12605 Sherwood Pl · Minnetonka, MN 55305

$249,900

2 bd · 2.0 ba · 1,066 sqft · Condo public records · 24 Days on market

Built 1984 $234/sqft · 10% below area Est $314k · 20% under $506/mo HOA · 20% of rent

---

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).

• ARV discount +15.0/15.0
• Cash flow +10.8/30.0
• Schools +6.9/10.0
• 1% rule +5.3/10.0
• Livability +3.8/5.0
• Rent growth +3.3/5.0
• DSCR +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully maintained, one-level living manor style condo, clean and move-in ready! Awesome location within walking distance to Ridgedale Mall, Target, YMCA, grocery shopping at Whole Foods, Minnetonka Twp Loops Trails Corridor, and so much more! Private access to one car garage, outstanding walkout to a private, patio retreat. Exceptional primary suite offers walk-in closet. Convenient in-unit laundry. Stylish, updated kitchen with elegant two-toned cabinetry, subway tiled backsplash, and LVP flooring. Office / Den with built-in shelving, glass French doors. Cozy, gas fireplace and large patio doors bring you to a fabulous patio retreat. Primary bedroom w/ private bathroom and walk-in clo

Key facts

• $506 HOA
• Garage
• Built 1984

Property features AI

Finance

• Other: Property type: Residential; Accessibility features include grab bars in bathroom and no external or internal stairs
• HOA & community: HOA managed by Sharper Management; Monthly association fee; HOA covers cable TV, hazard insurance, lawn care, grounds maintenance, professional management, sewer, shared amenities, snow removal, and water

Exterior

• Parking: Attached garage (1 car)
• Utilities: City water (connected); City sewer (connected); Natural gas
• Home design: Residential attached property; One-story; Slab foundation
• Construction: Asphalt roof; Foundation area 1,206
• Exterior features: Patio; Stone and vinyl exterior; Light tree coverage; No fencing; Road frontage includes cul-de-sac, curbs, paved streets, private road, and sidewalks; Association-maintained road

Interior

• Kitchen: Range; Microwave; Refrigerator; Dishwasher; Disposal
• Bedrooms: 2 bedrooms (both on main level)
• Bathrooms: 2 full bathrooms including a private primary with full bath and main floor full bath
• Heating & cooling: Forced air heating; Central air conditioning; Gas fuel
• Interior features: Natural woodwork; French doors; Main floor primary bedroom; All living facilities on one level; Main floor bedroom; Main floor laundry
• Laundry & utility: Washer and dryer; Main level laundry (laundry closet)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $250k.

Deal economics

• At list price, monthly cash flow is $-114 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $230k (8.1% below list).
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $230k (8.1% below list) — sets the bar for cash-flow.
• Cap rate 5.7% vs local median 2.4% in Minnetonka — 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 75/100 on livability (#187 in MN, #3,994 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, employment A+, housing A+; Watch: amenities F, cost of living F, health & safety F.
• Wayzata Public School District (urban): math 75% / reading 78% proficiency, ranked #2 of 301 in MN (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 11% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.3%/yr); 122 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 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 $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 24 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $147k; list at $250k implies a 69% gain — meaningful room to come down on a strong offer.

Recommended offer $229,776 (8.1% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 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: 1.03% ✓
• Cap rate: 5.75%
• Cash-on-cash: -1.95%
• DSCR: 0.91
• GRM: 8.1

CMA / ARV

• ARV (median comp): $313,591
• List price: $249,900
• Delta: -20.31%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.28% rent growth · sell at horizon

5-year hold

• IRR: -19.0%
• Equity multiple: 0.33×
• Total profit: $-46,735
• Equity at exit: $37,261

10-year hold

• IRR: -10.6%
• Equity multiple: 0.34×
• Total profit: $-45,866
• Equity at exit: $21,607

Cash invested: $69,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 46 Balanced
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City: — inherits STATE

2024 reforms strengthened tenant protections; ramsey/hennepin courts paced moderate to slow.

Methodology + full state rankings →

ZIP-level market 55305

• Rents YoY: 3.3%
• Active inventory: 122
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,563 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$218 /mo · $2,614/yr
• Insurance: −$104
• HOA: −$506
• Vacancy / Maint / Mgmt: −$538
• Net cashflow: $-114

Break-even live

Break-even rent $2,707

Max offer price $229,776

Occupancy floor 99%

Sensitivity live

Price	-10% $28	-5% $-43	+0% $-114	+5% $-185	+10% $-255
Rent	-10% $-316	-5% $-215	+0% $-114	+5% $-13	+10% $89
Rate	-1.0pp $12	-0.5pp $-50	base $-114	+0.5pp $-179	+1.0pp $-245

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2200 Plymouth Rd Hopkins, MN	2.0	1.0–2.0	817	$2,185	$2.67	0d	19	0.26mi
12610 Ridgedale Dr Hopkins, MN	1.0–2.0	1.0–2.0	949	$3,933	$4.14	0d	23	0.38mi
1919 Ymca Ln Hopkins, MN	1.0–2.0	1.0–2.0	1023	$2,170	$2.12	0d	5	0.44mi
1700 Plymouth Rd Hopkins, MN	1.0–2.0	1.0–3.0	1263	$4,266	$3.38	0d	7	0.47mi
12708 Wayzata Blvd Hopkins, MN	1.0–3.0	1.0–2.0	1129	$1,912	$1.69	23d	1	0.75mi
12300 Marion Ln W Minnetonka, MN	1.0–3.0	1.0–2.0	1083	$1,906	$1.76	0d	21	0.86mi
11816 Wayzata Blvd Hopkins, MN	1.0–2.0	1.0–2.0	940	$3,079	$3.27	0d	14	0.89mi
11700 Wayzata Blvd Hopkins, MN	1.0–2.0	1.0–2.0	1079	$3,495	$3.24	0d	15	0.96mi
10411 Cedar Lake Rd #312 Hopkins, MN	2.0	2.0	1196	$1,770	$1.48	45d	1	1.43mi

HOA detail condo

• Monthly dues: $506 · $6,072/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-08
   statusdays on market $249,900 Pending 24 DOM
2. 2026-06-07
   days on market $249,900 Contingent - Inspection 23 DOM
3. 2026-06-04
   days on market $249,900 Contingent - Inspection 20 DOM
4. 2026-06-03
   days on market $249,900 Contingent - Inspection 19 DOM
5. 2026-06-02
   days on market $249,900 Contingent - Inspection 18 DOM
6. 2026-06-01
   days on market $249,900 Contingent - Inspection 17 DOM
7. 2026-05-31
   days on market $249,900 Contingent - Inspection 16 DOM
8. 2026-05-17
   historical Contingent - Inspection 1087-char remark
9. 2026-05-16
   listed $249,900 Active 1087-char remark
10. 2026-05-13
    historical $249,900 1087-char remark
11. 2000-12-22
    soldstatus $147,450
12. 1991-01-09
    soldstatus $77,000

ⓘ 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: $2,614 · $218/mo
• Projected year-2 tax: $2,706 · $226/mo
• Expected delta: +$92/yr (+$8/mo · 3.5%)

ⓘ 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 ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,753
• − Mortgage interest: −$13,998
• − Property taxes: −$2,614
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,460
• − Management: −$2,460
• − HOA: −$6,072
• − Depreciation: −$7,270
• Taxable loss: −$5,371
• Est. tax savings @ 24.0%: +$1,289
• After-tax cash flow: $-78/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: Wayzata Public School District
• NCES district ID: 2742160
• Math proficiency: 75% ▼ -4.00%
• Reading proficiency: 78% ▼ -3.00%
• Median HH income: $91,783
• Composite: 68.75/100
• National rank: #336
• State rank: #2 of 301 in MN

Livability — Minnetonka

• Score: 75/100
• State rank: #187
• US rank: #3994

Category grades

Amenities F Commute C+ Cost of living F Crime A- Employment A+ Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Minnetonka, MN
• County: Hennepin County · 1,150,272 people
• City population: 41,857
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 21,068
• Household income: $104,914
• Rent vs Own: 42.5% rent · 57.5% own
• Severe rent burden: 949.0

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 (78%)
• Race & ethnicity: White 78% Asian 10% Two or more races 5% Hispanic / Latino 4% Black 4%
• Common ancestry: Portuguese 11% Lithuanian 3% Romanian 3%
• Foreign-born: 14% · Canada, China, South Korea
• Languages at home: 84% English-only · Other Asian/Pacific 6% Other Indo-European 2% Spanish 2%

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: ▼ -358.96%
• Current HPI: 231.3421
• Rent YoY: ▲ 3.28%
• 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

+224.5% since first listed

6 events — show timeline

• 2026-06-08 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-17 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-16 Listed $249,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-13 Coming Soon $249,900 NORTHSTARMLS as Distributed by MLS Grid
• 2000-12-22 Sold (Public Records) $147,450 Public Records
• 1991-01-09 Sold (Public Records) $77,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $2,614 · +2.2% YoY. Source: county tax records.