18 Banks Blvd · Silver Bay, MN 55614

$165,000

2 bd · 1.0 ba · 884 sqft · SingleFamily public records · 61 Days on market

Built 1953 7,405 sqft lot $187/sqft · 68% above area Est $196k · 16% under

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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).

• ARV discount +14.6/15.0
• Appreciation +10.0/10.0
• Cash flow +6.6/30.0
• Schools +3.8/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.9/10.0
• 1% rule +0.8/10.0

Listing remarks MLS

Charming Northshore living in Silver Bay. Then main level features a practical layout with 3 bedrooms and a convenient 2 bath (1 full 1 Half), offering comfortable everyday living. The basement adds extra functionality with 1/2 bath and laundry area complete with washer & dryer. Outside you will appreciate a 2-car garage & additional storage shed. Perfect for keeping Vehicles, tools, & outdoor equipment organized. A great opportunity to enjoy living on the beautiful Northshore of MN.

Key facts

• 7,405 sq ft lot
• 2 garage spots
• Built 1953

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $-268 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $118k (28.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $96k (41.7% below list).
• Recommended offer: $96k (41.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 74/100 on livability (#217 in MN, #4,547 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute 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: 66 active listings in the ZIP; 81 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $18k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Lake County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y 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.
• Current owner paid $143k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $96,210 (41.7% 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. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 42% concession, seller financing, or rate buy-down credit?
3. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 B-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?
7. 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?
8. 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.
9. 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.
10. 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: 0.58% ✗
• Cap rate: 4.34%
• Cash-on-cash: -6.97%
• DSCR: 0.69
• GRM: 14.3

CMA / ARV

• ARV (median comp): $196,064
• List price: $165,000
• Delta: -15.84%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
36 Aiken Cr Cir	0.17mi	2/1.0	864 (-2%)	2mo	$130,000	$150	87
11 Aiken Crk	0.15mi	3/1.0 (+1)	932 (+5%)	6mo	$124,000	$133	74
42 Banks Blvd	0.16mi	3/1.0 (+1)	900 (+2%)	20mo	$163,900	$182	68
88 Banks Blvd	0.57mi	3/1.0 (+1)	864 (-2%)	0mo	$105,000	$122	64
31 Charles Cr Cir	0.40mi	2/1.0	864 (-2%)	18mo	$145,000	$168	63
33 Charles Crk	0.41mi	3/1.0 (+1)	864 (-2%)	14mo	$145,000	$168	60
36 Adams Blvd	0.18mi	2/1.0	768 (-13%)	13mo	$170,000	$221	59
66 Banks Blvd	0.37mi	2/1.0	768 (-13%)	4mo	$117,000	$152	58
51 Davis Dr	0.67mi	3/1.0 (+1)	864 (-2%)	3mo	$107,500	$124	57
12 Dodge Ln	0.58mi	2/1.0	864 (-2%)	18mo	$141,000	$163	54
30 Arthur Crk	0.29mi	3/1.0 (+1)	960 (+9%)	19mo	$170,000	$177	51
10 Drake Cr Cir	0.57mi	2/1.0	864 (-2%)	23mo	$150,000	$174	51

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.3%
• Equity multiple: 2.57×
• Total profit: $72,721
• Equity at exit: $148,645

10-year hold

• IRR: 17.8%
• Equity multiple: 5.92×
• Total profit: $227,481
• Equity at exit: $320,559

Cash invested: $46,200 (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 55614

• Home prices YoY: 11.9%
• Active inventory: 66
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $962 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$94 /mo · $1,132/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$202
• Net cashflow: $-268

Break-even live

Break-even rent $1,302

Max offer price $117,603

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $165,000 Active 61 DOM
2. 2026-06-17
   days on market $165,000 Active 60 DOM
3. 2026-06-16
   days on market $165,000 Active 59 DOM
4. 2026-06-15
   days on market $165,000 Active 58 DOM
5. 2026-06-14
   days on market $165,000 Active 56 DOM
6. 2026-06-13
   days on market $165,000 Active 55 DOM
7. 2026-06-10
   pricedays on market $165,000 Active 53 DOM
8. 2026-06-09
   days on market $170,000 Active 52 DOM
9. 2026-06-08
   days on market $170,000 Active 51 DOM
10. 2026-06-07
    days on market $170,000 Active 50 DOM
11. 2026-06-02
    days on market $170,000 Active 45 DOM
12. 2026-06-01
    days on market $170,000 Active 44 DOM
13. 2026-05-31
    days on market $170,000 Active 43 DOM
14. 2026-05-30
    days on market $170,000 Active 42 DOM
15. 2026-04-18
    listed $170,000 Active 505-char remark

    Show marketing remark (505 chars)

    Charming Northshore living in Silver Bay. Then main level features a practical layout with 3 bedrooms and a convenient 2 bath (1 full 1 Half), offering comfortable everyday living. The basement adds extra functionality with 1/2 bath and laundry area complete with washer & dryer. Outside you will appreciate a 2-car garage & additional storage shed. Perfect for keeping Vehicles, tools, & outdoor equipment organized. A great opportunity to enjoy living on the beautiful Northshore of MN.

16. 2024-05-22
    soldstatus $143,300
17. 2024-05-17
    soldstatus $143,300 Sold 129-char remark

    Show marketing remark (129 chars)

    Remodeled 3 bedroom,1.5 bath home in Silver Bay. Great for retirement or recreational access to the North Shore of Lake Superior

18. 2024-01-16
    status Pending 129-char remark

    Show marketing remark (129 chars)

    Remodeled 3 bedroom,1.5 bath home in Silver Bay. Great for retirement or recreational access to the North Shore of Lake Superior

19. 2024-01-09
    listed $149,900 Active 129-char remark

    Show marketing remark (129 chars)

    Remodeled 3 bedroom,1.5 bath home in Silver Bay. Great for retirement or recreational access to the North Shore of Lake Superior

20. 2022-11-01
    soldstatus $140,000
21. 2006-10-24
    historical
22. 2006-04-24
    listed $74,900

ⓘ 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: $1,132 · $94/mo
• Projected year-2 tax: $1,490 · $124/mo
• Expected delta: +$358/yr (+$30/mo · 31.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major 27% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥86°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,545
• − Mortgage interest: −$9,243
• − Property taxes: −$1,132
• − Insurance: −$825
• − Repairs & maintenance: −$924
• − Management: −$924
• − Depreciation: −$4,800
• Taxable loss: −$6,302
• Est. tax savings @ 24.0%: +$1,512
• After-tax cash flow: $-1,707/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: 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 Bay

• Score: 74/100
• State rank: #217
• US rank: #4547

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Silver Bay, MN
• Population (ZIP): 2,450

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 (91%)
• Race & ethnicity: White 91% Two or more races 7% Hispanic / Latino 2%
• Common ancestry: Portuguese 21% Lithuanian 2% Scottish 2%
• Foreign-born: 1% · Vietnam
• Languages at home: 98% English-only · Other Indo-European 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: ▲ 52.26%
• Current HPI: 490.17
• 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

+127.0% since first listed

8 events — show timeline

• 2026-04-18 Listed $170,000 LSAR
• 2024-05-22 Sold (Public Records) $143,300 Public Records
• 2024-05-17 Sold (MLS) $143,300 NORTHSTARMLS as Distributed by MLS Grid
• 2024-01-16 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2024-01-09 Listed $149,900 NORTHSTARMLS as Distributed by MLS Grid
• 2022-11-01 Sold (Public Records) $140,000 Public Records
• 2006-10-24 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-04-24 Listed $74,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+2.6%/yr

Latest (2025): $1,132 · +214.7% YoY. Source: county tax records.