645 N 1st St #300 · Minneapolis, MN 55401

$295,000

2 bd · 1.0 ba · 839 sqft · Condo public records · 15 Days on market

Built 2000 $653/mo HOA · 23% of rent

---

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 +7.7/30.0
• ARV discount +7.5/15.0
• 1% rule +4.8/10.0
• Appreciation +4.8/10.0
• Rent growth +3.9/5.0
• Livability +3.9/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• DSCR +1.8/10.0

Listing remarks MLS

Completely remodeled North Loop River Station Condo. Desirable finishes greet you the moment you walk in the door. From the remodeled kitchen to the updated bathroom and luxury flooring throughout. Every single surface has been updated. New kitchen with stainless steel appliances, gorgeous breakfast bar, tile backsplash and beautiful lighting. Remodeled bathroom with tile shower, soaking tub, floating vanity, modern slate floor and statement mirror with sconce lighting. Entire condo freshly painted. Enameled trim throughout. Highly walkable and centrally located in the heart of the North Loop. Convenient to restaurants, local coffee and boutique stores. Walk to the Mississippi River Parkway to experience running, walking, and cycling trails that connect the city. Surrounded by stunning Minneapolis architecture, history, vibrant energy and community. River Station offers free guest parking at the entrance to each building. Underground heated parking and separate storage.

Key facts

• $653 HOA
• Garage
• Built 2000

Property features AI

Finance

• Other: Association fee charged monthly
• HOA & community: Part of First Residential Residential association; Monthly HOA fee (covers cable TV, hazard insurance, internet, lawn care, grounds maintenance, parking, professional management, sewer, shared amenities, snow removal, water); Building amenities include elevator(s), fire sprinkler system, and in-ground sprinkler system

Exterior

• Parking: Assigned underground parking; Attached garage access; One garage stall (numbered among 38 stalls)
• Utilities: City water connected; City sewer connected; Electric with circuit breakers; Natural gas
• Home design: Attached residential property; One level; Above-grade finished living area
• Construction: Foundation area recorded (building footprint); Elevator(s) in building; Fire sprinkler system
• Exterior features: Stone and stucco exterior; Public transit within about 6 blocks; Common lot area

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Freezer; Stainless steel appliances; Gas water heater
• Bedrooms: Two bedrooms, both on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Balcony; Cable available; French doors; Accessible elevator installed; In-unit washer and dryer hookups; Laundry closet; No basement; Other dining area
• Laundry & utility: Washer hookup (in unit); Dryer hookup (gas dryer hookup); Laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $295k.

Deal economics

• At list price, monthly cash flow is $-341 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $235k (20.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $290k (1.7% below list).
• Recommended offer: $235k (20.4% below list) — sets the bar for cash-flow.
• Cap rate 4.9% 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.
• Market conditions: Rents rising fast (+5.5%/yr); 160 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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 31% 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 $806 of equity ($2k loan paydown + $-1k appreciation (-0.4% local appreciation)).
• 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 15 days — a 2% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.

Recommended offer $234,819 (20.4% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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. 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?
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: 0.98% ✗
• Cap rate: 4.91%
• Cash-on-cash: -4.95%
• DSCR: 0.78
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -7.4%
• Equity multiple: 0.66×
• Total profit: $-28,220
• Equity at exit: $79,540

10-year hold

• IRR: 1.5%
• Equity multiple: 1.17×
• Total profit: $13,643
• Equity at exit: $90,856

Cash invested: $82,600 (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: 160
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $2,901 high
• Mortgage (P&I): −$1,547
• Tax from tax record: −$310 /mo · $3,717/yr
• Insurance: −$123
• HOA: −$653
• Vacancy / Maint / Mgmt: −$609
• Net cashflow: $-341

Break-even live

Break-even rent $3,332

Max offer price $234,819

Occupancy floor —

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
616 N Washington Ave Unit 1014615P Minneapolis, MN	2.0	1.0	990	$4,785	$4.83	3d	1	0.06mi
616 N Washington Ave Unit 1014633P Minneapolis, MN	1.0	1.0	742	$3,776	$5.09	43d	1	0.06mi
616 N Washington Ave Unit 1014635P Minneapolis, MN	1.0	1.0	742	$4,168	$5.62	7d	1	0.06mi
528 Washington Ave N Minneapolis, MN	1.0	1.0	543	$2,629	$4.84	2d	18	0.08mi
614 N 1st St Minneapolis, MN	1.0	1.0	920	$1,818	$1.98	7d	6	0.10mi
432 N 1st St Minneapolis, MN	1.0–2.0	1.0–2.0	1067	$2,175	$2.04	2d	6	0.11mi
607 N Washington Ave Minneapolis, MN	1.0–2.0	1.0–2.0	845	$2,460	$2.91	2d	4	0.11mi
730 Washington Ave N Minneapolis, MN	1.0–2.0	1.0	913	$2,750	$3.01	3d	2	0.14mi
608 N 3rd St Minneapolis, MN	2.0	1.0–2.0	746	$3,582	$4.80	1d	64	0.14mi
404 Washington Ave N #404 Minneapolis, MN	1.0	1.0	1108	$2,750	$2.48	43d	1	0.15mi
815 N 2nd St Minneapolis, MN	2.0	1.0–2.0	721	$2,650	$3.67	1d	26	0.18mi
360 N 5th Ave Minneapolis, MN	2.0	1.0–2.5	1185	$7,325	$6.18	2d	85	0.19mi
721 N 3rd St Minneapolis, MN	3.0	1.0–2.0	972	$3,544	$3.65	2d	10	0.21mi
315 N 7th Ave Minneapolis, MN	2.0	1.0–2.0	748	$3,448	$4.61	1d	12	0.23mi
337 N Washington Ave Minneapolis, MN	2.0	1.0–2.0	796	$2,729	$3.43	1d	30	0.23mi
316 N 2nd St Minneapolis, MN	1.0–2.0	1.0–2.0	795	$2,723	$3.42	2d	10	0.23mi
360 1st St N Minneapolis, MN	1.0–2.0	1.0–2.0	889	$3,036	$3.42	2d	11	0.23mi
800 3rd St N Minneapolis, MN	1.0	1.0	607	$1,849	$3.04	1d	7	0.25mi
756 N 4th St Minneapolis, MN	1.0	1.0	551	$1,436	$2.60	1d	6	0.27mi
915 Washington Ave N Minneapolis, MN	2.0	2.0–2.5	1215	$2,549	$2.10	1d	5	0.29mi
254 9th Ave N Minneapolis, MN	1.0	1.0	922	$1,937	$2.10	3d	1	0.30mi
212 N 2nd St Minneapolis, MN	1.0–2.0	1.0–2.0	1039	$3,125	$3.01	24d	2	0.30mi
600 N 5th St Minneapolis, MN	1.0	1.0	643	$1,592	$2.48	1d	10	0.31mi
200 2nd Ave N Minneapolis, MN	2.0	1.0	994	$3,135	$3.15	21d	1	0.33mi
280 N 2nd St Minneapolis, MN	1.0	1.0	1072	$1,836	$1.71	17d	2	0.35mi
643 N 5th St Minneapolis, MN	2.0	1.0–2.0	796	$2,661	$3.34	1d	11	0.35mi
120 N 2nd St Minneapolis, MN	1.0–2.0	1.0–2.5	1039	$3,428	$3.30	1d	19	0.37mi
110 N 1st St Minneapolis, MN	1.0–2.0	1.0–2.0	885	$3,799	$4.29	2d	20	0.40mi
222 Hennepin Ave Minneapolis, MN	1.0–2.0	1.0–2.0	994	$4,175	$4.20	1d	12	0.45mi
120 Hennepin Ave Minneapolis, MN	2.0	1.0–2.0	960	$3,665	$3.82	7d	10	0.48mi
270 Hennepin Ave Minneapolis, MN	3.0	1.0–3.0	1505	$6,755	$4.49	2d	54	0.50mi
111 S Marquette Ave Minneapolis, MN	1.0–2.0	1.0–2.0	970	$2,420	$2.49	2d	12	0.61mi
365 Nicollet Mall Minneapolis, MN	3.0	1.0–3.5	1656	$7,058	$4.26	2d	33	0.67mi
115 2nd Ave S Minneapolis, MN	1.0	1.0	508	$1,371	$2.70	2d	15	0.68mi
400 Marquette Ave Minneapolis, MN	3.0	1.0–2.0	1103	$4,260	$3.86	1d	14	0.68mi
110 6th Ave NE Minneapolis, MN	2.0	1.0–2.0	831	$3,109	$3.74	2d	8	0.69mi
829 Marshall St NE Minneapolis, MN	2.0	1.0–2.0	697	$2,495	$3.58	13d	8	0.69mi
465 Nicollet Mall Minneapolis, MN	2.0	1.0–3.0	1153	$4,620	$4.01	1d	14	0.70mi
101 S 5th St Minneapolis, MN	3.0	1.0–2.0	1249	$3,169	$2.54	2d	35	0.76mi
1000 Main St NE Minneapolis, MN	1.0	1.0	520	$1,795	$3.45	13d	6	0.78mi

HOA detail condo

• Monthly dues: $653 · $7,836/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-18
   days on market $295,000 Active 15 DOM
2. 2026-06-17
   days on market $295,000 Active 14 DOM
3. 2026-06-16
   days on market $295,000 Active 13 DOM
4. 2026-06-15
   days on market $295,000 Active 12 DOM
5. 2026-06-13
   days on market $295,000 Active 10 DOM
6. 2026-06-09
   days on market $295,000 Active 6 DOM
7. 2026-06-08
   days on market $295,000 Active 5 DOM
8. 2026-06-07
   days on market $295,000 Active 4 DOM
9. 2026-06-04
   status $295,000 Active 1 DOM
10. 2026-06-02
    remarks 484-char remark
11. 2026-06-02
    listed $295,000 Coming Soon 1 DOM

ⓘ 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: $3,717 · $310/mo
• Projected year-2 tax: $3,717 · $310/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: $34,815
• − Mortgage interest: −$16,525
• − Property taxes: −$3,717
• − Insurance: −$1,475
• − Repairs & maintenance: −$2,785
• − Management: −$2,785
• − HOA: −$7,836
• − Depreciation: −$8,582
• Taxable loss: −$8,890
• Est. tax savings @ 24.0%: +$2,133
• After-tax cash flow: $-1,955/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

+47.6% since first listed

9 events — show timeline

• 2026-06-02 Coming Soon $295,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-09-27 Sold (Public Records) $290,000 Public Records
• 2022-08-19 Sold (MLS) $290,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-08-02 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-07-07 Listed $299,900 NORTHSTARMLS as Distributed by MLS Grid
• 2019-10-28 Sold (Public Records) $182,500 Public Records
• 2019-10-21 Sold (MLS) $182,500 NORTHSTARMLS as Distributed by MLS Grid
• 2019-09-29 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2019-09-26 Listed $199,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+4.3%/yr

Latest (2025): $3,717 · +13.1% YoY. Source: county tax records.