3659 Snelling Ave · Minneapolis, MN 55406

$189,900

3 bd · 1.0 ba · 888 sqft · SingleFamily public records · 4 Days on market

Built 1956 6,098 sqft lot $214/sqft · 35% below area Est $293k · 35% under

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Why this score? — see what drove the C 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 +17.8/30.0
• ARV discount +15.0/15.0
• DSCR +5.6/10.0
• 1% rule +4.8/10.0
• Livability +3.9/5.0
• Schools +3.5/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great opportunity in the Howe neighborhood! This 3-bedroom, 1-bath home is being sold as-is and offers excellent potential for investors or buyers looking to build equity. The upper level features oak hardwood floors throughout, while the unfinished basement includes an egress window already in place, ready for future expansion. Enjoy a highly walkable location just steps from local favorites like The Howe Daily Kitchen & Bar, Fireroast Coffee, and Key West Bistro, with easy access to light rail, highways, and Minnehaha Falls.

Key facts

• 6,098 sq ft lot
• 2 garage spots
• Built 1956

Property features AI

Exterior

• Parking: 2-car garage (approx. 20x24)
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; One level; Main floor entry
• Construction: Block foundation; Asphalt roof
• Exterior features: Wood exterior

Interior

• Kitchen: Range; Refrigerator; Exhaust fan
• Bedrooms: 3 bedrooms (all on main level)
• Bathrooms: 1 full bathroom (upper level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Main floor primary bedroom; Upper-level full bath; Unfinished block basement with egress window(s)
• Laundry & utility: Washer; Dryer; Laundry located on lower level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $156 ($2k/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 $187k (1.6% below list).
• Recommended offer: $187k (1.6% below list) — sets the bar for 1% rule.
• Cap rate 7.3% 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 (+3.0%/yr); 149 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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 $140k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $186,925 (1.6% below list)

Questions for the listing agent

1. Built in 1956 — 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. 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 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: 0.98% ✗
• Cap rate: 7.28%
• Cash-on-cash: 3.53%
• DSCR: 1.16
• GRM: 8.5

CMA / ARV

• ARV (median comp): $293,214
• List price: $189,900
• Delta: -35.24%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.99% rent growth · sell at horizon

5-year hold

• IRR: -10.7%
• Equity multiple: 0.61×
• Total profit: $-20,796
• Equity at exit: $28,315

10-year hold

• IRR: -1.4%
• Equity multiple: 0.90×
• Total profit: $-5,223
• Equity at exit: $16,419

Cash invested: $53,172 (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 55406

• Rents YoY: 3.0%
• Active inventory: 149
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,869 high
• Mortgage (P&I): −$996
• Tax from tax record: −$245 /mo · $2,944/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$393
• Net cashflow: $156

Break-even live

Break-even rent $1,671

Max offer price $189,900

Occupancy floor 87%

Sensitivity live

Price	-10% $264	-5% $210	+0% $156	+5% $103	+10% $49
Rent	-10% $9	-5% $83	+0% $156	+5% $230	+10% $304
Rate	-1.0pp $252	-0.5pp $205	base $156	+0.5pp $107	+1.0pp $57

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3120 E 36th St Minneapolis, MN	2.0	1.0	585	$1,925	$3.29	8d	7	0.13mi
3806 28th Ave S Minneapolis, MN	1.0–2.0	1.0–2.0	820	$1,925	$2.35	24d	3	0.30mi
3449 Snelling Ave Unit 3451 Minneapolis, MN	3.0	1.0	1108	$1,995	$1.80	15d	1	0.31mi
3912 Minnehaha Ave Minneapolis, MN	2.0	1.0	650	$1,495	$2.30	14d	1	0.35mi
3806 24th Ave S Minneapolis, MN	2.0	1.0–2.0	772	$2,305	$2.98	4d	11	0.54mi
3137 33rd Ave S Unit 2 Minneapolis, MN	2.0	1.0	650	$2,000	$3.08	14d	1	0.67mi
3501 22nd Ave S Unit Upper Minneapolis, MN	3.0	1.0	1100	$1,595	$1.45	25d	1	0.69mi
3501 22nd Ave S Minneapolis, MN	3.0	1.0	1100	$1,595	$1.45	8d	1	0.69mi
3136 Minnehaha Ave Minneapolis, MN	1.0–2.0	1.0	577	$1,745	$3.02	4d	3	0.71mi
3126 Minnehaha Ave Minneapolis, MN	2.0	1.0	562	$1,895	$3.37	8d	4	0.73mi
2504 E 42nd St Minneapolis, MN	2.0	1.0	666	$1,524	$2.29	25d	1	0.74mi
2916 30th Ave S Unit B Minneapolis, MN	2.0	2.0	946	$1,697	$1.79	44d	1	0.94mi
2913 29th Ave S Minneapolis, MN	1.0–2.0	1.0	707	$1,245	$1.76	4d	4	0.95mi
3605 E 44th St Minneapolis, MN	2.0–3.0	1.0–1.5	825	$2,499	$3.03	2d	37	1.01mi
2833 S 31st Ave Unit 1 Minneapolis, MN	2.0	1.0	950	$1,695	$1.78	44d	1	1.02mi
3029 22nd Ave S Unit 302 Minneapolis, MN	2.0	2.0	923	$1,799	$1.95	3d	1	1.03mi
3029 22nd Ave S Unit 418 Minneapolis, MN	2.0	2.0	1010	$1,789	$1.77	44d	1	1.03mi
3029 22nd Ave S Unit 202 Minneapolis, MN	2.0	2.0	923	$1,885	$2.04	44d	1	1.03mi
3320 Longfellow Ave Minneapolis, MN	2.0	1.0	950	$1,798	$1.89	17d	1	1.03mi
2615 E 29th St Minneapolis, MN	2.0	1.0–2.0	660	$1,925	$2.91	3d	13	1.04mi
2220 E Lake St Minneapolis, MN	1.0–2.0	1.0	659	$1,425	$2.16	14d	1	1.09mi
3015 19th Ave S Unit 1 Minneapolis, MN	3.0	1.0	960	$1,750	$1.82	44d	1	1.19mi
4020 Nawadaha Blvd Minneapolis, MN	1.0–2.0	1.0–2.0	795	$2,388	$3.00	3d	9	1.38mi
3215 E Minnehaha Pkwy Minneapolis, MN	2.0	1.0–2.0	1004	$2,550	$2.54	44d	4	1.40mi

Listing history 10 events

1. 2026-05-17
   status Pending 536-char remark
2. 2026-05-14
   listed $189,900 Active 536-char remark
3. 2026-05-06
   historical $189,900 536-char remark
4. 2002-03-07
   soldstatus $140,000
5. 2001-11-12
   historical
6. 2001-11-08
   listed $134,900
7. 1998-04-16
   soldstatus $86,000
8. 1998-03-30
   soldstatus $86,000
9. 1998-03-02
   historical
10. 1998-02-23
    listed $87,500

ⓘ 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: $2,944 · $245/mo
• Projected year-2 tax: $2,944 · $245/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 ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,431
• − Mortgage interest: −$10,637
• − Property taxes: −$2,944
• − Insurance: −$950
• − Repairs & maintenance: −$1,794
• − Management: −$1,794
• − Depreciation: −$5,524
• Taxable loss: −$1,213
• Est. tax savings @ 24.0%: +$291
• After-tax cash flow: $2,168/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): 36,581
• Household income: $93,910
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 1026.0

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: Predominantly White (70%)
• Race & ethnicity: White 70% Black 12% Two or more races 10% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 11% Romanian 3% Lithuanian 3%
• Foreign-born: 11% · Canada, South Korea
• Languages at home: 85% English-only · Spanish 4% Other Indo-European 1% 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: ▼ -397.38%
• Current HPI: 266.2546
• Rent YoY: ▲ 2.99%
• 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

+117.0% since first listed

10 events — show timeline

• 2026-05-17 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-14 Listed $189,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-06 Coming Soon $189,900 NORTHSTARMLS as Distributed by MLS Grid
• 2002-03-07 Sold (MLS) $140,000 NORTHSTARMLS as Distributed by MLS Grid
• 2001-11-12 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2001-11-08 Listed $134,900 NORTHSTARMLS as Distributed by MLS Grid
• 1998-04-16 Sold (Public Records) $86,000 Public Records
• 1998-03-30 Sold (MLS) $86,000 NORTHSTARMLS as Distributed by MLS Grid
• 1998-03-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1998-02-23 Listed $87,500 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+2.7%/yr

Latest (2025): $2,944 · +4.3% YoY. Source: county tax records.