3400 Elliot Ave · Minneapolis, MN 55407

$500,000

16 bd · 16.0 ba · 2,800 sqft · MultiFamily public records · 18 Days on market

Built 1914 6,098 sqft lot

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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 +21.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +4.4/10.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• 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

Great opportunity. 1 bed units. Lots of character and original woodwork and built-ins. Nice corner lot. Convenient location near parks, bus-lines, school and other amenities. Sold As-Is.

Key facts

• 6,098 sq ft lot
• 2 garage spots
• Built 1914

Property features AI

Finance

• Other: Owner-occupied: No; Above grade finished area reported; Building total area reported
• Financial info: Gross income reported for the property: $64,380
• HOA & community: Community amenities include deck, patio, and porch

Exterior

• Parking: Detached 2-car garage
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential income property; Two levels; Main level finished area present; Entry on corner of E 34th St & Elliot Ave S
• Construction: Block foundation; Flat rubber roof; Foundation area noted
• Exterior features: Stucco exterior; Chain-link full fencing; Corner lot location; Paved streets and sidewalks

Interior

• Kitchen: Ranges in units; Refrigerators in units; Freezers in some units; One unit includes a dishwasher
• Bedrooms: Four total bedrooms across the building; Each unit is 1 bedroom
• Flooring: Hardwood floors in units
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Forced air heating
• Interior features: Full unfinished basement with shared access and storage/locker; Hardwood floors in units; Porches and sun rooms in units
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $724 ($9k/yr) — positive. Per door: $181/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $468k (6.4% below list).
• Recommended offer: $468k (6.4% below list) — sets the bar for 1% rule.
• Cap rate 8.0% 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: Bancroft Elementary (math 17% / reading 27%, grade F, #732 of 857 statewide, top 88%, 369 students, 56% FRL); Sanford Middle (math 30% / reading 54%, grade D-, #131 of 258 statewide, top 53%, 738 students, 38% FRL); Roosevelt High (math 24%, 1,044 students, 59% FRL).
• Market conditions: Rents rising fast (+4.3%/yr); 146 active listings in the ZIP; solid renter incomes; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• At $4,679/mo this rent would consume 72% of the median local household income ($78k/yr) (locally 1583% 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 $15k 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 18 days — a 2% lower offer ($492k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 29y 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.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $467,900 (6.4% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.94% ✗
• Cap rate: 8.03%
• Cash-on-cash: 6.21%
• DSCR: 1.28
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.3% rent growth · sell at horizon

5-year hold

• IRR: -5.5%
• Equity multiple: 0.79×
• Total profit: $-28,939
• Equity at exit: $74,552

10-year hold

• IRR: 5.5%
• Equity multiple: 1.42×
• Total profit: $59,376
• Equity at exit: $43,231

Cash invested: $140,000 (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 55407

• Rents YoY: 4.3%
• Active inventory: 146
• Price-to-rent: 35.6×

Monthly cashflow live

• Estimated rent: $4,679 high
• Mortgage (P&I): −$2,622
• Tax from tax record: −$142 /mo · $1,705/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$983
• Net cashflow: $724

Break-even live

Break-even rent $3,763

Max offer price $500,000

Occupancy floor 80%

Sensitivity live

Price	-10% $1,007	-5% $865	+0% $724	+5% $582	+10% $441
Rent	-10% $354	-5% $539	+0% $724	+5% $909	+10% $1,094
Rate	-1.0pp $976	-0.5pp $851	base $724	+0.5pp $594	+1.0pp $463

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$4,680
Total (4 units)			$4,679

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: $125,000
• Closing costs: $15,000
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-21
   days on market $500,000 Active 18 DOM
2. 2026-06-18
   days on market $500,000 Active 15 DOM
3. 2026-06-17
   days on market $500,000 Active 14 DOM
4. 2026-06-16
   days on market $500,000 Active 13 DOM
5. 2026-06-15
   days on market $500,000 Active 12 DOM
6. 2026-06-13
   days on market $500,000 Active 10 DOM
7. 2026-06-09
   days on market $500,000 Active 6 DOM
8. 2026-06-08
   days on market $500,000 Active 5 DOM
9. 2026-06-07
   days on market $500,000 Active 4 DOM
10. 2026-06-04
    statusdays on market $500,000 Active 1 DOM
11. 2026-06-03
    days on market $500,000 Coming Soon 5 DOM
12. 2026-06-02
    days on market $500,000 Coming Soon 4 DOM
13. 2026-06-01
    days on market $500,000 Coming Soon 3 DOM
14. 2026-05-31
    days on market $500,000 Coming Soon 2 DOM

ⓘ 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: $1,705 · $142/mo
• Projected year-2 tax: $3,652 · $304/mo
• Expected delta: +$1,948/yr (+$162/mo · 114.2%)

ⓘ 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 ≥100°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: $56,148
• − Mortgage interest: −$28,008
• − Property taxes: −$1,705
• − Insurance: −$2,500
• − Repairs & maintenance: −$4,492
• − Management: −$4,492
• − Depreciation: −$14,545
• Taxable income: $406
• Est. tax owed @ 24.0%: −$98
• After-tax cash flow: $8,590/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): 37,667
• Household income: $78,464
• Rent vs Own: 41.1% rent · 58.9% own
• Severe rent burden: 1583.0

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 0.66)
• Race & ethnicity: White 50% Hispanic / Latino 23% Black 18% Two or more races 10% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Portuguese 8% Romanian 3% Lithuanian 2%
• Foreign-born: 18% · Canada, Jamaica
• Languages at home: 68% English-only · Spanish 20% 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: ▼ -211.97%
• Current HPI: 292.0322
• Rent YoY: ▲ 4.30%
• 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

+525.8% since first listed

21 events — show timeline

• 2026-05-29 Coming Soon $500,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-08-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-31 Price Changed $540,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-06-04 Listed $499,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-05-30 Coming Soon — NORTHSTARMLS as Distributed by MLS Grid
• 2024-09-19 Sold (Public Records) $623,779 Public Records
• 2023-12-16 Rental Removed $1,100 APPFOLIO
• 2023-12-06 Price Changed $1,100 APPFOLIO
• 2023-12-02 Listed for Rent $800 APPFOLIO
• 2011-06-13 Sold (MLS) $66,000 NORTHSTARMLS as Distributed by MLS Grid
• 2011-04-06 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2011-01-12 Listed $85,000 NORTHSTARMLS as Distributed by MLS Grid
• 2005-07-25 Sold (Public Records) $312,000 Public Records
• 2005-07-14 Sold (MLS) $312,000 NORTHSTARMLS as Distributed by MLS Grid
• 2005-06-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2005-04-08 Listed $285,000 NORTHSTARMLS as Distributed by MLS Grid
• 1997-04-04 Sold (Public Records) $76,500 Public Records
• 1997-04-04 Sold (Public Records) $16,969 Public Records
• 1997-03-31 Sold (MLS) $76,500 NORTHSTARMLS as Distributed by MLS Grid
• 1997-03-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1997-03-08 Listed $79,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

-9.4%/yr

Latest (2025): $1,705 · -61.9% YoY. Source: county tax records.