214 S 2nd St · Keewatin, MN 55753

$144,900

2 bd · 2.0 ba · 544 sqft · Other public records · 7 Days on market

Built 1960 0.27 ac lot

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +6.0/30.0
• Appreciation +5.0/10.0
• Livability +3.3/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.5/10.0
• DSCR +0.4/10.0

Listing remarks

Completely renovated from top to bottom, this 2-bedroom, 1.5-bath home in Keewatin offers modern updates throughout. Improvements include a new roof, windows, vinyl siding, furnace, water heater, electrical service, and plumbing. The kitchen, bathrooms, flooring, and finishes have all been updated, & the home includes brand-new appliances. The main floor features an open living area, half bath, and convenient main-floor laundry. Upstairs, you’ll find two bedrooms & a full bathroom. Situated on a large corner lot, the property also includes a detached 2-stall garage. Schedule your showing today.

Key facts

• New furnace
• New water heater
• Vinyl siding

Tags

• NEW ROOF
• NEW WINDOWS
• VINYL SIDING
• NEW FURNACE
• NEW WATER HEATER
• NEW ELECTRICAL SERVICE

Property features AI

Exterior

• Parking: 2-car garage (approx. 20x24)
• Utilities: City water connected; City sewer connected; Natural gas; 200+ amp electrical service
• Home design: Residential property; Two levels; Above-grade finished living area; Main level finished area included
• Construction: Frame construction; Asphalt roof (8 years old or newer); Block foundation
• Exterior features: Vinyl exterior; Corner lot

Interior

• Kitchen: Range; Dishwasher; Refrigerator
• Bedrooms: 2 bedrooms (one on the upper level, one on the upper level listed as Bedroom 2)
• Bathrooms: 1 full bath (upper level); 1 half bath (main level)
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Dishwasher; Dryer; Range; Refrigerator; Washer; Full basement
• Laundry & utility: Main level laundry; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $145k.

Deal economics

• At list price, monthly cash flow is $-275 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $96k (33.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $80k (44.7% below list).
• Recommended offer: $80k (44.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 66/100 on livability (#495 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A-; Watch: schools D+, health & safety D, amenities F.
• Nashwauk-Keewatin School District (rural): math 32% / reading 39% proficiency, ranked #253 of 301 in MN (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 7 active listings in the ZIP; 121 units permitted in Itasca County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($1k loan paydown + $4k appreciation (3.0% local appreciation)).
• Itasca County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 7, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $80,088 (44.7% 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 1960 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.55% ✗
• Cap rate: 4.02%
• Cash-on-cash: -8.13%
• DSCR: 0.64
• GRM: 15.1

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: -0.0%
• Equity multiple: 1.00×
• Total profit: $-98
• Equity at exit: $65,153

10-year hold

• IRR: 3.9%
• Equity multiple: 1.60×
• Total profit: $24,148
• Equity at exit: $100,409

Cash invested: $40,572 (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 55753

• Active inventory: 7
• Price-to-rent: 15.1×

Monthly cashflow live

• Estimated rent: $801 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$87 /mo · $1,048/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$168
• Net cashflow: $-275

Break-even live

Break-even rent $1,149

Max offer price $96,340

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-19
   days on market $144,900 Active 7 DOM
2. 2026-06-18
   days on market $144,900 Active 6 DOM
3. 2026-06-17
   days on market $144,900 Active 5 DOM
4. 2026-06-16
   days on market $144,900 Active 4 DOM
5. 2026-06-15
   days on market $144,900 Active 3 DOM
6. 2026-06-13
   remarks 604-char remark
7. 2026-06-13
   listed $144,900 Active 1 DOM

ⓘ 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: $1,048 · $87/mo
• Projected year-2 tax: $1,335 · $111/mo
• Expected delta: +$287/yr (+$24/mo · 27.4%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥91°F today · 12 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: $9,611
• − Mortgage interest: −$8,117
• − Property taxes: −$1,048
• − Insurance: −$724
• − Repairs & maintenance: −$769
• − Management: −$769
• − Depreciation: −$4,215
• Taxable loss: −$6,032
• Est. tax savings @ 24.0%: +$1,448
• After-tax cash flow: $-1,851/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: Nashwauk-Keewatin School District
• NCES district ID: 2723310
• Math proficiency: 32% ▼ -13.00%
• Reading proficiency: 39% ▼ -11.00%
• Median HH income: $43,838
• Composite: 30.15/100
• National rank: #6326
• State rank: #253 of 301 in MN

Livability — Keewatin

• Score: 66/100
• State rank: #495
• US rank: #11938

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Keewatin, MN
• City population: 1,197
• Population (ZIP): 1,197

Population outlook (Itasca County) Hauer SSP2

• Today (2025): 45,885 people
• By 2030: 45,890 · +0.0%
• By 2040: 45,171 · -1.6%
• By 2050: 43,946 · -4.2%
• By 2075: 40,950 · -10.8%
• By 2100: 34,909 · -23.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Two or more races 18% Hispanic / Latino 2%
• Common ancestry: Portuguese 9% Lithuanian 2% Romanian 1%
• Foreign-born: 1% · Canada, Jamaica
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Itasca

• 2024 margin: Strong R (+20.2) · D 39.1% · R 59.3% · Other 1.6%
• 2008→2024 swing: -33.1pp toward R · 2008: 12.9pp · 2024: -20.2pp
• All cycles: 2024: R+20.2 2020: R+16.8 2016: R+16.5 2012: D+9.9 2008: D+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

1 event — show timeline

• 2026-06-12 Listed $144,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+23.6%/yr

Latest (2024): $1,048 · +693.9% YoY. Source: county tax records.