing remark (475 chars)

    Neat & Clean, Inside Freshly Painted 3 BR, 1.25 Bath Home w/ Attached Garage Plus 2nd Garage & Hot Tub Room on Beautiful Lot w/ Big Trees & Lilacs! 2488 SF w/ full basement! Large living room looks out bay window to landscaped front yard. Large built-in kitchen features picture window & door to private backyard. Home has 2 main level bedrooms & huge 3rd bedroom upstairs. Lots of storage. Mostly newer windows. All appliances. Move right in!

25. 2007-08-02
    soldstatus $61,160

ⓘ 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: $572 · $48/mo
• Projected year-2 tax: $1,204 · $100/mo
• Expected delta: +$632/yr (+$53/mo · 110.6%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,887
• − Mortgage interest: −$9,187
• − Property taxes: −$572
• − Insurance: −$820
• − Repairs & maintenance: −$1,111
• − Management: −$1,111
• − Depreciation: −$4,771
• Taxable loss: −$3,684
• Est. tax savings @ 24.0%: +$884
• After-tax cash flow: $143/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: Mesabi East School District
• NCES district ID: 2791450
• Math proficiency: 27% ▼ -17.00%
• Reading proficiency: 47% ▼ -8.00%
• Median HH income: $47,546
• Composite: 31.69/100
• National rank: #5922
• State rank: #240 of 301 in MN

Livability — Hoyt Lakes

• Score: 72/100
• State rank: #270
• US rank: #5844

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hoyt Lakes, MN
• Population (ZIP): 2,078

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 (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 6% Native American 3%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Portuguese 19% Lithuanian 4% Romanian 4%
• Foreign-born: 0%
• Languages at home: 97% English-only · Spanish 3%

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: ▼ -52.12%
• Current HPI: 171.9924
• 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

+176.3% since first listed

8 events — show timeline

• 2026-05-27 Listed $169,000 RAOR
• 2021-12-07 Sold (Public Records) $71,000 Public Records
• 2021-11-29 Sold (MLS) $71,000 RAOR
• 2021-07-23 Listed $74,900 RAOR
• 2011-06-28 Sold (Public Records) $42,000 Public Records
• 2011-06-22 Sold (MLS) $42,000 RAOR
• 2009-07-06 Listed $49,000 RAOR
• 2007-08-02 Sold (Public Records) $61,160 Public Records

Property tax history

+7.7%/yr

Latest (2025): $572 · -13.3% YoY. Source: county tax records.