2881 Irving Ave S #306 · Minneapolis, MN 55408

$105,000

1 bd · 1.0 ba · 439 sqft · Condo public records · 165 Days on market

Built 1916 $274/mo HOA · 19% of rent ↓ 19% since listing

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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 +20.5/30.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• Livability +3.9/5.0
• Rent growth +3.7/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this inviting one-bedroom condo in the classic brick Empire Building, perfectly positioned near Uptown and the Chain of Lakes. This corner unit offers hardwood floors, tall ceilings, and great natural light throughout. The updated kitchen features granite countertops, rich cabinetry, and a gas range, while the comfortable living room provides plenty of space to relax or entertain. The bedroom includes a walk-in closet, and the full bath offers classic tile and clean, functional finishes. Enjoy secure building access, laundry on-site, and unbeatable walkability to restaurants, coffee, shopping, transit, and Lake Bde Maka Ska. A fantastic opportunity to own a charming, updated home in one of Minneapolis’ most desirable neighborhoods!

Key facts

• $274 HOA
• Built 1916
• Listed 165 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $105k.

Deal economics

• At list price, monthly cash flow is $138 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $92k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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 (+4.8%/yr); 175 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k 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 165 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y ago; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $92,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 165 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.38% ✓
• Cap rate: 7.87%
• Cash-on-cash: 5.64%
• DSCR: 1.25
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.77% rent growth · sell at horizon

5-year hold

• IRR: -4.8%
• Equity multiple: 0.82×
• Total profit: $-5,398
• Equity at exit: $15,656

10-year hold

• IRR: 7.5%
• Equity multiple: 1.63×
• Total profit: $18,559
• Equity at exit: $9,078

Cash invested: $29,400 (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 55408

• Rents YoY: 4.8%
• Active inventory: 175
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,445 high
• Mortgage (P&I): −$551
• Tax from tax record: −$135 /mo · $1,616/yr
• Insurance: −$44
• HOA: −$274
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $138

Break-even live

Break-even rent $1,270

Max offer price $105,000

Occupancy floor 85%

Sensitivity live

Price	-10% $198	-5% $168	+0% $138	+5% $109	+10% $79
Rent	-10% $24	-5% $81	+0% $138	+5% $195	+10% $252
Rate	-1.0pp $191	-0.5pp $165	base $138	+0.5pp $111	+1.0pp $83

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1477 W Lake St Minneapolis, MN	2.0	1.0–2.0	1124	$2,725	$2.42	0d	30	0.09mi
607 W 28th St Minneapolis, MN	2.0	1.0–2.0	621	$1,514	$2.44	0d	13	0.75mi
2552 Garfield Ave Apt 206 Minneapolis, MN	—	1.0	372	$900	$2.42	25d	1	0.87mi
2552 Garfield Ave Minneapolis, MN	1.0	1.0	463	$1,000	$2.16	17d	3	0.87mi
3532 Bryant Ave S Minneapolis, MN	2.0	1.0	546	$1,170	$2.14	2d	5	0.91mi
2300 Aldrich Ave S Unit 3 Minneapolis, MN	—	1.0	250	$805	$3.22	44d	1	0.98mi
2323 Garfield Ave Minneapolis, MN	—	1.0	284	$850	$2.99	4d	1	1.04mi
2611 Pleasant Ave Minneapolis, MN	2.0	1.0	650	$1,190	$1.83	3d	37	1.04mi
2636 Pillsbury Ave S Minneapolis, MN	3.0	1.0	560	$963	$1.72	3d	1	1.06mi
1924 Emerson Ave S Unit 8 Minneapolis, MN	—	1.0	350	$895	$2.56	18d	1	1.06mi
3322 Blaisdell Ave Apt 105 Minneapolis, MN	—	1.0	350	$799	$2.28	18d	1	1.17mi
3322 Blaisdell Ave Unit 203 Minneapolis, MN	—	1.0	350	$799	$2.28	44d	1	1.17mi
3415 Nicollet Ave Minneapolis, MN	—	1.0	375	$800	$2.13	4d	1	1.33mi

HOA detail condo

• Monthly dues: $274 · $3,288/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-05-18
   status Pending 761-char remark

   Show marketing remark (761 chars)

   Welcome to this inviting one-bedroom condo in the classic brick Empire Building, perfectly positioned near Uptown and the Chain of Lakes. This corner unit offers hardwood floors, tall ceilings, and great natural light throughout. The updated kitchen features granite countertops, rich cabinetry, and a gas range, while the comfortable living room provides plenty of space to relax or entertain. The bedroom includes a walk-in closet, and the full bath offers classic tile and clean, functional finishes. Enjoy secure building access, laundry on-site, and unbeatable walkability to restaurants, coffee, shopping, transit, and Lake Bde Maka Ska. A fantastic opportunity to own a charming, updated home in one of Minneapolis’ most desirable neighborhoods!

2. 2026-02-28
   price $105,000 761-char remark

   Show marketing remark (761 chars)

   Welcome to this inviting one-bedroom condo in the classic brick Empire Building, perfectly positioned near Uptown and the Chain of Lakes. This corner unit offers hardwood floors, tall ceilings, and great natural light throughout. The updated kitchen features granite countertops, rich cabinetry, and a gas range, while the comfortable living room provides plenty of space to relax or entertain. The bedroom includes a walk-in closet, and the full bath offers classic tile and clean, functional finishes. Enjoy secure building access, laundry on-site, and unbeatable walkability to restaurants, coffee, shopping, transit, and Lake Bde Maka Ska. A fantastic opportunity to own a charming, updated home in one of Minneapolis’ most desirable neighborhoods!

3. 2025-11-21
   listed $115,000 Active 761-char remark

   Show marketing remark (761 chars)

   Welcome to this inviting one-bedroom condo in the classic brick Empire Building, perfectly positioned near Uptown and the Chain of Lakes. This corner unit offers hardwood floors, tall ceilings, and great natural light throughout. The updated kitchen features granite countertops, rich cabinetry, and a gas range, while the comfortable living room provides plenty of space to relax or entertain. The bedroom includes a walk-in closet, and the full bath offers classic tile and clean, functional finishes. Enjoy secure building access, laundry on-site, and unbeatable walkability to restaurants, coffee, shopping, transit, and Lake Bde Maka Ska. A fantastic opportunity to own a charming, updated home in one of Minneapolis’ most desirable neighborhoods!

4. 2025-11-19
   historical $115,000 761-char remark

   Show marketing remark (761 chars)

   Welcome to this inviting one-bedroom condo in the classic brick Empire Building, perfectly positioned near Uptown and the Chain of Lakes. This corner unit offers hardwood floors, tall ceilings, and great natural light throughout. The updated kitchen features granite countertops, rich cabinetry, and a gas range, while the comfortable living room provides plenty of space to relax or entertain. The bedroom includes a walk-in closet, and the full bath offers classic tile and clean, functional finishes. Enjoy secure building access, laundry on-site, and unbeatable walkability to restaurants, coffee, shopping, transit, and Lake Bde Maka Ska. A fantastic opportunity to own a charming, updated home in one of Minneapolis’ most desirable neighborhoods!

5. 2023-09-27
   status Pending 934-char remark

   Show marketing remark (934 chars)

   Amazing 1 bed, 1 bath condo in the great Uptown Neighborhood, utilize the space for yourself, or income as a rental! You will love the recently updated kitchen, private bathroom, hardwood floors, and unique features this home offers. But the location...that's what you will love! Located in the heart of Uptown, you can park your car for days and have access to any of a range of amenities and entertainment. If you enjoy outdoor activities, multiple lakes are within a few blocks and the Greenway is only 1/2 a block away connecting you to almost any trail in the Twin Cities. If you like to frequent bars and restaurants, take your pick from the diverse options the area offers. The association is dedicated to the maintenance of the property, improvements including recoating of floor in the basement and carpet replacement in common areas. Unit 305 and 306 are sold separately, but both units are available from the same sellers.

6. 2023-09-27
   soldstatus $110,000 Sold 934-char remark

   Show marketing remark (934 chars)

   Amazing 1 bed, 1 bath condo in the great Uptown Neighborhood, utilize the space for yourself, or income as a rental! You will love the recently updated kitchen, private bathroom, hardwood floors, and unique features this home offers. But the location...that's what you will love! Located in the heart of Uptown, you can park your car for days and have access to any of a range of amenities and entertainment. If you enjoy outdoor activities, multiple lakes are within a few blocks and the Greenway is only 1/2 a block away connecting you to almost any trail in the Twin Cities. If you like to frequent bars and restaurants, take your pick from the diverse options the area offers. The association is dedicated to the maintenance of the property, improvements including recoating of floor in the basement and carpet replacement in common areas. Unit 305 and 306 are sold separately, but both units are available from the same sellers.

7. 2023-09-27
   soldstatus $110,000

   Show marketing remark (934 chars)

   Amazing 1 bed, 1 bath condo in the great Uptown Neighborhood, utilize the space for yourself, or income as a rental! You will love the recently updated kitchen, private bathroom, hardwood floors, and unique features this home offers. But the location...that's what you will love! Located in the heart of Uptown, you can park your car for days and have access to any of a range of amenities and entertainment. If you enjoy outdoor activities, multiple lakes are within a few blocks and the Greenway is only 1/2 a block away connecting you to almost any trail in the Twin Cities. If you like to frequent bars and restaurants, take your pick from the diverse options the area offers. The association is dedicated to the maintenance of the property, improvements including recoating of floor in the basement and carpet replacement in common areas. Unit 305 and 306 are sold separately, but both units are available from the same sellers.

8. 2023-09-03
   historical Contingent - Subject to Statutory Rescission 934-char remark

   Show marketing remark (934 chars)

   Amazing 1 bed, 1 bath condo in the great Uptown Neighborhood, utilize the space for yourself, or income as a rental! You will love the recently updated kitchen, private bathroom, hardwood floors, and unique features this home offers. But the location...that's what you will love! Located in the heart of Uptown, you can park your car for days and have access to any of a range of amenities and entertainment. If you enjoy outdoor activities, multiple lakes are within a few blocks and the Greenway is only 1/2 a block away connecting you to almost any trail in the Twin Cities. If you like to frequent bars and restaurants, take your pick from the diverse options the area offers. The association is dedicated to the maintenance of the property, improvements including recoating of floor in the basement and carpet replacement in common areas. Unit 305 and 306 are sold separately, but both units are available from the same sellers.

9. 2023-08-08
   listed $120,000 Active 934-char remark

   Show marketing remark (934 chars)

   Amazing 1 bed, 1 bath condo in the great Uptown Neighborhood, utilize the space for yourself, or income as a rental! You will love the recently updated kitchen, private bathroom, hardwood floors, and unique features this home offers. But the location...that's what you will love! Located in the heart of Uptown, you can park your car for days and have access to any of a range of amenities and entertainment. If you enjoy outdoor activities, multiple lakes are within a few blocks and the Greenway is only 1/2 a block away connecting you to almost any trail in the Twin Cities. If you like to frequent bars and restaurants, take your pick from the diverse options the area offers. The association is dedicated to the maintenance of the property, improvements including recoating of floor in the basement and carpet replacement in common areas. Unit 305 and 306 are sold separately, but both units are available from the same sellers.

10. 2008-07-21
    soldstatus $99,970
11. 2008-06-11
    soldstatus $103,000
12. 2008-02-14
    historical
13. 2007-12-20
    listed $99,900
14. 2007-12-07
    historical
15. 2007-09-07
    listed $99,900
16. 2007-04-26
    historical
17. 2006-10-17
    listed $129,900

ⓘ 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: $1,616 · $135/mo
• Projected year-2 tax: $1,616 · $135/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: $17,336
• − Mortgage interest: −$5,882
• − Property taxes: −$1,616
• − Insurance: −$525
• − Repairs & maintenance: −$1,387
• − Management: −$1,387
• − HOA: −$3,288
• − Depreciation: −$3,055
• Taxable income: $197
• Est. tax owed @ 24.0%: −$47
• After-tax cash flow: $1,612/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): 31,507
• Household income: $70,326
• Rent vs Own: 76.4% rent · 23.6% own
• Severe rent burden: 2619.0

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 0.60)
• Race & ethnicity: White 59% Black 17% Hispanic / Latino 11% Two or more races 9% Asian 5% Native American 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 8% Romanian 6% Lithuanian 3%
• Foreign-born: 15% · Canada, South Korea, Vietnam
• Languages at home: 79% English-only · Spanish 8% Other Indo-European 1% Other Asian/Pacific 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: ▼ -148.08%
• Current HPI: 256.0491
• Rent YoY: ▲ 4.77%
• 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

-19.2% since first listed

17 events — show timeline

• 2026-05-18 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-28 Price Changed $105,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-21 Listed $115,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-19 Coming Soon $115,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-09-27 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-09-27 Sold (Public Records) $110,000 Public Records
• 2023-09-27 Sold (MLS) $110,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-09-03 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2023-08-08 Listed $120,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-07-21 Sold (Public Records) $99,970 Public Records
• 2008-06-11 Sold (MLS) $103,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-02-14 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-12-20 Listed $99,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-12-07 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-09-07 Listed $99,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-04-26 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-10-17 Listed $129,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+0.0%/yr

Latest (2025): $1,616 · +2.5% YoY. Source: county tax records.