3312 22nd Ave S · Minneapolis, MN 55407

$419,900

16 bd · 16.0 ba · 3,080 sqft · MultiFamily public records · 2 Days on market

Built 1964 10,454 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Charming and well-maintained 1964 stucco two-story fourplex in the heart of the desirable Corcoran neighborhood of Minneapolis! Fantastic location near neighborhood parks, public transit lines, restaurants, and everyday conveniences. This classic property features beautiful hardwood floors, newer appliances, and pride of ownership throughout. Solid stucco exterior, spacious units with great natural light, and a detached two-car garage add to the appeal. Excellent opportunity for owner-occupants or investors seeking a quality multifamily property in a strong Minneapolis rental location.

Key facts

• Newer appliances
• Stucco exterior
• Neighborhood parks

Tags

• NEIGHBORHOOD PARKS
• PUBLIC TRANSIT LINES
• RESTAURANTS
• HARDWOOD FLOORS
• NEWER APPLIANCES
• STUCCO EXTERIOR

Property features AI

Finance

• Other: Property listed as residential income with four total units
• Financial info: Owner pays gas, repairs, sewer, taxes, trash collection and water; Gross rental income reported; Property has a standard rental license and is a rental-licensed property; Tenant pays cable TV and electricity; Mortgage status: Free and clear
• HOA & community: Association provides laundry amenity

Exterior

• Parking: Detached 2-car garage (garage measures approximately 21.6 x 21.6); One parking space allocated per unit
• Utilities: City water available (in street); City sewer available (in street); Natural gas fuel
• Home design: Residential income property; Two-level building; Main level finished area present
• Construction: Block foundation; Stucco construction
• Exterior features: Stucco exterior; Level lot; City street frontage with curbs, paved streets and street lights; Publicly maintained road

Interior

• Kitchen: Each unit includes a range and refrigerator
• Bedrooms: Four total bedrooms in the property (individual units each include 1 bedroom)
• Flooring: Hardwood floors in units
• Bathrooms: Each unit includes 1 full bathroom
• Heating & cooling: Boiler heating; Window air-conditioning units in each unit
• Interior features: Hardwood floors in units; Block foundation details; Storage/locker space in basement
• Laundry & utility: On-site laundry (association amenity listed)

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $420k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $414/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $420k).
• Cap rate 11.0% 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 (+4.3%/yr); 149 active listings in the ZIP; solid renter incomes; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• At $5,946/mo this rent would consume 91% of the median local household income ($78k/yr) (locally 1583% 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 $3k of loan paydown is wiped out by about $13k 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 + 4.3% rent growth), your $118k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $419,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.42% ✓
• Cap rate: 11.02%
• Cash-on-cash: 16.90%
• DSCR: 1.75
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.3% rent growth · sell at horizon

5-year hold

• IRR: 9.7%
• Equity multiple: 1.39×
• Total profit: $45,444
• Equity at exit: $62,608

10-year hold

• IRR: 19.9%
• Equity multiple: 2.78×
• Total profit: $209,241
• Equity at exit: $36,305

Cash invested: $117,572 (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 55407

• Rents YoY: 4.3%
• Active inventory: 149
• Price-to-rent: 23.5×

Monthly cashflow live

• Estimated rent: $5,946 high
• Mortgage (P&I): −$2,202
• Tax from tax record: −$665 /mo · $7,980/yr
• Insurance: −$175
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,249
• Net cashflow: $1,655

Break-even live

Break-even rent $3,851

Max offer price $419,900

Occupancy floor 67%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,944
Total (4 units)			$5,946

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: $104,975
• Closing costs: $12,597
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-10
   status $419,900 Pending 2 DOM
2. 2026-06-03
   days on market $419,900 Active 2 DOM
3. 2026-06-02
   remarks 592-char remark
4. 2026-06-02
   listed $419,900 Active 1 DOM

ⓘ 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: $7,980 · $665/mo
• Projected year-2 tax: $7,980 · $665/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 4/10 Moderate FEMA zone X (unshaded) · 21% 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $71,352
• − Mortgage interest: −$23,521
• − Property taxes: −$7,980
• − Insurance: −$2,100
• − Repairs & maintenance: −$5,708
• − Management: −$5,708
• − Depreciation: −$12,215
• Taxable income: $14,120
• Est. tax owed @ 24.0%: −$3,389
• After-tax cash flow: $16,476/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): 37,667
• Household income: $78,464
• Rent vs Own: 41.1% rent · 58.9% own
• Severe rent burden: 1583.0

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 0.66)
• Race & ethnicity: White 50% Hispanic / Latino 23% Black 18% Two or more races 10% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Portuguese 8% Romanian 3% Lithuanian 2%
• Foreign-born: 18% · Canada, Jamaica
• Languages at home: 68% English-only · Spanish 20% 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: ▼ -211.97%
• Current HPI: 292.0322
• Rent YoY: ▲ 4.30%
• 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

1 event — show timeline

• 2026-06-01 Listed $419,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+2.9%/yr

Latest (2025): $7,980 · +4.6% YoY. Source: county tax records.