3251 Colfax Ave N · Minneapolis, MN 55412

$230,000

4 bd · 2.0 ba · 1,483 sqft · SingleFamily public records · 3 Days on market

Built 1926 5,662 sqft lot $155/sqft · 12% above area Est $246k · 6% 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 +19.1/30.0
• ARV discount +10.4/15.0
• DSCR +6.0/10.0
• 1% rule +5.2/10.0
• Rent growth +4.1/5.0
• Livability +3.9/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Fantastic opportunity for first-time homebuyers, growing families, or savvy investors looking to build instant equity! Situated on a desirable corner lot, this charming 4-bedroom, 1-bath home offers a functional layout with two bedrooms conveniently located on the main level—a feature that’s becoming increasingly difficult to find. The inviting living room features a cozy fireplace, creating the perfect space to relax and gather with family and friends. Enjoy summer BBQs on the spacious backyard deck with family and friends. The home includes a 1-car garage plus an additional paved parking area in the backyard, providing convenient off-street parking year-round—especially

Key facts

• Paved parking area
• Unfinished basement
• 1-car garage

Tags

• TWO BEDROOMS ON MAIN LEVEL
• SPACIOUS BACKYARD DECK
• 1-CAR GARAGE
• PAVED PARKING AREA
• UNFINISHED BASEMENT
• POTENTIAL FOR FUTURE EXPANSION

Property features AI

Exterior

• Parking: Concrete parking; 1-car garage
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; One and one-half stories; Main level primary bedroom
• Construction: Block foundation; Asphalt roof (over 8 years old)
• Exterior features: Deck; Porch; Stucco exterior; Chain link fencing; Corner lot with light tree coverage; Curb, paved streets, sidewalks and street lights

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 4 bedrooms total; Main level bedroom (approx. 11x10); Main level bedroom (approx. 11x11); Upper level bedroom (approx. 11x13); Upper level bedroom (approx. 13x13)
• Bathrooms: 2 full bathrooms; Main floor full bath
• Heating & cooling: Baseboard heating; Boiler heating; No central air
• Interior features: Living room fireplace (wood burning); Eat-in kitchen; Main floor primary bedroom; Kitchen window

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $244 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $230k).
• Cap rate 7.6% 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.
• Zoned schools: Nellie Stone Johnson Elementary (math 2% / reading 17%, grade F, #829 of 857 statewide, top 98%, 201 students, 96% FRL); Franklin Middle (math 2% / reading 8%, grade F, #255 of 258 statewide, top 100%, 287 students, 89% FRL); Henry High (reading 70%, 858 students, 80% FRL) — zoned schools average 88% FRL vs 58% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 7% at this address vs 40% district-wide (-33 pts) — the specific schools serving this property underperform the Minneapolis Public School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+6.3%/yr); 167 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• This rent runs 41% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 33y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $26k; list at $230k implies a 798% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $230,000

Questions for the listing agent

1. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.02% ✓
• Cap rate: 7.57%
• Cash-on-cash: 4.55%
• DSCR: 1.20
• GRM: 8.1

CMA / ARV

• ARV (median comp): $245,929
• List price: $230,000
• Delta: 1.61%
• Verdict: FAIR
• Comps: 7 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.35% rent growth · sell at horizon

5-year hold

• IRR: -5.4%
• Equity multiple: 0.79×
• Total profit: $-13,473
• Equity at exit: $34,294

10-year hold

• IRR: 7.9%
• Equity multiple: 1.69×
• Total profit: $44,552
• Equity at exit: $19,886

Cash invested: $64,400 (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 55412

• Home prices YoY: -26.9%
• Rents YoY: 6.3%
• Active inventory: 167
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,354 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$314 /mo · $3,768/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$494
• Net cashflow: $244

Break-even live

Break-even rent $2,046

Max offer price $230,000

Occupancy floor 85%

Sensitivity live

Price	-10% $374	-5% $309	+0% $244	+5% $179	+10% $114
Rent	-10% $58	-5% $151	+0% $244	+5% $337	+10% $430
Rate	-1.0pp $360	-0.5pp $303	base $244	+0.5pp $184	+1.0pp $124

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3247 N 6th St Minneapolis, MN	5.0	1.5	1405	$2,350	$1.67	45d	1	0.25mi
3247 N 6th St Minneapolis, MN	5.0	1.5	1405	$2,350	$1.67	23d	1	0.25mi
3247 N 6th St Minneapolis, MN	5.0	1.5	1405	$2,350	$1.67	25d	1	0.25mi
3211 N 6th St Unit 2 Minneapolis, MN	4.0	1.0	900	$1,450	$1.61	25d	1	0.27mi
3238 Humboldt Ave N Minneapolis, MN	5.0	1.0	1389	$2,100	$1.51	45d	1	0.29mi
3105 N Girard Ave Unit 2 Minneapolis, MN	4.0	1.0	1250	$2,300	$1.84	25d	1	0.31mi
3522 Bryant Ave N Minneapolis, MN	5.0	2.0	1449	$2,995	$2.07	45d	1	0.31mi
2923 Girard Ave N Minneapolis, MN	5.0	2.0	1760	$2,795	$1.59	23d	1	0.41mi
3315 James Ave N Minneapolis, MN	4.0	1.0	1400	$2,100	$1.50	5d	1	0.44mi
2819 Girard Ave N Minneapolis, MN	5.0	2.0	1718	$2,300	$1.34	45d	1	0.47mi
2646 Dupont Ave N Unit 2 Minneapolis, MN	4.0	1.0	1514	$2,245	$1.48	45d	1	0.53mi
2703 Humboldt Ave N Minneapolis, MN	3.0	1.0	1218	$1,450	$1.19	23d	1	0.58mi
2620 Emerson Ave N Minneapolis, MN	3.0	1.0	877	$1,900	$2.17	0d	1	0.58mi
3114 Morgan Ave N Minneapolis, MN	4.0	2.0	1362	$2,000	$1.47	15d	1	0.62mi
318 N 27th Ave #2 Minneapolis, MN	3.0	1.0	1200	$1,800	$1.50	5d	1	0.65mi
318 N 27th Ave #2 Minneapolis, MN	3.0	1.0	1200	$1,800	$1.50	45d	1	0.65mi
1510 N 22nd Ave #1 Minneapolis, MN	3.0	1.0	1500	$1,875	$1.25	23d	1	0.98mi
1510 N 22nd Ave #1 Minneapolis, MN	3.0	1.0	1500	$1,875	$1.25	5d	1	0.98mi
1523 22nd Ave N Minneapolis, MN	3.0	1.0	943	$1,695	$1.80	16d	1	1.01mi
2324 Logan Ave N Minneapolis, MN	4.0	1.5	1400	$2,300	$1.64	46d	1	1.03mi
1312 18th Ave N Minneapolis, MN	3.0	1.0	1520	$1,899	$1.25	9d	1	1.24mi
2211 Queen Ave N Unit 1 Minneapolis, MN	3.0	1.0	983	$1,695	$1.72	19d	1	1.26mi
2035 W River Rd Minneapolis, MN	1.0–4.0	2.0	1034	$2,503	$2.42	0d	12	1.26mi
2356 N Thomas Ave Unit 2 Minneapolis, MN	3.0	1.0	1000	$1,800	$1.80	45d	1	1.28mi
207 24th Ave NE Minneapolis, MN	3.0	3.0	1575	$2,995	$1.90	45d	1	1.30mi
233 26th Ave NE Minneapolis, MN	3.0	1.0	1153	$1,545	$1.34	45d	1	1.32mi
1428 Marshall St NE Minneapolis, MN	3.0	2.5	1800	$3,300	$1.83	0d	1	1.35mi
1705 2nd St NE Minneapolis, MN	4.0	3.0	1600	$2,795	$1.75	3d	1	1.44mi
2411 Golden Valley Rd Unit 2 Minneapolis, MN	4.0	2.0	1200	$2,395	$2.00	16d	1	1.47mi

Listing history 28 events

1. 2026-06-21
   days on market $230,000 Active 3 DOM
2. 2026-06-19
   remarks 681-char remark
3. 2026-06-19
   pricedays on marketlisting id $230,000 Active 1 DOM
4. 2026-06-08
   days on market $249,900 Active 59 DOM
5. 2026-06-07
   days on market $249,900 Active 58 DOM
6. 2026-06-04
   days on market $249,900 Active 55 DOM
7. 2026-06-03
   days on market $249,900 Active 54 DOM
8. 2026-06-02
   days on market $249,900 Active 53 DOM
9. 2026-06-01
   days on market $249,900 Active 52 DOM
10. 2026-05-31
    days on market $249,900 Active 51 DOM
11. 2026-05-04
    price $249,900 40-char remark
12. 2026-04-10
    listed $259,900 Active 40-char remark
13. 2025-05-13
    historical
14. 2025-04-18
    listed $279,000 Active
15. 2009-07-01
    soldstatus $25,600
16. 2009-06-12
    historical
17. 2009-06-05
    listed $20,000
18. 2004-12-21
    soldstatus $120,900
19. 2004-12-07
    historical
20. 2004-09-24
    listed $124,500
21. 2003-08-22
    soldstatus $160,000
22. 1997-11-25
    soldstatus $86,500
23. 1994-10-26
    soldstatus $57,500
24. 1994-09-15
    soldstatus $57,500
25. 1994-08-13
    historical
26. 1994-05-03
    listed $57,900
27. 1994-04-30
    historical
28. 1993-01-14
    listed $59,900

ⓘ 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: $3,768 · $314/mo
• Projected year-2 tax: $3,768 · $314/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 6/10 Major FEMA zone X (unshaded) · 71% 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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,253
• − Mortgage interest: −$12,884
• − Property taxes: −$3,768
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,260
• − Management: −$2,260
• − Depreciation: −$6,691
• Taxable loss: −$760
• Est. tax savings @ 24.0%: +$182
• After-tax cash flow: $3,111/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): 24,460
• Household income: $68,682
• Rent vs Own: 27.8% rent · 72.2% own
• Severe rent burden: 913.0

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: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: White 36% Black 33% Hispanic / Latino 14% Two or more races 12% Asian 8% Native American 1%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 6% Lithuanian 2% Romanian 1%
• Foreign-born: 12% · Canada
• Languages at home: 82% English-only · Spanish 9% Other Asian/Pacific 7% Tagalog/Filipino 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: ▼ -109.98%
• Current HPI: 298.1414
• Rent YoY: ▲ 6.35%
• 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

+284.0% since first listed

20 events — show timeline

• 2026-06-18 Listed $230,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-06-09 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-04 Price Changed $249,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-10 Listed $259,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-05-13 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-04-18 Listed $279,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-07-01 Sold (MLS) $25,600 NORTHSTARMLS as Distributed by MLS Grid
• 2009-06-12 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-06-05 Listed $20,000 NORTHSTARMLS as Distributed by MLS Grid
• 2004-12-21 Sold (MLS) $120,900 NORTHSTARMLS as Distributed by MLS Grid
• 2004-12-07 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2004-09-24 Listed $124,500 NORTHSTARMLS as Distributed by MLS Grid
• 2003-08-22 Sold (Public Records) $160,000 Public Records
• 1997-11-25 Sold (Public Records) $86,500 Public Records
• 1994-10-26 Sold (Public Records) $57,500 Public Records
• 1994-09-15 Sold (MLS) $57,500 NORTHSTARMLS as Distributed by MLS Grid
• 1994-08-13 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1994-05-03 Listed $57,900 NORTHSTARMLS as Distributed by MLS Grid
• 1994-04-30 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1993-01-14 Listed $59,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

-0.7%/yr

Latest (2025): $3,768 · +38.3% YoY. Source: county tax records.