306 7th Ave · Bovey, MN 55709

$138,500

2 bd · 2.0 ba · 600 sqft · SingleFamily public records · 17 Days on market

Built 1910 6,098 sqft 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).

• Appreciation +9.4/10.0
• ARV discount +7.5/15.0
• Cash flow +4.6/30.0
• Schools +3.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Welcome to this 2-bed, 1.75-bath home with enchanting outdoor spaces. Walk into the attached 2-stall garage from the multifunctional basement and enjoy a low-maintenance yard. Inside, you'll find tasteful updates, including a spacious & bright living room w/ brand new carpet, open eat-in kitchen, & 2 serene bedrooms. The oasis-like outdoor spaces create a seamless indoor-outdoor living experience. Don't miss the opportunity to call this home your own!

Key facts

• Attached garage
• Peaceful setting
• Mature trees

Tags

• OUTDOOR LIVING SPACES
• ATTACHED GARAGE
• VERSATILE LOWER LEVEL
• MATURE TREES
• PEACEFUL SETTING

Property features AI

Exterior

• Parking: Attached garage (2-car); Asphalt driveway
• Utilities: City water connected; City sewer connected; Natural gas; 100 amp electric service
• Home design: Residential property; Two levels
• Construction: Block foundation; Metal roof (over 8 years old); Foundation area approximately 600
• Exterior features: Side porch; Deck and dock; Storage shed; Lot with 50 x 125 dimensions, approx. 0.14 acre; City-maintained paved streets with sidewalks

Interior

• Kitchen: Range; Refrigerator; Dishwasher
• Bedrooms: 2 bedrooms (one upper-level bedroom 16x7; second upper-level bedroom 10x11); Upper-level office that could function as a bedroom/office
• Bathrooms: Two 3/4 bathrooms (one on main floor, one on upper level)
• Heating & cooling: Forced air heating; Window air conditioning units
• Interior features: Eat-in kitchen; Full unfinished walkout basement with block foundation; Grab bars in bathroom
• Laundry & utility: Washer and dryer included; Electric dryer hookup; Laundry in lower level with utility sink; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $138k.

Deal economics

• At list price, monthly cash flow is $-351 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $77k (44.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $62k (54.9% below list).
• Recommended offer: $62k (54.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#561 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, crime D+, health & safety D.
• Greenway Public School District (rural): math 40% / reading 47% proficiency, ranked #196 of 301 in MN (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 29 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 121 units permitted in Itasca County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($958 loan paydown + $12k appreciation (8.9% 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 3, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 15y 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 $98k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $62,400 (54.9% 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 1910 — 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. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.45% ✗
• Cap rate: 3.25%
• Cash-on-cash: -10.85%
• DSCR: 0.52
• GRM: 18.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.86% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.0%
• Equity multiple: 2.09×
• Total profit: $42,391
• Equity at exit: $113,451

10-year hold

• IRR: 13.9%
• Equity multiple: 4.62×
• Total profit: $140,211
• Equity at exit: $233,535

Cash invested: $38,780 (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 55709

• Home prices YoY: 3.4%
• Active inventory: 29
• Price-to-rent: 18.5×

Monthly cashflow live

• Estimated rent: $624 medium
• Mortgage (P&I): −$726
• Tax from tax record: −$60 /mo · $716/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$131
• Net cashflow: $-351

Break-even live

Break-even rent $1,068

Max offer price $76,543

Occupancy floor —

Sensitivity live

Price	-10% $-272	-5% $-312	+0% $-351	+5% $-390	+10% $-429
Rent	-10% $-400	-5% $-375	+0% $-351	+5% $-326	+10% $-301
Rate	-1.0pp $-281	-0.5pp $-315	base $-351	+0.5pp $-387	+1.0pp $-423

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: $34,625
• Closing costs: $4,155
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
109 3rd Ave Unit B10 Bovey, MN	1.0	1.0	550	$624	$1.13	14d	1	0.26mi

Listing history 13 events

1. 2026-06-21
   days on market $138,500 Active 17 DOM
2. 2026-06-18
   days on market $138,500 Active 15 DOM
3. 2026-06-17
   days on market $138,500 Active 14 DOM
4. 2026-06-16
   days on market $138,500 Active 13 DOM
5. 2026-06-15
   days on market $138,500 Active 12 DOM
6. 2026-06-13
   days on market $138,500 Active 10 DOM
7. 2026-06-12
   days on market $138,500 Active 9 DOM
8. 2026-06-09
   days on market $138,500 Active 6 DOM
9. 2026-06-08
   days on market $138,500 Active 5 DOM
10. 2026-06-07
    days on market $138,500 Active 4 DOM
11. 2026-06-07
    days on market $138,500 Active 3 DOM
12. 2026-06-04
    remarks 595-char remark
13. 2026-06-04
    listed $138,500 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: $716 · $60/mo
• Projected year-2 tax: $1,134 · $94/mo
• Expected delta: +$418/yr (+$35/mo · 58.3%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $7,488
• − Mortgage interest: −$7,758
• − Property taxes: −$716
• − Insurance: −$692
• − Repairs & maintenance: −$599
• − Management: −$599
• − Depreciation: −$4,029
• Taxable loss: −$6,906
• Est. tax savings @ 24.0%: +$1,657
• After-tax cash flow: $-2,551/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: Greenway Public School District
• NCES district ID: 2709480
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 47% ▼ -14.00%
• Median HH income: $46,178
• Composite: 37.01/100
• National rank: #4520
• State rank: #196 of 301 in MN

Livability — Bovey

• Score: 65/100
• State rank: #561
• US rank: #13513

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bovey, MN
• Population (ZIP): 4,314

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 (92%)
• Race & ethnicity: White 92% Two or more races 5%
• Common ancestry: Portuguese 14% Lithuanian 4% Romanian 2%
• Foreign-born: 1%
• Languages at home: 98% English-only · 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: ▲ 8.86%
• Current HPI: 270.88
• 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

+177.6% since first listed

19 events — show timeline

• 2026-06-03 Listed $138,500 NORTHSTARMLS as Distributed by MLS Grid
• 2023-09-06 Sold (Public Records) $98,000 Public Records
• 2023-09-01 Sold (MLS) $98,000 RAOR
• 2023-09-01 Sold (MLS) $98,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-08-25 Pending — RAOR
• 2023-08-17 Delisted — RAOR
• 2023-07-28 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-07-17 Pending — RAOR
• 2023-07-15 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2023-07-11 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2023-07-11 Relisted — RAOR
• 2023-06-27 Pending — RAOR
• 2023-06-27 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2023-06-27 Listed $97,500 RAOR
• 2023-06-27 Listed $97,500 NORTHSTARMLS as Distributed by MLS Grid
• 2023-06-24 Coming Soon $97,500 NORTHSTARMLS as Distributed by MLS Grid
• 2011-10-28 Sold (MLS) $49,900 NORTHSTARMLS as Distributed by MLS Grid
• 2011-10-01 Sold (Public Records) $49,900 Public Records
• 2011-05-25 Listed $49,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+5.0%/yr

Latest (2026): $716 · +2.9% YoY. Source: county tax records.