53 Banks Blvd · Silver Bay, MN 55614

$145,000

3 bd · 1.0 ba · 864 sqft · SingleFamily public records · 3 Days on market

Built 1953 9,452 sqft lot Est $145k · at est.

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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).

• Appreciation +10.0/10.0
• Cash flow +8.2/30.0
• ARV discount +7.5/15.0
• Schools +3.8/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• DSCR +2.2/10.0

Listing remarks MLS

Enjoy easy, one-level living in this move-in ready 3-bedroom, 1-bath home. Featuring an updated bathroom, vinyl windows, and durable metal siding, this property offers both comfort and low-maintenance living. The cozy dining nook provides a welcoming space for everyday meals or casual gatherings. Situated on a corner lot, there’s plenty of room to relax outdoors, start a simple garden, or add your favorite flowers to personalize the space. Step into the backyard and unwind around the small fire pit—perfect for relaxing evenings or entertaining. Additional conveniences include a one-car garage and a good-sized storage shed, offering plenty of space for tools, toys, or seasonal items. Located close to all the essentials, including shopping, banks, the library, and area trails, plus easy access to Lake Superior for outdoor recreation, this home blends practical living with a great location.

Key facts

• Vinyl windows
• One-car garage
• Metal siding

Tags

• UPDATED BATHROOM
• VINYL WINDOWS
• METAL SIDING
• CORNER LOT
• BACKYARD
• ONE-CAR GARAGE

Property features AI

Exterior

• Parking: Asphalt driveway; Attached 1-car garage
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Single-story residential home; Accessible — no interior or exterior stairs; Living area approximately 864 (main level finished area)
• Construction: Frame construction; Roof older than 8 years; Foundation listed as other (dimensions approx. 24x36)
• Exterior features: Corner lot with light tree coverage; Metal exterior; Storage shed; City street frontage with paved streets, sidewalks, street lights and storm sewer

Interior

• Kitchen: Dishwasher; Range; Refrigerator; Eat-in kitchen
• Bedrooms: Three main-level bedrooms (approx. 11x11, 11x11, 10x10)
• Bathrooms: One full bathroom on the main level (approx. 7x6)
• Heating & cooling: Forced air heating; No central air
• Interior features: All living facilities on one level; Eat-in kitchen / informal dining area; No basement
• Laundry & utility: Main-level laundry; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $-138 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $121k (16.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (27.1% below list).
• Recommended offer: $106k (27.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 74/100 on livability (#217 in MN, #4,547 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Lake Superior Public School District (rural): math 34% / reading 53% proficiency, ranked #191 of 301 in MN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: William Kelley Elementary (math 42% / reading 62%, grade C-, #368 of 857 statewide, top 47%, 173 students, 40% FRL); Wm. M. Kelley Secondary (math 50% / reading 64%, grade C, #64 of 471 statewide, top 16%, 173 students, 42% FRL) — zoned schools average 41% FRL vs 23% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 66 active listings in the ZIP; 81 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $14k appreciation (10.0% local appreciation)).
• Lake County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 18y 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 $20k; list at $145k implies a 607% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,765 (27.1% 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 1953 — 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 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?
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: 0.73% ✗
• Cap rate: 5.15%
• Cash-on-cash: -4.07%
• DSCR: 0.82
• GRM: 11.4

CMA / ARV

• ARV (on-the-fly): $145,152
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
88 Banks Blvd	0.31mi	3/1.0	864 (0%)	1mo	$105,000	$122	85
33 Charles Crk	0.15mi	3/1.0	864 (0%)	14mo	$145,000	$168	81
51 Davis Dr	0.42mi	3/1.0	864 (0%)	3mo	$107,500	$124	78
36 Aiken Cr Cir	0.39mi	2/1.0 (-1)	864 (0%)	2mo	$130,000	$150	75
31 Charles Cr Cir	0.14mi	2/1.0 (-1)	864 (0%)	18mo	$145,000	$168	73
42 Banks Blvd	0.10mi	3/1.0	900 (+4%)	20mo	$163,900	$182	71
66 Banks Blvd	0.11mi	2/1.0 (-1)	768 (-11%)	4mo	$117,000	$152	68
11 Aiken Crk	0.30mi	3/1.0	932 (+8%)	7mo	$124,000	$133	68
12 Dodge Ln	0.32mi	2/1.0 (-1)	864 (0%)	18mo	$141,000	$163	65
10 Drake Cr Cir	0.32mi	2/1.0 (-1)	864 (0%)	23mo	$150,000	$174	61
36 Adams Blvd	0.43mi	2/1.0 (-1)	768 (-11%)	13mo	$170,000	$221	45
30 Arthur Crk	0.54mi	3/1.0	960 (+11%)	19mo	$170,000	$177	40

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.4%
• Equity multiple: 2.73×
• Total profit: $70,205
• Equity at exit: $130,627

10-year hold

• IRR: 19.3%
• Equity multiple: 6.26×
• Total profit: $213,631
• Equity at exit: $281,703

Cash invested: $40,600 (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 55614

• Home prices YoY: 11.9%
• Active inventory: 66
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $1,058 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$152 /mo · $1,828/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $-138

Break-even live

Break-even rent $1,232

Max offer price $120,692

Occupancy floor —

Sensitivity live

Price	-10% $-56	-5% $-97	+0% $-138	+5% $-179	+10% $-220
Rent	-10% $-221	-5% $-179	+0% $-138	+5% $-96	+10% $-54
Rate	-1.0pp $-65	-0.5pp $-101	base $-138	+0.5pp $-175	+1.0pp $-213

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-05-30
   statusdays on market $145,000 Pending 3 DOM
2. 2026-05-27
   listed $145,000 Active 912-char remark

   Show marketing remark (912 chars)

   Enjoy easy, one-level living in this move-in ready 3-bedroom, 1-bath home. Featuring an updated bathroom, vinyl windows, and durable metal siding, this property offers both comfort and low-maintenance living. The cozy dining nook provides a welcoming space for everyday meals or casual gatherings. Situated on a corner lot, there’s plenty of room to relax outdoors, start a simple garden, or add your favorite flowers to personalize the space. Step into the backyard and unwind around the small fire pit—perfect for relaxing evenings or entertaining. Additional conveniences include a one-car garage and a good-sized storage shed, offering plenty of space for tools, toys, or seasonal items. Located close to all the essentials, including shopping, banks, the library, and area trails, plus easy access to Lake Superior for outdoor recreation, this home blends practical living with a great location.

3. 2026-05-27
   listed $145,000 Active

   Show marketing remark (912 chars)

   Enjoy easy, one-level living in this move-in ready 3-bedroom, 1-bath home. Featuring an updated bathroom, vinyl windows, and durable metal siding, this property offers both comfort and low-maintenance living. The cozy dining nook provides a welcoming space for everyday meals or casual gatherings. Situated on a corner lot, there’s plenty of room to relax outdoors, start a simple garden, or add your favorite flowers to personalize the space. Step into the backyard and unwind around the small fire pit—perfect for relaxing evenings or entertaining. Additional conveniences include a one-car garage and a good-sized storage shed, offering plenty of space for tools, toys, or seasonal items. Located close to all the essentials, including shopping, banks, the library, and area trails, plus easy access to Lake Superior for outdoor recreation, this home blends practical living with a great location.

4. 2012-02-16
   soldstatus $20,500 83-char remark

   Show marketing remark (83 chars)

   Rambler, 3 bedrooms, 1 bathroom, detached garage. Just blocks from Lake Superior.

5. 2011-12-21
   historical 83-char remark

   Show marketing remark (83 chars)

   Rambler, 3 bedrooms, 1 bathroom, detached garage. Just blocks from Lake Superior.

6. 2011-07-27
   listed $29,990 83-char remark

   Show marketing remark (83 chars)

   Rambler, 3 bedrooms, 1 bathroom, detached garage. Just blocks from Lake Superior.

7. 2008-10-01
   soldstatus $76,500
8. 2008-09-22
   soldstatus $76,500
9. 2008-09-22
   soldstatus $76,500
10. 2008-05-28
    listed $75,000
11. 2008-05-28
    listed $75,000
12. 2002-12-15
    soldstatus $42,250

ⓘ 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: $1,828 · $152/mo
• Projected year-2 tax: $1,828 · $152/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 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥86°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,692
• − Mortgage interest: −$8,122
• − Property taxes: −$1,828
• − Insurance: −$725
• − Repairs & maintenance: −$1,015
• − Management: −$1,015
• − Depreciation: −$4,218
• Taxable loss: −$4,232
• Est. tax savings @ 24.0%: +$1,016
• After-tax cash flow: $-635/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: Lake Superior Public School District
• NCES district ID: 2740740
• Math proficiency: 34% ▼ -24.00%
• Reading proficiency: 53% ▼ -9.00%
• Median HH income: $51,958
• Composite: 37.51/100
• National rank: #4399
• State rank: #191 of 301 in MN

Livability — Silver Bay

• Score: 74/100
• State rank: #217
• US rank: #4547

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Silver Bay, MN
• Population (ZIP): 2,450

Population outlook (Lake County) Hauer SSP2

• Today (2025): 9,943 people
• By 2030: 9,437 · -5.1%
• By 2040: 8,326 · -16.3%
• By 2050: 7,365 · -25.9%
• By 2075: 6,008 · -39.6%
• By 2100: 5,038 · -49.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 7% Hispanic / Latino 2%
• Common ancestry: Portuguese 21% Lithuanian 2% Scottish 2%
• Foreign-born: 1% · Vietnam
• Languages at home: 98% English-only · Other Indo-European 1%

Political lean MEDSL · Lake

• 2024 margin: Toss-up / Even · D 51.0% · R 47.1% · Other 1.9%
• 2008→2024 swing: -18.2pp toward R · 2008: 22.1pp · 2024: 3.9pp
• All cycles: 2024: D+3.9 2020: D+3.5 2016: D+2.2 2012: D+21.1 2008: D+22.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 52.26%
• Current HPI: 490.17
• 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

+243.2% since first listed

11 events — show timeline

• 2026-05-27 Listed $145,000 LSAR
• 2026-05-27 Listed $145,000 NORTHSTARMLS as Distributed by MLS Grid
• 2012-02-16 Sold (MLS) $20,500 NORTHSTARMLS as Distributed by MLS Grid
• 2011-12-21 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2011-07-27 Listed $29,990 NORTHSTARMLS as Distributed by MLS Grid
• 2008-10-01 Sold (Public Records) $76,500 Public Records
• 2008-09-22 Sold (MLS) $76,500 NORTHSTARMLS as Distributed by MLS Grid
• 2008-09-22 Sold (MLS) $76,500 NORTHSTARMLS as Distributed by MLS Grid
• 2008-05-28 Listed $75,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-05-28 Listed $75,000 NORTHSTARMLS as Distributed by MLS Grid
• 2002-12-15 Sold (Public Records) $42,250 Public Records

Property tax history

+9.0%/yr

Latest (2025): $1,828 · +236.8% YoY. Source: county tax records.