15570 Linnet St NW Unit 2-109 · Andover, MN 55304

$260,000

2 bd · 2.0 ba · 1,144 sqft · Condo public records · 32 Days on market

Built 2003 $206/mo HOA · 7% of rent

---

Why this score? — see what drove the C 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 +22.3/30.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• 1% rule +6.1/10.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This beautifully maintained 1st Floor condo delivers comfort and security in a thriving 55+ community. This spacious 2-bedroom, 2-bath condo (formerly the model unit) features a floor plan unique to this building. In unit laundry right off the main entryway and kitchen. Recent updates include modern lighting, newer furnace, new paint & flooring throughout the unit. Enjoy your morning coffee with unobstructed nature views and the natural wetlands, visited often by deer and wild turkeys. Community bird feeders that residents can tend to. This well-maintained building offers wide hallways, elevator access, and heated underground parking with car wash. Community amenities include a gather

Key facts

• Wide hallways
• Floor plan unique
• In unit laundry

Tags

• FLOOR PLAN UNIQUE
• IN UNIT LAUNDRY
• UNOBSTRUCTED NATURE VIEWS
• NATURAL WETLANDS
• WIDE HALLWAYS
• ELEVATOR ACCESS

Property features AI

Finance

• HOA & community: HOA managed by Cedar Management; Monthly association fee of $206; HOA covers controlled access, hazard insurance, lawn care, grounds maintenance, parking, professional management, shared amenities, and snow removal

Exterior

• Parking: Underground parking; One garage space
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Attached residential property; One story; Accessible elevator installed; Doors 36+ inches and hallways 42+ inches
• Construction: Block foundation
• Exterior features: Stone exterior; Patio; Lot dimensions approximately 35 x 29 x 23 x 36

Interior

• Kitchen: Cooktop; Range; Microwave; Dishwasher; Refrigerator
• Bedrooms: Two bedrooms (both on the main level); Primary bedroom approx. 12x16; Second bedroom approx. 11x14
• Bathrooms: One full bathroom; One three-quarter bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: All living facilities on one level; Main floor primary suite; Main floor laundry; Primary bedroom suite; Walk-in closet; Patio (5x7)
• Laundry & utility: Washer/Dryer hookup; Dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $260k.

Deal economics

• At list price, monthly cash flow is $428 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• Recommended offer: $252k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 3.6% in Andover — 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 72/100 on livability (#291 in MN) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, schools A; Watch: amenities F, commute F, cost of living D-.
• Anoka-Hennepin Public School District (suburban): math 49% / reading 55% proficiency, ranked #71 of 301 in MN (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 395 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,083 units permitted in Anoka County in 2024 (134 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 $8k of value loss. Plan a longer hold.
• Anoka 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 32 days — a 3% lower offer ($252k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y 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 $252,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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. 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.
7. 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.
8. 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: 1.11% ✓
• Cap rate: 8.27%
• Cash-on-cash: 7.05%
• DSCR: 1.31
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -5.5%
• Equity multiple: 0.80×
• Total profit: $-14,819
• Equity at exit: $38,767

10-year hold

• IRR: 4.2%
• Equity multiple: 1.31×
• Total profit: $22,485
• Equity at exit: $22,480

Cash invested: $72,800 (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 55304

• Active inventory: 395
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,889 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$177 /mo · $2,123/yr
• Insurance: −$108
• HOA: −$206
• Vacancy / Maint / Mgmt: −$607
• Net cashflow: $428

Break-even live

Break-even rent $2,348

Max offer price $260,000

Occupancy floor 80%

Sensitivity live

Price	-10% $575	-5% $501	+0% $428	+5% $354	+10% $280
Rent	-10% $199	-5% $313	+0% $428	+5% $542	+10% $656
Rate	-1.0pp $559	-0.5pp $494	base $428	+0.5pp $360	+1.0pp $292

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1753 156th Ln NW Andover, MN	1.0–2.0	1.0–1.5	887	$2,889	$3.26	0d	3	0.27mi

HOA detail condo

• Monthly dues: $206 · $2,472/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-21
   days on market $260,000 Active 32 DOM
2. 2026-06-18
   days on market $260,000 Active 29 DOM
3. 2026-06-17
   days on market $260,000 Active 28 DOM
4. 2026-06-16
   days on market $260,000 Active 27 DOM
5. 2026-06-15
   days on market $260,000 Active 26 DOM
6. 2026-06-13
   days on market $260,000 Active 24 DOM
7. 2026-06-13
   days on market $260,000 Active 23 DOM
8. 2026-06-09
   days on market $260,000 Active 20 DOM
9. 2026-06-08
   days on market $260,000 Active 19 DOM
10. 2026-06-07
    days on market $260,000 Active 18 DOM
11. 2026-06-04
    days on market $260,000 Active 15 DOM
12. 2026-06-03
    days on market $260,000 Active 14 DOM
13. 2026-06-02
    days on market $260,000 Active 13 DOM
14. 2026-06-01
    days on market $260,000 Active 12 DOM
15. 2026-05-31
    days on market $260,000 Active 11 DOM
16. 2026-05-08
    listed $260,000 Active 992-char remark
17. 2026-04-27
    historical $260,000 992-char remark
18. 2010-05-01
    historical
19. 2010-02-04
    listed $149,900
20. 2009-09-11
    historical
21. 2009-07-18
    listed $163,900
22. 2009-01-29
    historical
23. 2007-12-11
    listed $183,900

ⓘ 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: $2,123 · $177/mo
• Projected year-2 tax: $2,518 · $210/mo
• Expected delta: +$394/yr (+$33/mo · 18.6%)

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

Taxation est. · year 1

• Rental income: $34,668
• − Mortgage interest: −$14,564
• − Property taxes: −$2,123
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,773
• − Management: −$2,773
• − HOA: −$2,472
• − Depreciation: −$7,564
• Taxable income: $1,098
• Est. tax owed @ 24.0%: −$264
• After-tax cash flow: $4,867/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: Anoka-Hennepin Public School District
• NCES district ID: 2703180
• Math proficiency: 49% ▼ -14.00%
• Reading proficiency: 55% ▼ -10.00%
• Median HH income: $73,837
• Composite: 46.7/100
• National rank: #2400
• State rank: #71 of 301 in MN

Livability — Andover

• Score: 72/100
• State rank: #291
• US rank: #6311

Category grades

Amenities F Commute F Cost of living D- 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: Andover, MN
• Population (ZIP): 49,452

Population outlook (Anoka County) Hauer SSP2

• Today (2025): 375,223 people
• By 2030: 387,850 · +3.4%
• By 2040: 407,239 · +8.5%
• By 2050: 417,541 · +11.3%
• By 2075: 448,447 · +19.5%
• By 2100: 464,954 · +23.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 4% Asian 3% Black 3% Hispanic / Latino 2%
• Common ancestry: Portuguese 14% Romanian 6% Lithuanian 3%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Other Asian/Pacific 2% Spanish 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Anoka

• 2024 margin: Toss-up / Even · D 46.6% · R 51.0% · Other 2.4%
• 2008→2024 swing: -2.0pp toward R · 2008: -2.4pp · 2024: -4.4pp
• All cycles: 2024: R+4.4 2020: R+1.9 2016: R+9.7 2012: R+2.6 2008: R+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -267.68%
• Current HPI: 242.7122
• 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

+41.4% since first listed

10 events — show timeline

• 2026-05-20 Listed $260,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-19 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-08 Listed $260,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-27 Coming Soon — NORTHSTARMLS as Distributed by MLS Grid
• 2010-05-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2010-02-04 Listed $149,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-09-11 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-07-18 Listed $163,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-01-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-12-11 Listed $183,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+4.5%/yr

Latest (2026): $2,123 · +11.8% YoY. Source: county tax records.