2222 California St NE · Minneapolis, MN 55418

$215,000

3 bd · 1.5 ba · 1,390 sqft · SingleFamily public records · 45 Days on market

Built 1900 5,117 sqft lot $155/sqft · 30% below area Est $308k · 30% under

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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 +19.5/30.0
• ARV discount +15.0/15.0
• DSCR +6.2/10.0
• 1% rule +5.0/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fantastic opportunity in NE Minneapolis! Newer siding and roof. Layout was formerly a duplex.

Key facts

• 5,117 sq ft lot
• 2 garage spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $243 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• Recommended offer: $209k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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 (+5.2%/yr); 162 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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

• It's been on market 45 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $54k; list at $215k implies a 298% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $208,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. 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 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: 1.00% ✓
• Cap rate: 7.65%
• Cash-on-cash: 4.84%
• DSCR: 1.22
• GRM: 8.3

CMA / ARV

• ARV (median comp): $307,690
• List price: $215,000
• Delta: -30.12%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
340 23rd Ave NE	0.33mi	2/1.0 (-1)	1,200 (-14%)	23mo	$285,000	$238	36

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 · 5.19% rent growth · sell at horizon

5-year hold

• IRR: -6.3%
• Equity multiple: 0.76×
• Total profit: $-14,489
• Equity at exit: $32,057

10-year hold

• IRR: 5.8%
• Equity multiple: 1.47×
• Total profit: $28,216
• Equity at exit: $18,589

Cash invested: $60,200 (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 55418

• Rents YoY: 5.2%
• Active inventory: 162
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,156 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$243 /mo · $2,917/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$453
• Net cashflow: $243

Break-even live

Break-even rent $1,848

Max offer price $215,000

Occupancy floor 84%

Sensitivity live

Price	-10% $365	-5% $304	+0% $243	+5% $182	+10% $121
Rent	-10% $73	-5% $158	+0% $243	+5% $328	+10% $413
Rate	-1.0pp $351	-0.5pp $298	base $243	+0.5pp $187	+1.0pp $131

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
207 24th Ave NE Minneapolis, MN	3.0	3.0	1575	$2,995	$1.90	44d	1	0.19mi
233 26th Ave NE Minneapolis, MN	3.0	1.0	1153	$1,545	$1.34	44d	1	0.35mi
1705 2nd St NE Minneapolis, MN	4.0	3.0	1600	$2,795	$1.75	2d	1	0.41mi
301 17th Ave NE Minneapolis, MN	2.0	1.0	925	$1,295	$1.40	4d	1	0.45mi
2522 5th St NE Minneapolis, MN	3.0	1.0	1200	$1,799	$1.50	44d	1	0.45mi
636 22nd Ave NE Minneapolis, MN	3.0–4.0	2.5	1625	$3,090	$1.90	0d	3	0.61mi
1428 Marshall St NE Minneapolis, MN	3.0	2.5	1800	$3,300	$1.83	0d	1	0.63mi
1504 4th St NE Minneapolis, MN	2.0	1.0	900	$1,350	$1.50	15d	1	0.63mi
3001 N 3rd St Apt 1 Minneapolis, MN	2.0	1.0	900	$1,250	$1.39	21d	1	0.72mi
1215 Marshall St NE Minneapolis, MN	2.0	1.0–2.0	772	$2,531	$3.28	3d	7	0.79mi
318 N 27th Ave #2 Minneapolis, MN	3.0	1.0	1200	$1,800	$1.50	4d	1	0.79mi
318 N 27th Ave #2 Minneapolis, MN	3.0	1.0	1200	$1,800	$1.50	44d	1	0.79mi
690 NE Lowry Ave Unit 1 Minneapolis, MN	3.0	1.0	1082	$2,345	$2.17	4d	1	0.80mi
215 Broadway St NE Minneapolis, MN	1.0–2.0	1.0	787	$1,600	$2.03	8d	6	0.84mi
414 N 33rd Ave Unit 2 Minneapolis, MN	2.0	1.0	1246	$1,600	$1.28	44d	1	0.87mi
1025 Main St NE Minneapolis, MN	2.0	1.0–2.0	732	$2,729	$3.73	0d	22	0.89mi
2035 W River Rd Minneapolis, MN	1.0–4.0	2.0	1034	$2,117	$2.05	0d	12	0.89mi
1431 Jefferson St NE Minneapolis, MN	3.0	1.0	1100	$1,700	$1.55	44d	1	0.89mi
3211 N 6th St Unit 2 Minneapolis, MN	4.0	1.0	900	$1,450	$1.61	25d	1	0.89mi
1419 Jefferson St NE Minneapolis, MN	2.0	1.0	1004	$2,099	$2.09	44d	1	0.91mi
912 4th St NE Minneapolis, MN	3.0	1.0	1144	$2,150	$1.88	15d	1	0.92mi
2646 Quincy St NE Unit 2646 Minneapolis, MN	4.0	3.0	1718	$2,795	$1.63	25d	1	0.95mi
2209 Jackson St NE Minneapolis, MN	4.0	1.0	1075	$2,699	$2.51	15d	1	0.98mi
920 22nd Ave NE Unit 1 Minneapolis, MN	2.0	1.0	900	$1,500	$1.67	8d	1	1.03mi
829 Marshall St NE Minneapolis, MN	2.0	1.0–2.0	697	$2,495	$3.58	14d	8	1.03mi
2205 1/2 Central Ave NE Apt 3 Minneapolis, MN	2.0	1.0	1000	$1,700	$1.70	25d	1	1.08mi
2015 Central Ave NE Minneapolis, MN	1.0–2.0	1.0	902	$1,600	$1.77	44d	4	1.09mi
2900 N Colfax Ave Unit 2 Minneapolis, MN	2.0	1.0	1200	$1,345	$1.12	25d	1	1.11mi
900 14th Ave NE Minneapolis, MN	2.0	1.0–2.0	876	$1,610	$1.84	0d	10	1.16mi
2646 Dupont Ave N Unit 2 Minneapolis, MN	4.0	1.0	1514	$2,245	$1.48	44d	1	1.19mi
623 Spring St NE Unit 623 Minneapolis, MN	3.0	2.0	1650	$2,600	$1.58	44d	1	1.23mi
110 6th Ave NE Minneapolis, MN	2.0	1.0–2.0	831	$3,109	$3.74	0d	7	1.25mi
2620 Emerson Ave N Minneapolis, MN	3.0	1.0	877	$1,900	$2.17	0d	1	1.26mi
2639 NE Taylor St Unit 2 Minneapolis, MN	2.0	1.0	875	$1,575	$1.80	18d	1	1.30mi
2827 Polk St NE Unit 2 Minneapolis, MN	3.0	1.0	920	$1,895	$2.06	4d	1	1.30mi
1028 28th Ave NE Unit 2 Minneapolis, MN	2.0	1.0	925	$1,495	$1.62	44d	1	1.31mi
1180 Tyler St NE Minneapolis, MN	2.0	1.0–2.0	720	$2,499	$3.47	0d	19	1.34mi
2640 Fillmore St NE Unit 4 Minneapolis, MN	2.0	1.0	900	$1,475	$1.64	44d	1	1.35mi
835 W Broadway Ave Minneapolis, MN	1.0–2.0	1.0–2.0	849	$2,150	$2.53	3d	7	1.36mi
3105 N Girard Ave Unit 2 Minneapolis, MN	4.0	1.0	1250	$2,300	$1.84	25d	1	1.38mi

Listing history 7 events

1. 2026-06-01
   days on market $215,000 Active 45 DOM
2. 2026-05-31
   days on market $215,000 Active 44 DOM
3. 2026-05-18
   price $215,000 94-char remark

   Show marketing remark (94 chars)

   Fantastic opportunity in NE Minneapolis! Newer siding and roof. Layout was formerly a duplex.

4. 2026-04-29
   price $225,000 94-char remark

   Show marketing remark (94 chars)

   Fantastic opportunity in NE Minneapolis! Newer siding and roof. Layout was formerly a duplex.

5. 2026-04-17
   listed $249,900 Active 94-char remark

   Show marketing remark (94 chars)

   Fantastic opportunity in NE Minneapolis! Newer siding and roof. Layout was formerly a duplex.

6. 1990-11-07
   soldstatus $54,000
7. 1990-02-28
   soldstatus $35,500

ⓘ 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: $2,917 · $243/mo
• Projected year-2 tax: $2,917 · $243/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: $25,871
• − Mortgage interest: −$12,043
• − Property taxes: −$2,917
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,070
• − Management: −$2,070
• − Depreciation: −$6,255
• Taxable loss: −$558
• Est. tax savings @ 24.0%: +$134
• After-tax cash flow: $3,050/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): 31,505
• Household income: $99,397
• Rent vs Own: 33.7% rent · 66.3% own
• Severe rent burden: 1179.0

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 (74%)
• Race & ethnicity: White 74% Black 9% Hispanic / Latino 8% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 14% Romanian 6% Lithuanian 3%
• Foreign-born: 11% · Canada, Vietnam, South Korea
• Languages at home: 86% English-only · Spanish 5% Other Indo-European 1% German/W. Germanic 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: ▼ -278.21%
• Current HPI: 277.9846
• Rent YoY: ▲ 5.19%
• 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

+505.6% since first listed

5 events — show timeline

• 2026-05-18 Price Changed $215,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-29 Price Changed $225,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-17 Listed $249,900 NORTHSTARMLS as Distributed by MLS Grid
• 1990-11-07 Sold (Public Records) $54,000 Public Records
• 1990-02-28 Sold (Public Records) $35,500 Public Records

Property tax history

+3.2%/yr

Latest (2025): $2,917 · -2.2% YoY. Source: county tax records.