2444 1st Ave S · Minneapolis, MN 55404

$515,000

8 bd · 3.0 ba · 3,046 sqft · MultiFamily public records · 29 Days on market

Built 1909 6,098 sqft lot

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Why this score? — see what drove the B- 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 +28.3/30.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.5/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• 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

1909 Victorian Whittier triplex. Built in buffets w/ lead windows, natural wood trim & floors. This triplex has been updated & renovated w/ many amenities. All units have new carpet in BR`s & lots of natural light. Unit # 3-1 BR/1 BA-$475 rent.

Key facts

• Triplex
• Private parking
• Artist studio

Tags

• TRIPLEX
• ARTIST STUDIO
• PRIVATE PARKING
• EASY ACCESS TO 35W
• DOWNTOWN

Property features AI

Finance

• Other: Owner-occupied: No; Above grade finished area approximately 2,504; Below grade finished area approximately 505; Living area approximately 3,009; Lot dimensions about 49 x 126 (0.14 acres)
• Financial info: 3 total units; Gross income: $40,075; Net operating income: $9,155.56; Owner pays sewer, water and trash collection; Tenants pay electricity, fuel, gas and heat

Exterior

• Parking: Open parking
• Utilities: City water connected; City sewer connected; Natural gas; Electric with circuit breakers
• Home design: Residential income property (triplex); More than 2 stories; Entry includes front porch
• Construction: Other construction materials; Asphalt roof (age 8 years or less); Other foundation
• Exterior features: Wood exterior; Wood fencing; Light tree coverage on lot; City street frontage, public maintained road

Interior

• Kitchen: Ranges; Refrigerators
• Bedrooms: 5 total bedrooms; Unit breakdown: two 2-bedroom units and one 1-bedroom unit
• Bathrooms: 3 total full bathrooms (one in each unit)
• Heating & cooling: Baseboard heating; Boiler
• Interior features: Full basement; Front porch
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $515k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $549/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $515k).
• Recommended offer: $507k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.1% 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 (+1.0%/yr); 103 active listings in the ZIP; lower-income renter base — watch delinquency; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• At $6,730/mo this rent would consume 193% of the median local household income ($42k/yr) (locally 2999% 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 $15k 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 29 days — a 2% lower offer ($507k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 24y 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.
• Current owner paid $390k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $507,275 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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: 1.31% ✓
• Cap rate: 10.13%
• Cash-on-cash: 13.72%
• DSCR: 1.61
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.0% rent growth · sell at horizon

5-year hold

• IRR: 1.6%
• Equity multiple: 1.06×
• Total profit: $8,407
• Equity at exit: $76,788

10-year hold

• IRR: 9.0%
• Equity multiple: 1.63×
• Total profit: $90,827
• Equity at exit: $44,528

Cash invested: $144,200 (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 55404

• Home prices YoY: -33.3%
• Rents YoY: 1.0%
• Active inventory: 103
• Price-to-rent: 19.1×

Monthly cashflow live

• Estimated rent: $6,730 medium
• Mortgage (P&I): −$2,701
• Tax from tax record: −$753 /mo · $9,040/yr
• Insurance: −$215
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,413
• Net cashflow: $1,648

Break-even live

Break-even rent $4,644

Max offer price $515,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$6,729
Total (3 units)			$6,730

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: $128,750
• Closing costs: $15,450
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $515,000 Active 29 DOM
2. 2026-06-17
   days on market $515,000 Active 28 DOM
3. 2026-06-16
   days on market $515,000 Active 27 DOM
4. 2026-06-15
   days on market $515,000 Active 26 DOM
5. 2026-06-13
   days on market $515,000 Active 24 DOM
6. 2026-06-09
   days on market $515,000 Active 20 DOM
7. 2026-06-08
   days on market $515,000 Active 19 DOM
8. 2026-06-07
   days on market $515,000 Active 18 DOM
9. 2026-06-04
   days on market $515,000 Active 15 DOM
10. 2026-06-03
    days on market $515,000 Active 14 DOM
11. 2026-06-02
    days on market $515,000 Active 13 DOM
12. 2026-06-01
    days on market $515,000 Active 12 DOM
13. 2026-05-31
    days on market $515,000 Active 11 DOM
14. 2026-05-20
    listed $515,000 Active
15. 2002-07-05
    soldstatus $390,000
16. 2002-05-31
    soldstatus $390,000 256-char remark

    Show marketing remark (256 chars)

    1909 Victorian Whittier triplex. Built in buffets w/ lead windows, natural wood trim & floors. This triplex has been updated & renovated w/ many amenities. All units have new carpet in BR`s & lots of natural light. Unit # 3-1 BR/1 BA-$475 rent.

17. 2002-04-06
    historical 256-char remark

    Show marketing remark (256 chars)

    1909 Victorian Whittier triplex. Built in buffets w/ lead windows, natural wood trim & floors. This triplex has been updated & renovated w/ many amenities. All units have new carpet in BR`s & lots of natural light. Unit # 3-1 BR/1 BA-$475 rent.

18. 2002-03-18
    listed $398,500 256-char remark

    Show marketing remark (256 chars)

    1909 Victorian Whittier triplex. Built in buffets w/ lead windows, natural wood trim & floors. This triplex has been updated & renovated w/ many amenities. All units have new carpet in BR`s & lots of natural light. Unit # 3-1 BR/1 BA-$475 rent.

19. 1987-08-01
    soldstatus $88,000

ⓘ 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: $9,040 · $753/mo
• Projected year-2 tax: $9,040 · $753/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: $80,760
• − Mortgage interest: −$28,848
• − Property taxes: −$9,040
• − Insurance: −$2,575
• − Repairs & maintenance: −$6,461
• − Management: −$6,461
• − Depreciation: −$14,982
• Taxable income: $12,394
• Est. tax owed @ 24.0%: −$2,975
• After-tax cash flow: $16,803/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): 28,920
• Household income: $41,940
• Rent vs Own: 82.5% rent · 17.5% own
• Severe rent burden: 2999.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 36% Black 32% Hispanic / Latino 20% Two or more races 10% Native American 5% Asian 4%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 5% Romanian 3% Lithuanian 3%
• Foreign-born: 24% · Canada, China, United Kingdom
• Languages at home: 63% English-only · Spanish 13% Other Asian/Pacific 2% French/Haitian/Cajun 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: ▼ -112.31%
• Current HPI: 224.8886
• Rent YoY: ▲ 1.00%
• 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

+485.2% since first listed

6 events — show timeline

• 2026-05-20 Listed $515,000 NORTHSTARMLS as Distributed by MLS Grid
• 2002-07-05 Sold (Public Records) $390,000 Public Records
• 2002-05-31 Sold (MLS) $390,000 NORTHSTARMLS as Distributed by MLS Grid
• 2002-04-06 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2002-03-18 Listed $398,500 NORTHSTARMLS as Distributed by MLS Grid
• 1987-08-01 Sold (Public Records) $88,000 Public Records

Property tax history

+5.4%/yr

Latest (2025): $9,040 · +41.6% YoY. Source: county tax records.