2316 24th Ave N · Minneapolis, MN 55411

$205,000

4 bd · 1.0 ba · 1,428 sqft · SingleFamily public records · 21 Days on market

Built 1924 5,227 sqft lot $144/sqft · 5% below area Est $232k · 12% under

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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 +23.7/30.0
• ARV discount +12.7/15.0
• DSCR +7.6/10.0
• 1% rule +5.7/10.0
• Rent growth +4.3/5.0
• Livability +3.9/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bank Owned. Sold As-Is. Eat in kitchen, formal dining room, living room has hardwood floors, and sun porch. Large and beautiful yard. Needs TLC but spacious home - Make it yours!

Key facts

• Covered front porch
• New siding
• Newer roof

Tags

• NEW SIDING
• NEWER ROOF
• UPDATED MECHANICALS
• COVERED FRONT PORCH
• LUXURY VINYL PLANK FLOORING
• DEFINED DINING AREA

Property features AI

Exterior

• Parking: Open parking / Other
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; One-and-one-half story; Above-grade finished area 1,528 sq ft; Main level finished area 952 sq ft
• Construction: Block foundation; Asphalt roof; Foundation area 952
• Exterior features: Vinyl siding; Covered porch; No fencing; Lot approx. 0.12 acres with dimensions 102x85x95x27; Public maintained road access

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 3 bedrooms (two on main level, one on upper level); Upper-level loft
• Bathrooms: 1 full bathroom on main floor
• Heating & cooling: Forced air heating; Window air conditioning unit(s)
• Interior features: Living/Dining room; Covered porch; Unfinished block basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $205k.

Deal economics

• At list price, monthly cash flow is $390 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $205k).
• Recommended offer: $202k (1.5% 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.
• Zoned schools: Lucy Laney Elementary (math 8% / reading 17%, grade F, #800 of 857 statewide, top 95%, 339 students, 89% FRL); Franklin Middle (math 2% / reading 8%, grade F, #255 of 258 statewide, top 100%, 287 students, 89% FRL); Henry High (reading 70%, 858 students, 80% FRL) — zoned schools average 86% FRL vs 58% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 9% at this address vs 40% district-wide (-32 pts) — the specific schools serving this property underperform the Minneapolis Public School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+7.3%/yr); 133 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $1k of loan paydown is wiped out by about $6k 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 + 7.3% rent growth), your $57k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 32y 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 $28k; list at $205k implies a 619% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $201,925 (1.5% below list)

Questions for the listing agent

1. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.07% ✓
• Cap rate: 8.57%
• Cash-on-cash: 8.15%
• DSCR: 1.36
• GRM: 7.8

CMA / ARV

• ARV (median comp): $231,639
• List price: $205,000
• Delta: -11.50%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.35% rent growth · sell at horizon

5-year hold

• IRR: 0.7%
• Equity multiple: 1.03×
• Total profit: $1,661
• Equity at exit: $30,566

10-year hold

• IRR: 14.2%
• Equity multiple: 2.37×
• Total profit: $78,547
• Equity at exit: $17,725

Cash invested: $57,400 (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 55411

• Home prices YoY: -8.7%
• Rents YoY: 7.3%
• Active inventory: 133
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,202 high
• Mortgage (P&I): −$1,075
• Tax from tax record: −$189 /mo · $2,271/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$462
• Net cashflow: $390

Break-even live

Break-even rent $1,709

Max offer price $205,000

Occupancy floor 77%

Sensitivity live

Price	-10% $506	-5% $448	+0% $390	+5% $332	+10% $274
Rent	-10% $216	-5% $303	+0% $390	+5% $477	+10% $564
Rate	-1.0pp $493	-0.5pp $442	base $390	+0.5pp $337	+1.0pp $283

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2211 Queen Ave N Unit 1 Minneapolis, MN	3.0	1.0	983	$1,695	$1.72	19d	1	0.14mi
2356 N Thomas Ave Unit 2 Minneapolis, MN	3.0	1.0	1000	$1,800	$1.80	45d	1	0.15mi
2324 Logan Ave N Minneapolis, MN	4.0	1.5	1400	$2,300	$1.64	46d	1	0.27mi
2411 Golden Valley Rd Unit 2 Minneapolis, MN	4.0	2.0	1200	$2,395	$2.00	16d	1	0.38mi
1649 Russell Ave N Unit 2 Minneapolis, MN	3.0	1.0	1011	$1,650	$1.63	0d	1	0.51mi
1649 Russell Ave N Unit 2 Minneapolis, MN	3.0	1.0	1011	$1,700	$1.68	21d	1	0.51mi
1523 22nd Ave N Minneapolis, MN	3.0	1.0	943	$1,695	$1.80	16d	1	0.52mi
1510 N 22nd Ave #1 Minneapolis, MN	3.0	1.0	1500	$1,875	$1.25	5d	1	0.52mi
1510 N 22nd Ave #1 Minneapolis, MN	3.0	1.0	1500	$1,875	$1.25	23d	1	0.52mi
2703 Humboldt Ave N Minneapolis, MN	3.0	1.0	1218	$1,450	$1.19	23d	1	0.63mi
1816 Zephyr Pl Minneapolis, MN	3.0	1.0	1120	$2,050	$1.83	45d	1	0.64mi
3114 Morgan Ave N Minneapolis, MN	4.0	2.0	1362	$2,000	$1.47	16d	1	0.67mi
1504 Queen Ave N Minneapolis, MN	3.0	1.5	1746	$2,800	$1.60	0d	1	0.67mi
1504 Queen Ave N Minneapolis, MN	3.0	1.5	1746	$2,800	$1.60	3d	1	0.67mi
1507 N Newton Ave Unit 2 Minneapolis, MN	4.0	1.0	1068	$1,499	$1.40	45d	1	0.69mi
2819 Girard Ave N Minneapolis, MN	5.0	2.0	1718	$2,300	$1.34	45d	1	0.73mi
1312 18th Ave N Minneapolis, MN	3.0	1.0	1520	$1,899	$1.25	9d	1	0.74mi
2923 Girard Ave N Minneapolis, MN	5.0	2.0	1760	$2,795	$1.59	23d	1	0.77mi
1429 Knox Ave N Unit 1429 Minneapolis, MN	4.0	1.0	1260	$1,995	$1.58	45d	1	0.79mi
2620 Emerson Ave N Minneapolis, MN	3.0	1.0	877	$1,900	$2.17	1d	1	0.80mi
3105 N Girard Ave Unit 2 Minneapolis, MN	4.0	1.0	1250	$2,300	$1.84	26d	1	0.86mi
2646 Dupont Ave N Unit 2 Minneapolis, MN	4.0	1.0	1514	$2,245	$1.48	45d	1	0.87mi
2419 Plymouth Ave N Minneapolis, MN	2.0–3.0	1.0	836	$1,795	$2.15	5d	2	0.88mi
3315 James Ave N Minneapolis, MN	4.0	1.0	1400	$2,100	$1.50	5d	1	0.91mi
3238 Humboldt Ave N Minneapolis, MN	5.0	1.0	1389	$2,100	$1.51	45d	1	0.94mi
1237 Knox Ave N Unit 1237 Minneapolis, MN	3.0	1.0	1196	$1,900	$1.59	5d	1	0.98mi
1016 N Newton Ave Unit 4 Minneapolis, MN	3.0	1.0	1009	$1,895	$1.88	45d	1	1.09mi
1030 Knox Ave N Apt 2 Minneapolis, MN	4.0	1.0	900	$2,099	$2.33	45d	1	1.15mi
1030 Knox Ave N Apt 3 Minneapolis, MN	5.0	1.5	1500	$2,450	$1.63	45d	1	1.15mi
816 Queen Ave N Minneapolis, MN	3.0	1.0	1200	$1,895	$1.58	45d	1	1.19mi
318 N 27th Ave #2 Minneapolis, MN	3.0	1.0	1200	$1,800	$1.50	5d	1	1.28mi
318 N 27th Ave #2 Minneapolis, MN	3.0	1.0	1200	$1,800	$1.50	45d	1	1.28mi
3211 N 6th St Unit 2 Minneapolis, MN	4.0	1.0	900	$1,450	$1.61	26d	1	1.31mi
3247 N 6th St Minneapolis, MN	5.0	1.5	1405	$2,350	$1.67	45d	1	1.35mi
3247 N 6th St Minneapolis, MN	5.0	1.5	1405	$2,350	$1.67	26d	1	1.35mi
3247 N 6th St Minneapolis, MN	5.0	1.5	1405	$2,350	$1.67	23d	1	1.35mi
3419 Grimes Ave N Minneapolis, MN	3.0	1.5	1300	$2,050	$1.58	45d	1	1.36mi
3522 Bryant Ave N Minneapolis, MN	5.0	2.0	1449	$2,995	$2.07	45d	1	1.43mi
519 Penn Ave N Minneapolis, MN	4.0	2.0	1500	$2,195	$1.46	9d	1	1.43mi
519 Penn Ave N Minneapolis, MN	4.0	2.0	1500	$2,195	$1.46	16d	1	1.43mi

Listing history 16 events

1. 2026-06-04
   status $205,000 Pending 21 DOM
2. 2026-06-03
   days on market $205,000 Active 21 DOM
3. 2026-06-02
   days on market $205,000 Active 20 DOM
4. 2026-06-01
   days on market $205,000 Active 19 DOM
5. 2026-05-31
   days on market $205,000 Active 18 DOM
6. 2026-05-13
   listed $205,000 Active 1075-char remark
7. 2026-04-26
   historical
8. 2026-04-01
   price $215,000
9. 2025-12-04
   price $220,000
10. 2025-10-30
    listed $235,000 Active
11. 2008-08-05
    soldstatus $28,500

    Show marketing remark (178 chars)

    Bank Owned. Sold As-Is. Eat in kitchen, formal dining room, living room has hardwood floors, and sun porch. Large and beautiful yard. Needs TLC but spacious home - Make it yours!

12. 2008-07-18
    historical

    Show marketing remark (178 chars)

    Bank Owned. Sold As-Is. Eat in kitchen, formal dining room, living room has hardwood floors, and sun porch. Large and beautiful yard. Needs TLC but spacious home - Make it yours!

13. 2007-09-26
    listed $34,900

    Show marketing remark (178 chars)

    Bank Owned. Sold As-Is. Eat in kitchen, formal dining room, living room has hardwood floors, and sun porch. Large and beautiful yard. Needs TLC but spacious home - Make it yours!

14. 1995-03-21
    historical
15. 1994-09-21
    listed $46,900
16. 1991-10-04
    soldstatus $40,700

ⓘ 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: $2,271 · $189/mo
• Projected year-2 tax: $2,284 · $190/mo
• Expected delta: +$12/yr (+$1/mo · 0.5%)

ⓘ 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: $26,424
• − Mortgage interest: −$11,483
• − Property taxes: −$2,271
• − Insurance: −$1,025
• − Repairs & maintenance: −$2,114
• − Management: −$2,114
• − Depreciation: −$5,964
• Taxable income: $1,453
• Est. tax owed @ 24.0%: −$349
• After-tax cash flow: $4,329/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): 27,741
• Household income: $60,225
• Rent vs Own: 47.3% rent · 52.7% own
• Severe rent burden: 1826.0

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 0.68)
• Race & ethnicity: Black 49% White 23% Two or more races 11% Hispanic / Latino 11% Asian 9%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Portuguese 3% Lithuanian 2% Italian 1%
• Foreign-born: 19% · Canada, Guatemala
• Languages at home: 68% English-only · Other Asian/Pacific 8% Spanish 8%

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: ▼ -33.91%
• Current HPI: 356.6758
• Rent YoY: ▲ 7.35%
• 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

+403.7% since first listed

14 events — show timeline

• 2026-06-03 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-06-03 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-06-03 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-13 Listed $205,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-26 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-01 Price Changed $215,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-04 Price Changed $220,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-30 Listed $235,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-08-05 Sold (MLS) $28,500 NORTHSTARMLS as Distributed by MLS Grid
• 2008-07-18 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-09-26 Listed $34,900 NORTHSTARMLS as Distributed by MLS Grid
• 1995-03-21 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1994-09-21 Listed $46,900 NORTHSTARMLS as Distributed by MLS Grid
• 1991-10-04 Sold (Public Records) $40,700 Public Records

Property tax history

+4.1%/yr

Latest (2025): $2,271 · -8.1% YoY. Source: county tax records.