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1135 Washington St NE

Duplex · 2 units: 4 bed / 1 bath ×2 · 2,376 sq ft

Minneapolis, MN · Logan Park · View the listing ↗

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

Asking price
$459,900
2 units · $230K per unit
Monthly cash flow
$59
at 20% down, 7%
Estimated rent
$4,500/mo
high confidence
Break-even price
$470,926
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a 1900 Logan Park up/down with four bedrooms per side, listed at $459,900 after 56 days. Our numbers show about $59/month cash flow at ask with 20% down and a 6.5% cap rate, so it barely works and any surprise expense wipes it out. The description gives no rents, lease status, utilities or system ages, so start by getting the rent roll, leases and heat/electric setup. The photos show refreshed kitchens and baths, but the county shows homestead tax, so confirm the tax bill an investor would pay. Also confirm it's licensed as a rental. Worth a showing only if the seller can document rents near our $2,250 per unit estimate and the price has room to move.

Things to consider

  1. Cash flow is nearly zero at ask About $59/month at 20% down leaves no cushion for repairs, vacancy or higher taxes.
  2. Homestead tax understates the investor bill If the non-homestead tax is higher, the already thin cash flow could go negative.
  3. Rents are unverified The listing states none. Our $2,250 per unit estimate is the whole income case until you see leases.
  4. Rental licensing is unconfirmed No license appears in city data. Getting licensed could trigger inspections and repair orders.
  5. Heavy wear risk with eight bedrooms Large households and many bedrooms increase turnover costs and maintenance. Budget reserves accordingly.Listing says: “This up-and-down duplex offers 8 bedrooms and 2 bathrooms, with 4 bedrooms and 1 bathroom in each unit.”

From the photos

Listing photo 5
1 of 7Plus

Kitchens appear recently updated: white cabinets, dark counters, stainless appliances and subway tile backsplash.

Listing photo 4
2 of 7Plus

Bathroom looks refreshed with new tile surround, vanity and fixtures. The second bath is older, with dated mosaic tile.

Listing photo 9
3 of 7Concern

The second unit's bathroom has dated mosaic tile and a brown vanity, so updates are uneven between units.

Listing photo 7
4 of 7Check

A window air conditioner is visible in a bedroom, so central air appears absent in at least one unit.

Listing photo 1
5 of 7Check

Front porch and roof shingles appear in decent shape from the exterior. The foundation is a stone-faced retaining wall; the house foundation itself isn't visible.

Listing photo 10
6 of 7Check

Backyard has artificial turf, a deck and fencing. The turf and lack of a visible garage suggest on-street or limited parking.

Listing photo 2
7 of 7Check

No photos of the basement, furnace, water heater, electrical panel or meters, so the systems and unit separation 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.

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
$459,900
Cash to close
$105,777
Price per unit
$229,950
GRM
8.5

Each month

Cash flow
$59/mo
Cash-on-cash
0.7%
Cap rate
6.5%
DSCR
1.02×

Break-even

Price that breaks even
$470,926
Rent that breaks even
$4,423/mo

Long run

Year 30: property vs stocks
$2.09M vs $805K
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$4,500
Vacancy (6%)−$270
Collected$4,230
Property tax Listing−$464
Insurance Estimate−$219
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (9% of rent)−$405
Capital reserve (9% of rent)−$405
Net operating income$2,506
Mortgage (principal + interest)−$2,448
Cash flow$59
Principal paid down (equity, not cash)$311

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$2,089,365
Your equity when you sell
$1,049,320

Sells for $1,116,298 (value up 3% a year), minus 6% selling cost ($66,978). Rent paid down $367,920 of loan.

Rental profits, invested at 7%
$1,040,045

$505,385 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$805,202
Cash to close, invested at 7%
$805,202

$105,777 put into an index fund instead of the down payment and closing costs.

The building comes out $1,284,163 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 $2.09M, stocks $805K. The property wins.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-06. The estimate above is RentCast's, weighted toward the closest matches.

4 bed / 1 bath estimate $2,250/mo · range $1,825–$2,700

AddressRentBd / BaSq ftDistanceListedMatch
1704 Jefferson House St NE, # 653, Minneapolis 55413 off market $2,950 4 / 2 2,100 0.4 mi 2026-09-02 92%
1846 Polk St NE, Unit 2, Minneapolis 55418 off market $2,475 4 / 2 1,652 0.8 mi 2026-02-16 87%
1226 Adams St NE, Minneapolis 55413 $2,049 3 / 1 1,750 0.1 mi 2026-07-08 84%
1326 Monroe St NE, Unit 2, Minneapolis 55413 off market $1,970 3 / 1 — 0.3 mi 2026-05-24 84%
410 5th St NE, Minneapolis 55413 $1,650 3 / 1 — 0.4 mi 2026-09-25 84%
601 Main St NE, Apt 3, Minneapolis 55413 off market $1,795 3 / 1 — 0.5 mi 2026-07-21 84%
742 Buchanan St NE, Minneapolis 55413 $1,700 3 / 1 — 0.8 mi 2026-04-02 83%
1843 Taylor St NE, Unit 2, Minneapolis 55418 off market $2,725 5 / 2 2,200 0.9 mi 2026-07-24 83%
1705 2nd St NE, Minneapolis 55413 off market $2,795 4 / 3 1,600 0.6 mi 2026-06-03 82%
650 Pierce St NE, Unit 2, Minneapolis 55413 off market $1,850 3 / 2 2,000 0.8 mi 2026-04-27 81%

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

  • 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 1135 WASHINGTON ST N E
  • mediumDescription gives no rents, lease terms, utilities or system ages, so income can't be verified. Listing says: Great opportunity for an investor or owner-occupant looking for additional rental income. · AI review
  • mediumTax shown is homestead. An investor will likely pay a higher non-homestead bill, which squeezes the thin cash flow. Based on: data: county.homestead · AI review
  • lowEight bedrooms in a 2,376 sq ft building means small rooms and heavy wear. Check bedroom egress and closets. Listing says: This up-and-down duplex offers 8 bedrooms and 2 bathrooms, with 4 bedrooms and 1 bathroom in each unit. · AI review

Opportunities

  • No rent cap in Minneapolis, so rents can follow the market. Our mid estimate is $2,250 per 4-bed unit. Based on: data: rent_estimate · AI review
  • 56 days on market suggests room to negotiate. Break-even price is about $470,926, only slightly above ask. Based on: data: listing.days_on_market · AI review

Questions for the agent

  • What are the current rents, lease end dates and are any tenants month-to-month?
  • Is the building licensed as a rental in Minneapolis, and when was it last inspected?
  • Who pays heat, electric and water? Is there one furnace or one per unit?
  • What are the ages of the roof, furnace, water heater and electrical panel?
  • Are the bedrooms legal, with egress and closets, in both units?
  • Why was it listed at this price, and has it been reduced?

Bottom line

Cosmetically refreshed 4+4 duplex that only breaks even at ask, so the rents and licensing have to check out before it's worth pursuing. 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.$5,569
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,633
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 bedrooms: +1 pt repairs for wear9% / 9%

Price history Realtor.com

On the market since 2026-06-28 (99 days, relisted 1×); down $40,000 (8.0%) from the first ask of $499,900; last sold for $239,000 on 2006-08-01.

DateEventPrice
Price changed$459,900
Price changed$469,900
Listed$479,900
Removed$499,900
Sold public record$239,000
Sold public record$118,000
Sold public record$106,500
Sold public record$65,000

County record Public record

Recorded asduplex
Living units2
Year built1900
Market value (2026)$371,600
Property tax$5,569
Special assessmentsnone
Homesteadno
Last sale2006-03-01 · $239,000

Source: Hennepin County parcel records.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

I 35W, about 1485 m away.

Crime in Logan Park

184 incidents in the last 12 months (85 per 1,000 residents), +22% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).