2314 Thomas Ave N · Minneapolis, MN 55411

$224,900

3 bd · 1.0 ba · 897 sqft · SingleFamily public records · 17 Days on market

Built 1909 5,227 sqft lot

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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).

• Cash flow +14.5/30.0
• ARV discount +7.5/15.0
• DSCR +4.4/10.0
• Rent growth +4.3/5.0
• Livability +3.9/5.0
• Schools +3.5/10.0
• 1% rule +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cute and affordable 2 bedroom home offering maintenance free siding and roof both done approximately 5 years ago. This home is ready for it's new homeowner to add their personal touch.

Key facts

• New kitchen
• Spacious countertops
• New cabinets

Tags

• NEW KITCHEN
• TILE BACKSPLASH
• STAINLESS STEEL APPLIANCES
• NEW CABINETS
• SPACIOUS COUNTERTOPS
• BREAKFAST COUNTER

Property features AI

Exterior

• Parking: On-street parking only
• Utilities: City water; City sewer; Natural gas; 100 amp electric service with circuit breakers
• Home design: Residential property; One and one-half stories; Entry includes front porch
• Construction: Block foundation; Roof replaced within last 8 years
• Exterior features: Front porch; Vinyl exterior; Lot dimensions approximately 40 x 128

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator; Stainless steel appliances; Breakfast bar
• Bedrooms: 3 bedrooms (one bedroom on main level, additional bedrooms on main and upper levels)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Full basement; Breakfast bar; Separate/formal dining room; Porch; Washer/dryer hookup; Stainless steel appliances
• Laundry & utility: Washer; Dryer; Washer/Dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $51 ($607/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $184k (18.0% below list).
• Recommended offer: $184k (18.0% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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.
• Zoned schools: Lucy Laney Elementary (math 8% / reading 17%, grade F, #800 of 857 statewide, top 95%, 339 students, 89% FRL); Franklin Middle (math 2% / reading 8%, grade F, #255 of 258 statewide, top 100%, 287 students, 89% FRL); Henry High (reading 70%, 858 students, 80% FRL) — zoned schools average 86% FRL vs 58% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 9% at this address vs 40% district-wide (-32 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 (+7.3%/yr); 133 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• This rent runs 37% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 17 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 28y 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 $107k; list at $225k implies a 110% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $184,457 (18.0% below list)

Questions for the listing agent

1. Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.82% ✗
• Cap rate: 6.56%
• Cash-on-cash: 0.96%
• DSCR: 1.04
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $140,829
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3020 Queen Ave N	0.67mi	2/1.0 (-1)	956 (+7%)	15mo	$150,000	$157	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 7.35% rent growth · sell at horizon

5-year hold

• IRR: -10.4%
• Equity multiple: 0.61×
• Total profit: $-24,858
• Equity at exit: $33,533

10-year hold

• IRR: 3.7%
• Equity multiple: 1.32×
• Total profit: $20,078
• Equity at exit: $19,445

Cash invested: $62,972 (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 55411

• Home prices YoY: -8.7%
• Rents YoY: 7.3%
• Active inventory: 133
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,845 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$134 /mo · $1,602/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$387
• Net cashflow: $51

Break-even live

Break-even rent $1,781

Max offer price $224,900

Occupancy floor 92%

Sensitivity live

Price	-10% $178	-5% $114	+0% $51	+5% $-13	+10% $-77
Rent	-10% $-95	-5% $-22	+0% $51	+5% $123	+10% $196
Rate	-1.0pp $164	-0.5pp $108	base $51	+0.5pp $-8	+1.0pp $-67

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2356 N Thomas Ave Unit 2 Minneapolis, MN	3.0	1.0	1000	$1,800	$1.80	45d	1	0.07mi
2211 Queen Ave N Unit 1 Minneapolis, MN	3.0	1.0	983	$1,695	$1.72	19d	1	0.17mi
2323 26th Ave N Minneapolis, MN	2.0	1.0	807	$1,717	$2.13	16d	3	0.22mi
2000 W Broadway Ave Minneapolis, MN	2.0	1.0	952	$1,350	$1.42	9d	4	0.39mi
1649 Russell Ave N Unit 2 Minneapolis, MN	3.0	1.0	1011	$1,700	$1.68	21d	1	0.45mi
1649 Russell Ave N Unit 2 Minneapolis, MN	3.0	1.0	1011	$1,650	$1.63	0d	1	0.45mi
1816 Zephyr Pl Minneapolis, MN	3.0	1.0	1120	$2,050	$1.83	45d	1	0.48mi
1523 22nd Ave N Minneapolis, MN	3.0	1.0	943	$1,695	$1.80	16d	1	0.64mi
1507 N Newton Ave Unit 2 Minneapolis, MN	4.0	1.0	1068	$1,499	$1.40	45d	1	0.69mi
2947 Morgan Ave N Minneapolis, MN	2.0	1.0	1106	$1,950	$1.76	1d	1	0.69mi
2947 Morgan Ave N Minneapolis, MN	2.0	1.0	1106	$1,950	$1.76	15d	1	0.69mi
2600 France Ave N Unit 2600 Minneapolis, MN	2.0	1.5	1100	$1,599	$1.45	6d	1	0.79mi
2419 Plymouth Ave N Minneapolis, MN	2.0–3.0	1.0	836	$1,795	$2.15	5d	2	0.81mi
1239 Sheridan Ave N Minneapolis, MN	1.0–2.0	1.0	795	$1,250	$1.57	5d	4	0.81mi
1255 Queen Ave N Minneapolis, MN	1.0–2.0	1.0	633	$1,419	$2.24	4d	4	0.83mi
2124 Fremont Ave N Minneapolis, MN	2.0	1.0	1050	$1,580	$1.50	3d	1	0.87mi
3255 N Logan Ave Unit 2 Minneapolis, MN	2.0	1.0	900	$995	$1.11	19d	1	0.94mi
1407 N 15th Ave Unit 2 Minneapolis, MN	2.0	1.0	687	$1,300	$1.89	45d	1	0.95mi
2620 Emerson Ave N Minneapolis, MN	3.0	1.0	877	$1,900	$2.17	1d	1	0.96mi
1016 N Newton Ave Unit 4 Minneapolis, MN	3.0	1.0	1009	$1,895	$1.88	45d	1	1.07mi
835 W Broadway Ave Minneapolis, MN	1.0–2.0	1.0–2.0	849	$2,150	$2.53	4d	7	1.13mi
1030 Knox Ave N Apt 2 Minneapolis, MN	4.0	1.0	900	$2,099	$2.33	45d	1	1.15mi
3211 N 6th St Unit 2 Minneapolis, MN	4.0	1.0	900	$1,450	$1.61	26d	1	1.47mi

Listing history 18 events

1. 2026-05-03
   status Pending
2. 2026-04-22
   historical Contingent - Inspection
3. 2026-04-08
   listed $224,900 Active
4. 2024-01-29
   soldstatus $107,000
5. 2024-01-23
   soldstatus $107,000 Sold 185-char remark

   Show marketing remark (185 chars)

   Cute and affordable 2 bedroom home offering maintenance free siding and roof both done approximately 5 years ago. This home is ready for it's new homeowner to add their personal touch.

6. 2024-01-14
   status Pending 185-char remark

   Show marketing remark (185 chars)

   Cute and affordable 2 bedroom home offering maintenance free siding and roof both done approximately 5 years ago. This home is ready for it's new homeowner to add their personal touch.

7. 2024-01-08
   historical Contingent - Inspection 185-char remark

   Show marketing remark (185 chars)

   Cute and affordable 2 bedroom home offering maintenance free siding and roof both done approximately 5 years ago. This home is ready for it's new homeowner to add their personal touch.

8. 2023-11-16
   status Active 185-char remark

   Show marketing remark (185 chars)

   Cute and affordable 2 bedroom home offering maintenance free siding and roof both done approximately 5 years ago. This home is ready for it's new homeowner to add their personal touch.

9. 2023-11-16
   price $125,000 185-char remark

   Show marketing remark (185 chars)

   Cute and affordable 2 bedroom home offering maintenance free siding and roof both done approximately 5 years ago. This home is ready for it's new homeowner to add their personal touch.

10. 2023-11-14
    historical Contingent - Inspection 185-char remark

    Show marketing remark (185 chars)

    Cute and affordable 2 bedroom home offering maintenance free siding and roof both done approximately 5 years ago. This home is ready for it's new homeowner to add their personal touch.

11. 2023-09-28
    price $140,000 185-char remark

    Show marketing remark (185 chars)

    Cute and affordable 2 bedroom home offering maintenance free siding and roof both done approximately 5 years ago. This home is ready for it's new homeowner to add their personal touch.

12. 2023-08-22
    price $150,000 185-char remark

    Show marketing remark (185 chars)

    Cute and affordable 2 bedroom home offering maintenance free siding and roof both done approximately 5 years ago. This home is ready for it's new homeowner to add their personal touch.

13. 2023-08-12
    listed $160,000 Active 185-char remark

    Show marketing remark (185 chars)

    Cute and affordable 2 bedroom home offering maintenance free siding and roof both done approximately 5 years ago. This home is ready for it's new homeowner to add their personal touch.

14. 2023-08-04
    historical $160,000 185-char remark

    Show marketing remark (185 chars)

    Cute and affordable 2 bedroom home offering maintenance free siding and roof both done approximately 5 years ago. This home is ready for it's new homeowner to add their personal touch.

15. 1999-10-26
    soldstatus $74,000
16. 1999-07-16
    soldstatus $27,500
17. 1999-05-25
    historical
18. 1998-11-21
    listed $29,900

ⓘ 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: $1,602 · $134/mo
• Projected year-2 tax: $2,061 · $172/mo
• Expected delta: +$458/yr (+$38/mo · 28.6%)

ⓘ 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: $22,135
• − Mortgage interest: −$12,598
• − Property taxes: −$1,602
• − Insurance: −$1,124
• − Repairs & maintenance: −$1,771
• − Management: −$1,771
• − Depreciation: −$6,543
• Taxable loss: −$3,274
• Est. tax savings @ 24.0%: +$786
• After-tax cash flow: $1,393/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): 27,741
• Household income: $60,225
• Rent vs Own: 47.3% rent · 52.7% own
• Severe rent burden: 1826.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Black 49% White 23% Two or more races 11% Hispanic / Latino 11% Asian 9%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Portuguese 3% Lithuanian 2% Italian 1%
• Foreign-born: 19% · Canada, Guatemala
• Languages at home: 68% English-only · Other Asian/Pacific 8% Spanish 8%

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: ▼ -33.91%
• Current HPI: 356.6758
• Rent YoY: ▲ 7.35%
• 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

+652.2% since first listed

18 events — show timeline

• 2026-05-03 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-22 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-08 Listed $224,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-01-29 Sold (Public Records) $107,000 Public Records
• 2024-01-23 Sold (MLS) $107,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-01-14 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2024-01-08 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2023-11-16 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2023-11-16 Price Changed $125,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-11-14 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2023-09-28 Price Changed $140,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-08-22 Price Changed $150,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-08-12 Listed $160,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-08-04 Coming Soon $160,000 NORTHSTARMLS as Distributed by MLS Grid
• 1999-10-26 Sold (Public Records) $74,000 Public Records
• 1999-07-16 Sold (MLS) $27,500 NORTHSTARMLS as Distributed by MLS Grid
• 1999-05-25 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1998-11-21 Listed $29,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+6.1%/yr

Latest (2025): $1,602 · -43.7% YoY. Source: county tax records.