3201 Polk St NE · Minneapolis, MN 55418

$499,999

4 bd · 4.0 ba · 2,132 sqft · MultiFamily · 103 Days on market

Built 1920 Fair condition 5,270 sqft lot $235/sqft · 22% above area Est $408k · 22% over

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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).

• Cash flow +17.9/30.0
• DSCR +5.6/10.0
• 1% rule +4.8/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Schools +3.5/10.0
• Condition / age +2.2/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Exceptional four-plex just off of St. Anthony Parkway and right across the street from Deming Park. Four 1-bedroom units featuring hardwood floors, separate electric, and washer and dryer in each unit. Great opportunity for investor or owner occupant. Only unit 2 available for showings.

Key facts

• 5,270 sq ft lot
• Built 1920
• Listed 103 days

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $500k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $420 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $490k (1.9% below list).
• Recommended offer: $455k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.3% 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 (+5.2%/yr); 167 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• At $4,905/mo this rent would consume 59% of the median local household income ($99k/yr) (locally 1179% 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 $15k 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 103 days — a 9% lower offer ($455k) is reasonable based on typical stale-listing flexibility.
• 16 sale attempts since 24y 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 $230k; list at $500k implies a 117% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $454,999 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 0.98% ✗
• Cap rate: 7.30%
• Cash-on-cash: 3.60%
• DSCR: 1.16
• GRM: 8.5

CMA / ARV

• ARV (median comp): $408,261
• List price: $499,999
• Delta: 22.47%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.19% rent growth · sell at horizon

5-year hold

• IRR: -8.2%
• Equity multiple: 0.69×
• Total profit: $-43,181
• Equity at exit: $74,551

10-year hold

• IRR: 4.0%
• Equity multiple: 1.32×
• Total profit: $44,506
• Equity at exit: $43,231

Cash invested: $140,000 (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 55418

• Rents YoY: 5.2%
• Active inventory: 167
• Price-to-rent: 34.0×

Monthly cashflow live

• Estimated rent: $4,905 high
• Mortgage (P&I): −$2,622
• Tax est. 1.5%: −$625 /mo · $7,500/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,030
• Net cashflow: $420

Break-even live

Break-even rent $4,374

Max offer price $499,999

Occupancy floor 86%

Sensitivity live

Price	-10% $765	-5% $592	+0% $420	+5% $247	+10% $74
Rent	-10% $32	-5% $226	+0% $420	+5% $613	+10% $807
Rate	-1.0pp $671	-0.5pp $547	base $420	+0.5pp $290	+1.0pp $158

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$4,904
Total (4 units)			$4,905

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: $125,000
• Closing costs: $15,000
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3317 Garfield St NE Minneapolis, MN	4.0	2.0	2080	$3,250	$1.56	44d	1	0.61mi
2646 Quincy St NE Unit 2646 Minneapolis, MN	4.0	3.0	1718	$2,795	$1.63	25d	1	0.72mi
2109 Saint Anthony Pkwy Minneapolis, MN	5.0	3.0	2730	$3,895	$1.43	11d	1	0.84mi
3121 Roosevelt St NE Minneapolis, MN	4.0	2.0	1794	$2,695	$1.50	0d	1	0.96mi
909 Gould Ave NE Minneapolis, MN	3.0	1.0–2.0	929	$2,724	$2.93	0d	23	1.01mi
4010 Monroe St NE Minneapolis, MN	5.0	2.0	2260	$2,929	$1.30	13d	1	1.13mi
1241 Circle Terrace Blvd NE Unit 1241 Minneapolis, MN	3.0	1.5	1550	$2,100	$1.35	25d	1	1.14mi
1011 41st Ave NE #220 Minneapolis, MN	3.0	2.0	1500	$2,400	$1.60	6d	1	1.22mi
636 22nd Ave NE Minneapolis, MN	3.0–4.0	2.5	1625	$3,594	$2.21	0d	3	1.25mi
207 24th Ave NE Minneapolis, MN	3.0	3.0	1575	$2,995	$1.90	44d	1	1.38mi

Listing history 38 events

1. 2026-06-07
   days on market $499,999 Active 103 DOM
2. 2026-06-04
   days on market $499,999 Active 100 DOM
3. 2026-06-03
   days on market $499,999 Active 99 DOM
4. 2026-06-02
   days on market $499,999 Active 98 DOM
5. 2026-06-01
   days on market $499,999 Active 97 DOM
6. 2026-05-31
   days on market $499,999 Active 96 DOM
7. 2026-05-01
   status Active 288-char remark

   Show marketing remark (288 chars)

   Exceptional four-plex just off of St. Anthony Parkway and right across the street from Deming Park. Four 1-bedroom units featuring hardwood floors, separate electric, and washer and dryer in each unit. Great opportunity for investor or owner occupant. Only unit 2 available for showings.

8. 2026-04-26
   historical 288-char remark

   Show marketing remark (288 chars)

   Exceptional four-plex just off of St. Anthony Parkway and right across the street from Deming Park. Four 1-bedroom units featuring hardwood floors, separate electric, and washer and dryer in each unit. Great opportunity for investor or owner occupant. Only unit 2 available for showings.

9. 2026-04-01
   status Active 288-char remark

   Show marketing remark (288 chars)

   Exceptional four-plex just off of St. Anthony Parkway and right across the street from Deming Park. Four 1-bedroom units featuring hardwood floors, separate electric, and washer and dryer in each unit. Great opportunity for investor or owner occupant. Only unit 2 available for showings.

10. 2026-02-12
    status Active 288-char remark

    Show marketing remark (288 chars)

    Exceptional four-plex just off of St. Anthony Parkway and right across the street from Deming Park. Four 1-bedroom units featuring hardwood floors, separate electric, and washer and dryer in each unit. Great opportunity for investor or owner occupant. Only unit 2 available for showings.

11. 2026-02-10
    historical 288-char remark

    Show marketing remark (288 chars)

    Exceptional four-plex just off of St. Anthony Parkway and right across the street from Deming Park. Four 1-bedroom units featuring hardwood floors, separate electric, and washer and dryer in each unit. Great opportunity for investor or owner occupant. Only unit 2 available for showings.

12. 2026-02-10
    listed $499,999 288-char remark

    Show marketing remark (288 chars)

    Exceptional four-plex just off of St. Anthony Parkway and right across the street from Deming Park. Four 1-bedroom units featuring hardwood floors, separate electric, and washer and dryer in each unit. Great opportunity for investor or owner occupant. Only unit 2 available for showings.

13. 2024-07-01
    historical
14. 2024-04-28
    price $539,999
15. 2024-03-11
    status Active
16. 2024-03-05
    listed $549,000 Active
17. 2023-05-10
    historical
18. 2023-03-07
    price $549,999
19. 2023-02-02
    listed $575,000 Active
20. 2022-11-01
    historical
21. 2022-07-27
    listed $575,000 Active
22. 2008-07-08
    soldstatus $230,000
23. 2008-05-23
    historical
24. 2008-02-27
    listed $259,900
25. 2007-12-01
    historical
26. 2007-03-01
    listed $315,000
27. 2006-08-24
    historical
28. 2006-05-12
    listed $375,000
29. 2006-04-15
    historical
30. 2006-03-03
    listed $425,000
31. 2006-02-26
    historical
32. 2006-02-19
    historical
33. 2006-02-10
    listed $425,000
34. 2005-11-17
    listed $425,000
35. 2003-09-22
    historical
36. 2003-07-25
    listed $399,700
37. 2002-05-15
    historical
38. 2002-05-09
    listed $239,900

ⓘ 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 ≥100°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: $58,860
• − Mortgage interest: −$28,008
• − Property taxes: −$7,500
• − Insurance: −$2,500
• − Repairs & maintenance: −$4,709
• − Management: −$4,709
• − Depreciation: −$14,545
• Taxable loss: −$3,111
• Est. tax savings @ 24.0%: +$747
• After-tax cash flow: $5,781/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This four-plex is in fair condition with moderate repairs and maintenance needed. It has potential for increased value with updates to the exterior, interior, and landscaping.

Repairs flagged

• Minor Kitchen cabinets — Cabinets show signs of wear and tear.
• Minor Bathroom fixtures — Fixtures show signs of wear and tear.
• Minor Exterior siding — Siding shows signs of wear and tear.
• Minor Landscaping — Minimal landscaping and overgrown areas need attention.
• Minor Paint touch-ups — Paint shows minor scuffs and marks that need touch-ups.

Value-add opportunities

• Both Paint touch-ups — Fresh paint can improve the home's appearance and value.
• Both Landscaping improvements — A well-maintained yard can increase both resale and rental value.
• Both Kitchen and bathroom updates — Fresh paint and minor updates can improve the home's appearance and value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Cabinets show signs of wear and tear.	Minor	$500–3,000
Bathroom fixtures · Fixtures show signs of wear and tear.	Minor	$500–3,000
Exterior siding · Siding shows signs of wear and tear.	Minor	$500–3,000
Landscaping · Minimal landscaping and overgrown areas need attention.	Minor	$500–3,000
Paint touch-ups · Paint shows minor scuffs and marks that need touch-ups.	Minor	$500–3,000
Total estimated repair cost · 5 items		$2,500–15,000

Value-add ROI direction

• Both Paint touch-ups — Fresh paint can improve the home's appearance and value. ↑
• Both Landscaping improvements — A well-maintained yard can increase both resale and rental value. ↑
• Both Kitchen and bathroom updates — Fresh paint and minor updates can improve the home's appearance and value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 31,505
• Household income: $99,397
• Rent vs Own: 33.7% rent · 66.3% own
• Severe rent burden: 1179.0

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 (74%)
• Race & ethnicity: White 74% Black 9% Hispanic / Latino 8% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 14% Romanian 6% Lithuanian 3%
• Foreign-born: 11% · Canada, Vietnam, South Korea
• Languages at home: 86% English-only · Spanish 5% Other Indo-European 1% German/W. Germanic 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: ▼ -278.21%
• Current HPI: 277.9846
• Rent YoY: ▲ 5.19%
• 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

+108.4% since first listed

32 events — show timeline

• 2026-05-01 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-26 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-01 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-12 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-10 Listed $499,999 NORTHSTARMLS as Distributed by MLS Grid
• 2024-07-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2024-04-28 Price Changed $539,999 NORTHSTARMLS as Distributed by MLS Grid
• 2024-03-11 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2024-03-05 Listed $549,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-05-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2023-03-07 Price Changed $549,999 NORTHSTARMLS as Distributed by MLS Grid
• 2023-02-02 Listed $575,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-11-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2022-07-27 Listed $575,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-07-08 Sold (MLS) $230,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-05-23 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-02-27 Listed $259,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-12-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-03-01 Listed $315,000 NORTHSTARMLS as Distributed by MLS Grid
• 2006-08-24 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-05-12 Listed $375,000 NORTHSTARMLS as Distributed by MLS Grid
• 2006-04-15 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-03-03 Listed $425,000 NORTHSTARMLS as Distributed by MLS Grid
• 2006-02-26 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-02-19 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-02-10 Listed $425,000 NORTHSTARMLS as Distributed by MLS Grid
• 2005-11-17 Listed $425,000 NORTHSTARMLS as Distributed by MLS Grid
• 2003-09-22 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2003-07-25 Listed $399,700 NORTHSTARMLS as Distributed by MLS Grid
• 2002-05-15 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2002-05-09 Listed $239,900 NORTHSTARMLS as Distributed by MLS Grid