1624 #85 - 6 Superior Shrs #85 · Silver Creek, MN 55616

$62,900

2 bd · 2.0 ba · 1,250 sqft · SingleFamily · 336 Days on market

Built 1991 Good condition $50/sqft · 15% below area Est $74k · 15% under $141/mo HOA · 11% of rent

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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
• ARV discount +14.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +4.0/5.0
• Schools +3.8/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cozy Lake Superior lakehome living-without the full-time commitment. Enjoy 1/8 ownership in this one level 2-bedroom, 2-beth lakehome just outside Two Harbors. Wake up to waves, take in the endless lake views from your private deck, and unwind in your lakeside living room or primary suite. This cozy North Shore retreat features a free standing fireplace, private sauna, and 2 whirlpool tubs-everything you want in a get away. Ownership is simple and low-maintenance, with access to resort-style amenities including a heated outdoor pool, hot tub, tennis courts, and scenic walking trails. Optional rental management helps offset costs when you're not using your time. Intervals 2 & 6 available.

Key facts

• Private deck
• Private indoor sauna
• Lakefront getaway

Tags

• LAKEFRONT GETAWAY
• BREATHTAKING LAKE VIEWS
• PRIVATE DECK
• LAKE FACING LIVING ROOM
• PRIVATE INDOOR SAUNA
• TWO-PERSON WHIRLPOOL TUB

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $63k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $407 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $63k).
• Recommended offer: $55k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.1% vs local median 2.0% in Silver Creek — 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 64/100 on livability (#582 in MN) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A, housing B+; Watch: health & safety D+, schools F, amenities F.
• Lake Superior Public School District (rural): math 34% / reading 53% proficiency, ranked #191 of 301 in MN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 83 active listings in the ZIP; 81 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $435 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Lake County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 336 days — a 12% lower offer ($55k) is reasonable based on typical stale-listing flexibility.

Recommended offer $55,352 (12.0% below list)

Questions for the listing agent

1. It's been on market 336 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 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: 1.98% ✓
• Cap rate: 14.06%
• Cash-on-cash: 27.75%
• DSCR: 2.23
• GRM: 4.2

CMA / ARV

• ARV (median comp): $74,367
• List price: $62,900
• Delta: -15.42%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 22.0%
• Equity multiple: 1.90×
• Total profit: $15,854
• Equity at exit: $9,379

10-year hold

• IRR: 30.1%
• Equity multiple: 3.70×
• Total profit: $47,636
• Equity at exit: $5,438

Cash invested: $17,612 (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 55616

• Active inventory: 83
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,244 medium
• Mortgage (P&I): −$330
• Tax est. 1.5%: −$79 /mo · $944/yr
• Insurance: −$26
• HOA: −$141
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $407

Break-even live

Break-even rent $729

Max offer price $62,900

Occupancy floor 62%

Sensitivity live

Price	-10% $451	-5% $429	+0% $407	+5% $386	+10% $364
Rent	-10% $309	-5% $358	+0% $407	+5% $456	+10% $506
Rate	-1.0pp $439	-0.5pp $423	base $407	+0.5pp $391	+1.0pp $374

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: $15,725
• Closing costs: $1,887
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $141 · $1,692/yr
• Likely covers: pool

Listing history 15 events

1. 2026-06-18
   days on market $62,900 Active 336 DOM
2. 2026-06-17
   days on market $62,900 Active 335 DOM
3. 2026-06-16
   days on market $62,900 Active 334 DOM
4. 2026-06-15
   days on market $62,900 Active 333 DOM
5. 2026-06-14
   days on market $62,900 Active 331 DOM
6. 2026-06-13
   days on market $62,900 Active 330 DOM
7. 2026-06-10
   days on market $62,900 Active 328 DOM
8. 2026-06-09
   days on market $62,900 Active 327 DOM
9. 2026-06-08
   days on market $62,900 Active 326 DOM
10. 2026-06-07
    days on market $62,900 Active 325 DOM
11. 2026-06-02
    days on market $62,900 Active 320 DOM
12. 2026-06-01
    days on market $62,900 Active 319 DOM
13. 2026-05-31
    days on market $62,900 Active 318 DOM
14. 2026-05-30
    days on market $62,900 Active 317 DOM
15. 2025-07-17
    listed $62,900 Active 702-char remark

    Show marketing remark (702 chars)

    Cozy Lake Superior lakehome living-without the full-time commitment. Enjoy 1/8 ownership in this one level 2-bedroom, 2-beth lakehome just outside Two Harbors. Wake up to waves, take in the endless lake views from your private deck, and unwind in your lakeside living room or primary suite. This cozy North Shore retreat features a free standing fireplace, private sauna, and 2 whirlpool tubs-everything you want in a get away. Ownership is simple and low-maintenance, with access to resort-style amenities including a heated outdoor pool, hot tub, tennis courts, and scenic walking trails. Optional rental management helps offset costs when you're not using your time. Intervals 2 & 6 available.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥88°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,931
• − Mortgage interest: −$3,523
• − Property taxes: −$944
• − Insurance: −$314
• − Repairs & maintenance: −$1,195
• − Management: −$1,195
• − HOA: −$1,692
• − Depreciation: −$1,830
• Taxable income: $4,239
• Est. tax owed @ 24.0%: −$1,017
• After-tax cash flow: $3,870/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This cozy lakefront cabin is in good condition with a good condition score of 80. It has a good roof, exterior, and foundation. The interior is in average condition with standard cabinetry and flooring. The property has a good curb appeal and is located in a desirable location. The property is move-in ready with minor maintenance required.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace carpeting — Improves comfort and aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace carpeting — Improves comfort and aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Lake Superior Public School District
• NCES district ID: 2740740
• Math proficiency: 34% ▼ -24.00%
• Reading proficiency: 53% ▼ -9.00%
• Median HH income: $51,958
• Composite: 37.51/100
• National rank: #4399
• State rank: #191 of 301 in MN

Livability — Silver Creek

• Score: 64/100
• State rank: #582
• US rank: #13955

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,277

Population outlook (Lake County) Hauer SSP2

• Today (2025): 9,943 people
• By 2030: 9,437 · -5.1%
• By 2040: 8,326 · -16.3%
• By 2050: 7,365 · -25.9%
• By 2075: 6,008 · -39.6%
• By 2100: 5,038 · -49.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Portuguese 18% Scottish 4% Romanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Lake

• 2024 margin: Toss-up / Even · D 51.0% · R 47.1% · Other 1.9%
• 2008→2024 swing: -18.2pp toward R · 2008: 22.1pp · 2024: 3.9pp
• All cycles: 2024: D+3.9 2020: D+3.5 2016: D+2.2 2012: D+21.1 2008: D+22.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.94%
• Current HPI: 182.619
• 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

1 event — show timeline

• 2025-07-17 Listed $62,900 LSAR