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$550,000

Sale Pending
502 Drillane Rd, Hopkins, MN 55305
3 Beds
3 Baths
2,287 Square Feet
0.35 Acres Lot
Built in 1952
Sale Pending
1 Units
Checked: 13 hours ago
Updated: Jul 25, 2025 at 06:23AM

Investment Summary


Monthly Cash Flow
-$1,052
Cap Rate
3.4%
Cash-on-Cash Return
-10.0%
Debt Coverage Ratio
0.60
Internal Rate of Return (5 years)
-5.7%

Property Description


0.35 Acres Lot
Built in 1952
Sale Pending
1 Units

Discover effortless one-level living in this beautifully updated home, located on a corner lot in Hopkins. Inside, a welcoming foyer with hardwood floors and a stylish front door sets the tone. The spacious living room features mid-century character with warm wood paneling, a gas fireplace with a stone surround, and large windows. The formal dining room offers hardwood floors and space for hosting guests or enjoying everyday meals. The kitchen is a true standout, thoughtfully designed with granite countertops, stainless steel appliances, a tile accent wall, an island, and white cabinetry with soft-close hardware. A pantry with roll-out shelving adds both functionality and storage, making this kitchen as practical as it is beautiful. The primary suite offers generous space for a king-size bed, two ample closets, and a private three-quarter bathroom complete with an updated vanity, tiled shower, and tile flooring. The second bedroom is another suite, and features a vaulted ceiling, wall of windows, direct access to the backyard, a walk-in closet with custom organizers, and a 3/4 bathroom with modern finishes, allowing it to be used as a primary bedroom, home office, or sunroom. The third bedroom includes a unique wood accent wall and is located near a full bath with a double vanity and tile finishes. Closet space is abundant throughout the home, providing exceptional storage without the need for a basement. The main-floor laundry area is located just off the attached two-car garage, which includes two more large storage closets. For added peace of mind, the home is equipped with a generator transfer switch in case of power outages. Outside, two spacious paver patios offer great areas for relaxing or entertaining, and the fully fenced backyard provides room to enjoy the outdoors. The property line backs up to the tennis courts at Oak Ridge Country Club, which are for daytime use only and have no lights, offering a peaceful and private backdrop without evening disruptions. With recent updates including a roof, siding, gutters, windows, and a Starlink internet receiver, this home combines comfort, style, and reliability. Located just minutes from downtown Hopkins with easy access to dining, shopping, entertainment, and community events, this is a rare opportunity to enjoy low-maintenance, one-level living in a desirable setting.

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Location


Property Details


Parking

  • Description: Attached Garage, Garage Door Opener
  • Garage Spaces: 2
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 3

Bathroom Information

  • # of Baths (Full): 1
  • # of Baths (Total): 3.0

Interior Features

  • # of Rooms: 8
  • # of Stories: 1
  • Basement Description: Crawl Space
  • Fireplace: Yes

Exterior Features

  • Exterior Walls Materials: Brick
  • Roof Type: Gable
  • Roof Material: Asphalt, Shingle

Land Information

  • Land Use: Residential
  • Land Use Subtype: Single Family Residential

Lot Information

  • Parcel ID: 1311722420036
  • Lot Size: 15246 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: (SF) Single Family
  • Year Built: 1952

Tax Information

  • Annual Tax: $7,056

Utilities

  • Water & Sewer: Public
  • Heating: Forced Air

Location

  • County: Hennepin

Listing Details


Listed by:
Levi Schatz
Schatz Real Estate Group
(952) 270-9112

Source:
FargoMoorhead Area Association of REALTORS
MLS#: 6755121
FargoMoorhead Area Association of REALTORS

Investment Summary


Monthly Cash Flow
-$1,052
Cap Rate
3.4%
Cash-on-Cash Return
-10.0%
Debt Coverage Ratio
0.60
Internal Rate of Return (5 years)
-5.7%

Purchase Details

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Purchase price:
$550,000
Amount financed:
-$440,000
Down payment:
$110,000
Closing costs:
$16,500
Rehab costs:
$0
Initial cash invested:
$126,500
Square feet:
2,287
Cost per square foot:
$240
Monthly rent per square foot:
$1.36

Financing Details

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Loan amount:
$440,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$2,603
Property tax:
$588
Insurance:
$217
Private mortgage insurance (PMI):
$0
Monthly payment:
$3,408

Operating Income

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% Rent Monthly Yearly
Gross rent:
$3,100 $37,200
Vacancy loss: (6%)
6% -$186 -$2,232
Operating income:
$2,914 $34,968

Operating Expenses


% Rent Monthly Yearly
Property taxes: (19%)
19%-$588-$7,056
Insurance: (7%)
7%-$217-$2,604
Property management: (8%)
8%-$248-$2,976
Repairs & maintenance: (5%)
5%-$155-$1,860
Capital expenditures: (5%)
5%-$155-$1,860
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (44%)
44%-$1,363-$16,356

Cash Flow


Monthly Yearly
Net operating income:
$1,551 $18,612
Mortgage payments:
-$2,603 -$31,236
Cash flow:
$1,052 $12,624