932 Ledgestone Dr · Mahtomedi, MN 55115

$269,000

2 bd · 2.5 ba · 1,924 sqft · Townhouse public records · 44 Days on market

Built 2007 1,307 sqft lot $385/mo HOA · 14% of rent ↓ 12% since listing

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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 +13.4/30.0
• ARV discount +7.5/15.0
• Schools +6.2/10.0
• 1% rule +5.2/10.0
• DSCR +4.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 932 Ledgestone Dr in highly desirable Mahtomedi! This 3-bedroom, 2-bathroom home with a 2-car garage offers an incredible opportunity to own in a sought-after location at an attractive price point. The home features a functional open-concept layout with a spacious kitchen complete with center island and island. Enjoy the convenience of main-level laundry, a generous primary bedroom with walk-in closet, and a private deck perfect for relaxing outdoors. This property offers strong potential with just a few cosmetic updates needed, including carpet and paint, making it a great opportunity for buyers looking to build equity and personalize the home to their taste. Being sold As-Is. S

Key facts

• Private deck
• Walk-in closet
• Spacious kitchen

Tags

• OPEN-CONCEPT LAYOUT
• SPACIOUS KITCHEN
• MAIN-LEVEL LAUNDRY
• WALK-IN CLOSET
• PRIVATE DECK
• NEARBY PARKS

Property features AI

Finance

• HOA & community: Ledgestone Townhome Association with monthly fee of $385; HOA covers hazard insurance, lawn care, grounds maintenance, professional management, and snow removal

Exterior

• Parking: Tuck-under 2-car garage (approximately 21x21)
• Utilities: City water; City sewer; Natural gas
• Home design: Attached residential property; More than 2 stories; Entry level: Main
• Construction: Finished below-grade area; Foundation type: Other; Below-grade finished area present
• Exterior features: Vinyl exterior; Patio; No fencing

Interior

• Kitchen: Cooktop; Range; Microwave; Refrigerator; Kitchen island
• Bedrooms: 3 bedrooms (one on lower level, two on upper level)
• Bathrooms: 1 full bathroom (upper level); 1 half bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Vaulted ceilings; Kitchen with center island and window; Finished basement; Gas fireplace; Stainless steel appliances
• Laundry & utility: Washer and dryer included; Gas dryer hookup on main level; Washer/Dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath townhouse listed at $269k.

Deal economics

• At list price, monthly cash flow is $4 ($42/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $269k).
• Recommended offer: $261k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.3% vs local median 1.9% in Mahtomedi — 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 78/100 on livability (#116 in MN, #2,658 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: commute D+, amenities F, cost of living F.
• Mahtomedi Public School District (suburban): math 67% / reading 68% proficiency, ranked #12 of 301 in MN (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 7% free/reduced lunch — higher-income household profile.
• Market conditions: 58 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,405 units permitted in Washington County in 2024 (121 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Washington County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($261k) is reasonable based on typical stale-listing flexibility.

Recommended offer $260,930 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.02% ✓
• Cap rate: 6.31%
• Cash-on-cash: 0.06%
• DSCR: 1.00
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -16.1%
• Equity multiple: 0.43×
• Total profit: $-43,135
• Equity at exit: $40,109

10-year hold

• IRR: -7.6%
• Equity multiple: 0.52×
• Total profit: $-36,337
• Equity at exit: $23,258

Cash invested: $75,320 (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 55115

• Home prices YoY: -31.0%
• Active inventory: 58
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $2,746 medium
• Mortgage (P&I): −$1,411
• Tax from tax record: −$258 /mo · $3,100/yr
• Insurance: −$112
• HOA: −$385
• Vacancy / Maint / Mgmt: −$577
• Net cashflow: $4

Break-even live

Break-even rent $2,742

Max offer price $269,000

Occupancy floor 95%

Sensitivity live

Price	-10% $156	-5% $80	+0% $4	+5% $-73	+10% $-149
Rent	-10% $-213	-5% $-105	+0% $4	+5% $112	+10% $220
Rate	-1.0pp $139	-0.5pp $72	base $4	+0.5pp $-66	+1.0pp $-137

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: $67,250
• Closing costs: $8,070
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5680 Hadley Ave N Saint Paul, MN	2.0	1.0–2.0	960	$2,137	$2.22	0d	6	0.48mi
2515 Jansen Ave White Bear Lake, MN	3.0	3.0	1742	$3,400	$1.95	0d	1	0.94mi

HOA detail

• Monthly dues: $385 · $4,620/yr

Listing history 18 events

1. 2026-06-21
   days on market $269,000 Active 44 DOM
2. 2026-06-18
   days on market $269,000 Active 41 DOM
3. 2026-06-17
   days on market $269,000 Active 40 DOM
4. 2026-06-16
   days on market $269,000 Active 39 DOM
5. 2026-06-15
   days on market $269,000 Active 38 DOM
6. 2026-06-13
   pricedays on market $269,000 Active 36 DOM
7. 2026-06-09
   days on market $279,900 Active 32 DOM
8. 2026-06-08
   days on market $279,900 Active 31 DOM
9. 2026-06-07
   days on market $279,900 Active 30 DOM
10. 2026-06-04
    days on market $279,900 Active 27 DOM
11. 2026-06-03
    days on market $279,900 Active 26 DOM
12. 2026-06-02
    days on market $279,900 Active 25 DOM
13. 2026-06-01
    days on market $279,900 Active 24 DOM
14. 2026-05-31
    days on market $279,900 Active 23 DOM
15. 2026-05-15
    price $279,900 835-char remark
16. 2026-05-12
    price $289,900 835-char remark
17. 2026-05-08
    listed $299,900 Active 835-char remark
18. 2024-08-05
    soldstatus $305,000

ⓘ 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: $3,100 · $258/mo
• Projected year-2 tax: $3,100 · $258/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,956
• − Mortgage interest: −$15,068
• − Property taxes: −$3,100
• − Insurance: −$1,345
• − Repairs & maintenance: −$2,636
• − Management: −$2,636
• − HOA: −$4,620
• − Depreciation: −$7,825
• Taxable loss: −$4,276
• Est. tax savings @ 24.0%: +$1,026
• After-tax cash flow: $1,068/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: Mahtomedi Public School District
• NCES district ID: 2718750
• Math proficiency: 67% ▼ -10.00%
• Reading proficiency: 68% ▼ -11.00%
• Median HH income: $95,268
• Composite: 61.62/100
• National rank: #747
• State rank: #12 of 301 in MN

Livability — Mahtomedi

• Score: 78/100
• State rank: #116
• US rank: #2658

Category grades

Amenities F Commute D+ 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: Mahtomedi, MN
• City population: 8,926
• Population (ZIP): 8,926

Population outlook (Washington County) Hauer SSP2

• Today (2025): 278,554 people
• By 2030: 290,465 · +4.3%
• By 2040: 310,014 · +11.3%
• By 2050: 324,118 · +16.4%
• By 2075: 362,697 · +30.2%
• By 2100: 381,491 · +37.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Asian 2%
• Common ancestry: Portuguese 11% Romanian 6% Scottish 6%
• Foreign-born: 3% · Canada, China, Philippines
• Languages at home: 94% English-only · German/W. Germanic 2% Other Asian/Pacific 1% Spanish 1%

Political lean MEDSL · Washington

• 2024 margin: Lean D (+8.9) · D 53.5% · R 44.6% · Other 1.9%
• 2008→2024 swing: +4.6pp toward D · 2008: 4.3pp · 2024: 8.9pp
• All cycles: 2024: D+8.9 2020: D+9.2 2016: D+1.9 2012: D+0.8 2008: D+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -107.17%
• Current HPI: 238.3946
• 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

-11.8% since first listed

5 events — show timeline

• 2026-06-11 Price Changed $269,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-15 Price Changed $279,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-12 Price Changed $289,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-08 Listed $299,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-08-05 Sold (Public Records) $305,000 Public Records

Property tax history

+4.0%/yr

Latest (2025): $3,100 · +3.4% YoY. Source: county tax records.