3229 Garfield Ave #2 · Minneapolis, MN 55408

$125,000

1 bd · 1.0 ba · 456 sqft · Condo public records · 38 Days on market

Built 1925 $274/sqft · at area comps Est $216k · 42% under $177/mo HOA · 16% of rent

---

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
• Cash flow +7.9/30.0
• Livability +3.9/5.0
• 1% rule +3.7/10.0
• Rent growth +3.7/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• DSCR +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Charming and low-maintenance Minneapolis home offering 1 bedroom, 1 bathroom, and 803 finished square feet. This home features beautiful hardwood floors, a convenient main floor primary bedroom, and a private patio perfect for relaxing. Enjoy easy access to nearby dining, shopping, parks, and recreational opportunities, making it simple to experience the best of city living.

Key facts

• Private patio
• Hardwood floors
• Easy access to parks

Tags

• HARDWOOD FLOORS
• PRIVATE PATIO
• EASY ACCESS TO DINING
• EASY ACCESS TO SHOPPING
• EASY ACCESS TO PARKS

Property features AI

Finance

• Financial info: Property listed with a contract-for-deed mortgage type
• HOA & community: Association: Garfield; Monthly association fee of $177 covering heating, grounds maintenance, sewer, shared amenities, snow removal, and water

Exterior

• Parking: On-street parking; 1 garage space
• Utilities: City water (in street); City sewer (in street); Electric service (60 amp); Electric fuel
• Home design: Attached residential property; One story
• Construction: Roof age over 8 years; Foundation area approx. 803
• Exterior features: Patio; Irregular lot with light tree coverage; City street frontage; Publicly maintained road

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 1 bedroom (main level) — approx. 11 x 15
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom on the main floor
• Heating & cooling: Boiler heating; Wall-mounted cooling unit(s)
• Interior features: Hardwood floors; Kitchen window; Main-floor primary bedroom; Dining area (other)
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $125k.

Deal economics

• At list price, monthly cash flow is $-133 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $102k (18.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $109k (12.6% below list).
• Recommended offer: $102k (18.7% below list) — sets the bar for cash-flow.
• Cap rate 5.0% 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; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $864 of loan paydown is wiped out by about $4k 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 38 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 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.
• Current owner paid $52k; list at $125k implies a 138% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $101,565 (18.7% 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. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1925 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.87% ✗
• Cap rate: 5.02%
• Cash-on-cash: -4.55%
• DSCR: 0.80
• GRM: 9.5

CMA / ARV

• ARV (median comp): $216,256
• List price: $125,000
• Delta: -42.20%
• 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: -21.6%
• Equity multiple: 0.24×
• Total profit: $-26,627
• Equity at exit: $18,638

10-year hold

• IRR: -11.0%
• Equity multiple: 0.28×
• Total profit: $-25,246
• Equity at exit: $10,808

Cash invested: $35,000 (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: 9.5×

Monthly cashflow live

• Estimated rent: $1,093 high
• Mortgage (P&I): −$656
• Tax from tax record: −$111 /mo · $1,334/yr
• Insurance: −$52
• HOA: −$177
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $-133

Break-even live

Break-even rent $1,260

Max offer price $101,565

Occupancy floor —

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3322 Blaisdell Ave Unit 203 Minneapolis, MN	—	1.0	350	$799	$2.28	44d	1	0.36mi
3322 Blaisdell Ave Apt 105 Minneapolis, MN	—	1.0	350	$799	$2.28	18d	1	0.36mi
3532 Bryant Ave S Minneapolis, MN	2.0	1.0	546	$1,170	$2.14	2d	5	0.43mi
3415 Nicollet Ave Minneapolis, MN	—	1.0	375	$800	$2.13	4d	1	0.52mi
607 W 28th St Minneapolis, MN	2.0	1.0–2.0	621	$1,514	$2.44	3d	14	0.53mi
2825 Fremont Ave S Minneapolis, MN	1.0	1.0	502	$1,285	$2.56	8d	6	0.64mi
1477 W Lake St Minneapolis, MN	2.0	1.0–2.0	1124	$2,862	$2.55	2d	28	0.72mi
2636 Pillsbury Ave S Minneapolis, MN	3.0	1.0	560	$963	$1.72	3d	1	0.75mi
2611 Pleasant Ave Minneapolis, MN	2.0	1.0	650	$1,190	$1.83	3d	37	0.80mi
2552 Garfield Ave Apt 206 Minneapolis, MN	—	1.0	372	$900	$2.42	24d	1	0.81mi
2552 Garfield Ave Minneapolis, MN	1.0	1.0	463	$1,000	$2.16	17d	3	0.81mi
2323 Garfield Ave Minneapolis, MN	—	1.0	284	$850	$2.99	4d	1	1.06mi
2300 Aldrich Ave S Unit 3 Minneapolis, MN	—	1.0	250	$805	$3.22	44d	1	1.12mi
2810 Park Ave Minneapolis, MN	—	1.0	362	$1,160	$3.20	14d	1	1.17mi
1924 Emerson Ave S Unit 8 Minneapolis, MN	—	1.0	350	$895	$2.56	18d	1	1.40mi

HOA detail condo

• Monthly dues: $177 · $2,124/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 30 events

1. 2026-06-18
   days on market $125,000 Active 38 DOM
2. 2026-06-17
   days on market $125,000 Active 37 DOM
3. 2026-06-16
   days on market $125,000 Active 36 DOM
4. 2026-06-15
   days on market $125,000 Active 35 DOM
5. 2026-06-13
   days on market $125,000 Active 33 DOM
6. 2026-06-09
   days on market $125,000 Active 29 DOM
7. 2026-06-08
   days on market $125,000 Active 28 DOM
8. 2026-06-07
   days on market $125,000 Active 27 DOM
9. 2026-06-04
   days on market $125,000 Active 24 DOM
10. 2026-06-03
    days on market $125,000 Active 23 DOM
11. 2026-06-02
    days on market $125,000 Active 22 DOM
12. 2026-06-01
    days on market $125,000 Active 21 DOM
13. 2026-05-31
    days on market $125,000 Active 20 DOM
14. 2026-05-11
    listed $125,000 Active 377-char remark
15. 2026-03-27
    historical
16. 2026-03-10
    price $90,000
17. 2026-02-28
    price $99,000
18. 2026-02-02
    listed $115,000 Active
19. 2017-10-27
    soldstatus $52,500
20. 2016-10-26
    historical
21. 2016-10-04
    price $87,500
22. 2016-07-11
    listed $94,500 Active
23. 2010-08-12
    historical
24. 2010-03-17
    listed $59,900
25. 2009-01-12
    historical
26. 2008-09-22
    listed $83,400
27. 2006-06-28
    soldstatus $81,500
28. 2006-05-26
    soldstatus $81,500
29. 2006-04-03
    historical
30. 2006-02-24
    listed $79,990

ⓘ 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: $1,334 · $111/mo
• Projected year-2 tax: $1,367 · $114/mo
• Expected delta: +$33/yr (+$3/mo · 2.5%)

ⓘ 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: $13,111
• − Mortgage interest: −$7,002
• − Property taxes: −$1,334
• − Insurance: −$625
• − Repairs & maintenance: −$1,049
• − Management: −$1,049
• − HOA: −$2,124
• − Depreciation: −$3,636
• Taxable loss: −$3,709
• Est. tax savings @ 24.0%: +$890
• After-tax cash flow: $-702/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

+56.3% since first listed

17 events — show timeline

• 2026-05-11 Listed $125,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-27 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-10 Price Changed $90,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-28 Price Changed $99,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-02 Listed $115,000 NORTHSTARMLS as Distributed by MLS Grid
• 2017-10-27 Sold (Public Records) $52,500 Public Records
• 2016-10-26 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2016-10-04 Price Changed $87,500 NORTHSTARMLS as Distributed by MLS Grid
• 2016-07-11 Listed $94,500 NORTHSTARMLS as Distributed by MLS Grid
• 2010-08-12 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2010-03-17 Listed $59,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-01-12 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-09-22 Listed $83,400 NORTHSTARMLS as Distributed by MLS Grid
• 2006-06-28 Sold (Public Records) $81,500 Public Records
• 2006-05-26 Sold (MLS) $81,500 NORTHSTARMLS as Distributed by MLS Grid
• 2006-04-03 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-02-24 Listed $79,990 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+1.2%/yr

Latest (2025): $1,334 · +13.8% YoY. Source: county tax records.