8328 Ewing Rd

Bloomington, MN 55431

$349,900D+

3 bd · 2.0 ba · 2,008 sqft · Built 1964 · SingleFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,578/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$508
• HOA: −$0
• Vac / Maint / Mgmt: −$751
• Net cashflow: $484/mo
• Annual: $5,813/yr
• Cap rate: 7.95%
• Cash-on-cash: 5.93%
• DSCR: 1.26
• 1% rule: 1.02%
• Cash to close: $97,972

Investor read

• This is a 3-bed/2.0-bath single-family listed at $350k.
• At list price, monthly cash flow is $484 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#168 in MN, #3,640 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: crime D-, amenities F, health & safety F.
• Bloomington Public School District (urban): math 35% / reading 49% proficiency, ranked #192 of 301 in MN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Poplar Bridge Elementary (math 42% / reading 57%, grade D, #423 of 857 statewide, top 55%, 475 students, 32% FRL); Oak Grove Middle (math 29% / reading 48%, grade F, #156 of 258 statewide, top 62%, 703 students, 45% FRL); Kennedy Senior High (math 27% / reading 47%, grade F, #282 of 471 statewide, top 63%, 1,601 students, 66% FRL).
• Market conditions: Rents rising fast (+4.7%/yr); 73 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• Hennepin County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $42k; list at $350k implies a 743% gain — meaningful room to come down on a strong offer.
• Cap rate 8.0% vs local median 3.5% in Bloomington — 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.
• This rent runs 42% of the median local income ($101k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.
• 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.