1537 E 38th St
5 units · 5 units: 2 bed / 1 bath ×3 and 1 bed / 1 bath ×2 unit split estimated · 3,456 sq ft
Minneapolis, MN · Bancroft · View the listing ↗
Photos courtesy of National Realty Guild - Broker, via Realtor.com.
Needs more info before these numbers mean much. The city's rental license covers 4 unit(s); this analysis counts 5.
- Asking price
- $680,000 5 units · $136K per unit
- Monthly cash flow
- $122 at 20% down, 7%
- Break-even price
- $702,852 where cash flow hits $0
First look
This is a renovated Minneapolis fourplex that the county counts as five units, asking $680K after buying at $445K 19 months ago. Our numbers work modestly at the ask: about +$122/month cash flow and a 6.6% cap rate, with a break-even price near $703K. The listing shows no rents, no leases and no permits, so the turn-key claim rests on cosmetic work you can see and systems you can't. Before a showing, nail down the real unit count and license status, the rent roll, and whether the renovation was permitted. After 209 days on market, there's room to negotiate below the ask.
Things to consider
- Price vs. numbers At the ask the property runs slightly positive cash flow, and break-even is about $23K above ask. That is a thin cushion, so any offer has to start from the numbers, not the renovation story.
- Unit count and licensing If the fifth unit isn't legal or licensed, you could lose that rent or face orders to fix it. Confirm with the city before you offer.
- Tier 2 rental license More violations than typical means more inspections and repair orders, which raises your expenses and effort.
- Flat roof Flat roofs fail without warning and cost a lot. Get the age and a moisture scan before closing.
- Quick flip pricing The seller paid $445K in 2025 and is asking $680K. Cosmetic work rarely adds $235K. Ask for receipts and permits.
- Heating setup Four boilers plus mini-splits means a lot of equipment to maintain. Who pays for each affects true cash flow.Listing says: “four 75,000 BTU boilers, four high-capacity water heaters, four pressure tanks”
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 siding, exterior paint, new upper rear windowsListing says: brand-new siding, exterior paint, and new upper rear windows
- doneUpper balcony rebuilt with new decking and flooringListing says: a fully rebuilt upper balcony featuring new decking and flooring
- doneFront porch flooring replaced and stucco restoredListing says: The front porch flooring has been replaced and the stucco professionally restored
- doneNew carpet on common stairwaysListing says: new carpeting on the stairways
- doneUnits remodeled: kitchens, baths, flooring, lighting, mini-splitsListing says: new kitchens, updated bathrooms, new flooring, fresh paint, modern light fixtures
- neededBasement is unfinishedListing says: the possibility of finishing the basement and installing coin-operated laundry machines
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
- $680,000
- Cash to close
- $88,400
- Price per unit
- $136,000
- GRM
- 8.3
Each month
- Cash flow
- −$713/mo
- Cash-on-cash
- −9.7%
- Cap rate
- 6.6%
- DSCR
- 0.84×
Break-even
- Price that breaks even
- $571,106
- Rent that breaks even
- $7,714/mo
Long run
- Year 30: property vs stocks
- $2.67M vs $847K
- Cash flow turns positive
- year 5
The deal
- Price
- $680,000
- Cash to close
- $88,400
- Price per unit
- $136,000
- GRM
- 8.3
Each month
- Cash flow
- −$1,289/mo
- Cash-on-cash
- −17.5%
- Cap rate
- 5.6%
- DSCR
- 0.71×
Break-even
- Price that breaks even
- $483,280
- Rent that breaks even
- $8,653/mo
Long run
- Year 30: property vs stocks
- $2.06M vs $1.14M
- Cash flow turns positive
- year 11
The deal
- Price
- $670,000
- Cash to close
- $87,100
- Price per unit
- $134,000
- GRM
- 8.2
Each month
- Cash flow
- −$648/mo
- Cash-on-cash
- −8.9%
- Cap rate
- 6.7%
- DSCR
- 0.85×
Break-even
- Price that breaks even
- $571,106
- Rent that breaks even
- $7,630/mo
Long run
- Year 30: property vs stocks
- $2.69M vs $817K
- Cash flow turns positive
- year 5
The deal
- Price
- $670,000
- Cash to close
- $87,100
- Price per unit
- $134,000
- GRM
- 8.2
Each month
- Cash flow
- −$1,223/mo
- Cash-on-cash
- −16.9%
- Cap rate
- 5.7%
- DSCR
- 0.72×
Break-even
- Price that breaks even
- $483,280
- Rent that breaks even
- $8,559/mo
Long run
- Year 30: property vs stocks
- $2.07M vs $1.09M
- Cash flow turns positive
- year 10
The deal
- Price
- $680,000
- Cash to close
- $156,400
- Price per unit
- $136,000
- GRM
- 8.3
Each month
- Cash flow
- $122/mo
- Cash-on-cash
- 0.9%
- Cap rate
- 6.6%
- DSCR
- 1.03×
Break-even
- Price that breaks even
- $702,852
- Rent that breaks even
- $6,644/mo
Long run
- Year 30: property vs stocks
- $3.12M vs $1.19M
- Cash flow turns positive
- year 1
The deal
- Price
- $680,000
- Cash to close
- $156,400
- Price per unit
- $136,000
- GRM
- 8.3
Each month
- Cash flow
- −$454/mo
- Cash-on-cash
- −3.5%
- Cap rate
- 5.6%
- DSCR
- 0.87×
Break-even
- Price that breaks even
- $594,766
- Rent that breaks even
- $7,452/mo
Long run
- Year 30: property vs stocks
- $2.34M vs $1.30M
- Cash flow turns positive
- year 6
The deal
- Price
- $670,000
- Cash to close
- $154,100
- Price per unit
- $134,000
- GRM
- 8.2
Each month
- Cash flow
- $175/mo
- Cash-on-cash
- 1.4%
- Cap rate
- 6.7%
- DSCR
- 1.05×
Break-even
- Price that breaks even
- $702,852
- Rent that breaks even
- $6,576/mo
Long run
- Year 30: property vs stocks
- $3.16M vs $1.17M
- Cash flow turns positive
- year 1
The deal
- Price
- $670,000
- Cash to close
- $154,100
- Price per unit
- $134,000
- GRM
- 8.2
Each month
- Cash flow
- −$400/mo
- Cash-on-cash
- −3.1%
- Cap rate
- 5.7%
- DSCR
- 0.89×
Break-even
- Price that breaks even
- $594,766
- Rent that breaks even
- $7,376/mo
Long run
- Year 30: property vs stocks
- $2.35M vs $1.26M
- Cash flow turns positive
- year 6
The deal
- Price
- $680,000
- Cash to close
- $190,400
- Price per unit
- $136,000
- GRM
- 8.3
Each month
- Cash flow
- $348/mo
- Cash-on-cash
- 2.2%
- Cap rate
- 6.6%
- DSCR
- 1.10×
Break-even
- Price that breaks even
- $749,709
- Rent that breaks even
- $6,354/mo
Long run
- Year 30: property vs stocks
- $3.38M vs $1.45M
- Cash flow turns positive
- year 1
The deal
- Price
- $680,000
- Cash to close
- $190,400
- Price per unit
- $136,000
- GRM
- 8.3
Each month
- Cash flow
- −$227/mo
- Cash-on-cash
- −1.4%
- Cap rate
- 5.6%
- DSCR
- 0.93×
Break-even
- Price that breaks even
- $634,417
- Rent that breaks even
- $7,127/mo
Long run
- Year 30: property vs stocks
- $2.52M vs $1.48M
- Cash flow turns positive
- year 4
The deal
- Price
- $670,000
- Cash to close
- $187,600
- Price per unit
- $134,000
- GRM
- 8.2
Each month
- Cash flow
- $398/mo
- Cash-on-cash
- 2.5%
- Cap rate
- 6.7%
- DSCR
- 1.12×
Break-even
- Price that breaks even
- $749,709
- Rent that breaks even
- $6,290/mo
Long run
- Year 30: property vs stocks
- $3.41M vs $1.43M
- Cash flow turns positive
- year 1
The deal
- Price
- $670,000
- Cash to close
- $187,600
- Price per unit
- $134,000
- GRM
- 8.2
Each month
- Cash flow
- −$178/mo
- Cash-on-cash
- −1.1%
- Cap rate
- 5.7%
- DSCR
- 0.95×
Break-even
- Price that breaks even
- $634,417
- Rent that breaks even
- $7,055/mo
Long run
- Year 30: property vs stocks
- $2.54M vs $1.45M
- Cash flow turns positive
- year 4
Monthly
Monthly breakdown
| Rent | $6,800 |
| Vacancy (6%) | −$408 |
| Collected | $6,392 |
| Property tax Public record | −$586 |
| Insurance Estimate | −$492 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$544 |
| Capital reserve (8% of rent) | −$544 |
| Net operating income | $3,741 |
| Mortgage (principal + interest) | −$4,072 |
| PMI | −$382 |
| Cash flow | −$713 |
| Principal paid down (equity, not cash) | $518 |
| Rent | $6,800 |
| Vacancy (6%) | −$408 |
| Collected | $6,392 |
| Property tax Public record | −$586 |
| Insurance Estimate | −$492 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$544 |
| Capital reserve (8% of rent) | −$544 |
| Property management | −$575 |
| Net operating income | $3,166 |
| Mortgage (principal + interest) | −$4,072 |
| PMI | −$382 |
| Cash flow | −$1,289 |
| Principal paid down (equity, not cash) | $518 |
| Rent | $6,800 |
| Vacancy (6%) | −$408 |
| Collected | $6,392 |
| Property tax Public record | −$586 |
| Insurance Estimate | −$492 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$544 |
| Capital reserve (8% of rent) | −$544 |
| Net operating income | $3,741 |
| Mortgage (principal + interest) | −$4,012 |
| PMI | −$377 |
| Cash flow | −$648 |
| Principal paid down (equity, not cash) | $510 |
| Rent | $6,800 |
| Vacancy (6%) | −$408 |
| Collected | $6,392 |
| Property tax Public record | −$586 |
| Insurance Estimate | −$492 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$544 |
| Capital reserve (8% of rent) | −$544 |
| Property management | −$575 |
| Net operating income | $3,166 |
| Mortgage (principal + interest) | −$4,012 |
| PMI | −$377 |
| Cash flow | −$1,223 |
| Principal paid down (equity, not cash) | $510 |
| Rent | $6,800 |
| Vacancy (6%) | −$408 |
| Collected | $6,392 |
| Property tax Public record | −$586 |
| Insurance Estimate | −$492 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$544 |
| Capital reserve (8% of rent) | −$544 |
| Net operating income | $3,741 |
| Mortgage (principal + interest) | −$3,619 |
| Cash flow | $122 |
| Principal paid down (equity, not cash) | $461 |
| Rent | $6,800 |
| Vacancy (6%) | −$408 |
| Collected | $6,392 |
| Property tax Public record | −$586 |
| Insurance Estimate | −$492 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$544 |
| Capital reserve (8% of rent) | −$544 |
| Property management | −$575 |
| Net operating income | $3,166 |
| Mortgage (principal + interest) | −$3,619 |
| Cash flow | −$454 |
| Principal paid down (equity, not cash) | $461 |
| Rent | $6,800 |
| Vacancy (6%) | −$408 |
| Collected | $6,392 |
| Property tax Public record | −$586 |
| Insurance Estimate | −$492 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$544 |
| Capital reserve (8% of rent) | −$544 |
| Net operating income | $3,741 |
| Mortgage (principal + interest) | −$3,566 |
| Cash flow | $175 |
| Principal paid down (equity, not cash) | $454 |
| Rent | $6,800 |
| Vacancy (6%) | −$408 |
| Collected | $6,392 |
| Property tax Public record | −$586 |
| Insurance Estimate | −$492 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$544 |
| Capital reserve (8% of rent) | −$544 |
| Property management | −$575 |
| Net operating income | $3,166 |
| Mortgage (principal + interest) | −$3,566 |
| Cash flow | −$400 |
| Principal paid down (equity, not cash) | $454 |
| Rent | $6,800 |
| Vacancy (6%) | −$408 |
| Collected | $6,392 |
| Property tax Public record | −$586 |
| Insurance Estimate | −$492 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$544 |
| Capital reserve (8% of rent) | −$544 |
| Net operating income | $3,741 |
| Mortgage (principal + interest) | −$3,393 |
| Cash flow | $348 |
| Principal paid down (equity, not cash) | $432 |
| Rent | $6,800 |
| Vacancy (6%) | −$408 |
| Collected | $6,392 |
| Property tax Public record | −$586 |
| Insurance Estimate | −$492 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$544 |
| Capital reserve (8% of rent) | −$544 |
| Property management | −$575 |
| Net operating income | $3,166 |
| Mortgage (principal + interest) | −$3,393 |
| Cash flow | −$227 |
| Principal paid down (equity, not cash) | $432 |
| Rent | $6,800 |
| Vacancy (6%) | −$408 |
| Collected | $6,392 |
| Property tax Public record | −$586 |
| Insurance Estimate | −$492 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$544 |
| Capital reserve (8% of rent) | −$544 |
| Net operating income | $3,741 |
| Mortgage (principal + interest) | −$3,343 |
| Cash flow | $398 |
| Principal paid down (equity, not cash) | $425 |
| Rent | $6,800 |
| Vacancy (6%) | −$408 |
| Collected | $6,392 |
| Property tax Public record | −$586 |
| Insurance Estimate | −$492 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$544 |
| Capital reserve (8% of rent) | −$544 |
| Property management | −$575 |
| Net operating income | $3,166 |
| Mortgage (principal + interest) | −$3,343 |
| Cash flow | −$178 |
| Principal paid down (equity, not cash) | $425 |
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
- $1,551,506
- Rental profits, invested at 7%
- $1,115,437
Sells for $1,650,538 (value up 3% a year), minus 6% selling cost ($99,032). Rent paid down $612,000 of loan.
$602,194 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $672,923
- Monthly shortfalls, invested
- $174,150
$88,400 put into an index fund instead of the down payment and closing costs.
$26,582 you'd have paid in while the building lost money, invested instead.
The building comes out $1,819,869 ahead after 30 years.
- Your equity when you sell
- $1,551,506
- Rental profits, invested at 7%
- $510,007
Sells for $1,650,538 (value up 3% a year), minus 6% selling cost ($99,032). Rent paid down $612,000 of loan.
$323,678 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $672,923
- Monthly shortfalls, invested
- $463,567
$88,400 put into an index fund instead of the down payment and closing costs.
$76,496 you'd have paid in while the building lost money, invested instead.
The building comes out $925,023 ahead after 30 years.
- Your equity when you sell
- $1,528,690
- Rental profits, invested at 7%
- $1,164,783
Sells for $1,626,266 (value up 3% a year), minus 6% selling cost ($97,576). Rent paid down $603,000 of loan.
$620,876 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $663,027
- Monthly shortfalls, invested
- $153,883
$87,100 put into an index fund instead of the down payment and closing costs.
$23,438 you'd have paid in while the building lost money, invested instead.
The building comes out $1,876,562 ahead after 30 years.
- Your equity when you sell
- $1,528,690
- Rental profits, invested at 7%
- $540,753
Sells for $1,626,266 (value up 3% a year), minus 6% selling cost ($97,576). Rent paid down $603,000 of loan.
$338,382 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $663,027
- Monthly shortfalls, invested
- $424,699
$87,100 put into an index fund instead of the down payment and closing costs.
$69,374 you'd have paid in while the building lost money, invested instead.
The building comes out $981,715 ahead after 30 years.
- Your equity when you sell
- $1,551,506
- Rental profits, invested at 7%
- $1,572,452
Sells for $1,650,538 (value up 3% a year), minus 6% selling cost ($99,032). Rent paid down $544,000 of loan.
$756,838 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,190,557
$156,400 put into an index fund instead of the down payment and closing costs.
The building comes out $1,933,401 ahead after 30 years.
- Your equity when you sell
- $1,551,506
- Rental profits, invested at 7%
- $785,042
Sells for $1,650,538 (value up 3% a year), minus 6% selling cost ($99,032). Rent paid down $544,000 of loan.
$444,884 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,190,557
- Monthly shortfalls, invested
- $107,437
$156,400 put into an index fund instead of the down payment and closing costs.
$16,476 you'd have paid in while the building lost money, invested instead.
The building comes out $1,038,555 ahead after 30 years.
- Your equity when you sell
- $1,528,690
- Rental profits, invested at 7%
- $1,632,783
Sells for $1,626,266 (value up 3% a year), minus 6% selling cost ($97,576). Rent paid down $536,000 of loan.
$775,999 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,173,049
$154,100 put into an index fund instead of the down payment and closing costs.
The building comes out $1,988,424 ahead after 30 years.
- Your equity when you sell
- $1,528,690
- Rental profits, invested at 7%
- $825,438
Sells for $1,626,266 (value up 3% a year), minus 6% selling cost ($97,576). Rent paid down $536,000 of loan.
$460,852 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,173,049
- Monthly shortfalls, invested
- $87,502
$154,100 put into an index fund instead of the down payment and closing costs.
$13,283 you'd have paid in while the building lost money, invested instead.
The building comes out $1,093,578 ahead after 30 years.
- Your equity when you sell
- $1,551,506
- Rental profits, invested at 7%
- $1,828,860
Sells for $1,650,538 (value up 3% a year), minus 6% selling cost ($99,032). Rent paid down $510,000 of loan.
$838,271 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,449,373
$190,400 put into an index fund instead of the down payment and closing costs.
The building comes out $1,930,993 ahead after 30 years.
- Your equity when you sell
- $1,551,506
- Rental profits, invested at 7%
- $968,412
Sells for $1,650,538 (value up 3% a year), minus 6% selling cost ($99,032). Rent paid down $510,000 of loan.
$514,864 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,449,373
- Monthly shortfalls, invested
- $34,400
$190,400 put into an index fund instead of the down payment and closing costs.
$5,023 you'd have paid in while the building lost money, invested instead.
The building comes out $1,036,146 ahead after 30 years.
- Your equity when you sell
- $1,528,690
- Rental profits, invested at 7%
- $1,885,420
Sells for $1,626,266 (value up 3% a year), minus 6% selling cost ($97,576). Rent paid down $502,500 of loan.
$856,234 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,428,059
$187,600 put into an index fund instead of the down payment and closing costs.
The building comes out $1,986,051 ahead after 30 years.
- Your equity when you sell
- $1,528,690
- Rental profits, invested at 7%
- $1,013,011
Sells for $1,626,266 (value up 3% a year), minus 6% selling cost ($97,576). Rent paid down $502,500 of loan.
$531,031 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,428,059
- Monthly shortfalls, invested
- $22,438
$187,600 put into an index fund instead of the down payment and closing costs.
$3,226 you'd have paid in while the building lost money, invested instead.
The building comes out $1,091,204 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 $2.67M, stocks $847K. The property wins.
Year 30 (loan paid off): property $2.06M, stocks $1.14M. The property wins.
Year 30 (loan paid off): property $2.69M, stocks $817K. The property wins.
Year 30 (loan paid off): property $2.07M, stocks $1.09M. The property wins.
Year 30 (loan paid off): property $3.12M, stocks $1.19M. The property wins.
Year 30 (loan paid off): property $2.34M, stocks $1.30M. The property wins.
Year 30 (loan paid off): property $3.16M, stocks $1.17M. The property wins.
Year 30 (loan paid off): property $2.35M, stocks $1.26M. The property wins.
Year 30 (loan paid off): property $3.38M, stocks $1.45M. The property wins.
Year 30 (loan paid off): property $2.52M, stocks $1.48M. The property wins.
Year 30 (loan paid off): property $3.41M, stocks $1.43M. The property wins.
Year 30 (loan paid off): property $2.54M, stocks $1.45M. 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 $1,450/mo · range $1,275–$1,575 · 6 rentals within 0.75 mi
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 3725 Cedar Ave S, Minneapolis | $1,349 | 2 / 1 | 0.2 mi |
| 3715 Columbus Ave S Apt 2, Minneapolis | $1,395 | 2 / 1 | 0.6 mi |
| 3715 Columbus Ave S Apt 4, Minneapolis | $1,495 | 2 / 1 | 0.6 mi |
| 3549 Columbus Ave S, Minneapolis | $1,250 | 2 / 1 | 0.6 mi |
| 4112 Chicago Ave S, Minneapolis | $1,499 | 2 / 1 | 0.7 mi |
| 3718 Oakland Ave S, Minneapolis | $1,150 | 2 / 1 | 0.7 mi |
1 bed estimate $1,225/mo · range $1,125–$1,400 · 10 rentals within 0.75 mi
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 3555 Bloomington Ave S, Minneapolis | $1,450 | 1 / 1 | 0.3 mi |
| 3530 18th Ave S, Minneapolis | $1,095 | 1 / 1 | 0.3 mi |
| 3518 Bloomington Ave Apt 3, Minneapolis | $1,325 | 1 / 1 | 0.3 mi |
| 3541 13th Ave S, Minneapolis | $1,115 | 1 / 1 | 0.4 mi |
| 3705 Chicago Ave, Minneapolis | $1,000 | 1 / 1 | 0.5 mi |
| 4106 Chicago Ave S, Minneapolis | $1,349 | 1 / 1 | 0.7 mi |
| 4106 Chicago Ave S Unit 7, Minneapolis | $1,099 | 1 / 1 | 0.7 mi |
| 4112 Chicago Ave S, Minneapolis | $1,199 | 1 / 1 | 0.7 mi |
| 3401 Elliot Ave Apt 4, Minneapolis | $925 | 1 / 1 | 0.7 mi |
| 3806 24th Ave S, Minneapolis | $1,325 | 1 / 1 | 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
- highThe city's rental license covers 4 unit(s); this analysis counts 5. Public record: Minneapolis Active Rental Licenses: 1537 38TH ST E, units=4
- highDescription says fourplex but county and listing data count five units. A fifth unit may be unlicensed or not legal. Based on: data: county.living_units · AI review
- highAsking is far above the county's market value, and the break-even price is well under ask. Based on: data: county.market_value · 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: 1537 38TH ST E, grade/tier=Tier 2, status=Active
- mediumFlat roof per the city assessor: get its age and a moisture inspection. Public record: Hennepin County parcel 1102824110068: roof=Flat, exterior=WOOD
- mediumBought for $445,000 in Mar 2025; asking is 53% more 19 months later. Ask what was done to justify the jump. Public record: Hennepin County parcel 1102824110068: last sale 2025-03-01, $445,000
- mediumFour separate boilers and four water heaters means four systems to maintain, and the owner may be paying for some of them. Listing says: four 75,000 BTU boilers, four high-capacity water heaters, four pressure tanks · AI review
- mediumCosmetic renovation done fast after a 2025 purchase. Ask whether permits were pulled, especially for the mini-splits, electrical and the rebuilt balcony. Based on: data: county.last_sale_price · AI review
- mediumNo rents, lease status or occupancy given for a property marketed as turn-key. Listing says: strong turn-key investment with additional value-add potential · AI review
Opportunities
- Long time on market: room to negotiate. Based on: Listing data: 212 days on market
- Off-street parking for up to 10 vehicles is rare in this area and supports rent and tenant quality. Listing says: off-street parking for up to 10 vehicles, a rare amenity in this central Minneapolis location · AI review
- Coin laundry in the basement could add a small income stream, though it needs finishing work first. Listing says: installing coin-operated laundry machines, creating another revenue stream for investors · AI review
- Minneapolis has no rent cap, so rents can follow the market. Based on: data: underwriting.rent_rule · AI review
Questions for the agent
- Is it four units or five, and what does the rental license cover? Is the fifth unit legal?
- Can you share the current rent roll, lease terms and trailing-12 expenses?
- Were permits pulled for the renovation, including electrical, mechanical and the balcony?
- Who pays heat and water, and are the four boilers separately metered?
- What is the flat roof's age, and is there any history of leaks?
- Why the jump from $445K in March 2025, and what did the seller spend?
Bottom line
Nice-looking renovation, and at $680K it cash flows slightly in our model, but the unit count and license mismatch needs answers before you spend time on it. AI-assisted summary
What the records say
Where each number comes from
| Property tax / yr Public recordHennepin County record, current payable year (non-homestead) | $7,037 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $5,900 |
| Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid | $425 |
| 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 1911: +1 pt capital reserve; 8 bedrooms: +1 pt repairs for wear; "fully renovated" in the description: -1 pts each | 8% / 8% |
Price history Realtor.com
Last sold for $680,000 on 2026-09-09.
| Date | Event | Price |
|---|---|---|
| Sold public record | $680,000 | |
| Price changed | $680,000 | |
| Listed | $725,000 | |
| Sold public record | $445,000 | |
| Price changed | $460,000 | |
| Listed | $470,000 | |
| Sold public record | $240,000 |
County record Public record
| Recorded as | apartment 4 or 5 unit |
| Living units | 5 |
| Year built | 1911 |
| Market value (2026) | $372,000 |
| Property tax | $7,037 |
| Special assessments | none |
| Homestead | no |
| Last sale | 2025-03-01 · $445,000 |
Source: Hennepin County parcel records.
City rental license
CHOWN: 4 unit(s), Tier 2, status active, renews 2027-03-01.
Nearest highway
MN 55, about 1634 m away.
Crime in Bancroft
126 incidents in the last 12 months (37 per 1,000 residents), −8% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).