2800 Hillsboro Ave N #307 · New Hope, MN 55427

$84,900

2 bd · 1.5 ba · 1,085 sqft · Condo public records · 68 Days on market

Built 1970 $78/sqft · 43% below area Est $148k · 43% under $857/mo HOA · 55% of rent ↓ 14% since listing

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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
• 1% rule +10.0/10.0
• Rent growth +4.4/5.0
• Livability +4.3/5.0
• Cash flow +3.0/30.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Top-floor end-unit condo near Medicine Lake featuring 2 bedrooms and 2 bathrooms with a parking spot in the underground heating parking garage attached to the building. Enjoy a private balcony with views of the tennis courts, perfect for relaxing. This community offers fantastic amenities including a pool, exercise room, sauna, community room, and heated underground parking. Conveniently located with easy access to highways, shopping, and downtown—ideal for both comfort and convenience. This one is priced to sell so don't miss out!

Key facts

• Private balcony
• Community amenities
• Top-floor end-unit

Tags

• TOP-FLOOR END-UNIT
• PRIVATE BALCONY
• VIEWS OF TENNIS COURTS
• COMMUNITY AMENITIES
• HEATED UNDERGROUND PARKING
• EASY ACCESS TO HIGHWAYS

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $85k.

Deal economics

• At list price, monthly cash flow is $-274 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $38k (54.9% below list).
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $38k (54.9% below list) — sets the bar for cash-flow.
• Cap rate 2.4% vs local median 3.8% in New Hope — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 86/100 on livability (#9 in MN, #345 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Robbinsdale Public School District (suburban): math 24% / reading 44% proficiency, ranked #250 of 301 in MN (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Neill Elementary (math 27% / reading 42%, grade F, #655 of 857 statewide, top 78%, 361 students, 76% FRL); Plymouth Middle (math 18% / reading 55%, grade F, #169 of 258 statewide, top 65%, 836 students, 50% FRL); Robbinsdale Armstrong Senior High (math 37% / reading 58%, grade D, #162 of 471 statewide, top 35%, 1,832 students, 45% FRL) — zoned schools average 57% FRL vs 41% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+7.4%/yr); 126 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 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 $587 of loan paydown is wiped out by about $3k 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 68 days — a 6% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 23y ago; this cycle's ask has dropped $26k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 55% of rent.

Recommended offer $38,268 (54.9% 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. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 55% concession, seller financing, or rate buy-down credit?
3. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
9. 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?
10. 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.
11. 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.
12. 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: 1.82% ✓
• Cap rate: 2.43%
• Cash-on-cash: -13.81%
• DSCR: 0.39
• GRM: 4.6

CMA / ARV

• ARV (median comp): $147,782
• List price: $84,900
• Delta: -42.55%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.4% rent growth · sell at horizon

5-year hold

• IRR: -26.4%
• Equity multiple: 0.01×
• Total profit: $-23,440
• Equity at exit: $12,659

10-year hold

• IRR: -3.5%
• Equity multiple: 0.65×
• Total profit: $-8,303
• Equity at exit: $7,341

Cash invested: $23,772 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 46 Balanced
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City: — inherits STATE

2024 reforms strengthened tenant protections; ramsey/hennepin courts paced moderate to slow.

Methodology + full state rankings →

ZIP-level market 55427

• Rents YoY: 7.4%
• Active inventory: 126
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,549 high
• Mortgage (P&I): −$445
• Tax from tax record: −$159 /mo · $1,913/yr
• Insurance: −$35
• HOA: −$857
• Vacancy / Maint / Mgmt: −$325
• Net cashflow: $-274

Break-even live

Break-even rent $1,895

Max offer price $38,268

Occupancy floor —

Sensitivity live

Price	-10% $-226	-5% $-250	+0% $-274	+5% $-298	+10% $-322
Rent	-10% $-396	-5% $-335	+0% $-274	+5% $-212	+10% $-151
Rate	-1.0pp $-231	-0.5pp $-252	base $-274	+0.5pp $-296	+1.0pp $-318

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2500 Nathan Ln N Minneapolis, MN	2.0	1.0–1.5	1025	$1,524	$1.49	6d	2	0.41mi
2720 Rosalyn Ct #202 Minneapolis, MN	2.0	1.0	780	$1,395	$1.79	45d	1	0.90mi
2720 Rosalyn Ct New Hope, MN	1.0–2.0	1.0	725	$1,395	$1.92	13d	2	0.90mi
2720 Rosalyn Ct New Hope, MN	1.0–2.0	1.0	690	$1,395	$2.02	46d	2	0.90mi
2448 Winnetka Ave N Golden Valley, MN	1.0–3.0	1.0–2.5	1057	$2,115	$2.00	0d	19	0.90mi
3016 Sumter Ave N Minneapolis, MN	1.0–2.0	1.0	837	$1,560	$1.86	1d	32	0.95mi
3610 Lancaster Ln N Minneapolis, MN	1.0–2.0	1.0	824	$1,600	$1.94	1d	11	1.01mi
1305 Flag Ave N Unit Labs Golden Valley, MN	1.0	1.0	850	$1,500	$1.76	12d	1	1.09mi
1305 Flag Ave N Unit 2 Golden Valley, MN	1.0	1.0	800	$1,650	$2.06	19d	1	1.09mi
8100 36th Ave N Minneapolis, MN	1.0–2.0	1.0	875	$1,550	$1.77	14d	2	1.13mi
8015 36th Ave N New Hope, MN	1.0–2.0	1.0	910	$1,695	$1.86	1d	6	1.16mi
8000 36th Ave N Minneapolis, MN	2.0	1.0	800	$1,255	$1.57	1d	2	1.17mi
9700 37th Pl N Plymouth, MN	1.0–2.0	1.0	980	$1,474	$1.50	45d	1	1.20mi
9630 37th Pl N Plymouth, MN	1.0–2.0	1.0	900	$1,490	$1.66	1d	10	1.20mi
7611 36th Ave N New Hope, MN	1.0–2.0	1.0–2.0	894	$1,649	$1.84	6d	12	1.28mi
3925 Lancaster Ln N Plymouth, MN	1.0–2.0	1.0–2.0	950	$1,670	$1.76	0d	9	1.33mi
7225 Valley Pl Unit 3 Minneapolis, MN	2.0	1.0	700	$1,300	$1.86	45d	1	1.33mi
3930 Lancaster Ln N Minneapolis, MN	1.0	1.0	800	$1,200	$1.50	25d	1	1.35mi
7710 36th Ave N Minneapolis, MN	1.0–2.0	1.0–1.5	905	$1,500	$1.66	1d	3	1.38mi

HOA detail condo

• Monthly dues: $857 · $10,284/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 34 events

1. 2026-06-21
   days on market $84,900 Active 68 DOM
2. 2026-06-18
   price $84,900 Active 65 DOM
3. 2026-06-18
   days on market $99,900 Active 65 DOM
4. 2026-06-17
   days on market $99,900 Active 64 DOM
5. 2026-06-16
   days on market $99,900 Active 63 DOM
6. 2026-06-15
   days on market $99,900 Active 62 DOM
7. 2026-06-13
   days on market $99,900 Active 60 DOM
8. 2026-06-13
   days on market $99,900 Active 59 DOM
9. 2026-06-09
   days on market $99,900 Active 56 DOM
10. 2026-06-08
    days on market $99,900 Active 55 DOM
11. 2026-06-07
    days on market $99,900 Active 54 DOM
12. 2026-06-04
    days on market $99,900 Active 51 DOM
13. 2026-06-03
    days on market $99,900 Active 50 DOM
14. 2026-06-02
    days on market $99,900 Active 49 DOM
15. 2026-06-01
    days on market $99,900 Active 48 DOM
16. 2026-05-31
    days on market $99,900 Active 47 DOM
17. 2026-05-18
    price $99,900 545-char remark

    Show marketing remark (545 chars)

    Top-floor end-unit condo near Medicine Lake featuring 2 bedrooms and 2 bathrooms with a parking spot in the underground heating parking garage attached to the building. Enjoy a private balcony with views of the tennis courts, perfect for relaxing. This community offers fantastic amenities including a pool, exercise room, sauna, community room, and heated underground parking. Conveniently located with easy access to highways, shopping, and downtown—ideal for both comfort and convenience. This one is priced to sell so don't miss out!

18. 2026-04-14
    listed $110,500 Active 545-char remark

    Show marketing remark (545 chars)

    Top-floor end-unit condo near Medicine Lake featuring 2 bedrooms and 2 bathrooms with a parking spot in the underground heating parking garage attached to the building. Enjoy a private balcony with views of the tennis courts, perfect for relaxing. This community offers fantastic amenities including a pool, exercise room, sauna, community room, and heated underground parking. Conveniently located with easy access to highways, shopping, and downtown—ideal for both comfort and convenience. This one is priced to sell so don't miss out!

19. 2023-07-12
    status Pending
20. 2023-06-29
    historical Contingent - Sale of Another Property
21. 2023-06-22
    listed $124,900 Active
22. 2017-05-24
    soldstatus $100,000
23. 2017-05-23
    soldstatus $100,000 Sold
24. 2017-04-22
    status Pending
25. 2017-04-19
    listed $106,900 Active
26. 2015-09-01
    soldstatus $73,500
27. 2015-08-19
    soldstatus $73,500 Sold
28. 2015-08-01
    status Pending
29. 2015-07-27
    price $78,000
30. 2015-07-14
    listed $79,900 Active
31. 2004-02-20
    soldstatus $113,900
32. 2003-07-25
    soldstatus $113,900
33. 2003-06-05
    historical
34. 2003-04-24
    listed $115,900

ⓘ 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: $1,913 · $159/mo
• Projected year-2 tax: $1,913 · $159/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 · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,584
• − Mortgage interest: −$4,756
• − Property taxes: −$1,913
• − Insurance: −$424
• − Repairs & maintenance: −$1,487
• − Management: −$1,487
• − HOA: −$10,284
• − Depreciation: −$2,470
• Taxable loss: −$4,237
• Est. tax savings @ 24.0%: +$1,017
• After-tax cash flow: $-2,266/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: Robbinsdale Public School District
• NCES district ID: 2731780
• Math proficiency: 24% ▼ -11.00%
• Reading proficiency: 44% ▼ -5.00%
• Median HH income: $60,234
• Composite: 30.42/100
• National rank: #6240
• State rank: #250 of 301 in MN

Livability — New Hope

• Score: 86/100
• State rank: #9
• US rank: #345

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Hope, MN
• County: Hennepin County · 1,150,272 people
• City population: 28,452
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 24,764
• Household income: $92,821
• Rent vs Own: 33.0% rent · 67.0% own
• Severe rent burden: 663.0

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 (70%)
• Race & ethnicity: White 70% Black 13% Two or more races 8% Hispanic / Latino 6% Asian 4%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 12% Scottish 3% Romanian 3%
• Foreign-born: 13% · Canada, Vietnam
• Languages at home: 87% English-only · Spanish 5% Russian/Polish/Slavic 2% Other Indo-European 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: ▼ -267.55%
• Current HPI: 235.3888
• Rent YoY: ▲ 7.40%
• 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

-13.8% since first listed

18 events — show timeline

• 2026-05-18 Price Changed $99,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-14 Listed $110,500 NORTHSTARMLS as Distributed by MLS Grid
• 2023-07-12 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-06-29 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2023-06-22 Listed $124,900 NORTHSTARMLS as Distributed by MLS Grid
• 2017-05-24 Sold (Public Records) $100,000 Public Records
• 2017-05-23 Sold (MLS) $100,000 NORTHSTARMLS as Distributed by MLS Grid
• 2017-04-22 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2017-04-19 Listed $106,900 NORTHSTARMLS as Distributed by MLS Grid
• 2015-09-01 Sold (Public Records) $73,500 Public Records
• 2015-08-19 Sold (MLS) $73,500 NORTHSTARMLS as Distributed by MLS Grid
• 2015-08-01 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2015-07-27 Price Changed $78,000 NORTHSTARMLS as Distributed by MLS Grid
• 2015-07-14 Listed $79,900 NORTHSTARMLS as Distributed by MLS Grid
• 2004-02-20 Sold (Public Records) $113,900 Public Records
• 2003-07-25 Sold (MLS) $113,900 NORTHSTARMLS as Distributed by MLS Grid
• 2003-06-05 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2003-04-24 Listed $115,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+6.1%/yr

Latest (2025): $1,913 · +3.8% YoY. Source: county tax records.