1300 Grand St NE · Minneapolis, MN 55413

$600,000

4 bd · 2.5 ba · 3,312 sqft · MultiFamily public records · 35 Days on market

Built 1900 6,098 sqft lot $181/sqft · 29% above area Est $466k · 29% over

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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 +29.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• 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

SOLD BEFORE PRINT.

Key facts

• Fresh paint
• Thoughtfully updated
• New flooring

Tags

• THOUGHTFULLY UPDATED
• EXTENSIVELY RENOVATED
• UPDATED KITCHENS
• UPDATED BATHROOMS
• NEW FLOORING
• FRESH PAINT

Property features AI

Finance

• Financial info: Total of 3 units; Gross income reported at $52,800; Net operating income reported at $32,839; Maintenance expenses reported at $5,900; Owner pays gas, trash collection, and water; tenants pay electricity
• HOA & community: Association amenities: Laundry

Exterior

• Parking: Detached or attached garage space for 1 car (garage dimensions approximately 10x18)
• Utilities: City water connected; City sewer connected; Natural gas fuel
• Home design: Residential income property (triplex); More than 2 stories; Not owner-occupied
• Construction: Asphalt roof; Block foundation; Above-grade finished area totaling 3,313 square feet; below-grade area 1,226 square feet; total building area 4,539 square feet
• Exterior features: Front porch and rear porch; Corner lot with light tree coverage; Public transit within six blocks; City street with curbs, paved streets and sidewalks; public maintained road

Interior

• Bedrooms: 5 total bedrooms; Unit breakdown: two 2-bedroom units and one 1-bedroom unit
• Bathrooms: Three 1-bath units (each unit includes 1 full bathroom); One unit includes a three-quarter bathroom
• Heating & cooling: Baseboard heating; Boiler heating
• Interior features: Block foundation basement; Basement present
• Laundry & utility: Laundry available; Laundry located in basement (per unit/shared laundry)

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $686/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $600k).
• Recommended offer: $582k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.4% 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); 66 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• At $7,758/mo this rent would consume 109% 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.
• At projected returns (-3.0% appreciation + 4.6% rent growth), your $168k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($582k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $398k; list at $600k implies a 51% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $582,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.29% ✓
• Cap rate: 10.41%
• Cash-on-cash: 14.69%
• DSCR: 1.65
• GRM: 6.4

CMA / ARV

• ARV (median comp): $466,251
• List price: $600,000
• Delta: 28.69%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 7.0%
• Equity multiple: 1.28×
• Total profit: $46,460
• Equity at exit: $89,462

10-year hold

• IRR: 17.6%
• Equity multiple: 2.56×
• Total profit: $262,880
• Equity at exit: $51,877

Cash invested: $168,000 (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 55413

• Home prices YoY: -26.4%
• Rents YoY: 4.6%
• Active inventory: 66
• Price-to-rent: 19.3×

Monthly cashflow live

• Estimated rent: $7,758 high
• Mortgage (P&I): −$3,146
• Tax from tax record: −$675 /mo · $8,105/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,629
• Net cashflow: $2,057

Break-even live

Break-even rent $5,154

Max offer price $600,000

Occupancy floor 68%

Sensitivity live

Price	-10% $2,397	-5% $2,227	+0% $2,057	+5% $1,887	+10% $1,717
Rent	-10% $1,444	-5% $1,750	+0% $2,057	+5% $2,363	+10% $2,670
Rate	-1.0pp $2,359	-0.5pp $2,210	base $2,057	+0.5pp $1,901	+1.0pp $1,743

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$7,758
Total (3 units)			$7,758

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: $150,000
• Closing costs: $18,000
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1113 N 25th Ave Minneapolis, MN	5.0	2.0	2295	$2,695	$1.17	18d	1	1.29mi
200 University Ave SE Minneapolis, MN	3.0	1.0–3.0	1554	$8,035	$5.17	2d	25	1.30mi
270 Hennepin Ave Minneapolis, MN	3.0	1.0–3.0	1505	$9,421	$6.26	2d	54	1.35mi
415 6th St SE Unit 1 Minneapolis, MN	4.0	2.0	2400	$3,160	$1.32	3d	1	1.38mi
365 Nicollet Mall Minneapolis, MN	3.0	1.0–3.5	1656	$9,753	$5.89	3d	33	1.49mi

Listing history 7 events

1. 2026-06-03
   days on market $600,000 Active 35 DOM
2. 2026-06-02
   days on market $600,000 Active 34 DOM
3. 2026-06-01
   days on market $600,000 Active 33 DOM
4. 2026-05-31
   days on market $600,000 Active 32 DOM
5. 2026-04-29
   listed $600,000 Active 1387-char remark
6. 2022-05-09
   soldstatus $398,000 18-char remark

   Show marketing remark (18 chars)

   SOLD BEFORE PRINT.

7. 2016-10-06
   soldstatus $290,000

ⓘ 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: $8,105 · $675/mo
• Projected year-2 tax: $8,105 · $675/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: $93,096
• − Mortgage interest: −$33,609
• − Property taxes: −$8,105
• − Insurance: −$3,000
• − Repairs & maintenance: −$7,448
• − Management: −$7,448
• − Depreciation: −$17,455
• Taxable income: $16,032
• Est. tax owed @ 24.0%: −$3,848
• After-tax cash flow: $20,836/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

+106.9% since first listed

3 events — show timeline

• 2026-04-29 Listed $600,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-05-09 Sold (MLS) $398,000 NORTHSTARMLS as Distributed by MLS Grid
• 2016-10-06 Sold (Public Records) $290,000 Public Records

Property tax history

+6.8%/yr

Latest (2025): $8,105 · +50.3% YoY. Source: county tax records.