2723 Queen Ave N · Minneapolis, MN 55411

$239,000

3 bd · 1.0 ba · 1,704 sqft · SingleFamily public records · 10 Days on market

Built 1921 5,227 sqft lot Est $264k · 10% under

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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).

• Cash flow +14.1/30.0
• ARV discount +11.8/15.0
• DSCR +4.3/10.0
• Rent growth +4.3/5.0
• Livability +3.9/5.0
• 1% rule +3.7/10.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

* * * Rare Second Opportunity! This highly sought-after home — which received multiple offers — is back on market due solely to a buyer preference change unrelated to the property. Act fast; this one won't last! * * * Incredible 1921 Two-Story in Jordan – 3 Beds + Office, Fully Updated, Steps from Theodore Wirth Regional Park! This extensively updated 1,384-square-foot home in Minneapolis's vibrant Near North community packs in everything today's buyer wants: three bedrooms plus a main floor office/sunroom, a beautifully renovated kitchen with brand new cabinetry, granite countertops, and all new stainless steel appliances including a gas stove, gorgeous new LVP f

Key facts

• Updated kitchen
• New lvp flooring
• Granite countertops

Tags

• UPDATED KITCHEN
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• NEW LVP FLOORING
• ORIGINAL BUILT-IN BUFFET
• DIGITAL ENTRY SYSTEM

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $239k.

Deal economics

• At list price, monthly cash flow is $34 ($414/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 $207k (13.3% below list).
• Recommended offer: $207k (13.3% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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: Lucy Laney Elementary (math 8% / reading 17%, grade F, #800 of 857 statewide, top 95%, 339 students, 89% 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 86% FRL vs 58% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 9% at this address vs 40% district-wide (-32 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 (+7.3%/yr); 133 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 ($60k/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 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 30y 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 $90k; list at $239k implies a 166% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $207,160 (13.3% below list)

Questions for the listing agent

1. Built in 1921 — 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. 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?
5. 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.
6. 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.
7. 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: 0.87% ✗
• Cap rate: 6.47%
• Cash-on-cash: 0.62%
• DSCR: 1.03
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $264,120
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2123 Queen Ave N	0.50mi	2/1.0 (-1)	1,486 (-13%)	10mo	$230,000	$155	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 7.35% rent growth · sell at horizon

5-year hold

• IRR: -10.7%
• Equity multiple: 0.60×
• Total profit: $-27,068
• Equity at exit: $35,636

10-year hold

• IRR: 3.8%
• Equity multiple: 1.32×
• Total profit: $21,747
• Equity at exit: $20,664

Cash invested: $66,920 (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 55411

• Home prices YoY: -8.7%
• Rents YoY: 7.3%
• Active inventory: 133
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,072 high
• Mortgage (P&I): −$1,253
• Tax from tax record: −$249 /mo · $2,990/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$435
• Net cashflow: $34

Break-even live

Break-even rent $2,028

Max offer price $239,000

Occupancy floor 93%

Sensitivity live

Price	-10% $170	-5% $102	+0% $34	+5% $-33	+10% $-101
Rent	-10% $-129	-5% $-47	+0% $34	+5% $116	+10% $198
Rate	-1.0pp $155	-0.5pp $95	base $34	+0.5pp $-27	+1.0pp $-90

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: $59,750
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2323 26th Ave N Minneapolis, MN	2.0	1.0	807	$1,717	$2.13	16d	3	0.25mi
2947 Morgan Ave N Minneapolis, MN	2.0	1.0	1106	$1,950	$1.76	1d	1	0.30mi
2947 Morgan Ave N Minneapolis, MN	2.0	1.0	1106	$1,950	$1.76	15d	1	0.30mi
3114 Morgan Ave N Minneapolis, MN	4.0	2.0	1362	$2,000	$1.47	16d	1	0.38mi
2324 Logan Ave N Minneapolis, MN	4.0	1.5	1400	$2,300	$1.64	46d	1	0.48mi
2703 Humboldt Ave N Minneapolis, MN	3.0	1.0	1218	$1,450	$1.19	23d	1	0.57mi
3315 James Ave N Minneapolis, MN	4.0	1.0	1400	$2,100	$1.50	5d	1	0.63mi
2330 N Irving Ave Minneapolis, MN	2.0	1.0	1600	$1,375	$0.86	9d	1	0.66mi
3105 N Girard Ave Unit 2 Minneapolis, MN	4.0	1.0	1250	$2,300	$1.84	26d	1	0.67mi
1510 N 22nd Ave #1 Minneapolis, MN	3.0	1.0	1500	$1,875	$1.25	5d	1	0.70mi
1510 N 22nd Ave #1 Minneapolis, MN	3.0	1.0	1500	$1,875	$1.25	23d	1	0.70mi
2411 Golden Valley Rd Unit 2 Minneapolis, MN	4.0	2.0	1200	$2,395	$2.00	16d	1	0.72mi
2646 Dupont Ave N Unit 2 Minneapolis, MN	4.0	1.0	1514	$2,245	$1.48	45d	1	0.85mi
1816 Zephyr Pl Minneapolis, MN	3.0	1.0	1120	$2,050	$1.83	45d	1	0.88mi
3342 Fremont Ave N Unit 2 Minneapolis, MN	4.0	2.0	2000	$2,200	$1.10	26d	1	0.88mi
2124 Fremont Ave N Minneapolis, MN	2.0	1.0	1050	$1,580	$1.50	3d	1	0.90mi
2900 N Colfax Ave Unit 2 Minneapolis, MN	2.0	1.0	1200	$1,345	$1.12	26d	1	0.91mi
2600 France Ave N Unit 2600 Minneapolis, MN	2.0	1.5	1100	$1,599	$1.45	6d	1	0.92mi
1312 18th Ave N Minneapolis, MN	3.0	1.0	1520	$1,899	$1.25	9d	1	0.98mi
1504 Queen Ave N Minneapolis, MN	3.0	1.5	1746	$2,800	$1.60	0d	1	1.02mi
1504 Queen Ave N Minneapolis, MN	3.0	1.5	1746	$2,800	$1.60	3d	1	1.02mi
1507 N Newton Ave Unit 2 Minneapolis, MN	4.0	1.0	1068	$1,499	$1.40	45d	1	1.03mi
2643 Lyndale Ave N Minneapolis, MN	4.0	2.0	2198	$750	$0.34	18d	1	1.07mi
1429 Knox Ave N Unit 1429 Minneapolis, MN	4.0	1.0	1260	$1,995	$1.58	45d	1	1.10mi
3419 Grimes Ave N Minneapolis, MN	3.0	1.5	1300	$2,050	$1.58	45d	1	1.15mi
835 W Broadway Ave Minneapolis, MN	1.0–2.0	1.0–2.0	849	$2,150	$2.53	4d	7	1.18mi
1407 N Girard Ave Unit 2 Minneapolis, MN	2.0	1.0	1472	$1,900	$1.29	19d	1	1.24mi
414 N 33rd Ave Unit 2 Minneapolis, MN	2.0	1.0	1246	$1,600	$1.28	45d	1	1.26mi
318 N 27th Ave #2 Minneapolis, MN	3.0	1.0	1200	$1,800	$1.50	5d	1	1.26mi
318 N 27th Ave #2 Minneapolis, MN	3.0	1.0	1200	$1,800	$1.50	45d	1	1.26mi
1237 Knox Ave N Unit 1237 Minneapolis, MN	3.0	1.0	1196	$1,900	$1.59	5d	1	1.30mi
1239 Knox Ave N Minneapolis, MN	4.0	1.0	1944	$2,400	$1.23	5d	1	1.30mi
3935 Fremont Ave N Minneapolis, MN	4.0	1.0	1900	$2,595	$1.37	45d	1	1.41mi

Listing history 17 events

1. 2026-04-24
   status Pending
2. 2026-04-18
   historical Contingent - Inspection
3. 2026-04-17
   status Active
4. 2026-04-16
   historical Contingent - Inspection
5. 2026-04-13
   listed $239,000 Active
6. 1999-11-10
   soldstatus $89,900
7. 1999-09-22
   soldstatus $89,900
8. 1999-09-13
   soldstatus $42,500
9. 1999-09-02
   historical
10. 1999-08-04
    listed $89,900
11. 1999-07-05
    soldstatus $42,500
12. 1999-06-03
    historical
13. 1999-05-17
    listed $44,500
14. 1997-07-24
    soldstatus $57,800
15. 1997-06-27
    soldstatus $57,800
16. 1997-05-12
    historical
17. 1996-12-11
    listed $57,800

ⓘ 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: $2,990 · $249/mo
• Projected year-2 tax: $2,990 · $249/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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,859
• − Mortgage interest: −$13,388
• − Property taxes: −$2,990
• − Insurance: −$1,195
• − Repairs & maintenance: −$1,989
• − Management: −$1,989
• − Depreciation: −$6,953
• Taxable loss: −$3,644
• Est. tax savings @ 24.0%: +$875
• After-tax cash flow: $1,288/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): 27,741
• Household income: $60,225
• Rent vs Own: 47.3% rent · 52.7% own
• Severe rent burden: 1826.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Black 49% White 23% Two or more races 11% Hispanic / Latino 11% Asian 9%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Portuguese 3% Lithuanian 2% Italian 1%
• Foreign-born: 19% · Canada, Guatemala
• Languages at home: 68% English-only · Other Asian/Pacific 8% Spanish 8%

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: ▼ -33.91%
• Current HPI: 356.6758
• Rent YoY: ▲ 7.35%
• 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

+313.5% since first listed

17 events — show timeline

• 2026-04-24 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-18 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-17 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-16 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-13 Listed $239,000 NORTHSTARMLS as Distributed by MLS Grid
• 1999-11-10 Sold (Public Records) $89,900 Public Records
• 1999-09-22 Sold (MLS) $89,900 NORTHSTARMLS as Distributed by MLS Grid
• 1999-09-13 Sold (Public Records) $42,500 Public Records
• 1999-09-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1999-08-04 Listed $89,900 NORTHSTARMLS as Distributed by MLS Grid
• 1999-07-05 Sold (MLS) $42,500 NORTHSTARMLS as Distributed by MLS Grid
• 1999-06-03 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1999-05-17 Listed $44,500 NORTHSTARMLS as Distributed by MLS Grid
• 1997-07-24 Sold (Public Records) $57,800 Public Records
• 1997-06-27 Sold (MLS) $57,800 NORTHSTARMLS as Distributed by MLS Grid
• 1997-05-12 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1996-12-11 Listed $57,800 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+3.6%/yr

Latest (2025): $2,990 · +7.9% YoY. Source: county tax records.