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1222 Washington St NE

Duplex · 2 units: 1 bed / 1 bath ×2 unit split estimated · 2,160 sq ft

Minneapolis, MN · Sheridan · View the listing ↗

Far off
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Photos, via Realtor.com.

Asking price
$419,000
2 units · $210K per unit
Monthly cash flow
−$1,166
at 20% down, 7%
Estimated rent
$2,850/mo
medium confidence
Break-even price
$199,991
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a 1900 up/down duplex in Sheridan, NE Minneapolis, listed at $419K with two larger 1-bed units. Our numbers don't work at that price. Estimated rents are about $1,425 per unit, cash flow is around -$1,166 a month at 20% down, and break-even is near $200K. The county taxes it at $8,227 plus $3,631 in special assessments, and the last sale was $245K in 2009. The listing gives no rents, no lease terms and no systems information, and it has sat 75 days. Ask for the rent roll, heat setup and assessment details first. Without a big price cut, it's hard to justify a showing as an investment.

Things to consider

  1. Price is far above what the rents support At about $1,425 per unit, the property loses money every month at 20% down. It only works near $200K.
  2. Assessments and a high tax bill $3,631 in special assessments plus about $8.2K in taxes eats income. Find out whether the assessments carry on or get paid at closing.
  3. Heat and mechanical systems are unknown Gravity heat suggests an old system. If the owner pays heat, costs go up, and a replacement could be expensive.
  4. No rent or lease information The listing gives no current rents, so you can't confirm income. Occupied units also limit your access and plans.Listing says: “Awesome opportunity for investor or owner occupant buyer.”
  5. Units are dated, so expect upkeep and updates The kitchen looks original and the baths are uneven. Budget for turnover work to reach the estimated rents.From photo 7
  6. The short-term rental pitch is unproven Short-term rental rules and licensing in Minneapolis can limit this use, so don't underwrite it without checking the city's rules.Listing says: “Would make excellent short-term rental.”

From the photos

Listing photo 1
1 of 7Check

Stucco exterior with painted wood trim and a front porch looks in decent shape from the street. No obvious damage is visible, but stucco cracks and moisture need a close check.

Listing photo 7
2 of 7Concern

The kitchen appears dated. It has a vinyl floor, white appliances, a small run of white cabinets and an older stove, so expect refresh costs.

Listing photo 3
3 of 7Plus

Hardwood floors in the living and dining areas look in good shape and are a draw for tenants.

Listing photo 8
4 of 7Concern

One bathroom has old wall tile and a basic vanity, while another looks recently updated with new cabinetry and subway tile. The baths are uneven between units.

Listing photo 10
5 of 7Plus

The updated vanity and tile look like a newer remodel, probably the basement bath or one unit's bath.

Listing photo 9
6 of 7Check

Windows in the enclosed front porch look like newer double-hung units, but the other windows' age isn't clear.

Listing photo 2
7 of 7Check

The photos show no boiler or furnace, water heater, electrical panel, basement or roof close-up, so key systems are unseen.

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
$419,000
Cash to close
$96,370
Price per unit
$209,500
GRM
12.3

Each month

Cash flow
−$1,166/mo
Cash-on-cash
−14.5%
Cap rate
3.0%
DSCR
0.48×

Break-even

Price that breaks even
$199,991
Rent that breaks even
$4,364/mo

Long run

Year 30: property vs stocks
$956K vs $1.71M
Cash flow turns positive
not within 30 years

Monthly

Monthly breakdown

Rent$2,850
Vacancy (6%)−$171
Collected$2,679
Property tax Public record−$686
Insurance Estimate−$214
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$228
Capital reserve (9% of rent)−$256
Net operating income$1,064
Mortgage (principal + interest)−$2,230
Cash flow−$1,166
Principal paid down (equity, not cash)$284

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$956,002
Your equity when you sell
$956,002

Sells for $1,017,023 (value up 3% a year), minus 6% selling cost ($61,021). Rent paid down $335,200 of loan.

Rental profits, invested at 7%
$0

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

Same money in stocks$1,709,810
Cash to close, invested at 7%
$733,593

$96,370 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$976,217

$250,027 you'd have paid in while the building lost money, invested instead.

Stocks come out $753,808 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 $956K, stocks $1.71M. Stocks win.

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.

1 bed / 1 bath estimate $1,425/mo · range $1,275–$1,600

AddressRentBd / BaSq ftDistanceListedMatch
314 13th Ave NE, Minneapolis 55413 off market $1,360 1 / 1 — 0.3 mi 2026-05-09 94%
843 Summer St NE, Minneapolis 55413 off market $1,150 1 / 1 — 0.5 mi 2026-04-14 93%
847 Summer St NE, Minneapolis 55413 off market $1,150 1 / 1 — 0.5 mi 2026-03-23 93%
1115 1/2 4th St NE, Minneapolis 55413 off market $1,199 1 / 1 — 0.5 mi 2026-04-24 93%
1903 3rd St NE, Minneapolis 55418 off market $1,200 1 / 1 — 0.6 mi 2026-04-14 93%
2318 Jefferson St NE, Minneapolis 55418 $1,050 1 / 1 — 0.8 mi 2025-11-06 93%
718 24th Ave NE, Minneapolis 55418 off market $1,099 1 / 1 — 0.9 mi 2026-06-10 93%
136 14th Ave NE, Minneapolis 55413 off market $1,599 1 / 1 1,000 0.5 mi 2026-07-16 86%
438 University Ave NE, Apt 2, Minneapolis 55413 off market $1,450 1 / 1 1,000 0.5 mi 2026-03-27 86%
170 15th Ave NE, Minneapolis 55413 off market $1,415 1 / 1 950 0.5 mi 2026-06-30 86%

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

  • highPriced far above what the rents support, and above the 2009 sale price. Break-even is about half the ask. Based on: data: underwriting.break_even_price · AI review
  • medium$3,631 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 1402924240132: special assessments (current) = $3,630.74
  • mediumAsking is $219,009 above the price where cash flow breaks even ($199,991) at the default scenario. Based on: Derived: price $419,000 vs. break-even $199,991
  • mediumGravity heat on a 1900 building. This is likely an old system and may be shared. Who pays for heat is unknown. Based on: data: county.heat_type · AI review
  • mediumTaxes are about $8.2K a year on a non-homestead bill, a heavy load on two 1-bed units. Based on: data: county.tax · AI review
  • lowThe pitch leans on short-term rental. The rental license is a standard long-term license, and short-term rentals are regulated separately in Minneapolis. Listing says: Would make excellent short-term rental. · AI review

Opportunities

  • No rent cap in Minneapolis, so rents can follow the market after any refresh. Based on: data: underwriting.rent_rule · AI review
  • Walkable, lively location near bars, restaurants and transit supports tenant demand. Listing says: Steps from the Briar Bar, 13th Avenue NE and dozens of bars, restaurants, breweries and galleries. · AI review
  • Detached 2-car garage can bring in extra parking or storage income. Listing says: 2-car detached garage. · AI review
  • Upper unit has a den/office, which could appeal to work-from-home tenants if the layout allows it. Listing says: Upper unit has office/den. · AI review

Questions for the agent

  • What are the current rents, lease end dates and deposits for each unit? Ask for the rent roll.
  • What are the $3,631 in special assessments for, and do they continue or get paid off at closing?
  • Is there one boiler or furnace, or separate heat for each unit? Who pays heat, water and trash?
  • What are the ages of the roof, the wiring and panels, and the water heaters?
  • Why has it been on the market 75 days, and has the price changed?
  • Is the rental license current and in good standing? Ask for the last inspection results.

Bottom line

Nice location and a solid duplex layout, but at $419K it loses over $1,100 a month on our numbers and needs a large price cut. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$8,227
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,574
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 reserve8% / 9%

Price history Realtor.com

On the market since 2026-07-22 (75 days); down $41,000 (8.9%) from the first ask of $460,000; last sold for $245,000 on 2009-09-30; listed for rent at $1,700/mo on 2025-07-07.

DateEventPrice
Price changed$419,000
Price changed$429,000
Price changed$439,000
Price changed$450,000
Listed$460,000
Removed—
Listed for rent$1,700/mo
Removed—
Listed for rent$1,400/mo
Removed$239,900
Sold$245,000
Price changed$229,900
Listed$239,900
Price changed$239,900
Listed$249,900
Sold public record$168,000
Sold public record$83,000
Sold public record$50,000
Sold public record$57,500

County record Public record

Recorded asduplex
Living units2
Year built1900
Market value (2026)$433,200
Property tax$8,227
Special assessments$3,631
Homesteadno
Last sale2009-09-01 · $245,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 35W, about 1557 m away.

Crime in Sheridan

160 incidents in the last 12 months (48 per 1,000 residents), −4% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).