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1523 22nd Ave N

Duplex · 2 units: 3 bed / 1 bath and 2 bed / 1 bath unit split estimated · 1,886 sq ft

Minneapolis, MN · Jordan · View the listing ↗

Cash flows
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Photos, via Realtor.com.

Asking price
$214,900
2 units · $107K per unit
Monthly cash flow
$738
at 20% down, 7%
Estimated rent
$3,450/mo
low confidence · 6 rentals within 1.5 mi
Break-even price
$353,482
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a vacant North Minneapolis duplex at $214,900, and the numbers look strong on paper: our underwriting shows about $738/month cash flow and a 10.5% cap rate at asking. Previous rents of $1,795 upstairs and $1,375 downstairs sit at or below our estimates, so there is room on the lower unit, but those are past rents, not a current rent roll. Both units are empty and it has been listed 81 days, which makes me ask why it hasn't sold and what the inspection history looks like. The photos show cosmetic paint and old hardwoods but skip the basement, mechanicals, roof and baths, so I'd want those before trusting the 'well-maintained' claim. Worth a showing if the systems hold up, with extra attention to the Jordan block and the tenant quality you can attract.

Things to consider

  1. Strong cash flow on paper Underwriting shows about $738/month and a 10.5% cap rate at asking, but it relies on our rent estimates, not a rent roll.
  2. Past rents only, no current tenants Prior rents of $1,795 and $1,375 are in line with or below estimates, but they are unverified and the units must be re-leased.Listing says: “Previously rented for $1,795/month, the unit is move-in ready”
  3. Long time on market 81 days can give negotiating room, or it can point to condition problems the photos don't show.
  4. Unseen systems and building condition 1900 build with no photos of mechanicals, baths or basement means repair budget is a guess until inspected.
  5. Non-homestead taxes already in the numbers County tax of $4,043 is non-homestead, so there is less reassessment surprise than on owner-occupied listings.

From the photos

Listing photo 2
1 of 7Check

Exterior is painted wood or composite siding in decent shape, but shrubs and trees crowd the walls and entry steps

Listing photo 3
2 of 7Plus

Rear wooden stairs and landing look fairly new, with railings in good shape

Listing photo 4
3 of 7Concern

Enclosed porch has aged brown wood shingles and a worn painted floor; the entry has an older parquet floor

Listing photo 5
4 of 7Check

Kitchen appears dated but functional: oak cabinets, stainless appliances, vinyl plank floor, laminate counters

Listing photo 8
5 of 7Check

Hardwood floors look worn and scuffed but intact; paint is fresh and walls have heavy textured finish

Listing photo 10
6 of 7Plus

Ceiling vents in bedrooms suggest forced-air ductwork, consistent with county data

Listing photo 1
7 of 7Check

No photos of bathrooms, basement, furnace, water heater, electrical panel or roof

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

Condition and repairs

  • doneUpper unit freshly turned with fresh paint and updates throughoutListing says: has been freshly turned, with fresh paint and updates throughout

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
$214,900
Cash to close
$49,427
Price per unit
$107,450
GRM
5.2

Each month

Cash flow
$738/mo
Cash-on-cash
17.9%
Cap rate
10.5%
DSCR
1.64×

Break-even

Price that breaks even
$353,482
Rent that breaks even
$2,492/mo

Long run

Year 30: property vs stocks
$2.05M vs $376K
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$3,450
Vacancy (6%)−$207
Collected$3,243
Property tax Public record−$337
Insurance Estimate−$208
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$276
Capital reserve (9% of rent)−$310
Net operating income$1,881
Mortgage (principal + interest)−$1,144
Cash flow$738
Principal paid down (equity, not cash)$146

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$2,048,908
Your equity when you sell
$490,322

Sells for $521,619 (value up 3% a year), minus 6% selling cost ($31,297). Rent paid down $171,920 of loan.

Rental profits, invested at 7%
$1,558,586

$624,681 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$376,251
Cash to close, invested at 7%
$376,251

$49,427 put into an index fund instead of the down payment and closing costs.

The building comes out $1,672,657 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 $2.05M, stocks $376K. 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 $1,625–$2,175 · 6 rentals within 1.5 mi

AddressRentBd / BaSq ftDistanceListedType
1406 21st Ave N Unit 1, Minneapolis $2,065 3 / 1 — 0.1 mi 2025-07-23 Duplex triplex
816 21st Ave N Apt 336, Minneapolis $2,065 3 / 1 1,500 0.5 mi 2026-07-14 Apartment
816 21st Ave N Apt 107, Minneapolis $1,788 3 / 1 1,500 0.5 mi 2026-07-14 Apartment
3023 Queen Ave N, Minneapolis $1,450 3 / 1 820 0.9 mi 2026-07-31 Duplex triplex
910 Oliver Ave N Apt 5, Minneapolis $1,790 3 / 1 1,101 1.0 mi 2026-07-28 Apartment
2112 5th Ave N Unit 1, Minneapolis $1,595 3 / 1 1,200 1.3 mi — Apartment

2 bed estimate $1,575/mo · range $1,475–$1,825 · 6 rentals within 0.75 mi

AddressRentBd / BaSq ftDistanceListedType
2222 Girard Ave N, Minneapolis $1,500 2 / 1 1,736 0.2 mi 2026-07-10 Duplex triplex
2000 W Broadway Ave, Minneapolis $1,350 2 / 1 902 0.3 mi 2026-01-02 Apartment
816 21st Ave N Apt 337, Minneapolis $1,788 2 / 1 1,000 0.5 mi 2026-07-14 Apartment
2323 26th Ave N, Minneapolis $1,717 2 / 1 1,052 0.6 mi 2026-05-04 Apartment
415 23rd Ave N Apt 4, Minneapolis $1,415 2 / 1 850 0.7 mi — Apartment
421 N 26th Ave Unit 1, Minneapolis $1,500 2 / 1 300 0.7 mi 2026-09-21 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

  • mediumBoth units vacant, so there is no verified current rent or tenant history; past rents are unconfirmed Listing says: with both units now vacant and ready for their next occupants · AI review
  • medium81 days on market for a priced-to-cash-flow duplex suggests a hidden issue or buyer pushback Based on: data: listing.days_on_market · AI review
  • lowWood-sided 1900 building with thick vegetation touching the siding and steps; check for rot and moisture Based on: photo 2 · AI review

Opportunities

  • Both units vacant: set rents at market, or owner-occupy one unit Listing says: a new owner can immediately lease both units, live in one unit while renting the other · AI review
  • No rent cap in Minneapolis, so rents can follow the market Based on: data: underwriting.rent_rule · AI review
  • Main unit previously rented well below our 2-bed estimate midpoint of $1,650 Listing says: was previously rented for $1,375/month · AI review

Questions for the agent

  • Why are both units vacant, and when did the last tenants leave?
  • Can you share the last two years of rent roll, tenant ledger and expenses?
  • How old are the roof, furnace, water heater and electrical panel?
  • Is the heat one furnace or one per unit, and who pays what utilities?
  • Has there been any water intrusion in the basement or any foundation work?
  • What is the main-level bedroom count and layout?

Bottom line

Numbers look attractive at $214,900 with both units empty, but verify mechanicals, the main unit's size, and why it has sat 81 days. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$4,043
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,499
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 2026-06-24 (103 days, relisted 1×); last sold for $188,000 on 2021-05-21; listed for rent at $1,695/mo on 2026-04-24.

DateEventPrice
Price changed$214,900
Price changed$199,900
Price changed$209,900
Listed$219,900
Removed—
Rent changed$1,695/mo
Rent changed$1,795/mo
Rent changed$1,895/mo
Rent changed$1,945/mo
Listed for rent$1,795/mo
Removed—
Listed for rent$1,295/mo
Removed—
Listed for rent$1,295/mo
Removed—
Rent changed$1,295/mo
Rent changed$1,395/mo
Rent changed$1,450/mo
Listed for rent$1,495/mo
Sold$188,000
Relisted$184,900
Removed$184,900
Relisted$184,900
Removed$184,900
Listed$184,900

County record Public record

Recorded asduplex
Living units2
Year built1900
Market value (2026)$212,900
Property tax$4,043
Special assessmentsnone
Homesteadno
Last sale2021-05-01 · $188,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

None, about 1335 m away.

Crime in Jordan

591 incidents in the last 12 months (69 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).