6423 Colony Way Unit 2G · Edina, MN 55435

$125,000

1 bd · 1.0 ba · 706 sqft · Condo public records · 204 Days on market

Built 1964 $177/sqft · 27% below area Est $175k · 29% under $518/mo HOA · 35% 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 +15.0/15.0
• 1% rule +6.8/10.0
• Cash flow +6.7/30.0
• Livability +4.0/5.0
• Schools +2.9/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• DSCR +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step into this beautifully updated 1-bedroom condo at The Colony in Edina. The spacious galley-style kitchen features tile flooring, a tile backsplash, stainless steel appliances, and a convenient breakfast bar. The spacious bedroom includes a walk-in closet and sits just across the hall from the updated bathroom, which offers a tiled floor and modern vanity. The bright living room opens to a covered second-floor balcony through large sliding doors—perfect for relaxing or enjoying fresh air. Your assigned covered parking spot is easily accessible, and both the laundry room and your personal storage locker are located right outside the unit for ultimate convenience. Residents can enjoy the outdoor pool or host gatherings in the community/party room. Ideally located near France Ave and Hwy 62, the building is close to Southdale Mall, the Galleria, restaurants, shops, and fitness centers. Schedule your tour today!

Key facts

• Galley-style kitchen
• Walk-in closet
• Tile flooring

Tags

• GALLEY-STYLE KITCHEN
• TILE FLOORING
• TILE BACKSPLASH
• STAINLESS STEEL APPLIANCES
• BREAKFAST BAR
• WALK-IN CLOSET

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $125k.

Deal economics

• At list price, monthly cash flow is $-202 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $89k (28.5% below list).
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $89k (28.5% below list) — sets the bar for cash-flow.
• Cap rate 4.4% vs local median 1.8% in Edina — 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 80/100 on livability (#82 in MN, #1,926 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, commute A+; Watch: amenities F, cost of living F.
• Richfield Public School District (suburban): math 27% / reading 38% proficiency, ranked #262 of 301 in MN (top 87%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 67 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 5d 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 $864 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 204 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $18k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 35% of rent.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $89,391 (28.5% 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 204 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Built in 1964 — 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. 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. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.18% ✓
• Cap rate: 4.36%
• Cash-on-cash: -6.91%
• DSCR: 0.69
• GRM: 7.1

CMA / ARV

• ARV (median comp): $175,191
• List price: $125,000
• Delta: -28.65%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.42% rent growth · sell at horizon

5-year hold

• IRR: -33.1%
• Equity multiple: -0.04×
• Total profit: $-36,498
• Equity at exit: $18,638

10-year hold

• IRR: -74.7%
• Equity multiple: -0.76×
• Total profit: $-61,523
• Equity at exit: $10,808

Cash invested: $35,000 (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 55435

• Rents YoY: 0.4%
• Active inventory: 67
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,476 high
• Mortgage (P&I): −$656
• Tax from tax record: −$142 /mo · $1,707/yr
• Insurance: −$52
• HOA: −$518
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $-202

Break-even live

Break-even rent $1,731

Max offer price $89,391

Occupancy floor —

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6400 Barrie Rd Minneapolis, MN	1.0–3.0	1.0–2.0	1015	$1,430	$1.41	2d	13	0.05mi
6725 York Ave S Minneapolis, MN	3.0	1.0–3.0	1097	$2,226	$2.03	2d	19	0.38mi
2720 W 66th St Minneapolis, MN	1.0	1.0	500	$1,075	$2.15	3d	4	0.49mi
2400 W 66th St Minneapolis, MN	2.0	1.0–2.0	824	$1,844	$2.24	2d	19	0.65mi
6400 Queen Ave S Richfield, MN	1.0	1.0	716	$1,135	$1.58	44d	2	0.67mi
4040 W 70th St Minneapolis, MN	1.0–2.0	1.0	834	$1,184	$1.42	2d	7	0.72mi
4415 Valley View Rd Minneapolis, MN	1.0–2.0	1.0–2.0	877	$2,150	$2.45	19d	2	0.74mi
6520 Oliver Ave S Unit 9 Richfield, MN	1.0	1.0	732	$1,125	$1.54	4d	1	0.80mi
3650 Hazelton Rd Minneapolis, MN	2.0	1.0–2.5	1194	$4,639	$3.88	2d	16	0.81mi
7151 York Ave S Minneapolis, MN	1.0	1.0	515	$1,345	$2.61	44d	1	0.89mi
7161 France Ave S Minneapolis, MN	2.0	1.0–2.0	782	$2,072	$2.65	2d	7	0.91mi
7230 York Ave S Minneapolis, MN	1.0–2.0	1.0–2.0	985	$1,400	$1.42	4d	10	0.99mi
7201 York Ave S Minneapolis, MN	1.0–3.0	1.0–3.0	1135	$1,640	$1.44	2d	16	0.99mi
5625 Xerxes Ave S Minneapolis, MN	1.0–2.0	1.0–1.5	799	$1,150	$1.44	8d	3	1.05mi
7330 York Ave S #101 Minneapolis, MN	1.0	1.0	700	$1,295	$1.85	44d	1	1.12mi
7330 York Ave S #101 Minneapolis, MN	1.0	1.0	700	$1,295	$1.85	24d	1	1.12mi
7340 Gallagher Dr Minneapolis, MN	2.0	1.0–2.0	719	$1,688	$2.35	2d	12	1.16mi
4200 Parklawn Ave Unit 4207 Minneapolis, MN	1.0	1.0	750	$1,185	$1.58	44d	1	1.29mi
4200 Parklawn Ave Unit 4205 Minneapolis, MN	1.0	1.0	750	$1,235	$1.65	44d	1	1.29mi
4141 Parklawn Ave Minneapolis, MN	1.0–2.0	1.0	820	$1,299	$1.58	5d	8	1.33mi
4251 Parklawn Ave Unit 106 Edina, MN	1.0	1.0	700	$1,245	$1.78	44d	1	1.36mi
7400 Penn Ave S Minneapolis, MN	1.0–2.0	1.0	725	$1,175	$1.62	16d	2	1.39mi
7421 Penn Ave S Apt 7 Minneapolis, MN	1.0	1.0	680	$1,050	$1.54	24d	1	1.44mi

HOA detail condo

• Monthly dues: $518 · $6,216/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-18
   days on market $125,000 Active 204 DOM
2. 2026-06-17
   days on market $125,000 Active 203 DOM
3. 2026-06-16
   days on market $125,000 Active 202 DOM
4. 2026-06-15
   days on market $125,000 Active 201 DOM
5. 2026-06-13
   days on market $125,000 Active 199 DOM
6. 2026-06-13
   days on market $125,000 Active 198 DOM
7. 2026-06-09
   days on market $125,000 Active 195 DOM
8. 2026-06-08
   days on market $125,000 Active 194 DOM
9. 2026-06-07
   days on market $125,000 Active 193 DOM
10. 2026-06-04
    days on market $125,000 Active 190 DOM
11. 2026-06-03
    days on market $125,000 Active 189 DOM
12. 2026-06-02
    days on market $125,000 Active 188 DOM
13. 2026-06-01
    days on market $125,000 Active 187 DOM
14. 2026-05-31
    days on market $125,000 Active 186 DOM
15. 2026-05-05
    price $125,000 930-char remark

    Show marketing remark (930 chars)

    Step into this beautifully updated 1-bedroom condo at The Colony in Edina. The spacious galley-style kitchen features tile flooring, a tile backsplash, stainless steel appliances, and a convenient breakfast bar. The spacious bedroom includes a walk-in closet and sits just across the hall from the updated bathroom, which offers a tiled floor and modern vanity. The bright living room opens to a covered second-floor balcony through large sliding doors—perfect for relaxing or enjoying fresh air. Your assigned covered parking spot is easily accessible, and both the laundry room and your personal storage locker are located right outside the unit for ultimate convenience. Residents can enjoy the outdoor pool or host gatherings in the community/party room. Ideally located near France Ave and Hwy 62, the building is close to Southdale Mall, the Galleria, restaurants, shops, and fitness centers. Schedule your tour today!

16. 2026-01-21
    price $139,900 930-char remark

    Show marketing remark (930 chars)

    Step into this beautifully updated 1-bedroom condo at The Colony in Edina. The spacious galley-style kitchen features tile flooring, a tile backsplash, stainless steel appliances, and a convenient breakfast bar. The spacious bedroom includes a walk-in closet and sits just across the hall from the updated bathroom, which offers a tiled floor and modern vanity. The bright living room opens to a covered second-floor balcony through large sliding doors—perfect for relaxing or enjoying fresh air. Your assigned covered parking spot is easily accessible, and both the laundry room and your personal storage locker are located right outside the unit for ultimate convenience. Residents can enjoy the outdoor pool or host gatherings in the community/party room. Ideally located near France Ave and Hwy 62, the building is close to Southdale Mall, the Galleria, restaurants, shops, and fitness centers. Schedule your tour today!

17. 2025-11-26
    listed $143,000 Active 930-char remark

    Show marketing remark (930 chars)

    Step into this beautifully updated 1-bedroom condo at The Colony in Edina. The spacious galley-style kitchen features tile flooring, a tile backsplash, stainless steel appliances, and a convenient breakfast bar. The spacious bedroom includes a walk-in closet and sits just across the hall from the updated bathroom, which offers a tiled floor and modern vanity. The bright living room opens to a covered second-floor balcony through large sliding doors—perfect for relaxing or enjoying fresh air. Your assigned covered parking spot is easily accessible, and both the laundry room and your personal storage locker are located right outside the unit for ultimate convenience. Residents can enjoy the outdoor pool or host gatherings in the community/party room. Ideally located near France Ave and Hwy 62, the building is close to Southdale Mall, the Galleria, restaurants, shops, and fitness centers. Schedule your tour today!

18. 2025-07-25
    price $144,900
19. 2025-04-17
    listed $149,900 Active
20. 2025-04-14
    historical
21. 2023-09-18
    soldstatus $147,000
22. 2023-08-24
    soldstatus $147,000 Sold
23. 2023-08-19
    status Pending
24. 2023-08-02
    historical Contingent - Subject to Statutory Rescission
25. 2023-07-25
    listed $149,000 Active
26. 1983-05-01
    soldstatus $45,000
27. 1978-11-01
    soldstatus $32,700

ⓘ 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: $1,707 · $142/mo
• Projected year-2 tax: $1,707 · $142/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 5/10 Major FEMA zone X (unshaded) · 24% 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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,716
• − Mortgage interest: −$7,002
• − Property taxes: −$1,707
• − Insurance: −$625
• − Repairs & maintenance: −$1,417
• − Management: −$1,417
• − HOA: −$6,216
• − Depreciation: −$3,636
• Taxable loss: −$4,305
• Est. tax savings @ 24.0%: +$1,033
• After-tax cash flow: $-1,386/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: Richfield Public School District
• NCES district ID: 2731750
• Math proficiency: 27% ▼ -10.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $53,367
• Composite: 28.56/100
• National rank: #6727
• State rank: #262 of 301 in MN

Livability — Edina

• Score: 80/100
• State rank: #82
• US rank: #1926

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Edina, MN
• County: Hennepin County · 1,150,272 people
• City population: 38,943
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 14,192
• Household income: $79,884
• Rent vs Own: 52.4% rent · 47.6% own
• Severe rent burden: 976.0

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 (75%)
• Race & ethnicity: White 75% Asian 9% Black 6% Hispanic / Latino 6% Two or more races 4% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 11% Lithuanian 4% Romanian 2%
• Foreign-born: 17% · Canada, China, South Korea
• Languages at home: 81% English-only · Spanish 5% Other Asian/Pacific 4% Chinese 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: ▼ -158.19%
• Current HPI: 178.3042
• Rent YoY: ▲ 0.42%
• 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

+282.3% since first listed

13 events — show timeline

• 2026-05-05 Price Changed $125,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-21 Price Changed $139,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-26 Listed $143,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-25 Price Changed $144,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-04-17 Listed $149,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-04-14 Coming Soon — NORTHSTARMLS as Distributed by MLS Grid
• 2023-09-18 Sold (Public Records) $147,000 Public Records
• 2023-08-24 Sold (MLS) $147,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-08-19 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-08-02 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2023-07-25 Listed $149,000 NORTHSTARMLS as Distributed by MLS Grid
• 1983-05-01 Sold (Public Records) $45,000 Public Records
• 1978-11-01 Sold (Public Records) $32,700 Public Records

Property tax history

+7.9%/yr

Latest (2025): $1,707 · +12.4% YoY. Source: county tax records.