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1237 Knox Ave N

Duplex · 2 units: 3 bed / 1 bath ×2 · 3,140 sq ft

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

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Photos courtesy of Keller Williams Classic Realty Northwest, via Realtor.com.

Asking price
$400,000
2 units · $200K per unit
Monthly cash flow
−$68
at 20% down, 7%
Estimated rent
$3,950/mo
low confidence · 6 rentals within 1.5 mi
Break-even price
$387,260
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a flip, not a long-held rental. The seller paid $167K in March 2025 and wants $400K after cosmetic work. At our mid rents of $2,000 per unit, the numbers lose about $29 a month with 20% down and a 6.3% cap rate. Our break-even price is about $394K, so the ask is roughly $6K too high. Photos show fresh finishes, but nothing shows the systems, foundation or permits, so ask for the permit history and a rent roll before you tour. It only makes sense as a house hack or at a slightly lower price.

Things to consider

  1. Price vs. numbers At the ask, cash flow is about -$29 a month with a 6.3% cap rate, and the break-even price is near $394K. You would be paying a small premium for a flip.
  2. Big jump from last sale The seller paid $167K and is asking $400K. You need to know what was spent and whether work was permitted and done well.
  3. Occupied lower unit Rent and lease terms are unknown. You'd inherit the tenant, and a tenant in place can restrict your ability to move in or raise rents.Listing says: “Lower unit is occupied and features 3 BR / 1 BA with 1,196 square feet.”
  4. Hidden systems on a 1912 building Photos show only cosmetic finishes. Old plumbing, wiring, foundation or roof issues could eat the margin, so get an inspection before relying on the remodel.
  5. House hack is the better use With an owner-occupied unit, financing is easier and rent covers part of the payment. It works best if the price comes down a bit.Listing says: “Opportunity to move into the open unit while collecting rental income from the lower unit”
  6. Rent license is active A Tier 1 license for 2 units is a good sign. A transfer may be needed at sale, so confirm requirements.

From the photos

Listing photo 1
1 of 8Check

Exterior is a two-story duplex with painted siding and a stacked front porch. Wood deck and railings appear newer. Paint and siding condition looks fair, and the roof isn't clearly visible.

Listing photo 3
2 of 8Plus

Four-season porch has new carpet, painted brick-pattern walls and original wood trim. Windows look intact and the room appears bright and dry.

Listing photo 5
3 of 8Plus

Kitchen appears fully updated: white cabinets, stone-look counters, stainless fridge and a new electric cooktop. Finishes are builder-grade, not high-end.

Listing photo 6
4 of 8Check

Finished attic is a large carpeted space with low sloped ceilings and one window. Egress and heat/cooling for the room are unclear, so it may not count as a bedroom.

Listing photo 7
5 of 8Plus

Bathroom has new tub surround, vanity and toilet. The glass block window is original and the update looks cosmetic.

Listing photo 9
6 of 8Plus

Bedrooms have new carpet, paint and doors. Windows appear to be replacement double-hung units.

Listing photo 1
7 of 8Check

No photos of the basement, mechanicals, electrical panels, water heater or roof, so system condition is unknown.

Listing photo 2
8 of 8Check

Parking looks like on-street, with cars in the road and a narrow side area. The listing claims off-street spaces, so confirm that the lot is usable.

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

Condition and repairs

  • doneFull remodel of both units, new stainless steel appliancesListing says: Both units have brand new stainless steel appliances.
  • doneFull remodel (scope not stated)Listing says: Fully remodeled duplex, ideal for owner-occupants, house hackers, or investors.

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
$400,000
Cash to close
$92,000
Price per unit
$200,000
GRM
8.4

Each month

Cash flow
−$68/mo
Cash-on-cash
−0.9%
Cap rate
6.2%
DSCR
0.97×

Break-even

Price that breaks even
$387,260
Rent that breaks even
$4,038/mo

Long run

Year 30: property vs stocks
$1.62M vs $707K
Cash flow turns positive
year 3

Monthly

Monthly breakdown

Rent$3,950
Vacancy (6%)−$237
Collected$3,713
Property tax Public record−$513
Insurance Estimate−$237
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$316
Capital reserve (9% of rent)−$356
Net operating income$2,061
Mortgage (principal + interest)−$2,129
Cash flow−$68
Principal paid down (equity, not cash)$271

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$1,621,908
Your equity when you sell
$912,651

Sells for $970,905 (value up 3% a year), minus 6% selling cost ($58,254). Rent paid down $320,000 of loan.

Rental profits, invested at 7%
$709,257

$363,629 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$706,984
Cash to close, invested at 7%
$700,327

$92,000 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$6,657

$944 you'd have paid in while the building lost money, invested instead.

The building comes out $914,924 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 $1.62M, stocks $707K. 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.

3 bed estimate $1,975/mo · range $1,825–$2,175 · 6 rentals within 1.5 mi

AddressRentBd / BaSq ftDistanceListedType
910 Oliver Ave N Apt 5, Minneapolis $1,790 3 / 1 1,101 0.3 mi 2026-07-28 Apartment
2112 5th Ave N Unit 1, Minneapolis $1,595 3 / 1 1,200 0.6 mi — Apartment
1406 21st Ave N Unit 1, Minneapolis $2,065 3 / 1 — 0.7 mi 2025-07-23 Duplex triplex
1611 Glenwood Ave Apt 1, Minneapolis $1,995 3 / 2 918 0.7 mi — Apartment
816 21st Ave N Apt 336, Minneapolis $2,065 3 / 1 1,500 0.9 mi 2026-07-14 Apartment
816 21st Ave N Apt 107, Minneapolis $1,788 3 / 1 1,500 0.9 mi 2026-07-14 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

  • highAsking price is far above county market value of $324K and above our break-even price. Based on: data: county.market_value · AI review
  • mediumBought for $167,000 in Mar 2025; asking is 140% more 19 months later. Ask what was done to justify the jump. Public record: Hennepin County parcel 2102924210112: last sale 2025-03-01, $167,000
  • mediumLower unit is occupied but no rent or lease terms are given. Occupied status limits your ability to move in, and unknown lease terms hide the real income. Listing says: Lower unit is occupied and features 3 BR / 1 BA with 1,196 square feet. · AI review
  • mediumRemodel scope is vague. Cosmetic finishes can cover old plumbing, wiring and structure. Permits are unknown. Listing says: Fully remodeled duplex, ideal for owner-occupants, house hackers, or investors. · AI review
  • lowTaxes will likely stay near $6,160 for a non-homestead investor, and a $400K sale could push the assessment higher. Based on: data: county.tax · AI review

Opportunities

  • House hack: live in the vacant upper unit and collect rent from the lower unit. Listing says: Opportunity to move into the open unit while collecting rental income from the lower unit · AI review
  • Finished attic flex space could serve as a 4th bedroom if it has egress and a closet. Verify before marketing it as a bedroom. Listing says: plus a large finished attic flex space, totaling 1,944 square feet. · AI review
  • No rent cap in Minneapolis, so rents can follow the market. Based on: data: underwriting.rent_rule · AI review

Questions for the agent

  • What was the remodel scope, and were permits pulled for electrical, plumbing and HVAC?
  • What does the lower tenant pay, and is there a lease? When does it end?
  • Which utilities are separately metered, and who pays heat? Is there one furnace or two?
  • What did the seller pay for the property in 2025, and what did the renovation cost?
  • How old are the roof, furnace, A/C, water heaters and electrical panels?
  • Why has it been on the market 59 days, and has the price changed or would the seller negotiate?

Bottom line

A fresh flip priced about $6K above what the rents support; only worth a look as a house hack or at a slightly lower price. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$6,161
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,844
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 1912: +1 pt capital reserve8% / 9%

Price history Realtor.com

On the market since 2026-07-02 (95 days, relisted 1×); last sold for $167,000 on 2025-05-12; listed for rent at $1,900/mo on 2026-05-06.

DateEventPrice
Price changed$400,000
Price changed$420,000
Listed$425,000
Removed—
Rent changed$1,900/mo
Listed for rent$1,800/mo
Sold public record$167,000
Sold$260,000
Sold$5,000
Listed for rent$7,000/mo
Rental removed$7,000/mo
Listed for rent$7,000/mo
Sold public record$133,000

County record Public record

Recorded asduplex
Living units2
Year built1912
Market value (2026)$324,400
Property tax$6,161
Special assessmentsnone
Homesteadno
Last sale2025-03-01 · $167,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 94, about 1106 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).