617 24th Ave NE · Minneapolis, MN 55418

$199,900

2 bd · 1.0 ba · 1,680 sqft · SingleFamily public records · 109 Days on market

Built 1907 4,620 sqft lot ↓ 13% since listing

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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 +21.8/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +6.0/10.0
• 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

617 24th Avenue NE offers a cozy 2-bedroom, 1-bath single-family home on a generous lot in a vibrant Minneapolis neighborhood. With a thoughtful location near essential services and desirable community amenities, this property presents both an affordable entry into Northeast Minneapolis housing and opportunities for customization and investment growth.

Key facts

• 4,620 sq ft lot
• 2 garage spots
• Built 1907

Property features AI

Exterior

• Parking: Driveway with other surface; 2-car garage (28 x 24, 7' tall door, 8' wide door)
• Utilities: City water connected; City sewer connected; Natural gas; Electric service with circuit breakers (100 Amp) supplied by Xcel Energy
• Home design: Residential property; One and one-half stories; Entry and main living on main level
• Construction: Frame construction; Asphalt roof (age over 8 years); Stone foundation
• Exterior features: Corner lot with light tree coverage; Deck; Vinyl exterior; No fencing; City street frontage with curbs; Publicly maintained road

Interior

• Kitchen: Kitchen on main level; Appliances: Other
• Bedrooms: Two bedrooms (one on the main level, one on the upper loft)
• Flooring: Hardwood floors
• Bathrooms: One full bath on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: All living facilities on one level; Main floor bedroom; Main floor laundry; Living/Dining room; Walk-up attic
• Laundry & utility: Main level laundry; Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $313 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $182k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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; 18 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 109 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $181,909 (9.0% below list)

Questions for the listing agent

1. It's been on market 109 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.10% ✓
• Cap rate: 8.17%
• Cash-on-cash: 6.71%
• DSCR: 1.30
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.19% rent growth · sell at horizon

5-year hold

• IRR: -3.5%
• Equity multiple: 0.87×
• Total profit: $-7,434
• Equity at exit: $29,806

10-year hold

• IRR: 8.6%
• Equity multiple: 1.73×
• Total profit: $40,780
• Equity at exit: $17,284

Cash invested: $55,972 (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: 7.5×

Monthly cashflow live

• Estimated rent: $2,208 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$300 /mo · $3,603/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$464
• Net cashflow: $313

Break-even live

Break-even rent $1,812

Max offer price $199,900

Occupancy floor 81%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
636 22nd Ave NE Minneapolis, MN	3.0–4.0	2.5	1625	$3,090	$1.90	1d	3	0.17mi
2522 5th St NE Minneapolis, MN	3.0	1.0	1200	$1,799	$1.50	43d	1	0.19mi
690 NE Lowry Ave Unit 1 Minneapolis, MN	3.0	1.0	1082	$2,345	$2.17	4d	1	0.26mi
207 24th Ave NE Minneapolis, MN	3.0	3.0	1575	$2,995	$1.90	43d	1	0.38mi
233 26th Ave NE Minneapolis, MN	3.0	1.0	1153	$1,545	$1.34	43d	1	0.41mi
2015 Central Ave NE Minneapolis, MN	1.0–2.0	1.0	902	$1,600	$1.77	43d	4	0.58mi
1431 Jefferson St NE Minneapolis, MN	3.0	1.0	1100	$1,700	$1.55	43d	1	0.65mi
900 14th Ave NE Minneapolis, MN	2.0	1.0–2.0	876	$1,610	$1.84	2d	13	0.82mi
1428 Marshall St NE Minneapolis, MN	3.0	2.5	1800	$3,300	$1.83	1d	1	0.95mi
912 4th St NE Minneapolis, MN	3.0	1.0	1144	$2,150	$1.88	14d	1	0.95mi
624 Jefferson St NE Minneapolis, MN	1.0	1.0	1100	$1,200	$1.09	14d	1	1.12mi
623 Spring St NE Unit 623 Minneapolis, MN	3.0	2.0	1650	$2,600	$1.58	43d	1	1.16mi
2035 W River Rd Minneapolis, MN	1.0–4.0	2.0	1034	$1,730	$1.67	4d	10	1.29mi
626 NE Taylor St Unit 1 Minneapolis, MN	3.0	1.0	1250	$1,875	$1.50	43d	1	1.31mi
110 6th Ave NE Minneapolis, MN	2.0	1.0–2.0	831	$3,109	$3.74	3d	8	1.31mi
318 N 27th Ave #2 Minneapolis, MN	3.0	1.0	1200	$1,800	$1.50	43d	1	1.33mi
318 N 27th Ave #2 Minneapolis, MN	3.0	1.0	1200	$1,800	$1.50	4d	1	1.33mi
414 N 33rd Ave Unit 2 Minneapolis, MN	2.0	1.0	1246	$1,600	$1.28	43d	1	1.38mi

Listing history 9 events

1. 2026-05-05
   status Pending
2. 2026-04-25
   historical Contingent - Inspection
3. 2026-03-18
   price $199,900
4. 2026-03-11
   status Active
5. 2026-03-11
   price $209,900
6. 2026-03-07
   historical
7. 2026-02-17
   price $219,900
8. 2026-01-13
   listed $229,900 Active
9. 2026-01-06
   historical $229,900

ⓘ 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: $3,603 · $300/mo
• Projected year-2 tax: $3,603 · $300/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 ≥100°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: $26,501
• − Mortgage interest: −$11,198
• − Property taxes: −$3,603
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,120
• − Management: −$2,120
• − Depreciation: −$5,815
• Taxable income: $645
• Est. tax owed @ 24.0%: −$155
• After-tax cash flow: $3,599/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: 40,819
• 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

-13.0% since first listed

9 events — show timeline

• 2026-05-05 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-25 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-18 Price Changed $199,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-11 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-11 Price Changed $209,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-07 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-17 Price Changed $219,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-13 Listed $229,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-06 Coming Soon $229,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+5.0%/yr

Latest (2025): $3,603 · +7.3% YoY. Source: county tax records.