1310 Thomas Ave N · Minneapolis, MN 55411

$279,900

2 bd · 1.5 ba · 1,850 sqft · SingleFamily public records · 3 Days on market

Built 1921 4,356 sqft lot $151/sqft · 21% below area Est $316k · 11% under

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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 +12.6/15.0
• Cash flow +11.5/30.0
• Rent growth +4.3/5.0
• Livability +3.9/5.0
• Schools +3.5/10.0
• DSCR +3.4/10.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Steps from Theodore Wirth Regional Park, this Willard Hay home underwent a comprehensive 2013 renovation that elevated nearly all living spaces and systems through premium, carefully executed updates, including new windows, roof, HVAC with central A/C, fully renovated kitchen and bathrooms, and a finished basement excavated to 7-foot ceilings. The upper-level bath serves as a true centerpiece, showcasing thoughtful craftsmanship through a spacious walk-in shower, deep soaking tub, and double vanity. Two generously sized bedrooms flank the bath, including a primary with walk-in closet and built-in dresser. The kitchen features quartz countertops, premium cabinetry, stainless steel appliances

Key facts

• 4,356 sq ft lot
• 2 garage spots
• Built 1921

Property features AI

Exterior

• Parking: Concrete parking; Detached or attached 2-car garage with 16 ft width and 7 ft door height; Garage dimensions approximately 23x21
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; Two levels; Entry on main level
• Construction: Block foundation; Block foundation area listed (590); Above-grade finished living area and additional below-grade finished area
• Exterior features: Vinyl exterior; Covered areas including deck and patio; 22x13 main-level patio; 12x13 main-level deck; 11x7 sun room; 37x116 lot dimensions; Chain link, full and privacy fencing; City street frontage on a publicly maintained road

Interior

• Kitchen: Cooktop; Range; Microwave; Dishwasher; Refrigerator; Stainless steel appliances; Kitchen window
• Bedrooms: 2 bedrooms (both on the upper level)
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom; 1 half bathroom; Upper-level full bath; Basement half bath; Double sink; Separate tub and shower
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Rehabbed and renovated; Finished and partially finished basement with storage space; Sun room; Natural woodwork; Hardwood floors; Primary bedroom walk-in closet; Walk-in closet; Kitchen window
• Laundry & utility: Laundry room on lower level; Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $280k.

Deal economics

• At list price, monthly cash flow is $-92 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $264k (5.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $221k (21.2% below list).
• Recommended offer: $221k (21.2% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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: Bethune Elementary (math 2% / reading 12%, grade F, #842 of 857 statewide, top 99%, 276 students, 90% FRL); Franklin Middle (math 2% / reading 8%, grade F, #255 of 258 statewide, top 100%, 287 students, 89% FRL); Henry High (reading 70%, 858 students, 80% FRL) — zoned schools average 86% FRL vs 58% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 6% at this address vs 40% district-wide (-34 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 (+7.3%/yr); 133 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• This rent runs 44% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $79k; list at $280k implies a 254% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $220,627 (21.2% 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. Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.79% ✗
• Cap rate: 5.90%
• Cash-on-cash: -1.41%
• DSCR: 0.94
• GRM: 10.6

CMA / ARV

• ARV (median comp): $316,011
• List price: $279,900
• Delta: -11.43%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.35% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.47×
• Total profit: $-41,184
• Equity at exit: $41,734

10-year hold

• IRR: 0.3%
• Equity multiple: 1.02×
• Total profit: $1,705
• Equity at exit: $24,201

Cash invested: $78,372 (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 55411

• Home prices YoY: -8.7%
• Rents YoY: 7.3%
• Active inventory: 133
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,206 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$251 /mo · $3,010/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$463
• Net cashflow: $-92

Break-even live

Break-even rent $2,323

Max offer price $263,592

Occupancy floor 99%

Sensitivity live

Price	-10% $66	-5% $-13	+0% $-92	+5% $-172	+10% $-251
Rent	-10% $-267	-5% $-179	+0% $-92	+5% $-5	+10% $82
Rate	-1.0pp $49	-0.5pp $-21	base $-92	+0.5pp $-165	+1.0pp $-239

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: $69,975
• Closing costs: $8,397
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1504 Queen Ave N Minneapolis, MN	3.0	1.5	1746	$2,800	$1.60	3d	1	0.24mi
1504 Queen Ave N Minneapolis, MN	3.0	1.5	1746	$2,800	$1.60	0d	1	0.24mi
1407 N Girard Ave Unit 2 Minneapolis, MN	2.0	1.0	1472	$1,900	$1.29	19d	1	0.76mi
1312 18th Ave N Minneapolis, MN	3.0	1.0	1520	$1,899	$1.25	9d	1	0.83mi
1901 4th Ave N Minneapolis, MN	3.0	2.0	1300	$1,300	$1.00	26d	1	0.84mi
1510 N 22nd Ave #1 Minneapolis, MN	3.0	1.0	1500	$1,875	$1.25	23d	1	0.94mi
1510 N 22nd Ave #1 Minneapolis, MN	3.0	1.0	1500	$1,875	$1.25	5d	1	0.94mi
1611 Glenwood Ave #2 Minneapolis, MN	3.0	2.0	1800	$2,100	$1.17	16d	1	0.97mi
2330 N Irving Ave Minneapolis, MN	2.0	1.0	1600	$1,375	$0.86	9d	1	1.05mi

Listing history 5 events

1. 2026-05-16
   status Pending 1234-char remark
2. 2026-05-14
   listed $279,900 Active 1234-char remark
3. 2026-05-12
   historical $279,900 1234-char remark
4. 2000-12-05
   soldstatus $79,000
5. 1988-02-01
   soldstatus $45,000

ⓘ 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: $3,010 · $251/mo
• Projected year-2 tax: $3,072 · $256/mo
• Expected delta: +$63/yr (+$5/mo · 2.1%)

ⓘ 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: $26,475
• − Mortgage interest: −$15,679
• − Property taxes: −$3,010
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,118
• − Management: −$2,118
• − Depreciation: −$8,143
• Taxable loss: −$5,991
• Est. tax savings @ 24.0%: +$1,438
• After-tax cash flow: $330/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): 27,741
• Household income: $60,225
• Rent vs Own: 47.3% rent · 52.7% own
• Severe rent burden: 1826.0

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 0.68)
• Race & ethnicity: Black 49% White 23% Two or more races 11% Hispanic / Latino 11% Asian 9%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Portuguese 3% Lithuanian 2% Italian 1%
• Foreign-born: 19% · Canada, Guatemala
• Languages at home: 68% English-only · Other Asian/Pacific 8% Spanish 8%

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: ▼ -33.91%
• Current HPI: 356.6758
• Rent YoY: ▲ 7.35%
• 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

+522.0% since first listed

5 events — show timeline

• 2026-05-16 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-14 Listed $279,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-12 Coming Soon $279,900 NORTHSTARMLS as Distributed by MLS Grid
• 2000-12-05 Sold (Public Records) $79,000 Public Records
• 1988-02-01 Sold (Public Records) $45,000 Public Records

Property tax history

+7.6%/yr

Latest (2025): $3,010 · +9.3% YoY. Source: county tax records.