1108 W 28th St

Duplex · 2 units: 3 bed / 1 bath ×2 unit split estimated · 3,250 sq ft

Minneapolis, MN · Lowry Hill East · View the listing ↗

17 photos

Photos, via Realtor.com.

Asking price: $409,900
Monthly cash flow: −$270
Estimated rent: $3,750/mo
Break-even price: $359,080

Adjust the numbers See the full breakdown

From the listing

Income producing duplex in a prime Uptown location is just moments to numerous shops and dining options, Midtown Greenway, Lake of the Isles, and more. Exterior was recently refinished with maintenance free siding and storm windows (2020) and new roof (2018). Interior features; original hardwood floors that were refinished in 2023, fresh paint (2023) fireplaces in both units, porch/balcony, built-ins, four off street parking spaces, owned coin operated laundry. Property has a strong rental history with potential opportunity to increase your investment through a remodel and/or restructuring the upper level into a triplex. Property is a tier one rental designated by the City of Minneapolis.

Description from Realtor.com, MLS #7127635. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1910 Uptown duplex asking $409,900, and the numbers are weak. Our underwriting shows about -$270 a month and a 5.6% cap rate at the ask, with a break-even price near $359K. That is roughly $51K below the ask. The county values it at $321,500 and the seller paid $283,500 in 2018. The listing gives no rents, so the first ask is a rent roll with lease dates and trailing-12 expenses. The updates (roof, siding, floors) look real, but the building runs on hot-water heat and the description says nothing about who pays it. Worth a showing only if the price comes down some or the real rents beat our $1,875 per-unit estimates.

Things to consider

Price is far above what income supports Our underwriting shows negative cash flow at the ask and a break-even price about $51K lower. You would be paying for the location and updates, not the cash flow.
Rents are unknown Without a rent roll, you can't tell whether the building beats our $1,875 per-unit estimate. That decides whether the deal works at all.Listing says: “Property has a strong rental history with potential opportunity to increase your investment”
Big exterior items are already done A 2018 roof and 2020 siding and storm windows lower near-term capital needs, which helps reserves.Listing says: “new roof (2018)”
Heat costs could fall on the owner A hot-water system often means one boiler and one gas bill. If the owner pays it, expenses rise and cash flow falls further.
Triplex idea is speculative Converting the upper level adds cost and needs permits and a rental license for three units. Don't pay for it in the price.Listing says: “restructuring the upper level into a triplex”

From the photos

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

Condition and repairs

doneExterior refinished with maintenance-free siding and storm windows (2020)Listing says: Exterior was recently refinished with maintenance free siding and storm windows (2020) and new roof (2018)
doneNew roof (2018)Listing says: new roof (2018)
doneHardwood floors refinished and fresh paint (2023)Listing says: original hardwood floors that were refinished in 2023, fresh paint (2023)

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: $409,900
Cash to close: $94,277
Price per unit: $204,950
GRM: 9.1

Each month

Cash flow: −$270/mo
Cash-on-cash: −3.4%
Cap rate: 5.6%
DSCR: 0.88×

Break-even

Price that breaks even: $359,080
Rent that breaks even: $4,101/mo

Long run

Year 30: property vs stocks: $1.41M vs $781K
Cash flow turns positive: year 6

Monthly

Monthly breakdown

Rent	$3,750
Vacancy (6%)	−$225
Collected	$3,525
Property tax Public record	−$507
Insurance Estimate	−$239
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$300
Capital reserve (9% of rent)	−$338
Net operating income	$1,911
Mortgage (principal + interest)	−$2,182
Cash flow	−$270
Principal paid down (equity, not cash)	$278

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$1,408,892

Your equity when you sell: $935,239
Rental profits, invested at 7%: $473,654

Same money in stocks$781,372

Cash to close, invested at 7%: $717,661
Monthly shortfalls, invested: $63,711

The building comes out $627,520 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 $781K. 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 $1,875/mo · range $1,800–$2,300 · 8 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
711 W 28th St, Minneapolis	$1,595	3 / 1	1,000	0.2 mi	—	Apartment
705 W 31st St, Minneapolis	$1,775	3 / 1	725	0.5 mi	2025-03-22	Apartment
1709 Lagoon Ave S, Minneapolis	$1,795	3 / 1	1,140	0.5 mi	2026-09-05	Apartment
2415 Harriet Ave, Minneapolis	$1,695	3 / 1	1,010	0.6 mi	2026-08-24	Multi family
3229 Hennepin Ave S, Minneapolis	$2,395	3 / 1	1,970	0.6 mi	2022-08-11	Apartment
2305 Garfield Ave Unit 201, Minneapolis	$2,300	3 / 1	970	0.6 mi	2022-05-23	Apartment
2200 Harriet Ave S, Minneapolis	$1,850	3 / 1	—	0.7 mi	2026-03-03	Apartment
905 Franklin Ave W, Minneapolis	$1,745	3 / 1	1,200	0.7 mi	2025-05-08	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

highPriced well above what the numbers support: negative cash flow at the ask Based on: data: underwriting.cash_flow_monthly · AI review
mediumNo rents or lease details given, so the income can't be checked Listing says: Property has a strong rental history with potential opportunity to increase your investment · AI review
low$138 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 3302924420084: special assessments (current) = $138.04
lowInvestor tax bill is non-homestead and well above the county market value's implied level; confirm what you'd pay Based on: data: county.tax · AI review
lowListed 48 days; the seller may have room to negotiate Based on: data: listing.days_on_market · AI review

Opportunities

Upper level could be restructured into a triplex, but this needs permits, egress and a rental license for three units Listing says: restructuring the upper level into a triplex · AI review
Owned coin-operated laundry could add a little income; ask for actual receipts Listing says: owned coin operated laundry · AI review
No rent cap in Minneapolis, so rents can follow the market after turnover Based on: data: underwriting.rent_rule · AI review

Questions for the agent

Can you send the rent roll, lease end dates and trailing-12 income and expenses?
Who pays heat on the hot-water system, and is it one boiler or two?
What is the boiler's age, and what is the electrical service (fuses or breakers, amperage)?
What are the $138 in special assessments for, and do they continue?
How is the third-floor attic space finished and permitted, and is it counted in the unit mix?
Why has it sat 48 days, and is the seller open to a lower price?

Bottom line

Nice, updated old Uptown duplex, but at $409,900 it loses money, so it only works if the rents are well above our estimate or the price falls near $359K. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$6,082
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,874
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 1910: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-08-15 (51 days); down $38,600 (8.6%) from the first ask of $448,500; last sold for $283,500 on 2018-07-03; listed for rent at $1,480/mo on 2022-09-08.

Date	Event	Price
2026-09-28	Price changed	$409,900
2026-08-27	Price changed	$428,800
2026-08-15	Listed	$448,500
2022-09-15	Removed	—
2022-09-08	Listed for rent	$1,480/mo
2021-11-02	Removed	$486,900
2021-10-28	Removed	—
2021-10-26	Price changed	$486,900
2021-09-20	Price changed	$489,900
2021-09-07	Listed	$499,900
2021-08-04	Rent changed	$1,795/mo
2021-08-01	Rent changed	$1,825/mo
2021-07-08	Listed for rent	$1,895/mo
2018-07-03	Sold public record	$283,500
2016-11-15	Removed	$375,000
2016-09-22	Listed	$375,000
2007-01-16	Sold public record	$350,000
1993-03-23	Sold public record	$53,000

County record Public record

Recorded as	duplex
Living units	2
Year built	1910
Market value (2026)	$321,500
Property tax	$6,082
Special assessments	$138
Homestead	no
Last sale	2018-06-01 · $283,500

Source: Hennepin County parcel records.

City rental license

CHOWN: 2 unit(s), Tier 1, status active, renews 2027-03-01.

Nearest highway

I 94;MN 55, about 1484 m away.

Crime in Lowry Hill East

647 incidents in the last 12 months (74 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).