121 Washington Ave S #1911 · Minneapolis, MN 55401

$179,900

1 bd · 1.0 ba · 771 sqft · Condo · 11 Days on market

Built 1981 $625/mo HOA · 29% of rent

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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 +8.0/30.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• 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
• DSCR +2.1/10.0

Listing remarks MLS

Top floor unit offers spectacular city and river views. Unique open kitchen with raised island cooktop, stainless accents, large pantry, and creative halogen lighting. Spacious living room with hardwood floors, higher ceilings, and balcony. Large bedroom features concrete floor and expansive closet spaces. Close to elevator and laundry. Work out and relax in the 2nd floor gym with hot tub/sauna, and direct access to the skyway system. Sun and swim on 3rd floor outdoor pool.

Key facts

• Outdoor pool
• Rooftop deck
• Fitness center

Tags

• PRIVATE BALCONY
• OUTDOOR POOL
• ROOFTOP DECK
• FITNESS CENTER
• SAUNA
• HOT TUB

Property features AI

Finance

• Other: Shared building amenities: amusement/party room, community room, exercise room, play area; Association fee includes: air conditioning, cable TV, hazard insurance, heating, internet, lawn care, grounds maintenance, parking, professional management, recreation facility, sewer, shared amenities, snow removal, water
• HOA & community: HOA managed by Sudler Property Management; Monthly association fee; Association amenities include: 24-hour guard, car wash, laundry, common garden, deck, elevator(s), fire sprinkler system, lobby entrance, patio, sauna, security lighting, recreation facilities, shared amenities

Exterior

• Parking: Assigned parking; Attached heated garage with garage door opener; Guest parking; Secured underground parking garage
• Security: 24-hour guard; Security system; Security lighting; Lobby entrance
• Utilities: City water (connected); City sewer (connected); Natural gas; Electric service with circuit breakers (Xcel Energy)
• Home design: Attached residential property; One story; Accessible elevator installed, no internal stairs
• Construction: Brick and concrete construction; Flat roof; Poured concrete foundation; Built with concrete floors & walls
• Exterior features: Covered patio/deck/balcony; Stone exterior; Hot tub; Below-ground shared pool; City street frontage; Balcony/Deck

Interior

• Kitchen: Dishwasher; Garbage disposal; Water filtration system; Microwave; Range; Refrigerator; Stainless steel appliances; Kitchen center island
• Bedrooms: 1 bedroom (main floor primary)
• Flooring: Hardwood floors; Tile floors
• Bathrooms: 1 full bathroom on main floor; Sauna
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Informal dining area; Main floor primary bedroom; Ceiling fan(s); Hardwood floors; Tile floors; Intercom system; Security system; Security lights; Panoramic/city views
• Laundry & utility: Shared laundry room with sink (common area)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $180k.

Deal economics

• At list price, monthly cash flow is $-183 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (14.7% below list).
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $153k (14.7% below list) — sets the bar for cash-flow.
• Cap rate 5.1% 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.
• Zoned schools: Las Estrellas Elementary (math 15% / reading 12%, grade F, #797 of 857 statewide, top 93%, 336 students, 75% FRL); Northeast Middle (math 13% / reading 31%, grade F, #225 of 258 statewide, top 89%, 501 students, 65% FRL); Edison High (math 24% / reading 50%, grade F, #282 of 471 statewide, top 63%, 896 students, 76% FRL).
• Zoned-school proficiency averages 24% at this address vs 40% district-wide (-16 pts) — the specific schools serving this property underperform the Minneapolis Public School District average; the district grade overstates school quality for this exact location.
• 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 1d 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).

Forward outlook

• In year one you build about $491 of equity ($1k loan paydown + $-753 appreciation (-0.4% local appreciation)).
• Hennepin County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 20y 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: HOA is 29% of rent.

Recommended offer $153,377 (14.7% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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: 1.19% ✓
• Cap rate: 5.07%
• Cash-on-cash: -4.37%
• DSCR: 0.81
• GRM: 7.0

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: -6.2%
• Equity multiple: 0.71×
• Total profit: $-14,552
• Equity at exit: $48,506

10-year hold

• IRR: 3.1%
• Equity multiple: 1.34×
• Total profit: $17,349
• Equity at exit: $55,407

Cash invested: $50,372 (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: 7.0×

Monthly cashflow live

• Estimated rent: $2,133 high
• Mortgage (P&I): −$943
• Tax est. 1.5%: −$225 /mo · $2,698/yr
• Insurance: −$75
• HOA: −$625
• Vacancy / Maint / Mgmt: −$448
• Net cashflow: $-183

Break-even live

Break-even rent $2,365

Max offer price $153,377

Occupancy floor —

Sensitivity live

Price	-10% $-59	-5% $-121	+0% $-183	+5% $-245	+10% $-308
Rent	-10% $-352	-5% $-268	+0% $-183	+5% $-99	+10% $-15
Rate	-1.0pp $-93	-0.5pp $-138	base $-183	+0.5pp $-230	+1.0pp $-277

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: $44,975
• Closing costs: $5,397
• 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	$4,354	$2.63	0d	35	0.14mi
400 Marquette Ave Minneapolis, MN	3.0	1.0–2.0	1103	$2,462	$2.23	0d	11	0.16mi
115 2nd Ave S Minneapolis, MN	1.0	1.0	508	$1,371	$2.70	0d	21	0.18mi
111 S Marquette Ave Minneapolis, MN	1.0–2.0	1.0–2.0	955	$1,516	$1.59	1d	13	0.19mi
465 Nicollet Mall Minneapolis, MN	2.0	1.0–3.0	1153	$3,050	$2.65	0d	14	0.19mi
101 S 5th St Minneapolis, MN	3.0	1.0–2.0	1249	$2,262	$1.81	0d	34	0.21mi
270 Hennepin Ave Minneapolis, MN	3.0	1.0–3.0	1505	$4,088	$2.72	1d	53	0.24mi
120 Hennepin Ave Minneapolis, MN	2.0	1.0–2.0	960	$2,590	$2.70	9d	10	0.26mi
511 S 4th St Minneapolis, MN	2.0	1.0–2.0	882	$2,215	$2.51	0d	11	0.29mi
608 2nd Ave S Minneapolis, MN	1.0–2.0	1.0–2.0	999	$1,686	$1.69	0d	32	0.29mi
250 Portland Ave Minneapolis, MN	1.0–2.0	1.0–2.0	897	$1,950	$2.17	0d	9	0.30mi
120 N 2nd St Minneapolis, MN	1.0–2.0	1.0–2.5	1039	$1,591	$1.53	0d	17	0.34mi
225 Portland Ave Minneapolis, MN	2.0	1.0–2.0	837	$2,410	$2.88	0d	71	0.35mi
600 5th Ave S Minneapolis, MN	1.0–2.0	1.0–2.0	878	$1,440	$1.64	1d	12	0.35mi
110 N 1st St Minneapolis, MN	1.0–2.0	1.0–2.0	885	$1,719	$1.94	0d	20	0.36mi
250 Park Ave #215 Minneapolis, MN	1.0	1.0	961	$2,350	$2.45	16d	1	0.37mi
240 Park Ave Minneapolis, MN	1.0–2.0	1.0–2.0	1047	$2,075	$1.98	5d	2	0.38mi
280 N 2nd St Minneapolis, MN	1.0	1.0	1072	$1,836	$1.71	19d	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	$1,829	$2.13	1d	5	0.42mi
212 N 2nd St Minneapolis, MN	1.0–2.0	1.0–2.0	1039	$2,995	$2.88	26d	2	0.42mi
433 S 7th St Minneapolis, MN	2.0	2.0	1057	$2,548	$2.41	16d	1	0.42mi
650 Portland Ave Minneapolis, MN	2.0	1.0–2.0	1104	$2,825	$2.56	1d	16	0.42mi
700 S 4th St Minneapolis, MN	2.0	1.0–2.0	897	$2,688	$2.99	0d	24	0.44mi
240 Chicago Ave Minneapolis, MN	2.0	1.0–2.0	825	$2,168	$2.63	1d	14	0.46mi
521 S 7th St Minneapolis, MN	1.0–2.0	1.0–1.5	784	$1,200	$1.53	3d	2	0.46mi
316 N 2nd St Minneapolis, MN	1.0–2.0	1.0–2.0	795	$1,417	$1.78	1d	8	0.49mi
811 Washington Ave S Minneapolis, MN	1.0–2.0	1.0–2.0	862	$1,660	$1.93	21d	9	0.50mi
90 S 9th St Minneapolis, MN	2.0	1.0	823	$1,650	$2.00	0d	3	0.50mi
337 N Washington Ave Minneapolis, MN	2.0	1.0–2.0	796	$2,114	$2.65	3d	30	0.52mi
360 1st St N Minneapolis, MN	1.0–2.0	1.0–2.0	889	$1,835	$2.06	1d	10	0.53mi
615 S 8th St Minneapolis, MN	2.0	1.0–2.5	1252	$3,675	$2.94	1d	49	0.54mi
404 Washington Ave N #404 Minneapolis, MN	1.0	1.0	1108	$2,750	$2.48	45d	1	0.56mi
401 N 1st St Minneapolis, MN	—	1.0	531	$1,282	$2.41	45d	1	0.57mi
95 S 10th St Minneapolis, MN	2.0	1.0–2.0	688	$1,744	$2.53	0d	30	0.60mi
609 S 9th St #2 Minneapolis, MN	1.0	1.0	600	$1,095	$1.82	45d	1	0.61mi
212 10th Ave S Minneapolis, MN	3.0	1.0–2.5	1490	$4,213	$2.83	0d	9	0.61mi
360 N 5th Ave Minneapolis, MN	2.0	1.0–2.5	1185	$4,452	$3.75	0d	77	0.62mi
929 Portland Ave Minneapolis, MN	2.0	2.0	1120	$2,499	$2.23	45d	1	0.64mi
528 Washington Ave N Minneapolis, MN	1.0	1.0	543	$2,629	$4.84	0d	20	0.66mi

HOA detail condo

• Monthly dues: $625 · $7,500/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-21
   days on market $179,900 Active 11 DOM
2. 2026-06-18
   days on market $179,900 Active 8 DOM
3. 2026-06-17
   days on market $179,900 Active 7 DOM
4. 2026-06-16
   days on market $179,900 Active 6 DOM
5. 2026-06-15
   days on market $179,900 Active 5 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $179,900 Active 3 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $25,594
• − Mortgage interest: −$10,077
• − Property taxes: −$2,698
• − Insurance: −$900
• − Repairs & maintenance: −$2,048
• − Management: −$2,048
• − HOA: −$7,500
• − Depreciation: −$5,233
• Taxable loss: −$4,910
• Est. tax savings @ 24.0%: +$1,178
• After-tax cash flow: $-1,021/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

+205.4% since first listed

24 events — show timeline

• 2026-06-11 Listed $179,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-06-10 Coming Soon $179,900 NORTHSTARMLS as Distributed by MLS Grid
• 2017-12-07 Sold (Public Records) $196,000 Public Records
• 2017-11-30 Sold (MLS) $196,000 NORTHSTARMLS as Distributed by MLS Grid
• 2017-11-03 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2017-10-22 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2017-09-29 Listed $200,000 NORTHSTARMLS as Distributed by MLS Grid
• 2013-11-15 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2013-11-15 Sold (Public Records) $161,000 Public Records
• 2013-11-15 Sold (MLS) $161,000 NORTHSTARMLS as Distributed by MLS Grid
• 2013-10-12 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2013-09-30 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2013-09-26 Listed $169,900 NORTHSTARMLS as Distributed by MLS Grid
• 2011-08-08 Sold (Public Records) $152,000 Public Records
• 2011-05-23 Sold (MLS) $152,000 NORTHSTARMLS as Distributed by MLS Grid
• 2011-04-27 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2011-03-10 Listed $169,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-02-14 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-05-27 Listed $214,900 NORTHSTARMLS as Distributed by MLS Grid
• 2006-10-11 Sold (Public Records) $196,000 Public Records
• 2006-09-19 Sold (MLS) $196,000 NORTHSTARMLS as Distributed by MLS Grid
• 2006-09-07 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-07-20 Listed $194,000 NORTHSTARMLS as Distributed by MLS Grid
• 1996-05-20 Sold (Public Records) $58,900 Public Records

Property tax history

+2.9%/yr

Latest (2025): $297 · +26.6% YoY. Source: county tax records.