2215 Penn Ave N · Minneapolis, MN 55411

$234,999

3 bd · 1.0 ba · 1,220 sqft · SingleFamily public records · 27 Days on market

Built 1913 5,227 sqft lot Est $243k · at est.

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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 +13.2/30.0
• ARV discount +8.9/15.0
• Rent growth +4.3/5.0
• DSCR +4.0/10.0
• 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

Charming 3 BR home with beautiful original woodwork, built-in buffet, and hardwood floors. Sunny front porch, updated bathroom, and gorgeous open staircase. Privacy fenced back yard and newer 1 stall garage. Property is eligible for down payment/closing cost assistance grant.

Key facts

• 5,227 sq ft lot
• Garage
• Built 1913

Property features AI

Exterior

• Parking: Attached garage with space for 1 car
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; One-and-a-half story layout; Block foundation
• Construction: Block foundation; Stucco and wood construction
• Exterior features: Stucco and wood exterior

Interior

• Kitchen: Main-level kitchen
• Bedrooms: Three bedrooms (two upstairs, one main level)
• Bathrooms: One full bathroom
• Heating & cooling: Boiler (hot water) heating; Window air conditioning units
• Interior features: Dining room; Foyer; Living room; Front and rear porches; Unfinished basement
• Laundry & utility: Hot water boiler heating

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $-3 ($-40/yr) — negative.
• To cash-flow at today's rent, offer at most $234k (0.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $193k (17.7% below list).
• Recommended offer: $193k (17.7% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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 (+7.3%/yr); 133 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 39% 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 27 days — a 2% lower offer ($231k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 34y ago; this cycle's ask is 47% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $160k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,308 (17.7% 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. Built in 1913 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 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: 6.28%
• Cash-on-cash: -0.06%
• DSCR: 1.00
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $242,780
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2806 Penn Ave N	0.48mi	3/2.0	1,080 (-12%)	13mo	$214,500	$199	44

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: -11.9%
• Equity multiple: 0.55×
• Total profit: $-29,492
• Equity at exit: $35,039

10-year hold

• IRR: 2.4%
• Equity multiple: 1.21×
• Total profit: $13,575
• Equity at exit: $20,318

Cash invested: $65,800 (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: 10.1×

Monthly cashflow live

• Estimated rent: $1,933 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$200 /mo · $2,403/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$406
• Net cashflow: $-3

Break-even live

Break-even rent $1,937

Max offer price $234,404

Occupancy floor 95%

Sensitivity live

Price	-10% $130	-5% $63	+0% $-3	+5% $-70	+10% $-136
Rent	-10% $-156	-5% $-80	+0% $-3	+5% $73	+10% $149
Rate	-1.0pp $115	-0.5pp $56	base $-3	+0.5pp $-64	+1.0pp $-126

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2211 Queen Ave N Unit 1 Minneapolis, MN	3.0	1.0	983	$1,695	$1.72	19d	1	0.09mi
2000 W Broadway Ave Minneapolis, MN	2.0	1.0	952	$1,350	$1.42	9d	4	0.13mi
2324 Logan Ave N Minneapolis, MN	4.0	1.5	1400	$2,300	$1.64	45d	1	0.18mi
2323 26th Ave N Minneapolis, MN	2.0	1.0	807	$1,717	$2.13	16d	3	0.26mi
2411 Golden Valley Rd Unit 2 Minneapolis, MN	4.0	2.0	1200	$2,395	$2.00	16d	1	0.28mi
2356 N Thomas Ave Unit 2 Minneapolis, MN	3.0	1.0	1000	$1,800	$1.80	45d	1	0.29mi
1523 22nd Ave N Minneapolis, MN	3.0	1.0	943	$1,695	$1.80	16d	1	0.39mi
1649 Russell Ave N Unit 2 Minneapolis, MN	3.0	1.0	1011	$1,700	$1.68	21d	1	0.40mi
1649 Russell Ave N Unit 2 Minneapolis, MN	3.0	1.0	1011	$1,650	$1.63	0d	1	0.40mi
1510 N 22nd Ave #1 Minneapolis, MN	3.0	1.0	1500	$1,875	$1.25	23d	1	0.40mi
1510 N 22nd Ave #1 Minneapolis, MN	3.0	1.0	1500	$1,875	$1.25	5d	1	0.40mi
1507 N Newton Ave Unit 2 Minneapolis, MN	4.0	1.0	1068	$1,499	$1.40	45d	1	0.53mi
1429 Knox Ave N Unit 1429 Minneapolis, MN	4.0	1.0	1260	$1,995	$1.58	45d	1	0.62mi
2124 Fremont Ave N Minneapolis, MN	2.0	1.0	1050	$1,580	$1.50	3d	1	0.62mi
2703 Humboldt Ave N Minneapolis, MN	3.0	1.0	1218	$1,450	$1.19	23d	1	0.62mi
2947 Morgan Ave N Minneapolis, MN	2.0	1.0	1106	$1,950	$1.76	15d	1	0.65mi
2947 Morgan Ave N Minneapolis, MN	2.0	1.0	1106	$1,950	$1.76	0d	1	0.65mi
1816 Zephyr Pl Minneapolis, MN	3.0	1.0	1120	$2,050	$1.83	45d	1	0.66mi
1255 Queen Ave N Minneapolis, MN	1.0–2.0	1.0	633	$1,419	$2.24	4d	4	0.75mi
2620 Emerson Ave N Minneapolis, MN	3.0	1.0	877	$1,900	$2.17	0d	1	0.75mi
2419 Plymouth Ave N Minneapolis, MN	2.0–3.0	1.0	836	$1,795	$2.15	5d	2	0.76mi
3114 Morgan Ave N Minneapolis, MN	4.0	2.0	1362	$2,000	$1.47	15d	1	0.76mi
1239 Sheridan Ave N Minneapolis, MN	1.0–2.0	1.0	795	$1,250	$1.57	5d	4	0.77mi
1407 N Girard Ave Unit 2 Minneapolis, MN	2.0	1.0	1472	$1,900	$1.29	19d	1	0.79mi
1237 Knox Ave N Unit 1237 Minneapolis, MN	3.0	1.0	1196	$1,900	$1.59	5d	1	0.81mi
835 W Broadway Ave Minneapolis, MN	1.0–2.0	1.0–2.0	849	$2,150	$2.53	4d	7	0.88mi
3105 N Girard Ave Unit 2 Minneapolis, MN	4.0	1.0	1250	$2,300	$1.84	25d	1	0.89mi
3255 N Logan Ave Unit 2 Minneapolis, MN	2.0	1.0	900	$995	$1.11	19d	1	0.91mi
1016 N Newton Ave Unit 4 Minneapolis, MN	3.0	1.0	1009	$1,895	$1.88	45d	1	0.94mi
2900 N Colfax Ave Unit 2 Minneapolis, MN	2.0	1.0	1200	$1,345	$1.12	25d	1	0.97mi
1030 Knox Ave N Apt 2 Minneapolis, MN	4.0	1.0	900	$2,099	$2.33	45d	1	0.98mi
3315 James Ave N Minneapolis, MN	4.0	1.0	1400	$2,100	$1.50	5d	1	0.99mi
2600 France Ave N Unit 2600 Minneapolis, MN	2.0	1.5	1100	$1,599	$1.45	5d	1	1.04mi
816 Queen Ave N Minneapolis, MN	3.0	1.0	1200	$1,895	$1.58	45d	1	1.05mi
318 N 27th Ave #2 Minneapolis, MN	3.0	1.0	1200	$1,800	$1.50	5d	1	1.22mi
318 N 27th Ave #2 Minneapolis, MN	3.0	1.0	1200	$1,800	$1.50	45d	1	1.22mi
519 Penn Ave N Minneapolis, MN	4.0	2.0	1500	$2,195	$1.46	0d	1	1.29mi
519 Penn Ave N Minneapolis, MN	4.0	2.0	1500	$2,195	$1.46	16d	1	1.29mi
519 Penn Ave N Minneapolis, MN	4.0	2.0	1500	$2,195	$1.46	9d	1	1.29mi
3211 N 6th St Unit 2 Minneapolis, MN	4.0	1.0	900	$1,450	$1.61	25d	1	1.31mi

Listing history 35 events

1. 2026-06-21
   days on market $234,999 Active 27 DOM
2. 2026-06-18
   days on market $234,999 Active 24 DOM
3. 2026-06-17
   days on market $234,999 Active 23 DOM
4. 2026-06-16
   days on market $234,999 Active 22 DOM
5. 2026-06-15
   days on market $234,999 Active 21 DOM
6. 2026-06-13
   days on market $234,999 Active 19 DOM
7. 2026-06-09
   days on market $234,999 Active 15 DOM
8. 2026-06-08
   days on market $234,999 Active 14 DOM
9. 2026-06-07
   days on market $234,999 Active 13 DOM
10. 2026-06-04
    days on market $234,999 Active 10 DOM
11. 2026-06-03
    days on market $234,999 Active 9 DOM
12. 2026-06-02
    days on market $234,999 Active 8 DOM
13. 2026-06-01
    days on market $234,999 Active 7 DOM
14. 2026-05-31
    days on market $234,999 Active 6 DOM
15. 2026-05-22
    historical $234,999
16. 2019-09-26
    soldstatus $159,900
17. 2019-09-17
    soldstatus $159,900 Sold 277-char remark

    Show marketing remark (277 chars)

    Charming 3 BR home with beautiful original woodwork, built-in buffet, and hardwood floors. Sunny front porch, updated bathroom, and gorgeous open staircase. Privacy fenced back yard and newer 1 stall garage. Property is eligible for down payment/closing cost assistance grant.

18. 2019-08-04
    status Pending 277-char remark

    Show marketing remark (277 chars)

    Charming 3 BR home with beautiful original woodwork, built-in buffet, and hardwood floors. Sunny front porch, updated bathroom, and gorgeous open staircase. Privacy fenced back yard and newer 1 stall garage. Property is eligible for down payment/closing cost assistance grant.

19. 2019-07-21
    historical Contingent - Inspection 277-char remark

    Show marketing remark (277 chars)

    Charming 3 BR home with beautiful original woodwork, built-in buffet, and hardwood floors. Sunny front porch, updated bathroom, and gorgeous open staircase. Privacy fenced back yard and newer 1 stall garage. Property is eligible for down payment/closing cost assistance grant.

20. 2019-07-10
    listed $159,900 Active 277-char remark

    Show marketing remark (277 chars)

    Charming 3 BR home with beautiful original woodwork, built-in buffet, and hardwood floors. Sunny front porch, updated bathroom, and gorgeous open staircase. Privacy fenced back yard and newer 1 stall garage. Property is eligible for down payment/closing cost assistance grant.

21. 2003-09-26
    soldstatus $128,900
22. 2003-08-29
    soldstatus $129,900 259-char remark

    Show marketing remark (259 chars)

    Remodeled! New carpet! New kitchen vinyl! Interior freshly painted! Beautiful natural woodwork including built-in buffet! New garage roof! All MTIH R&R's done! Move-in condition! Immediate possession! Seller has not lived in home. As-Is Addendum required.

23. 2003-07-20
    historical 259-char remark

    Show marketing remark (259 chars)

    Remodeled! New carpet! New kitchen vinyl! Interior freshly painted! Beautiful natural woodwork including built-in buffet! New garage roof! All MTIH R&R's done! Move-in condition! Immediate possession! Seller has not lived in home. As-Is Addendum required.

24. 2003-05-28
    listed $129,900 259-char remark

    Show marketing remark (259 chars)

    Remodeled! New carpet! New kitchen vinyl! Interior freshly painted! Beautiful natural woodwork including built-in buffet! New garage roof! All MTIH R&R's done! Move-in condition! Immediate possession! Seller has not lived in home. As-Is Addendum required.

25. 2003-04-10
    soldstatus $102,000
26. 2003-03-31
    soldstatus $102,000
27. 2003-02-21
    historical
28. 2003-02-05
    listed $109,900
29. 1996-06-07
    historical
30. 1996-01-28
    listed $44,900
31. 1994-05-08
    historical
32. 1993-11-08
    listed $49,900
33. 1993-01-13
    soldstatus $49,900
34. 1992-12-02
    soldstatus $49,900
35. 1992-08-07
    listed $49,900

ⓘ 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: $2,403 · $200/mo
• Projected year-2 tax: $2,517 · $210/mo
• Expected delta: +$115/yr (+$10/mo · 4.8%)

ⓘ 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: $23,197
• − Mortgage interest: −$13,164
• − Property taxes: −$2,403
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,856
• − Management: −$1,856
• − Depreciation: −$6,836
• Taxable loss: −$4,092
• Est. tax savings @ 24.0%: +$982
• After-tax cash flow: $942/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

+370.9% since first listed

21 events — show timeline

• 2026-05-22 Coming Soon $234,999 NORTHSTARMLS as Distributed by MLS Grid
• 2019-09-26 Sold (Public Records) $159,900 Public Records
• 2019-09-17 Sold (MLS) $159,900 NORTHSTARMLS as Distributed by MLS Grid
• 2019-08-04 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2019-07-21 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2019-07-10 Listed $159,900 NORTHSTARMLS as Distributed by MLS Grid
• 2003-09-26 Sold (Public Records) $128,900 Public Records
• 2003-08-29 Sold (MLS) $129,900 NORTHSTARMLS as Distributed by MLS Grid
• 2003-07-20 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2003-05-28 Listed $129,900 NORTHSTARMLS as Distributed by MLS Grid
• 2003-04-10 Sold (Public Records) $102,000 Public Records
• 2003-03-31 Sold (MLS) $102,000 NORTHSTARMLS as Distributed by MLS Grid
• 2003-02-21 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2003-02-05 Listed $109,900 NORTHSTARMLS as Distributed by MLS Grid
• 1996-06-07 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1996-01-28 Listed $44,900 NORTHSTARMLS as Distributed by MLS Grid
• 1994-05-08 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1993-11-08 Listed $49,900 NORTHSTARMLS as Distributed by MLS Grid
• 1993-01-13 Sold (Public Records) $49,900 Public Records
• 1992-12-02 Sold (MLS) $49,900 NORTHSTARMLS as Distributed by MLS Grid
• 1992-08-07 Listed $49,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+8.6%/yr

Latest (2025): $2,403 · +3.6% YoY. Source: county tax records.