15 S 1st St Unit A1020 · Minneapolis, MN 55401

$225,000

3 bd · 2.5 ba · 1,268 sqft · Condo public records · 51 Days on market

Built 1965 $177/sqft · 44% below area Est $402k · 44% under $1296/mo HOA · 35% of rent ↓ 4% 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).

• ARV discount +15.0/15.0
• Cash flow +14.6/30.0
• 1% rule +10.0/10.0
• Appreciation +4.8/10.0
• DSCR +4.5/10.0
• Rent growth +3.9/5.0
• Livability +3.9/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0

Listing remarks

This condo is available for the first time in about 40 years! Located in one of the most iconic condo buildings in downtown Minneapolis -- The River Towers. This condo building has a large, beautiful green space that is unlike anything else in the heart of Mpls/North Loop area. Bring your imagination - offering full flexibility to create your own custom finishes that fit your taste. The corner unit overlooks the courtyard and the Hennepin bridge and the Mississippi River. And, with 3 spacious bedrooms, a unit this size is a rare find! Additionally, the home has 2 bathrooms; ¾ bath and a full bath in the owner's bedroom. A full array of amenities include outdoor heated pool, gardens/h

Key facts

• Outdoor heated pool
• Overlooks courtyard
• Mississippi river

Tags

• LARGE GREEN SPACE
• CUSTOM FINISHES
• OVERLOOKS COURTYARD
• MISSISSIPPI RIVER
• OUTDOOR HEATED POOL
• GARDENS HERBS

Property features AI

Finance

• Other: Building offers shared rooms such as business center and exercise room
• HOA & community: HOA managed by Sudler Management; Monthly association fee (amount not included per instructions); Association amenities include: elevator(s), fire sprinkler system, lobby entrance, patio, deck, sauna, tennis courts, car wash, common garden, laundry (coin-op), recreation facilities, and professional management; Association fee covers air conditioning, cable TV, controlled access, gas, hazard insurance, heating, internet, lawn care, grounds maintenance, sewer, shared amenities, snow removal, and water

Exterior

• Parking: Assigned parking; Contract parking required; Guest parking available; Heated, secured parking garage (underground) with shared garage/stalls; Electric vehicle charging station(s)
• Security: 24-hour guard; Controlled access; Secured parking
• Utilities: City water connected; City sewer connected; Natural gas service; Electrical service via circuit breakers (service - 60 amp); Power provided by Xcel Energy
• Home design: Attached residential property; One level; Flat roof (over 8 years old); Panoramic and city views; Main floor entry/primary bedroom on main level
• Construction: Foundation: Other; Flat roof; Stone construction details
• Exterior features: Stone exterior; Below-ground heated pool; River view; Tree coverage (medium); Public transit within six blocks; Zero lot line

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: Three bedrooms, all on the main level (includes main floor primary bedroom)
• Bathrooms: One full bathroom; One three-quarter bathroom (main floor 3/4 bath); Primary bathroom is private and full
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Informal dining area integrated with living/dining room; Main floor primary bedroom suite; Accessible elevator installed; Shared storage/locker; Business center and exercise room available in building
• Laundry & utility: Laundry in common area (coin-op laundry in building)

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $55 ($657/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $225k).
• Recommended offer: $218k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.6% 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).
• This rent runs 39% of the median local income ($114k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $615 of equity ($2k loan paydown + $-941 appreciation (-0.4% local appreciation)).
• Hennepin County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-0.4% appreciation + 5.5% rent growth), your $63k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y ago; this cycle's ask has dropped $25k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 35% of rent.

Recommended offer $218,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.64% ✓
• Cap rate: 6.58%
• Cash-on-cash: 1.04%
• DSCR: 1.05
• GRM: 5.1

CMA / ARV

• ARV (median comp): $401,551
• List price: $225,000
• Delta: -43.97%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Projected returns pro-forma

-0.42% appreciation · 5.49% rent growth · sell at horizon

5-year hold

• IRR: 1.0%
• Equity multiple: 1.05×
• Total profit: $2,850
• Equity at exit: $60,666

10-year hold

• IRR: 10.2%
• Equity multiple: 2.21×
• Total profit: $76,023
• Equity at exit: $69,297

Cash invested: $63,000 (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 55401

• Home prices YoY: -0.2%
• Rents YoY: 5.5%
• Active inventory: 159
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $3,690 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$290 /mo · $3,486/yr
• Insurance: −$94
• HOA: −$1,296
• Vacancy / Maint / Mgmt: −$775
• Net cashflow: $55

Break-even live

Break-even rent $3,620

Max offer price $225,000

Occupancy floor 94%

Sensitivity live

Price	-10% $182	-5% $118	+0% $55	+5% $-9	+10% $-73
Rent	-10% $-237	-5% $-91	+0% $55	+5% $200	+10% $346
Rate	-1.0pp $168	-0.5pp $112	base $55	+0.5pp $-4	+1.0pp $-63

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
111 S Marquette Ave Minneapolis, MN	1.0–2.0	1.0–2.0	955	$2,414	$2.53	1d	13	0.05mi
120 Hennepin Ave Minneapolis, MN	2.0	1.0–2.0	960	$3,665	$3.82	9d	10	0.08mi
110 N 1st St Minneapolis, MN	1.0–2.0	1.0–2.0	885	$3,799	$4.29	0d	20	0.17mi
120 N 2nd St Minneapolis, MN	1.0–2.0	1.0–2.5	1039	$3,434	$3.31	0d	17	0.20mi
200 2nd Ave N Minneapolis, MN	2.0	1.0	994	$3,135	$3.15	23d	1	0.23mi
270 Hennepin Ave Minneapolis, MN	3.0	1.0–3.0	1505	$9,421	$6.26	1d	53	0.23mi
212 N 2nd St Minneapolis, MN	1.0–2.0	1.0–2.0	1039	$3,125	$3.01	26d	2	0.27mi
212 N 2nd St #204 Minneapolis, MN	2.0	2.0	1178	$3,125	$2.65	5d	1	0.27mi
365 Nicollet Mall Minneapolis, MN	3.0	1.0–3.5	1656	$9,753	$5.89	0d	35	0.28mi
400 Marquette Ave Minneapolis, MN	3.0	1.0–2.0	1103	$4,285	$3.88	0d	11	0.31mi
316 N 2nd St Minneapolis, MN	1.0–2.0	1.0–2.0	795	$2,723	$3.42	1d	8	0.33mi
465 Nicollet Mall Minneapolis, MN	2.0	1.0–3.0	1153	$4,590	$3.98	0d	14	0.34mi
360 1st St N Minneapolis, MN	1.0–2.0	1.0–2.0	889	$3,024	$3.40	1d	10	0.35mi
101 S 5th St Minneapolis, MN	3.0	1.0–2.0	1249	$4,049	$3.24	0d	34	0.38mi
337 N Washington Ave Minneapolis, MN	2.0	1.0–2.0	796	$2,729	$3.43	3d	30	0.42mi
250 Portland Ave Minneapolis, MN	1.0–2.0	1.0–2.0	897	$3,367	$3.75	0d	9	0.44mi
225 Portland Ave Minneapolis, MN	2.0	1.0–2.0	837	$3,420	$4.08	0d	71	0.46mi
608 2nd Ave S Minneapolis, MN	1.0–2.0	1.0–2.0	999	$2,314	$2.32	0d	32	0.48mi
511 S 4th St Minneapolis, MN	2.0	1.0–2.0	882	$2,940	$3.33	0d	11	0.48mi
432 N 1st St Minneapolis, MN	1.0–2.0	1.0–2.0	1067	$2,175	$2.04	4d	6	0.50mi
240 Park Ave Minneapolis, MN	1.0–2.0	1.0–2.0	1047	$3,875	$3.70	4d	2	0.51mi
205 Park Ave Minneapolis, MN	1.0–2.0	1.0–2.0	859	$3,158	$3.68	1d	5	0.52mi
360 N 5th Ave Minneapolis, MN	2.0	1.0–2.5	1185	$7,325	$6.18	0d	77	0.52mi
600 5th Ave S Minneapolis, MN	1.0–2.0	1.0–2.0	878	$3,315	$3.78	1d	12	0.56mi
240 Chicago Ave Minneapolis, MN	2.0	1.0–2.0	825	$3,036	$3.68	1d	14	0.59mi
700 S 4th St Minneapolis, MN	2.0	1.0–2.0	897	$3,995	$4.45	0d	24	0.59mi
616 N Washington Ave Unit 1014615P Minneapolis, MN	2.0	1.0	990	$4,785	$4.83	5d	1	0.59mi
607 N Washington Ave Minneapolis, MN	1.0–2.0	1.0–2.0	845	$2,460	$2.91	4d	4	0.60mi
608 N 3rd St Minneapolis, MN	2.0	1.0–2.0	746	$3,582	$4.80	1d	62	0.60mi
811 Washington Ave S Minneapolis, MN	1.0–2.0	1.0–2.0	862	$3,099	$3.60	21d	9	0.62mi
650 Portland Ave Minneapolis, MN	2.0	1.0–2.0	1104	$4,141	$3.75	1d	16	0.63mi
433 S 7th St Minneapolis, MN	2.0	2.0	1057	$2,548	$2.41	16d	1	0.63mi
333 E Hennepin Ave Minneapolis, MN	2.0	1.0–2.0	790	$3,402	$4.31	0d	17	0.64mi
200 University Ave SE Minneapolis, MN	3.0	1.0–3.0	1554	$8,035	$5.17	0d	21	0.65mi
90 S 9th St Minneapolis, MN	2.0	1.0	823	$2,000	$2.43	0d	3	0.67mi
730 Washington Ave N Minneapolis, MN	1.0–2.0	1.0	913	$2,750	$3.01	5d	2	0.70mi
401 1st Ave NE Minneapolis, MN	2.0	1.0–2.0	922	$3,733	$4.05	3d	9	0.70mi
721 N 3rd St Minneapolis, MN	3.0	1.0–2.0	972	$4,630	$4.76	1d	12	0.71mi
212 10th Ave S Minneapolis, MN	3.0	1.0–2.5	1490	$8,561	$5.75	0d	9	0.71mi
110 6th Ave NE Minneapolis, MN	2.0	1.0–2.0	831	$3,109	$3.74	0d	7	0.73mi

HOA detail condo

• Monthly dues: $1,296 · $15,552/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-21
   days on market $225,000 Active 51 DOM
2. 2026-06-18
   days on market $225,000 Active 48 DOM
3. 2026-06-17
   days on market $225,000 Active 47 DOM
4. 2026-06-16
   days on market $225,000 Active 46 DOM
5. 2026-06-15
   days on market $225,000 Active 45 DOM
6. 2026-06-13
   days on market $225,000 Active 43 DOM
7. 2026-06-09
   days on market $225,000 Active 39 DOM
8. 2026-06-08
   days on market $225,000 Active 38 DOM
9. 2026-06-07
   days on market $225,000 Active 37 DOM
10. 2026-06-04
    pricedays on market $225,000 Active 34 DOM
11. 2026-06-03
    days on market $250,000 Active 33 DOM
12. 2026-06-02
    days on market $250,000 Active 32 DOM
13. 2026-06-01
    days on market $250,000 Active 31 DOM
14. 2026-05-31
    days on market $250,000 Active 30 DOM
15. 2026-05-01
    listed $250,000 Active 1257-char remark
16. 2008-05-01
    historical
17. 2008-01-30
    listed $224,900
18. 2008-01-29
    historical
19. 2007-08-03
    listed $234,900

ⓘ 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: $3,486 · $290/mo
• Projected year-2 tax: $3,486 · $290/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 · 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: $44,277
• − Mortgage interest: −$12,603
• − Property taxes: −$3,486
• − Insurance: −$1,125
• − Repairs & maintenance: −$3,542
• − Management: −$3,542
• − HOA: −$15,552
• − Depreciation: −$6,545
• Taxable loss: −$2,119
• Est. tax savings @ 24.0%: +$509
• After-tax cash flow: $1,166/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

-4.2% since first listed

6 events — show timeline

• 2026-06-03 Price Changed $225,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Listed $250,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-05-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-01-30 Listed $224,900 NORTHSTARMLS as Distributed by MLS Grid
• 2008-01-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-08-03 Listed $234,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+1.2%/yr

Latest (2025): $3,486 · +3.3% YoY. Source: county tax records.