1004 E 22nd St

Duplex · 2 units: 2 bed / 1 bath and 1 bed / 1 bath unit split estimated · 2,160 sq ft

Minneapolis, MN · Ventura Village · View the listing ↗

Cash flows

5 photos

Photos courtesy of NRT-Minnesota (CB Burnet), via Realtor.com.

Asking price: $247,000
Monthly cash flow: $151
Estimated rent: $2,775/mo
Break-even price: $275,345

Adjust the numbers See the full breakdown

First look

The listing gives us one line and no rents, so this is a numbers-and-photo read. At the $247K ask our underwriting shows about +$151/month cash flow and a 7.1% cap rate, and break-even is near $275K. The seller paid $238.5K in 2022 and the county values it at $201.5K, so the ask looks stretched against county value, though the numbers work on our rent estimates. It has sat 100 days, so there is room to negotiate. Before a showing, get the rent roll, the rental license status, what the $2,422 assessment is for, and the roof, foundation and electrical condition on this 1900 house. Worth a visit if the rents hold up, and a lower price would add cushion.

Things to consider

Price versus numbers Cash flow is positive at asking and break-even is about $28K above the ask. The deal works on our estimates, but it depends on rents being real.
Special assessments $2,422 on the tax bill is a real cost unless it's paid at closing or negotiated off the price.
Rental license unknown With no license on file, you may face inspection, repair orders or a delay before you can legally rent it.
Rents are unverified The description states no rents, so income rests on our estimates of about $1,550 for a 2-bed and $1,225 for a 1-bed. Actual rents could be lower.
Age and condition of a 1900 build Old frame houses often need work on the roof, foundation, wiring and plumbing. Photos don't show any of it.

From the photos

Based on 1 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

AI-assisted first read of the listing description and photos (Claude), checked against public records. Every rent and repair above quotes the listing; verify with the agent, leases and an inspection.

The numbers

Edit rents, costs and assumptions

Default: 20% down (no PMI), offer at asking, self-managed, 7.00% for 30 years, buyer pays closing costs (3%).

The deal

Price: $247,000
Cash to close: $56,810
Price per unit: $123,500
GRM: 7.4

Each month

Cash flow: $151/mo
Cash-on-cash: 3.2%
Cap rate: 7.1%
DSCR: 1.11×

Break-even

Price that breaks even: $275,345
Rent that breaks even: $2,579/mo

Long run

Year 30: property vs stocks: $1.29M vs $432K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$2,775
Vacancy (6%)	−$166
Collected	$2,608
Property tax Listing	−$227
Insurance Estimate	−$214
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$222
Capital reserve (9% of rent)	−$250
Net operating income	$1,466
Mortgage (principal + interest)	−$1,315
Cash flow	$151
Principal paid down (equity, not cash)	$167

Cash flow each year

Rents +3%/yr, costs +3.5%/yr. Red bars are months you'd cover out of pocket.

30 years

How those totals add up

If you buy this building$1,291,148

Your equity when you sell: $563,562
Rental profits, invested at 7%: $727,587

Same money in stocks$432,452

Cash to close, invested at 7%: $432,452

The building comes out $858,696 ahead after 30 years.

Future dollars. At 3% inflation, divide year-30 figures by about 2.4 for today's buying power. Rental profits are assumed invested, not spent.

30 years: this property vs. the same money in stocks

This propertyStocks at 7%

Year 30 (loan paid off): property $1.29M, stocks $432K. The property wins.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-06. The estimate is the median asking rent of every rental we found nearby (the count is shown for each); houses are left out. Asking rents from Realtor.com rental listings, not signed leases.

2 bed estimate $1,550/mo · range $1,300–$1,850 · 10 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
728 E 16th St, Minneapolis	$1,100	2 / 1	670	0.5 mi	2025-10-30	Apartment
2643 12th Ave S Unit 1, Minneapolis	$1,785	2 / 1	—	0.5 mi	2023-06-08	Apartment
1009 Park Ave, Minneapolis	$1,450	2 / 1	—	0.6 mi	2026-08-19	Apartment
718 S 10th St Unit Lower, Minneapolis	$1,300	2 / 1	750	0.6 mi	—	Apartment
815 SE 9th St, Minneapolis	$1,745	2 / 1	877	0.7 mi	2025-01-31	Apartment
2723 Portland Ave S, Minneapolis	$1,589	2 / 1	—	0.7 mi	2026-07-17	Apartment
214 E 19th St Apt 108, Minneapolis	$1,150	2 / 1	610	0.7 mi	2026-05-04	Apartment
515 E Grant St, Minneapolis	$1,785	2 / 1	900	0.7 mi	2025-08-29	Apartment
1901 Minnehaha Ave, Minneapolis	$1,500	2 / 1	840	0.7 mi	2026-01-18	Apartment
1817 2nd Ave S, Minneapolis	$1,279	2 / 1	—	0.7 mi	2025-04-30	Apartment

1 bed estimate $1,225/mo · range $1,050–$1,375 · 25 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2323 16th Ave S, Minneapolis	$995	1 / 1	—	0.4 mi	2026-02-18	Apartment
908 13th Ave S Unit 2, Minneapolis	$1,300	1 / 1	950	0.4 mi	—	Apartment
728 E 16th St, Minneapolis	$895	1 / 1	575	0.5 mi	2025-10-30	Apartment
1423 11th Ave S, Minneapolis	$1,300	1 / 1	600	0.5 mi	2025-04-30	Apartment
615 E 16th St, Minneapolis	$1,025	1 / 1	450	0.6 mi	2026-05-01	Apartment
629 E 15th St, Minneapolis	$950	1 / 1	590	0.6 mi	2026-03-12	Apartment
810 E 14th St Unit 810-100, Minneapolis	$1,225	1 / 1	410	0.6 mi	2023-05-31	Apartment
810 E 14th St Unit 810-101, Minneapolis	$1,175	1 / 1	345	0.6 mi	2023-06-03	Apartment
1400 Park Ave, Minneapolis	$1,690	1 / 1	696	0.6 mi	2024-04-12	Apartment
2719 Park Ave, Minneapolis	$1,000	1 / 1	630	0.6 mi	2026-09-28	Apartment

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: Realtor.com rental listings. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

highAsk is well above county value and near break-even, with negative cash flow at asking Based on: data: underwriting · AI review
mediumNo rental license on file in the city's data. Ask whether the building is licensed as a rental and when it was last inspected. Public record: Minneapolis Active Rental Licenses: no record for 1004 22ND ST E
medium$2,422 in special assessments on the current tax bill (often street, sewer or code-enforcement charges). Ask what they're for, whether they continue, and whether the seller pays them off at closing. Public record: Hennepin County parcel 3502924210168: special assessments (current) = $2,421.91
mediumDescription gives no rents, lease status, systems or condition details Listing says: Fantastic UP down duplex in West Phillips! · AI review
mediumSold in 2022 for $238.5K; seller wants about $8.5K more now, and the county values it at $201.5K Based on: data: county.last_sale_price · AI review
lowExterior shows overgrown yard and a chain-link fence, suggesting limited upkeep Based on: photo 1 · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 103 days on market
100 days on market suggests the seller may accept a meaningful cut Based on: data: listing.days_on_market · AI review
Minneapolis has no rent cap, so rents can rise to market after any needed work Based on: data: underwriting.rent_rule · AI review

Questions for the agent

What are the current rents, lease types and lease end dates for each unit?
Is the building licensed as a rental in Minneapolis, and when was it last inspected?
What are the $2,422 in special assessments for, and will the seller pay them at closing?
Who pays heat and utilities, and are there separate meters for each unit?
How old are the roof, furnace, water heaters and electrical panels?
Why has it sat 100 days, and have there been price cuts or offers?

Bottom line

Thin listing, but positive cash flow at the ask on estimated rents and a price above county value: worth pursuing if real rents are confirmed, and a lower price adds cushion. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2025. The tax the listing states. If the seller lives there it may be at the lower homestead rate; an investor owner pays the non-homestead rate, often 20–40% more on the owner's unit.	$2,721
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,574
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$170
Heat / mo Assumptionassumption. tenants pay heat; confirm with the agent	$0
Lawn care / mo Assumptionassumption. $120/mo for 6 months, spread over 12; no snow removal	$60
Repairs / capital reserve Rulerule. built 1900: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-06-24 (103 days, relisted 2×); last sold for $238,500 on 2022-10-21.

Date	Event	Price
2026-09-22	Relisted	$247,000
2026-09-04	Removed	$186,000
2026-07-30	Relisted	$186,000
2026-07-04	Removed	$199,900
2026-06-24	Removed	$186,000
2022-10-21	Sold	$238,500
2022-06-17	Listed	$254,200
2012-08-30	Sold public record	$72,000
2012-03-21	Removed	$79,900
2011-12-06	Sold public record	$86,500
2011-10-05	Removed	$79,900
2011-09-28	Price changed	$79,900
2011-07-27	Price changed	$89,900
2011-04-22	Listed	$79,900
2011-04-22	Listed	$99,000
2009-06-24	Sold	$86,500
2009-04-23	Listed	$89,900
2005-02-17	Sold public record	$178,250
1999-02-23	Sold public record	$166,000
1996-09-12	Sold public record	$33,500

County record Public record

Recorded as	duplex
Living units	2
Year built	1900
Market value (2026)	$201,500
Property tax	$2,721
Special assessments	$2,422
Homestead	no
Last sale	2022-10-01 · $238,500

Source: Hennepin County parcel records.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

I 94;MN 55, about 488 m away.

Crime in Ventura Village

501 incidents in the last 12 months (71 per 1,000 residents), −3% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).