18970 Boston St NW · Elk River, MN 55330

$360,000

4 bd · 2.0 ba · 2,081 sqft · SingleFamily public records · 2 Days on market

Built 1999 0.29 ac lot

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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 +10.1/30.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +3.6/5.0
• DSCR +2.9/10.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Turn key & move-in ready home. Seller is a professional designer and it shows. Main level features include 3 bedrooms, large foyer, spacious living/dining area and large deck with pergola. Lower level features an expansive family room area, beautiful 3/4 bath and 2 additional beds. 5th bedroom is non-conforming due to lack of closet but has a legal egress. Recent updates include AC (2018), Water heater(2019), Newer Washer & Dryer and insulated garage door. Driveway was just sealed.

Key facts

• 0.29 acre lot
• 2 garage spots
• Built 1999

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $360k.

Deal economics

• At list price, monthly cash flow is $-213 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $322k (10.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $272k (24.4% below list).
• Recommended offer: $272k (24.4% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 3.4% in Elk River — 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 72/100 on livability (#265 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Independent School District 728 (suburban): math 56% / reading 60% proficiency, ranked #37 of 301 in MN (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: 453 active listings in the ZIP; high-income renter base; 334 units permitted in Sherburne County in 2024 (58 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 $11k of value loss. Plan a longer hold.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 26y 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.

Recommended offer $272,303 (24.4% 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. 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: 0.76% ✗
• Cap rate: 5.58%
• Cash-on-cash: -2.54%
• DSCR: 0.89
• GRM: 11.0

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: -20.5%
• Equity multiple: 0.29×
• Total profit: $-71,948
• Equity at exit: $53,677

10-year hold

• IRR: -13.8%
• Equity multiple: 0.20×
• Total profit: $-80,276
• Equity at exit: $31,126

Cash invested: $100,800 (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 55330

• Active inventory: 453
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $2,723 medium
• Mortgage (P&I): −$1,888
• Tax from tax record: −$326 /mo · $3,918/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$572
• Net cashflow: $-213

Break-even live

Break-even rent $2,993

Max offer price $322,340

Occupancy floor —

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: $90,000
• Closing costs: $10,800
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-04-27
   status Pending
2. 2026-04-25
   listed $360,000 Active
3. 2026-04-24
   price $360,000
4. 2026-04-23
   historical $354,900
5. 2021-09-08
   soldstatus $319,276
6. 2021-08-31
   historical 495-char remark

   Show marketing remark (495 chars)

   Turn key & move-in ready home. Seller is a professional designer and it shows. Main level features include 3 bedrooms, large foyer, spacious living/dining area and large deck with pergola. Lower level features an expansive family room area, beautiful 3/4 bath and 2 additional beds. 5th bedroom is non-conforming due to lack of closet but has a legal egress. Recent updates include AC (2018), Water heater(2019), Newer Washer & Dryer and insulated garage door. Driveway was just sealed.

7. 2021-08-31
   soldstatus $319,275 Sold 495-char remark

   Show marketing remark (495 chars)

   Turn key & move-in ready home. Seller is a professional designer and it shows. Main level features include 3 bedrooms, large foyer, spacious living/dining area and large deck with pergola. Lower level features an expansive family room area, beautiful 3/4 bath and 2 additional beds. 5th bedroom is non-conforming due to lack of closet but has a legal egress. Recent updates include AC (2018), Water heater(2019), Newer Washer & Dryer and insulated garage door. Driveway was just sealed.

8. 2021-07-22
   status Pending 495-char remark

   Show marketing remark (495 chars)

   Turn key & move-in ready home. Seller is a professional designer and it shows. Main level features include 3 bedrooms, large foyer, spacious living/dining area and large deck with pergola. Lower level features an expansive family room area, beautiful 3/4 bath and 2 additional beds. 5th bedroom is non-conforming due to lack of closet but has a legal egress. Recent updates include AC (2018), Water heater(2019), Newer Washer & Dryer and insulated garage door. Driveway was just sealed.

9. 2021-07-20
   listed $314,900 Active 495-char remark

   Show marketing remark (495 chars)

   Turn key & move-in ready home. Seller is a professional designer and it shows. Main level features include 3 bedrooms, large foyer, spacious living/dining area and large deck with pergola. Lower level features an expansive family room area, beautiful 3/4 bath and 2 additional beds. 5th bedroom is non-conforming due to lack of closet but has a legal egress. Recent updates include AC (2018), Water heater(2019), Newer Washer & Dryer and insulated garage door. Driveway was just sealed.

10. 2007-07-18
    historical
11. 2007-04-24
    listed $204,900
12. 2000-05-25
    soldstatus $141,366
13. 2000-05-25
    soldstatus $141,366
14. 2000-03-23
    historical
15. 2000-03-17
    listed $139,900
16. 1999-10-15
    soldstatus $30,000

ⓘ 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: $3,918 · $326/mo
• Projected year-2 tax: $3,975 · $331/mo
• Expected delta: +$57/yr (+$5/mo · 1.5%)

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,676
• − Mortgage interest: −$20,166
• − Property taxes: −$3,918
• − Insurance: −$1,800
• − Repairs & maintenance: −$2,614
• − Management: −$2,614
• − Depreciation: −$10,473
• Taxable loss: −$8,908
• Est. tax savings @ 24.0%: +$2,138
• After-tax cash flow: $-420/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: Independent School District 728
• NCES district ID: 2711370
• Math proficiency: 56% ▼ -15.00%
• Reading proficiency: 60% ▼ -10.00%
• Median HH income: $82,336
• Composite: 52.5/100
• National rank: #1567
• State rank: #37 of 301 in MN

Livability — Elk River

• Score: 72/100
• State rank: #265
• US rank: #5795

Category grades

Amenities F Commute F Cost of living B- 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: Elk River, MN
• County: Sherburne County · 120,363 people
• City population: 45,721
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 45,721
• Household income: $115,761
• Rent vs Own: 15.8% rent · 84.2% own
• Severe rent burden: 285.0

Population outlook (Sherburne County) Hauer SSP2

• Today (2025): 97,402 people
• By 2030: 99,341 · +2.0%
• By 2040: 101,188 · +3.9%
• By 2050: 99,214 · +1.9%
• By 2075: 88,700 · -8.9%
• By 2100: 72,241 · -25.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 6% Black 4% Hispanic / Latino 3% Asian 1%
• Common ancestry: Portuguese 13% Romanian 6% Lithuanian 3%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 2% Russian/Polish/Slavic 1% Other Asian/Pacific 1%

Political lean MEDSL · Sherburne

• 2024 margin: Solid R (+34.9) · D 31.7% · R 66.6% · Other 1.7%
• 2008→2024 swing: -16.7pp toward R · 2008: -18.2pp · 2024: -34.9pp
• All cycles: 2024: R+34.9 2020: R+32.6 2016: R+37.0 2012: R+22.1 2008: R+18.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -173.46%
• Current HPI: 241.3028
• 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

+1100.0% since first listed

16 events — show timeline

• 2026-04-27 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-25 Listed $360,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-24 Price Changed $360,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-23 Coming Soon $354,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-09-08 Sold (Public Records) $319,276 Public Records
• 2021-08-31 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2021-08-31 Sold (MLS) $319,275 NORTHSTARMLS as Distributed by MLS Grid
• 2021-07-22 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-07-20 Listed $314,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-07-18 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-04-24 Listed $204,900 NORTHSTARMLS as Distributed by MLS Grid
• 2000-05-25 Sold (Public Records) $141,366 Public Records
• 2000-05-25 Sold (MLS) $141,366 NORTHSTARMLS as Distributed by MLS Grid
• 2000-03-23 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2000-03-17 Listed $139,900 NORTHSTARMLS as Distributed by MLS Grid
• 1999-10-15 Sold (Public Records) $30,000 Public Records

Property tax history

+5.4%/yr

Latest (2025): $3,918 · +0.7% YoY. Source: county tax records.