2704 Garfield Ave · Minneapolis, MN 55408

$399,000

16 bd · 16.0 ba · 2,042 sqft · MultiFamily public records · 216 Days on market

Built 1900 4,791 sqft lot $195/sqft · 16% below area Est $473k · 16% under

---

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 +30.0/30.0
• ARV discount +14.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. 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

Fantastic investment opportunity! This well-maintained Fourplex offers a blend of modern updates and long-term value. Unit #3 has been fully remodeled, and brand-new HVAC systems were added to Units #1 and #2. The property also features recently installed solar panels, providing energy efficiency and reduced utility costs. Each unit is thoughtfully designed with comfortable living spaces and practical layouts. Located close to schools, shopping, and transit, this property is ideal for an owner-occupant or as a strong addition to your rental portfolio. Don’t miss your chance to own a turnkey property with valuable upgrades.

Key facts

• Fully remodeled
• Turnkey property
• New hvac systems

Tags

• FULLY REMODELED
• NEW HVAC SYSTEMS
• TURNKEY PROPERTY
• VALUABLE UPGRADES

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $4k ($49k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $399k).
• Recommended offer: $351k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.6% 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.
• Market conditions: Rents rising fast (+4.8%/yr); 175 active listings in the ZIP; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• At $8,790/mo this rent would consume 150% of the median local household income ($70k/yr) (locally 2619% 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 $12k 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 + 4.8% rent growth), your $112k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 216 days — a 12% lower offer ($351k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 26y ago; this cycle's ask has dropped $51k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $351,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 216 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 2.20% ✓
• Cap rate: 18.58%
• Cash-on-cash: 43.88%
• DSCR: 2.95
• GRM: 3.8

CMA / ARV

• ARV (median comp): $472,887
• List price: $399,000
• Delta: -15.62%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 42.9%
• Equity multiple: 2.89×
• Total profit: $211,685
• Equity at exit: $59,492

10-year hold

• IRR: 49.8%
• Equity multiple: 6.26×
• Total profit: $587,967
• Equity at exit: $34,498

Cash invested: $111,720 (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: 15.1×

Monthly cashflow live

• Estimated rent: $8,790 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$600 /mo · $7,198/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,846
• Net cashflow: $4,086

Break-even live

Break-even rent $3,618

Max offer price $399,000

Occupancy floor 49%

Sensitivity live

Price	-10% $4,311	-5% $4,199	+0% $4,086	+5% $3,973	+10% $3,860
Rent	-10% $3,391	-5% $3,738	+0% $4,086	+5% $4,433	+10% $4,780
Rate	-1.0pp $4,287	-0.5pp $4,187	base $4,086	+0.5pp $3,982	+1.0pp $3,877

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$8,792
Total (4 units)			$8,790

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $399,000 Active 216 DOM
2. 2026-06-17
   days on market $399,000 Active 215 DOM
3. 2026-06-16
   days on market $399,000 Active 214 DOM
4. 2026-06-15
   status $399,000 Active 213 DOM
5. 2026-06-15
   days on market $399,000 Contingent - Inspection 213 DOM
6. 2026-06-13
   statusdays on market $399,000 Contingent - Inspection 211 DOM
7. 2026-06-09
   days on market $399,000 Active 207 DOM
8. 2026-06-08
   days on market $399,000 Active 206 DOM
9. 2026-06-07
   days on market $399,000 Active 205 DOM
10. 2026-06-04
    days on market $399,000 Active 202 DOM
11. 2026-06-03
    days on market $399,000 Active 201 DOM
12. 2026-06-02
    days on market $399,000 Active 200 DOM
13. 2026-06-01
    days on market $399,000 Active 199 DOM
14. 2026-05-31
    days on market $399,000 Active 198 DOM
15. 2026-03-31
    price $399,000 636-char remark

    Show marketing remark (636 chars)

    Fantastic investment opportunity! This well-maintained Fourplex offers a blend of modern updates and long-term value. Unit #3 has been fully remodeled, and brand-new HVAC systems were added to Units #1 and #2. The property also features recently installed solar panels, providing energy efficiency and reduced utility costs. Each unit is thoughtfully designed with comfortable living spaces and practical layouts. Located close to schools, shopping, and transit, this property is ideal for an owner-occupant or as a strong addition to your rental portfolio. Don’t miss your chance to own a turnkey property with valuable upgrades.

16. 2026-01-06
    status Active 636-char remark

    Show marketing remark (636 chars)

    Fantastic investment opportunity! This well-maintained Fourplex offers a blend of modern updates and long-term value. Unit #3 has been fully remodeled, and brand-new HVAC systems were added to Units #1 and #2. The property also features recently installed solar panels, providing energy efficiency and reduced utility costs. Each unit is thoughtfully designed with comfortable living spaces and practical layouts. Located close to schools, shopping, and transit, this property is ideal for an owner-occupant or as a strong addition to your rental portfolio. Don’t miss your chance to own a turnkey property with valuable upgrades.

17. 2025-10-02
    listed $450,000 Active 636-char remark

    Show marketing remark (636 chars)

    Fantastic investment opportunity! This well-maintained Fourplex offers a blend of modern updates and long-term value. Unit #3 has been fully remodeled, and brand-new HVAC systems were added to Units #1 and #2. The property also features recently installed solar panels, providing energy efficiency and reduced utility costs. Each unit is thoughtfully designed with comfortable living spaces and practical layouts. Located close to schools, shopping, and transit, this property is ideal for an owner-occupant or as a strong addition to your rental portfolio. Don’t miss your chance to own a turnkey property with valuable upgrades.

18. 2024-03-14
    historical $1,100
19. 2024-01-18
    listed $1,100
20. 2023-08-29
    historical $925
21. 2023-08-19
    price $925
22. 2023-08-17
    listed
23. 2017-06-28
    soldstatus $382,897
24. 2017-06-01
    soldstatus $382,898 Sold 279-char remark

    Show marketing remark (279 chars)

    Great four unit in Uptown. Each unit has its own private entrance and its own deck or patio area. Two units have been completely remodeled, other two units have long-term tenants (one for 40+ years!) Off-street parking for each unit. Unique building in a fantastic neighborhood!

25. 2017-04-26
    status Pending 279-char remark

    Show marketing remark (279 chars)

    Great four unit in Uptown. Each unit has its own private entrance and its own deck or patio area. Two units have been completely remodeled, other two units have long-term tenants (one for 40+ years!) Off-street parking for each unit. Unique building in a fantastic neighborhood!

26. 2017-04-15
    historical Contingent - Inspection 279-char remark

    Show marketing remark (279 chars)

    Great four unit in Uptown. Each unit has its own private entrance and its own deck or patio area. Two units have been completely remodeled, other two units have long-term tenants (one for 40+ years!) Off-street parking for each unit. Unique building in a fantastic neighborhood!

27. 2017-04-11
    listed $374,900 Active 279-char remark

    Show marketing remark (279 chars)

    Great four unit in Uptown. Each unit has its own private entrance and its own deck or patio area. Two units have been completely remodeled, other two units have long-term tenants (one for 40+ years!) Off-street parking for each unit. Unique building in a fantastic neighborhood!

28. 2014-05-12
    historical
29. 2014-03-27
    listed $325,000 Active
30. 2011-03-09
    historical
31. 2011-01-05
    listed $324,900
32. 2010-08-20
    historical
33. 2010-06-08
    listed $325,000
34. 2009-11-30
    historical
35. 2009-10-28
    listed $299,500
36. 2009-03-11
    historical
37. 2008-12-11
    listed $299,900
38. 2008-09-30
    historical
39. 2008-07-01
    listed $299,900
40. 2008-06-20
    historical
41. 2008-03-20
    listed $299,900
42. 2004-09-14
    soldstatus $207,500
43. 2003-09-08
    historical
44. 2003-08-11
    listed $239,900
45. 2001-05-02
    soldstatus $190,000
46. 2001-02-02
    soldstatus $167,500
47. 2001-01-15
    soldstatus $167,500
48. 2000-12-21
    historical
49. 2000-12-16
    listed $169,900
50. 1999-08-25
    soldstatus $90,000

ⓘ 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: $7,198 · $600/mo
• Projected year-2 tax: $7,198 · $600/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: $105,480
• − Mortgage interest: −$22,350
• − Property taxes: −$7,198
• − Insurance: −$1,995
• − Repairs & maintenance: −$8,438
• − Management: −$8,438
• − Depreciation: −$11,607
• Taxable income: $45,453
• Est. tax owed @ 24.0%: −$10,909
• After-tax cash flow: $38,119/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

+358.6% since first listed

37 events — show timeline

• 2026-03-31 Price Changed $399,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-06 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-02 Listed $450,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-03-14 Rental Removed $1,100 APPFOLIO
• 2024-01-18 Listed for Rent $1,100 APPFOLIO
• 2023-08-29 Rental Removed $925 APPFOLIO
• 2023-08-19 Price Changed $925 APPFOLIO
• 2023-08-17 Listed for Rent — APPFOLIO
• 2017-06-28 Sold (Public Records) $382,897 Public Records
• 2017-06-01 Sold (MLS) $382,898 NORTHSTARMLS as Distributed by MLS Grid
• 2017-04-26 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2017-04-15 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2017-04-11 Listed $374,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-05-12 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2014-03-27 Listed $325,000 NORTHSTARMLS as Distributed by MLS Grid
• 2011-03-09 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2011-01-05 Listed $324,900 NORTHSTARMLS as Distributed by MLS Grid
• 2010-08-20 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2010-06-08 Listed $325,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-11-30 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-10-28 Listed $299,500 NORTHSTARMLS as Distributed by MLS Grid
• 2009-03-11 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-12-11 Listed $299,900 NORTHSTARMLS as Distributed by MLS Grid
• 2008-09-30 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-07-01 Listed $299,900 NORTHSTARMLS as Distributed by MLS Grid
• 2008-06-20 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-03-20 Listed $299,900 NORTHSTARMLS as Distributed by MLS Grid
• 2004-09-14 Sold (Public Records) $207,500 Public Records
• 2003-09-08 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2003-08-11 Listed $239,900 NORTHSTARMLS as Distributed by MLS Grid
• 2001-05-02 Sold (Public Records) $190,000 Public Records
• 2001-02-02 Sold (Public Records) $167,500 Public Records
• 2001-01-15 Sold (MLS) $167,500 NORTHSTARMLS as Distributed by MLS Grid
• 2000-12-21 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2000-12-16 Listed $169,900 NORTHSTARMLS as Distributed by MLS Grid
• 1999-08-25 Sold (Public Records) $90,000 Public Records
• 1985-02-01 Sold (Public Records) $87,000 Public Records

Property tax history

+3.3%/yr

Latest (2025): $7,198 · +3.9% YoY. Source: county tax records.