121 Washington Ave S #417 · Minneapolis, MN 55401

$350,000

3 bd · 2.0 ba · 1,800 sqft · Condo · 148 Days on market

Built 1981 $194/sqft · 37% below area Est $560k · 38% under $1234/mo HOA · 26% of rent

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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 +15.2/30.0
• ARV discount +15.0/15.0
• 1% rule +8.7/10.0
• Appreciation +4.8/10.0
• DSCR +4.7/10.0
• Rent growth +3.9/5.0
• Livability +3.9/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0

Listing remarks MLS

Rarely available THREE BEDROOM corner condo on the SKYWAY with a balcony overlooking the city! 70K kitchen remodel with custom cabinets, mosaic backsplash and stainless steel appliances. Custom vanities in both baths. Spacious primary suite with walk in closet. Ample storage in this unit along with an additional storage locker. Gorgeous city views from FIVE windows! Streaming sunlight all day! Amenity enriched building with 24 hour security, rooftop heated pool with big city views, new grilling and game area with beautiful firepits, hot tub, sauna, gym and heated garage. Highly walkable Mill District neighborhood just two blocks to the river! The required sliding glass door replacement has been completed by the seller. Quick stroll to Whole Foods, Trader Joes, US Bank Stadium, Target Center, Stone Arch Bridge, the Guthrie and a host of the best restaurants, bars & coffee shops in the city. City living at it's best! Common areas are being remodeled starting in April to include lobby, elevators, residential hallways etc. Please see rendition by mailbox receiving area on lobby level.

Key facts

• $1,234 HOA
• Garage
• Pool

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $350k.

Deal economics

• At list price, monthly cash flow is $123 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $350k).
• Recommended offer: $308k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.7% 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.
• Market conditions: Rents rising fast (+5.5%/yr); 160 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 3d 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).
• At $4,779/mo this rent would consume 51% of the median local household income ($114k/yr) (locally 610% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $956 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.
• At projected returns (-0.4% appreciation + 5.5% rent growth), your $98k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 148 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 31y ago; this cycle's ask has dropped $35k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $175k; list at $350k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.

Recommended offer $308,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 148 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
8. 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.
9. 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: 1.37% ✓
• Cap rate: 6.71%
• Cash-on-cash: 1.51%
• DSCR: 1.07
• GRM: 6.1

CMA / ARV

• ARV (median comp): $560,000
• List price: $350,000
• Delta: -37.50%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 0.8%
• Equity multiple: 1.04×
• Total profit: $3,874
• Equity at exit: $94,370

10-year hold

• IRR: 9.5%
• Equity multiple: 2.10×
• Total profit: $108,183
• Equity at exit: $107,795

Cash invested: $98,000 (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: 160
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $4,779 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$1,234
• Vacancy / Maint / Mgmt: −$1,004
• Net cashflow: $123

Break-even live

Break-even rent $4,624

Max offer price $350,000

Occupancy floor 92%

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
365 Nicollet Mall Minneapolis, MN	3.0	1.0–3.5	1656	$9,753	$5.89	3d	33	0.14mi
400 Marquette Ave Minneapolis, MN	3.0	1.0–2.0	1103	$5,615	$5.09	2d	14	0.16mi
465 Nicollet Mall Minneapolis, MN	2.0	1.0–3.0	1153	$4,620	$4.01	2d	14	0.19mi
101 S 5th St Minneapolis, MN	3.0	1.0–2.0	1249	$4,049	$3.24	2d	35	0.21mi
270 Hennepin Ave Minneapolis, MN	3.0	1.0–3.0	1505	$9,421	$6.26	2d	54	0.24mi
120 Hennepin Ave Minneapolis, MN	2.0	1.0–2.0	960	$3,665	$3.82	8d	10	0.26mi
222 Hennepin Ave Minneapolis, MN	1.0–2.0	1.0–2.0	994	$4,175	$4.20	2d	12	0.26mi
511 S 4th St Minneapolis, MN	2.0	1.0–2.0	882	$2,945	$3.34	2d	11	0.29mi
608 2nd Ave S Minneapolis, MN	2.0	1.0–2.0	999	$2,300	$2.30	3d	34	0.29mi
250 Portland Ave Minneapolis, MN	1.0–2.0	1.0–2.0	902	$3,372	$3.74	3d	11	0.30mi
120 N 2nd St Minneapolis, MN	1.0–2.0	1.0–2.5	1039	$3,428	$3.30	2d	19	0.34mi
600 5th Ave S Minneapolis, MN	1.0–2.0	1.0–2.0	915	$3,315	$3.62	2d	9	0.35mi
110 N 1st St Minneapolis, MN	1.0–2.0	1.0–2.0	885	$3,799	$4.29	2d	20	0.36mi
240 Park Ave Minneapolis, MN	1.0–2.0	1.0–2.0	1047	$3,875	$3.70	3d	2	0.38mi
650 Portland Ave Minneapolis, MN	2.0	1.0–2.0	1104	$4,141	$3.75	3d	18	0.42mi
700 S 4th St Minneapolis, MN	2.0	1.0–2.0	897	$3,995	$4.45	2d	26	0.44mi
615 S 8th St Minneapolis, MN	2.0	1.0–2.5	1248	$6,125	$4.91	2d	52	0.54mi
212 10th Ave S Minneapolis, MN	3.0	1.0–2.5	1490	$8,588	$5.76	2d	10	0.61mi
360 N 5th Ave Minneapolis, MN	2.0	1.0–2.5	1185	$7,325	$6.18	2d	85	0.62mi
432 N 1st St Minneapolis, MN	1.0–2.0	1.0–2.0	1067	$2,175	$2.04	3d	6	0.67mi
1111 3rd Ave S Unit 1511914P Minneapolis, MN	4.0	1.0–2.0	1081	$9,693	$8.97	3d	2	0.70mi
1010 S 7th St Minneapolis, MN	2.0	1.0–2.0	834	$2,725	$3.27	44d	1	0.73mi
200 University Ave SE Minneapolis, MN	3.0	1.0–3.0	1554	$8,035	$5.17	2d	25	0.74mi
1120 S 2nd St #213 Minneapolis, MN	2.0	2.0	1532	$3,895	$2.54	15d	1	0.76mi
721 N 3rd St Minneapolis, MN	3.0	1.0–2.0	972	$4,630	$4.76	2d	10	0.82mi
401 1st Ave NE Minneapolis, MN	2.0	1.0–2.0	922	$3,733	$4.05	2d	9	0.86mi
735 E 16th St #2 Minneapolis, MN	3.0	1.0	1296	$1,650	$1.27	24d	1	0.91mi
110 6th Ave NE Minneapolis, MN	2.0	1.0–2.0	831	$3,109	$3.74	3d	8	0.93mi
617 Marshall St NE Minneapolis, MN	4.0	2.0	1879	$3,495	$1.86	18d	1	0.93mi
20 6th St NE Minneapolis, MN	2.0	1.0–2.0	858	$2,936	$3.42	2d	9	0.94mi
915 Washington Ave N Minneapolis, MN	2.0	2.0–2.5	1215	$2,549	$2.10	2d	5	0.98mi
1369 Spruce Pl Minneapolis, MN	1.0–3.0	1.0–2.5	1396	$6,750	$4.83	3d	24	1.02mi
415 6th St SE Unit 1 Minneapolis, MN	4.0	2.0	2400	$3,160	$1.32	3d	1	1.06mi
711 4th St SE Minneapolis, MN	4.0	1.0–2.0	1667	$2,625	$1.57	44d	51	1.11mi
623 Spring St NE Unit 623 Minneapolis, MN	3.0	2.0	1650	$2,600	$1.58	44d	1	1.14mi
621 6th St SE Minneapolis, MN	4.0	2.0	2000	$4,000	$2.00	14d	1	1.16mi
1000 University Ave SE Minneapolis, MN	2.0–4.0	1.0–2.0	1136	$2,465	$2.17	24d	9	1.19mi
1819 15th Ave S Minneapolis, MN	3.0	1.5	1700	$2,050	$1.21	14d	1	1.25mi
430 Oak Grove St Minneapolis, MN	1.0–2.0	1.0–2.0	1085	$4,450	$4.10	14d	7	1.27mi
415 Oak Grove St Minneapolis, MN	2.0	1.0–2.0	1019	$3,590	$3.52	3d	12	1.28mi

HOA detail condo

• Monthly dues: $1,234 · $14,808/yr
• Likely covers: poolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-18
   days on market $350,000 Active 148 DOM
2. 2026-06-17
   days on market $350,000 Active 147 DOM
3. 2026-06-16
   days on market $350,000 Active 146 DOM
4. 2026-06-15
   price $350,000 Active 145 DOM
5. 2026-06-15
   days on market $375,000 Active 145 DOM
6. 2026-06-13
   days on market $375,000 Active 143 DOM
7. 2026-06-09
   days on market $375,000 Active 139 DOM
8. 2026-06-08
   days on market $375,000 Active 138 DOM
9. 2026-06-07
   days on market $375,000 Active 137 DOM
10. 2026-06-04
    days on market $375,000 Active 134 DOM
11. 2026-06-03
    days on market $375,000 Active 133 DOM
12. 2026-06-02
    days on market $375,000 Active 132 DOM
13. 2026-06-01
    days on market $375,000 Active 131 DOM
14. 2026-05-31
    days on market $375,000 Active 130 DOM
15. 2026-05-01
    price $375,000 1106-char remark

    Show marketing remark (1106 chars)

    Rarely available THREE BEDROOM corner condo on the SKYWAY with a balcony overlooking the city! 70K kitchen remodel with custom cabinets, mosaic backsplash and stainless steel appliances. Custom vanities in both baths. Spacious primary suite with walk in closet. Ample storage in this unit along with an additional storage locker. Gorgeous city views from FIVE windows! Streaming sunlight all day! Amenity enriched building with 24 hour security, rooftop heated pool with big city views, new grilling and game area with beautiful firepits, hot tub, sauna, gym and heated garage. Highly walkable Mill District neighborhood just two blocks to the river! The required sliding glass door replacement has been completed by the seller. Quick stroll to Whole Foods, Trader Joes, US Bank Stadium, Target Center, Stone Arch Bridge, the Guthrie and a host of the best restaurants, bars & coffee shops in the city. City living at it's best! Common areas are being remodeled starting in April to include lobby, elevators, residential hallways etc. Please see rendition by mailbox receiving area on lobby level.

16. 2026-01-22
    listed $385,000 Active 1106-char remark

    Show marketing remark (1106 chars)

    Rarely available THREE BEDROOM corner condo on the SKYWAY with a balcony overlooking the city! 70K kitchen remodel with custom cabinets, mosaic backsplash and stainless steel appliances. Custom vanities in both baths. Spacious primary suite with walk in closet. Ample storage in this unit along with an additional storage locker. Gorgeous city views from FIVE windows! Streaming sunlight all day! Amenity enriched building with 24 hour security, rooftop heated pool with big city views, new grilling and game area with beautiful firepits, hot tub, sauna, gym and heated garage. Highly walkable Mill District neighborhood just two blocks to the river! The required sliding glass door replacement has been completed by the seller. Quick stroll to Whole Foods, Trader Joes, US Bank Stadium, Target Center, Stone Arch Bridge, the Guthrie and a host of the best restaurants, bars & coffee shops in the city. City living at it's best! Common areas are being remodeled starting in April to include lobby, elevators, residential hallways etc. Please see rendition by mailbox receiving area on lobby level.

17. 2026-01-20
    historical $385,000 1106-char remark

    Show marketing remark (1106 chars)

    Rarely available THREE BEDROOM corner condo on the SKYWAY with a balcony overlooking the city! 70K kitchen remodel with custom cabinets, mosaic backsplash and stainless steel appliances. Custom vanities in both baths. Spacious primary suite with walk in closet. Ample storage in this unit along with an additional storage locker. Gorgeous city views from FIVE windows! Streaming sunlight all day! Amenity enriched building with 24 hour security, rooftop heated pool with big city views, new grilling and game area with beautiful firepits, hot tub, sauna, gym and heated garage. Highly walkable Mill District neighborhood just two blocks to the river! The required sliding glass door replacement has been completed by the seller. Quick stroll to Whole Foods, Trader Joes, US Bank Stadium, Target Center, Stone Arch Bridge, the Guthrie and a host of the best restaurants, bars & coffee shops in the city. City living at it's best! Common areas are being remodeled starting in April to include lobby, elevators, residential hallways etc. Please see rendition by mailbox receiving area on lobby level.

18. 1999-06-23
    soldstatus $175,000
19. 1999-06-01
    soldstatus $175,000
20. 1999-04-10
    historical
21. 1999-04-04
    listed $179,900
22. 1996-01-05
    soldstatus $129,900
23. 1995-12-13
    soldstatus $129,900
24. 1995-10-28
    historical
25. 1995-10-04
    listed $129,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $57,354
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$4,588
• − Management: −$4,588
• − HOA: −$14,808
• − Depreciation: −$10,182
• Taxable loss: −$3,418
• Est. tax savings @ 24.0%: +$820
• After-tax cash flow: $2,296/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

+188.7% since first listed

11 events — show timeline

• 2026-05-01 Price Changed $375,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-22 Listed $385,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-20 Coming Soon $385,000 NORTHSTARMLS as Distributed by MLS Grid
• 1999-06-23 Sold (Public Records) $175,000 Public Records
• 1999-06-01 Sold (MLS) $175,000 NORTHSTARMLS as Distributed by MLS Grid
• 1999-04-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1999-04-04 Listed $179,900 NORTHSTARMLS as Distributed by MLS Grid
• 1996-01-05 Sold (Public Records) $129,900 Public Records
• 1995-12-13 Sold (MLS) $129,900 NORTHSTARMLS as Distributed by MLS Grid
• 1995-10-28 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1995-10-04 Listed $129,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+3.0%/yr

Latest (2025): $297 · +26.6% YoY. Source: county tax records.