10 Shannon Dr · Hastings, MN 55033

$39,900

3 bd · 2.0 ba · 1,216 sqft · Other · 37 Days on market

Built 1986 Good condition ↓ 20% since listing

---

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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.2/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to your new 3-bedroom, 2-bath open-concept home! This beautifully renovated property features fresh paint throughout, from ceilings to walls, creating a bright and modern feel. Enjoy new flooring in the entryway and main bedroom, along with a new refrigerator and microwave in the kitchen. The home also boasts all-new windows and durable aluminum siding for added efficiency and curb appeal with new landscaping. Step outside to find a small deck & acirc; & euro; & rdquo; perfect for relaxing & acirc; & euro; & rdquo; and a spacious 12 x 16 shed for extra storage.

Key facts

• Open-concept home
• Fresh paint
• New flooring

Tags

• OPEN-CONCEPT HOME
• FRESH PAINT
• NEW FLOORING
• NEW REFRIGERATOR
• NEW MICROWAVE
• ALL-NEW WINDOWS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $40k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.
• Cap rate 41.7% vs local median 2.9% in Hastings — 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 75/100 on livability (#176 in MN, #3,817 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Hastings Public School District (town): math 43% / reading 50% proficiency, ranked #136 of 301 in MN (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 174 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,134 units permitted in Dakota County in 2024 (898 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Dakota County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.

Recommended offer $38,703 (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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 4.61% ✓
• Cap rate: 41.68%
• Cash-on-cash: 126.40%
• DSCR: 6.62
• GRM: 1.8

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: —
• Equity multiple: 7.13×
• Total profit: $68,510
• Equity at exit: $5,949

10-year hold

• IRR: —
• Equity multiple: 14.99×
• Total profit: $156,278
• Equity at exit: $3,450

Cash invested: $11,172 (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 55033

• Active inventory: 174
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $1,839 medium
• Mortgage (P&I): −$209
• Tax est. 1.5%: −$50 /mo · $598/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$386
• Net cashflow: $1,177

Break-even live

Break-even rent $349

Max offer price $39,900

Occupancy floor 31%

Sensitivity live

Price	-10% $1,204	-5% $1,191	+0% $1,177	+5% $1,163	+10% $1,149
Rent	-10% $1,032	-5% $1,104	+0% $1,177	+5% $1,249	+10% $1,322
Rate	-1.0pp $1,197	-0.5pp $1,187	base $1,177	+0.5pp $1,166	+1.0pp $1,156

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
36 Meggan Dr Unit 38 Hastings, MN	3.0	2.0	1120	$1,799	$1.61	5d	1	0.13mi
62 Meggan Dr Unit 62 Hastings, MN	3.0	2.0	1152	$1,769	$1.54	0d	1	0.24mi
325 33rd St W Hastings, MN	1.0–3.0	1.0–2.0	920	$2,200	$2.39	0d	23	0.62mi
2489 Yellowstone Dr Hastings, MN	3.0	1.5	1369	$2,050	$1.50	2d	1	0.69mi

Listing history 15 events

1. 2026-06-18
   days on market $39,900 Active 37 DOM
2. 2026-06-17
   days on market $39,900 Active 36 DOM
3. 2026-06-16
   days on market $39,900 Active 35 DOM
4. 2026-06-15
   days on market $39,900 Active 34 DOM
5. 2026-06-13
   days on market $39,900 Active 32 DOM
6. 2026-06-09
   days on market $39,900 Active 28 DOM
7. 2026-06-08
   days on market $39,900 Active 27 DOM
8. 2026-06-07
   days on market $39,900 Active 26 DOM
9. 2026-06-04
   days on market $39,900 Active 23 DOM
10. 2026-06-03
    days on market $39,900 Active 22 DOM
11. 2026-06-02
    days on market $39,900 Active 21 DOM
12. 2026-06-01
    days on market $39,900 Active 20 DOM
13. 2026-05-31
    days on market $39,900 Active 19 DOM
14. 2026-05-13
    price $39,900 561-char remark
15. 2026-05-12
    listed $49,900 Active 561-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,063
• − Mortgage interest: −$2,235
• − Property taxes: −$598
• − Insurance: −$200
• − Repairs & maintenance: −$1,765
• − Management: −$1,765
• − Depreciation: −$1,161
• Taxable income: $14,339
• Est. tax owed @ 24.0%: −$3,441
• After-tax cash flow: $10,680/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.

Condition & rehab AI · 1 photo

Good 75/100 Cosmetic rehab

This beautifully renovated home features fresh paint, new flooring, and all-new windows, making it move-in ready with good curb appeal.

Value-add opportunities

• Resale Painting exterior siding — Enhances curb appeal and value.
• Rental Landscaping improvements — Attracts tenants and enhances curb appeal.

Renovation cost estimate screening

Value-add ROI direction

• Resale Painting exterior siding — Enhances curb appeal and value. ↑
• Rental Landscaping improvements — Attracts tenants and enhances curb appeal. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Hastings Public School District
• NCES district ID: 2713530
• Math proficiency: 43% ▼ -25.00%
• Reading proficiency: 50% ▼ -16.00%
• Median HH income: $69,586
• Composite: 41.73/100
• National rank: #3404
• State rank: #136 of 301 in MN

Livability — Hastings

• Score: 75/100
• State rank: #176
• US rank: #3817

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hastings, MN
• County: Dakota County · 417,704 people
• City population: 29,674
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 29,674
• Household income: $103,988
• Rent vs Own: 19.6% rent · 80.4% own
• Severe rent burden: 552.0

Population outlook (Dakota County) Hauer SSP2

• Today (2025): 450,671 people
• By 2030: 465,068 · +3.2%
• By 2040: 486,770 · +8.0%
• By 2050: 498,743 · +10.7%
• By 2075: 533,865 · +18.5%
• By 2100: 550,133 · +22.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 5% Two or more races 4% Asian 2% Black 1%
• Common ancestry: Portuguese 11% Romanian 4% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Other Asian/Pacific 0%

Political lean MEDSL · Dakota

• 2024 margin: D (+12.9) · D 55.4% · R 42.5% · Other 2.1%
• 2008→2024 swing: +7.4pp toward D · 2008: 5.5pp · 2024: 12.9pp
• All cycles: 2024: D+12.9 2020: D+13.9 2016: D+4.7 2012: D+2.9 2008: D+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -268.35%
• Current HPI: 228.8854
• Rent YoY: —
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• 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

-20.0% since first listed

2 events — show timeline

• 2026-05-13 Price Changed $39,900 FSBO.com
• 2026-05-12 Listed $49,900 FSBO.com