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1016 Newton Ave N

5 units · 5 units: 3 bed / 1 bath ×2 and 2 bed / 1 bath ×3 unit split estimated · 4,196 sq ft

Minneapolis, MN · Near - North · View the listing ↗

Cash flows
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Photos courtesy of RE/MAX Results, via Realtor.com.

Needs more info before these numbers mean much. The city's rental license covers 4 unit(s); this analysis counts 5.

Asking price
$600,000
5 units · $120K per unit
Monthly cash flow
$1,568
at 20% down, 7%
Estimated rent
$8,150/mo
medium confidence
Break-even price
$894,617
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

The listing calls this a 4-unit building with 12 beds, but the county counts 5 living units and the city rental license covers only 4. Sort that out first, because our numbers use 5 units and the cash flow shifts if it's really 4. At $600K, our model shows about $1,568/mo and a 9.5% cap, with a break-even price near $895K. That looks strong, but it rests on our rent estimates, since the listing gives no actual rents, only a vague "potential" of about $100K a year. The interior photos show a refreshed unit with LVP floors, white cabinets and granite, and the kitchens look cosmetic rather than deep renovations. Get the rent roll, leases and utility bills before a showing, and have the flat roof checked. Worth a showing if the rents are real and the unit count is legal.

Things to consider

  1. Rents are unverified The $100K 'potential' is far above our estimates. If actual rents are near our mids, income is much lower than the pitch.Listing says: “the building's fully occupied rent total potential sitting right around $100,000 annually”
  2. Unit count mismatch Rental licensing covers 4 units while the county counts 5. An unlicensed unit can't be counted on for income, and fixing it may cost money.
  3. Price versus value and history The ask is far above county market value and the 2020 sale price. Lenders may appraise lower, and there is room to negotiate.
  4. Flat roof Roof replacement on a building this size can be a major cost. Get its age and a moisture inspection.
  5. Separate heat systems Four or five furnaces and water heaters means more equipment to maintain, but tenants likely pay their own utilities.Listing says: “Each unit also has separate furnaces and water heaters”

From the photos

Listing photo 1
1 of 7Check

The exterior is a two-story stucco building with a flat or low-slope roofline and a shared front entrance. Roof condition can't be judged from the ground.

Listing photo 3
2 of 7Plus

The kitchen has white cabinets, granite-look counters and a basic gas range. It appears recently refreshed but builder-grade.

Listing photo 2
3 of 7Plus

The luxury vinyl plank floors and fresh gray paint throughout look recent and low-maintenance, but cosmetic.

Listing photo 9
4 of 7Plus

The bath has a one-piece fiberglass tub surround and a basic vanity. It's clean and serviceable, though basic.

Listing photo 6
5 of 7Check

Photos appear to show only one unit's interior. Others may not match in condition.

Listing photo 10
6 of 7Check

The rear photo shows several windows per floor and a snowy lot. No clear view of parking, utility meters or the roof.

Listing photo 10
7 of 7Check

There are no photos of the basement, mechanicals, electrical panels or furnaces.

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

Condition and repairs

  • doneKitchens and baths described as newerListing says: All 4 units feature nice newer eat in kitchens with stone countertops, 3 nice sized bedrooms, newer baths

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
$600,000
Cash to close
$138,000
Price per unit
$120,000
GRM
6.1

Each month

Cash flow
$1,568/mo
Cash-on-cash
13.6%
Cap rate
9.5%
DSCR
1.49×

Break-even

Price that breaks even
$894,617
Rent that breaks even
$6,114/mo

Long run

Year 30: property vs stocks
$5.02M vs $1.05M
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$8,150
Vacancy (6%)−$489
Collected$7,661
Property tax Public record−$567
Insurance Estimate−$462
Water, sewer, trash Estimate−$425
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (9% of rent)−$734
Capital reserve (8% of rent)−$652
Net operating income$4,762
Mortgage (principal + interest)−$3,193
Cash flow$1,568
Principal paid down (equity, not cash)$406

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$5,016,228
Your equity when you sell
$1,368,976

Sells for $1,456,357 (value up 3% a year), minus 6% selling cost ($87,381). Rent paid down $480,000 of loan.

Rental profits, invested at 7%
$3,647,252

$1,495,207 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,050,491
Cash to close, invested at 7%
$1,050,491

$138,000 put into an index fund instead of the down payment and closing costs.

The building comes out $3,965,737 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 $5.02M, stocks $1.05M. The property wins.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-05. The estimate above is RentCast's, weighted toward the closest matches.

3 bed / 1 bath estimate $1,675/mo · range $1,425–$1,925

AddressRentBd / BaSq ftDistanceListedMatch
1702 Glenwood Ave, Minneapolis 55405 off market $1,525 3 / 1 — 0.5 mi 2026-04-30 93%
1823 Girard Ave N, Minneapolis 55411 off market $1,650 3 / 1 — 0.8 mi 2025-11-15 93%
1500 W Broadway Ave, Unit 3, Minneapolis 55411 off market $1,700 3 / 1 — 0.8 mi 2026-05-07 93%
1500 W Broadway Ave, Unit 2, Minneapolis 55411 off market $1,700 3 / 1 — 0.8 mi 2026-05-07 93%
117 Cedar Lake Rd S, Minneapolis 55405 off market $2,425 3 / 2 — 0.9 mi 2026-07-02 88%
2400 Emerson Ave N, Unit Lower, Minneapolis 55411 off market $1,950 3 / 1 9,257 1.2 mi 2026-07-23 85%
2400 Emerson Ave N, Unit Upper, Minneapolis 55411 off market $1,700 3 / 1 9,257 1.2 mi 2023-04-14 85%
1616 Emerson Ave N, Minneapolis 55411 off market $1,648 3 / 1 1,600 0.8 mi 2026-04-17 84%
506 Newton Ave N, Minneapolis 55405 off market $1,400 2 / 1 — 0.4 mi 2026-03-13 84%
519 Russell Ave N, Apt 1, Minneapolis 55405 off market $1,650 2 / 1 — 0.5 mi 2022-01-10 84%

2 bed / 1 bath estimate $1,600/mo · range $1,300–$1,900

AddressRentBd / BaSq ftDistanceListedMatch
506 Newton Ave N, Minneapolis 55405 off market $1,400 2 / 1 — 0.4 mi 2026-03-13 93%
519 Russell Ave N, Apt 1, Minneapolis 55405 off market $1,650 2 / 1 — 0.5 mi 2022-01-10 93%
314 Knox Ave N, Minneapolis 55405 off market $1,375 2 / 1 — 0.5 mi 2026-05-01 93%
2208-2210 Glenwood Ave, Minneapolis 55405 off market $1,299 2 / 1 — 0.6 mi 2026-06-10 93%
1715 Glenwood Ave, Minneapolis 55405 off market $1,260 2 / 1 — 0.6 mi 2026-05-02 93%
155 Cedar Lake Rd N, Minneapolis 55405 off market $1,100 2 / 1 — 0.7 mi 2026-04-04 93%
238 Irving Ave N, Minneapolis 55405 off market $1,360 2 / 1 — 0.7 mi 2026-01-06 93%
625 627 Penn Ave S, Minneapolis 55405 off market $1,575 2 / 1 — 1.2 mi 2026-06-10 92%
1430 N Irving Ave, Rms 1 & 2, Minneapolis 55411 off market $650 1 / 1 — 0.5 mi 2026-06-05 84%
1407 N Girard Ave, Unit 2, Minneapolis 55411 off market $1,900 2 / 1 1,472 0.5 mi 2026-04-23 84%

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

Red flags and opportunities

Watch for

  • highThe city's rental license covers 4 unit(s); this analysis counts 5. Public record: Minneapolis Active Rental Licenses: 1016 NEWTON AVE N, units=4
  • highDescription says 'potential' rent of about $100K a year with no actual rents given. That is about $2,080/unit/mo, well above our estimates ($1,600-1,675 mid). Listing says: the building's fully occupied rent total potential sitting right around $100,000 annually · AI review
  • highUnit count is unclear: the listing says 4, the county says 5, and the city license covers 4. A fifth unit may be unlicensed or the county record may be wrong. Based on: data: county.living_units · AI review
  • mediumFlat roof per the city assessor: get its age and a moisture inspection. Public record: Hennepin County parcel 2102924220035: roof=Flat, exterior=WOOD
  • mediumOwner-occupier pitch alongside 'fully occupied' is contradictory. Occupancy and lease terms are unverified. Listing says: perfect for the owner occupier to supplement living expenses or the investor alike · AI review
  • mediumCounty market value is $358K against a $600K ask, and the seller paid $192.5K in 2020. Based on: data: county.market_value · AI review

Opportunities

  • The seller bought for $192,500 in Jun 2020, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 2102924220035: last sale 2020-06-01, $192,500
  • Separate furnaces and water heaters mean tenants can likely pay their own heat, keeping owner expenses lower. Listing says: Each unit also has separate furnaces and water heaters · AI review
  • Off-street parking is a real draw in this area. Listing says: there is a large parking area out back for off street parking · AI review
  • Minneapolis has no rent cap, so rents can follow the market. Based on: data: underwriting.rent_rule · AI review

Questions for the agent

  • Can I get the rent roll with current rents, lease dates and deposits for every unit?
  • Is it 4 or 5 units? Which are on the rental license, and is the fifth legal?
  • How old is the flat roof, and has it leaked?
  • What are the trailing-12 expenses, including who pays water, sewer and trash?
  • Were the kitchen and bath updates permitted, and who did the work?
  • What are the ages of the furnaces, water heaters and electrical panels?

Bottom line

The numbers look strong on paper, but the rents are unverified and the unit count doesn't match the city license, so check both before getting excited. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$6,799
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$5,549
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid$425
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. 12 bedrooms: +1 pt repairs for wear9% / 8%

Price history Realtor.com

On the market since 2026-09-27 (8 days); last sold for $192,500 on 2020-06-26.

DateEventPrice
Listed$600,000
Removed$600,000
Sold$192,500
Removed$130,000
Sold$115,000
Listed$130,000
Listed$130,000
Sold public record$91,000
Sold public record$91,000
Sold public record$350,000
Sold public record$328,000
Sold public record$190,000

County record Public record

Recorded asapartment 4 or 5 unit
Living units5
Year built1921
Market value (2026)$358,000
Property tax$6,799
Special assessmentsnone
Homesteadno
Last sale2020-06-01 · $192,500

Source: Hennepin County parcel records.

City rental license

CHOWN: 4 unit(s), Tier 1, status active, renews 2027-03-01.

Nearest highway

I 94, about 1305 m away.

Crime in Near - North

497 incidents in the last 12 months (73 per 1,000 residents), +18% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).