1621 #71 Superior Shrs #71 · Silver Creek, MN 55616

$89,000

3 bd · 3.0 ba · 1,600 sqft · SingleFamily · 328 Days on market

Built 1992 Fair condition $56/sqft · 20% above area Est $74k · 20% over $144/mo HOA · 11% of rent

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Why this score? — see what drove the C 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 +28.1/30.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Schools +3.8/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Lake Superior living-without the full-time commitment. Enjoy 1/8 ownership in this beautifully designed 3+bedroom, 3-bath lakehome with sweeping views and effortless comfort. The vaulted living room features a floor-to-ceiling stone fireplace and opens to a private deck overlooking the water. The kitchen is designed for easy gathering, with a spacious breakfast bar and an open layout that keeps the lakefront front and center. The main-level primary suite offers deck access and a private bath with whirlpool tub and separate shower. Upstairs, a bright skylit loft with lake views includes a king bed, along with a third bedroom and additional bath-perfect for guests. Resort-style amenities include a heated outdoor pool, hot tub, tennis courts, and scenic walking trails. Low-maintenance ownership with optional rental management to help offset costs. Simply arrive, unwind, and enjoy your time on the North Shore. Intervals 1 & 6 available.

Key facts

• In unit washer dryer
• Inground heated pool
• Big breakfast bar

Tags

• BIG BREAKFAST BAR
• MAIN-FLOOR PRIMARY SUITE
• SKYLIT LOFT WITH LAKE VIEWS
• IN UNIT WASHER DRYER
• SHARED ONE CAR GARAGE
• INGROUND HEATED POOL

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $89k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $279 ($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: $78k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 2.1% in Silver Creek — 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 64/100 on livability (#582 in MN) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A, housing B+; Watch: health & safety D+, schools F, amenities 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.
• Market conditions: 83 active listings in the ZIP; 81 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Lake County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 328 days — a 12% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y 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 $78,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 328 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. 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: 1.48% ✓
• Cap rate: 10.06%
• Cash-on-cash: 13.46%
• DSCR: 1.60
• GRM: 5.6

CMA / ARV

• ARV (median comp): $74,367
• List price: $89,000
• Delta: 19.68%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 3.6%
• Equity multiple: 1.14×
• Total profit: $3,483
• Equity at exit: $13,270

10-year hold

• IRR: 13.2%
• Equity multiple: 2.06×
• Total profit: $26,390
• Equity at exit: $7,695

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 55616

• Active inventory: 83
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,315 medium
• Mortgage (P&I): −$467
• Tax est. 1.5%: −$111 /mo · $1,335/yr
• Insurance: −$37
• HOA: −$144
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $279

Break-even live

Break-even rent $961

Max offer price $89,000

Occupancy floor 74%

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: —

HOA detail

• Monthly dues: $144 · $1,728/yr
• Likely covers: waterpool

Listing history 21 events

1. 2026-06-18
   days on market $89,000 Active 328 DOM
2. 2026-06-17
   days on market $89,000 Active 327 DOM
3. 2026-06-16
   days on market $89,000 Active 326 DOM
4. 2026-06-15
   days on market $89,000 Active 325 DOM
5. 2026-06-14
   days on market $89,000 Active 323 DOM
6. 2026-06-13
   days on market $89,000 Active 322 DOM
7. 2026-06-10
   days on market $89,000 Active 320 DOM
8. 2026-06-09
   days on market $89,000 Active 319 DOM
9. 2026-06-08
   days on market $89,000 Active 318 DOM
10. 2026-06-07
    days on market $89,000 Active 317 DOM
11. 2026-06-02
    days on market $89,000 Active 312 DOM
12. 2026-06-01
    days on market $89,000 Active 311 DOM
13. 2026-05-31
    days on market $89,000 Active 310 DOM
14. 2026-05-30
    days on market $89,000 Active 309 DOM
15. 2025-07-25
    listed $89,000 Active 952-char remark

    Show marketing remark (952 chars)

    Lake Superior living-without the full-time commitment. Enjoy 1/8 ownership in this beautifully designed 3+bedroom, 3-bath lakehome with sweeping views and effortless comfort. The vaulted living room features a floor-to-ceiling stone fireplace and opens to a private deck overlooking the water. The kitchen is designed for easy gathering, with a spacious breakfast bar and an open layout that keeps the lakefront front and center. The main-level primary suite offers deck access and a private bath with whirlpool tub and separate shower. Upstairs, a bright skylit loft with lake views includes a king bed, along with a third bedroom and additional bath-perfect for guests. Resort-style amenities include a heated outdoor pool, hot tub, tennis courts, and scenic walking trails. Low-maintenance ownership with optional rental management to help offset costs. Simply arrive, unwind, and enjoy your time on the North Shore. Intervals 1 & 6 available.

16. 2023-07-26
    soldstatus $90,000 1214-char remark

    Show marketing remark (1214 chars)

    Interval ownership of a 3BB/3BA Lakehome. On the first floor is the great room open to the dining/kitchen with access to the deck, large skylights in a vaulted wood ceiling and a stone fireplace, primary bedroom with it's own bathroom featuring a whirlpool tub and separate shower. The front bedroom is adjacent to the hallway bath. Upstairs is a large open loft, third bedroom and third bathroom. This unit also includes a garage with additional storage. The common elements of the HOA includes 46 wooded acres with trails, tennis/pickleball courts, a pool, hot tub and over 2000 feet of Lake Superior shoreline. Interval ownership offers you six to seven weeks of use each year for personal stays or rentals. This unit is managed by NSRC and allows owners and guests use of the lodge pool facilities. Housekeeping, laundry, maintenance and rental services provided by management company. All exterior maintenance services provided by property manager. Approximate monthly expenses are $275 and include association dues, utilities, cable, phone, Internet, lodge pool fee and administrative fee. Cleaning fee is $175 per stay. Enjoy the North Shore without the hassle of mowing, shoveling, painting, cleaning, etc.

17. 2023-05-30
    listed $86,900 1214-char remark

    Show marketing remark (1214 chars)

    Interval ownership of a 3BB/3BA Lakehome. On the first floor is the great room open to the dining/kitchen with access to the deck, large skylights in a vaulted wood ceiling and a stone fireplace, primary bedroom with it's own bathroom featuring a whirlpool tub and separate shower. The front bedroom is adjacent to the hallway bath. Upstairs is a large open loft, third bedroom and third bathroom. This unit also includes a garage with additional storage. The common elements of the HOA includes 46 wooded acres with trails, tennis/pickleball courts, a pool, hot tub and over 2000 feet of Lake Superior shoreline. Interval ownership offers you six to seven weeks of use each year for personal stays or rentals. This unit is managed by NSRC and allows owners and guests use of the lodge pool facilities. Housekeeping, laundry, maintenance and rental services provided by management company. All exterior maintenance services provided by property manager. Approximate monthly expenses are $275 and include association dues, utilities, cable, phone, Internet, lodge pool fee and administrative fee. Cleaning fee is $175 per stay. Enjoy the North Shore without the hassle of mowing, shoveling, painting, cleaning, etc.

18. 2022-10-21
    soldstatus $75,000
19. 2021-11-01
    listed $78,900
20. 2015-06-01
    soldstatus $66,000
21. 2015-02-11
    listed $69,900

ⓘ 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 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥88°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,774
• − Mortgage interest: −$4,985
• − Property taxes: −$1,335
• − Insurance: −$445
• − Repairs & maintenance: −$1,262
• − Management: −$1,262
• − HOA: −$1,728
• − Depreciation: −$2,589
• Taxable income: $2,168
• Est. tax owed @ 24.0%: −$520
• After-tax cash flow: $2,833/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 · 12 photos

Fair 45/100 Moderate rehab

This home requires moderate renovations to improve its condition and increase its value. Key areas for improvement include the living room carpet and kitchen cabinets.

Repairs flagged

• Minor living room carpet — worn and frayed
• Moderate kitchen cabinets — show signs of wear
• Minor bathroom fixtures — slight discoloration

Value-add opportunities

• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics
• Both replace living room carpet — new carpet improves comfort and adds value
• Both update kitchen cabinets — new cabinets modernize the space and increase value

Renovation cost estimate screening

Repair item	Severity	Est. cost
living room carpet · worn and frayed	Minor	$500–3,000
kitchen cabinets · show signs of wear	Moderate	$3,000–15,000
bathroom fixtures · slight discoloration	Minor	$500–3,000
Total estimated repair cost · 3 items		$4,000–21,000

Value-add ROI direction

• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics ↑
• Both replace living room carpet — new carpet improves comfort and adds value ↑
• Both update kitchen cabinets — new cabinets modernize the space and increase value ↑

ⓘ 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: 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 Creek

• Score: 64/100
• State rank: #582
• US rank: #13955

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,277

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 (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Portuguese 18% Scottish 4% Romanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 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: ▼ -116.94%
• Current HPI: 182.619
• 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

+27.3% since first listed

7 events — show timeline

• 2025-07-25 Listed $89,000 LSAR
• 2023-07-26 Sold (MLS) $90,000 LSAR
• 2023-05-30 Listed $86,900 LSAR
• 2022-10-21 Sold (MLS) $75,000 LSAR
• 2021-11-01 Listed $78,900 LSAR
• 2015-06-01 Sold (MLS) $66,000 LSAR
• 2015-02-11 Listed $69,900 LSAR