1627 Thomas Ave N · Minneapolis, MN 55411

$269,900

3 bd · 1.0 ba · 1,210 sqft · SingleFamily public records · 13 Days on market

Built 1921 5,227 sqft lot $223/sqft · 35% above area Est $344k · 21% under

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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).

• ARV discount +15.0/15.0
• Cash flow +9.3/30.0
• Rent growth +4.3/5.0
• Livability +3.9/5.0
• Schools +3.5/10.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

* * MULTIPLE OFFERS have been received DEADLINE Monday, May 4th @ 1 pm * * Perfect blend of style and functionality in this beautifully remodeled 4-bedroom home, with main-level living. Open-concept floor plan that seamlessly connects the living and dining areas to a stunning new kitchen featuring premium soft-close cabinetry. The main floor includes two comfortable bedrooms and a refreshed full bathroom boasting both a walk-in shower and a tub, plus a clever corner-stacked laundry set for ultimate convenience (in addition to the lower level laundry). Just off one of the main-floor bedrooms, a private back deck leads to a fenced yard. Upstairs, check out the massive upper-level private s

Key facts

• 5,227 sq ft lot
• Garage
• Built 1921

Property features AI

Exterior

• Parking: Detached or attached 1-car garage (19 x 13)
• Utilities: City water connected (city water in street); City sewer connected (city sewer in street); Natural gas
• Home design: Residential property; One and one-half story layout; Accessible features include a roll-in shower
• Construction: Pitched roof; Foundation described as other
• Exterior features: Vinyl exterior; Deck; Chain link fencing; Publicly maintained paved streets with curbs and sidewalks

Interior

• Kitchen: Range; Microwave; Dishwasher; Refrigerator
• Bedrooms: 4 bedrooms total; Main level bedrooms present; Upper-level bedroom (large); Lower-level bedroom
• Bathrooms: 2 full bathrooms; 1 half bathroom; Primary bathroom with private access; Separate tub and shower; walk-in shower stall; Main floor full bath; Basement bath
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Finished basement with egress window(s) and storage space; Private primary suite; Ensuite bathroom; Renovated; All living facilities on one level; Main floor bedroom; Main floor laundry; Informal dining area / kitchen-dining combination
• Laundry & utility: Washer and dryer included; Laundry located on main and lower levels (also access to basement laundry area); Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $270k.

Deal economics

• At list price, monthly cash flow is $-196 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $235k (12.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $193k (28.5% below list).
• Recommended offer: $193k (28.5% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 3.1% in Minneapolis — 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 78/100 on livability (#110 in MN, #2,525 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: cost of living C-, crime F.
• Minneapolis Public School District (urban): math 35% / reading 46% proficiency, ranked #217 of 301 in MN (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bethune Elementary (math 2% / reading 12%, grade F, #842 of 857 statewide, top 99%, 276 students, 90% FRL); Franklin Middle (math 2% / reading 8%, grade F, #255 of 258 statewide, top 100%, 287 students, 89% FRL); Henry High (reading 70%, 858 students, 80% FRL) — zoned schools average 86% FRL vs 58% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 6% at this address vs 40% district-wide (-34 pts) — the specific schools serving this property underperform the Minneapolis Public School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+7.3%/yr); 133 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• This rent runs 38% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Hennepin County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 32y 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.
• Current owner paid $135k; list at $270k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $192,909 (28.5% 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. Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is F 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?
5. 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?
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: 0.71% ✗
• Cap rate: 5.42%
• Cash-on-cash: -3.12%
• DSCR: 0.86
• GRM: 11.7

CMA / ARV

• ARV (median comp): $343,627
• List price: $269,900
• Delta: -21.46%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.35% rent growth · sell at horizon

5-year hold

• IRR: -17.2%
• Equity multiple: 0.37×
• Total profit: $-47,484
• Equity at exit: $40,243

10-year hold

• IRR: -3.1%
• Equity multiple: 0.76×
• Total profit: $-18,125
• Equity at exit: $23,336

Cash invested: $75,572 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 34 Tenant-Leaning
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City Minneapolis: 34 Tenant-Leaning · D+50

Tenant Opportunity to Purchase; renter's protections.

Methodology + full state rankings →

ZIP-level market 55411

• Home prices YoY: -8.7%
• Rents YoY: 7.3%
• Active inventory: 133
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $1,929 high
• Mortgage (P&I): −$1,415
• Tax from tax record: −$192 /mo · $2,309/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$405
• Net cashflow: $-196

Break-even live

Break-even rent $2,178

Max offer price $235,225

Occupancy floor —

Sensitivity live

Price	-10% $-44	-5% $-120	+0% $-196	+5% $-273	+10% $-349
Rent	-10% $-349	-5% $-272	+0% $-196	+5% $-120	+10% $-44
Rate	-1.0pp $-60	-0.5pp $-128	base $-196	+0.5pp $-266	+1.0pp $-337

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: $67,475
• Closing costs: $8,097
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1649 Russell Ave N Unit 2 Minneapolis, MN	3.0	1.0	1011	$1,700	$1.68	21d	1	0.15mi
1649 Russell Ave N Unit 2 Minneapolis, MN	3.0	1.0	1011	$1,650	$1.63	0d	1	0.15mi
2411 Golden Valley Rd Unit 2 Minneapolis, MN	4.0	2.0	1200	$2,395	$2.00	16d	1	0.22mi
1239 Sheridan Ave N Minneapolis, MN	1.0–2.0	1.0	795	$1,250	$1.57	5d	4	0.33mi
2419 Plymouth Ave N Minneapolis, MN	2.0–3.0	1.0	836	$1,795	$2.15	5d	2	0.34mi
1816 Zephyr Pl Minneapolis, MN	3.0	1.0	1120	$2,050	$1.83	45d	1	0.39mi
1255 Queen Ave N Minneapolis, MN	1.0–2.0	1.0	633	$1,419	$2.24	4d	4	0.39mi
1507 N Newton Ave Unit 2 Minneapolis, MN	4.0	1.0	1068	$1,499	$1.40	45d	1	0.41mi
2211 Queen Ave N Unit 1 Minneapolis, MN	3.0	1.0	983	$1,695	$1.72	19d	1	0.46mi
2356 N Thomas Ave Unit 2 Minneapolis, MN	3.0	1.0	1000	$1,800	$1.80	45d	1	0.56mi
2000 W Broadway Ave Minneapolis, MN	2.0	1.0	952	$1,350	$1.42	9d	4	0.58mi
1429 Knox Ave N Unit 1429 Minneapolis, MN	4.0	1.0	1260	$1,995	$1.58	45d	1	0.59mi
1016 N Newton Ave Unit 4 Minneapolis, MN	3.0	1.0	1009	$1,895	$1.88	45d	1	0.67mi
1237 Knox Ave N Unit 1237 Minneapolis, MN	3.0	1.0	1196	$1,900	$1.59	5d	1	0.67mi
2324 Logan Ave N Minneapolis, MN	4.0	1.5	1400	$2,300	$1.64	46d	1	0.67mi
816 Queen Ave N Minneapolis, MN	3.0	1.0	1200	$1,895	$1.58	45d	1	0.68mi
2323 26th Ave N Minneapolis, MN	2.0	1.0	807	$1,717	$2.13	16d	3	0.68mi
1523 22nd Ave N Minneapolis, MN	3.0	1.0	943	$1,695	$1.80	16d	1	0.78mi
1030 Knox Ave N Apt 2 Minneapolis, MN	4.0	1.0	900	$2,099	$2.33	45d	1	0.80mi
1510 N 22nd Ave #1 Minneapolis, MN	3.0	1.0	1500	$1,875	$1.25	23d	1	0.81mi
1510 N 22nd Ave #1 Minneapolis, MN	3.0	1.0	1500	$1,875	$1.25	5d	1	0.81mi
1407 N Girard Ave Unit 2 Minneapolis, MN	2.0	1.0	1472	$1,900	$1.29	19d	1	0.83mi
519 Penn Ave N Minneapolis, MN	4.0	2.0	1500	$2,195	$1.46	16d	1	0.92mi
519 Penn Ave N Minneapolis, MN	4.0	2.0	1500	$2,195	$1.46	0d	1	0.92mi
519 Penn Ave N Minneapolis, MN	4.0	2.0	1500	$2,195	$1.46	9d	1	0.92mi
2124 Fremont Ave N Minneapolis, MN	2.0	1.0	1050	$1,580	$1.50	3d	1	0.98mi
2600 France Ave N Unit 2600 Minneapolis, MN	2.0	1.5	1100	$1,599	$1.45	6d	1	1.00mi
2226 Glenwood Ave Unit 1 Minneapolis, MN	3.0	1.0	1100	$1,399	$1.27	1d	1	1.06mi
2212 Glenwood Ave Unit 1 Minneapolis, MN	2.0	1.0	950	$1,299	$1.37	45d	1	1.07mi
1901 4th Ave N Minneapolis, MN	3.0	2.0	1300	$1,300	$1.00	26d	1	1.11mi
2703 Humboldt Ave N Minneapolis, MN	3.0	1.0	1218	$1,450	$1.19	23d	1	1.13mi
2947 Morgan Ave N Minneapolis, MN	2.0	1.0	1106	$1,950	$1.76	15d	1	1.14mi
2947 Morgan Ave N Minneapolis, MN	2.0	1.0	1106	$1,950	$1.76	1d	1	1.14mi
835 W Broadway Ave Minneapolis, MN	1.0–2.0	1.0–2.0	849	$2,150	$2.53	4d	7	1.15mi
2620 Emerson Ave N Minneapolis, MN	3.0	1.0	877	$1,900	$2.17	1d	1	1.22mi
1611 Glenwood Ave #1 Minneapolis, MN	3.0	2.0	918	$1,945	$2.12	1d	1	1.22mi
3114 Morgan Ave N Minneapolis, MN	4.0	2.0	1362	$2,000	$1.47	16d	1	1.25mi
224 Cedar Lake Rd N Unit 12 Minneapolis, MN	2.0	1.0	750	$1,100	$1.47	45d	1	1.32mi
229 Irving Ave N Minneapolis, MN	3.0	1.0–2.0	767	$1,565	$2.04	19d	7	1.38mi
265 N Girard Ave Minneapolis, MN	1.0–2.0	1.0–2.0	760	$2,175	$2.86	0d	7	1.38mi

Listing history 11 events

1. 2026-05-12
   status Pending 1153-char remark
2. 2026-05-05
   historical Contingent - Inspection 1153-char remark
3. 2026-04-30
   listed $269,900 Active 1153-char remark
4. 2026-04-28
   historical $269,900 1153-char remark
5. 2026-03-31
   soldstatus $135,000
6. 1995-04-10
   soldstatus $33,500
7. 1995-03-09
   soldstatus $33,500
8. 1995-03-08
   historical
9. 1995-01-31
   listed $34,000
10. 1994-12-24
    historical
11. 1994-09-24
    listed $39,900

ⓘ 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: $2,309 · $192/mo
• Projected year-2 tax: $2,666 · $222/mo
• Expected delta: +$357/yr (+$30/mo · 15.5%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,149
• − Mortgage interest: −$15,119
• − Property taxes: −$2,309
• − Insurance: −$1,350
• − Repairs & maintenance: −$1,852
• − Management: −$1,852
• − Depreciation: −$7,852
• Taxable loss: −$7,184
• Est. tax savings @ 24.0%: +$1,724
• After-tax cash flow: $-631/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: Minneapolis Public School District
• NCES district ID: 2721240
• Math proficiency: 35% ▼ -7.00%
• Reading proficiency: 46% ▼ -1.00%
• Median HH income: $50,521
• Composite: 34.92/100
• National rank: #5067
• State rank: #217 of 301 in MN

Livability — Minneapolis

• Score: 78/100
• State rank: #110
• US rank: #2525

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Minneapolis, MN
• County: Hennepin County · 1,150,272 people
• City population: 417,555
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 27,741
• Household income: $60,225
• Rent vs Own: 47.3% rent · 52.7% own
• Severe rent burden: 1826.0

Population outlook (Hennepin County) Hauer SSP2

• Today (2025): 1,405,227 people
• By 2030: 1,492,650 · +6.2%
• By 2040: 1,660,157 · +18.1%
• By 2050: 1,823,498 · +29.8%
• By 2075: 2,221,283 · +58.1%
• By 2100: 2,509,976 · +78.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Black 49% White 23% Two or more races 11% Hispanic / Latino 11% Asian 9%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Portuguese 3% Lithuanian 2% Italian 1%
• Foreign-born: 19% · Canada, Guatemala
• Languages at home: 68% English-only · Other Asian/Pacific 8% Spanish 8%

Political lean MEDSL · Hennepin

• 2024 margin: Solid D (+42.6) · D 70.2% · R 27.5% · Other 2.3%
• 2008→2024 swing: +14.0pp toward D · 2008: 28.6pp · 2024: 42.6pp
• All cycles: 2024: D+42.6 2020: D+43.2 2016: D+35.3 2012: D+27.1 2008: D+28.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -33.91%
• Current HPI: 356.6758
• Rent YoY: ▲ 7.35%
• 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

+576.4% since first listed

11 events — show timeline

• 2026-05-12 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-05 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-30 Listed $269,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-28 Coming Soon $269,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-31 Sold (Public Records) $135,000 Public Records
• 1995-04-10 Sold (Public Records) $33,500 Public Records
• 1995-03-09 Sold (MLS) $33,500 NORTHSTARMLS as Distributed by MLS Grid
• 1995-03-08 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1995-01-31 Listed $34,000 NORTHSTARMLS as Distributed by MLS Grid
• 1994-12-24 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1994-09-24 Listed $39,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+3.7%/yr

Latest (2025): $2,309 · +13.9% YoY. Source: county tax records.