660 N 2nd St #301 · Minneapolis, MN 55401

$249,900

1 bd · 1.0 ba · 784 sqft · Condo public records · 54 Days on market

Built 1998 $319/sqft · 32% below area Est $396k · 37% under $763/mo HOA · 34% 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
• Appreciation +4.8/10.0
• 1% rule +4.0/10.0
• Cash flow +3.9/30.0
• Rent growth +3.9/5.0
• Livability +3.9/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0

Listing remarks MLS

A charming home @ RiverStation. Great location and community in the Warehouse District. One-level living. Private balcony, in-unit laundry, heated underground pkg & extra storage. Enjoy the beautifully landscaped grounds & ultra-convenient neighborhood.

Key facts

• Southern exposure
• Natural light
• Updated flooring

Tags

• NATURAL LIGHT
• SOUTHERN EXPOSURE
• UPDATED FLOORING
• PLENTY OF CLOSET SPACE
• IN-UNIT WASHER DRYER

Property features AI

Finance

• Other: Lot size approximately 7.252 acres
• HOA & community: HOA managed by First Service Residential; Monthly association fee of $763.09; HOA covers cable TV, internet, hazard insurance, lawn care, grounds maintenance, parking, professional management, sewer, snow removal, and water

Exterior

• Parking: Heated underground garage; 1 garage space (2 stalls indicated)
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Attached residential property; One story
• Construction: Other foundation
• Exterior features: Stone exterior

Interior

• Kitchen: Kitchen on main level
• Bedrooms: 1 bedroom (upper level)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: No basement; One-level living

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $250k.

Deal economics

• At list price, monthly cash flow is $-715 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $124k (50.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $225k (9.8% below list).
• Recommended offer: $124k (50.5% below list) — sets the bar for cash-flow.

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: Las Estrellas Elementary (math 15% / reading 12%, grade F, #797 of 857 statewide, top 93%, 336 students, 75% 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-school proficiency averages 24% at this address vs 40% district-wide (-16 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 (+5.5%/yr); 159 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).

Forward outlook

• In year one you build about $683 of equity ($2k loan paydown + $-1k appreciation (-0.4% local appreciation)).
• 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 54 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y 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 $139k; list at $250k implies a 80% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 34% of rent.

Recommended offer $123,581 (50.5% 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 54 days. Have you received any prior offers? Is the seller open to a 51% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.90% ✗
• Cap rate: 2.86%
• Cash-on-cash: -12.26%
• DSCR: 0.45
• GRM: 9.2

CMA / ARV

• ARV (median comp): $395,860
• List price: $249,900
• Delta: -36.87%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-0.42% appreciation · 5.49% rent growth · sell at horizon

5-year hold

• IRR: -16.1%
• Equity multiple: 0.26×
• Total profit: $-51,430
• Equity at exit: $67,380

10-year hold

• IRR: -6.5%
• Equity multiple: 0.30×
• Total profit: $-48,987
• Equity at exit: $76,966

Cash invested: $69,972 (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 →

ZIP-level market 55401

• Home prices YoY: -0.2%
• Rents YoY: 5.5%
• Active inventory: 159
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,255 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$319 /mo · $3,822/yr
• Insurance: −$104
• HOA: −$763
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $-715

Break-even live

Break-even rent $3,160

Max offer price $123,581

Occupancy floor —

Sensitivity live

Price	-10% $-574	-5% $-644	+0% $-715	+5% $-786	+10% $-857
Rent	-10% $-893	-5% $-804	+0% $-715	+5% $-626	+10% $-537
Rate	-1.0pp $-589	-0.5pp $-652	base $-715	+0.5pp $-780	+1.0pp $-846

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
614 N 1st St Minneapolis, MN	1.0	1.0	920	$1,818	$1.98	9d	6	0.06mi
616 N Washington Ave Unit 1571257P Minneapolis, MN	1.0	1.0	742	$4,392	$5.92	0d	1	0.11mi
616 N Washington Ave Unit 1014615P Minneapolis, MN	2.0	1.0	990	$4,785	$4.83	6d	1	0.11mi
616 N Washington Ave Unit 1014633P Minneapolis, MN	1.0	1.0	742	$3,776	$5.09	45d	1	0.11mi
616 N Washington Ave Unit 1014635P Minneapolis, MN	1.0	1.0	742	$4,168	$5.62	9d	1	0.11mi
432 N 1st St Minneapolis, MN	1.0–2.0	1.0–2.0	1067	$1,395	$1.31	4d	6	0.11mi
730 Washington Ave N Minneapolis, MN	1.0–2.0	1.0	913	$2,195	$2.40	6d	2	0.13mi
528 Washington Ave N Minneapolis, MN	1.0	1.0	543	$2,629	$4.84	0d	20	0.14mi
815 N 2nd St Minneapolis, MN	2.0	1.0–2.0	721	$1,985	$2.75	3d	26	0.15mi
607 N Washington Ave Minneapolis, MN	1.0–2.0	1.0–2.0	845	$1,855	$2.20	4d	4	0.16mi
608 N 3rd St Minneapolis, MN	2.0	1.0–2.0	746	$2,446	$3.28	1d	62	0.20mi
401 N 1st St Minneapolis, MN	—	1.0	531	$1,282	$2.41	45d	1	0.20mi
404 Washington Ave N #404 Minneapolis, MN	1.0	1.0	1108	$2,750	$2.48	45d	1	0.22mi
721 N 3rd St Minneapolis, MN	3.0	1.0–2.0	972	$2,458	$2.53	1d	12	0.23mi
800 3rd St N Minneapolis, MN	1.0	1.0	607	$1,849	$3.04	4d	7	0.25mi
360 N 5th Ave Minneapolis, MN	2.0	1.0–2.5	1185	$4,452	$3.75	0d	77	0.26mi
360 1st St N Minneapolis, MN	1.0–2.0	1.0–2.0	889	$1,835	$2.06	1d	10	0.26mi
915 Washington Ave N Minneapolis, MN	2.0	2.0–2.5	1215	$2,549	$2.10	3d	5	0.27mi
316 N 2nd St Minneapolis, MN	1.0–2.0	1.0–2.0	795	$1,417	$1.78	1d	8	0.28mi
315 N 7th Ave Minneapolis, MN	1.0	1.0	625	$2,666	$4.27	0d	12	0.28mi
254 9th Ave N Minneapolis, MN	1.0	1.0	922	$1,937	$2.10	6d	1	0.28mi
756 N 4th St Minneapolis, MN	1.0	1.0	551	$1,436	$2.60	4d	6	0.29mi
337 N Washington Ave Minneapolis, MN	2.0	1.0–2.0	796	$2,114	$2.65	4d	30	0.30mi
1020 N 3rd St Minneapolis, MN	1.0	1.0	549	$1,295	$2.36	1d	4	0.34mi
212 N 2nd St Minneapolis, MN	1.0–2.0	1.0–2.0	1039	$2,995	$2.88	26d	2	0.35mi
600 N 5th St Minneapolis, MN	1.0	1.0	625	$1,540	$2.46	0d	10	0.36mi
200 2nd Ave N Minneapolis, MN	2.0	1.0	994	$3,135	$3.15	23d	1	0.38mi
643 N 5th St Minneapolis, MN	2.0	1.0–2.0	796	$2,073	$2.60	1d	10	0.40mi
280 N 2nd St Minneapolis, MN	1.0	1.0	1072	$1,836	$1.71	19d	2	0.41mi
120 N 2nd St Minneapolis, MN	1.0–2.0	1.0–2.5	1039	$1,591	$1.53	0d	17	0.42mi
110 N 1st St Minneapolis, MN	1.0–2.0	1.0–2.0	885	$1,719	$1.94	0d	20	0.44mi
120 Hennepin Ave Minneapolis, MN	2.0	1.0–2.0	960	$2,590	$2.70	9d	10	0.53mi
270 Hennepin Ave Minneapolis, MN	3.0	1.0–3.0	1505	$4,088	$2.72	1d	53	0.57mi
829 Marshall St NE Minneapolis, MN	2.0	1.0–2.0	697	$1,925	$2.76	15d	8	0.64mi
110 6th Ave NE Minneapolis, MN	2.0	1.0–2.0	831	$2,173	$2.61	0d	7	0.65mi
111 S Marquette Ave Minneapolis, MN	1.0–2.0	1.0–2.0	955	$1,516	$1.59	1d	13	0.65mi
338 NE 2nd St Minneapolis, MN	2.0	1.0–2.0	650	$1,958	$3.01	1d	1	0.71mi
1000 Main St NE Minneapolis, MN	1.0	1.0	520	$1,795	$3.45	15d	6	0.72mi
115 2nd Ave S Minneapolis, MN	1.0	1.0	508	$1,371	$2.70	0d	21	0.73mi
365 Nicollet Mall Minneapolis, MN	3.0	1.0–3.5	1656	$4,354	$2.63	0d	35	0.73mi

HOA detail condo

• Monthly dues: $763 · $9,156/yr
• Likely covers: landscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-06-21
   days on market $249,900 Active 54 DOM
2. 2026-06-18
   days on market $249,900 Active 51 DOM
3. 2026-06-17
   days on market $249,900 Active 50 DOM
4. 2026-06-16
   days on market $249,900 Active 49 DOM
5. 2026-06-15
   days on market $249,900 Active 48 DOM
6. 2026-06-13
   days on market $249,900 Active 46 DOM
7. 2026-06-09
   days on market $249,900 Active 42 DOM
8. 2026-06-08
   days on market $249,900 Active 41 DOM
9. 2026-06-07
   days on market $249,900 Active 40 DOM
10. 2026-06-04
    days on market $249,900 Active 37 DOM
11. 2026-06-03
    days on market $249,900 Active 36 DOM
12. 2026-06-02
    days on market $249,900 Active 35 DOM
13. 2026-06-01
    days on market $249,900 Active 34 DOM
14. 2026-05-31
    days on market $249,900 Active 33 DOM
15. 2026-04-28
    listed $249,900 Active 356-char remark
16. 2026-04-28
    historical
17. 2026-04-22
    listed $249,900 Active
18. 2024-09-05
    historical $1,750
19. 2024-07-19
    listed $1,750
20. 2024-06-11
    historical $1,750
21. 2024-04-12
    listed $1,750
22. 2013-02-06
    soldstatus $139,000
23. 2012-09-18
    soldstatus $139,000
24. 2012-07-30
    soldstatus $139,000

    Show marketing remark (261 chars)

    A charming home @ RiverStation. Great location and community in the Warehouse District. One-level living. Private balcony, in-unit laundry, heated underground pkg & extra storage. Enjoy the beautifully landscaped grounds & ultra-convenient neighborhood.

25. 2012-06-24
    historical

    Show marketing remark (261 chars)

    A charming home @ RiverStation. Great location and community in the Warehouse District. One-level living. Private balcony, in-unit laundry, heated underground pkg & extra storage. Enjoy the beautifully landscaped grounds & ultra-convenient neighborhood.

26. 2012-06-06
    listed $145,000

    Show marketing remark (261 chars)

    A charming home @ RiverStation. Great location and community in the Warehouse District. One-level living. Private balcony, in-unit laundry, heated underground pkg & extra storage. Enjoy the beautifully landscaped grounds & ultra-convenient neighborhood.

27. 2001-02-06
    soldstatus $139,000
28. 1999-03-02
    soldstatus $97,300

ⓘ 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: $3,822 · $319/mo
• Projected year-2 tax: $3,822 · $319/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: $27,054
• − Mortgage interest: −$13,998
• − Property taxes: −$3,822
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,164
• − Management: −$2,164
• − HOA: −$9,156
• − Depreciation: −$7,270
• Taxable loss: −$12,770
• Est. tax savings @ 24.0%: +$3,065
• After-tax cash flow: $-5,516/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): 11,816
• Household income: $113,522
• Rent vs Own: 71.6% rent · 28.4% own
• Severe rent burden: 610.0

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% Hispanic / Latino 8% Two or more races 6% Black 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 10% Romanian 7% Lithuanian 5%
• Foreign-born: 13% · Canada, China, South Korea
• Languages at home: 86% English-only · Spanish 6% Other Indo-European 3% 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: ▼ -0.42%
• Current HPI: 233.936
• Rent YoY: ▲ 5.49%
• 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

+156.8% since first listed

14 events — show timeline

• 2026-04-28 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-28 Listed $249,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-22 Listed $249,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-09-05 Rental Removed $1,750 RMLSND
• 2024-07-19 Listed for Rent $1,750 RMLSND
• 2024-06-11 Rental Removed $1,750 RMLSND
• 2024-04-12 Listed for Rent $1,750 RMLSND
• 2013-02-06 Sold (Public Records) $139,000 Public Records
• 2012-09-18 Sold (Public Records) $139,000 Public Records
• 2012-07-30 Sold (MLS) $139,000 NORTHSTARMLS as Distributed by MLS Grid
• 2012-06-24 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2012-06-06 Listed $145,000 NORTHSTARMLS as Distributed by MLS Grid
• 2001-02-06 Sold (Public Records) $139,000 Public Records
• 1999-03-02 Sold (Public Records) $97,300 Public Records

Property tax history

+3.5%/yr

Latest (2025): $3,822 · +17.6% YoY. Source: county tax records.