6 E 34th St · Minneapolis, MN 55408

$175,000

5 bd · 2.0 ba · 2,564 sqft · Other public records · 77 Days on market

Built 1889 3,780 sqft lot $68/sqft · 52% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Rent growth +3.7/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Wonderful redevelopment opportunity along Eat Street, kitty corner from Ramen Kazama. Newer and new construction apartments within a couple of blocks and a new development plan for the opposite corner of Nicollet and 34th. Able to redevelop into a duplex, triplex, or a quad. Able to tear-down and rebuild with plans approved by City. 3 parking spaces included in the back.

Key facts

• Development plan
• Parking spaces
• 3,780 sq ft lot

Tags

• NEW CONSTRUCTION APARTMENTS
• DEVELOPMENT PLAN
• TEAR-DOWN AND REBUILD
• PARKING SPACES

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath other listed at $175k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.5% 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 fast (+4.8%/yr); 175 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 44% 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 $2,877/mo this rent would consume 49% of the median local household income ($70k/yr) (locally 2619% 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 $1k of loan paydown is wiped out by about $5k 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.
• At projected returns (-3.0% appreciation + 4.8% rent growth), your $49k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 32y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1889 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $164,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1889 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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. 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: 1.64% ✓
• Cap rate: 13.48%
• Cash-on-cash: 25.67%
• DSCR: 2.14
• GRM: 5.1

CMA / ARV

• ARV (median comp): $540,925
• List price: $175,000
• Delta: -67.65%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.77% rent growth · sell at horizon

5-year hold

• IRR: 21.3%
• Equity multiple: 1.89×
• Total profit: $43,670
• Equity at exit: $26,093

10-year hold

• IRR: 30.6%
• Equity multiple: 3.99×
• Total profit: $146,390
• Equity at exit: $15,131

Cash invested: $49,000 (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 55408

• Rents YoY: 4.8%
• Active inventory: 175
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $2,877 high
• Mortgage (P&I): −$918
• Tax from tax record: −$234 /mo · $2,808/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$604
• Net cashflow: $1,048

Break-even live

Break-even rent $1,550

Max offer price $175,000

Occupancy floor 59%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
512 W 31st St Minneapolis, MN	4.0	1.5	2200	$2,875	$1.31	18d	1	0.53mi
3200 Aldrich Ave S Minneapolis, MN	4.0	2.0	1800	$2,750	$1.53	44d	1	0.60mi
911 W 31st St Unit 1 Minneapolis, MN	6.0	3.0	2200	$3,895	$1.77	44d	1	0.71mi
911 W 31st St Minneapolis, MN	6.0	3.0	2200	$3,850	$1.75	44d	1	0.71mi
3553 DuPont Ave S Minneapolis, MN	4.0	2.0	1900	$2,795	$1.47	44d	1	0.79mi
220 E 27th St #1 Minneapolis, MN	4.0	1.0	2516	$3,100	$1.23	18d	1	0.86mi
2709 Aldrich Ave S Unit 2 Minneapolis, MN	4.0	1.0	1850	$2,289	$1.24	4d	1	0.96mi
2709 Aldrich Ave S Unit 2 Minneapolis, MN	4.0	1.0	1850	$2,289	$1.24	17d	1	0.96mi
2808 Colfax Ave S Unit 1250755P Minneapolis, MN	5.0	3.5	2088	$6,923	$3.32	3d	1	0.96mi

Listing history 30 events

1. 2026-06-18
   days on market $175,000 Active 77 DOM
2. 2026-06-17
   days on market $175,000 Active 76 DOM
3. 2026-06-16
   days on market $175,000 Active 75 DOM
4. 2026-06-15
   days on market $175,000 Active 74 DOM
5. 2026-06-13
   days on market $175,000 Active 72 DOM
6. 2026-06-09
   days on market $175,000 Active 68 DOM
7. 2026-06-08
   days on market $175,000 Active 67 DOM
8. 2026-06-07
   days on market $175,000 Active 66 DOM
9. 2026-06-04
   days on market $175,000 Active 63 DOM
10. 2026-06-03
    days on market $175,000 Active 62 DOM
11. 2026-06-02
    days on market $175,000 Active 61 DOM
12. 2026-06-01
    days on market $175,000 Active 60 DOM
13. 2026-05-31
    days on market $175,000 Active 59 DOM
14. 2026-05-14
    price $175,000 373-char remark

    Show marketing remark (373 chars)

    Wonderful redevelopment opportunity along Eat Street, kitty corner from Ramen Kazama. Newer and new construction apartments within a couple of blocks and a new development plan for the opposite corner of Nicollet and 34th. Able to redevelop into a duplex, triplex, or a quad. Able to tear-down and rebuild with plans approved by City. 3 parking spaces included in the back.

15. 2026-04-02
    listed $185,000 Active 373-char remark

    Show marketing remark (373 chars)

    Wonderful redevelopment opportunity along Eat Street, kitty corner from Ramen Kazama. Newer and new construction apartments within a couple of blocks and a new development plan for the opposite corner of Nicollet and 34th. Able to redevelop into a duplex, triplex, or a quad. Able to tear-down and rebuild with plans approved by City. 3 parking spaces included in the back.

16. 2025-12-14
    historical
17. 2025-11-19
    price $200,000
18. 2025-09-17
    listed $225,000 Active
19. 2022-01-19
    soldstatus $1,800,000
20. 2017-06-01
    soldstatus $215,000
21. 2009-03-02
    soldstatus $38,000
22. 2009-01-28
    historical
23. 2008-10-29
    listed $54,000
24. 2006-11-16
    soldstatus $300,000
25. 2003-08-05
    soldstatus $130,000
26. 1994-12-27
    soldstatus $36,000
27. 1994-12-16
    soldstatus $36,000
28. 1994-12-09
    soldstatus $36,000
29. 1994-10-26
    historical
30. 1994-09-20
    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: $2,808 · $234/mo
• Projected year-2 tax: $2,808 · $234/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: $34,525
• − Mortgage interest: −$9,803
• − Property taxes: −$2,808
• − Insurance: −$875
• − Repairs & maintenance: −$2,762
• − Management: −$2,762
• − Depreciation: −$5,091
• Taxable income: $10,424
• Est. tax owed @ 24.0%: −$2,502
• After-tax cash flow: $10,077/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): 31,507
• Household income: $70,326
• Rent vs Own: 76.4% rent · 23.6% own
• Severe rent burden: 2619.0

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 0.60)
• Race & ethnicity: White 59% Black 17% Hispanic / Latino 11% Two or more races 9% Asian 5% Native American 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 8% Romanian 6% Lithuanian 3%
• Foreign-born: 15% · Canada, South Korea, Vietnam
• Languages at home: 79% English-only · Spanish 8% Other Indo-European 1% Other Asian/Pacific 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: ▼ -148.08%
• Current HPI: 256.0491
• Rent YoY: ▲ 4.77%
• 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

+338.6% since first listed

17 events — show timeline

• 2026-05-14 Price Changed $175,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-02 Listed $185,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-14 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-19 Price Changed $200,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-17 Listed $225,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-01-19 Sold (Public Records) $1,800,000 Public Records
• 2017-06-01 Sold (Public Records) $215,000 Public Records
• 2009-03-02 Sold (MLS) $38,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-01-28 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-10-29 Listed $54,000 NORTHSTARMLS as Distributed by MLS Grid
• 2006-11-16 Sold (Public Records) $300,000 Public Records
• 2003-08-05 Sold (Public Records) $130,000 Public Records
• 1994-12-27 Sold (Public Records) $36,000 Public Records
• 1994-12-16 Sold (Public Records) $36,000 Public Records
• 1994-12-09 Sold (MLS) $36,000 NORTHSTARMLS as Distributed by MLS Grid
• 1994-10-26 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1994-09-20 Listed $39,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

-1.5%/yr

Latest (2025): $2,808 · -73.2% YoY. Source: county tax records.