4129 Colfax Ave N · Minneapolis, MN 55412

$469,000

4 bd · 4.0 ba · 5,436 sqft · MultiFamily public records · 34 Days on market

Built 1900 6,098 sqft lot

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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 +27.6/30.0
• DSCR +9.7/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Rent growth +4.1/5.0
• Livability +3.9/5.0
• Schools +3.5/10.0
• 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: 1 unit. 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 MLS

Classic 4 unit apartment building. Spacious bedrooms. Huge unfinished 3rd level. Many updates to this well-maintained property. Solid cash flow. 24 hours notice.

Key facts

• Fully renovated
• Furnaces replaced
• New siding

Tags

• HUGE THIRD LEVEL
• FULLY RENOVATED
• NEW SIDING
• FURNACES REPLACED
• LVP FLOORING
• WINDOWS UPDATED

Property features AI

Exterior

• Parking: Gravel parking; Each unit listed with 1 parking space (4 units total)
• Utilities: City water (connected); City sewer (connected); Natural gas
• Home design: Residential income property; More than 2 stories; Entry level and facing direction not provided
• Construction: Asphalt roof; Foundation area approximately 2,160; Above and below grade finished areas listed (property totals provided)
• Exterior features: Wood exterior; No fencing noted

Interior

• Kitchen: Units include ranges and refrigerators; One unit includes a dishwasher
• Bedrooms: Total of 4 bedrooms across units
• Flooring: Hardwood floors (in at least one unit)
• Bathrooms: Each unit has 1 full bathroom (4 full bathrooms total)
• Heating & cooling: Forced air heating; Some units have central cooling
• Interior features: Partial basement; Hardwood floors
• Laundry & utility: Units include washer and dryer hookups/appliances

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $469k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $469k).
• Recommended offer: $455k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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 (+6.3%/yr); 169 active listings in the ZIP; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• At $5,931/mo this rent would consume 104% of the median local household income ($69k/yr) (locally 913% 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 $14k 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 + 6.3% rent growth), your $131k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($455k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y 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 $287k; list at $469k implies a 63% 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 $454,930 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 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 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: 1.26% ✓
• Cap rate: 9.89%
• Cash-on-cash: 12.86%
• DSCR: 1.57
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.35% rent growth · sell at horizon

5-year hold

• IRR: 6.5%
• Equity multiple: 1.26×
• Total profit: $34,426
• Equity at exit: $69,929

10-year hold

• IRR: 18.7%
• Equity multiple: 2.80×
• Total profit: $236,709
• Equity at exit: $40,551

Cash invested: $131,320 (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 55412

• Home prices YoY: -26.9%
• Rents YoY: 6.3%
• Active inventory: 169
• Price-to-rent: 26.4×

Monthly cashflow live

• Estimated rent: $5,931 high
• Mortgage (P&I): −$2,459
• Tax from tax record: −$623 /mo · $7,476/yr
• Insurance: −$195
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,246
• Net cashflow: $1,408

Break-even live

Break-even rent $4,149

Max offer price $469,000

Occupancy floor 71%

Sensitivity live

Price	-10% $1,673	-5% $1,540	+0% $1,408	+5% $1,275	+10% $1,142
Rent	-10% $939	-5% $1,173	+0% $1,408	+5% $1,642	+10% $1,876
Rate	-1.0pp $1,644	-0.5pp $1,527	base $1,408	+0.5pp $1,286	+1.0pp $1,162

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$5,932
Total (4 units)			$5,931

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: $117,250
• Closing costs: $14,070
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-05-05
   status Pending
2. 2026-05-05
   historical Contingent - Inspection
3. 2026-05-05
   status Pending
4. 2026-04-28
   historical Contingent - Inspection
5. 2026-04-13
   price $469,000
6. 2026-04-01
   listed $489,000 Active
7. 2017-04-25
   soldstatus $287,000 Sold 163-char remark

   Show marketing remark (163 chars)

   Classic 4 unit apartment building. Spacious bedrooms. Huge unfinished 3rd level. Many updates to this well-maintained property. Solid cash flow. 24 hours notice.

8. 2017-03-22
   status Pending 163-char remark

   Show marketing remark (163 chars)

   Classic 4 unit apartment building. Spacious bedrooms. Huge unfinished 3rd level. Many updates to this well-maintained property. Solid cash flow. 24 hours notice.

9. 2017-03-12
   historical Contingent - Inspection 163-char remark

   Show marketing remark (163 chars)

   Classic 4 unit apartment building. Spacious bedrooms. Huge unfinished 3rd level. Many updates to this well-maintained property. Solid cash flow. 24 hours notice.

10. 2017-03-08
    listed $284,900 Active 163-char remark

    Show marketing remark (163 chars)

    Classic 4 unit apartment building. Spacious bedrooms. Huge unfinished 3rd level. Many updates to this well-maintained property. Solid cash flow. 24 hours notice.

11. 2005-04-22
    soldstatus $50,000

ⓘ 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: $7,476 · $623/mo
• Projected year-2 tax: $7,476 · $623/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: $71,172
• − Mortgage interest: −$26,271
• − Property taxes: −$7,476
• − Insurance: −$2,345
• − Repairs & maintenance: −$5,694
• − Management: −$5,694
• − Depreciation: −$13,644
• Taxable income: $10,049
• Est. tax owed @ 24.0%: −$2,412
• After-tax cash flow: $14,479/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): 24,460
• Household income: $68,682
• Rent vs Own: 27.8% rent · 72.2% own
• Severe rent burden: 913.0

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 0.73)
• Race & ethnicity: White 36% Black 33% Hispanic / Latino 14% Two or more races 12% Asian 8% Native American 1%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 6% Lithuanian 2% Romanian 1%
• Foreign-born: 12% · Canada
• Languages at home: 82% English-only · Spanish 9% Other Asian/Pacific 7% Tagalog/Filipino 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: ▼ -109.98%
• Current HPI: 298.1414
• Rent YoY: ▲ 6.35%
• 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

+838.0% since first listed

11 events — show timeline

• 2026-05-05 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-05 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-05 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-28 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-13 Price Changed $469,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-01 Listed $489,000 NORTHSTARMLS as Distributed by MLS Grid
• 2017-04-25 Sold (MLS) $287,000 NORTHSTARMLS as Distributed by MLS Grid
• 2017-03-22 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2017-03-12 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2017-03-08 Listed $284,900 NORTHSTARMLS as Distributed by MLS Grid
• 2005-04-22 Sold (Public Records) $50,000 Public Records

Property tax history

+7.4%/yr

Latest (2025): $7,476 · +8.2% YoY. Source: county tax records.