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1015 43 1/2 Ave NE

Duplex · 2 units: 3 bed / 2 bath ×2 unit split estimated · 2,425 sq ft

Columbia Heights, MN · View the listing ↗

Overpriced
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Photos courtesy of Engel & Volkers Americas, Inc, via Realtor.com.

Asking price
$499,900
2 units · $250K per unit
Monthly cash flow
−$665
at 20% down, 7%
Estimated rent
$4,050/mo
medium confidence · 9 rentals within 3 mi
Break-even price
$375,045
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a side-by-side duplex with no shared wall, 3 bed / 2 bath per side, built 1979, listed three days at $499,900. Our numbers don't work: about $665/mo negative at ask with a 4.8% cap rate, and break-even is near $375K. The rent estimate is roughly $2,025 per side, and the listing gives no actual rents. The pitch leans toward an owner-occupant, so one side may be occupied by the seller or a tenant with no lease on record. First checks are the rent roll, the roof invoice (new roof 10/2) and the tax bill, since we couldn't match the county parcel. The renovation looks mostly cosmetic and the price is far above what rents support, so only a showing makes sense if the seller will move a long way down.

Things to consider

  1. Price is far above what rents support At ask the deal loses about $665 a month and break-even is near $375K, so it only works with a large price cut.
  2. Rents are unverified The estimate is about $2,025 per side, but the listing states no actual rent, so income is a guess until you see leases.
  3. Renovation looks cosmetic and uneven One side shows fresh finishes while the other looks older, so budget for updating the second side before it rents at the estimate.From photo 10
  4. Owner-occupant framing A buyer who lives in one side changes the math, and an investor needs to know whether both sides can be delivered vacant or leased.Listing says: “The owner-occupied side features a rare attached oversized garage”
  5. Unverified county data Without a matched parcel, the tax bill and unit count are unconfirmed, and taxes could rise for a non-owner-occupant.

From the photos

Listing photo 1
1 of 7Plus

Exterior appears to be stucco with brick accents, an attached garage on one side and a new-looking driveway; no obvious structural issues from the street

Listing photo 6
2 of 7Plus

Kitchen appears freshly redone with white shaker cabinets, granite-look counters, vinyl plank floor and white appliances; looks like a mid-grade rental refresh

Listing photo 7
3 of 7Plus

Bathroom appears updated with a tub surround, new vanity and vinyl flooring; finish looks budget-grade

Listing photo 9
4 of 7Check

Basement shows a forced-air furnace and a gas water heater with ductwork nearby; ages aren't visible, so ask for dates

Listing photo 9
5 of 7Check

Basement has a washer and dryer and a utility sink, so laundry is in unit or shared; clarify which

Listing photo 10
6 of 7Check

The other side is shown occupied with older wood-look flooring and a lived-in interior, and this side wasn't renovated like the photographed unit

Listing photo 1
7 of 7Check

No photos of the electrical panel, the roof under construction, the second kitchen or bedrooms, so the condition of those items can't be judged

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

Condition and repairs

  • doneNew roof being installedListing says: New roof being installed 10/2!
  • doneUpdated doors, cement, trim paint, showers, toilets, appliances and HVACListing says: recent improvements include updated doors, cement, trim paint, showers, toilets, appliances, and HVAC

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

Down payment %
Offer $
Management
Interest rate %
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
$499,900
Cash to close
$114,977
Price per unit
$249,950
GRM
10.3

Each month

Cash flow
−$665/mo
Cash-on-cash
−6.9%
Cap rate
4.8%
DSCR
0.75×

Break-even

Price that breaks even
$375,045
Rent that breaks even
$4,902/mo

Long run

Year 30: property vs stocks
$1.41M vs $1.16M
Cash flow turns positive
year 12

Monthly

Monthly breakdown

Rent$4,050
Vacancy (6%)−$243
Collected$3,807
Property tax Listing−$732
Insurance Estimate−$201
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$324
Capital reserve (8% of rent)−$324
Net operating income$1,996
Mortgage (principal + interest)−$2,661
Cash flow−$665
Principal paid down (equity, not cash)$339

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$1,405,070
Your equity when you sell
$1,140,586

Sells for $1,213,389 (value up 3% a year), minus 6% selling cost ($72,803). Rent paid down $399,920 of loan.

Rental profits, invested at 7%
$264,485

$174,367 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,157,761
Cash to close, invested at 7%
$875,234

$114,977 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$282,527

$49,078 you'd have paid in while the building lost money, invested instead.

The building comes out $247,309 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 $1.41M, stocks $1.16M. 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.

3 bed estimate $2,025/mo · range $1,850–$2,375 · 9 rentals within 3 mi

AddressRentBd / BaSq ftDistanceListedType
4616 Taylor St NE Unit 2, Minneapolis $1,895 3 / 1 1,009 0.3 mi 2024-06-16 Duplex triplex
909 Gould Ave NE, Columbia Heights $2,724 3 / 2 1,414 0.5 mi 2026-07-31 Apartment
1120 52nd Ave NE, Fridley $1,375 3 / 1 1,250 1.0 mi 2024-04-26 Apartment
1230 Cheri Ln NE, Fridley $1,775 3 / 1.5 1,033 1.3 mi 2025-07-01 Apartment
920 24th Ave NE, Minneapolis $2,388 3 / 1 1,223 2.5 mi 2026-07-21 Apartment
700 7th St NW, New Brighton $1,796 3 / 2 1,377 2.5 mi 2025-05-09 Apartment
2318 Jefferson St NE, Minneapolis $1,715 3 / 1.5 — 2.6 mi 2025-11-06 Apartment
708 66th Ave N, Brooklyn Center $1,975 3 / 1.5 1,300 2.9 mi 2025-11-20 Apartment
1709 Fillmore St NE, Minneapolis $2,099 3 / 1 1,350 2.9 mi 2026-08-04 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

  • highNo rents, lease terms or occupancy stated for either side; the listing is written for an owner-occupant Listing says: The owner-occupied side features a rare attached oversized garage · AI review
  • mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 1015 43 1/2 AVE NE
  • mediumTaxes and unit count unverified because the county parcel didn't match; the tax bill could change the numbers Based on: data: county.tax · AI review
  • lowRoof is still being installed, so it isn't finished or inspected yet Listing says: New roof being installed 10/2! · AI review

Opportunities

  • Detached layout with no common walls gives tenants privacy and could appeal to long-stay renters or multi-generational households Listing says: no common walls and the feel of two separate homes · AI review
  • No rent cap, so rents can follow the market Based on: data: underwriting.rent_rule · AI review

Questions for the agent

  • What are the current rents, lease end dates and deposits for each side?
  • Is the seller living in one side, and will it be delivered vacant?
  • Who is the roofer, what is the warranty, and is a permit pulled?
  • What were the last 12 months of taxes, insurance, and utility costs?
  • Is there a rental license, and does the city recognize two units?
  • Does each side have separate meters and its own furnace and water heater?

Bottom line

Fresh cosmetic work and a new roof, but $499,900 is about $125K above what the rents support, so don't pay it. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2026. 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.$8,788
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,406
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. base rate8% / 8%

Price history Realtor.com

On the market since 2026-10-02 (3 days).

DateEventPrice
Listed$499,900

From the listing Listing

Listed asduplex side x side
Property tax, 2026$8,788
CountyAnoka
Parcel number363024220097

As the listing states it (NorthstarMLS, via Realtor.com). We don't have county records here yet; check the tax, homestead status and special assessments with the county.

Crime, rental-license and vacant-building records are only available for St. Paul and Minneapolis so far. Check with Columbia Heights on rental licensing before you buy.

Nearest highway

MN 65, about 2131 m away.