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1129 8th St SE

Triplex · 3 units: 4 bed / 1.5 bath ×3 unit split estimated · 4,724 sq ft

Minneapolis, MN · Marcy Holmes · View the listing ↗

Far off
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Photos courtesy of Edina Realty, Inc., via Realtor.com.

Needs more info before these numbers mean much. The city's rental license covers 2 unit(s); this analysis counts 3.

Asking price
$1,725,000
3 units · $575K per unit
Monthly cash flow
−$5,952
at 20% down, 7%
Estimated rent
$6,900/mo
medium confidence · 22 rentals within 0.75 mi
Break-even price
$606,622
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a $1.725M ask on a 1900 triplex that was clearly expanded, and our numbers say it doesn't work. Cash flow is about -$5,952 a month at asking and the break-even price is roughly $607K, so the gap is huge. The listing counts 16 bedrooms and 8 baths, but county records show 12 beds and 4 baths, and the rental license covers only 2 units. Settle bedroom count, legal unit count and permits for the 2023 addition before anything else. Don't book a showing unless the seller moves far closer to the break-even price and the rent roll proves out.

Things to consider

  1. Price is far above what the rents support At about -$5,952 a month and a break-even price near $607K, the numbers fail at any realistic rent. Only a very large price cut could change that.
  2. Bedroom and unit counts don't match the records The listing's 16 beds and 8 baths conflict with county records of 12 beds and 4 baths. Rent depends on legal bedrooms, and the license covers only 2 units.
  3. Rental license is Tier 2 The city has logged more violations than typical here. Expect more frequent inspections and possible repair orders.
  4. Income is unproven The unit is only partly rented and no rents are listed. Underwrite from the actual rent roll, not projections.Listing says: “Currently partially rented, see under supplements including floor plans.”
  5. The condition looks good, but the permits matter New finishes should lower near-term repair costs. The risk is whether the addition was permitted and passed inspection.From photo 5

From the photos

Listing photo 1
1 of 6Plus

The addition has modern gray siding, black-framed windows and a new entry door. It appears to be new construction that matches the 2023 work.

Listing photo 2
2 of 6Check

Three electric meters are grouped on the side wall with exposed conduit, which supports separate metering for several units.

Listing photo 5
3 of 6Plus

Kitchens look new, with white cabinets, granite-look counters, an island, stainless appliances and vinyl plank flooring. They are in good condition and should need little near-term work.

Listing photo 10
4 of 6Check

The finishes look rental-grade, with vinyl plank, commercial carpet tile and basic fixtures. They should hold up, but they don't support luxury rents.

Listing photo 4
5 of 6Check

The open layout of one unit has stairs and a half wall, so it may be multi-level. Confirm egress and that each bedroom is legal.

Listing photo 2
6 of 6Check

No photos show bathrooms, the mechanical systems, the basement, the roof of the older section or the parking lot. Ask for them.

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

Condition and repairs

  • doneAddition and many updates in 2023Listing says: Addition added and many updates in 2023, parking lot in back.

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
$1,725,000
Cash to close
$396,750
Price per unit
$575,000
GRM
20.8

Each month

Cash flow
−$5,952/mo
Cash-on-cash
−18.0%
Cap rate
2.2%
DSCR
0.35×

Break-even

Price that breaks even
$606,622
Rent that breaks even
$14,732/mo

Long run

Year 30: property vs stocks
$3.94M vs $8.59M
Cash flow turns positive
not within 30 years

Monthly

Monthly breakdown

Rent$6,900
Vacancy (6%)−$414
Collected$6,486
Property tax Public record−$1,345
Insurance Estimate−$356
Water, sewer, trash Estimate−$255
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (9% of rent)−$621
Capital reserve (9% of rent)−$621
Net operating income$3,229
Mortgage (principal + interest)−$9,181
Cash flow−$5,952
Principal paid down (equity, not cash)$1,168

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$3,935,806
Your equity when you sell
$3,935,806

Sells for $4,187,028 (value up 3% a year), minus 6% selling cost ($251,222). Rent paid down $1,380,000 of loan.

Rental profits, invested at 7%
$0

$0 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$8,590,652
Cash to close, invested at 7%
$3,020,162

$396,750 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$5,570,490

$1,559,822 you'd have paid in while the building lost money, invested instead.

Stocks come out $4,654,846 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 $3.94M, stocks $8.59M. Stocks win.

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.

4 bed estimate $2,300/mo · range $2,100–$2,550 · 22 rentals within 0.75 mi

AddressRentBd / BaSq ftDistanceListedType
1221-23 8th St SE, Minneapolis $2,300 4 / 2 — 0.1 mi 2026-01-12 Apartment
1231 8th St SE, Minneapolis $3,000 4 / 2 — 0.1 mi 2025-05-13 Apartment
1212 Como Ave SE, Minneapolis $2,000 4 / 2 — 0.1 mi 2026-01-14 Apartment
1103 5th St SE, Minneapolis $2,000 4 / 1 — 0.2 mi 2025-05-13 Apartment
958 15th Ave SE, Minneapolis $2,100 4 / 2 — 0.3 mi 2026-09-25 Apartment
513 8th Ave SE, Minneapolis $2,000 4 / 1 — 0.4 mi 2026-02-17 Apartment
812 4th St SE, Minneapolis $2,000 4 / 2 — 0.4 mi 2026-01-13 Apartment
806 4th St SE, Minneapolis $2,200 4 / 2 — 0.4 mi 2026-01-13 Apartment
1000 University Ave SE, Minneapolis $3,050 4 / 2 1,451 0.4 mi 2025-05-02 Apartment
800 4th St SE, Minneapolis $2,200 4 / 2 — 0.5 mi 2025-02-21 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

  • highThe city's rental license covers 2 unit(s); this analysis counts 3. Public record: Minneapolis Active Rental Licenses: 1129 8TH ST SE, units=2
  • highListing says 16 bedrooms and 8 baths, but county records show 12 beds and 4 baths. Verify with permits and floor plans. Listing says: offering 16 bedrooms, 8 baths · AI review
  • highOnly partly rented, so there is no proven income. Current rents are not given. Listing says: Currently partially rented, see under supplements including floor plans. · AI review
  • mediumRental license Tier 2: the city has flagged more violations than typical; expect more frequent inspections and repair orders. Public record: Minneapolis Active Rental Licenses: 1129 8TH ST SE, grade/tier=Tier 2, status=Active
  • mediumAsking is $1,118,378 above the price where cash flow breaks even ($606,622) at the default scenario. Based on: Derived: price $1,725,000 vs. break-even $606,622
  • mediumTenants pay a flat $50 a month toward utilities. The owner likely covers the rest of the heat, water and electric, and a flat fee probably won't cover it. Listing says: Tenants pay $50 per month for utilities. · AI review
  • mediumThe 2023 addition needs permits and a certificate of occupancy. Unpermitted work could affect legality, insurance and the rental license. Listing says: Addition added and many updates in 2023 · AI review
  • mediumThe price is far above the county market value of $849,600 and the 2017 sale of $440,000. Based on: data: county.market_value · AI review
  • low$600 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 2402924130035: special assessments (current) = $600.17

Opportunities

  • The seller bought for $440,000 in Aug 2017, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 2402924130035: last sale 2017-08-01, $440,000
  • Long time on market: room to negotiate. Based on: Listing data: 234 days on market
  • Walkable to the University of Minnesota, so demand from student renters should be steady. Listing says: located in the heart of the U of M Campus. Great walkability & location. · AI review
  • Parking income of $100 a month per space, if spaces are rented separately and actually in use. Listing says: Parking is $100 per month. · AI review
  • 234 days on market and a seller who bought at $440K give real room to negotiate. Based on: data: listing.days_on_market · AI review

Questions for the agent

  • What is the current rent roll, with lease dates and lease type, for each unit?
  • How many units and bedrooms are legal? Why does the rental license cover only 2 units?
  • Were permits and a final inspection or certificate of occupancy issued for the 2023 addition?
  • What do utilities cost the owner per year beyond the $50 per month tenants pay?
  • Why has it sat 234 days, and have there been price cuts or offers?
  • What are the $600 special assessments for?

Bottom line

Newly built-out student triplex in a great location, but at $1.725M it is nowhere near cash flowing, and the unit count and bedroom claims need proof. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$16,135
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$4,269
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid$255
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; 12 bedrooms: +1 pt repairs for wear9% / 9%

Price history Realtor.com

On the market since 2026-08-05 (61 days); last sold for $440,000 on 2017-08-17; listed for rent at $5,600/mo on 2026-04-23.

DateEventPrice
Removed—
Listed for rent$5,600/mo
Removed—
Removed—
Listed for rent$760/mo
Removed—
Listed for rent$760/mo
Removed—
Listed$1,725,000
Listed for rent$750/mo
Removed—
Removed—
Removed—
Listed for rent$760/mo
Listed for rent$3,000/mo
Removed—
Removed—
Rent changed$750/mo
Rent changed$760/mo
Removed—
Listed for rent$5,600/mo
Listed for rent$3,000/mo
Listed for rent—
Removed—
Removed—

County record Public record

Recorded astriplex
Living units3
Year built1900
Market value (2026)$849,600
Property tax$16,135
Special assessments$600
Homesteadno
Last sale2017-08-01 · $440,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 35W, about 249 m away.

Crime in Marcy Holmes

866 incidents in the last 12 months (57 per 1,000 residents), +35% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).