14861 58th St N Unit A2

Oak Park Heights, MN 55082

$114,900C

1 bd · 1.0 ba · 510 sqft · Built 1980 · Condo · Active · 83 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,460/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$114
• HOA: −$300
• Vac / Maint / Mgmt: −$307
• Net cashflow: $138/mo
• Annual: $1,651/yr
• Cap rate: 7.73%
• Cash-on-cash: 5.13%
• DSCR: 1.23
• 1% rule: 1.27%
• Cash to close: $32,172

Investor read

• This is a 1-bed/1.0-bath condo listed at $115k.
• At list price, monthly cash flow is $138 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• It's been on market 83 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#79 in MN, #1,879 nationally) — a professional / high-income tenant draw. Strengths: schools A+, commute A+, housing A+; Watch: cost of living C-, crime D, amenities F.
• Stillwater Area Public School District (suburban): math 53% / reading 56% proficiency, ranked #54 of 301 in MN (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 21% of rent.
• Market conditions: Rents rising (+3.0%/yr); 185 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 1,405 units permitted in Washington County in 2024 (121 in 5+ unit buildings).
• Washington County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 22y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $72k; list at $115k implies a 60% gain — meaningful room to come down on a strong offer.
• Cap rate 7.7% vs local median 2.8% in Oak Park Heights — 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.
• This rent is only 15% of the median local income ($115k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.