1518 Park Ave
Duplex · 2 units: 3 bed / 1 bath ×2 unit split estimated · 2,849 sq ft
Minneapolis, MN · Elliot Park · View the listing ↗
Photos, via Realtor.com.
- Asking price
- $389,900 2 units · $195K per unit
- Monthly cash flow
- −$62 at 20% down, 7%
- Break-even price
- $378,204 where cash flow hits $0
First look
This is a Minneapolis duplex with two 3-bed/1-bath units, priced at $389,900. The owner paid $385,000 in May 2023 and the county values it at $328,300, so the ask is well above both. Our underwriting at the ask shows about -$62 a month and a 6.2% cap rate, and break-even is around $378K. That means it does not quite work at today's rates at the ask, and it would need either a lower price or actual rents above our $1,875 per unit estimate. The listing gives no rents, so ask for the rent roll and leases first. Eighty-three days on the market suggests room to negotiate. Worth a showing, and the main things to confirm are heat setup, the second unit's furnace age, and the highway noise.
Things to consider
- Price versus numbers Our model loses about $62 a month at asking and break-even is below the $389,900 ask. The gap is small, so a price cut or rents above our estimate could close it.
- Sale history It sold for $385,000 in 2023 and the county values it at $328,300. The seller may be anchored to what they paid.
- Rents are unverified The listing gives no rents. Our estimate is about $1,875 per unit and the investment case depends on that figure holding up.
- Recent system updates A new roof, new furnace in Unit 1 and newer water heaters cut near-term capital spending. Verify permits and the Unit 2 furnace.Listing says: “a new roof (2023) with a 5-year workmanship warranty”
- Taxes will likely rise The listing shows a homestead tax of $4,844. An investor pays a higher non-homestead rate, which will cut cash flow further.
- Highway proximity I-94 is close, which can mean noise and air quality complaints and may affect rents and turnover.
From the photos
Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.
Condition and repairs
- doneNew roof (2023) with 5-year workmanship warrantyListing says: a new roof (2023) with a 5-year workmanship warranty
- doneNew furnace in Unit 1 (Feb 2024)Listing says: new furnace in Unit 1 (Feb 2024)
- doneNewer water heaters (2024 & 2025)Listing says: newer water heaters (2024 & 2025)
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
- $389,900
- Cash to close
- $50,687
- Price per unit
- $194,950
- GRM
- 8.7
Each month
- Cash flow
- −$541/mo
- Cash-on-cash
- −12.8%
- Cap rate
- 6.2%
- DSCR
- 0.79×
Break-even
- Price that breaks even
- $307,312
- Rent that breaks even
- $4,453/mo
Long run
- Year 30: property vs stocks
- $1.38M vs $536K
- Cash flow turns positive
- year 7
The deal
- Price
- $389,900
- Cash to close
- $50,687
- Price per unit
- $194,950
- GRM
- 8.7
Each month
- Cash flow
- −$858/mo
- Cash-on-cash
- −20.3%
- Cap rate
- 5.2%
- DSCR
- 0.66×
Break-even
- Price that breaks even
- $258,878
- Rent that breaks even
- $5,002/mo
Long run
- Year 30: property vs stocks
- $1.09M vs $745K
- Cash flow turns positive
- year 13
The deal
- Price
- $379,900
- Cash to close
- $49,387
- Price per unit
- $189,950
- GRM
- 8.4
Each month
- Cash flow
- −$475/mo
- Cash-on-cash
- −11.6%
- Cap rate
- 6.4%
- DSCR
- 0.81×
Break-even
- Price that breaks even
- $307,312
- Rent that breaks even
- $4,367/mo
Long run
- Year 30: property vs stocks
- $1.40M vs $500K
- Cash flow turns positive
- year 6
The deal
- Price
- $379,900
- Cash to close
- $49,387
- Price per unit
- $189,950
- GRM
- 8.4
Each month
- Cash flow
- −$793/mo
- Cash-on-cash
- −19.3%
- Cap rate
- 5.4%
- DSCR
- 0.68×
Break-even
- Price that breaks even
- $258,878
- Rent that breaks even
- $4,907/mo
Long run
- Year 30: property vs stocks
- $1.09M vs $690K
- Cash flow turns positive
- year 12
The deal
- Price
- $389,900
- Cash to close
- $89,677
- Price per unit
- $194,950
- GRM
- 8.7
Each month
- Cash flow
- −$62/mo
- Cash-on-cash
- −0.8%
- Cap rate
- 6.2%
- DSCR
- 0.97×
Break-even
- Price that breaks even
- $378,204
- Rent that breaks even
- $3,831/mo
Long run
- Year 30: property vs stocks
- $1.59M vs $688K
- Cash flow turns positive
- year 3
The deal
- Price
- $389,900
- Cash to close
- $89,677
- Price per unit
- $194,950
- GRM
- 8.7
Each month
- Cash flow
- −$380/mo
- Cash-on-cash
- −5.1%
- Cap rate
- 5.2%
- DSCR
- 0.82×
Break-even
- Price that breaks even
- $318,598
- Rent that breaks even
- $4,304/mo
Long run
- Year 30: property vs stocks
- $1.22M vs $806K
- Cash flow turns positive
- year 9
The deal
- Price
- $379,900
- Cash to close
- $87,377
- Price per unit
- $189,950
- GRM
- 8.4
Each month
- Cash flow
- −$9/mo
- Cash-on-cash
- −0.1%
- Cap rate
- 6.4%
- DSCR
- 1.00×
Break-even
- Price that breaks even
- $378,204
- Rent that breaks even
- $3,762/mo
Long run
- Year 30: property vs stocks
- $1.63M vs $666K
- Cash flow turns positive
- year 2
The deal
- Price
- $379,900
- Cash to close
- $87,377
- Price per unit
- $189,950
- GRM
- 8.4
Each month
- Cash flow
- −$326/mo
- Cash-on-cash
- −4.5%
- Cap rate
- 5.4%
- DSCR
- 0.84×
Break-even
- Price that breaks even
- $318,598
- Rent that breaks even
- $4,226/mo
Long run
- Year 30: property vs stocks
- $1.23M vs $761K
- Cash flow turns positive
- year 8
The deal
- Price
- $389,900
- Cash to close
- $109,172
- Price per unit
- $194,950
- GRM
- 8.7
Each month
- Cash flow
- $67/mo
- Cash-on-cash
- 0.7%
- Cap rate
- 6.2%
- DSCR
- 1.03×
Break-even
- Price that breaks even
- $403,418
- Rent that breaks even
- $3,662/mo
Long run
- Year 30: property vs stocks
- $1.73M vs $831K
- Cash flow turns positive
- year 1
The deal
- Price
- $389,900
- Cash to close
- $109,172
- Price per unit
- $194,950
- GRM
- 8.7
Each month
- Cash flow
- −$250/mo
- Cash-on-cash
- −2.7%
- Cap rate
- 5.2%
- DSCR
- 0.87×
Break-even
- Price that breaks even
- $339,837
- Rent that breaks even
- $4,114/mo
Long run
- Year 30: property vs stocks
- $1.30M vs $892K
- Cash flow turns positive
- year 7
The deal
- Price
- $379,900
- Cash to close
- $106,372
- Price per unit
- $189,950
- GRM
- 8.4
Each month
- Cash flow
- $117/mo
- Cash-on-cash
- 1.3%
- Cap rate
- 6.4%
- DSCR
- 1.06×
Break-even
- Price that breaks even
- $403,418
- Rent that breaks even
- $3,598/mo
Long run
- Year 30: property vs stocks
- $1.77M vs $810K
- Cash flow turns positive
- year 1
The deal
- Price
- $379,900
- Cash to close
- $106,372
- Price per unit
- $189,950
- GRM
- 8.4
Each month
- Cash flow
- −$200/mo
- Cash-on-cash
- −2.3%
- Cap rate
- 5.4%
- DSCR
- 0.89×
Break-even
- Price that breaks even
- $339,837
- Rent that breaks even
- $4,042/mo
Long run
- Year 30: property vs stocks
- $1.32M vs $851K
- Cash flow turns positive
- year 6
Monthly
Monthly breakdown
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$414 |
| Insurance Estimate | −$230 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (9% of rent) | −$338 |
| Net operating income | $2,013 |
| Mortgage (principal + interest) | −$2,335 |
| PMI | −$219 |
| Cash flow | −$541 |
| Principal paid down (equity, not cash) | $297 |
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$414 |
| Insurance Estimate | −$230 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (9% of rent) | −$338 |
| Property management | −$317 |
| Net operating income | $1,696 |
| Mortgage (principal + interest) | −$2,335 |
| PMI | −$219 |
| Cash flow | −$858 |
| Principal paid down (equity, not cash) | $297 |
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$414 |
| Insurance Estimate | −$230 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (9% of rent) | −$338 |
| Net operating income | $2,013 |
| Mortgage (principal + interest) | −$2,275 |
| PMI | −$214 |
| Cash flow | −$475 |
| Principal paid down (equity, not cash) | $289 |
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$414 |
| Insurance Estimate | −$230 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (9% of rent) | −$338 |
| Property management | −$317 |
| Net operating income | $1,696 |
| Mortgage (principal + interest) | −$2,275 |
| PMI | −$214 |
| Cash flow | −$793 |
| Principal paid down (equity, not cash) | $289 |
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$414 |
| Insurance Estimate | −$230 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (9% of rent) | −$338 |
| Net operating income | $2,013 |
| Mortgage (principal + interest) | −$2,075 |
| Cash flow | −$62 |
| Principal paid down (equity, not cash) | $264 |
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$414 |
| Insurance Estimate | −$230 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (9% of rent) | −$338 |
| Property management | −$317 |
| Net operating income | $1,696 |
| Mortgage (principal + interest) | −$2,075 |
| Cash flow | −$380 |
| Principal paid down (equity, not cash) | $264 |
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$414 |
| Insurance Estimate | −$230 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (9% of rent) | −$338 |
| Net operating income | $2,013 |
| Mortgage (principal + interest) | −$2,022 |
| Cash flow | −$9 |
| Principal paid down (equity, not cash) | $257 |
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$414 |
| Insurance Estimate | −$230 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (9% of rent) | −$338 |
| Property management | −$317 |
| Net operating income | $1,696 |
| Mortgage (principal + interest) | −$2,022 |
| Cash flow | −$326 |
| Principal paid down (equity, not cash) | $257 |
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$414 |
| Insurance Estimate | −$230 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (9% of rent) | −$338 |
| Net operating income | $2,013 |
| Mortgage (principal + interest) | −$1,946 |
| Cash flow | $67 |
| Principal paid down (equity, not cash) | $248 |
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$414 |
| Insurance Estimate | −$230 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (9% of rent) | −$338 |
| Property management | −$317 |
| Net operating income | $1,696 |
| Mortgage (principal + interest) | −$1,946 |
| Cash flow | −$250 |
| Principal paid down (equity, not cash) | $248 |
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$414 |
| Insurance Estimate | −$230 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (9% of rent) | −$338 |
| Net operating income | $2,013 |
| Mortgage (principal + interest) | −$1,896 |
| Cash flow | $117 |
| Principal paid down (equity, not cash) | $241 |
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$414 |
| Insurance Estimate | −$230 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (9% of rent) | −$338 |
| Property management | −$317 |
| Net operating income | $1,696 |
| Mortgage (principal + interest) | −$1,896 |
| Cash flow | −$200 |
| Principal paid down (equity, not cash) | $241 |
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
- Your equity when you sell
- $889,607
- Rental profits, invested at 7%
- $486,144
Sells for $946,390 (value up 3% a year), minus 6% selling cost ($56,783). Rent paid down $350,910 of loan.
$278,977 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $385,842
- Monthly shortfalls, invested
- $149,737
$50,687 put into an index fund instead of the down payment and closing costs.
$23,229 you'd have paid in while the building lost money, invested instead.
The building comes out $840,172 ahead after 30 years.
- Your equity when you sell
- $889,607
- Rental profits, invested at 7%
- $201,903
Sells for $946,390 (value up 3% a year), minus 6% selling cost ($56,783). Rent paid down $350,910 of loan.
$136,854 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $385,842
- Monthly shortfalls, invested
- $358,977
$50,687 put into an index fund instead of the down payment and closing costs.
$62,227 you'd have paid in while the building lost money, invested instead.
The building comes out $346,690 ahead after 30 years.
- Your equity when you sell
- $866,790
- Rental profits, invested at 7%
- $530,015
Sells for $922,117 (value up 3% a year), minus 6% selling cost ($55,327). Rent paid down $341,910 of loan.
$296,629 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $375,946
- Monthly shortfalls, invested
- $123,994
$49,387 put into an index fund instead of the down payment and closing costs.
$19,056 you'd have paid in while the building lost money, invested instead.
The building comes out $896,864 ahead after 30 years.
- Your equity when you sell
- $866,790
- Rental profits, invested at 7%
- $226,588
Sells for $922,117 (value up 3% a year), minus 6% selling cost ($55,327). Rent paid down $341,910 of loan.
$149,863 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $375,946
- Monthly shortfalls, invested
- $314,049
$49,387 put into an index fund instead of the down payment and closing costs.
$53,410 you'd have paid in while the building lost money, invested instead.
The building comes out $403,383 ahead after 30 years.
- Your equity when you sell
- $889,607
- Rental profits, invested at 7%
- $704,119
Sells for $946,390 (value up 3% a year), minus 6% selling cost ($56,783). Rent paid down $311,920 of loan.
$360,481 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $682,644
- Monthly shortfalls, invested
- $5,812
$89,677 put into an index fund instead of the down payment and closing costs.
$822 you'd have paid in while the building lost money, invested instead.
The building comes out $905,269 ahead after 30 years.
- Your equity when you sell
- $889,607
- Rental profits, invested at 7%
- $327,854
Sells for $946,390 (value up 3% a year), minus 6% selling cost ($56,783). Rent paid down $311,920 of loan.
$198,486 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $682,644
- Monthly shortfalls, invested
- $123,029
$89,677 put into an index fund instead of the down payment and closing costs.
$19,947 you'd have paid in while the building lost money, invested instead.
The building comes out $411,787 ahead after 30 years.
- Your equity when you sell
- $866,790
- Rental profits, invested at 7%
- $759,408
Sells for $922,117 (value up 3% a year), minus 6% selling cost ($55,327). Rent paid down $303,920 of loan.
$378,928 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $665,136
- Monthly shortfalls, invested
- $771
$87,377 put into an index fund instead of the down payment and closing costs.
$108 you'd have paid in while the building lost money, invested instead.
The building comes out $960,291 ahead after 30 years.
- Your equity when you sell
- $866,790
- Rental profits, invested at 7%
- $360,559
Sells for $922,117 (value up 3% a year), minus 6% selling cost ($55,327). Rent paid down $303,920 of loan.
$212,855 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $665,136
- Monthly shortfalls, invested
- $95,403
$87,377 put into an index fund instead of the down payment and closing costs.
$15,154 you'd have paid in while the building lost money, invested instead.
The building comes out $466,810 ahead after 30 years.
- Your equity when you sell
- $889,607
- Rental profits, invested at 7%
- $845,326
Sells for $946,390 (value up 3% a year), minus 6% selling cost ($56,783). Rent paid down $292,425 of loan.
$406,351 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $831,045
$109,172 put into an index fund instead of the down payment and closing costs.
The building comes out $903,887 ahead after 30 years.
- Your equity when you sell
- $889,607
- Rental profits, invested at 7%
- $412,355
Sells for $946,390 (value up 3% a year), minus 6% selling cost ($56,783). Rent paid down $292,425 of loan.
$234,544 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $831,045
- Monthly shortfalls, invested
- $60,511
$109,172 put into an index fund instead of the down payment and closing costs.
$9,312 you'd have paid in while the building lost money, invested instead.
The building comes out $410,406 ahead after 30 years.
- Your equity when you sell
- $866,790
- Rental profits, invested at 7%
- $901,887
Sells for $922,117 (value up 3% a year), minus 6% selling cost ($55,327). Rent paid down $284,925 of loan.
$424,315 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $809,731
$106,372 put into an index fund instead of the down payment and closing costs.
The building comes out $958,946 ahead after 30 years.
- Your equity when you sell
- $866,790
- Rental profits, invested at 7%
- $449,949
Sells for $922,117 (value up 3% a year), minus 6% selling cost ($55,327). Rent paid down $284,925 of loan.
$249,458 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $809,731
- Monthly shortfalls, invested
- $41,544
$106,372 put into an index fund instead of the down payment and closing costs.
$6,263 you'd have paid in while the building lost money, invested instead.
The building comes out $465,464 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
Year 30 (loan paid off): property $1.38M, stocks $536K. The property wins.
Year 30 (loan paid off): property $1.09M, stocks $745K. The property wins.
Year 30 (loan paid off): property $1.40M, stocks $500K. The property wins.
Year 30 (loan paid off): property $1.09M, stocks $690K. The property wins.
Year 30 (loan paid off): property $1.59M, stocks $688K. The property wins.
Year 30 (loan paid off): property $1.22M, stocks $806K. The property wins.
Year 30 (loan paid off): property $1.63M, stocks $666K. The property wins.
Year 30 (loan paid off): property $1.23M, stocks $761K. The property wins.
Year 30 (loan paid off): property $1.73M, stocks $831K. The property wins.
Year 30 (loan paid off): property $1.30M, stocks $892K. The property wins.
Year 30 (loan paid off): property $1.77M, stocks $810K. The property wins.
Year 30 (loan paid off): property $1.32M, stocks $851K. 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 $1,875/mo · range $1,800–$3,775 · 7 rentals within 0.75 mi
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 1506 Park Ave S Unit 3, Minneapolis | $1,745 | 3 / 1 | 0.0 mi |
| 735 E 16th St, Minneapolis | $1,466 | 3 / 1 | 0.1 mi |
| 511 S 4th St, Minneapolis | $3,555 | 3 / 2 | 0.6 mi |
| 2407 Elliot Upper Ave Unit Elliot, Minneapolis | $2,300 | 3 / 1 | 0.7 mi |
| 912 E 25th St Apt 2, Minneapolis | $1,695 | 3 / 1 | 0.7 mi |
| 912 E 25th St Apt 3, Minneapolis | $1,675 | 3 / 1 | 0.7 mi |
| 101 S 5th St, Minneapolis | $3,691 | 3 / 2 | 0.7 mi |
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 above the 2023 purchase price and well above county value, and our numbers show negative cash flow. Based on: data: underwriting · AI review
- mediumOnly Unit 1's furnace is mentioned as new. Unit 2's furnace age is unknown. Listing says: new furnace in Unit 1 (Feb 2024) · AI review
- medium'Turnkey' and 'strong rental income' claims come with no actual rents, leases or expenses. Listing says: a turnkey investment opportunity with strong rental income potential · AI review
- lowThe property sits about 155 m from I-94/MN 55. Expect traffic noise, which may limit rents. Based on: data: highway · AI review
Opportunities
- Price is negotiable: 83 days on market and ask is above the break-even price of about $313K. Based on: data: underwriting.break_even_price · AI review
- Minneapolis has no rent cap, so rents can move with the market. Based on: data: underwriting.rent_rule · AI review
- Roof, furnace and water heaters were recently replaced, which lowers near-term capital spending. Listing says: Major updates reduce near-term expenses · AI review
Questions for the agent
- What are the current rents, lease end dates and security deposits for each unit?
- Is Unit 2's furnace new or original, and how old are the AC units?
- Does each unit have separate gas and electric meters, and who pays heat, water and trash?
- Why has it sat 83 days, and has the price been cut or any offers fallen through?
- Can I see the 2023 roof invoice and warranty, and the rental license inspection report?
- Are there separate entrances and legal egress for the bedrooms in both units?
Bottom line
Updated systems and a decent layout, but at $389,900 it loses about $60 a month in our model, so it needs a lower price or stronger rents to work. 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. | $4,971 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $2,763 |
| 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% / 9% |
Price history Realtor.com
On the market since 2026-03-16 (203 days, relisted 1×); last sold for $483,000 on 2023-06-01; listed for rent at $1,850/mo on 2026-05-26.
| Date | Event | Price |
|---|---|---|
| Price changed | $389,900 | |
| Price changed | $399,900 | |
| Price changed | $409,900 | |
| Listed | $415,000 | |
| Removed | — | |
| Listed for rent | $1,850/mo | |
| Removed | — | |
| Rent changed | $1,900/mo | |
| Listed for rent | $1,950/mo | |
| Removed | — | |
| Listed for rent | $1,950/mo | |
| Removed | — | |
| Removed | — | |
| Rent changed | $1,950/mo | |
| Listed for rent | $1,999/mo | |
| Rent changed | $1,999/mo | |
| Listed for rent | $2,090/mo | |
| Removed | — | |
| Removed | — | |
| Removed | — | |
| Listed for rent | $2,000/mo | |
| Listed for rent | $2,000/mo | |
| Listed for rent | $2,000/mo | |
| Removed | — | |
| Listed for rent | $1,875/mo |
County record Public record
| Recorded as | duplex |
| Living units | 2 |
| Year built | 1900 |
| Market value (2026) | $328,300 |
| Property tax | $4,844 |
| Special assessments | none |
| Homestead | no |
| Last sale | 2023-05-01 · $385,000 |
Source: Hennepin County parcel records.
City rental license
CHOWN: 2 unit(s), Tier 1, status active, renews 2027-03-01.
Nearest highway
I 94;MN 55, about 155 m away.
Crime in Elliot Park
592 incidents in the last 12 months (79 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).