15805 24th Ave N Unit F · Plymouth, MN 55447

$224,900

2 bd · 1.5 ba · 1,164 sqft · Condo public records · 42 Days on market

Built 1993 $193/sqft · 27% below area Est $300k · 25% under $527/mo HOA · 28% of rent

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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).

• ARV discount +15.0/15.0
• Schools +6.9/10.0
• Cash flow +4.9/30.0
• Livability +4.2/5.0
• 1% rule +3.4/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fantastic 2BR, 2BA Plymouth Condo. This is where you want to live! Close to everything - Parker Lake, parks, trails and shopping. Wayzata school district! Patio on LL, Deck on upper level. Main floor has hardwood and tile flooring. Updates include new refrigerator, water softener, stove and carpet. Easy walk to lake and park. Sellers will provide 1 year warranty. Move-in ready.

Key facts

• $527 HOA
• Garage
• Built 1993

Property features AI

Finance

• Other: Living area approximately 1,140 square feet; Main level finished area approximately 507 (foundation area 507)
• HOA & community: HOA managed by First Service Residential; Monthly association fee of $527; HOA covers cable TV, hazard insurance, internet, lawn care, grounds maintenance, sewer, snow removal, and water

Exterior

• Parking: Attached garage; Guest parking; 1-car garage (10 x 22)
• Utilities: City water (connected); City sewer (connected); Natural gas
• Home design: Attached residential property; Two levels; Brick/mortar foundation
• Construction: Brick/mortar foundation
• Exterior features: Vinyl exterior; Deck; No fencing; Association-maintained roads

Interior

• Kitchen: Range; Microwave; Dishwasher; Refrigerator; Disposal; Stainless steel appliances
• Bedrooms: 2 bedrooms (both on upper level)
• Flooring: Hardwood; Tile
• Bathrooms: 1 full bathroom (upper level); 1 half bathroom (main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Hardwood floors; Paneled doors; Tile floors; Walk-in closet; Balcony; Deck; Water softener (owned); Living/Dining room layout; Breakfast bar
• Laundry & utility: In-unit washer and dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $-543 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (42.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (15.9% below list).
• Recommended offer: $129k (42.6% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 85/100 on livability (#17 in MN, #517 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, commute A+; Watch: amenities F, cost of living F.
• Wayzata Public School District (urban): math 75% / reading 78% proficiency, ranked #2 of 301 in MN (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 11% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+1.1%/yr); 120 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 3d 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).
• This rent is only 17% of the median local income ($134k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 42 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y 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 $170k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.

Recommended offer $129,035 (42.6% 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 42 days. Have you received any prior offers? Is the seller open to a 43% 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. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
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: 0.84% ✗
• Cap rate: 3.40%
• Cash-on-cash: -10.34%
• DSCR: 0.54
• GRM: 9.9

CMA / ARV

• ARV (median comp): $299,813
• List price: $224,900
• Delta: -24.99%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.15% rent growth · sell at horizon

5-year hold

• IRR: -37.7%
• Equity multiple: -0.18×
• Total profit: $-74,137
• Equity at exit: $33,533

10-year hold

• IRR: -74.8%
• Equity multiple: -0.93×
• Total profit: $-121,406
• Equity at exit: $19,445

Cash invested: $62,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 46 Balanced
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City: — inherits STATE

2024 reforms strengthened tenant protections; ramsey/hennepin courts paced moderate to slow.

Methodology + full state rankings →

ZIP-level market 55447

• Rents YoY: 1.1%
• Active inventory: 120
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,891 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$236 /mo · $2,833/yr
• Insurance: −$94
• HOA: −$527
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $-543

Break-even live

Break-even rent $2,577

Max offer price $129,035

Occupancy floor —

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2205 Shenandoah Ln N Minneapolis, MN	2.0	1.0	874	$1,550	$1.77	2d	4	0.11mi
15645 24th Ave N Unit B Minneapolis, MN	2.0	1.5	1150	$2,100	$1.83	12d	1	0.12mi
2200 Ranchview Ln N #140 Minneapolis, MN	2.0	1.5	1168	$2,125	$1.82	12d	1	0.24mi
1814 Yuma Ln N Minneapolis, MN	2.0	1.0	1150	$1,900	$1.65	44d	1	0.36mi
2759 Upland Ln N Minneapolis, MN	2.0	1.0	1050	$1,850	$1.76	3d	1	0.44mi
15100 18th Ave N Minneapolis, MN	1.0–3.0	1.0–2.0	1080	$2,104	$1.95	2d	13	0.46mi
2712 Terraceview Ct Minneapolis, MN	2.0	1.0	1400	$1,850	$1.32	44d	1	0.47mi
14510 15th Ave N Minneapolis, MN	2.0	1.0	950	$1,395	$1.47	12d	1	0.95mi
17210 County Road 6 Minneapolis, MN	1.0	1.0	730	$1,205	$1.65	3d	1	1.05mi
3205 Harbor Ln N Minneapolis, MN	2.0	1.0–1.5	785	$1,745	$2.22	44d	6	1.07mi
3060 Harbor Ln N Plymouth, MN	3.0	1.0–2.0	1033	$3,295	$3.19	2d	166	1.11mi
1805 County Road 101 N Minneapolis, MN	2.0	1.0	963	$1,422	$1.48	24d	1	1.18mi
14550 34th Ave N Plymouth, MN	1.0–2.0	1.0–2.0	1133	$2,079	$1.83	2d	21	1.36mi
17600 14th Ave N Minneapolis, MN	1.0–2.0	1.0–1.5	864	$1,885	$2.18	2d	11	1.37mi
17035 9th Ave N Unit 1369955P Minneapolis, MN	3.0	2.0	1345	$5,192	$3.86	2d	1	1.41mi
1405 Olive Ln N Minneapolis, MN	1.0–2.0	1.0–2.0	1064	$1,845	$1.73	2d	6	1.45mi
15300 37th Ave N Minneapolis, MN	1.0–3.0	1.0–2.0	978	$1,848	$1.89	2d	10	1.47mi

HOA detail condo

• Monthly dues: $527 · $6,324/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-18
   days on market $224,900 Active 42 DOM
2. 2026-06-17
   days on market $224,900 Active 41 DOM
3. 2026-06-16
   days on market $224,900 Active 40 DOM
4. 2026-06-15
   days on market $224,900 Active 39 DOM
5. 2026-06-13
   days on market $224,900 Active 37 DOM
6. 2026-06-09
   days on market $224,900 Active 33 DOM
7. 2026-06-08
   pricedays on market $224,900 Active 32 DOM
8. 2026-06-07
   days on market $229,900 Active 31 DOM
9. 2026-06-04
   days on market $229,900 Active 28 DOM
10. 2026-06-03
    days on market $229,900 Active 27 DOM
11. 2026-06-02
    days on market $229,900 Active 26 DOM
12. 2026-06-01
    days on market $229,900 Active 25 DOM
13. 2026-05-31
    days on market $229,900 Active 24 DOM
14. 2026-05-08
    listed $229,900 Active 410-char remark
15. 2026-04-30
    historical $229,900 410-char remark
16. 2017-09-05
    soldstatus $170,000
17. 2017-08-31
    soldstatus $170,000 Sold 380-char remark

    Show marketing remark (380 chars)

    Fantastic 2BR, 2BA Plymouth Condo. This is where you want to live! Close to everything - Parker Lake, parks, trails and shopping. Wayzata school district! Patio on LL, Deck on upper level. Main floor has hardwood and tile flooring. Updates include new refrigerator, water softener, stove and carpet. Easy walk to lake and park. Sellers will provide 1 year warranty. Move-in ready.

18. 2017-07-28
    status Pending 380-char remark

    Show marketing remark (380 chars)

    Fantastic 2BR, 2BA Plymouth Condo. This is where you want to live! Close to everything - Parker Lake, parks, trails and shopping. Wayzata school district! Patio on LL, Deck on upper level. Main floor has hardwood and tile flooring. Updates include new refrigerator, water softener, stove and carpet. Easy walk to lake and park. Sellers will provide 1 year warranty. Move-in ready.

19. 2017-07-17
    historical Contingent - Inspection 380-char remark

    Show marketing remark (380 chars)

    Fantastic 2BR, 2BA Plymouth Condo. This is where you want to live! Close to everything - Parker Lake, parks, trails and shopping. Wayzata school district! Patio on LL, Deck on upper level. Main floor has hardwood and tile flooring. Updates include new refrigerator, water softener, stove and carpet. Easy walk to lake and park. Sellers will provide 1 year warranty. Move-in ready.

20. 2017-07-13
    price $169,900 380-char remark

    Show marketing remark (380 chars)

    Fantastic 2BR, 2BA Plymouth Condo. This is where you want to live! Close to everything - Parker Lake, parks, trails and shopping. Wayzata school district! Patio on LL, Deck on upper level. Main floor has hardwood and tile flooring. Updates include new refrigerator, water softener, stove and carpet. Easy walk to lake and park. Sellers will provide 1 year warranty. Move-in ready.

21. 2017-06-01
    listed $179,900 Active 380-char remark

    Show marketing remark (380 chars)

    Fantastic 2BR, 2BA Plymouth Condo. This is where you want to live! Close to everything - Parker Lake, parks, trails and shopping. Wayzata school district! Patio on LL, Deck on upper level. Main floor has hardwood and tile flooring. Updates include new refrigerator, water softener, stove and carpet. Easy walk to lake and park. Sellers will provide 1 year warranty. Move-in ready.

22. 2009-09-11
    historical
23. 2009-06-23
    listed $162,500
24. 2005-08-15
    soldstatus $186,900
25. 2003-09-15
    soldstatus $155,000
26. 2003-09-15
    soldstatus $155,000
27. 2003-07-10
    historical
28. 2003-07-08
    listed $154,000
29. 1994-05-02
    soldstatus $96,180

ⓘ 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: $2,833 · $236/mo
• Projected year-2 tax: $2,833 · $236/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 ≥98°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: $22,687
• − Mortgage interest: −$12,598
• − Property taxes: −$2,833
• − Insurance: −$1,124
• − Repairs & maintenance: −$1,815
• − Management: −$1,815
• − HOA: −$6,324
• − Depreciation: −$6,543
• Taxable loss: −$10,365
• Est. tax savings @ 24.0%: +$2,488
• After-tax cash flow: $-4,024/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: Wayzata Public School District
• NCES district ID: 2742160
• Math proficiency: 75% ▼ -4.00%
• Reading proficiency: 78% ▼ -3.00%
• Median HH income: $91,783
• Composite: 68.75/100
• National rank: #336
• State rank: #2 of 301 in MN

Livability — Plymouth

• Score: 85/100
• State rank: #17
• US rank: #517

Category grades

Amenities F Commute A+ Cost of living F Crime A+ Employment A+ Housing A+ Health & safety A- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Plymouth, MN
• County: Hennepin County · 1,150,272 people
• City population: 79,816
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 20,931
• Household income: $133,555
• Rent vs Own: 23.0% rent · 77.0% own
• Severe rent burden: 265.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 6% Asian 5% Hispanic / Latino 5% Black 3%
• Common ancestry: Portuguese 14% Romanian 4% Lithuanian 3%
• Foreign-born: 10% · Canada, China, Dominican Republic
• Languages at home: 88% English-only · Spanish 3% Other Asian/Pacific 2% Russian/Polish/Slavic 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: ▼ -380.57%
• Current HPI: 229.7126
• Rent YoY: ▲ 1.15%
• 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

+133.8% since first listed

17 events — show timeline

• 2026-06-08 Price Changed $224,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-08 Listed $229,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-30 Coming Soon $229,900 NORTHSTARMLS as Distributed by MLS Grid
• 2017-09-05 Sold (Public Records) $170,000 Public Records
• 2017-08-31 Sold (MLS) $170,000 NORTHSTARMLS as Distributed by MLS Grid
• 2017-07-28 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2017-07-17 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2017-07-13 Price Changed $169,900 NORTHSTARMLS as Distributed by MLS Grid
• 2017-06-01 Listed $179,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-09-11 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-06-23 Listed $162,500 NORTHSTARMLS as Distributed by MLS Grid
• 2005-08-15 Sold (Public Records) $186,900 Public Records
• 2003-09-15 Sold (Public Records) $155,000 Public Records
• 2003-09-15 Sold (MLS) $155,000 NORTHSTARMLS as Distributed by MLS Grid
• 2003-07-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2003-07-08 Listed $154,000 NORTHSTARMLS as Distributed by MLS Grid
• 1994-05-02 Sold (Public Records) $96,180 Public Records

Property tax history

+5.0%/yr

Latest (2025): $2,833 · +11.1% YoY. Source: county tax records.