2501 Emerson Ave S · Minneapolis, MN 55405

$565,000

6 bd · 3.0 ba · 2,214 sqft · MultiFamily public records · 10 Days on market

Built 1900 Est $485k · 17% over

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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).

• Cash flow +14.3/30.0
• DSCR +4.3/10.0
• 1% rule +4.0/10.0
• Livability +3.9/5.0
• Schools +3.5/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• ARV discount +0.1/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Wedge Neighborhood Tri-plex with R5 zoning. Currently used as a short term rental property. Turn key business opportunity or excellent owner occupant option. Hardwood floors, lots of storage in the basement and large 3 car garage. Conveniently located near Downtown, the Lakes and countless bike/running trails, dining and entertainment options!

Key facts

• Proximity to uptown
• Wedge neighborhood
• Built 1900

Tags

• MULTI-FAMILY PROPERTY
• LOWRY HILL EAST NEIGHBORHOOD
• WEDGE NEIGHBORHOOD
• PROXIMITY TO THE LAKES
• PROXIMITY TO UPTOWN
• PROXIMITY TO DOWNTOWN

Property features AI

Exterior

• Home design: Built in 1900
• Construction: Historic property constructed in 1900
• Exterior features: Located in the Lowry Hill East neighborhood

What this means for you Summary

Snapshot

• This is a 1×4.0bd/2.0ba + 2×2.0bd/1.0ba units multifamily listed at $565k.

Deal economics

• At list price, monthly cash flow is $100 ($1k/yr) — positive. Per door: $33/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $510k (9.7% below list).
• Recommended offer: $510k (9.7% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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 (+1.9%/yr); 100 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• At $5,103/mo this rent would consume 84% of the median local household income ($73k/yr) (locally 985% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k 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 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 6y 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $510,300 (9.7% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.90% ✗
• Cap rate: 6.51%
• Cash-on-cash: 0.76%
• DSCR: 1.03
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $484,866
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2417 Lyndale Ave S	0.33mi	5/5.0 (-1)	2,228 (+1%)	13mo	$487,500	$219	60

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.93% rent growth · sell at horizon

5-year hold

• IRR: -16.3%
• Equity multiple: 0.43×
• Total profit: $-90,515
• Equity at exit: $84,243

10-year hold

• IRR: -10.0%
• Equity multiple: 0.42×
• Total profit: $-92,052
• Equity at exit: $48,851

Cash invested: $158,200 (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 55405

• Rents YoY: 1.9%
• Active inventory: 100
• Price-to-rent: 18.1×

Monthly cashflow live

• Estimated rent: $5,103 high
• Mortgage (P&I): −$2,963
• Tax from tax record: −$733 /mo · $8,794/yr
• Insurance: −$235
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,072
• Net cashflow: $100

Break-even live

Break-even rent $4,976

Max offer price $565,000

Occupancy floor 93%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	4.0	2	$2,596
▸ 2× units	2.0	1	$2,506
Total (3 units)			$5,103

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: $141,250
• Closing costs: $16,950
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2808 Colfax Ave S Unit 1250755P Minneapolis, MN	5.0	3.5	2088	$6,923	$3.32	3d	1	0.39mi
911 W 31st St Unit 1 Minneapolis, MN	6.0	3.0	2200	$3,895	$1.77	43d	1	0.75mi
911 W 31st St Minneapolis, MN	6.0	3.0	2200	$3,850	$1.75	43d	1	0.75mi

Listing history 7 events

1. 2026-06-18
   days on market $565,000 Active 10 DOM
2. 2026-06-17
   days on market $565,000 Active 9 DOM
3. 2026-06-16
   days on market $565,000 Active 8 DOM
4. 2026-06-15
   days on market $565,000 Active 7 DOM
5. 2026-06-13
   days on market $565,000 Active 5 DOM
6. 2026-06-09
   remarks 699-char remark
7. 2026-06-09
   listed $565,000 Active 1 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: $8,794 · $733/mo
• Projected year-2 tax: $8,794 · $733/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $61,236
• − Mortgage interest: −$31,649
• − Property taxes: −$8,794
• − Insurance: −$2,825
• − Repairs & maintenance: −$4,899
• − Management: −$4,899
• − Depreciation: −$16,436
• Taxable loss: −$8,266
• Est. tax savings @ 24.0%: +$1,984
• After-tax cash flow: $3,186/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): 17,198
• Household income: $73,053
• Rent vs Own: 63.7% rent · 36.3% own
• Severe rent burden: 985.0

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 0.58)
• Race & ethnicity: White 59% Black 25% Two or more races 7% Hispanic / Latino 5% Asian 4% Native American 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Portuguese 9% Romanian 4% Lithuanian 2%
• Foreign-born: 10% · Canada, South Korea, Jamaica
• Languages at home: 81% English-only · Spanish 3% Other Asian/Pacific 2% French/Haitian/Cajun 1%

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: ▼ -282.04%
• Current HPI: 242.8961
• Rent YoY: ▲ 1.93%
• 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

+534.8% since first listed

13 events — show timeline

• 2026-06-09 Listed $565,000 FSBO.com
• 2021-10-21 Sold (Public Records) $530,000 Public Records
• 2021-06-03 Sold (MLS) $515,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-04-23 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-03-17 Price Changed $514,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-03-08 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2021-01-30 Price Changed $524,900 NORTHSTARMLS as Distributed by MLS Grid
• 2020-09-28 Price Changed $539,900 NORTHSTARMLS as Distributed by MLS Grid
• 2020-09-09 Price Changed $574,900 NORTHSTARMLS as Distributed by MLS Grid
• 2020-09-03 Listed $599,900 NORTHSTARMLS as Distributed by MLS Grid
• 1998-12-22 Sold (Public Records) $80,000 Public Records
• 1998-12-01 Sold (Public Records) $160,000 Public Records
• 1992-01-24 Sold (Public Records) $89,000 Public Records

Property tax history

+2.3%/yr

Latest (2025): $8,794 · +13.7% YoY. Source: county tax records.