1926 15th Ave S · Minneapolis, MN 55404

$449,000

4 bd · 16.0 ba · 2,550 sqft · MultiFamily public records · 56 Days on market

Built 1885 5,662 sqft lot $176/sqft · at area comps Est $473k · 5% under

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +9.8/15.0
• Livability +3.9/5.0
• Schools +3.5/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Turnkey 4-Unit in Prime Urban Corridor! Solid investment opportunity with major capital improvements already in place. This well-maintained fourplex features updated plumbing & electrical, newer windows and appliances, refreshed interiors including carpet, paint, and refinished floors. New electrical with separate panels (2020), vinyl siding (2019), windows (2014), chimney tuck-pointing with new caps (2022), new back railings (2023), and a sealed 4-stall parking lot (2025). Positioned just minutes from downtown & U. S. Bank Stadium, the U of M, light rail access, and a strong mix of retail, coffee, and daily conveniences.

Key facts

• Updated electrical
• 4 unit
• Newer windows

Tags

• 4 UNIT
• UPDATED PLUMBING
• UPDATED ELECTRICAL
• NEWER WINDOWS
• NEW APPLIANCES
• REFRESHED INTERIORS

Property features AI

Finance

• Other: Rental license: Standard (licensed); Lot approximately 0.13 acres (dimensions 40 x 144)
• Financial info: Property contains 4 rental units; Owner pays electricity, insurance, sewer, taxes, trash collection and water; Tenants pay cable TV, electricity and gas; Gross income reported at $53,340; Net operating income reported at $36,224; Reported expenses include fuel $671, electric $693, water/sewer $4,703, insurance $4,041

Exterior

• Parking: Open parking lot
• Utilities: City water (connected); City sewer (connected); Natural gas service; Electric service by Xcel Energy
• Home design: Residential income property; Two levels; Entry facing details not provided
• Construction: Stone foundation; Asphalt roof (over 8 years old)
• Exterior features: Vinyl exterior; City street frontage with curbs, paved streets, sidewalks and storm sewer

Interior

• Kitchen: Ranges in each unit; Refrigerators in each unit
• Bedrooms: Total of 5 bedrooms across the property; Individual unit bedroom counts: three 1-bedroom units, one 2-bedroom unit
• Flooring: Hardwood floors
• Bathrooms: Full bathrooms in each unit (total matches unit counts)
• Heating & cooling: Baseboard heating; Forced air heating; Ductless mini-split cooling in at least one unit
• Interior features: Partial, unfinished basement; Hardwood floors in multiple units; Kitchen windows in multiple units; Main floor primary bedroom in some units; Walk-in closets in select units
• Laundry & utility: No on-site laundry listed

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/4.0-bath units multifamily listed at $449k.

Deal economics

• At list price, monthly cash flow is $5k ($56k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $449k).
• Recommended offer: $436k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.7% 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 (+1.0%/yr); 103 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• At $9,748/mo this rent would consume 279% of the median local household income ($42k/yr) (locally 2999% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k 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.
• At projected returns (-3.0% appreciation + 1.0% rent growth), your $126k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 17y ago; this cycle's ask has dropped $50k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $85k; list at $449k implies a 428% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $435,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1885 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 2.17% ✓
• Cap rate: 18.66%
• Cash-on-cash: 44.17%
• DSCR: 2.97
• GRM: 3.8

CMA / ARV

• ARV (median comp): $473,185
• List price: $449,000
• Delta: -5.11%
• Verdict: FAIR
• Comps: 5 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.0% rent growth · sell at horizon

5-year hold

• IRR: 38.9%
• Equity multiple: 2.61×
• Total profit: $202,855
• Equity at exit: $66,947

10-year hold

• IRR: 44.3%
• Equity multiple: 4.82×
• Total profit: $480,845
• Equity at exit: $38,821

Cash invested: $125,720 (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 55404

• Home prices YoY: -33.3%
• Rents YoY: 1.0%
• Active inventory: 103
• Price-to-rent: 15.4×

Monthly cashflow live

• Estimated rent: $9,748 medium
• Mortgage (P&I): −$2,355
• Tax from tax record: −$532 /mo · $6,383/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,047
• Net cashflow: $4,627

Break-even live

Break-even rent $3,891

Max offer price $449,000

Occupancy floor 48%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	5	4	$9,748
Total (4 units)			$9,748

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: $112,250
• Closing costs: $13,470
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2121 11th Ave S Unit 2 Minneapolis, MN	4.0	1.0	1800	$2,450	$1.36	3d	1	0.24mi
1900 Columbus Ave Unit 1 Minneapolis, MN	3.0	1.5	3506	$2,300	$0.66	43d	1	0.50mi
212 10th Ave S Minneapolis, MN	3.0	1.0–2.5	1490	$8,588	$5.76	1d	10	0.95mi
1111 3rd Ave S Unit 1511914P Minneapolis, MN	4.0	1.0–2.0	1081	$11,990	$11.09	2d	2	1.01mi
220 E 27th St #1 Minneapolis, MN	4.0	1.0	2516	$3,100	$1.23	17d	1	1.12mi
101 S 5th St Minneapolis, MN	3.0	1.0–2.0	1249	$4,049	$3.24	2d	35	1.26mi
365 Nicollet Mall Minneapolis, MN	3.0	1.0–3.5	1656	$9,753	$5.89	3d	33	1.35mi
1369 Spruce Pl Minneapolis, MN	1.0–3.0	1.0–2.5	1396	$6,750	$4.83	2d	24	1.35mi
600 1/2 SE Oak St #1 Minneapolis, MN	5.0	2.0	2679	$3,100	$1.16	17d	1	1.39mi
629 Oak St SE Minneapolis, MN	5.0	2.0	2679	$2,650	$0.99	43d	1	1.40mi
629 Oak St SE Minneapolis, MN	5.0	2.0	2679	$3,100	$1.16	13d	1	1.40mi
2217 Grand Ave S Unit 2215 Minneapolis, MN	3.0	2.0	2000	$2,100	$1.05	43d	1	1.48mi

Listing history 36 events

1. 2026-06-18
   days on market $449,000 Active 56 DOM
2. 2026-06-18
   price $449,000 Active 55 DOM
3. 2026-06-17
   days on market $484,900 Active 55 DOM
4. 2026-06-16
   days on market $484,900 Active 54 DOM
5. 2026-06-15
   days on market $484,900 Active 53 DOM
6. 2026-06-13
   days on market $484,900 Active 51 DOM
7. 2026-06-09
   days on market $484,900 Active 47 DOM
8. 2026-06-08
   days on market $484,900 Active 46 DOM
9. 2026-06-07
   days on market $484,900 Active 45 DOM
10. 2026-06-04
    days on market $484,900 Active 42 DOM
11. 2026-06-03
    days on market $484,900 Active 41 DOM
12. 2026-06-02
    days on market $484,900 Active 40 DOM
13. 2026-06-01
    days on market $484,900 Active 39 DOM
14. 2026-05-31
    days on market $484,900 Active 38 DOM
15. 2026-04-23
    listed $499,000 Active 636-char remark
16. 2024-05-22
    listed $535,000 Active
17. 2014-07-15
    historical
18. 2014-06-27
    listed $319,000 Active
19. 2013-12-19
    soldstatus $85,000
20. 2013-12-11
    historical
21. 2013-12-10
    soldstatus $85,000 Sold
22. 2013-12-03
    status Pending
23. 2013-10-11
    price $115,000
24. 2013-09-07
    listed $134,900 Active
25. 2010-03-19
    soldstatus $85,000
26. 2010-03-12
    soldstatus $66,550
27. 2010-03-05
    soldstatus $85,000
28. 2010-02-09
    historical
29. 2009-11-11
    listed $89,850
30. 2009-11-11
    historical
31. 2009-08-20
    listed $99,850
32. 2009-08-18
    historical
33. 2009-07-10
    listed $119,850
34. 2007-09-24
    soldstatus $339,000
35. 2005-10-27
    soldstatus $320,000
36. 2003-12-16
    soldstatus $175,000

ⓘ 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: $6,383 · $532/mo
• Projected year-2 tax: $6,383 · $532/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: $116,976
• − Mortgage interest: −$25,151
• − Property taxes: −$6,383
• − Insurance: −$2,245
• − Repairs & maintenance: −$9,358
• − Management: −$9,358
• − Depreciation: −$13,062
• Taxable income: $51,419
• Est. tax owed @ 24.0%: −$12,341
• After-tax cash flow: $43,187/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): 28,920
• Household income: $41,940
• Rent vs Own: 82.5% rent · 17.5% own
• Severe rent burden: 2999.0

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 0.72)
• Race & ethnicity: White 36% Black 32% Hispanic / Latino 20% Two or more races 10% Native American 5% Asian 4%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 5% Romanian 3% Lithuanian 3%
• Foreign-born: 24% · Canada, China, United Kingdom
• Languages at home: 63% English-only · Spanish 13% Other Asian/Pacific 2% French/Haitian/Cajun 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: ▼ -112.31%
• Current HPI: 224.8886
• Rent YoY: ▲ 1.00%
• 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

+156.6% since first listed

24 events — show timeline

• 2026-06-17 Price Changed $449,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-26 Price Changed $484,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-23 Listed $499,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-05-22 Listed $535,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-07-15 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2014-06-27 Listed $319,000 NORTHSTARMLS as Distributed by MLS Grid
• 2013-12-19 Sold (Public Records) $85,000 Public Records
• 2013-12-11 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2013-12-10 Sold (MLS) $85,000 NORTHSTARMLS as Distributed by MLS Grid
• 2013-12-03 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2013-10-11 Price Changed $115,000 NORTHSTARMLS as Distributed by MLS Grid
• 2013-09-07 Listed $134,900 NORTHSTARMLS as Distributed by MLS Grid
• 2010-03-19 Sold (Public Records) $85,000 Public Records
• 2010-03-12 Sold (Public Records) $66,550 Public Records
• 2010-03-05 Sold (MLS) $85,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-02-09 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-11-11 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-11-11 Listed $89,850 NORTHSTARMLS as Distributed by MLS Grid
• 2009-08-20 Listed $99,850 NORTHSTARMLS as Distributed by MLS Grid
• 2009-08-18 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-07-10 Listed $119,850 NORTHSTARMLS as Distributed by MLS Grid
• 2007-09-24 Sold (Public Records) $339,000 Public Records
• 2005-10-27 Sold (Public Records) $320,000 Public Records
• 2003-12-16 Sold (Public Records) $175,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $6,383 · +10.5% YoY. Source: county tax records.