1227 Morgan Ave N

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 2,872 sq ft

Minneapolis, MN · Near - North · View the listing ↗

79 photos

Photos courtesy of Jernell Realty, via Realtor.com.

Asking price: $319,900
Monthly cash flow: −$55
Estimated rent: $3,200/mo
Break-even price: $309,508

Adjust the numbers See the full breakdown

From the listing

Classic Minneapolis Charm meets Smart Investing! Turn the key on an incredible opportunity with this classic, two-story double bungalow duplex situated on a rare, expansive lot. Each spacious 2-bedroom, 1-bathroom unit lives like a single-family home, boasting expansive layouts over two full stories. Character lovers will fall in love with the gorgeous, untouched natural woodwork, gleaming floors, and architectural charm that defines historic Minneapolis multi-family homes. Both units feature generous room sizes, bright windows, and dedicated living and dining spaces. The massive lot offers rare outdoor space for tenants to enjoy, garden, or entertain, providing a massive advantage over standard city lots. Perfect for an investor looking for a high-demand rental or an owner-occupant wanting to build equity while letting a tenant pay the mortgage. Don't miss this blend of classic style, space, and strong cash-flow potential!

Listing courtesy of Jernell Realty (Jason Jernell). Description from Realtor.com, MLS #7108880. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1922 double bungalow with two 2-bed/1-bath units, intact woodwork, and a big lot, but the listing gives no rents, no lease status and no utility details. Our underwriting at asking shows about -$55/month and a 6.2% cap rate, with a break-even price near $310K against a $319,900 ask. That is close to working at today's rates, but it still needs a modest price drop. The photos show original kitchens, an older bath, radiators and a rough basement, so budget for updates before you can push rents. Eighty-one days on market gives room to negotiate. Get the rent roll, the heat setup, and the rental license status before a showing.

Things to consider

Price doesn't match the numbers At ask, our model shows -$55/month, and break-even is roughly $310K. Any offer should start from the income, not the list price.
Rents are unknown Our estimate is about $1,600 per unit. Without a rent roll or leases, you can't tell what the building really earns.
Dated kitchens and baths Original finishes may hold rents down or need capital spending before you can raise them. Budget for this before closing.From photo 8
Rental license is missing from city data An unlicensed rental can mean inspection costs and delays, and may limit your ability to collect rent. Confirm status before offering.
Seller has a very low basis and 81 days on market The seller paid $100 in 2009, so they have room to take a lower price. Long days on market support negotiating.
Heat and system age unverified Hot-water heat is likely one boiler, which usually means the owner pays heat. Old wiring in the basement may affect insurance and cost.

From the photos

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

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: $319,900
Cash to close: $73,577
Price per unit: $159,950
GRM: 8.3

Each month

Cash flow: −$55/mo
Cash-on-cash: −0.9%
Cap rate: 6.2%
DSCR: 0.97×

Break-even

Price that breaks even: $309,508
Rent that breaks even: $3,271/mo

Long run

Year 30: property vs stocks: $1.29M vs $566K
Cash flow turns positive: year 3

Monthly

Monthly breakdown

Rent	$3,200
Vacancy (6%)	−$192
Collected	$3,008
Property tax Listing	−$409
Insurance Estimate	−$210
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$256
Capital reserve (8% of rent)	−$256
Net operating income	$1,647
Mortgage (principal + interest)	−$1,703
Cash flow	−$55
Principal paid down (equity, not cash)	$217

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$1,289,698

Your equity when you sell: $729,892
Rental profits, invested at 7%: $559,806

Same money in stocks$565,617

Cash to close, invested at 7%: $560,087
Monthly shortfalls, invested: $5,530

The building comes out $724,081 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 $1.29M, stocks $566K. The property wins.

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.

2 bed / 1 bath estimate $1,600/mo · range $1,350–$1,850

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
506 Newton Ave N, Minneapolis 55405 off market	$1,400	2 / 1	—	0.5 mi	2026-03-13	93%
519 Russell Ave N, Apt 1, Minneapolis 55405 off market	$1,650	2 / 1	—	0.6 mi	2022-01-10	93%
314 Knox Ave N, Minneapolis 55405 off market	$1,375	2 / 1	—	0.7 mi	2026-05-01	93%
2208-2210 Glenwood Ave, Minneapolis 55405 off market	$1,299	2 / 1	—	0.7 mi	2026-06-10	93%
1715 Glenwood Ave, Minneapolis 55405 off market	$1,260	2 / 1	—	0.7 mi	2026-05-02	93%
155 Cedar Lake Rd N, Minneapolis 55405 off market	$1,100	2 / 1	—	0.8 mi	2026-04-04	93%
238 Irving Ave N, Minneapolis 55405 off market	$1,360	2 / 1	—	0.8 mi	2026-01-06	93%
1407 N Girard Ave, Unit 2, Minneapolis 55411 off market	$1,900	2 / 1	1,472	0.4 mi	2026-04-23	88%
1411 N Girard Ave, Unit 1, Minneapolis 55411 off market	$1,900	2 / 1	1,350	0.4 mi	2026-05-28	87%
405 Queen Ave N, Unit 1, Minneapolis 55405 off market	$1,250	2 / 1	1,250	0.7 mi	2026-04-05	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

highNo rents, leases or occupancy stated. Income can't be checked and the listing leans on 'cash-flow potential'. Listing says: strong cash-flow potential! · AI review
highPriced well above what the numbers support: negative cash flow at ask and break-even price about $84K below ask. Based on: data: underwriting · AI review
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 1227 MORGAN AVE N
mediumBasement shows bare masonry walls, exposed wiring and pipes, and a floor that looks stained. Check for moisture and old wiring. Based on: photo 10 · AI review
lowRadiator in the bath has heavily peeling paint, and the hot-water heat likely means one boiler for both units. Based on: photo 7 · AI review

Opportunities

The seller bought for $100 in Aug 2009, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 2102924220087: last sale 2009-08-01, $100
Original woodwork, built-ins and hardwood floors are intact and could appeal to renters with light cosmetic work. Listing says: gorgeous, untouched natural woodwork, gleaming floors · AI review
Large lot gives outdoor space that standard city lots lack, which helps tenant appeal. Listing says: The massive lot offers rare outdoor space for tenants to enjoy · AI review
No rent cap in Minneapolis, so rents can follow the market after a refresh. Based on: data: underwriting.rent_rule · AI review

Questions for the agent

What are the current rents, lease end dates and security deposits for each unit?
Is the building licensed as a rental in Minneapolis, and when was it last inspected?
Is there one boiler or two? Who pays heat, water and trash?
How old are the boiler, roof, electrical panel and water heater?
Why has it sat 81 days, and has the price changed?
Are the units occupied now, and will they be delivered vacant or with tenants?

Bottom line

Charming, intact duplex, but at $319,900 it loses a little money on our numbers, so it works at a slightly lower price with verified rents. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2025. 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.	$4,906
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,518
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. base rate	8% / 8%

Price history Realtor.com

On the market since 2026-07-13 (84 days); down $35,000 (9.9%) from the first ask of $354,900.

Date	Event	Price
2026-09-30	Price changed	$319,900
2026-09-25	Price changed	$327,000
2026-08-12	Price changed	$335,000
2026-07-28	Price changed	$344,900
2026-07-13	Listed	$354,900

County record Public record

Recorded as	duplex
Living units	2
Year built	1922
Market value (2026)	$375,600
Property tax	$5,636
Special assessments	none
Homestead	no
Last sale	2009-08-01 · $100

Source: Hennepin County parcel records.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

I 94, about 1290 m away.

Crime in Near - North

497 incidents in the last 12 months (73 per 1,000 residents), +18% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).