3293 Greaney Rd · Nett Lake, MN 55771

$89,000

2 bd · 1.0 ba · 2,232 sqft · Other public records · 37 Days on market

Built 1933 7.00 ac lot ↓ 19% since listing

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Why this score? — see what drove the B 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 +27.8/30.0
• DSCR +9.8/10.0
• ARV discount +7.5/15.0
• Appreciation +7.3/10.0
• 1% rule +7.1/10.0
• Schools +3.6/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Looking for that unique piece of history? Look no further. Vi’s Tavern and the Greaney store was a local landmark. What started as the Greaney Dance Hall in the early 30’s was soon followed by the construction of the Greaney Store and Vi’s Tavern around 1933. Up until the late 60’s lumberjacks and locals used to frequent the establishments for groceries and good times instead of running all the way to town. Property comes with the 36’x62’ old bar and grocery with a 2-bedroom, 1 bath residence in the rear of the store. The old dance hall is now a 24’x50’ storage building/warehouse. Also included in the sale is a 20’x28’ 2 car garage. Property consists of 7 total acres with a drilled well, newer 2008 mound septic system rated for a 3-bedroom residence. Property being sold “AS-IS” buy the family and needs work. Located off a county road for year-round access. Own a piece of local history and turn it into your new northern Minnesota getaway. Close to area lakes, rivers, and local trails.

Key facts

• Mound septic system
• Local trails
• Area lakes

Tags

• DRILLED WELL
• MOUND SEPTIC SYSTEM
• YEAR ROUND ACCESS
• AREA LAKES
• LOCAL TRAILS

Property features AI

Finance

• Other: Approximately 2,232 sq ft finished above grade (main level); Total building area about 4,464 sq ft; Lot of about 7 acres (approx. 231 x 1,320)

Exterior

• Parking: Parking lot; 2-car garage (approximately 20x28)
• Utilities: Private well water; Mound septic / private sewer; Other fuel source
• Home design: Residential property; One level; Entry/main living on main level; Metal roof
• Construction: Block foundation; Foundation dimensions about 36x62; Originally built over 8 years ago
• Exterior features: Wood exterior; County road frontage; Publicly maintained road access

Interior

• Bedrooms: 2 bedrooms (both on main level)
• Bathrooms: 1 full bathroom
• Heating & cooling: No heating system specified; No cooling system specified
• Interior features: Finished main level; Unfinished block basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $89k.

Deal economics

• At list price, monthly cash flow is $273 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $86k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#770 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+; Watch: schools D, health & safety D, crime D-.
• St. Louis County School District (rural): math 34% / reading 49% proficiency, ranked #212 of 301 in MN (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 54 active listings in the ZIP; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($615 loan paydown + $4k appreciation (4.7% local appreciation)).
• At projected returns (4.7% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $21k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1933 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $86,330 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1933 — 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. 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?
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: 1.21% ✓
• Cap rate: 9.97%
• Cash-on-cash: 13.13%
• DSCR: 1.58
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.69% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.5%
• Equity multiple: 2.46×
• Total profit: $36,323
• Equity at exit: $48,783

10-year hold

• IRR: 23.1%
• Equity multiple: 4.83×
• Total profit: $95,553
• Equity at exit: $82,857

Cash invested: $24,920 (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 55771

• Home prices YoY: 2.2%
• Active inventory: 54
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,077 medium
• Mortgage (P&I): −$467
• Tax from tax record: −$74 /mo · $892/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $273

Break-even live

Break-even rent $732

Max offer price $89,000

Occupancy floor 70%

Sensitivity live

Price	-10% $323	-5% $298	+0% $273	+5% $248	+10% $222
Rent	-10% $188	-5% $230	+0% $273	+5% $315	+10% $358
Rate	-1.0pp $318	-0.5pp $295	base $273	+0.5pp $250	+1.0pp $226

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $89,000 Active 37 DOM
2. 2026-06-18
   days on market $89,000 Active 36 DOM
3. 2026-06-17
   days on market $89,000 Active 35 DOM
4. 2026-06-16
   days on market $89,000 Active 34 DOM
5. 2026-06-15
   days on market $89,000 Active 33 DOM
6. 2026-06-14
   days on market $89,000 Active 31 DOM
7. 2026-06-13
   pricedays on market $89,000 Active 30 DOM
8. 2026-06-10
   days on market $109,900 Active 28 DOM
9. 2026-06-09
   days on market $109,900 Active 27 DOM
10. 2026-06-08
    days on market $109,900 Active 26 DOM
11. 2026-06-07
    days on market $109,900 Active 25 DOM
12. 2026-06-02
    days on market $109,900 Active 20 DOM
13. 2026-06-01
    days on market $109,900 Active 19 DOM
14. 2026-05-31
    days on market $109,900 Active 18 DOM
15. 2026-05-30
    days on market $109,900 Active 17 DOM
16. 2026-05-13
    listed $109,900 Active 1071-char remark

    Show marketing remark (1071 chars)

    Looking for that unique piece of history? Look no further. Vi’s Tavern and the Greaney store was a local landmark. What started as the Greaney Dance Hall in the early 30’s was soon followed by the construction of the Greaney Store and Vi’s Tavern around 1933. Up until the late 60’s lumberjacks and locals used to frequent the establishments for groceries and good times instead of running all the way to town. Property comes with the 36’x62’ old bar and grocery with a 2-bedroom, 1 bath residence in the rear of the store. The old dance hall is now a 24’x50’ storage building/warehouse. Also included in the sale is a 20’x28’ 2 car garage. Property consists of 7 total acres with a drilled well, newer 2008 mound septic system rated for a 3-bedroom residence. Property being sold “AS-IS” buy the family and needs work. Located off a county road for year-round access. Own a piece of local history and turn it into your new northern Minnesota getaway. Close to area lakes, rivers, and local trails.

17. 2026-05-13
    listed $109,900 Active 1071-char remark

    Show marketing remark (1071 chars)

    Looking for that unique piece of history? Look no further. Vi’s Tavern and the Greaney store was a local landmark. What started as the Greaney Dance Hall in the early 30’s was soon followed by the construction of the Greaney Store and Vi’s Tavern around 1933. Up until the late 60’s lumberjacks and locals used to frequent the establishments for groceries and good times instead of running all the way to town. Property comes with the 36’x62’ old bar and grocery with a 2-bedroom, 1 bath residence in the rear of the store. The old dance hall is now a 24’x50’ storage building/warehouse. Also included in the sale is a 20’x28’ 2 car garage. Property consists of 7 total acres with a drilled well, newer 2008 mound septic system rated for a 3-bedroom residence. Property being sold “AS-IS” buy the family and needs work. Located off a county road for year-round access. Own a piece of local history and turn it into your new northern Minnesota getaway. Close to area lakes, rivers, and local trails.

18. 2026-05-13
    listed $109,900 Active

    Show marketing remark (1071 chars)

    Looking for that unique piece of history? Look no further. Vi’s Tavern and the Greaney store was a local landmark. What started as the Greaney Dance Hall in the early 30’s was soon followed by the construction of the Greaney Store and Vi’s Tavern around 1933. Up until the late 60’s lumberjacks and locals used to frequent the establishments for groceries and good times instead of running all the way to town. Property comes with the 36’x62’ old bar and grocery with a 2-bedroom, 1 bath residence in the rear of the store. The old dance hall is now a 24’x50’ storage building/warehouse. Also included in the sale is a 20’x28’ 2 car garage. Property consists of 7 total acres with a drilled well, newer 2008 mound septic system rated for a 3-bedroom residence. Property being sold “AS-IS” buy the family and needs work. Located off a county road for year-round access. Own a piece of local history and turn it into your new northern Minnesota getaway. Close to area lakes, rivers, and local trails.

ⓘ 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: $892 · $74/mo
• Projected year-2 tax: $944 · $79/mo
• Expected delta: +$52/yr (+$4/mo · 5.9%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥93°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,924
• − Mortgage interest: −$4,985
• − Property taxes: −$892
• − Insurance: −$445
• − Repairs & maintenance: −$1,034
• − Management: −$1,034
• − Depreciation: −$2,589
• Taxable income: $1,945
• Est. tax owed @ 24.0%: −$467
• After-tax cash flow: $2,806/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: St. Louis County School District
• NCES district ID: 2700008
• Math proficiency: 34% ▼ -7.00%
• Reading proficiency: 49% ▼ -6.00%
• Median HH income: $49,389
• Composite: 35.63/100
• National rank: #4886
• State rank: #212 of 301 in MN

Livability — Nett Lake

• Score: 60/100
• State rank: #770
• US rank: #19310

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 83
• Population (ZIP): 1,616

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 (73%)
• Race & ethnicity: White 73% Native American 19% Two or more races 7% Hispanic / Latino 1%
• Common ancestry: Portuguese 8% Romanian 5% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1%

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: ▲ 4.69%
• Current HPI: 221.8882
• 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

-19.0% since first listed

6 events — show timeline

• 2026-06-12 Price Changed $89,000 LSAR
• 2026-06-12 Price Changed $89,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-06-12 Price Changed $89,000 RAOR
• 2026-05-13 Listed $109,900 LSAR
• 2026-05-13 Listed $109,900 RAOR
• 2026-05-13 Listed $109,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+3.0%/yr

Latest (2026): $892 · +4.9% YoY. Source: county tax records.