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1535 Adams St NE

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 2,462 sq ft

Minneapolis, MN · Logan Park · View the listing ↗

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

Needs more info before these numbers mean much. The city's rental license covers 1 unit(s); this analysis counts 2.

Asking price
$254,520
2 units · $127K per unit
Monthly cash flow
$84
at 20% down, 7%
Estimated rent
$3,100/mo
medium confidence · 14 rentals within 0.75 mi
Break-even price
$270,208
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a 1910 Northeast Minneapolis duplex that looks vacant and dated, priced at $254,520. Our numbers work at the ask: about +$84/mo cash flow on a 6.8% cap, with a break-even price near $270K. The photos show original-era kitchens, worn carpet and tired siding, so budget a real rehab before you can charge our $1,550 mid rent per unit. The listing reads like a homeowner sale, and the city rental license covers only 1 unit with a Tier 2 grade, so confirm the second unit's legal status first. At 93 days on market there is room to push below ask, but only if inspections are clean. Worth a showing if the siding, foundation and wiring check out, and a lower price would add more cushion.

Things to consider

  1. Numbers work at asking Cash flow is about +$84/mo and break-even is about $270K, so the ask is below break-even, though rehab costs could eat into that thin cushion.
  2. Rental license covers only one unit If the second unit isn't licensed, you may not be able to legally rent it, which changes the income.
  3. Heavy rehab on the main unit The original kitchen and worn finishes mean real cost before it rents at our estimate.From photo 5
  4. Exterior needs work Peeling rear siding means a paint or siding bill, and possible hidden moisture damage.From photo 2
  5. Negotiating leverage 93 days on market and eager wording give room to bid below ask.Listing says: “Priced to sell don't miss out on this opportunity!”
  6. Taxes are not the investor rate The county shows homestead status, so the tax bill may rise for a non-homestead rental.

From the photos

Listing photo 1
1 of 8Concern

Front siding looks like old shingle or composition siding in fair condition, and the porch and steps appear aged

Listing photo 2
2 of 8Concern

Rear siding is peeling and has patchy damage near the roofline and the lower wall; check for water intrusion

Listing photo 3
3 of 8Check

Main-level interior has dated wallpaper and worn carpet, though original woodwork and leaded glass look intact

Listing photo 5
4 of 8Concern

Main kitchen looks original with an old stove, damaged cabinets and a rough floor; it needs a full redo

Listing photo 6
5 of 8Plus

Bathroom has a new vanity, toilet and tub, but the pink tile is dated

Listing photo 7
6 of 8Check

Upper kitchen has newer vinyl plank flooring but old cabinets and appliances; the update looks cosmetic

Listing photo 9
7 of 8Plus

Upper level has refinished-looking hardwood floors and radiators, which suggest hot-water heat

Listing photo 1
8 of 8Check

Photos show no basement, boiler, panel or roof, so major systems are unseen

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

Condition and repairs

  • neededAttic and basement unfinished; could be finished for valueListing says: Attic and basement could be finished to add more value.

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
$254,520
Cash to close
$58,540
Price per unit
$127,260
GRM
6.8

Each month

Cash flow
$84/mo
Cash-on-cash
1.7%
Cap rate
6.8%
DSCR
1.06×

Break-even

Price that breaks even
$270,208
Rent that breaks even
$2,992/mo

Long run

Year 30: property vs stocks
$1.19M vs $446K
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$3,100
Vacancy (6%)−$186
Collected$2,914
Property tax Listing−$497
Insurance Estimate−$221
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$248
Capital reserve (9% of rent)−$279
Net operating income$1,438
Mortgage (principal + interest)−$1,355
Cash flow$84
Principal paid down (equity, not cash)$172

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$1,194,851
Your equity when you sell
$580,720

Sells for $617,787 (value up 3% a year), minus 6% selling cost ($37,067). Rent paid down $203,616 of loan.

Rental profits, invested at 7%
$614,131

$287,293 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$445,618
Cash to close, invested at 7%
$445,618

$58,540 put into an index fund instead of the down payment and closing costs.

The building comes out $749,233 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 $1.19M, stocks $446K. 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.

2 bed estimate $1,550/mo · range $1,425–$1,675 · 14 rentals within 0.75 mi

AddressRentBd / BaSq ftDistanceListedType
1704 Jefferson St NE Units 1 & 655, Minneapolis $1,550 2 / 1 850 0.1 mi — Apartment
1460 Van Buren St NE, Minneapolis $1,361 2 / 1 1,057 0.3 mi 2026-07-30 Apartment
1826 Jackson St NE Unit 1, Minneapolis $1,575 2 / 1 — 0.4 mi 2026-06-19 Apartment
2318 Jefferson St NE, Minneapolis $1,458 2 / 1 — 0.5 mi 2025-11-06 Apartment
635 Adams St NE, Minneapolis $1,360 2 / 1 900 0.6 mi 2026-07-07 Apartment
2015 Central Ave NE, Minneapolis $1,600 2 / 1 1,050 0.6 mi 2025-01-03 Apartment
412 24th Ave NE Unit 1, Minneapolis $1,300 2 / 1 672 0.6 mi — Apartment
2207 1/2 Central Ave NE Apt 4, Minneapolis $1,600 2 / 1 1,000 0.6 mi 2023-03-22 Apartment
1010 20th Ave NE Unit 2, Minneapolis $1,395 2 / 1 730 0.6 mi 2026-09-17 Duplex triplex
744 Polk St NE, Minneapolis $1,399 2 / 1 900 0.7 mi 2025-12-03 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

  • highThe city's rental license covers 1 unit(s); this analysis counts 2. Public record: Minneapolis Active Rental Licenses: 1535 ADAMS ST NE, units=1
  • highMain-level kitchen looks original, with a missing floor covering and damaged cabinets Based on: photo 5 · AI review
  • mediumRental license Tier 2: the city has flagged more violations than typical; expect more frequent inspections and repair orders. Public record: Minneapolis Active Rental Licenses: 1535 ADAMS ST NE, grade/tier=Tier 2, status=Active
  • mediumSiding is peeling and shows exposed patches on the rear; likely paint, scraping and possibly moisture issues Based on: photo 2 · AI review
  • mediumListing is written like an owner-occupant sale with little rental detail; no rents, lease status or utilities given Listing says: Upper level ready to move in or use as an income producing rental. · AI review
  • lowOverhead service wires run close to the rear wall and the meter area looks cluttered; electrical age unknown Based on: photo 2 · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 96 days on market
  • Motivated-seller language: room to negotiate. Listing says: "Minneapolis close to shopping and convenient to restaurants. Priced to sell don't miss out on this opportunity!"
  • Upper unit appears closest to rent-ready, with hardwood floors and a clean bath Based on: photo 9 · AI review
  • No rent cap in Minneapolis, so rents can rise after a refresh Based on: data: underwriting.rent_rule · AI review
  • Long time on market and motivated wording support a lower offer Listing says: Priced to sell don't miss out on this opportunity! · AI review

Questions for the agent

  • Is the second unit legally licensed and does it have its own egress, kitchen and separate meters?
  • Is the house vacant, and how long has it been empty?
  • What is the age and type of the boiler, the electrical panel and the roof?
  • Why does the city show a Tier 2 rental license, and are there open violation orders?
  • Why was it listed at this price, and have there been any price cuts or offers?
  • Are heat and water metered separately for each unit?

Bottom line

A dated, probably vacant duplex that makes money at asking, so pursue it after a hard look at siding, systems and the rental license, and still try for a lower price. 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.$5,969
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,657
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 1910: +1 pt capital reserve8% / 9%

Price history Realtor.com

On the market since 2026-07-01 (96 days); down $48,480 (16.0%) from the first ask of $303,000.

DateEventPrice
Price changed$254,520
Listed$303,000

County record Public record

Recorded asduplex
Living units2
Year built1910
Market value (2026)$409,900
Property tax$6,209
Special assessmentsnone
Homesteadno
Last sale—

Source: Hennepin County parcel records.

City rental license

CHOWNEXMPT: 1 unit(s), Tier 2, status active, renews 2026-03-01.

Nearest highway

I 35W, about 1512 m away.

Crime in Logan Park

184 incidents in the last 12 months (85 per 1,000 residents), +22% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).