400 N 1st St #308 · Minneapolis, MN 55401

$339,900

2 bd · 1.0 ba · 1,015 sqft · Condo public records · 66 Days on market

Built 1900 $335/sqft · 15% below area Est $402k · 15% under $795/mo HOA · 27% of rent

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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 +14.4/15.0
• Cash flow +5.3/30.0
• Appreciation +4.8/10.0
• Rent growth +3.9/5.0
• Livability +3.9/5.0
• 1% rule +3.6/10.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0

Listing remarks MLS

Historic Riverwalk Building located in the heart of North Loop neighborhood! This 2-bedroom unit features original wood beams, updated kitchen with marble tile backsplash, + stainless steel appliances! 1-Parking stall + storage unit included!

Key facts

• Original wood beams
• Updated kitchen
• $795 HOA

Tags

• HISTORIC RIVERWALK BUILDING
• ORIGINAL WOOD BEAMS
• UPDATED KITCHEN
• MARBLE TILE BACKSPLASH
• STAINLESS STEEL APPLIANCES
• NORTH LOOP NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $340k.

Deal economics

• At list price, monthly cash flow is $-749 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $208k (38.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $291k (14.3% below list).
• Recommended offer: $208k (38.9% below list) — sets the bar for cash-flow.

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 3d 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 $928 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 66 days — a 6% lower offer ($320k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y ago; this cycle's ask has dropped $30k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 27% of rent; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $207,639 (38.9% 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. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.86% ✗
• Cap rate: 3.65%
• Cash-on-cash: -9.44%
• DSCR: 0.58
• GRM: 9.7

CMA / ARV

• ARV (median comp): $401,551
• List price: $339,900
• Delta: -15.35%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -12.9%
• Equity multiple: 0.41×
• Total profit: $-56,300
• Equity at exit: $91,647

10-year hold

• IRR: -3.8%
• Equity multiple: 0.59×
• Total profit: $-38,949
• Equity at exit: $104,685

Cash invested: $95,172 (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: 9.7×

Monthly cashflow live

• Estimated rent: $2,913 high
• Mortgage (P&I): −$1,782
• Tax from tax record: −$331 /mo · $3,974/yr
• Insurance: −$142
• HOA: −$795
• Vacancy / Maint / Mgmt: −$612
• Net cashflow: $-749

Break-even live

Break-even rent $3,861

Max offer price $207,639

Occupancy floor —

Sensitivity live

Price	-10% $-556	-5% $-652	+0% $-749	+5% $-845	+10% $-941
Rent	-10% $-979	-5% $-864	+0% $-749	+5% $-634	+10% $-519
Rate	-1.0pp $-578	-0.5pp $-662	base $-749	+0.5pp $-837	+1.0pp $-926

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: $84,975
• Closing costs: $10,197
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
360 1st St N Minneapolis, MN	1.0–2.0	1.0–2.0	889	$3,024	$3.40	1d	10	0.02mi
316 N 2nd St Minneapolis, MN	1.0–2.0	1.0–2.0	795	$2,723	$3.42	1d	8	0.08mi
212 N 2nd St #204 Minneapolis, MN	2.0	2.0	1178	$3,125	$2.65	5d	1	0.13mi
212 N 2nd St Minneapolis, MN	1.0–2.0	1.0–2.0	1039	$3,125	$3.01	26d	2	0.13mi
432 N 1st St Minneapolis, MN	1.0–2.0	1.0–2.0	1067	$2,175	$2.04	4d	6	0.13mi
404 Washington Ave N #404 Minneapolis, MN	1.0	1.0	1108	$2,750	$2.48	45d	1	0.15mi
200 2nd Ave N Minneapolis, MN	2.0	1.0	994	$3,135	$3.15	23d	1	0.15mi
120 N 2nd St Minneapolis, MN	1.0–2.0	1.0–2.5	1039	$3,434	$3.31	0d	17	0.20mi
110 N 1st St Minneapolis, MN	1.0–2.0	1.0–2.0	885	$3,799	$4.29	0d	20	0.20mi
528 Washington Ave N Minneapolis, MN	1.0	1.0	543	$2,629	$4.84	0d	20	0.20mi
614 N 1st St Minneapolis, MN	1.0	1.0	920	$1,818	$1.98	9d	6	0.21mi
337 N Washington Ave Minneapolis, MN	2.0	1.0–2.0	796	$2,729	$3.43	3d	30	0.22mi
616 N Washington Ave Unit 1014635P Minneapolis, MN	1.0	1.0	742	$4,168	$5.62	9d	1	0.26mi
616 N Washington Ave Unit 1014633P Minneapolis, MN	1.0	1.0	742	$3,776	$5.09	45d	1	0.26mi
616 N Washington Ave Unit 1014615P Minneapolis, MN	2.0	1.0	990	$4,785	$4.83	5d	1	0.26mi
616 N Washington Ave Unit 1571257P Minneapolis, MN	1.0	1.0	742	$4,392	$5.92	0d	1	0.26mi
280 N 2nd St Minneapolis, MN	1.0	1.0	1072	$1,836	$1.71	19d	2	0.26mi
360 N 5th Ave Minneapolis, MN	2.0	1.0–2.5	1185	$7,325	$6.18	0d	77	0.28mi
607 N Washington Ave Minneapolis, MN	1.0–2.0	1.0–2.0	845	$2,460	$2.91	3d	4	0.28mi
120 Hennepin Ave Minneapolis, MN	2.0	1.0–2.0	960	$3,665	$3.82	9d	10	0.29mi
608 N 3rd St Minneapolis, MN	2.0	1.0–2.0	746	$3,582	$4.80	1d	62	0.30mi
730 Washington Ave N Minneapolis, MN	1.0–2.0	1.0	913	$2,750	$3.01	5d	2	0.35mi
315 N 7th Ave Minneapolis, MN	1.0	1.0	625	$2,666	$4.27	0d	12	0.36mi
270 Hennepin Ave Minneapolis, MN	3.0	1.0–3.0	1505	$6,755	$4.49	1d	53	0.38mi
815 N 2nd St Minneapolis, MN	2.0	1.0–2.0	721	$2,650	$3.67	3d	26	0.38mi
721 N 3rd St Minneapolis, MN	3.0	1.0–2.0	972	$3,544	$3.65	1d	12	0.40mi
111 S Marquette Ave Minneapolis, MN	1.0–2.0	1.0–2.0	955	$2,414	$2.53	1d	13	0.42mi
600 N 5th St Minneapolis, MN	1.0	1.0	625	$1,540	$2.46	0d	10	0.44mi
756 N 4th St Minneapolis, MN	1.0	1.0	551	$1,436	$2.60	3d	6	0.46mi
800 3rd St N Minneapolis, MN	1.0	1.0	607	$1,849	$3.04	3d	7	0.46mi
643 N 5th St Minneapolis, MN	2.0	1.0–2.0	796	$2,661	$3.34	1d	10	0.50mi
915 Washington Ave N Minneapolis, MN	2.0	2.0–2.5	1215	$2,549	$2.10	3d	5	0.50mi
254 9th Ave N Minneapolis, MN	1.0	1.0	922	$1,937	$2.10	5d	1	0.50mi
365 Nicollet Mall Minneapolis, MN	3.0	1.0–3.5	1656	$7,054	$4.26	0d	35	0.53mi
400 Marquette Ave Minneapolis, MN	3.0	1.0–2.0	1103	$3,373	$3.06	0d	11	0.56mi
465 Nicollet Mall Minneapolis, MN	2.0	1.0–3.0	1153	$4,590	$3.98	0d	14	0.58mi
110 6th Ave NE Minneapolis, MN	2.0	1.0–2.0	831	$3,109	$3.74	0d	7	0.58mi
338 NE 2nd St Minneapolis, MN	2.0	1.0–2.0	650	$2,595	$3.99	1d	1	0.58mi
101 S 5th St Minneapolis, MN	3.0	1.0–2.0	1249	$3,156	$2.53	0d	34	0.64mi
829 Marshall St NE Minneapolis, MN	2.0	1.0–2.0	697	$2,495	$3.58	15d	8	0.66mi

HOA detail condo

• Monthly dues: $795 · $9,540/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 33 events

1. 2026-06-21
   days on market $339,900 Active 66 DOM
2. 2026-06-18
   days on market $339,900 Active 63 DOM
3. 2026-06-17
   days on market $339,900 Active 62 DOM
4. 2026-06-16
   days on market $339,900 Active 61 DOM
5. 2026-06-15
   days on market $339,900 Active 60 DOM
6. 2026-06-13
   days on market $339,900 Active 58 DOM
7. 2026-06-09
   days on market $339,900 Active 54 DOM
8. 2026-06-08
   pricedays on market $339,900 Active 53 DOM
9. 2026-06-07
   days on market $369,900 Active 52 DOM
10. 2026-06-04
    days on market $369,900 Active 49 DOM
11. 2026-06-03
    days on market $369,900 Active 48 DOM
12. 2026-06-02
    days on market $369,900 Active 47 DOM
13. 2026-06-01
    days on market $369,900 Active 46 DOM
14. 2026-05-31
    days on market $369,900 Active 45 DOM
15. 2026-04-16
    listed $369,900 Active 242-char remark

    Show marketing remark (242 chars)

    Historic Riverwalk Building located in the heart of North Loop neighborhood! This 2-bedroom unit features original wood beams, updated kitchen with marble tile backsplash, + stainless steel appliances! 1-Parking stall + storage unit included!

16. 2019-09-19
    soldstatus $330,000
17. 2019-09-05
    soldstatus $330,000
18. 2019-08-29
    soldstatus $330,000 Sold 246-char remark

    Show marketing remark (246 chars)

    This is one of the largest units in historic Riverwalk Lofts and is nicely updated. Huge windows, gorgeous masonry, awesome space for entertaining. New air conditioning, dishwasher, and disposal. Come and take a look you will not be disappointed.

19. 2019-07-24
    status Pending 246-char remark

    Show marketing remark (246 chars)

    This is one of the largest units in historic Riverwalk Lofts and is nicely updated. Huge windows, gorgeous masonry, awesome space for entertaining. New air conditioning, dishwasher, and disposal. Come and take a look you will not be disappointed.

20. 2019-07-13
    historical 246-char remark

    Show marketing remark (246 chars)

    This is one of the largest units in historic Riverwalk Lofts and is nicely updated. Huge windows, gorgeous masonry, awesome space for entertaining. New air conditioning, dishwasher, and disposal. Come and take a look you will not be disappointed.

21. 2019-06-28
    listed $340,000 Active 246-char remark

    Show marketing remark (246 chars)

    This is one of the largest units in historic Riverwalk Lofts and is nicely updated. Huge windows, gorgeous masonry, awesome space for entertaining. New air conditioning, dishwasher, and disposal. Come and take a look you will not be disappointed.

22. 2015-09-23
    soldstatus $235,000
23. 2015-09-15
    soldstatus $280,000 Sold
24. 2015-08-03
    status Pending
25. 2015-07-27
    historical Contingent - Inspection
26. 2015-07-23
    listed $279,900 Active
27. 2014-07-11
    soldstatus $235,000
28. 2014-06-03
    soldstatus $235,000 Sold
29. 2014-06-03
    soldstatus $235,000
30. 2014-04-22
    status Pending
31. 2014-04-14
    historical Contingent - Inspection
32. 2014-03-21
    listed $250,000 Active
33. 2014-03-21
    listed $250,000

ⓘ 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: $3,974 · $331/mo
• Projected year-2 tax: $3,974 · $331/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: $34,960
• − Mortgage interest: −$19,040
• − Property taxes: −$3,974
• − Insurance: −$1,700
• − Repairs & maintenance: −$2,797
• − Management: −$2,797
• − HOA: −$9,540
• − Depreciation: −$9,888
• Taxable loss: −$14,774
• Est. tax savings @ 24.0%: +$3,546
• After-tax cash flow: $-5,439/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

+48.0% since first listed

19 events — show timeline

• 2026-04-16 Listed $369,900 NORTHSTARMLS as Distributed by MLS Grid
• 2019-09-19 Sold (Public Records) $330,000 Public Records
• 2019-09-05 Sold (Public Records) $330,000 Public Records
• 2019-08-29 Sold (MLS) $330,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-07-24 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2019-07-13 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-06-28 Listed $340,000 NORTHSTARMLS as Distributed by MLS Grid
• 2015-09-23 Sold (Public Records) $235,000 Public Records
• 2015-09-15 Sold (MLS) $280,000 NORTHSTARMLS as Distributed by MLS Grid
• 2015-08-03 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2015-07-27 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2015-07-23 Listed $279,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-07-11 Sold (Public Records) $235,000 Public Records
• 2014-06-03 Sold (MLS) $235,000 LSAR
• 2014-06-03 Sold (MLS) $235,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-04-22 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2014-04-14 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2014-03-21 Listed $250,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-03-21 Listed $250,000 LSAR

Property tax history

+1.2%/yr

Latest (2025): $3,974 · +4.3% YoY. Source: county tax records.