349 15th Ave NE · Minneapolis, MN 55413

$585,000

5 bd · 3.0 ba · 3,040 sqft · MultiFamily public records · 65 Days on market

Built 1958 4,680 sqft lot $192/sqft · 10% above area Est $479k · 22% over

---

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 +17.5/30.0
• DSCR +5.5/10.0
• 1% rule +4.7/10.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

The perfect addition or start to your portfolio is here! This all-brick, 1958 built triplex features a rare 3-bedroom, 2-bathroom unit spanning the entire main floor, plus two 1-bedroom, 1-bathroom units on the upper level. All units have been nicely updated with stainless steel appliances, stone countertops, dishwasher in each unit, and numerous other improvements to ensure peak rental income. Currently generating almost $60k in annual income with room to grow. Coin laundry is available for shared use by all units. The roof, mechanicals, and windows are all in great condition and on the newer side, ensuring stress-free management and lower CapEx concerns. Located in the heart of NE Minneapolis, one of the most sought-after rental locations in the city ensures lower vacancy and turnover from day one.

Key facts

• 4,680 sq ft lot
• Built 1958
• Listed 65 days

What this means for you Summary

Snapshot

• This is a 1×5bd/2ba + 2×1bd/1ba units multifamily listed at $585k.

Deal economics

• At list price, monthly cash flow is $445 ($5k/yr) — positive. Per door: $148/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $569k (2.8% below list).
• Recommended offer: $550k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.2% 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 (+4.6%/yr); 67 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• At $5,686/mo this rent would consume 80% of the median local household income ($85k/yr) (locally 661% 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 $4k of loan paydown is wiped out by about $18k 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 65 days — a 6% lower offer ($550k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 28y ago; this cycle's ask has dropped $40k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $549,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 0.97% ✗
• Cap rate: 7.21%
• Cash-on-cash: 3.26%
• DSCR: 1.15
• GRM: 8.6

CMA / ARV

• ARV (median comp): $478,828
• List price: $585,000
• Delta: 22.17%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
500 University Ave NE	0.67mi	6/2.0 (+1)	3,380 (+11%)	20mo	$515,000	$152	25

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.59% rent growth · sell at horizon

5-year hold

• IRR: -9.4%
• Equity multiple: 0.65×
• Total profit: $-57,093
• Equity at exit: $87,225

10-year hold

• IRR: 2.1%
• Equity multiple: 1.16×
• Total profit: $26,346
• Equity at exit: $50,580

Cash invested: $163,800 (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 55413

• Home prices YoY: -26.4%
• Rents YoY: 4.6%
• Active inventory: 67
• Price-to-rent: 18.6×

Monthly cashflow live

• Estimated rent: $5,686 high
• Mortgage (P&I): −$3,068
• Tax from tax record: −$735 /mo · $8,819/yr
• Insurance: −$244
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,194
• Net cashflow: $445

Break-even live

Break-even rent $5,122

Max offer price $585,000

Occupancy floor 87%

Sensitivity live

Price	-10% $777	-5% $611	+0% $445	+5% $280	+10% $114
Rent	-10% $-4	-5% $221	+0% $445	+5% $670	+10% $895
Rate	-1.0pp $740	-0.5pp $594	base $445	+0.5pp $294	+1.0pp $140

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

Units	Beds	Baths	Est. rent
1× unit	5	2	$2,626
▸ 2× units	1	1	$3,060
Total (3 units)			$5,686

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: $146,250
• Closing costs: $17,550
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
415 6th St SE Unit 1 Minneapolis, MN	4.0	2.0	2400	$3,160	$1.32	4d	1	1.26mi
2643 Lyndale Ave N Minneapolis, MN	4.0	2.0	2198	$750	$0.34	17d	1	1.32mi

Listing history 37 events

1. 2026-06-21
   days on market $585,000 Active 65 DOM
2. 2026-06-18
   days on market $585,000 Active 62 DOM
3. 2026-06-17
   days on market $585,000 Active 61 DOM
4. 2026-06-16
   days on market $585,000 Active 60 DOM
5. 2026-06-15
   days on market $585,000 Active 59 DOM
6. 2026-06-13
   days on market $585,000 Active 57 DOM
7. 2026-06-09
   days on market $585,000 Active 53 DOM
8. 2026-06-08
   days on market $585,000 Active 52 DOM
9. 2026-06-07
   days on market $585,000 Active 51 DOM
10. 2026-06-04
    days on market $585,000 Active 48 DOM
11. 2026-06-03
    days on market $585,000 Active 47 DOM
12. 2026-06-02
    days on market $585,000 Active 46 DOM
13. 2026-06-01
    days on market $585,000 Active 45 DOM
14. 2026-05-31
    days on market $585,000 Active 44 DOM
15. 2026-05-07
    price $599,000 812-char remark

    Show marketing remark (812 chars)

    The perfect addition or start to your portfolio is here! This all-brick, 1958 built triplex features a rare 3-bedroom, 2-bathroom unit spanning the entire main floor, plus two 1-bedroom, 1-bathroom units on the upper level. All units have been nicely updated with stainless steel appliances, stone countertops, dishwasher in each unit, and numerous other improvements to ensure peak rental income. Currently generating almost $60k in annual income with room to grow. Coin laundry is available for shared use by all units. The roof, mechanicals, and windows are all in great condition and on the newer side, ensuring stress-free management and lower CapEx concerns. Located in the heart of NE Minneapolis, one of the most sought-after rental locations in the city ensures lower vacancy and turnover from day one.

16. 2026-04-17
    listed $625,000 Active 812-char remark

    Show marketing remark (812 chars)

    The perfect addition or start to your portfolio is here! This all-brick, 1958 built triplex features a rare 3-bedroom, 2-bathroom unit spanning the entire main floor, plus two 1-bedroom, 1-bathroom units on the upper level. All units have been nicely updated with stainless steel appliances, stone countertops, dishwasher in each unit, and numerous other improvements to ensure peak rental income. Currently generating almost $60k in annual income with room to grow. Coin laundry is available for shared use by all units. The roof, mechanicals, and windows are all in great condition and on the newer side, ensuring stress-free management and lower CapEx concerns. Located in the heart of NE Minneapolis, one of the most sought-after rental locations in the city ensures lower vacancy and turnover from day one.

17. 2026-04-14
    historical $625,000 812-char remark

    Show marketing remark (812 chars)

    The perfect addition or start to your portfolio is here! This all-brick, 1958 built triplex features a rare 3-bedroom, 2-bathroom unit spanning the entire main floor, plus two 1-bedroom, 1-bathroom units on the upper level. All units have been nicely updated with stainless steel appliances, stone countertops, dishwasher in each unit, and numerous other improvements to ensure peak rental income. Currently generating almost $60k in annual income with room to grow. Coin laundry is available for shared use by all units. The roof, mechanicals, and windows are all in great condition and on the newer side, ensuring stress-free management and lower CapEx concerns. Located in the heart of NE Minneapolis, one of the most sought-after rental locations in the city ensures lower vacancy and turnover from day one.

18. 2022-08-31
    soldstatus $605,000
19. 2022-08-29
    soldstatus $590,000 Sold 738-char remark

    Show marketing remark (738 chars)

    Back on market, buyer has a medical emergency and had to cancel. Not due to inspection or issue with the property. Highly sought after 1958 brick triplex in the heart of NE. All 3 units are vacant to pick the next place you call home as well as your next tenants. Each kitchen features granite countertops, stainless appliances including dishwashers. The main floor boasts 3 bedrooms and 1.75 baths. Top floor as 2 identical 1 bedroom units with incredible natural light. Great storage space including walk-in closets. Convenient shared coin-op laundry in utility room on main floor. Newer roof, windows, and boiler. Cozy fully fenced backyard to enjoy. Large concrete driveway for off-street parking. Walkable to all NE attractions.

20. 2022-07-28
    status Pending 738-char remark

    Show marketing remark (738 chars)

    Back on market, buyer has a medical emergency and had to cancel. Not due to inspection or issue with the property. Highly sought after 1958 brick triplex in the heart of NE. All 3 units are vacant to pick the next place you call home as well as your next tenants. Each kitchen features granite countertops, stainless appliances including dishwashers. The main floor boasts 3 bedrooms and 1.75 baths. Top floor as 2 identical 1 bedroom units with incredible natural light. Great storage space including walk-in closets. Convenient shared coin-op laundry in utility room on main floor. Newer roof, windows, and boiler. Cozy fully fenced backyard to enjoy. Large concrete driveway for off-street parking. Walkable to all NE attractions.

21. 2022-07-20
    historical Contingent - Inspection 738-char remark

    Show marketing remark (738 chars)

    Back on market, buyer has a medical emergency and had to cancel. Not due to inspection or issue with the property. Highly sought after 1958 brick triplex in the heart of NE. All 3 units are vacant to pick the next place you call home as well as your next tenants. Each kitchen features granite countertops, stainless appliances including dishwashers. The main floor boasts 3 bedrooms and 1.75 baths. Top floor as 2 identical 1 bedroom units with incredible natural light. Great storage space including walk-in closets. Convenient shared coin-op laundry in utility room on main floor. Newer roof, windows, and boiler. Cozy fully fenced backyard to enjoy. Large concrete driveway for off-street parking. Walkable to all NE attractions.

22. 2022-07-16
    status Active 738-char remark

    Show marketing remark (738 chars)

    Back on market, buyer has a medical emergency and had to cancel. Not due to inspection or issue with the property. Highly sought after 1958 brick triplex in the heart of NE. All 3 units are vacant to pick the next place you call home as well as your next tenants. Each kitchen features granite countertops, stainless appliances including dishwashers. The main floor boasts 3 bedrooms and 1.75 baths. Top floor as 2 identical 1 bedroom units with incredible natural light. Great storage space including walk-in closets. Convenient shared coin-op laundry in utility room on main floor. Newer roof, windows, and boiler. Cozy fully fenced backyard to enjoy. Large concrete driveway for off-street parking. Walkable to all NE attractions.

23. 2022-06-29
    status Pending 738-char remark

    Show marketing remark (738 chars)

    Back on market, buyer has a medical emergency and had to cancel. Not due to inspection or issue with the property. Highly sought after 1958 brick triplex in the heart of NE. All 3 units are vacant to pick the next place you call home as well as your next tenants. Each kitchen features granite countertops, stainless appliances including dishwashers. The main floor boasts 3 bedrooms and 1.75 baths. Top floor as 2 identical 1 bedroom units with incredible natural light. Great storage space including walk-in closets. Convenient shared coin-op laundry in utility room on main floor. Newer roof, windows, and boiler. Cozy fully fenced backyard to enjoy. Large concrete driveway for off-street parking. Walkable to all NE attractions.

24. 2022-06-27
    listed $575,000 Active 738-char remark

    Show marketing remark (738 chars)

    Back on market, buyer has a medical emergency and had to cancel. Not due to inspection or issue with the property. Highly sought after 1958 brick triplex in the heart of NE. All 3 units are vacant to pick the next place you call home as well as your next tenants. Each kitchen features granite countertops, stainless appliances including dishwashers. The main floor boasts 3 bedrooms and 1.75 baths. Top floor as 2 identical 1 bedroom units with incredible natural light. Great storage space including walk-in closets. Convenient shared coin-op laundry in utility room on main floor. Newer roof, windows, and boiler. Cozy fully fenced backyard to enjoy. Large concrete driveway for off-street parking. Walkable to all NE attractions.

25. 2022-06-24
    historical $575,000 738-char remark

    Show marketing remark (738 chars)

    Back on market, buyer has a medical emergency and had to cancel. Not due to inspection or issue with the property. Highly sought after 1958 brick triplex in the heart of NE. All 3 units are vacant to pick the next place you call home as well as your next tenants. Each kitchen features granite countertops, stainless appliances including dishwashers. The main floor boasts 3 bedrooms and 1.75 baths. Top floor as 2 identical 1 bedroom units with incredible natural light. Great storage space including walk-in closets. Convenient shared coin-op laundry in utility room on main floor. Newer roof, windows, and boiler. Cozy fully fenced backyard to enjoy. Large concrete driveway for off-street parking. Walkable to all NE attractions.

26. 2012-03-30
    soldstatus $128,660
27. 2012-02-29
    historical
28. 2011-09-07
    listed $140,000
29. 2002-05-08
    soldstatus $324,900
30. 2002-02-19
    soldstatus $324,900
31. 2002-01-15
    historical
32. 2001-11-09
    listed $324,900
33. 1998-06-01
    soldstatus $90,000
34. 1998-06-01
    soldstatus $113,900
35. 1998-05-15
    soldstatus $113,900
36. 1998-04-06
    historical
37. 1998-03-03
    listed $113,900

ⓘ 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: $8,819 · $735/mo
• Projected year-2 tax: $8,819 · $735/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: $68,232
• − Mortgage interest: −$32,769
• − Property taxes: −$8,819
• − Insurance: −$2,925
• − Repairs & maintenance: −$5,459
• − Management: −$5,459
• − Depreciation: −$17,018
• Taxable loss: −$4,216
• Est. tax savings @ 24.0%: +$1,012
• After-tax cash flow: $6,358/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): 14,655
• Household income: $85,282
• Rent vs Own: 61.6% rent · 38.4% own
• Severe rent burden: 661.0

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 (71%)
• Race & ethnicity: White 71% Black 12% Two or more races 8% Hispanic / Latino 6% Asian 4%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 11% Romanian 6% Lithuanian 3%
• Foreign-born: 13% · Canada, Vietnam, South Korea
• Languages at home: 84% English-only · Spanish 4% Russian/Polish/Slavic 1% Vietnamese 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: ▼ -95.68%
• Current HPI: 266.9323
• Rent YoY: ▲ 4.59%
• 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

+425.9% since first listed

23 events — show timeline

• 2026-05-07 Price Changed $599,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-17 Listed $625,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-14 Coming Soon $625,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-08-31 Sold (Public Records) $605,000 Public Records
• 2022-08-29 Sold (MLS) $590,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-07-28 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-07-20 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2022-07-16 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2022-06-29 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-06-27 Listed $575,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-06-24 Coming Soon $575,000 NORTHSTARMLS as Distributed by MLS Grid
• 2012-03-30 Sold (MLS) $128,660 NORTHSTARMLS as Distributed by MLS Grid
• 2012-02-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2011-09-07 Listed $140,000 NORTHSTARMLS as Distributed by MLS Grid
• 2002-05-08 Sold (Public Records) $324,900 Public Records
• 2002-02-19 Sold (MLS) $324,900 NORTHSTARMLS as Distributed by MLS Grid
• 2002-01-15 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2001-11-09 Listed $324,900 NORTHSTARMLS as Distributed by MLS Grid
• 1998-06-01 Sold (Public Records) $113,900 Public Records
• 1998-06-01 Sold (Public Records) $90,000 Public Records
• 1998-05-15 Sold (MLS) $113,900 NORTHSTARMLS as Distributed by MLS Grid
• 1998-04-06 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1998-03-03 Listed $113,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+6.8%/yr

Latest (2025): $8,819 · +16.3% YoY. Source: county tax records.