1304 W Medicine Lake Dr #221 · Plymouth, MN 55441

$149,500

1 bd · 1.0 ba · 840 sqft · Condo public records · 51 Days on market

Built 1978 $178/sqft · 9% below area Est $164k · 9% under $588/mo HOA · 38% of rent

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Why this score? — see what drove the D- 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 +11.5/15.0
• Schools +6.9/10.0
• 1% rule +5.5/10.0
• Cash flow +5.1/30.0
• Livability +4.2/5.0
• Rent growth +4.0/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Experience maintenance-free lake living at its finest in this charming 1-bedroom, 1-bathroom condo at the Sunrise East Bay building. Ideally situated on the shores of Medicine Lake, with an option to purchase fully furnished, making it a perfect turnkey opportunity for a primary residence or a serene seasonal retreat. The building is equipped with an elevator for easy access to all floors and features a wealth of premium amenities that create a resort-like atmosphere year-round. Residents enjoy exclusive access to a beautiful outdoor in-ground heated swimming pool, tennis courts, basketball court, shuffleboard, and a sauna. For indoor recreation and fitness, the building offers a well-appoi

Key facts

• Sauna
• Elevator
• Tennis courts

Tags

• FULLY FURNISHED
• ELEVATOR
• TENNIS COURTS
• BASKETBALL COURT
• SHUFFLEBOARD
• SAUNA

Property features AI

Finance

• HOA & community: HOA with First Service Residential; Monthly association fee ($588) includes controlled access, dock, heating, internet, lawn care, maintenance of grounds, parking, professional management, recreation facilities, sewer, shared amenities, snow removal, water; On-site amenities: laundry, deck, dock, elevator(s), sauna, tennis courts

Exterior

• Parking: Underground parking; Heated garage; Garage door opener; Parking lot; 1 garage space
• Security: Controlled access (included in association)
• Utilities: City water; City sewer; Natural gas; Circuit breaker electric
• Home design: Attached residential unit; One-story layout; Accessible elevator installed
• Construction: Other foundation type
• Exterior features: Stone and stucco exterior; Deck; Shared below-ground heated pool; Association dock; Lake view with association waterfront access

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: 1 bedroom (main level)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Baseboard heating; Boiler; Wall-mounted cooling unit(s)
• Interior features: Walk-in closet; Informal dining area; Deck access; No basement; Shared/communal sauna; Shared exercise room; Amusement/party room
• Laundry & utility: Laundry in common area

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $150k.

Deal economics

• At list price, monthly cash flow is $-343 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $89k (40.6% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $89k (40.6% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 85/100 on livability (#17 in MN, #517 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities F, cost of living 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.
• Zoned schools: Sunset Hill Elementary (math 73% / reading 70%, grade A-, #58 of 857 statewide, top 7%, 670 students, 24% FRL); Wayzata East Middle (math 72% / reading 80%, grade A, #1 of 258 statewide, top 0%, 609 students, 15% FRL); Wayzata High (math 77% / reading 84%, grade A, #2 of 471 statewide, top 0%, 3,523 students, 14% FRL).
• Market conditions: Rents rising fast (+6.2%/yr); 93 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 1d 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 $1k of loan paydown is wiped out by about $4k 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 51 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 17y ago; this cycle's ask has dropped $18k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 38% of rent.

Recommended offer $88,833 (40.6% 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. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
3. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 1.05% ✓
• Cap rate: 3.54%
• Cash-on-cash: -9.84%
• DSCR: 0.56
• GRM: 8.0

CMA / ARV

• ARV (median comp): $164,262
• List price: $149,500
• Delta: -8.99%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.16% rent growth · sell at horizon

5-year hold

• IRR: -27.8%
• Equity multiple: 0.03×
• Total profit: $-40,610
• Equity at exit: $22,291

10-year hold

• IRR: -13.3%
• Equity multiple: 0.05×
• Total profit: $-39,608
• Equity at exit: $12,926

Cash invested: $41,860 (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 55441

• Rents YoY: 6.2%
• Active inventory: 93
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,564 high
• Mortgage (P&I): −$784
• Tax from tax record: −$145 /mo · $1,734/yr
• Insurance: −$62
• HOA: −$588
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $-343

Break-even live

Break-even rent $1,999

Max offer price $88,833

Occupancy floor —

Sensitivity live

Price	-10% $-259	-5% $-301	+0% $-343	+5% $-386	+10% $-428
Rent	-10% $-467	-5% $-405	+0% $-343	+5% $-282	+10% $-220
Rate	-1.0pp $-268	-0.5pp $-305	base $-343	+0.5pp $-382	+1.0pp $-422

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: $37,375
• Closing costs: $4,485
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1300 W Medicine Lake Dr Minneapolis, MN	1.0–2.0	1.0–2.0	1016	$1,530	$1.51	0d	6	0.05mi
1020 W Medicine Lake Dr Minneapolis, MN	1.0–2.0	1.0–2.0	1103	$1,899	$1.72	1d	4	0.27mi
10010 6th Ave N Minneapolis, MN	1.0–3.0	1.0–2.0	1100	$1,716	$1.56	0d	21	1.02mi
10101 Highway 55 Minneapolis, MN	1.0–2.0	1.0	805	$1,275	$1.58	1d	6	1.08mi
135 Nathan Ln N Minneapolis, MN	2.0	1.0–2.0	750	$1,555	$2.07	0d	18	1.22mi
2500 Nathan Ln N Minneapolis, MN	2.0	1.0–1.5	1025	$1,524	$1.49	6d	2	1.28mi
200 Nathan Ln N Plymouth, MN	1.0–2.0	1.0–2.0	926	$1,627	$1.76	0d	5	1.31mi
301 Shelard Pkwy Minneapolis, MN	3.0	1.0–2.0	987	$1,936	$1.96	0d	16	1.36mi
1305 Flag Ave N Unit 2 Golden Valley, MN	1.0	1.0	800	$1,650	$2.06	19d	1	1.39mi
1305 Flag Ave N Unit Labs Golden Valley, MN	1.0	1.0	850	$1,500	$1.76	12d	1	1.39mi
275 Shelard Pkwy St Louis Park, MN	1.0–2.0	1.0–2.0	900	$1,375	$1.53	1d	12	1.40mi
9201 Golden Valley Rd Minneapolis, MN	1.0–2.0	1.0–2.0	926	$1,600	$1.73	0d	18	1.50mi

HOA detail condo

• Monthly dues: $588 · $7,056/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-21
   days on market $149,500 Active 51 DOM
2. 2026-06-18
   days on market $149,500 Active 48 DOM
3. 2026-06-17
   pricedays on market $149,500 Active 47 DOM
4. 2026-06-16
   days on market $159,500 Active 46 DOM
5. 2026-06-15
   days on market $159,500 Active 45 DOM
6. 2026-06-13
   days on market $159,500 Active 43 DOM
7. 2026-06-09
   days on market $159,500 Active 39 DOM
8. 2026-06-08
   days on market $159,500 Active 38 DOM
9. 2026-06-07
   days on market $159,500 Active 37 DOM
10. 2026-06-04
    days on market $159,500 Active 34 DOM
11. 2026-06-03
    days on market $159,500 Active 33 DOM
12. 2026-06-02
    days on market $159,500 Active 32 DOM
13. 2026-06-01
    days on market $159,500 Active 31 DOM
14. 2026-05-31
    days on market $159,500 Active 30 DOM
15. 2026-05-01
    listed $167,900 Active 1357-char remark
16. 2023-09-26
    soldstatus $100,000
17. 2019-09-17
    soldstatus $100,000
18. 2015-08-31
    soldstatus $32,947
19. 2013-07-26
    soldstatus $62,000
20. 2009-12-31
    historical
21. 2009-09-15
    listed $99,900
22. 2009-09-14
    historical
23. 2009-02-24
    listed $102,900
24. 1982-05-01
    soldstatus $43,611
25. 1980-01-01
    soldstatus $49,900

ⓘ 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: $1,734 · $145/mo
• Projected year-2 tax: $1,734 · $145/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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,765
• − Mortgage interest: −$8,374
• − Property taxes: −$1,734
• − Insurance: −$748
• − Repairs & maintenance: −$1,501
• − Management: −$1,501
• − HOA: −$7,056
• − Depreciation: −$4,349
• Taxable loss: −$6,498
• Est. tax savings @ 24.0%: +$1,560
• After-tax cash flow: $-2,561/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 — Plymouth

• Score: 85/100
• State rank: #17
• US rank: #517

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Plymouth, MN
• County: Hennepin County · 1,150,272 people
• City population: 79,816
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 17,944
• Household income: $101,981
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 542.0

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 (71%)
• Race & ethnicity: White 71% Black 10% Two or more races 9% Hispanic / Latino 7% Asian 4%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 12% Lithuanian 3% Romanian 3%
• Foreign-born: 13% · Canada, Vietnam, China
• Languages at home: 85% English-only · Spanish 5% Russian/Polish/Slavic 3% Other Indo-European 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: ▼ -303.44%
• Current HPI: 231.6438
• Rent YoY: ▲ 6.16%
• 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

+199.6% since first listed

13 events — show timeline

• 2026-06-16 Price Changed $149,500 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-30 Price Changed $159,500 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Listed $167,900 NORTHSTARMLS as Distributed by MLS Grid
• 2023-09-26 Sold (Public Records) $100,000 Public Records
• 2019-09-17 Sold (Public Records) $100,000 Public Records
• 2015-08-31 Sold (Public Records) $32,947 Public Records
• 2013-07-26 Sold (Public Records) $62,000 Public Records
• 2009-12-31 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-09-15 Listed $99,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-09-14 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-02-24 Listed $102,900 NORTHSTARMLS as Distributed by MLS Grid
• 1982-05-01 Sold (Public Records) $43,611 Public Records
• 1980-01-01 Sold (Public Records) $49,900 Public Records

Property tax history

+4.0%/yr

Latest (2025): $1,734 · +8.8% YoY. Source: county tax records.