2934 Aldrich Ave N · Minneapolis, MN 55411

$264,900

6 bd · 2.0 ba · 1,876 sqft · MultiFamily public records · 31 Days on market

Built 2002 4,791 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• Rent growth +4.3/5.0
• Livability +3.9/5.0
• 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: 1 unit. 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

6 BEDROOMS! SECT 8 APPROVED GREAT RENTAL OPPORTUNITY. CORPORATE OWNED & SOLD AS-IS. PRE-QUAL LETTER TO ACCOMPANY OFFER. A SPECIAL ADDENDUM TO BE PART OF FINAL CONTRACT. SELLER RESERVES THE RIGHT TO NEGOTIATE REGARDLESS OF SUBMISSION DATE/TIME.

Key facts

• 4,791 sq ft lot
• Built 2002
• Listed 31 days

Property features AI

Exterior

• Parking: On-street parking only
• Utilities: City water connected; City sewer connected; Electric fuel
• Home design: Residential property; Two levels
• Construction: Asphalt roof; Foundation area approximately 938 (unit not specified)
• Exterior features: Lot approximately 0.11 acres (dimensions 40 x 124)

Interior

• Kitchen: Range; Microwave; Refrigerator; Stainless steel appliances
• Bedrooms: 6 bedrooms total; Upper-level bedrooms: four bedrooms located on the upper level (dimensions include 13x10, 13x10, 11x10, 10x10); Main-level bedrooms: one bedroom on the main level (11x10) and one additional bedroom-sized room listed as Bedroom 5 (10x10) on the upper level
• Bathrooms: 2 full bathrooms (one on the main floor, one on the upper level)
• Heating & cooling: Baseboard heating; No central air / no cooling
• Interior features: Separate/formal dining room; Crawl space basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Recommended offer: $257k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.7% 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: Nellie Stone Johnson Elementary (math 2% / reading 17%, grade F, #829 of 857 statewide, top 98%, 201 students, 96% 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 88% FRL vs 58% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 7% at this address vs 40% district-wide (-33 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; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• At $3,468/mo this rent would consume 69% of the median local household income ($60k/yr) (locally 1826% 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 $2k of loan paydown is wiped out by about $8k 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 + 7.3% rent growth), your $74k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($257k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 22y 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 $170k; list at $265k implies a 56% gain — meaningful room to come down on a strong offer.

Recommended offer $256,953 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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. 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.
5. 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.
6. 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: 11.66%
• Cash-on-cash: 19.16%
• DSCR: 1.85
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 15.4%
• Equity multiple: 1.65×
• Total profit: $48,214
• Equity at exit: $39,497

10-year hold

• IRR: 26.9%
• Equity multiple: 3.83×
• Total profit: $209,743
• Equity at exit: $22,904

Cash invested: $74,172 (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: 12.7×

Monthly cashflow live

• Estimated rent: $3,468 high
• Mortgage (P&I): −$1,389
• Tax from tax record: −$56 /mo · $674/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$728
• Net cashflow: $1,184

Break-even live

Break-even rent $1,969

Max offer price $264,900

Occupancy floor 61%

Sensitivity live

Price	-10% $1,334	-5% $1,259	+0% $1,184	+5% $1,109	+10% $1,034
Rent	-10% $910	-5% $1,047	+0% $1,184	+5% $1,321	+10% $1,458
Rate	-1.0pp $1,317	-0.5pp $1,251	base $1,184	+0.5pp $1,115	+1.0pp $1,046

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,468
Total (2 units)			$3,468

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: $66,225
• Closing costs: $7,947
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3247 N 6th St Minneapolis, MN	5.0	1.5	1405	$2,350	$1.67	26d	1	0.27mi
3247 N 6th St Minneapolis, MN	5.0	1.5	1405	$2,350	$1.67	45d	1	0.27mi
3247 N 6th St Minneapolis, MN	5.0	1.5	1405	$2,350	$1.67	23d	1	0.27mi
2923 Girard Ave N Minneapolis, MN	5.0	2.0	1760	$2,795	$1.59	23d	1	0.40mi
2819 Girard Ave N Minneapolis, MN	5.0	2.0	1718	$2,300	$1.34	45d	1	0.42mi
3238 Humboldt Ave N Minneapolis, MN	5.0	1.0	1389	$2,100	$1.51	45d	1	0.50mi
1113 N 25th Ave Minneapolis, MN	5.0	2.0	2295	$2,695	$1.17	19d	1	0.52mi
2623 Humboldt Ave N Minneapolis, MN	6.0	2.0	1900	$2,795	$1.47	18d	1	0.55mi
3522 Bryant Ave N Minneapolis, MN	5.0	2.0	1449	$2,995	$2.07	45d	1	0.58mi
2110 Lyndale Ave N Minneapolis, MN	6.0	1.5	1320	$2,695	$2.04	1d	1	0.72mi
1414 Golden Valley Rd Unit 2 Minneapolis, MN	5.0	2.0	2000	$2,595	$1.30	45d	1	0.96mi
1625 Marshall St NE Minneapolis, MN	5.0	3.0	1900	$3,495	$1.84	23d	1	0.98mi

Listing history 19 events

1. 2026-04-26
   status Pending
2. 2026-04-10
   price $264,900
3. 2026-03-26
   listed $269,900 Active
4. 2026-03-23
   historical $269,900
5. 2025-12-16
   soldstatus $170,000
6. 2008-08-06
   soldstatus $49,350 247-char remark

   Show marketing remark (247 chars)

   6 BEDROOMS! SECT 8 APPROVED GREAT RENTAL OPPORTUNITY. CORPORATE OWNED & SOLD AS-IS. PRE-QUAL LETTER TO ACCOMPANY OFFER. A SPECIAL ADDENDUM TO BE PART OF FINAL CONTRACT. SELLER RESERVES THE RIGHT TO NEGOTIATE REGARDLESS OF SUBMISSION DATE/TIME.

7. 2008-08-04
   historical 247-char remark

   Show marketing remark (247 chars)

   6 BEDROOMS! SECT 8 APPROVED GREAT RENTAL OPPORTUNITY. CORPORATE OWNED & SOLD AS-IS. PRE-QUAL LETTER TO ACCOMPANY OFFER. A SPECIAL ADDENDUM TO BE PART OF FINAL CONTRACT. SELLER RESERVES THE RIGHT TO NEGOTIATE REGARDLESS OF SUBMISSION DATE/TIME.

8. 2008-08-04
   listed $60,000 247-char remark

   Show marketing remark (247 chars)

   6 BEDROOMS! SECT 8 APPROVED GREAT RENTAL OPPORTUNITY. CORPORATE OWNED & SOLD AS-IS. PRE-QUAL LETTER TO ACCOMPANY OFFER. A SPECIAL ADDENDUM TO BE PART OF FINAL CONTRACT. SELLER RESERVES THE RIGHT TO NEGOTIATE REGARDLESS OF SUBMISSION DATE/TIME.

9. 2008-06-13
   historical
10. 2007-12-26
    listed $60,000
11. 2007-12-23
    historical
12. 2007-10-16
    listed $122,900
13. 2007-10-15
    historical
14. 2007-02-16
    listed $126,500
15. 2006-04-19
    soldstatus $300,000
16. 2005-03-01
    soldstatus $293,000
17. 2004-12-28
    historical
18. 2004-02-03
    listed $274,900
19. 2002-07-15
    soldstatus $66,000

ⓘ 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: $674 · $56/mo
• Projected year-2 tax: $1,820 · $152/mo
• Expected delta: +$1,147/yr (+$96/mo · 170.2%)

ⓘ 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: $41,616
• − Mortgage interest: −$14,839
• − Property taxes: −$674
• − Insurance: −$1,324
• − Repairs & maintenance: −$3,329
• − Management: −$3,329
• − Depreciation: −$7,706
• Taxable income: $10,415
• Est. tax owed @ 24.0%: −$2,500
• After-tax cash flow: $11,709/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

+301.4% since first listed

19 events — show timeline

• 2026-04-26 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-10 Price Changed $264,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-26 Listed $269,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-23 Coming Soon $269,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-16 Sold (Public Records) $170,000 Public Records
• 2008-08-06 Sold (MLS) $49,350 NORTHSTARMLS as Distributed by MLS Grid
• 2008-08-04 Listed $60,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-08-04 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-06-13 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-12-26 Listed $60,000 NORTHSTARMLS as Distributed by MLS Grid
• 2007-12-23 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-10-16 Listed $122,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-10-15 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-02-16 Listed $126,500 NORTHSTARMLS as Distributed by MLS Grid
• 2006-04-19 Sold (Public Records) $300,000 Public Records
• 2005-03-01 Sold (Public Records) $293,000 Public Records
• 2004-12-28 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2004-02-03 Listed $274,900 NORTHSTARMLS as Distributed by MLS Grid
• 2002-07-15 Sold (Public Records) $66,000 Public Records

Property tax history

-4.6%/yr

Latest (2025): $674 · -45.3% YoY. Source: county tax records.