2203 Chicago Ave · Minneapolis, MN 55404

$245,000

3 bd · 2.0 ba · 1,936 sqft · SingleFamily public records · 43 Days on market

Built 1900 7,405 sqft lot $127/sqft · 28% below area Est $358k · 32% 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 +23.8/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +6.3/10.0
• 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

Listing remarks MLS

From the moment you arrive, this home makes a lasting impression. A grand wraparound porch welcomes you in and offers sweeping views of the Minneapolis skyline. Inside, timeless character shines through rich natural woodwork, high ceilings, and hardwood floors throughout the home. The main level offers an inviting and functional layout with a spacious living room, formal dining room, den or office currently used as a bedroom, a full bath, and a conveniently located laundry room. The kitchen also enjoys a beautiful skyline view. Upstairs, you will find three generously sized bedrooms, a full bath, and abundant closet and storage space. The full unfinished basement offers excellent potential to build equity and finish according to your needs. Outside, enjoy a fully fenced backyard, an oversized two-car detached garage, and two additional parking spaces. Rarely does a home offer this kind of presence with a skyline view to match. This is one you need to experience in person.

Key facts

• Natural woodwork
• Skyline view
• Formal dining room

Tags

• WRAPAROUND PORCH
• SKYLINE VIEW
• NATURAL WOODWORK
• HARDWOOD FLOORS
• SPACIOUS LIVING ROOM
• FORMAL DINING ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $245k.

Deal economics

• At list price, monthly cash flow is $470 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $245k).
• Recommended offer: $238k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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.
• Market conditions: Rents rising (+1.0%/yr); 103 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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 $2,768/mo this rent would consume 79% 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 $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

• It's been on market 43 days — a 3% lower offer ($238k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 15y ago; this cycle's ask has dropped $70k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $90k; list at $245k implies a 172% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $237,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.13% ✓
• Cap rate: 8.59%
• Cash-on-cash: 8.22%
• DSCR: 1.37
• GRM: 7.4

CMA / ARV

• ARV (median comp): $357,913
• List price: $245,000
• Delta: -31.55%
• Verdict: UNDERPRICED
• Comps: 10 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -6.1%
• Equity multiple: 0.78×
• Total profit: $-15,193
• Equity at exit: $36,530

10-year hold

• IRR: 0.9%
• Equity multiple: 1.06×
• Total profit: $3,987
• Equity at exit: $21,183

Cash invested: $68,600 (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: 7.4×

Monthly cashflow live

• Estimated rent: $2,768 high
• Mortgage (P&I): −$1,285
• Tax from tax record: −$330 /mo · $3,962/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$581
• Net cashflow: $470

Break-even live

Break-even rent $2,173

Max offer price $245,000

Occupancy floor 78%

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 37 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	4d	1	0.20mi
735 E 16th St #2 Minneapolis, MN	3.0	1.0	1296	$1,650	$1.27	24d	1	0.42mi
1819 15th Ave S Minneapolis, MN	3.0	1.5	1700	$2,050	$1.21	14d	1	0.46mi
739 E 27th St Unit 739 Minneapolis, MN	4.0	1.0	1699	$2,600	$1.53	24d	1	0.51mi
2730 Portland Ave Minneapolis, MN	1.0–3.0	1.0–2.0	940	$1,755	$1.87	7d	3	0.66mi
220 E 27th St #1 Minneapolis, MN	4.0	1.0	2516	$3,100	$1.23	17d	1	0.73mi
1010 S 7th St Minneapolis, MN	2.0	1.0–2.0	834	$2,725	$3.27	43d	1	0.76mi
615 S 8th St Minneapolis, MN	2.0	1.0–2.5	1248	$6,125	$4.91	2d	52	0.79mi
2929 Chicago Ave Minneapolis, MN	2.0	1.0	1290	$2,350	$1.82	22d	1	0.81mi
2929 Chicago Ave Minneapolis, MN	2.0	1.0–2.0	1325	$2,325	$1.75	43d	2	0.81mi
1111 3rd Ave S Unit 1511914P Minneapolis, MN	4.0	1.0–2.0	1081	$9,693	$8.97	3d	2	0.81mi
650 Portland Ave Minneapolis, MN	2.0	1.0–2.0	1104	$4,141	$3.75	3d	18	0.91mi
600 5th Ave S Minneapolis, MN	1.0–2.0	1.0–2.0	915	$3,315	$3.62	2d	9	0.97mi
2821 1st Ave S Unit 2 Minneapolis, MN	3.0	1.0	1743	$1,600	$0.92	3d	1	0.98mi
700 S 4th St Minneapolis, MN	2.0	1.0–2.0	897	$3,995	$4.45	2d	26	1.04mi
1369 Spruce Pl Minneapolis, MN	1.0–3.0	1.0–2.5	1396	$6,750	$4.83	3d	24	1.05mi
511 S 4th St Minneapolis, MN	2.0	1.0–2.0	882	$2,945	$3.34	2d	11	1.06mi
2217 Grand Ave S Unit 2215 Minneapolis, MN	3.0	2.0	2000	$2,100	$1.05	43d	1	1.08mi
608 2nd Ave S Minneapolis, MN	2.0	1.0–2.0	999	$2,300	$2.30	2d	34	1.12mi
240 Park Ave Minneapolis, MN	1.0–2.0	1.0–2.0	1047	$3,875	$3.70	3d	2	1.15mi
212 10th Ave S Minneapolis, MN	3.0	1.0–2.5	1490	$8,588	$5.76	2d	10	1.16mi
500 W Franklin Ave #306 Minneapolis, MN	2.0	2.0	1250	$1,995	$1.60	44d	1	1.16mi
500 W Franklin Ave Apt 204 Minneapolis, MN	2.0	2.0	1235	$1,895	$1.53	14d	1	1.16mi
250 Portland Ave Minneapolis, MN	1.0–2.0	1.0–2.0	902	$3,372	$3.74	3d	11	1.17mi
1120 S 2nd St #213 Minneapolis, MN	2.0	2.0	1532	$3,895	$2.54	14d	1	1.19mi
415 Oak Grove St Minneapolis, MN	2.0	1.0–2.0	1019	$3,590	$3.52	3d	12	1.21mi
101 S 5th St Minneapolis, MN	3.0	1.0–2.0	1249	$4,049	$3.24	2d	35	1.21mi
430 Oak Grove St Minneapolis, MN	1.0–2.0	1.0–2.0	1085	$4,450	$4.10	13d	7	1.25mi
2016 25th Ave S Minneapolis, MN	4.0	2.0	1600	$1,900	$1.19	43d	1	1.25mi
465 Nicollet Mall Minneapolis, MN	2.0	1.0–3.0	1153	$4,620	$4.01	2d	14	1.28mi
400 Marquette Ave Minneapolis, MN	3.0	1.0–2.0	1103	$5,615	$5.09	2d	14	1.29mi
365 Nicollet Mall Minneapolis, MN	3.0	1.0–3.5	1656	$9,753	$5.89	3d	33	1.32mi
3322 Clinton Ave #2 Minneapolis, MN	4.0	1.0	1700	$1,995	$1.17	24d	1	1.37mi
412 E 34th St Minneapolis, MN	3.0	1.5	1763	$1,800	$1.02	24d	1	1.39mi
2709 Aldrich Ave S Unit 2 Minneapolis, MN	4.0	1.0	1850	$2,289	$1.24	4d	1	1.43mi
2709 Aldrich Ave S Unit 2 Minneapolis, MN	4.0	1.0	1850	$2,289	$1.24	16d	1	1.43mi
270 Hennepin Ave Minneapolis, MN	3.0	1.0–3.0	1505	$9,421	$6.26	2d	54	1.47mi

Listing history 9 events

1. 2026-06-03
   status $245,000 Pending 43 DOM
2. 2026-05-08
   price $250,000 986-char remark

   Show marketing remark (986 chars)

   From the moment you arrive, this home makes a lasting impression. A grand wraparound porch welcomes you in and offers sweeping views of the Minneapolis skyline. Inside, timeless character shines through rich natural woodwork, high ceilings, and hardwood floors throughout the home. The main level offers an inviting and functional layout with a spacious living room, formal dining room, den or office currently used as a bedroom, a full bath, and a conveniently located laundry room. The kitchen also enjoys a beautiful skyline view. Upstairs, you will find three generously sized bedrooms, a full bath, and abundant closet and storage space. The full unfinished basement offers excellent potential to build equity and finish according to your needs. Outside, enjoy a fully fenced backyard, an oversized two-car detached garage, and two additional parking spaces. Rarely does a home offer this kind of presence with a skyline view to match. This is one you need to experience in person.

3. 2026-05-01
   price $284,900 986-char remark

   Show marketing remark (986 chars)

   From the moment you arrive, this home makes a lasting impression. A grand wraparound porch welcomes you in and offers sweeping views of the Minneapolis skyline. Inside, timeless character shines through rich natural woodwork, high ceilings, and hardwood floors throughout the home. The main level offers an inviting and functional layout with a spacious living room, formal dining room, den or office currently used as a bedroom, a full bath, and a conveniently located laundry room. The kitchen also enjoys a beautiful skyline view. Upstairs, you will find three generously sized bedrooms, a full bath, and abundant closet and storage space. The full unfinished basement offers excellent potential to build equity and finish according to your needs. Outside, enjoy a fully fenced backyard, an oversized two-car detached garage, and two additional parking spaces. Rarely does a home offer this kind of presence with a skyline view to match. This is one you need to experience in person.

4. 2026-04-23
   price $289,900 986-char remark

   Show marketing remark (986 chars)

   From the moment you arrive, this home makes a lasting impression. A grand wraparound porch welcomes you in and offers sweeping views of the Minneapolis skyline. Inside, timeless character shines through rich natural woodwork, high ceilings, and hardwood floors throughout the home. The main level offers an inviting and functional layout with a spacious living room, formal dining room, den or office currently used as a bedroom, a full bath, and a conveniently located laundry room. The kitchen also enjoys a beautiful skyline view. Upstairs, you will find three generously sized bedrooms, a full bath, and abundant closet and storage space. The full unfinished basement offers excellent potential to build equity and finish according to your needs. Outside, enjoy a fully fenced backyard, an oversized two-car detached garage, and two additional parking spaces. Rarely does a home offer this kind of presence with a skyline view to match. This is one you need to experience in person.

5. 2026-04-17
   listed $315,000 Active 986-char remark

   Show marketing remark (986 chars)

   From the moment you arrive, this home makes a lasting impression. A grand wraparound porch welcomes you in and offers sweeping views of the Minneapolis skyline. Inside, timeless character shines through rich natural woodwork, high ceilings, and hardwood floors throughout the home. The main level offers an inviting and functional layout with a spacious living room, formal dining room, den or office currently used as a bedroom, a full bath, and a conveniently located laundry room. The kitchen also enjoys a beautiful skyline view. Upstairs, you will find three generously sized bedrooms, a full bath, and abundant closet and storage space. The full unfinished basement offers excellent potential to build equity and finish according to your needs. Outside, enjoy a fully fenced backyard, an oversized two-car detached garage, and two additional parking spaces. Rarely does a home offer this kind of presence with a skyline view to match. This is one you need to experience in person.

6. 2012-02-06
   historical 136-char remark

   Show marketing remark (136 chars)

   24HR NOTICE FOR ALL SHOWINGS. LARGE 4BR ON CORNER LOT IN THE HEART OF THE CITY. HIGH CEILINGS, NATURAL WOODWORK, HDWD FLRS, GRAND PORCH.

7. 2012-02-03
   soldstatus $90,000
8. 2012-02-02
   soldstatus $90,000 136-char remark

   Show marketing remark (136 chars)

   24HR NOTICE FOR ALL SHOWINGS. LARGE 4BR ON CORNER LOT IN THE HEART OF THE CITY. HIGH CEILINGS, NATURAL WOODWORK, HDWD FLRS, GRAND PORCH.

9. 2011-06-28
   listed $99,900 136-char remark

   Show marketing remark (136 chars)

   24HR NOTICE FOR ALL SHOWINGS. LARGE 4BR ON CORNER LOT IN THE HEART OF THE CITY. HIGH CEILINGS, NATURAL WOODWORK, HDWD FLRS, GRAND PORCH.

ⓘ 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: $3,962 · $330/mo
• Projected year-2 tax: $3,962 · $330/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: $33,216
• − Mortgage interest: −$13,724
• − Property taxes: −$3,962
• − Insurance: −$1,225
• − Repairs & maintenance: −$2,657
• − Management: −$2,657
• − Depreciation: −$7,127
• Taxable income: $1,863
• Est. tax owed @ 24.0%: −$447
• After-tax cash flow: $5,189/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

+150.3% since first listed

8 events — show timeline

• 2026-05-08 Price Changed $250,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Price Changed $284,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-23 Price Changed $289,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-17 Listed $315,000 NORTHSTARMLS as Distributed by MLS Grid
• 2012-02-06 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2012-02-03 Sold (Public Records) $90,000 Public Records
• 2012-02-02 Sold (MLS) $90,000 NORTHSTARMLS as Distributed by MLS Grid
• 2011-06-28 Listed $99,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+1.5%/yr

Latest (2025): $3,962 · +10.2% YoY. Source: county tax records.