1820 1st Ave S #102 · Minneapolis, MN 55403

$70,000

1 bd · 1.0 ba · 531 sqft · Condo public records · 205 Days on market

Built 1925 $132/sqft · 16% below area Est $95k · 26% under $578/mo HOA · 52% of rent ↓ 46% since listing

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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 +15.0/15.0
• 1% rule +10.0/10.0
• Cash flow +3.9/30.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This unit is bursting with character and is ready for your unique touch! With exposed brick and a corner layout, it’s just waiting for the charm a buyer like you can bring. Located just south of downtown Minneapolis, this well-maintained 1BR/1BA condo in a historic brownstone is perfect for a downtown worker, college student, or a solid rental investment. Tucked into a transit-rich area, you'll have entertainment and dining options just blocks away. Come see what makes this home so special!

Key facts

• Exposed brick
• Historic brownstone
• Corner layout

Tags

• EXPOSED BRICK
• CORNER LAYOUT
• HISTORIC BROWNSTONE
• TRANSIT-RICH AREA

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $70k.

Deal economics

• At list price, monthly cash flow is $-198 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $35k (49.9% below list).
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $35k (49.9% 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.
• Market conditions: Rents rising fast (+5.1%/yr); 117 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k 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 205 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 18y ago; this cycle's ask has dropped $8k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 52% of rent; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $35,061 (49.9% 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 205 days. Have you received any prior offers? Is the seller open to a 50% concession, seller financing, or rate buy-down credit?
3. Built in 1925 — 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: 1.60% ✓
• Cap rate: 2.90%
• Cash-on-cash: -12.11%
• DSCR: 0.46
• GRM: 5.2

CMA / ARV

• ARV (median comp): $94,575
• List price: $70,000
• Delta: -25.98%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.1% rent growth · sell at horizon

5-year hold

• IRR: -31.3%
• Equity multiple: -0.08×
• Total profit: $-21,137
• Equity at exit: $10,437

10-year hold

• IRR: -16.9%
• Equity multiple: -0.16×
• Total profit: $-22,703
• Equity at exit: $6,052

Cash invested: $19,600 (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 55403

• Rents YoY: 5.1%
• Active inventory: 117
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,121 high
• Mortgage (P&I): −$367
• Tax from tax record: −$109 /mo · $1,309/yr
• Insurance: −$29
• HOA: −$578
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $-198

Break-even live

Break-even rent $1,371

Max offer price $35,061

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1900 1st Ave S Minneapolis, MN	1.0	1.0	450	$799	$1.78	11d	1	0.01mi
1910 1st Ave S Apt 32 Minneapolis, MN	1.0	1.0	575	$975	$1.70	24d	1	0.03mi
1910 1st Ave S Unit 35 Minneapolis, MN	1.0	1.0	575	$975	$1.70	17d	1	0.04mi
1910 1st Ave S Unit 3 Minneapolis, MN	1.0	1.0	575	$965	$1.68	24d	1	0.04mi
1821 1st Ave S #103 Minneapolis, MN	2.0	1.0	680	$1,595	$2.35	13d	1	0.04mi
1821 1st Ave S Minneapolis, MN	2.0	1.0	700	$1,545	$2.21	3d	2	0.05mi
1821 1st Ave S Minneapolis, MN	1.0–2.0	1.0	620	$1,195	$1.93	43d	2	0.05mi
1900 Stevens Ave #35 Minneapolis, MN	1.0	1.0	579	$1,200	$2.07	43d	1	0.07mi
1901 Stevens Ave #105 Minneapolis, MN	1.0	1.0	700	$950	$1.36	43d	1	0.09mi
10 E 18th St Unit E316 Minneapolis, MN	1.0	1.0	495	$1,150	$2.32	43d	1	0.10mi
10 E 18th St Unit E315 Minneapolis, MN	1.0	1.0	520	$1,344	$2.58	7d	1	0.10mi
10 E 18th St Unit E513 Minneapolis, MN	—	1.0	390	$1,080	$2.77	43d	1	0.10mi
10 E 18th St Unit 1383535P Minneapolis, MN	1.0	1.0	592	$3,594	$6.07	7d	1	0.11mi
10 E 18th St Unit E214 Minneapolis, MN	1.0	1.0	620	$1,445	$2.33	17d	1	0.11mi
10 E 18th St Unit E406 Minneapolis, MN	1.0	1.0	470	$1,233	$2.62	43d	1	0.11mi
10 E 18th St Unit E312 Minneapolis, MN	1.0	1.0	620	$1,357	$2.19	24d	1	0.11mi
10 E 18th St Unit E514 Minneapolis, MN	1.0	1.0	590	$1,444	$2.45	3d	1	0.11mi
10 E 18th St Unit E610 Minneapolis, MN	1.0	1.0	560	$1,494	$2.67	7d	1	0.11mi
10 E 18th St Unit E419 Minneapolis, MN	—	1.0	410	$1,057	$2.58	21d	1	0.11mi
10 E 18th St Unit E102 Minneapolis, MN	1.0	1.0	610	$1,473	$2.41	14d	1	0.11mi
110 E 18th St Minneapolis, MN	2.0	1.0	509	$1,135	$2.23	24d	6	0.12mi
1702 Nicollet Ave Minneapolis, MN	3.0	1.0–2.0	685	$1,413	$2.06	24d	23	0.13mi
128 E 18th St Unit 8 24 Minneapolis, MN	1.0	1.0	512	$945	$1.85	43d	1	0.13mi
128 E 18th St Unit 21 20 Minneapolis, MN	1.0	1.0	410	$870	$2.12	17d	1	0.13mi
128 E 18th St Unit 11 37 Minneapolis, MN	1.0	1.0	420	$895	$2.13	17d	1	0.13mi
128 E 18th St Unit 24 02 Minneapolis, MN	1.0	1.0	750	$1,175	$1.57	43d	1	0.13mi
128 E 18th St Apt 4 Minneapolis, MN	1.0	1.0	600	$990	$1.65	3d	1	0.13mi
128 E 18th St Apt 2 Minneapolis, MN	1.0	1.0	465	$900	$1.94	17d	1	0.13mi
128 E 18th St Unit 13 25 Minneapolis, MN	1.0	1.0	425	$910	$2.14	43d	1	0.14mi
128 E 18th St Unit 24 321 Minneapolis, MN	—	1.0	400	$840	$2.10	24d	1	0.14mi
128 E 18th St Unit 8 35 Minneapolis, MN	1.0	1.0	465	$920	$1.98	43d	1	0.14mi
128 E 18th St Unit 15 05 Minneapolis, MN	1.0	1.0	425	$905	$2.13	43d	1	0.14mi
128 E 18th St Unit 10 211 Minneapolis, MN	1.0	1.0	575	$935	$1.63	24d	1	0.14mi
128 E 18th St Unit 7 02 Minneapolis, MN	1.0	1.0	600	$990	$1.65	43d	1	0.14mi
128 E 18th St Unit 4 34 Minneapolis, MN	1.0	1.0	600	$980	$1.63	24d	1	0.14mi
128 E 18th St Unit 8 06 Minneapolis, MN	1.0	1.0	465	$925	$1.99	17d	1	0.14mi
128 E 18th St Unit 10 305 Minneapolis, MN	1.0	1.0	560	$925	$1.65	43d	1	0.14mi
128 E 18th St Unit 14 26 Minneapolis, MN	1.0	1.0	425	$905	$2.13	24d	1	0.14mi
1912 3rd Ave S Unit SO Minneapolis, MN	1.0	1.0	420	$970	$2.31	43d	1	0.19mi
1920 3rd Ave S #206 Minneapolis, MN	1.0	1.0	420	$999	$2.38	13d	1	0.20mi

HOA detail condo

• Monthly dues: $578 · $6,936/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 39 events

1. 2026-06-17
   status $70,000 Pending 205 DOM
2. 2026-06-17
   days on market $70,000 Contingent - Inspection 205 DOM
3. 2026-06-16
   days on market $70,000 Contingent - Inspection 204 DOM
4. 2026-06-15
   days on market $70,000 Contingent - Inspection 203 DOM
5. 2026-06-13
   days on market $70,000 Contingent - Inspection 201 DOM
6. 2026-06-09
   days on market $70,000 Contingent - Inspection 197 DOM
7. 2026-06-08
   days on market $70,000 Contingent - Inspection 196 DOM
8. 2026-06-07
   days on market $70,000 Contingent - Inspection 195 DOM
9. 2026-06-04
   days on market $70,000 Contingent - Inspection 192 DOM
10. 2026-06-03
    statusdays on market $70,000 Contingent - Inspection 191 DOM
11. 2026-06-02
    days on market $70,000 Active 190 DOM
12. 2026-06-01
    days on market $70,000 Active 189 DOM
13. 2026-05-31
    days on market $70,000 Active 188 DOM
14. 2026-03-31
    price $70,000 501-char remark

    Show marketing remark (501 chars)

    This unit is bursting with character and is ready for your unique touch! With exposed brick and a corner layout, it’s just waiting for the charm a buyer like you can bring. Located just south of downtown Minneapolis, this well-maintained 1BR/1BA condo in a historic brownstone is perfect for a downtown worker, college student, or a solid rental investment. Tucked into a transit-rich area, you'll have entertainment and dining options just blocks away. Come see what makes this home so special!

15. 2026-03-06
    price $72,000 501-char remark

    Show marketing remark (501 chars)

    This unit is bursting with character and is ready for your unique touch! With exposed brick and a corner layout, it’s just waiting for the charm a buyer like you can bring. Located just south of downtown Minneapolis, this well-maintained 1BR/1BA condo in a historic brownstone is perfect for a downtown worker, college student, or a solid rental investment. Tucked into a transit-rich area, you'll have entertainment and dining options just blocks away. Come see what makes this home so special!

16. 2025-12-29
    price $75,000 501-char remark

    Show marketing remark (501 chars)

    This unit is bursting with character and is ready for your unique touch! With exposed brick and a corner layout, it’s just waiting for the charm a buyer like you can bring. Located just south of downtown Minneapolis, this well-maintained 1BR/1BA condo in a historic brownstone is perfect for a downtown worker, college student, or a solid rental investment. Tucked into a transit-rich area, you'll have entertainment and dining options just blocks away. Come see what makes this home so special!

17. 2025-11-21
    listed $78,000 Active 501-char remark

    Show marketing remark (501 chars)

    This unit is bursting with character and is ready for your unique touch! With exposed brick and a corner layout, it’s just waiting for the charm a buyer like you can bring. Located just south of downtown Minneapolis, this well-maintained 1BR/1BA condo in a historic brownstone is perfect for a downtown worker, college student, or a solid rental investment. Tucked into a transit-rich area, you'll have entertainment and dining options just blocks away. Come see what makes this home so special!

18. 2025-10-19
    historical
19. 2025-07-29
    price $80,000
20. 2025-07-07
    price $82,500
21. 2025-04-24
    listed $85,000 Active
22. 2025-04-15
    historical
23. 2025-03-07
    price $90,000
24. 2024-12-06
    price $92,500
25. 2024-10-24
    listed $95,000 Active
26. 2024-09-26
    historical $949
27. 2024-09-10
    listed $949
28. 2024-09-01
    historical $949
29. 2024-08-22
    price $949
30. 2024-07-08
    price $999
31. 2024-04-30
    listed $1,099
32. 2023-07-08
    historical
33. 2009-05-28
    soldstatus $102,500
34. 2009-05-07
    historical
35. 2009-04-03
    listed $104,900
36. 2009-04-02
    historical
37. 2008-04-11
    listed $108,900
38. 2008-04-07
    historical
39. 2008-01-20
    listed $128,900

ⓘ 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: $1,309 · $109/mo
• Projected year-2 tax: $1,309 · $109/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: $13,451
• − Mortgage interest: −$3,921
• − Property taxes: −$1,309
• − Insurance: −$350
• − Repairs & maintenance: −$1,076
• − Management: −$1,076
• − HOA: −$6,936
• − Depreciation: −$2,036
• Taxable loss: −$3,253
• Est. tax savings @ 24.0%: +$781
• After-tax cash flow: $-1,593/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): 17,601
• Household income: $60,873
• Rent vs Own: 75.0% rent · 25.0% own
• Severe rent burden: 1701.0

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 (69%)
• Race & ethnicity: White 69% Black 14% Two or more races 7% Hispanic / Latino 7% Asian 5% Native American 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 8% Romanian 6% Lithuanian 2%
• Foreign-born: 13% · Canada, South Korea, China
• Languages at home: 85% English-only · Spanish 5% Other Indo-European 3% French/Haitian/Cajun 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: ▼ -89.40%
• Current HPI: 127.1575
• Rent YoY: ▲ 5.10%
• 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

-45.7% since first listed

26 events — show timeline

• 2026-03-31 Price Changed $70,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-06 Price Changed $72,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-29 Price Changed $75,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-21 Listed $78,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-19 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-29 Price Changed $80,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-07 Price Changed $82,500 NORTHSTARMLS as Distributed by MLS Grid
• 2025-04-24 Listed $85,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-04-15 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-03-07 Price Changed $90,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-12-06 Price Changed $92,500 NORTHSTARMLS as Distributed by MLS Grid
• 2024-10-24 Listed $95,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-09-26 Rental Removed $949 APPFOLIO
• 2024-09-10 Listed for Rent $949 APPFOLIO
• 2024-09-01 Rental Removed $949 APPFOLIO
• 2024-08-22 Price Changed $949 APPFOLIO
• 2024-07-08 Price Changed $999 APPFOLIO
• 2024-04-30 Listed for Rent $1,099 APPFOLIO
• 2023-07-08 Rental Removed — RENTLY
• 2009-05-28 Sold (MLS) $102,500 NORTHSTARMLS as Distributed by MLS Grid
• 2009-05-07 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-04-03 Listed $104,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-04-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-04-11 Listed $108,900 NORTHSTARMLS as Distributed by MLS Grid
• 2008-04-07 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-01-20 Listed $128,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+0.9%/yr

Latest (2025): $1,309 · -2.7% YoY. Source: county tax records.