2425 10th Ave S · Minneapolis, MN 55404

$318,000

7 bd · 3.0 ba · 3,177 sqft · MultiFamily public records · 47 Days on market

Built 1900 5,227 sqft lot $100/sqft · 47% below area Est $489k · 35% under

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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 +24.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.9/10.0
• 1% rule +7.5/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

CASH COW! LG Vacant Duplex. sold AS-IS! RARE 3bd/2ba up/down, bsmt w/addtl 1bd + more. 2 car garage, driveway Occupy one unit, rent other. 1/2 block to Abbott NW Hosptl/Stewart Pk. FIRST FLOOR NEED APPOINTMENT TO VIEW THE UNIT, THE SECOND FLOOR IS VACANT, CAN BE SCHEDULE IN SHOWTIME (LOCKBOX)

Key facts

• Vacant duplex
• 2 car garage
• Stewart pk

Tags

• VACANT DUPLEX
• 2 CAR GARAGE
• STEWART PK

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $318k.

Deal economics

• At list price, monthly cash flow is $653 ($8k/yr) — positive. Per door: $327/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $318k).
• Recommended offer: $308k (3.0% 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; lower-income renter base — watch delinquency; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• At $3,983/mo this rent would consume 114% 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 $2k of loan paydown is wiped out by about $10k 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 47 days — a 3% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 24y 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 $105k; list at $318k implies a 203% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $308,460 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% 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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.25% ✓
• Cap rate: 8.76%
• Cash-on-cash: 8.81%
• DSCR: 1.39
• GRM: 6.7

CMA / ARV

• ARV (median comp): $489,307
• List price: $318,000
• Delta: -35.01%
• Verdict: UNDERPRICED
• Comps: 6 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -5.4%
• Equity multiple: 0.80×
• Total profit: $-17,529
• Equity at exit: $47,415

10-year hold

• IRR: 1.5%
• Equity multiple: 1.09×
• Total profit: $8,329
• Equity at exit: $27,495

Cash invested: $89,040 (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: 13.3×

Monthly cashflow live

• Estimated rent: $3,983 high
• Mortgage (P&I): −$1,668
• Tax from tax record: −$693 /mo · $8,316/yr
• Insurance: −$132
• HOA: −$0
• Vacancy / Maint / Mgmt: −$836
• Net cashflow: $653

Break-even live

Break-even rent $3,156

Max offer price $318,000

Occupancy floor 79%

Sensitivity live

Price	-10% $833	-5% $743	+0% $653	+5% $563	+10% $473
Rent	-10% $339	-5% $496	+0% $653	+5% $811	+10% $968
Rate	-1.0pp $814	-0.5pp $734	base $653	+0.5pp $571	+1.0pp $487

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,982
Total (2 units)			$3,983

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: $79,500
• Closing costs: $9,540
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-04-05
   listed $318,000 Active 294-char remark

   Show marketing remark (294 chars)

   CASH COW! LG Vacant Duplex. sold AS-IS! RARE 3bd/2ba up/down, bsmt w/addtl 1bd + more. 2 car garage, driveway Occupy one unit, rent other. 1/2 block to Abbott NW Hosptl/Stewart Pk. FIRST FLOOR NEED APPOINTMENT TO VIEW THE UNIT, THE SECOND FLOOR IS VACANT, CAN BE SCHEDULE IN SHOWTIME (LOCKBOX)

2. 2014-07-21
   soldstatus $105,000 Sold 243-char remark

   Show marketing remark (243 chars)

   CASH COW! LG Vacant Duplex needs rehab, sold AS-IS! RARE 3bd/2ba up/down, bsmt w/addtl 1bd + more. Sep until, 2 car garage, driveway w/addtl prkg. Occupy one unit, rent other. 1/2 block to Abbott NW Hosptl/Stewart Pk. What are you waiting for?

3. 2014-07-21
   soldstatus $105,000

   Show marketing remark (243 chars)

   CASH COW! LG Vacant Duplex needs rehab, sold AS-IS! RARE 3bd/2ba up/down, bsmt w/addtl 1bd + more. Sep until, 2 car garage, driveway w/addtl prkg. Occupy one unit, rent other. 1/2 block to Abbott NW Hosptl/Stewart Pk. What are you waiting for?

4. 2014-07-21
   soldstatus $105,000

   Show marketing remark (243 chars)

   CASH COW! LG Vacant Duplex needs rehab, sold AS-IS! RARE 3bd/2ba up/down, bsmt w/addtl 1bd + more. Sep until, 2 car garage, driveway w/addtl prkg. Occupy one unit, rent other. 1/2 block to Abbott NW Hosptl/Stewart Pk. What are you waiting for?

5. 2014-06-26
   status Pending 243-char remark

   Show marketing remark (243 chars)

   CASH COW! LG Vacant Duplex needs rehab, sold AS-IS! RARE 3bd/2ba up/down, bsmt w/addtl 1bd + more. Sep until, 2 car garage, driveway w/addtl prkg. Occupy one unit, rent other. 1/2 block to Abbott NW Hosptl/Stewart Pk. What are you waiting for?

6. 2014-06-05
   listed $105,000 Active 243-char remark

   Show marketing remark (243 chars)

   CASH COW! LG Vacant Duplex needs rehab, sold AS-IS! RARE 3bd/2ba up/down, bsmt w/addtl 1bd + more. Sep until, 2 car garage, driveway w/addtl prkg. Occupy one unit, rent other. 1/2 block to Abbott NW Hosptl/Stewart Pk. What are you waiting for?

7. 2014-06-05
   listed $105,000

   Show marketing remark (243 chars)

   CASH COW! LG Vacant Duplex needs rehab, sold AS-IS! RARE 3bd/2ba up/down, bsmt w/addtl 1bd + more. Sep until, 2 car garage, driveway w/addtl prkg. Occupy one unit, rent other. 1/2 block to Abbott NW Hosptl/Stewart Pk. What are you waiting for?

8. 2014-06-05
   listed $105,000

   Show marketing remark (243 chars)

   CASH COW! LG Vacant Duplex needs rehab, sold AS-IS! RARE 3bd/2ba up/down, bsmt w/addtl 1bd + more. Sep until, 2 car garage, driveway w/addtl prkg. Occupy one unit, rent other. 1/2 block to Abbott NW Hosptl/Stewart Pk. What are you waiting for?

9. 2014-03-24
   soldstatus $77,700
10. 2003-08-04
    soldstatus $220,000
11. 2003-07-01
    soldstatus $211,000
12. 2003-05-20
    historical
13. 2003-04-29
    listed $229,900
14. 2002-12-23
    historical
15. 2002-09-23
    listed $194,500
16. 2002-09-17
    soldstatus $67,000

ⓘ 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: $8,316 · $693/mo
• Projected year-2 tax: $8,316 · $693/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 4/10 Moderate FEMA zone X (unshaded) · 20% 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: $47,796
• − Mortgage interest: −$17,813
• − Property taxes: −$8,316
• − Insurance: −$1,590
• − Repairs & maintenance: −$3,824
• − Management: −$3,824
• − Depreciation: −$9,251
• Taxable income: $3,179
• Est. tax owed @ 24.0%: −$763
• After-tax cash flow: $7,078/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

+374.6% since first listed

16 events — show timeline

• 2026-04-05 Listed $318,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-07-21 Sold (MLS) $105,000 RASM
• 2014-07-21 Sold (MLS) $105,000 LSAR
• 2014-07-21 Sold (MLS) $105,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-06-26 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2014-06-05 Listed $105,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-06-05 Listed $105,000 RASM
• 2014-06-05 Listed $105,000 LSAR
• 2014-03-24 Sold (Public Records) $77,700 Public Records
• 2003-08-04 Sold (Public Records) $220,000 Public Records
• 2003-07-01 Sold (MLS) $211,000 NORTHSTARMLS as Distributed by MLS Grid
• 2003-05-20 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2003-04-29 Listed $229,900 NORTHSTARMLS as Distributed by MLS Grid
• 2002-12-23 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2002-09-23 Listed $194,500 NORTHSTARMLS as Distributed by MLS Grid
• 2002-09-17 Sold (Public Records) $67,000 Public Records

Property tax history

+5.5%/yr

Latest (2025): $8,316 · +14.0% YoY. Source: county tax records.