Minneapolis › Lyndale

122 W 32nd St

Duplex · 2 units: 2 bed / 1 bath and 1 bed / 1 bath unit split estimated · 1,648 sq ft

Minneapolis, MN · Lyndale · View the listing ↗

28 photos

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

Needs more info before these numbers mean much. The city's rental license covers 1 unit(s); this analysis counts 2.

Asking price: $357,000
Monthly cash flow: −$358
Estimated rent: $3,050/mo
Break-even price: $289,668

Adjust the numbers See the full breakdown

From the listing

Excellent investment opportunity or ideal owner-occupied duplex in a convenient location. Live in the main-level unit while generating $1,600 per month from the long-term tenant in the upper unit. Ask about $15,000 grant program with no mortgage insurance for qualified buyers. This classic up-and-down duplex offers strong rental history, positive cash flow and numerous improvements, including a two-year-old roof, updated electrical and plumbing, a newer furnace and central air with updated ductwork in 2nd floor unit, front and rear porches and an asphalt driveway completed in 2019-2020. Each unit features private in-unit laundry, while the fenced yard, four off-street parking spaces and room to add a garage provide additional value and flexibility.

Listing courtesy of RE/MAX Results (Elie Safi). Description from Realtor.com, MLS #7138169. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1885 up/down in Lyndale asking $357K, and the numbers don't work as an investment. Our underwriting shows about -$358/month and a 5.2% cap rate at asking, and break-even is near $290K. The only stated rent is $1,600 on the upper, which is below our 2-bed estimate of $1,750 mid, so confirm it with a lease and deposit records. The listing pitches owner-occupancy and a $15K grant, which is the realistic buyer here, not an investor. Before a showing, check the rental license (it covers 1 unit, not 2), the roof and electrical work permits, and the lower unit's rent potential.

Things to consider

Price is above what the rents support Our model shows negative cash flow at asking and a break-even price about $67K lower. An investor would have to bring a lot of cash or negotiate hard.
The $1,600 upper rent is below our estimate If it holds, it is conservative and leaves room to raise rent. But it is below our $1,750 mid estimate for a 2-bed, so confirm it is current and whether it can rise on turnover.Listing says: “generating $1,600 per month from the long-term tenant in the upper unit”
Owner-occupant fit is stronger than investor fit Living in one unit lowers the effective carrying cost and may qualify for the grant and low down payment. That is a different calculation from pure investing.Listing says: “Live in the main-level unit while generating $1,600 per month”
Rental license and unit count need checking The city shows a 1-unit owner-exempt license while the property is a 2-unit duplex. You may need to license it properly after buying.
Claimed updates need documentation A new roof and updated systems reduce near-term capex, but only if permits and receipts back them up.Listing says: “a two-year-old roof, updated electrical and plumbing”

From the photos

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

Rents the listing states

Upper: $1,600Listing says: generating $1,600 per month from the long-term tenant in the upper unit

Condition and repairs

doneRoof, about two years oldListing says: a two-year-old roof, updated electrical and plumbing
doneElectrical and plumbing updatesListing says: a two-year-old roof, updated electrical and plumbing
doneNewer furnace, central air and updated ductwork in 2nd floor unitListing says: a newer furnace and central air with updated ductwork in 2nd floor unit
doneFront and rear porches and asphalt driveway (2019-2020)Listing says: front and rear porches and an asphalt driveway completed in 2019-2020

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: $357,000
Cash to close: $82,110
Price per unit: $178,500
GRM: 9.8

Each month

Cash flow: −$358/mo
Cash-on-cash: −5.2%
Cap rate: 5.2%
DSCR: 0.81×

Break-even

Price that breaks even: $289,668
Rent that breaks even: $3,515/mo

Long run

Year 30: property vs stocks: $1.10M vs $744K
Cash flow turns positive: year 9

Monthly

Monthly breakdown

Rent	$3,050
Vacancy (6%)	−$183
Collected	$2,867
Property tax Listing	−$374
Insurance Estimate	−$203
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$244
Capital reserve (9% of rent)	−$274
Net operating income	$1,542
Mortgage (principal + interest)	−$1,900
Cash flow	−$358
Principal paid down (equity, not cash)	$242

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$1,103,827

Your equity when you sell: $814,541
Rental profits, invested at 7%: $289,286

Same money in stocks$744,283

Cash to close, invested at 7%: $625,042
Monthly shortfalls, invested: $119,241

The building comes out $359,544 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 $1.10M, stocks $744K. 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.

2 bed estimate $1,750/mo · range $1,525–$1,850 · 20 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
3212 1st Ave S, Minneapolis	$1,800	2 / 1	900	0.2 mi	2026-09-08	Duplex triplex
3329 Nicollet Ave Unit 300, Minneapolis	$1,675	2 / 1	700	0.3 mi	—	Apartment
410 W Lake St, Minneapolis	$1,715	2 / 1	877	0.3 mi	2026-03-04	Apartment
2941 Harriet Ave S, Minneapolis	$1,425	2 / 1	566	0.3 mi	2026-06-23	Apartment
3247 Lyndale Ave S, Minneapolis	$1,315	2 / 1	900	0.3 mi	2026-04-22	Apartment
500 W Lake St Apt 730, Minneapolis	$2,155	2 / 1	951	0.3 mi	—	Apartment
500 W Lake St Apt 222, Minneapolis	$1,699	2 / 1	951	0.3 mi	—	Apartment
3123 2nd Ave S Unit 1, Minneapolis	$1,490	2 / 1	1,123	0.4 mi	2026-07-30	Apartment
3520 Grand Ave S, Minneapolis	$1,225	2 / 1	900	0.5 mi	2026-01-08	Apartment
3429 2nd Ave S Fl 1, Minneapolis	$1,400	2 / 1	850	0.5 mi	—	Apartment

1 bed estimate $1,300/mo · range $1,225–$1,550 · 25 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
3127 Pleasant Ave, Minneapolis	$1,099	1 / 1	700	0.1 mi	2025-02-22	Apartment
3127 Pleasant Ave Apt 206, Minneapolis	$1,099	1 / 1	700	0.1 mi	—	Apartment
3118 Pleasant Ave, Minneapolis	$1,199	1 / 1	750	0.1 mi	2026-05-09	Apartment
3309 Pillsbury Ave S, Minneapolis	$1,000	1 / 1	400	0.2 mi	2026-09-30	Apartment
3013 Grand Ave S, Minneapolis	$1,045	1 / 1	475	0.2 mi	2024-11-05	Apartment
3320 Grand Ave S, Minneapolis	$1,200	1 / 1	—	0.3 mi	2025-03-30	Apartment
410 W Lake St, Minneapolis	$1,442	1 / 1	661	0.3 mi	2026-03-04	Apartment
500 W Lake St Apt 226, Minneapolis	$1,350	1 / 1	737	0.3 mi	—	Apartment
500 W Lake St Apt 320, Minneapolis	$1,299	1 / 1	555	0.3 mi	—	Apartment
3410 Harriet Ave S, Minneapolis	$1,099	1 / 1	650	0.4 mi	2026-01-23	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 1 unit(s); this analysis counts 2. Public record: Minneapolis Active Rental Licenses: 122 32ND ST W, units=1
mediumRental license shows an owner-exempt registration, not a full two-unit rental setup; confirm licensing before counting both units as rentals. Based on: data: city.rental_license · AI review
mediumLast sold for $335K in 2018 and county value is $269.5K, well below the $357K ask. Based on: data: county.market_value · AI review
mediumTax shown is homestead; an investor will likely pay a higher non-homestead bill, which lowers cash flow further. Based on: data: county.homestead · AI review

Opportunities

No rent cap in Minneapolis, so the lower unit can be raised to market on turnover. Based on: data: underwriting.rent_rule · AI review
Room to add a garage and four off-street spaces add value. Listing says: four off-street parking spaces and room to add a garage provide additional value · AI review
Owner-occupant angle with a down payment grant lowers the buyer's cost. Listing says: Ask about $15,000 grant program with no mortgage insurance for qualified buyers · AI review

Questions for the agent

Is the upper tenant on a lease or month-to-month, and can you share the lease and rent history?
What is the lower unit worth as a rental, and is the main level legally licensed as a rental?
Do permits exist for the roof, electrical and plumbing work, and is any knob-and-tube or fuse wiring left?
Are the gas and electric separately metered for each unit, and who pays water and trash?
What are the terms of the $15K grant program, and is it available to investors or only owner-occupants?
Why has it been on market 28 days and has the price moved?

Bottom line

Reasonable condition for an 1885 duplex, but at $357K it only pencils as an owner-occupant deal, not as an investment. 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.	$4,488
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,433
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 1885: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-09-04 (31 days); down $6,000 (1.7%) from the first ask of $363,000; last sold for $335,000 on 2018-11-08.

Date	Event	Price
2026-09-15	Price changed	$357,000
2026-09-04	Listed	$363,000
2018-11-08	Sold public record	$335,000
2004-04-26	Sold public record	$160,000

County record Public record

Recorded as	duplex
Living units	2
Year built	1885
Market value (2026)	$269,500
Property tax	$4,488
Special assessments	none
Homestead	no
Last sale	2018-01-01 · $335,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 35W, about 477 m away.

Crime in Lyndale

473 incidents in the last 12 months (66 per 1,000 residents), −2% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).