2616 Cedar Ave S · Minneapolis, MN 55407

$720,000

4 bd · 4.0 ba · 6,384 sqft · MultiFamily public records · 2 Days on market

Built 2002 6,969 sqft lot

---

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 +29.1/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

4plex with 5 bedroom units. Off street parking. Great cash flow. 24 hour notice needed.

Key facts

• 6,969 sq ft lot
• Built 2002
• Listed 2 days

Property features AI

Finance

• Other: Main level finished area and multiple area totals reported (property living/building area 6,384); Lot dimensions approximately 57.32 x 123.43 (0.16 acres)
• Financial info: Four total units; Gross income reported at $120,000; Net operating income reported at $81,435; Expenses listed: Maintenance $9,481; Insurance $4,404; Water/sewer $4,606; Trash $1,172; Fuel $809; Electric $809; Rental license: Standard (licensed); Tenants pay electricity, heat, and hot water

Exterior

• Parking: Parking lot
• Utilities: City water connected; City sewer connected; Electric fuel
• Home design: Residential income property; Two levels; Owner not occupied; No fractional ownership
• Construction: Block foundation
• Exterior features: Vinyl exterior

Interior

• Bedrooms: Total of 20 bedrooms across the property; individual unit types include units with 5 bedrooms
• Bathrooms: Units include full bathrooms (some units have 1 full bathroom)
• Heating & cooling: Baseboard heating
• Interior features: Partially wheelchair accessible with wheelchair ramp(s); Crawl space basement

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/1.0-bath units multifamily listed at $720k.

Deal economics

• At list price, monthly cash flow is $2k ($30k/yr) — positive. Per door: $623/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $720k).
• Cap rate 10.4% 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 (+4.3%/yr); 149 active listings in the ZIP; solid renter incomes; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• At $9,485/mo this rent would consume 145% of the median local household income ($78k/yr) (locally 1583% 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 $5k of loan paydown is wiped out by about $22k 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.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $202k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 34y 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 $350k; list at $720k implies a 106% gain — meaningful room to come down on a strong offer.

Recommended offer $720,000

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. 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. 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 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: 1.32% ✓
• Cap rate: 10.45%
• Cash-on-cash: 14.84%
• DSCR: 1.66
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.3% rent growth · sell at horizon

5-year hold

• IRR: 6.9%
• Equity multiple: 1.27×
• Total profit: $54,858
• Equity at exit: $107,354

10-year hold

• IRR: 17.3%
• Equity multiple: 2.52×
• Total profit: $305,850
• Equity at exit: $62,252

Cash invested: $201,600 (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 55407

• Rents YoY: 4.3%
• Active inventory: 149
• Price-to-rent: 25.3×

Monthly cashflow live

• Estimated rent: $9,485 high
• Mortgage (P&I): −$3,776
• Tax from tax record: −$924 /mo · $11,088/yr
• Insurance: −$300
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,992
• Net cashflow: $2,493

Break-even live

Break-even rent $6,329

Max offer price $720,000

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	1	$9,484
Total (4 units)			$9,485

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: $180,000
• Closing costs: $21,600
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-05-27
   listed $720,000 Active
2. 2022-05-12
   price $2,355
3. 2020-05-27
   soldstatus $350,000
4. 2014-04-16
   soldstatus $335,000
5. 2010-04-01
   soldstatus $280,000 87-char remark

   Show marketing remark (87 chars)

   4plex with 5 bedroom units. Off street parking. Great cash flow. 24 hour notice needed.

6. 2010-02-18
   historical 87-char remark

   Show marketing remark (87 chars)

   4plex with 5 bedroom units. Off street parking. Great cash flow. 24 hour notice needed.

7. 2010-01-27
   listed $275,000 87-char remark

   Show marketing remark (87 chars)

   4plex with 5 bedroom units. Off street parking. Great cash flow. 24 hour notice needed.

8. 2007-12-31
   historical
9. 2007-04-05
   listed $719,900
10. 2007-02-14
    historical
11. 2007-01-08
    historical
12. 2007-01-05
    listed $819,900
13. 2006-07-28
    listed $749,000
14. 2006-07-28
    soldstatus $516,920
15. 2001-10-27
    historical
16. 2001-03-16
    listed $29,900
17. 1992-10-20
    listed $10,500
18. 1990-02-01
    soldstatus $79,000

ⓘ 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: $11,088 · $924/mo
• Projected year-2 tax: $11,088 · $924/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: $113,820
• − Mortgage interest: −$40,331
• − Property taxes: −$11,088
• − Insurance: −$3,600
• − Repairs & maintenance: −$9,106
• − Management: −$9,106
• − Depreciation: −$20,945
• Taxable income: $19,644
• Est. tax owed @ 24.0%: −$4,715
• After-tax cash flow: $25,206/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): 37,667
• Household income: $78,464
• Rent vs Own: 41.1% rent · 58.9% own
• Severe rent burden: 1583.0

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 0.66)
• Race & ethnicity: White 50% Hispanic / Latino 23% Black 18% Two or more races 10% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Portuguese 8% Romanian 3% Lithuanian 2%
• Foreign-born: 18% · Canada, Jamaica
• Languages at home: 68% English-only · Spanish 20% Other Asian/Pacific 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: ▼ -211.97%
• Current HPI: 292.0322
• Rent YoY: ▲ 4.30%
• 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

+811.4% since first listed

18 events — show timeline

• 2026-05-27 Listed $720,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-05-12 Price Changed $2,355 RENT.
• 2020-05-27 Sold (Public Records) $350,000 Public Records
• 2014-04-16 Sold (Public Records) $335,000 Public Records
• 2010-04-01 Sold (MLS) $280,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-02-18 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2010-01-27 Listed $275,000 NORTHSTARMLS as Distributed by MLS Grid
• 2007-12-31 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-04-05 Listed $719,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-02-14 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-01-08 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-01-05 Listed $819,900 NORTHSTARMLS as Distributed by MLS Grid
• 2006-07-28 Sold (Public Records) $516,920 Public Records
• 2006-07-28 Listed $749,000 NORTHSTARMLS as Distributed by MLS Grid
• 2001-10-27 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2001-03-16 Listed $29,900 NORTHSTARMLS as Distributed by MLS Grid
• 1992-10-20 Listed $10,500 NORTHSTARMLS as Distributed by MLS Grid
• 1990-02-01 Sold (Public Records) $79,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $11,088 · +5.0% YoY. Source: county tax records.