4961 Emmit Dr N #3 · Hugo, MN 55038

$213,000

2 bd · 1.5 ba · 911 sqft · Condo public records · 4 Days on market

Built 2005 $234/sqft · 27% below area Est $242k · 12% under $300/mo HOA · 14% of rent

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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).

• Cash flow +13.3/30.0
• ARV discount +13.0/15.0
• 1% rule +5.0/10.0
• Schools +4.6/10.0
• DSCR +4.0/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 4961 Emmit Drive Unit 3 in Hugo, Minnesota — a townhome that is anything but ordinary. From the moment you step inside, this home feels like a private escape from the world. Thoughtfully refreshed and filled with character, every space reflects warmth, comfort, and care. This beautifully updated home features fresh interior paint, brand-new carpet, and all new stainless-steel appliances, creating a clean, modern feel that’s completely move-in ready. Natural light fills the space, enhancing the warm atmosphere and highlighting the attention to detail throughout. The community offers incredible amenities including an outdoor pool, a 24/7 fitness center, and is pet-friendly with both dogs and cats allowed — making this a rare find for convenience and lifestyle. Located just minutes from local shopping, dining, and everyday essentials, and only a 25-minute drive to Saint Paul, this home delivers both peaceful living and unbeatable accessibility. This is more than a place to live — it’s a place to truly unwind, recharge, and feel at home. Come experience it for yourself.

Key facts

• $300 HOA
• Garage
• Pool

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $213k.

Deal economics

• At list price, monthly cash flow is $-1 ($-9/yr) — negative.
• To cash-flow at today's rent, offer at most $213k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $212k (0.5% below list).
• Recommended offer: $212k (0.5% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.1% in Hugo — 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 71/100 on livability (#314 in MN) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, schools A; Watch: amenities F, commute F, health & safety F.
• White Bear Lake School District (suburban): math 45% / reading 57% proficiency, ranked #83 of 301 in MN (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 279 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,405 units permitted in Washington County in 2024 (121 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Washington County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y 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 $211,978 (0.5% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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?
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 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: 1.00% ✗
• Cap rate: 6.29%
• Cash-on-cash: -0.02%
• DSCR: 1.00
• GRM: 8.4

CMA / ARV

• ARV (median comp): $242,368
• List price: $213,000
• Delta: -13.36%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -16.2%
• Equity multiple: 0.42×
• Total profit: $-34,408
• Equity at exit: $31,759

10-year hold

• IRR: -7.8%
• Equity multiple: 0.51×
• Total profit: $-29,389
• Equity at exit: $18,416

Cash invested: $59,640 (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 55038

• Home prices YoY: -31.6%
• Active inventory: 279
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,120 high
• Mortgage (P&I): −$1,117
• Tax from tax record: −$170 /mo · $2,036/yr
• Insurance: −$89
• HOA: −$300
• Vacancy / Maint / Mgmt: −$445
• Net cashflow: $-1

Break-even live

Break-even rent $2,121

Max offer price $212,861

Occupancy floor 95%

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: $53,250
• Closing costs: $6,390
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4631 Rosemary Way Hugo, MN	3.0	1.0–2.0	963	$2,330	$2.42	1d	1	0.81mi
15891 Goodview Ave N Unit J Hugo, MN	1.0	1.0	850	$1,845	$2.17	3d	1	1.09mi
15865 Goodview Ave N Unit D Hugo, MN	1.0	1.0	850	$1,845	$2.17	24d	1	1.09mi
15853 Goodview Ave N Unit L Hugo, MN	2.0	1.0	960	$1,995	$2.08	43d	1	1.09mi
15891 Goodview Ave N Unit D Hugo, MN	2.0	1.0	1060	$2,150	$2.03	18d	1	1.09mi
15865 Goodview Ave N Unit A Hugo, MN	2.0	1.0	960	$1,995	$2.08	24d	1	1.09mi

HOA detail condo

• Monthly dues: $300 · $3,600/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-18
   days on market $213,000 Active 4 DOM
2. 2026-06-17
   days on market $213,000 Active 3 DOM
3. 2026-06-16
   days on market $213,000 Active 2 DOM
4. 2026-06-15
   status $213,000 Active 1 DOM
5. 2026-06-13
   pricestatusdays on marketlisting id $213,000 Coming Soon 1 DOM
6. 2026-06-09
   days on market $210,000 Active 86 DOM
7. 2026-06-08
   days on market $210,000 Active 85 DOM
8. 2026-06-07
   days on market $210,000 Active 84 DOM
9. 2026-06-04
   days on market $210,000 Active 81 DOM
10. 2026-06-03
    days on market $210,000 Active 80 DOM
11. 2026-06-02
    days on market $210,000 Active 79 DOM
12. 2026-06-01
    days on market $210,000 Active 78 DOM
13. 2026-05-31
    days on market $210,000 Active 77 DOM
14. 2026-05-12
    price $210,000 1126-char remark

    Show marketing remark (1126 chars)

    Welcome to 4961 Emmit Drive Unit 3 in Hugo, Minnesota — a townhome that is anything but ordinary. From the moment you step inside, this home feels like a private escape from the world. Thoughtfully refreshed and filled with character, every space reflects warmth, comfort, and care. This beautifully updated home features fresh interior paint, brand-new carpet, and all new stainless-steel appliances, creating a clean, modern feel that’s completely move-in ready. Natural light fills the space, enhancing the warm atmosphere and highlighting the attention to detail throughout. The community offers incredible amenities including an outdoor pool, a 24/7 fitness center, and is pet-friendly with both dogs and cats allowed — making this a rare find for convenience and lifestyle. Located just minutes from local shopping, dining, and everyday essentials, and only a 25-minute drive to Saint Paul, this home delivers both peaceful living and unbeatable accessibility. This is more than a place to live — it’s a place to truly unwind, recharge, and feel at home. Come experience it for yourself.

15. 2026-04-27
    price $213,000 1126-char remark

    Show marketing remark (1126 chars)

    Welcome to 4961 Emmit Drive Unit 3 in Hugo, Minnesota — a townhome that is anything but ordinary. From the moment you step inside, this home feels like a private escape from the world. Thoughtfully refreshed and filled with character, every space reflects warmth, comfort, and care. This beautifully updated home features fresh interior paint, brand-new carpet, and all new stainless-steel appliances, creating a clean, modern feel that’s completely move-in ready. Natural light fills the space, enhancing the warm atmosphere and highlighting the attention to detail throughout. The community offers incredible amenities including an outdoor pool, a 24/7 fitness center, and is pet-friendly with both dogs and cats allowed — making this a rare find for convenience and lifestyle. Located just minutes from local shopping, dining, and everyday essentials, and only a 25-minute drive to Saint Paul, this home delivers both peaceful living and unbeatable accessibility. This is more than a place to live — it’s a place to truly unwind, recharge, and feel at home. Come experience it for yourself.

16. 2026-04-14
    price $216,000 1126-char remark

    Show marketing remark (1126 chars)

    Welcome to 4961 Emmit Drive Unit 3 in Hugo, Minnesota — a townhome that is anything but ordinary. From the moment you step inside, this home feels like a private escape from the world. Thoughtfully refreshed and filled with character, every space reflects warmth, comfort, and care. This beautifully updated home features fresh interior paint, brand-new carpet, and all new stainless-steel appliances, creating a clean, modern feel that’s completely move-in ready. Natural light fills the space, enhancing the warm atmosphere and highlighting the attention to detail throughout. The community offers incredible amenities including an outdoor pool, a 24/7 fitness center, and is pet-friendly with both dogs and cats allowed — making this a rare find for convenience and lifestyle. Located just minutes from local shopping, dining, and everyday essentials, and only a 25-minute drive to Saint Paul, this home delivers both peaceful living and unbeatable accessibility. This is more than a place to live — it’s a place to truly unwind, recharge, and feel at home. Come experience it for yourself.

17. 2026-03-31
    price $218,000 1126-char remark

    Show marketing remark (1126 chars)

    Welcome to 4961 Emmit Drive Unit 3 in Hugo, Minnesota — a townhome that is anything but ordinary. From the moment you step inside, this home feels like a private escape from the world. Thoughtfully refreshed and filled with character, every space reflects warmth, comfort, and care. This beautifully updated home features fresh interior paint, brand-new carpet, and all new stainless-steel appliances, creating a clean, modern feel that’s completely move-in ready. Natural light fills the space, enhancing the warm atmosphere and highlighting the attention to detail throughout. The community offers incredible amenities including an outdoor pool, a 24/7 fitness center, and is pet-friendly with both dogs and cats allowed — making this a rare find for convenience and lifestyle. Located just minutes from local shopping, dining, and everyday essentials, and only a 25-minute drive to Saint Paul, this home delivers both peaceful living and unbeatable accessibility. This is more than a place to live — it’s a place to truly unwind, recharge, and feel at home. Come experience it for yourself.

18. 2026-03-16
    listed $220,000 Active 1126-char remark

    Show marketing remark (1126 chars)

    Welcome to 4961 Emmit Drive Unit 3 in Hugo, Minnesota — a townhome that is anything but ordinary. From the moment you step inside, this home feels like a private escape from the world. Thoughtfully refreshed and filled with character, every space reflects warmth, comfort, and care. This beautifully updated home features fresh interior paint, brand-new carpet, and all new stainless-steel appliances, creating a clean, modern feel that’s completely move-in ready. Natural light fills the space, enhancing the warm atmosphere and highlighting the attention to detail throughout. The community offers incredible amenities including an outdoor pool, a 24/7 fitness center, and is pet-friendly with both dogs and cats allowed — making this a rare find for convenience and lifestyle. Located just minutes from local shopping, dining, and everyday essentials, and only a 25-minute drive to Saint Paul, this home delivers both peaceful living and unbeatable accessibility. This is more than a place to live — it’s a place to truly unwind, recharge, and feel at home. Come experience it for yourself.

19. 2026-03-13
    historical $220,000 1126-char remark

    Show marketing remark (1126 chars)

    Welcome to 4961 Emmit Drive Unit 3 in Hugo, Minnesota — a townhome that is anything but ordinary. From the moment you step inside, this home feels like a private escape from the world. Thoughtfully refreshed and filled with character, every space reflects warmth, comfort, and care. This beautifully updated home features fresh interior paint, brand-new carpet, and all new stainless-steel appliances, creating a clean, modern feel that’s completely move-in ready. Natural light fills the space, enhancing the warm atmosphere and highlighting the attention to detail throughout. The community offers incredible amenities including an outdoor pool, a 24/7 fitness center, and is pet-friendly with both dogs and cats allowed — making this a rare find for convenience and lifestyle. Located just minutes from local shopping, dining, and everyday essentials, and only a 25-minute drive to Saint Paul, this home delivers both peaceful living and unbeatable accessibility. This is more than a place to live — it’s a place to truly unwind, recharge, and feel at home. Come experience it for yourself.

20. 2024-10-29
    soldstatus $215,000
21. 2024-10-22
    soldstatus $215,000 Sold 708-char remark

    Show marketing remark (708 chars)

    This Townhome is part of the Waters Edge Community, which offers a Community Center with a swimming pool, a fitness center, a playground, a basketball 1/2 court, a rec room and a rentable event room with a kitchen. The Townhome has a bright, open floorplan on the Main Level with a sliding glass door off the Kitchen to the Patio. The Upper Level features two large bedrooms with the second bedroom currently being used as an Office. The 1-car Garage is extra deep. The extra space could be used as a small workshop or it could be used for additional storage. If you are currently renting, but thinking of owning your own place, this would be a great place to start! Reserve a showing and come check it out.

22. 2024-10-11
    status Pending 708-char remark

    Show marketing remark (708 chars)

    This Townhome is part of the Waters Edge Community, which offers a Community Center with a swimming pool, a fitness center, a playground, a basketball 1/2 court, a rec room and a rentable event room with a kitchen. The Townhome has a bright, open floorplan on the Main Level with a sliding glass door off the Kitchen to the Patio. The Upper Level features two large bedrooms with the second bedroom currently being used as an Office. The 1-car Garage is extra deep. The extra space could be used as a small workshop or it could be used for additional storage. If you are currently renting, but thinking of owning your own place, this would be a great place to start! Reserve a showing and come check it out.

23. 2024-07-19
    listed $209,000 Active 708-char remark

    Show marketing remark (708 chars)

    This Townhome is part of the Waters Edge Community, which offers a Community Center with a swimming pool, a fitness center, a playground, a basketball 1/2 court, a rec room and a rentable event room with a kitchen. The Townhome has a bright, open floorplan on the Main Level with a sliding glass door off the Kitchen to the Patio. The Upper Level features two large bedrooms with the second bedroom currently being used as an Office. The 1-car Garage is extra deep. The extra space could be used as a small workshop or it could be used for additional storage. If you are currently renting, but thinking of owning your own place, this would be a great place to start! Reserve a showing and come check it out.

ⓘ 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: $2,036 · $170/mo
• Projected year-2 tax: $2,211 · $184/mo
• Expected delta: +$175/yr (+$15/mo · 8.6%)

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

Taxation est. · year 1

• Rental income: $25,437
• − Mortgage interest: −$11,931
• − Property taxes: −$2,036
• − Insurance: −$1,065
• − Repairs & maintenance: −$2,035
• − Management: −$2,035
• − HOA: −$3,600
• − Depreciation: −$6,196
• Taxable loss: −$3,461
• Est. tax savings @ 24.0%: +$831
• After-tax cash flow: $821/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: White Bear Lake School District
• NCES district ID: 2742360
• Math proficiency: 45% ▼ -18.00%
• Reading proficiency: 57% ▼ -8.00%
• Median HH income: $73,051
• Composite: 45.78/100
• National rank: #2564
• State rank: #83 of 301 in MN

Livability — Hugo

• Score: 71/100
• State rank: #314
• US rank: #7032

Category grades

Amenities F Commute F 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: Hugo, MN
• County: Washington County · 235,613 people
• City population: 25,061
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 25,061
• Household income: $130,931
• Rent vs Own: 8.6% rent · 91.4% own
• Severe rent burden: 222.0

Population outlook (Washington County) Hauer SSP2

• Today (2025): 278,554 people
• By 2030: 290,465 · +4.3%
• By 2040: 310,014 · +11.3%
• By 2050: 324,118 · +16.4%
• By 2075: 362,697 · +30.2%
• By 2100: 381,491 · +37.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Asian 4% Two or more races 4% Hispanic / Latino 3% Black 3%
• Common ancestry: Portuguese 14% Lithuanian 7% Romanian 4%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Other Asian/Pacific 2% Spanish 1%

Political lean MEDSL · Washington

• 2024 margin: Lean D (+8.9) · D 53.5% · R 44.6% · Other 1.9%
• 2008→2024 swing: +4.6pp toward D · 2008: 4.3pp · 2024: 8.9pp
• All cycles: 2024: D+8.9 2020: D+9.2 2016: D+1.9 2012: D+0.8 2008: D+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -103.33%
• Current HPI: 223.6524
• Rent YoY: —
• Metro: Minneapolis-St. Paul-Bloomington, 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

+0.5% since first listed

10 events — show timeline

• 2026-05-12 Price Changed $210,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-27 Price Changed $213,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-14 Price Changed $216,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-31 Price Changed $218,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-16 Listed $220,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-13 Coming Soon $220,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-10-29 Sold (Public Records) $215,000 Public Records
• 2024-10-22 Sold (MLS) $215,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-10-11 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2024-07-19 Listed $209,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+8.7%/yr

Latest (2025): $2,036 · -5.7% YoY. Source: county tax records.