1049 23rd Ave SE · Minneapolis, MN 55414

$294,000

5 bd · 2.0 ba · 1,491 sqft · SingleFamily public records · 74 Days on market

Built 1936 4,791 sqft lot $197/sqft · 8% below area Est $367k · 20% 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 +15.3/30.0
• ARV discount +15.0/15.0
• DSCR +4.7/10.0
• 1% rule +4.0/10.0
• Livability +3.9/5.0
• Rent growth +3.7/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for an investment in an exceptional neighborhood? Have someone you know going to the U ofM or Augsburg? Long time owner, 23 years. Perfect location for U of M, Augsburg, St. Anthony Main or NE. Currently rented through August of 2026. 5 BRs, 2BAs, Central AC, Laundry and 2 car Garage. 100% occupancy over 23 years.

Key facts

• 4,791 sq ft lot
• 2 garage spots
• Built 1936

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $294k.

Deal economics

• At list price, monthly cash flow is $106 ($1k/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 $266k (9.7% below list).
• Recommended offer: $266k (9.7% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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.
• Market conditions: Rents rising fast (+5.0%/yr); 87 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• At $2,656/mo this rent would consume 61% of the median local household income ($52k/yr) (locally 3687% 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 $9k 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 74 days — a 6% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 23y ago; this cycle's ask has dropped $45k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $180k; list at $294k implies a 63% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $265,557 (9.7% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Built in 1936 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.90% ✗
• Cap rate: 6.73%
• Cash-on-cash: 1.55%
• DSCR: 1.07
• GRM: 9.2

CMA / ARV

• ARV (median comp): $366,926
• List price: $294,000
• Delta: -19.87%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.98% rent growth · sell at horizon

5-year hold

• IRR: -11.7%
• Equity multiple: 0.57×
• Total profit: $-35,452
• Equity at exit: $43,836

10-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $972
• Equity at exit: $25,420

Cash invested: $82,320 (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 55414

• Rents YoY: 5.0%
• Active inventory: 87
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,656 high
• Mortgage (P&I): −$1,542
• Tax from tax record: −$327 /mo · $3,926/yr
• Insurance: −$122
• HOA: −$0
• Vacancy / Maint / Mgmt: −$558
• Net cashflow: $106

Break-even live

Break-even rent $2,521

Max offer price $294,000

Occupancy floor 91%

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: $73,500
• Closing costs: $8,820
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1097 24th Ave SE Minneapolis, MN	5.0	2.0	1584	$2,395	$1.51	43d	1	0.16mi
919 26th Ave SE Minneapolis, MN	4.0	2.0	1534	$2,750	$1.79	10d	1	0.24mi
1801 Talmage Ave SE Minneapolis, MN	4.0–5.0	2.0	1800	$2,895	$1.61	1d	2	0.28mi
924 17th Ave SE Minneapolis, MN	2.0–4.0	1.0–2.0	1100	$2,400	$2.18	43d	1	0.45mi
1015 13th Ave SE Unit 2 Minneapolis, MN	5.0	2.5	1800	$2,795	$1.55	3d	1	0.62mi
815 13th Ave SE Minneapolis, MN	1.0–4.0	1.0–2.0	1171	$2,450	$2.09	43d	46	0.68mi
1117 SE 8th St Unit 001 Minneapolis, MN	4.0	2.0	1800	$2,200	$1.22	2d	1	0.76mi
612 11th Ave SE Minneapolis, MN	4.0	2.0	1577	$2,800	$1.78	20d	1	0.88mi
425 13th Ave SE Minneapolis, MN	1.0–4.0	1.0–2.0	827	$2,302	$2.78	2d	36	0.92mi
815 SE 9th St Minneapolis, MN	1.0–4.0	1.0–4.0	1149	$3,125	$2.72	2d	13	0.95mi
1000 University Ave SE Minneapolis, MN	2.0–4.0	1.0–2.0	1136	$3,050	$2.68	24d	9	1.15mi
711 4th St SE Minneapolis, MN	4.0	1.0–2.0	1667	$3,250	$1.95	43d	51	1.18mi

Listing history 20 events

1. 2026-06-18
   days on market $294,000 Active 74 DOM
2. 2026-06-17
   days on market $294,000 Active 73 DOM
3. 2026-06-16
   days on market $294,000 Active 72 DOM
4. 2026-06-15
   days on market $294,000 Active 71 DOM
5. 2026-06-13
   days on market $294,000 Active 69 DOM
6. 2026-06-09
   days on market $294,000 Active 65 DOM
7. 2026-06-08
   days on market $294,000 Active 64 DOM
8. 2026-06-07
   days on market $294,000 Active 63 DOM
9. 2026-06-04
   days on market $294,000 Active 60 DOM
10. 2026-06-03
    days on market $294,000 Active 59 DOM
11. 2026-06-02
    days on market $294,000 Active 58 DOM
12. 2026-06-01
    days on market $294,000 Active 57 DOM
13. 2026-05-31
    days on market $294,000 Active 56 DOM
14. 2026-05-04
    price $294,000 324-char remark

    Show marketing remark (324 chars)

    Looking for an investment in an exceptional neighborhood? Have someone you know going to the U ofM or Augsburg? Long time owner, 23 years. Perfect location for U of M, Augsburg, St. Anthony Main or NE. Currently rented through August of 2026. 5 BRs, 2BAs, Central AC, Laundry and 2 car Garage. 100% occupancy over 23 years.

15. 2026-04-06
    listed $339,000 Active 324-char remark

    Show marketing remark (324 chars)

    Looking for an investment in an exceptional neighborhood? Have someone you know going to the U ofM or Augsburg? Long time owner, 23 years. Perfect location for U of M, Augsburg, St. Anthony Main or NE. Currently rented through August of 2026. 5 BRs, 2BAs, Central AC, Laundry and 2 car Garage. 100% occupancy over 23 years.

16. 2026-04-03
    historical $339,000 324-char remark

    Show marketing remark (324 chars)

    Looking for an investment in an exceptional neighborhood? Have someone you know going to the U ofM or Augsburg? Long time owner, 23 years. Perfect location for U of M, Augsburg, St. Anthony Main or NE. Currently rented through August of 2026. 5 BRs, 2BAs, Central AC, Laundry and 2 car Garage. 100% occupancy over 23 years.

17. 2003-12-15
    soldstatus $180,000
18. 2003-10-24
    soldstatus $180,000 244-char remark

    Show marketing remark (244 chars)

    Beautiful flower gardens - front & rear 2.5 car garage - natural woodwork - HW floors - large porch - formal dining room - huge deck on sunny side - finished bsmt - all appliances - newer furnace - 100 amp C.B. electrical - fast possession.

19. 2003-09-17
    historical 244-char remark

    Show marketing remark (244 chars)

    Beautiful flower gardens - front & rear 2.5 car garage - natural woodwork - HW floors - large porch - formal dining room - huge deck on sunny side - finished bsmt - all appliances - newer furnace - 100 amp C.B. electrical - fast possession.

20. 2003-07-30
    listed $199,000 244-char remark

    Show marketing remark (244 chars)

    Beautiful flower gardens - front & rear 2.5 car garage - natural woodwork - HW floors - large porch - formal dining room - huge deck on sunny side - finished bsmt - all appliances - newer furnace - 100 amp C.B. electrical - fast possession.

ⓘ 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: $3,926 · $327/mo
• Projected year-2 tax: $3,926 · $327/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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,867
• − Mortgage interest: −$16,469
• − Property taxes: −$3,926
• − Insurance: −$1,470
• − Repairs & maintenance: −$2,549
• − Management: −$2,549
• − Depreciation: −$8,553
• Taxable loss: −$3,650
• Est. tax savings @ 24.0%: +$876
• After-tax cash flow: $2,153/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): 35,007
• Household income: $51,966
• Rent vs Own: 84.9% rent · 15.1% own
• Severe rent burden: 3687.0

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 (66%)
• Race & ethnicity: White 66% Asian 12% Two or more races 9% Black 8% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 8% Romanian 4% Lithuanian 2%
• Foreign-born: 16% · China, Canada, South Korea
• Languages at home: 79% English-only · Chinese 5% Spanish 3% Other Asian/Pacific 3%

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: ▼ -130.69%
• Current HPI: 202.7105
• Rent YoY: ▲ 4.98%
• 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

+47.7% since first listed

7 events — show timeline

• 2026-05-04 Price Changed $294,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-06 Listed $339,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-03 Coming Soon $339,000 NORTHSTARMLS as Distributed by MLS Grid
• 2003-12-15 Sold (Public Records) $180,000 Public Records
• 2003-10-24 Sold (MLS) $180,000 NORTHSTARMLS as Distributed by MLS Grid
• 2003-09-17 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2003-07-30 Listed $199,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+2.2%/yr

Latest (2025): $3,926 · +10.2% YoY. Source: county tax records.