121 Washington Ave S #502 · Minneapolis, MN 55401

$249,900

2 bd · 1.0 ba · 1,003 sqft · Condo public records · 16 Days on market

Built 1981 $779/mo HOA · 24% of rent

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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 +18.4/30.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• Appreciation +4.8/10.0
• Rent growth +3.9/5.0
• Livability +3.9/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0

Listing remarks

Project free condo ready for you to move in stress free day one! Everything has been thoughtfully updated here from the gorgeous kitchen, flooring, and bathroom. All the little details have been taken care of as well with updated doors, trim, blinds, and lighting. East facing unit with lots of morning light and a larger outdoor space to enjoy your coffee. With Summer here you will love the pool and updated outdoor space complete with grills, firepits, comfortable seating, and outdoor games. Excellent amenities inside as well including a gym, sauna, hot tub, and party room – no need for a gym membership here! The Crossings is one of just a few condos that are directly connected to th

Key facts

• Sauna
• Gorgeous kitchen
• Larger outdoor space

Tags

• GORGEOUS KITCHEN
• LARGER OUTDOOR SPACE
• UPDATED OUTDOOR SPACE
• POOL
• GYM
• SAUNA

Property features AI

Finance

• HOA & community: HOA: Sudler; Monthly association fee of $779.70; Association fee covers air conditioning, cable TV, hazard insurance, heating, internet, grounds maintenance, parking, professional management, sewer, shared amenities, snow removal, and water; Building amenities include community/amusement/party room, exercise room, lobby entrance, patio, and sauna

Exterior

• Parking: Assigned underground parking (stall #303-D); 1 garage space
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Attached residential property; One level
• Construction: Other foundation
• Exterior features: Stone exterior; Balcony; Irregular lot shape; Lot approximately 1.41 acres

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom (main floor)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fan(s); City view; Accessible elevator installed
• Laundry & utility: On-site laundry available through association

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $250k.

Deal economics

• At list price, monthly cash flow is $234 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $246k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.4% 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.
• Market conditions: Rents rising fast (+5.5%/yr); 159 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• This rent runs 35% of the median local income ($114k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $683 of equity ($2k loan paydown + $-1k appreciation (-0.4% local appreciation)).
• Hennepin County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-0.4% appreciation + 5.5% rent growth), your $70k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 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 $195k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.

Recommended offer $246,151 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
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. 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.
6. 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.
7. 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: 1.32% ✓
• Cap rate: 7.42%
• Cash-on-cash: 4.02%
• DSCR: 1.18
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.42% appreciation · 5.49% rent growth · sell at horizon

5-year hold

• IRR: 3.5%
• Equity multiple: 1.17×
• Total profit: $11,607
• Equity at exit: $67,380

10-year hold

• IRR: 11.7%
• Equity multiple: 2.36×
• Total profit: $94,917
• Equity at exit: $76,966

Cash invested: $69,972 (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 55401

• Home prices YoY: -0.2%
• Rents YoY: 5.5%
• Active inventory: 159
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $3,286 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$168 /mo · $2,021/yr
• Insurance: −$104
• HOA: −$779
• Vacancy / Maint / Mgmt: −$690
• Net cashflow: $234

Break-even live

Break-even rent $2,990

Max offer price $249,900

Occupancy floor 88%

Sensitivity live

Price	-10% $376	-5% $305	+0% $234	+5% $163	+10% $93
Rent	-10% $-25	-5% $104	+0% $234	+5% $364	+10% $494
Rate	-1.0pp $360	-0.5pp $298	base $234	+0.5pp $169	+1.0pp $103

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
365 Nicollet Mall Minneapolis, MN	3.0	1.0–3.5	1656	$7,054	$4.26	0d	36	0.14mi
400 Marquette Ave Minneapolis, MN	3.0	1.0–2.0	1103	$3,330	$3.02	0d	11	0.16mi
111 S Marquette Ave Minneapolis, MN	1.0–2.0	1.0–2.0	955	$2,414	$2.53	0d	13	0.19mi
465 Nicollet Mall Minneapolis, MN	2.0	1.0–3.0	1153	$4,600	$3.99	0d	14	0.19mi
101 S 5th St Minneapolis, MN	3.0	1.0–2.0	1249	$3,169	$2.54	0d	34	0.21mi
270 Hennepin Ave Minneapolis, MN	3.0	1.0–3.0	1505	$6,755	$4.49	0d	53	0.24mi
120 Hennepin Ave Minneapolis, MN	2.0	1.0–2.0	960	$3,665	$3.82	8d	10	0.26mi
511 S 4th St Minneapolis, MN	2.0	1.0–2.0	882	$2,950	$3.34	0d	11	0.29mi
608 2nd Ave S Minneapolis, MN	1.0–2.0	1.0–2.0	999	$2,280	$2.28	0d	33	0.29mi
250 Portland Ave Minneapolis, MN	1.0–2.0	1.0–2.0	902	$3,367	$3.73	0d	10	0.30mi
120 N 2nd St Minneapolis, MN	1.0–2.0	1.0–2.5	1039	$3,428	$3.30	0d	17	0.34mi
225 Portland Ave Minneapolis, MN	2.0	1.0–2.0	837	$3,420	$4.08	0d	72	0.35mi
600 5th Ave S Minneapolis, MN	1.0–2.0	1.0–2.0	878	$3,315	$3.78	0d	12	0.35mi
110 N 1st St Minneapolis, MN	1.0–2.0	1.0–2.0	885	$3,799	$4.29	0d	21	0.36mi
250 Park Ave #215 Minneapolis, MN	1.0	1.0	961	$2,350	$2.45	15d	1	0.37mi
240 Park Ave Minneapolis, MN	1.0–2.0	1.0–2.0	1047	$3,875	$3.70	4d	2	0.38mi
280 N 2nd St Minneapolis, MN	1.0	1.0	1072	$1,836	$1.71	18d	2	0.39mi
200 2nd Ave N Minneapolis, MN	2.0	1.0	994	$3,135	$3.15	23d	1	0.39mi
205 Park Ave Minneapolis, MN	1.0–2.0	1.0–2.0	859	$3,158	$3.68	0d	5	0.42mi
212 N 2nd St Minneapolis, MN	1.0–2.0	1.0–2.0	1039	$3,125	$3.01	25d	2	0.42mi
212 N 2nd St #204 Minneapolis, MN	2.0	2.0	1178	$3,125	$2.65	5d	1	0.42mi
433 S 7th St Minneapolis, MN	2.0	2.0	1057	$2,548	$2.41	15d	1	0.42mi
650 Portland Ave Minneapolis, MN	2.0	1.0–2.0	1104	$4,141	$3.75	0d	16	0.42mi
700 S 4th St Minneapolis, MN	2.0	1.0–2.0	897	$3,995	$4.45	0d	25	0.44mi
240 Chicago Ave Minneapolis, MN	2.0	1.0–2.0	825	$3,036	$3.68	0d	14	0.46mi
521 S 7th St Minneapolis, MN	1.0–2.0	1.0–1.5	784	$2,375	$3.03	3d	2	0.46mi
316 N 2nd St Minneapolis, MN	1.0–2.0	1.0–2.0	795	$2,723	$3.42	0d	8	0.49mi
811 Washington Ave S Minneapolis, MN	1.0–2.0	1.0–2.0	862	$3,099	$3.60	20d	9	0.50mi
90 S 9th St Minneapolis, MN	2.0	1.0	823	$2,000	$2.43	0d	4	0.50mi
337 N Washington Ave Minneapolis, MN	2.0	1.0–2.0	796	$2,729	$3.43	3d	30	0.52mi
360 1st St N Minneapolis, MN	1.0–2.0	1.0–2.0	889	$3,024	$3.40	0d	10	0.53mi
615 S 8th St Minneapolis, MN	2.0	1.0–2.5	1252	$6,125	$4.89	0d	49	0.54mi
404 Washington Ave N #404 Minneapolis, MN	1.0	1.0	1108	$2,750	$2.48	44d	1	0.56mi
95 S 10th St Minneapolis, MN	2.0	1.0–2.0	688	$2,321	$3.37	3d	31	0.60mi
212 10th Ave S Minneapolis, MN	3.0	1.0–2.5	1490	$6,415	$4.31	3d	10	0.61mi
360 N 5th Ave Minneapolis, MN	2.0	1.0–2.5	1185	$7,325	$6.18	0d	82	0.62mi
929 Portland Ave Minneapolis, MN	2.0	2.0	1120	$2,499	$2.23	44d	1	0.64mi
528 Washington Ave N Minneapolis, MN	1.0	1.0	543	$2,629	$4.84	0d	21	0.66mi
432 N 1st St Minneapolis, MN	1.0–2.0	1.0–2.0	1067	$2,175	$2.04	3d	6	0.67mi
1111 3rd Ave S Unit 1511914P Minneapolis, MN	4.0	1.0–2.0	1081	$7,396	$6.84	3d	2	0.70mi

HOA detail condo

• Monthly dues: $779 · $9,348/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-21
   days on market $249,900 Active 16 DOM
2. 2026-06-18
   days on market $249,900 Active 13 DOM
3. 2026-06-17
   days on market $249,900 Active 12 DOM
4. 2026-06-16
   days on market $249,900 Active 11 DOM
5. 2026-06-15
   days on market $249,900 Active 10 DOM
6. 2026-06-13
   days on market $249,900 Active 8 DOM
7. 2026-06-09
   days on market $249,900 Active 4 DOM
8. 2026-06-08
   days on market $249,900 Active 3 DOM
9. 2026-06-07
   remarks 693-char remark
10. 2026-06-07
    listed $249,900 Active 2 DOM

ⓘ 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: $2,021 · $168/mo
• Projected year-2 tax: $2,410 · $201/mo
• Expected delta: +$389/yr (+$32/mo · 19.3%)

ⓘ 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: $39,435
• − Mortgage interest: −$13,998
• − Property taxes: −$2,021
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,155
• − Management: −$3,155
• − HOA: −$9,348
• − Depreciation: −$7,270
• Taxable loss: −$761
• Est. tax savings @ 24.0%: +$183
• After-tax cash flow: $2,992/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): 11,816
• Household income: $113,522
• Rent vs Own: 71.6% rent · 28.4% own
• Severe rent burden: 610.0

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: Predominantly White (75%)
• Race & ethnicity: White 75% Asian 9% Hispanic / Latino 8% Two or more races 6% Black 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 10% Romanian 7% Lithuanian 5%
• Foreign-born: 13% · Canada, China, South Korea
• Languages at home: 86% English-only · Spanish 6% Other Indo-European 3% Chinese 2%

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: ▼ -0.42%
• Current HPI: 233.936
• Rent YoY: ▲ 5.49%
• 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

+190.9% since first listed

8 events — show timeline

• 2026-06-05 Listed $249,900 NORTHSTARMLS as Distributed by MLS Grid
• 2001-09-28 Sold (Public Records) $194,900 Public Records
• 1995-05-01 Sold (Public Records) $74,500 Public Records
• 1995-05-01 Sold (MLS) $74,500 NORTHSTARMLS as Distributed by MLS Grid
• 1995-04-18 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1995-02-02 Listed $76,500 NORTHSTARMLS as Distributed by MLS Grid
• 1995-01-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1994-09-01 Listed $85,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

-0.5%/yr

Latest (2025): $2,021 · +4.1% YoY. Source: county tax records.