2517 Quincy St NE · Minneapolis, MN 55418

$324,900

16 bd · 16.0 ba · 2,938 sqft · MultiFamily public records · 158 Days on market

Built 1890 Fair condition 8,276 sqft lot $111/sqft · 32% below area Est $430k · 24% under

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.2/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. 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

Northeast four plex investment opportunity. Deep lot for future garage if needed. Each unit consists of a living room, spacious kitchen, bedroom, full bathroom, hardwood floors and rear screened porch. Close proximity to bus line, downtown, shopping and entertainment. This is a Fannie Mae HomePath property. Some images in this listing have been virtually staged or digitally altered.

Key facts

• Deep lot
• Full bathroom
• Living room

Tags

• DEEP LOT
• LIVING ROOM
• SPACIOUS KITCHEN
• FULL BATHROOM
• REAR SCREENED PORCH
• ORIGINAL HARDWOOD FLOORS

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $325k. Condition is rated fair.
• This rent per unit is only 16% of the median local income ($99k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $481/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $325k).
• Recommended offer: $286k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.4% vs local median 3.2% 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: Waite Park Elementary (math 42% / reading 57%, grade D, #423 of 857 statewide, top 55%, 274 students, 31% FRL); Northeast Middle (math 13% / reading 31%, grade F, #225 of 258 statewide, top 89%, 501 students, 65% FRL); Edison High (math 24% / reading 50%, grade F, #282 of 471 statewide, top 63%, 896 students, 76% FRL) — zoned schools at 57% FRL track the district average.
• Market conditions: Rents rising fast (+5.2%/yr); 256 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $10k 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 + 5.2% rent growth), your $91k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 158 days — a 12% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $84k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $84k; list at $325k implies a 285% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $285,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 158 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
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: 1.67% ✓
• Cap rate: 13.40%
• Cash-on-cash: 25.37%
• DSCR: 2.13
• GRM: 5.0

CMA / ARV

• ARV (median comp): $429,822
• List price: $324,900
• Delta: -18.59%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.19% rent growth · sell at horizon

5-year hold

• IRR: 21.5%
• Equity multiple: 1.90×
• Total profit: $82,234
• Equity at exit: $48,444

10-year hold

• IRR: 31.1%
• Equity multiple: 4.10×
• Total profit: $282,393
• Equity at exit: $28,091

Cash invested: $90,972 (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 →

Active competition Active MLS

• For sale now: 1 active
• Median asking: $585,000 ($213/sqft)
• Median days on market: 111 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -31.3% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 55418

• Rents YoY: 5.2%
• Active inventory: 256
• Price-to-rent: 20.0×

Monthly cashflow live

• Estimated rent: $5,423 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$521 /mo · $6,256/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,139
• Net cashflow: $1,924

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$5,424
Total (4 units)			$5,423

Break-even live

Break-even rent $2,988

Max offer price $324,900

Occupancy floor 60%

Sensitivity live

Price	-10% $2,108	-5% $2,016	+0% $1,924	+5% $1,832	+10% $1,740
Rent	-10% $1,495	-5% $1,709	+0% $1,924	+5% $2,138	+10% $2,352
Rate	-1.0pp $2,087	-0.5pp $2,006	base $1,924	+0.5pp $1,839	+1.0pp $1,754

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: $81,225
• Closing costs: $9,747
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2531 Polk St NE #2 Minneapolis, MN	2.0	1.0	—	$1,795	—	28d	1	0.28mi
2318 Jefferson St NE Minneapolis, MN	1.0–3.0	1.0–1.5	—	$1,050	—	93d	1	0.31mi
920 22nd Ave NE Unit 1 Minneapolis, MN	2.0	1.0	900	$1,500	$1.67	57d	1	0.33mi
2205 1/2 Central Ave NE Apt 3 Minneapolis, MN	2.0	1.0	1000	$1,700	$1.70	73d	1	0.33mi
2016 Central Ave NE Minneapolis, MN	—	1.0	550	$1,050	$1.91	93d	1	0.35mi
2015 Central Ave NE Minneapolis, MN	1.0–2.0	1.0	902	$1,415	$1.57	93d	4	0.38mi
1908 NE Jackson St Unit 1 Minneapolis, MN	2.0	1.0	850	$1,325	$1.56	93d	1	0.40mi
2639 NE Taylor St Unit 2 Minneapolis, MN	2.0	1.0	875	$1,575	$1.80	67d	1	0.40mi
957 20th Ave NE Unit 1 Minneapolis, MN	1.0	1.0	700	$1,280	$1.83	93d	1	0.42mi
2640 Fillmore St NE Unit 4 Minneapolis, MN	2.0	1.0	900	$1,475	$1.64	93d	1	0.44mi
1028 28th Ave NE Unit 2 Minneapolis, MN	2.0	1.0	925	$1,495	$1.62	93d	1	0.45mi
2212 6th St NE Unit -2 Minneapolis, MN	2.0	1.0	725	$1,250	$1.72	67d	1	0.48mi
962 29th Ave NE Minneapolis, MN	1.0	1.0	750	$1,150	$1.53	93d	1	0.50mi
1826 NE Jackson St Unit 1 Minneapolis, MN	2.0	1.0	—	$1,600	—	46d	1	0.50mi
1826 NE Jackson St Unit 1 Minneapolis, MN	2.0	1.0	—	$1,600	—	48d	1	0.50mi
1823 Quincy St NE Minneapolis, MN	2.0	1.0	—	$1,650	—	51d	1	0.51mi
614 20th Ave NE Minneapolis, MN	1.0	1.0	858	$1,300	$1.52	8d	1	0.51mi
614 20th Ave NE Minneapolis, MN	1.0	1.0	858	$1,300	$1.52	22d	1	0.51mi
914 18 1/2 Ave NE Unit 2 Minneapolis, MN	2.0	1.0	500	$1,650	$3.30	22d	1	0.51mi
2902 Polk St NE Unit 10 Minneapolis, MN	2.0	1.0	—	$1,500	—	67d	1	0.54mi
350 26th Ave NE Minneapolis, MN	1.0	1.0	550	$1,205	$2.19	28d	1	0.54mi
2410 Buchanan St NE Minneapolis, MN	2.0	1.0	850	$1,650	$1.94	42d	1	0.55mi
347 24th Ave NE Unit 1 Minneapolis, MN	2.0	1.0	770	$1,295	$1.68	73d	1	0.56mi
1716 Tyler St NE Unit 3 Minneapolis, MN	1.0	1.0	—	$995	—	38d	1	0.63mi
1460 Van Buren St NE Minneapolis, MN	1.0–3.0	1.0–1.5	1073	$643	$0.60	8d	10	0.67mi
1826 Pierce St NE Unit 1 Minneapolis, MN	2.0	1.0	800	$1,799	$2.25	22d	1	0.68mi
2955 Fillmore St NE Minneapolis, MN	2.0	1.0	1200	$1,500	$1.25	46d	1	0.71mi
2500 2nd St NE Minneapolis, MN	2.0	1.0–2.0	620	$1,846	$2.98	8d	18	0.77mi
3127 Central Ave NE Unit 2 Minneapolis, MN	2.0	1.0	900	$1,400	$1.56	93d	1	0.78mi
1903 3rd St NE #1 Minneapolis, MN	1.0	1.0	—	$1,200	—	67d	1	0.79mi
1419 Jefferson St NE Minneapolis, MN	2.0	1.0	1004	$2,099	$2.09	93d	1	0.81mi
900 14th Ave NE Minneapolis, MN	2.0	1.0–2.0	741	$1,330	$1.79	8d	10	0.82mi
301 17th Ave NE Minneapolis, MN	2.0	1.0	900	$1,525	$1.69	28d	1	0.88mi
1720 19th Ave NE Unit 7 Minneapolis, MN	1.0	1.0	—	$1,050	—	48d	1	0.90mi
1720 19th Ave NE Unit 12 Minneapolis, MN	—	1.0	—	$900	—	48d	1	0.90mi
1700 Johnson St NE Unit 00-03 Minneapolis, MN	2.0	1.0	750	$1,225	$1.63	38d	1	0.90mi
1700 Johnson St NE Unit 10-04 Minneapolis, MN	2.0	1.0	750	$1,275	$1.70	52d	1	0.90mi
1700 Johnson St NE Unit 00-09 Minneapolis, MN	2.0	1.0	750	$1,200	$1.60	93d	1	0.90mi
1700 Johnson St NE Apt 5 Minneapolis, MN	2.0	1.0	750	$1,275	$1.70	93d	1	0.90mi
1823 Ulysses St NE Unit 9 Minneapolis, MN	2.0	1.0	—	$1,300	—	16d	1	0.90mi

Listing history 50 events

1. 2026-08-08
   days on market $324,900 Active 158 DOM
2. 2026-08-06
   pricedays on market $324,900 Active 156 DOM
3. 2026-08-05
   days on market $349,900 Active 155 DOM
4. 2026-08-04
   days on market $349,900 Active 154 DOM
5. 2026-08-03
   days on market $349,900 Active 153 DOM
6. 2026-07-31
   days on market $349,900 Active 150 DOM
7. 2026-07-30
   days on market $349,900 Active 148 DOM
8. 2026-07-28
   days on market $349,900 Active 147 DOM
9. 2026-07-26
   days on market $349,900 Active 145 DOM
10. 2026-07-24
    days on market $349,900 Active 143 DOM
11. 2026-07-23
    days on market $349,900 Active 142 DOM
12. 2026-07-22
    days on market $349,900 Active 141 DOM
13. 2026-07-21
    days on market $349,900 Active 140 DOM
14. 2026-07-20
    days on market $349,900 Active 139 DOM
15. 2026-07-18
    days on market $349,900 Active 137 DOM
16. 2026-07-18
    days on market $349,900 Active 136 DOM
17. 2026-07-16
    days on market $349,900 Active 135 DOM
18. 2026-07-15
    days on market $349,900 Active 134 DOM
19. 2026-07-14
    days on market $349,900 Active 133 DOM
20. 2026-07-13
    days on market $349,900 Active 132 DOM
21. 2026-07-13
    days on market $349,900 Active 131 DOM
22. 2026-07-11
    days on market $349,900 Active 130 DOM
23. 2026-07-10
    days on market $349,900 Active 129 DOM
24. 2026-07-10
    price $349,900 Active 128 DOM
25. 2026-07-09
    days on market $359,900 Active 128 DOM
26. 2026-07-07
    days on market $359,900 Active 126 DOM
27. 2026-07-06
    days on market $359,900 Active 125 DOM
28. 2026-07-06
    days on market $359,900 Active 124 DOM
29. 2026-07-05
    days on market $359,900 Active 123 DOM
30. 2026-07-03
    days on market $359,900 Active 122 DOM
31. 2026-07-02
    status $359,900 Active 121 DOM
32. 2026-07-02
    days on market $359,900 Contingent - Inspection 121 DOM
33. 2026-07-01
    days on market $359,900 Contingent - Inspection 120 DOM
34. 2026-06-30
    days on market $359,900 Contingent - Inspection 119 DOM
35. 2026-06-29
    days on market $359,900 Contingent - Inspection 118 DOM
36. 2026-06-28
    days on market $359,900 Contingent - Inspection 117 DOM
37. 2026-06-27
    days on market $359,900 Contingent - Inspection 116 DOM
38. 2026-06-26
    days on market $359,900 Contingent - Inspection 115 DOM
39. 2026-06-24
    days on market $359,900 Contingent - Inspection 113 DOM
40. 2026-06-22
    days on market $359,900 Contingent - Inspection 111 DOM
41. 2026-06-21
    days on market $359,900 Contingent - Inspection 110 DOM
42. 2026-06-18
    status $359,900 Contingent - Inspection 107 DOM
43. 2026-06-18
    days on market $359,900 Active 107 DOM
44. 2026-06-17
    days on market $359,900 Active 106 DOM
45. 2026-06-16
    days on market $359,900 Active 105 DOM
46. 2026-06-15
    days on market $359,900 Active 104 DOM
47. 2026-06-13
    days on market $359,900 Active 102 DOM
48. 2026-06-09
    days on market $359,900 Active 98 DOM
49. 2026-06-08
    pricedays on market $359,900 Active 97 DOM
50. 2026-06-07
    days on market $385,000 Active 96 DOM

ⓘ 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: $6,256 · $521/mo
• Projected year-2 tax: $6,256 · $521/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: $65,076
• − Mortgage interest: −$18,199
• − Property taxes: −$6,256
• − Insurance: −$1,624
• − Repairs & maintenance: −$5,206
• − Management: −$5,206
• − Depreciation: −$9,452
• Taxable income: $19,132
• Est. tax owed @ 24.0%: −$4,592
• After-tax cash flow: $18,492/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.

Condition & rehab AI · 10 photos

Fair 45/100 Moderate rehab Est. rehab $73,450–$132,210 screening

This fourplex requires moderate renovations, focusing on updating the kitchens and bathrooms, and painting the exterior to significantly increase its value.

Deferred maintenance Est. $10,000–$30,000 screening

• Major Roof (roof|hvac|water heater|windows|electrical|plumbing|exterior|other) — No roof visible, but based on the age of the house and the general condition of the exterior, it is likely to be in need of major repairs.

Repairs flagged

• Major Kitchen cabinets — Older cabinets with visible wear and tear.
• Major Bathroom fixtures — Outdated and worn-out fixtures.
• Major Exterior paint — Needs repainting to improve curb appeal.

Value-add opportunities

• Both Kitchen renovation — Modernizing the kitchen will increase both resale and rental value. ↑
• Both Bathroom updates — Upgrading the bathrooms will attract more buyers and renters. ↑
• Both Exterior painting — A fresh coat of paint will improve curb appeal and property value. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 21/100

Zoned Schools

Elementary Pillsbury Elementary F MN #759/857 Nat'l #33,738/41,679 Middle Northeast Middle F MN #225/258 Nat'l #11,208/14,009 High Wellstone International High

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

B Composite livability gradescore 78/100

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 · 1,405,227 people
• City population: 417,555
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 31,505
• Household income: $99,397
• Rent vs Own: 33.7% rent · 66.3% own
• Severe rent burden: 10% of renters

---

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 (74%)
• Race & ethnicity: White 74% Black 9% Hispanic / Latino 8% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 14% Romanian 6% Lithuanian 3%
• Foreign-born: 11% · Canada, Vietnam, South Korea
• Languages at home: 86% English-only · Spanish 5% Other Indo-European 1% German/W. Germanic 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: ▼ -278.21%
• Current HPI: 277.9846
• Rent YoY: ▲ 5.19%
• 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

+234.8% since first listed

10 events — show timeline

• 2026-04-27 Price Changed $385,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-30 Price Changed $399,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-02 Listed $409,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-26 Sold (Public Records) $84,476 Public Records
• 2024-01-17 Sold (Public Records) $450,000 Public Records
• 2023-11-29 Sold (MLS) $450,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-11-07 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-10-30 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2023-10-20 Listed $459,900 NORTHSTARMLS as Distributed by MLS Grid
• 1999-10-29 Sold (Public Records) $115,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $6,256 · -11.2% YoY. Source: county tax records.