7423 Borman Ave · Inver Grove Heights, MN 55076

$299,900

3 bd · 2.0 ba · 1,320 sqft · Townhouse public records · 39 Days on market

Built 1983 5,662 sqft lot $227/sqft · at area comps Est $329k · 9% under

---

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 +12.0/30.0
• ARV discount +11.4/15.0
• Livability +3.8/5.0
• DSCR +3.5/10.0
• Schools +3.3/10.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful 3-Bedroom Quad Home with No Association Fees. This lovely 3-bedroom, 2-bath quad home has a 2-car attached garage with concrete driveway and insulated garage door replaced in 2022. Exterior was re landscaped in 2022 to include retaining wall and front steps were rebuilt in 2023. Newer windows make the home bright and welcoming. Newer sliding glass door to deck (divider wall between decks was rebuilt) off the dining room perfect for relaxing or entertaining. Leaffilter gutters were installed in 2021. Front storm door was replaced in 2022. Inside, you'll find newer flooring, fresh paint, and updated fixtures. The kitchen features newer stainless-steel appliances and a butcher block island, great for cooking and gathering. The large primary bedroom offers a walk-in closet and a walk-thru bathroom. There is a full bath on the main floor and another bathroom in the finished lower level, which also includes a family room, newly paneled laundry with new laundry tub and storage. There's also potential for a separate lower apartment perfect for family separation with a three quarter bath. There are stairlifts installed that can come with the home or be removed. There is central air, new 40 gallon water heater installed in November 2025 and newer water softener 2021. New roof 2023.

Key facts

• 2 garage spots
• Built 1983
• Listed 39 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $300k.

Deal economics

• At list price, monthly cash flow is $-72 ($-866/yr) — negative.
• To cash-flow at today's rent, offer at most $287k (4.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (21.3% below list).
• Recommended offer: $236k (21.3% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.2% in Inver Grove 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.

Location & tenants

• Location reads 76/100 on livability (#146 in MN, #3,277 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: amenities F, health & safety F.
• Inver Grove Heights Schools (suburban): math 32% / reading 41% proficiency, ranked #234 of 301 in MN (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hilltop Elementary (math 22% / reading 32%, grade F, #703 of 857 statewide, top 84%, 574 students, 62% FRL); Inver Grove Heights Middle (math 25% / reading 36%, grade F, #192 of 258 statewide, top 77%, 761 students, 59% FRL); Simley Senior High (math 27% / reading 52%, grade F, #246 of 471 statewide, top 59%, 1,062 students, 49% FRL) — zoned schools average 57% FRL vs 31% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 105 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 2,134 units permitted in Dakota County in 2024 (898 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 $9k of value loss. Plan a longer hold.
• Dakota County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 34y 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 $235,926 (21.3% 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 39 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.79% ✗
• Cap rate: 6.00%
• Cash-on-cash: -1.03%
• DSCR: 0.95
• GRM: 10.6

CMA / ARV

• ARV (median comp): $328,524
• List price: $299,900
• Delta: -8.71%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -18.0%
• Equity multiple: 0.37×
• Total profit: $-53,242
• Equity at exit: $44,716

10-year hold

• IRR: -10.3%
• Equity multiple: 0.38×
• Total profit: $-52,479
• Equity at exit: $25,930

Cash invested: $83,972 (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 55076

• Active inventory: 105
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,359 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$238 /mo · $2,860/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$495
• Net cashflow: $-72

Break-even live

Break-even rent $2,451

Max offer price $287,148

Occupancy floor 98%

Sensitivity live

Price	-10% $98	-5% $13	+0% $-72	+5% $-157	+10% $-242
Rent	-10% $-259	-5% $-165	+0% $-72	+5% $21	+10% $114
Rate	-1.0pp $79	-0.5pp $4	base $-72	+0.5pp $-150	+1.0pp $-229

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3284 71st St E Inver Grove Heights, MN	3.0	1.5	1630	$2,539	$1.56	0d	1	0.64mi
7535 Cloman Way E Unit A Inver Grove Heights, MN	3.0	1.0	1500	$1,950	$1.30	5d	1	0.84mi
8201 College Trl Inver Grove Heights, MN	4.0	1.5	964	$1,804	$1.87	0d	4	0.92mi
7398 Arch WAY INVER GROVE, MN	1.0–3.0	1.0–2.5	1143	$3,145	$2.75	0d	96	1.09mi
1462 80th St E Inver Grove Heights, MN	2.0	1.0–2.5	1084	$2,749	$2.53	0d	13	1.33mi
8768 Benson Way #83 Inver Grove Heights, MN	2.0	2.0	1200	$1,995	$1.66	45d	1	1.48mi

Listing history 14 events

1. 2026-05-17
   historical Contingent - Inspection 1302-char remark

   Show marketing remark (1302 chars)

   Beautiful 3-Bedroom Quad Home with No Association Fees. This lovely 3-bedroom, 2-bath quad home has a 2-car attached garage with concrete driveway and insulated garage door replaced in 2022. Exterior was re landscaped in 2022 to include retaining wall and front steps were rebuilt in 2023. Newer windows make the home bright and welcoming. Newer sliding glass door to deck (divider wall between decks was rebuilt) off the dining room perfect for relaxing or entertaining. Leaffilter gutters were installed in 2021. Front storm door was replaced in 2022. Inside, you'll find newer flooring, fresh paint, and updated fixtures. The kitchen features newer stainless-steel appliances and a butcher block island, great for cooking and gathering. The large primary bedroom offers a walk-in closet and a walk-thru bathroom. There is a full bath on the main floor and another bathroom in the finished lower level, which also includes a family room, newly paneled laundry with new laundry tub and storage. There's also potential for a separate lower apartment perfect for family separation with a three quarter bath. There are stairlifts installed that can come with the home or be removed. There is central air, new 40 gallon water heater installed in November 2025 and newer water softener 2021. New roof 2023.

2. 2026-05-02
   price $299,900 1302-char remark

   Show marketing remark (1302 chars)

   Beautiful 3-Bedroom Quad Home with No Association Fees. This lovely 3-bedroom, 2-bath quad home has a 2-car attached garage with concrete driveway and insulated garage door replaced in 2022. Exterior was re landscaped in 2022 to include retaining wall and front steps were rebuilt in 2023. Newer windows make the home bright and welcoming. Newer sliding glass door to deck (divider wall between decks was rebuilt) off the dining room perfect for relaxing or entertaining. Leaffilter gutters were installed in 2021. Front storm door was replaced in 2022. Inside, you'll find newer flooring, fresh paint, and updated fixtures. The kitchen features newer stainless-steel appliances and a butcher block island, great for cooking and gathering. The large primary bedroom offers a walk-in closet and a walk-thru bathroom. There is a full bath on the main floor and another bathroom in the finished lower level, which also includes a family room, newly paneled laundry with new laundry tub and storage. There's also potential for a separate lower apartment perfect for family separation with a three quarter bath. There are stairlifts installed that can come with the home or be removed. There is central air, new 40 gallon water heater installed in November 2025 and newer water softener 2021. New roof 2023.

3. 2026-04-15
   listed $310,000 Active 1302-char remark

   Show marketing remark (1302 chars)

   Beautiful 3-Bedroom Quad Home with No Association Fees. This lovely 3-bedroom, 2-bath quad home has a 2-car attached garage with concrete driveway and insulated garage door replaced in 2022. Exterior was re landscaped in 2022 to include retaining wall and front steps were rebuilt in 2023. Newer windows make the home bright and welcoming. Newer sliding glass door to deck (divider wall between decks was rebuilt) off the dining room perfect for relaxing or entertaining. Leaffilter gutters were installed in 2021. Front storm door was replaced in 2022. Inside, you'll find newer flooring, fresh paint, and updated fixtures. The kitchen features newer stainless-steel appliances and a butcher block island, great for cooking and gathering. The large primary bedroom offers a walk-in closet and a walk-thru bathroom. There is a full bath on the main floor and another bathroom in the finished lower level, which also includes a family room, newly paneled laundry with new laundry tub and storage. There's also potential for a separate lower apartment perfect for family separation with a three quarter bath. There are stairlifts installed that can come with the home or be removed. There is central air, new 40 gallon water heater installed in November 2025 and newer water softener 2021. New roof 2023.

4. 2026-04-14
   historical $310,000 1302-char remark

   Show marketing remark (1302 chars)

   Beautiful 3-Bedroom Quad Home with No Association Fees. This lovely 3-bedroom, 2-bath quad home has a 2-car attached garage with concrete driveway and insulated garage door replaced in 2022. Exterior was re landscaped in 2022 to include retaining wall and front steps were rebuilt in 2023. Newer windows make the home bright and welcoming. Newer sliding glass door to deck (divider wall between decks was rebuilt) off the dining room perfect for relaxing or entertaining. Leaffilter gutters were installed in 2021. Front storm door was replaced in 2022. Inside, you'll find newer flooring, fresh paint, and updated fixtures. The kitchen features newer stainless-steel appliances and a butcher block island, great for cooking and gathering. The large primary bedroom offers a walk-in closet and a walk-thru bathroom. There is a full bath on the main floor and another bathroom in the finished lower level, which also includes a family room, newly paneled laundry with new laundry tub and storage. There's also potential for a separate lower apartment perfect for family separation with a three quarter bath. There are stairlifts installed that can come with the home or be removed. There is central air, new 40 gallon water heater installed in November 2025 and newer water softener 2021. New roof 2023.

5. 2021-05-07
   soldstatus $290,000 Sold 633-char remark

   Show marketing remark (633 chars)

   No association dues (quad home)! A 3 bedroom and 2 bath beauty with a 2-car attached garage. New windows make the space bright and airy! New sliding glass door to the deck off the dining area (newer deck). New front door, new flooring, carpet, and paint throughout. New fixtures and bath surround/tile. New stainless-steel appliances and butcher block extended island in the updated kitchen. The large master bedroom has a walk-in closet and walk-thru bath. Full bath on the main level and 3/4 bath in the lower level. Finished family room in lower level. Storage and laundry room. Concrete driveway. Central air. This is a must-see!

6. 2021-04-10
   status Pending 633-char remark

   Show marketing remark (633 chars)

   No association dues (quad home)! A 3 bedroom and 2 bath beauty with a 2-car attached garage. New windows make the space bright and airy! New sliding glass door to the deck off the dining area (newer deck). New front door, new flooring, carpet, and paint throughout. New fixtures and bath surround/tile. New stainless-steel appliances and butcher block extended island in the updated kitchen. The large master bedroom has a walk-in closet and walk-thru bath. Full bath on the main level and 3/4 bath in the lower level. Finished family room in lower level. Storage and laundry room. Concrete driveway. Central air. This is a must-see!

7. 2021-04-06
   listed $235,000 Active 633-char remark

   Show marketing remark (633 chars)

   No association dues (quad home)! A 3 bedroom and 2 bath beauty with a 2-car attached garage. New windows make the space bright and airy! New sliding glass door to the deck off the dining area (newer deck). New front door, new flooring, carpet, and paint throughout. New fixtures and bath surround/tile. New stainless-steel appliances and butcher block extended island in the updated kitchen. The large master bedroom has a walk-in closet and walk-thru bath. Full bath on the main level and 3/4 bath in the lower level. Finished family room in lower level. Storage and laundry room. Concrete driveway. Central air. This is a must-see!

8. 2021-04-02
   historical $235,000 633-char remark

   Show marketing remark (633 chars)

   No association dues (quad home)! A 3 bedroom and 2 bath beauty with a 2-car attached garage. New windows make the space bright and airy! New sliding glass door to the deck off the dining area (newer deck). New front door, new flooring, carpet, and paint throughout. New fixtures and bath surround/tile. New stainless-steel appliances and butcher block extended island in the updated kitchen. The large master bedroom has a walk-in closet and walk-thru bath. Full bath on the main level and 3/4 bath in the lower level. Finished family room in lower level. Storage and laundry room. Concrete driveway. Central air. This is a must-see!

9. 1996-09-13
   soldstatus $78,000
10. 1993-08-30
    soldstatus $65,000
11. 1993-06-28
    soldstatus $65,000
12. 1993-04-05
    listed $68,900
13. 1992-04-08
    soldstatus $61,900
14. 1992-02-05
    listed $64,900

ⓘ 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: $2,860 · $238/mo
• Projected year-2 tax: $3,109 · $259/mo
• Expected delta: +$249/yr (+$21/mo · 8.7%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,311
• − Mortgage interest: −$16,799
• − Property taxes: −$2,860
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,265
• − Management: −$2,265
• − Depreciation: −$8,724
• Taxable loss: −$6,102
• Est. tax savings @ 24.0%: +$1,464
• After-tax cash flow: $598/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: Inver Grove Heights Schools
• NCES district ID: 2715030
• Math proficiency: 32% ▼ -16.00%
• Reading proficiency: 41% ▼ -11.00%
• Median HH income: $63,476
• Composite: 32.85/100
• National rank: #5614
• State rank: #234 of 301 in MN

Livability — Inver Grove Heights

• Score: 76/100
• State rank: #146
• US rank: #3277

Category grades

Amenities F Commute A+ Cost of living C 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: Inver Grove Heights, MN
• City population: 14,503
• Population (ZIP): 21,258

Population outlook (Dakota County) Hauer SSP2

• Today (2025): 450,671 people
• By 2030: 465,068 · +3.2%
• By 2040: 486,770 · +8.0%
• By 2050: 498,743 · +10.7%
• By 2075: 533,865 · +18.5%
• By 2100: 550,133 · +22.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 14% Two or more races 6% Black 5% Asian 3%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Portuguese 8% Romanian 5% Scottish 4%
• Foreign-born: 9% · Canada, Jamaica, Vietnam
• Languages at home: 89% English-only · Spanish 7% German/W. Germanic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Dakota

• 2024 margin: D (+12.9) · D 55.4% · R 42.5% · Other 2.1%
• 2008→2024 swing: +7.4pp toward D · 2008: 5.5pp · 2024: 12.9pp
• All cycles: 2024: D+12.9 2020: D+13.9 2016: D+4.7 2012: D+2.9 2008: D+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -256.08%
• Current HPI: 209.7955
• 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

+362.1% since first listed

14 events — show timeline

• 2026-05-17 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-02 Price Changed $299,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-15 Listed $310,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-14 Coming Soon $310,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-05-07 Sold (MLS) $290,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-04-10 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-04-06 Listed $235,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-04-02 Coming Soon $235,000 NORTHSTARMLS as Distributed by MLS Grid
• 1996-09-13 Sold (Public Records) $78,000 Public Records
• 1993-08-30 Sold (Public Records) $65,000 Public Records
• 1993-06-28 Sold (MLS) $65,000 NORTHSTARMLS as Distributed by MLS Grid
• 1993-04-05 Listed $68,900 NORTHSTARMLS as Distributed by MLS Grid
• 1992-04-08 Sold (MLS) $61,900 NORTHSTARMLS as Distributed by MLS Grid
• 1992-02-05 Listed $64,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+5.3%/yr

Latest (2025): $2,860 · +11.7% YoY. Source: county tax records.