121 Washington Ave S #511 · Minneapolis, MN 55401

$149,900

1 bd · 1.0 ba · 726 sqft · Condo public records · 48 Days on market

Built 1981 $206/sqft · 48% below area $625/mo HOA · 30% of rent

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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 +12.9/30.0
• 1% rule +8.7/10.0
• ARV discount +7.5/15.0
• Appreciation +4.8/10.0
• DSCR +3.9/10.0
• Rent growth +3.9/5.0
• Livability +3.9/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0

Listing remarks

This unit is a handy person special, an opportunity to build instant equity with your own updates and vision. Sold as-is, this 1-bedroom condo at The Crossings offers great bones, a private patio with skyline views, and a layout ready for transformation. Ideal for investors or buyers looking to customize their own downtown space. Enjoy full access to The Crossings amenities, including outdoor pool, fitness center, sauna, 24-hour staff, and direct skyway access—all in the heart of downtown Minneapolis.

Key facts

• Outdoor pool
• Skyline views
• Fitness center

Tags

• PRIVATE PATIO
• SKYLINE VIEWS
• OUTDOOR POOL
• FITNESS CENTER
• SAUNA
• 24-HOUR STAFF

Property features AI

Finance

• Other: Located at the corner of Washington Ave and 2nd St
• HOA & community: HOA: Sudler; Monthly association fee of $625; Association amenities include elevator(s) and lobby entrance; Association fee covers air conditioning, heating, cable TV, internet, hazard insurance, grounds maintenance, professional management, and shared amenities

Exterior

• Parking: Underground parking; 262 garage stalls total (unit includes 1 garage space)
• Utilities: City water; City sewer; Natural gas
• Home design: Attached residential property; One story; Entry level: Main
• Construction: Foundation area: 771; Above-grade finished area: 771
• Exterior features: Stone exterior; Balcony; City view; Shared below-ground heated pool

Interior

• Kitchen: Includes range, refrigerator, dishwasher
• Bedrooms: One bedroom (Main level) — 14 x 12
• Bathrooms: One full bathroom (Main floor)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Dishwasher, Range, Refrigerator; Fully wheelchair accessible
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $150k.

Deal economics

• At list price, monthly cash flow is $-11 ($-133/yr) — negative.
• To cash-flow at today's rent, offer at most $148k (1.3% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.2% 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 (+5.5%/yr); 160 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).

Forward outlook

• In year one you build about $409 of equity ($1k loan paydown + $-627 appreciation (-0.4% local appreciation)).
• Hennepin County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-0.4% appreciation + 5.5% rent growth), your $42k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent.

Recommended offer $145,403 (3.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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. 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. 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.
8. 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.
9. 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: 1.37% ✓
• Cap rate: 6.20%
• Cash-on-cash: -0.32%
• DSCR: 0.99
• GRM: 6.1

CMA / ARV

• ARV (median comp): $306,372
• List price: $149,900
• Delta: -51.07%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

-0.42% appreciation · 5.49% rent growth · sell at horizon

5-year hold

• IRR: -1.2%
• Equity multiple: 0.94×
• Total profit: $-2,337
• Equity at exit: $40,417

10-year hold

• IRR: 7.8%
• Equity multiple: 1.90×
• Total profit: $37,890
• Equity at exit: $46,167

Cash invested: $41,972 (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 55401

• Home prices YoY: -0.2%
• Rents YoY: 5.5%
• Active inventory: 160
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $2,055 high
• Mortgage (P&I): −$786
• Tax from tax record: −$161 /mo · $1,931/yr
• Insurance: −$62
• HOA: −$625
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $-11

Break-even live

Break-even rent $2,069

Max offer price $147,947

Occupancy floor 96%

Sensitivity live

Price	-10% $74	-5% $31	+0% $-11	+5% $-53	+10% $-96
Rent	-10% $-173	-5% $-92	+0% $-11	+5% $70	+10% $151
Rate	-1.0pp $64	-0.5pp $27	base $-11	+0.5pp $-50	+1.0pp $-89

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
365 Nicollet Mall Minneapolis, MN	3.0	1.0–3.5	1656	$4,354	$2.63	0d	36	0.14mi
400 Marquette Ave Minneapolis, MN	3.0	1.0–2.0	1103	$2,440	$2.21	0d	11	0.16mi
115 2nd Ave S Minneapolis, MN	1.0	1.0	508	$1,371	$2.70	0d	22	0.18mi
111 S Marquette Ave Minneapolis, MN	1.0–2.0	1.0–2.0	955	$1,516	$1.59	0d	13	0.19mi
465 Nicollet Mall Minneapolis, MN	2.0	1.0–3.0	1153	$3,055	$2.65	0d	14	0.19mi
101 S 5th St Minneapolis, MN	3.0	1.0–2.0	1249	$2,289	$1.83	0d	34	0.21mi
270 Hennepin Ave Minneapolis, MN	3.0	1.0–3.0	1505	$4,088	$2.72	0d	53	0.24mi
120 Hennepin Ave Minneapolis, MN	2.0	1.0–2.0	960	$2,590	$2.70	8d	10	0.26mi
511 S 4th St Minneapolis, MN	2.0	1.0–2.0	882	$2,222	$2.52	0d	11	0.29mi
608 2nd Ave S Minneapolis, MN	1.0–2.0	1.0–2.0	999	$1,675	$1.68	0d	33	0.29mi
250 Portland Ave Minneapolis, MN	1.0–2.0	1.0–2.0	902	$1,950	$2.16	0d	10	0.30mi
120 N 2nd St Minneapolis, MN	1.0–2.0	1.0–2.5	1039	$1,591	$1.53	0d	17	0.34mi
225 Portland Ave Minneapolis, MN	2.0	1.0–2.0	837	$2,410	$2.88	0d	72	0.35mi
600 5th Ave S Minneapolis, MN	1.0–2.0	1.0–2.0	878	$1,440	$1.64	0d	12	0.35mi
110 N 1st St Minneapolis, MN	1.0–2.0	1.0–2.0	885	$1,719	$1.94	0d	21	0.36mi
240 Park Ave Minneapolis, MN	1.0–2.0	1.0–2.0	1047	$2,075	$1.98	3d	2	0.38mi
205 Park Ave Minneapolis, MN	1.0–2.0	1.0–2.0	859	$1,829	$2.13	0d	5	0.42mi
650 Portland Ave Minneapolis, MN	2.0	1.0–2.0	1104	$2,825	$2.56	0d	16	0.42mi
700 S 4th St Minneapolis, MN	2.0	1.0–2.0	897	$2,688	$2.99	0d	25	0.44mi
431 S 7th St #2610 Minneapolis, MN	1.0	1.0	430	$1,250	$2.91	25d	1	0.44mi
431 S 7th St Minneapolis, MN	1.0	1.0	430	$1,250	$2.91	11d	2	0.44mi
431 S 7th St Minneapolis, MN	1.0	1.0	430	$1,250	$2.91	44d	2	0.44mi
240 Chicago Ave Minneapolis, MN	2.0	1.0–2.0	825	$2,168	$2.63	0d	14	0.46mi
316 N 2nd St Minneapolis, MN	1.0–2.0	1.0–2.0	795	$1,417	$1.78	0d	8	0.49mi
811 Washington Ave S Minneapolis, MN	1.0–2.0	1.0–2.0	862	$1,660	$1.93	20d	9	0.50mi
90 S 9th St Minneapolis, MN	2.0	1.0	823	$1,650	$2.00	0d	4	0.50mi
337 N Washington Ave Minneapolis, MN	2.0	1.0–2.0	796	$2,114	$2.65	2d	30	0.52mi
360 1st St N Minneapolis, MN	1.0–2.0	1.0–2.0	889	$1,835	$2.06	0d	10	0.53mi
615 S 8th St Minneapolis, MN	2.0	1.0–2.5	1252	$3,675	$2.94	0d	49	0.54mi
401 N 1st St Minneapolis, MN	—	1.0	531	$1,282	$2.41	44d	1	0.57mi
95 S 10th St Minneapolis, MN	2.0	1.0–2.0	688	$1,744	$2.53	3d	31	0.60mi
609 S 9th St #2 Minneapolis, MN	1.0	1.0	600	$1,095	$1.82	44d	1	0.61mi
212 10th Ave S Minneapolis, MN	3.0	1.0–2.5	1490	$4,242	$2.85	2d	10	0.61mi
360 N 5th Ave Minneapolis, MN	2.0	1.0–2.5	1185	$4,452	$3.75	0d	82	0.62mi
910 Portland Ave Minneapolis, MN	1.0	1.0	392	$1,056	$2.69	14d	1	0.64mi
528 Washington Ave N Minneapolis, MN	1.0	1.0	543	$2,629	$4.84	0d	21	0.66mi
929 Portland Ave #1408 Minneapolis, MN	1.0	1.0	680	$1,485	$2.18	44d	1	0.66mi
432 N 1st St Minneapolis, MN	1.0–2.0	1.0–2.0	1067	$1,395	$1.31	3d	6	0.67mi
900 Centennial Pl Minneapolis, MN	—	1.0	390	$825	$2.12	14d	1	0.68mi
1111 3rd Ave S Unit 1511914P Minneapolis, MN	4.0	1.0–2.0	1081	$5,100	$4.72	3d	2	0.70mi

HOA detail condo

• Monthly dues: $625 · $7,500/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-18
   days on market $149,900 Active 48 DOM
2. 2026-06-17
   days on market $149,900 Active 47 DOM
3. 2026-06-16
   days on market $149,900 Active 46 DOM
4. 2026-06-15
   days on market $149,900 Active 45 DOM
5. 2026-06-13
   days on market $149,900 Active 43 DOM
6. 2026-06-09
   days on market $149,900 Active 39 DOM
7. 2026-06-08
   days on market $149,900 Active 38 DOM
8. 2026-06-07
   days on market $149,900 Active 37 DOM
9. 2026-06-04
   days on market $149,900 Active 34 DOM
10. 2026-06-03
    days on market $149,900 Active 33 DOM
11. 2026-06-02
    days on market $149,900 Active 32 DOM
12. 2026-06-01
    days on market $149,900 Active 31 DOM
13. 2026-05-31
    days on market $149,900 Active 30 DOM
14. 2026-05-01
    listed $149,900 Active 512-char remark

ⓘ 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: $1,931 · $161/mo
• Projected year-2 tax: $1,931 · $161/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: $24,660
• − Mortgage interest: −$8,397
• − Property taxes: −$1,931
• − Insurance: −$750
• − Repairs & maintenance: −$1,973
• − Management: −$1,973
• − HOA: −$7,500
• − Depreciation: −$4,361
• Taxable loss: −$2,224
• Est. tax savings @ 24.0%: +$534
• After-tax cash flow: $401/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): 11,816
• Household income: $113,522
• Rent vs Own: 71.6% rent · 28.4% own
• Severe rent burden: 610.0

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 (75%)
• Race & ethnicity: White 75% Asian 9% Hispanic / Latino 8% Two or more races 6% Black 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 10% Romanian 7% Lithuanian 5%
• Foreign-born: 13% · Canada, China, South Korea
• Languages at home: 86% English-only · Spanish 6% Other Indo-European 3% Chinese 2%

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: ▼ -0.42%
• Current HPI: 233.936
• Rent YoY: ▲ 5.49%
• 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

1 event — show timeline

• 2026-05-01 Listed $149,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+1.3%/yr

Latest (2025): $1,931 · +4.6% YoY. Source: county tax records.