2106 4th Ave N · Minneapolis, MN 55405

$240,000

4 bd · 2.0 ba · 2,054 sqft · Other public records · 15 Days on market

Built 1900 10,454 sqft lot

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Why this score? — see what drove the D 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 +13.6/30.0
• ARV discount +7.5/15.0
• 1% rule +4.1/10.0
• DSCR +4.1/10.0
• Livability +3.9/5.0
• Schools +3.5/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great investment property. Easy to show.

Key facts

• 0.24 acre lot
• 2 garage spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $240k.

Deal economics

• At list price, monthly cash flow is $12 ($141/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $219k (8.6% below list).
• Recommended offer: $219k (8.6% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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 (+1.9%/yr); 100 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• This rent runs 36% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 15 days — a 2% lower offer ($236k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 33y ago; this cycle's ask has dropped $80k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $46k; list at $240k implies a 423% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $219,456 (8.6% below list)

Questions for the listing agent

1. Built in 1900 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 0.91% ✗
• Cap rate: 6.35%
• Cash-on-cash: 0.21%
• DSCR: 1.01
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.93% rent growth · sell at horizon

5-year hold

• IRR: -17.2%
• Equity multiple: 0.40×
• Total profit: $-40,407
• Equity at exit: $35,785

10-year hold

• IRR: -11.3%
• Equity multiple: 0.36×
• Total profit: $-43,316
• Equity at exit: $20,751

Cash invested: $67,200 (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 55405

• Rents YoY: 1.9%
• Active inventory: 100
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,195 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$363 /mo · $4,360/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$461
• Net cashflow: $12

Break-even live

Break-even rent $2,180

Max offer price $240,000

Occupancy floor 94%

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
519 Penn Ave N Minneapolis, MN	4.0	2.0	1500	$2,195	$1.46	14d	1	0.09mi
519 Penn Ave N Minneapolis, MN	4.0	2.0	1500	$2,195	$1.46	7d	1	0.09mi
522 N Newton Ave Unit 1 Minneapolis, MN	4.0	2.0	2000	$2,100	$1.05	43d	1	0.15mi
1611 Glenwood Ave #2 Minneapolis, MN	3.0	2.0	1800	$2,100	$1.17	14d	1	0.33mi
1030 Knox Ave N Apt 3 Minneapolis, MN	5.0	1.5	1500	$2,450	$1.63	43d	1	0.55mi
1239 Knox Ave N Minneapolis, MN	4.0	1.0	1944	$2,400	$1.23	4d	1	0.68mi
1504 Queen Ave N Minneapolis, MN	3.0	1.5	1746	$2,800	$1.60	1d	1	0.85mi
1312 18th Ave N Minneapolis, MN	3.0	1.0	1520	$1,899	$1.25	7d	1	1.18mi
1414 Golden Valley Rd Unit 2 Minneapolis, MN	5.0	2.0	2000	$2,595	$1.30	43d	1	1.26mi
1510 N 22nd Ave #1 Minneapolis, MN	3.0	1.0	1500	$1,875	$1.25	4d	1	1.43mi
1510 N 22nd Ave #1 Minneapolis, MN	3.0	1.0	1500	$1,875	$1.25	21d	1	1.43mi
721 N 3rd St Minneapolis, MN	3.0	1.0–2.0	972	$4,630	$4.76	2d	10	1.46mi
2324 Logan Ave N Minneapolis, MN	4.0	1.5	1400	$2,300	$1.64	44d	1	1.47mi

Listing history 27 events

1. 2026-06-16
   days on market $240,000 Active 15 DOM
2. 2026-06-15
   days on market $240,000 Active 14 DOM
3. 2026-06-13
   days on market $240,000 Active 12 DOM
4. 2026-06-09
   days on market $240,000 Active 8 DOM
5. 2026-06-08
   days on market $240,000 Active 7 DOM
6. 2026-06-07
   days on market $240,000 Active 6 DOM
7. 2026-06-04
   days on market $240,000 Active 3 DOM
8. 2026-06-03
   days on market $240,000 Active 2 DOM
9. 2026-06-02
   pricestatusdays on marketlisting id $240,000 Active 1 DOM
10. 2026-04-27
    status Pending
11. 2026-04-22
    price $250,000
12. 2026-02-09
    listed $320,000 Active
13. 2007-04-02
    historical
14. 2007-03-20
    listed $200,000
15. 2007-02-09
    historical
16. 2006-08-10
    listed $199,900
17. 2006-07-25
    historical
18. 2006-07-01
    listed $199,900
19. 2006-06-30
    historical
20. 2006-02-13
    listed $199,900
21. 1996-02-15
    soldstatus $45,900
22. 1995-12-18
    historical
23. 1995-08-29
    listed $45,900
24. 1995-08-20
    historical
25. 1995-05-03
    listed $48,800
26. 1994-04-15
    historical
27. 1993-08-25
    listed $65,800

ⓘ 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: $4,360 · $363/mo
• Projected year-2 tax: $4,360 · $363/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 3/10 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: $26,335
• − Mortgage interest: −$13,444
• − Property taxes: −$4,360
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,107
• − Management: −$2,107
• − Depreciation: −$6,982
• Taxable loss: −$3,865
• Est. tax savings @ 24.0%: +$927
• After-tax cash flow: $1,069/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): 17,198
• Household income: $73,053
• Rent vs Own: 63.7% rent · 36.3% own
• Severe rent burden: 985.0

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 0.58)
• Race & ethnicity: White 59% Black 25% Two or more races 7% Hispanic / Latino 5% Asian 4% Native American 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Portuguese 9% Romanian 4% Lithuanian 2%
• Foreign-born: 10% · Canada, South Korea, Jamaica
• Languages at home: 81% English-only · Spanish 3% 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: ▼ -282.04%
• Current HPI: 242.8961
• Rent YoY: ▲ 1.93%
• 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

+279.9% since first listed

18 events — show timeline

• 2026-04-27 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-22 Price Changed $250,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-09 Listed $320,000 NORTHSTARMLS as Distributed by MLS Grid
• 2007-04-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-03-20 Listed $200,000 NORTHSTARMLS as Distributed by MLS Grid
• 2007-02-09 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-08-10 Listed $199,900 NORTHSTARMLS as Distributed by MLS Grid
• 2006-07-25 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-07-01 Listed $199,900 NORTHSTARMLS as Distributed by MLS Grid
• 2006-06-30 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-02-13 Listed $199,900 NORTHSTARMLS as Distributed by MLS Grid
• 1996-02-15 Sold (MLS) $45,900 NORTHSTARMLS as Distributed by MLS Grid
• 1995-12-18 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1995-08-29 Listed $45,900 NORTHSTARMLS as Distributed by MLS Grid
• 1995-08-20 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1995-05-03 Listed $48,800 NORTHSTARMLS as Distributed by MLS Grid
• 1994-04-15 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1993-08-25 Listed $65,800 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+6.9%/yr

Latest (2025): $4,360 · +3.3% YoY. Source: county tax records.