309/311 2nd St S · Virginia, MN 55792

$114,900

3 bd · 3.0 ba · 2,664 sqft · MultiFamily public records · 242 Days on market

Built 1910 6,000 sqft lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Check out this triplex located in the heart of downtown Virginia. It comprises three apartments: an upper one-bedroom, one-bathroom unit, a lower one-bedroom, one-bathroom unit, and a two-level, two-bedroom, three-quarter-bathroom unit. There’s a parking areas in the back and also on the street. The rental units are licensed with the city of Virginia.

Key facts

• 6,000 sq ft lot
• Built 1910
• Listed 241 days

Property features AI

Exterior

• Parking: On-street parking; Off-street parking
• Utilities: Public water; Public sewer
• Home design: Residential income property; Triplex
• Construction: Frame construction
• Exterior features: Asphalt shingle roof

Interior

• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $115k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $848/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 32.9% vs local median 7.5% in Virginia — 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 63/100 on livability (#664 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, crime D, health & safety D.
• Market conditions: 64 active listings in the ZIP; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• At $4,319/mo this rent would consume 96% of the median local household income ($54k/yr) (locally 286% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 242 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $66k; list at $115k implies a 74% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $101,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 242 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.76% ✓
• Cap rate: 32.86%
• Cash-on-cash: 94.88%
• DSCR: 5.22
• GRM: 2.2

CMA / ARV

• ARV (on-the-fly): $53,280
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
307 2nd St S	0.01mi	4/2.0 (+1)	2,318 (-13%)	6mo	$46,050	$20	64

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

Projected returns pro-forma

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

5-year hold

• IRR: 95.8%
• Equity multiple: 5.46×
• Total profit: $143,505
• Equity at exit: $17,132

10-year hold

• IRR: 98.5%
• Equity multiple: 11.38×
• Total profit: $334,029
• Equity at exit: $9,934

Cash invested: $32,172 (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 55792

• Home prices YoY: -26.5%
• Active inventory: 64
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $4,319 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$218 /mo · $2,614/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$907
• Net cashflow: $2,544

Break-even live

Break-even rent $1,099

Max offer price $114,900

Occupancy floor 36%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$4,320
Total (3 units)			$4,319

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $114,900 Active 242 DOM
2. 2026-06-18
   days on market $114,900 Active 241 DOM
3. 2026-06-17
   days on market $114,900 Active 240 DOM
4. 2026-06-16
   days on market $114,900 Active 239 DOM
5. 2026-06-15
   days on market $114,900 Active 238 DOM
6. 2026-06-14
   days on market $114,900 Active 236 DOM
7. 2026-06-13
   days on market $114,900 Active 235 DOM
8. 2026-06-10
   days on market $114,900 Active 233 DOM
9. 2026-06-09
   days on market $114,900 Active 232 DOM
10. 2026-06-08
    days on market $114,900 Active 231 DOM
11. 2026-06-07
    days on market $114,900 Active 230 DOM
12. 2026-06-05
    days on market $114,900 Active 227 DOM
13. 2026-06-03
    days on market $114,900 Active 226 DOM
14. 2026-06-02
    days on market $114,900 Active 225 DOM
15. 2026-06-01
    days on market $114,900 Active 224 DOM
16. 2026-05-31
    days on market $114,900 Active 223 DOM
17. 2026-05-30
    days on market $114,900 Active 222 DOM
18. 2026-04-20
    price $114,900
19. 2026-03-30
    price $119,900
20. 2025-10-21
    listed $130,000 Active
21. 2025-09-21
    historical
22. 2025-03-20
    listed $135,000 Active
23. 2019-12-04
    soldstatus $66,000

ⓘ 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: $2,614 · $218/mo
• Projected year-2 tax: $2,614 · $218/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥91°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $51,828
• − Mortgage interest: −$6,436
• − Property taxes: −$2,614
• − Insurance: −$574
• − Repairs & maintenance: −$4,146
• − Management: −$4,146
• − Depreciation: −$3,343
• Taxable income: $30,568
• Est. tax owed @ 24.0%: −$7,336
• After-tax cash flow: $23,189/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)

No district data.

Livability — Virginia

• Score: 63/100
• State rank: #664
• US rank: #15991

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Virginia, MN
• County: Saint Louis County · 115,152 people
• City population: 9,663
• Metro: Duluth, MN-WI
• Population (ZIP): 9,663
• Household income: $53,750
• Rent vs Own: 37.5% rent · 62.5% own
• Severe rent burden: 286.0

Population outlook (St. Louis County) Hauer SSP2

• Today (2025): 202,411 people
• By 2030: 203,234 · +0.4%
• By 2040: 202,520 · +0.1%
• By 2050: 200,853 · -0.8%
• By 2075: 200,943 · -0.7%
• By 2100: 192,058 · -5.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Native American 3% Asian 1%
• Common ancestry: Portuguese 12% Romanian 4% Lithuanian 2%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · St. Louis

• 2024 margin: D (+13.7) · D 55.9% · R 42.2% · Other 1.8%
• 2008→2024 swing: -18.8pp toward R · 2008: 32.5pp · 2024: 13.7pp
• All cycles: 2024: D+13.7 2020: D+15.6 2016: D+11.8 2012: D+29.6 2008: D+32.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.05%
• Current HPI: 199.7165
• Rent YoY: —
• Metro: Duluth, MN-WI
• 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

+74.1% since first listed

6 events — show timeline

• 2026-04-20 Price Changed $114,900 RAOR
• 2026-03-30 Price Changed $119,900 RAOR
• 2025-10-21 Listed $130,000 RAOR
• 2025-09-21 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-03-20 Listed $135,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-12-04 Sold (Public Records) $66,000 Public Records

Property tax history

+8.2%/yr

Latest (2025): $2,614 · +12.1% YoY. Source: county tax records.