3548 Portland Ave · Minneapolis, MN 55407

$569,900

8 bd · 4.0 ba · 4,096 sqft · MultiFamily public records · 27 Days on market

Built 1923 5,227 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 +25.2/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• 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

Multiple offers. Highest and best Saturday June 15th 8:00pm. Classic Minneapolis 4plex! Featuring spacious and updated 2 bedrooms apartments. On a new central corridor bike route near quality new development along with established existing commercial properties including a hospital and popular Midtown Global Exchange building. Your tenants will appreciate the proximity to Powderhorn Park and fun cafes/restaurants! Financial Remarks

Key facts

• Long-term residents
• Fully occupied
• 5,227 sq ft lot

Tags

• FULLY OCCUPIED
• LONG-TERM RESIDENTS
• STRONG RENTAL PERFORMANCE

Property features AI

Finance

• Other: Four total residential units
• Financial info: Gross income approximately $69,480; Net operating income approximately $63,480; Rental license: Standard (licensed)

Exterior

• Parking: Concrete parking surface
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential income property; Two levels; Above-grade finished area totals 4,096 square feet; Main level finished area approximately 2,048 square feet; Owner not occupied
• Construction: Block foundation; Foundation area about 2,048
• Exterior features: Stone exterior; Lot approximately 0.12 acres (42 x 120)

Interior

• Bedrooms: Eight total bedrooms (across units)
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Boiler heat
• Interior features: Daylight/lookout windows in basement; Full unfinished basement

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $570k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $320/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $570k).
• Recommended offer: $561k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% 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.
• Market conditions: Rents rising fast (+4.3%/yr); 149 active listings in the ZIP; solid renter incomes; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• At $6,706/mo this rent would consume 103% 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 $4k of loan paydown is wiped out by about $17k 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 + 4.3% rent growth), your $160k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($561k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 35y ago; this cycle's ask has dropped $40k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $460k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $561,351 (1.5% 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 1923 — 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: 1.18% ✓
• Cap rate: 8.99%
• Cash-on-cash: 9.62%
• DSCR: 1.43
• GRM: 7.1

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: -0.3%
• Equity multiple: 0.99×
• Total profit: $-1,801
• Equity at exit: $84,974

10-year hold

• IRR: 10.7%
• Equity multiple: 1.89×
• Total profit: $141,439
• Equity at exit: $49,275

Cash invested: $159,572 (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: 149
• Price-to-rent: 28.3×

Monthly cashflow live

• Estimated rent: $6,706 high
• Mortgage (P&I): −$2,989
• Tax from tax record: −$792 /mo · $9,502/yr
• Insurance: −$237
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,408
• Net cashflow: $1,280

Break-even live

Break-even rent $5,086

Max offer price $569,900

Occupancy floor 76%

Sensitivity live

Price	-10% $1,602	-5% $1,441	+0% $1,280	+5% $1,119	+10% $957
Rent	-10% $750	-5% $1,015	+0% $1,280	+5% $1,545	+10% $1,810
Rate	-1.0pp $1,567	-0.5pp $1,425	base $1,280	+0.5pp $1,132	+1.0pp $982

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,704
Total (4 units)			$6,706

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: $142,475
• Closing costs: $17,097
• Reserves months: —
• Total cash needed: —

Listing history 39 events

1. 2026-06-18
   days on market $569,900 Active 27 DOM
2. 2026-06-17
   days on market $569,900 Active 26 DOM
3. 2026-06-16
   days on market $569,900 Active 25 DOM
4. 2026-06-15
   price $569,900 Active 24 DOM
5. 2026-06-15
   days on market $609,900 Active 24 DOM
6. 2026-06-13
   days on market $609,900 Active 22 DOM
7. 2026-06-09
   days on market $609,900 Active 18 DOM
8. 2026-06-08
   days on market $609,900 Active 17 DOM
9. 2026-06-07
   days on market $609,900 Active 16 DOM
10. 2026-06-04
    days on market $609,900 Active 13 DOM
11. 2026-06-03
    days on market $609,900 Active 12 DOM
12. 2026-06-02
    days on market $609,900 Active 11 DOM
13. 2026-06-01
    days on market $609,900 Active 10 DOM
14. 2026-05-31
    days on market $609,900 Active 9 DOM
15. 2026-05-22
    listed $609,900 Active
16. 2026-03-09
    historical $1,395
17. 2026-01-31
    price $1,395
18. 2026-01-10
    price $1,495
19. 2025-12-24
    listed $1,595
20. 2025-10-25
    historical
21. 2025-09-29
    price $609,900
22. 2025-09-13
    listed $629,900 Active
23. 2025-09-11
    historical
24. 2019-07-16
    soldstatus $460,111 Sold 437-char remark

    Show marketing remark (437 chars)

    Multiple offers. Highest and best Saturday June 15th 8:00pm. Classic Minneapolis 4plex! Featuring spacious and updated 2 bedrooms apartments. On a new central corridor bike route near quality new development along with established existing commercial properties including a hospital and popular Midtown Global Exchange building. Your tenants will appreciate the proximity to Powderhorn Park and fun cafes/restaurants! Financial Remarks

25. 2019-06-16
    status Pending 437-char remark

    Show marketing remark (437 chars)

    Multiple offers. Highest and best Saturday June 15th 8:00pm. Classic Minneapolis 4plex! Featuring spacious and updated 2 bedrooms apartments. On a new central corridor bike route near quality new development along with established existing commercial properties including a hospital and popular Midtown Global Exchange building. Your tenants will appreciate the proximity to Powderhorn Park and fun cafes/restaurants! Financial Remarks

26. 2019-06-14
    listed $450,000 Active 437-char remark

    Show marketing remark (437 chars)

    Multiple offers. Highest and best Saturday June 15th 8:00pm. Classic Minneapolis 4plex! Featuring spacious and updated 2 bedrooms apartments. On a new central corridor bike route near quality new development along with established existing commercial properties including a hospital and popular Midtown Global Exchange building. Your tenants will appreciate the proximity to Powderhorn Park and fun cafes/restaurants! Financial Remarks

27. 2013-03-15
    soldstatus $300,000
28. 2013-03-01
    soldstatus $300,000
29. 2013-01-30
    historical
30. 2012-01-31
    listed $315,000
31. 2009-04-28
    soldstatus $150,000
32. 2009-04-10
    historical
33. 2009-03-23
    listed $129,900
34. 1997-03-13
    soldstatus $95,900
35. 1997-02-28
    soldstatus $95,900
36. 1997-01-13
    historical
37. 1996-05-20
    listed $102,900
38. 1992-02-29
    soldstatus $45,000
39. 1991-07-22
    listed $51,500

ⓘ 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: $9,502 · $792/mo
• Projected year-2 tax: $9,502 · $792/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: $80,472
• − Mortgage interest: −$31,923
• − Property taxes: −$9,502
• − Insurance: −$2,850
• − Repairs & maintenance: −$6,438
• − Management: −$6,438
• − Depreciation: −$16,579
• Taxable income: $6,743
• Est. tax owed @ 24.0%: −$1,618
• After-tax cash flow: $13,740/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

+1084.3% since first listed

25 events — show timeline

• 2026-05-22 Listed $609,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-09 Rental Removed $1,395 RENTALBEAST
• 2026-01-31 Price Changed $1,395 RENTALBEAST
• 2026-01-10 Price Changed $1,495 RENTALBEAST
• 2025-12-24 Listed for Rent $1,595 RENTALBEAST
• 2025-10-25 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-29 Price Changed $609,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-13 Listed $629,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-11 Coming Soon — NORTHSTARMLS as Distributed by MLS Grid
• 2019-07-16 Sold (MLS) $460,111 NORTHSTARMLS as Distributed by MLS Grid
• 2019-06-16 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2019-06-14 Listed $450,000 NORTHSTARMLS as Distributed by MLS Grid
• 2013-03-15 Sold (Public Records) $300,000 Public Records
• 2013-03-01 Sold (MLS) $300,000 NORTHSTARMLS as Distributed by MLS Grid
• 2013-01-30 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2012-01-31 Listed $315,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-04-28 Sold (MLS) $150,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-04-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-03-23 Listed $129,900 NORTHSTARMLS as Distributed by MLS Grid
• 1997-03-13 Sold (Public Records) $95,900 Public Records
• 1997-02-28 Sold (MLS) $95,900 NORTHSTARMLS as Distributed by MLS Grid
• 1997-01-13 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1996-05-20 Listed $102,900 NORTHSTARMLS as Distributed by MLS Grid
• 1992-02-29 Sold (MLS) $45,000 NORTHSTARMLS as Distributed by MLS Grid
• 1991-07-22 Listed $51,500 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+4.1%/yr

Latest (2025): $9,502 · +2.9% YoY. Source: county tax records.