628 E Franklin Ave #301 · Minneapolis, MN 55404

$117,500

3 bd · 2.0 ba · 1,381 sqft · Condo · 74 Days on market

Built 1904 $85/sqft · 64% below area $475/mo HOA · 25% of rent ↓ 8% 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 +24.7/30.0
• 1% rule +10.0/10.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 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

Listing remarks

Price reduced. This 3-bedroom, 2-bath condominium offers modern living in a vibrant community. The spacious layout includes an in-unit laundry, ensuring convenience and efficiency. Residents can gather in the community room for social events or meetings, and there’s an additional activity room for recreational purposes. Additionally, each unit features its own storage space for keeping belongings organized. A community land trust property, meaning the buyer must meet income qualifications and be pre-approved by a lender partner, is among the program requirements. Owner occupancy is required, and resale restrictions are in place.

Key facts

• Activity room
• Storage space
• In unit laundry

Tags

• IN UNIT LAUNDRY
• COMMUNITY ROOM
• ACTIVITY ROOM
• STORAGE SPACE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $118k.

Deal economics

• At list price, monthly cash flow is $245 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $118k).
• Recommended offer: $110k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 8d 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 $1,939/mo this rent would consume 55% 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 $812 of loan paydown is wiped out by about $4k 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 74 days — a 6% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent; built in 1904 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,450 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1904 — 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: 1.65% ✓
• Cap rate: 8.79%
• Cash-on-cash: 8.92%
• DSCR: 1.40
• GRM: 5.1

CMA / ARV

• ARV (median comp): $330,963
• List price: $117,500
• Delta: -64.50%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -5.9%
• Equity multiple: 0.79×
• Total profit: $-6,966
• Equity at exit: $17,520

10-year hold

• IRR: 0.1%
• Equity multiple: 1.01×
• Total profit: $220
• Equity at exit: $10,159

Cash invested: $32,900 (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: 5.1×

Monthly cashflow live

• Estimated rent: $1,939 high
• Mortgage (P&I): −$616
• Tax est. 1.5%: −$147 /mo · $1,762/yr
• Insurance: −$49
• HOA: −$475
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $245

Break-even live

Break-even rent $1,629

Max offer price $117,500

Occupancy floor 82%

Sensitivity live

Price	-10% $326	-5% $285	+0% $245	+5% $204	+10% $163
Rent	-10% $91	-5% $168	+0% $245	+5% $321	+10% $398
Rate	-1.0pp $304	-0.5pp $274	base $245	+0.5pp $214	+1.0pp $183

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: $29,375
• Closing costs: $3,525
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
735 E 16th St #2 Minneapolis, MN	3.0	1.0	1296	$1,650	$1.27	25d	1	0.30mi
1518 Park Ave Minneapolis, MN	3.0	1.0	1200	$1,850	$1.54	11d	1	0.31mi
1518 Park Ave Minneapolis, MN	3.0	1.0	1200	$1,850	$1.54	14d	1	0.31mi
918 E 17th St Unit 1 Minneapolis, MN	3.0	1.0	1150	$1,995	$1.73	0d	1	0.38mi
1907 11th Ave S Unit 3 Minneapolis, MN	2.0	1.0	1057	$1,375	$1.30	0d	1	0.41mi
1907 11th Ave S Unit 3 Minneapolis, MN	2.0	1.0	1057	$1,375	$1.30	8d	1	0.41mi
2113 11th Ave S Minneapolis, MN	3.0	1.0	900	$2,100	$2.33	18d	1	0.41mi
2121 11th Ave S Unit 2 Minneapolis, MN	4.0	1.0	1800	$2,450	$1.36	4d	1	0.42mi
1400 Park Ave Minneapolis, MN	2.0	1.0–2.0	875	$2,630	$3.01	0d	23	0.42mi
515 E Grant St Minneapolis, MN	1.0–2.0	1.0	820	$1,696	$2.07	2d	10	0.47mi
128 E 18th St Apt 202 Minneapolis, MN	2.0	2.0	1000	$1,500	$1.50	44d	1	0.47mi
128 E 18th St Unit 5 134 2 Minneapolis, MN	2.0	2.0	1000	$1,420	$1.42	44d	1	0.47mi
2121 13th Ave S Unit 4 Minneapolis, MN	4.0	1.5	1100	$1,825	$1.66	44d	1	0.52mi
929 Portland Ave Minneapolis, MN	2.0	2.0	1120	$2,499	$2.23	44d	1	0.53mi
1423 11th Ave S Minneapolis, MN	1.0–2.0	1.0	818	$1,800	$2.20	0d	27	0.54mi
10 E 18th St Unit E626 Minneapolis, MN	3.0	2.0	995	$2,389	$2.40	8d	1	0.59mi
10 E 18th St Unit E408 Minneapolis, MN	2.0	2.0	875	$1,969	$2.25	8d	1	0.59mi
1111 3rd Ave S Unit 1511914P Minneapolis, MN	4.0	1.0–2.0	1081	$9,693	$8.97	3d	2	0.59mi
1819 15th Ave S Minneapolis, MN	3.0	1.5	1700	$2,050	$1.21	14d	1	0.61mi
1702 Nicollet Ave Minneapolis, MN	3.0	1.0–2.0	685	$2,276	$3.32	25d	23	0.63mi
615 S 8th St Minneapolis, MN	2.0	1.0–2.5	1252	$6,125	$4.89	0d	49	0.65mi
2625 3rd Ave S Unit 3 Minneapolis, MN	2.0	1.0	1000	$1,399	$1.40	4d	1	0.66mi
739 E 27th St Unit 739 Minneapolis, MN	4.0	1.0	1699	$2,600	$1.53	25d	1	0.67mi
2704 Chicago Ave Unit 1 Minneapolis, MN	2.0	1.0	980	$1,400	$1.43	25d	1	0.67mi
1818 La Salle Ave Unit 7 Minneapolis, MN	2.0	1.0	1000	$1,375	$1.38	44d	1	0.69mi
2625 2nd Ave S Unit 1 Minneapolis, MN	2.0	1.0	1000	$2,000	$2.00	25d	1	0.70mi
1410 Nicollet Ave Minneapolis, MN	2.0	1.0–2.0	797	$2,280	$2.86	0d	24	0.70mi
2108 16th Ave S Unit 1 Minneapolis, MN	3.0	1.0	1020	$1,750	$1.72	44d	1	0.72mi
1010 S 7th St Minneapolis, MN	2.0	1.0–2.0	834	$2,725	$3.27	44d	1	0.73mi
1117 Marquette Ave Minneapolis, MN	1.0–2.0	1.0–2.0	953	$1,869	$1.96	0d	16	0.73mi
2730 Portland Ave Minneapolis, MN	1.0–3.0	1.0–2.0	940	$1,755	$1.87	8d	3	0.73mi
433 S 7th St Minneapolis, MN	2.0	2.0	1057	$2,548	$2.41	15d	1	0.75mi
650 Portland Ave Minneapolis, MN	2.0	1.0–2.0	1104	$4,141	$3.75	0d	16	0.76mi
95 S 10th St Minneapolis, MN	2.0	1.0–2.0	688	$2,321	$3.37	2d	31	0.81mi
1369 Spruce Pl Minneapolis, MN	1.0–3.0	1.0–2.5	1396	$6,750	$4.83	0d	25	0.81mi
600 5th Ave S Minneapolis, MN	1.0–2.0	1.0–2.0	878	$3,315	$3.78	0d	12	0.83mi
1225 Lasalle Ave #602 Minneapolis, MN	2.0	2.0	1118	$2,300	$2.06	44d	1	0.83mi
90 S 9th St Minneapolis, MN	2.0	1.0	823	$2,000	$2.43	0d	4	0.87mi
1367 Willow St Minneapolis, MN	2.0	1.0–2.0	806	$2,330	$2.89	0d	14	0.87mi
2105 Grand Ave S Unit Grand 2 Minneapolis, MN	2.0	1.0	950	$1,700	$1.79	44d	1	0.88mi

HOA detail condo

• Monthly dues: $475 · $5,700/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-02-21
   listed $117,500 Active
2. 2026-02-05
   historical
3. 2025-06-18
   listed $127,500 Active
4. 2025-06-17
   historical
5. 2025-03-13
   listed $127,500 Active

ⓘ 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 ≥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: $23,265
• − Mortgage interest: −$6,582
• − Property taxes: −$1,762
• − Insurance: −$588
• − Repairs & maintenance: −$1,861
• − Management: −$1,861
• − HOA: −$5,700
• − Depreciation: −$3,418
• Taxable income: $1,493
• Est. tax owed @ 24.0%: −$358
• After-tax cash flow: $2,577/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

-7.8% since first listed

5 events — show timeline

• 2026-02-21 Listed $117,500 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-05 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-06-18 Listed $127,500 NORTHSTARMLS as Distributed by MLS Grid
• 2025-06-17 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-03-13 Listed $127,500 NORTHSTARMLS as Distributed by MLS Grid