1604 Elliot Ave

Duplex · 2 units: 5 bed / 2 bath ×2 · 4,757 sq ft

Minneapolis, MN · Elliot Park · View the listing ↗

Far off

26 photos

Photos, via Realtor.com.

Asking price: $649,999
Monthly cash flow: −$2,252
Estimated rent: $3,200/mo
Break-even price: $226,946

Adjust the numbers See the full breakdown

From the listing

If you've seen this before, you'll be amazed with the changes/updates! Beautiful approach to the home with magnificent perennials gardens and a classic front porch. The upper-level duplex has 5 bedrooms, 2 bathrooms and is filled with character and charm throughout, including beautiful hardwood floors. You can access this unit from the front porch, the back staircase to the large private deck or a shared door on the side of the home. The main/lower duplex also has 5 bedrooms and 2 bathrooms and is completely updated. There is a second kitchen and laundry in the lower level. The entire basement has been remodeled from top to bottom including all appliances and will be move-in ready when the construction is complete. This duplex has three entries as well, the front porch, a quaint back porch and the side entrance. There is an oversized two car garage and extra parking off the back alley. In the last few years, the home has had the following updates: all new Anderson windows, new roof and siding, front porch maintenance free decking and 2 new boilers. There are 4 Mitsubishi Mini splits which were also newly added providing both air conditioning and additional heat. This duplex truly has a multitude of options for you, and no work required before move in. Great proximity to US Bank Stadium, University of Minnesota, North Central University, downtown Minneapolis, hospitals and much more! Pictures of the lower level to come when construction is , end of August or beginning of September.

Description from Realtor.com, MLS #7124468. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a heavily renovated 1900 duplex with two 5-bed/2-bath units, and the numbers do not work. At $649,999 our model shows about -$2,252/month and a 2.2% cap rate, and our rents are only $1,600 per unit. The listing gives no rents, and the basement construction is unfinished after 56 days on market. Before a showing, ask for the rent roll, the rental license status and the permits for the basement work. Only worth seeing if the seller will come down hard or if you plan to live in one unit.

Things to consider

Price versus income Our model shows about -$2,252/month at asking, and break-even is roughly $227K. Even strong rents leave a very large gap.
Unfinished basement Scope, permits and cost to finish are unknown. A possible third kitchen raises legal and licensing questions.Listing says: “The entire basement has been remodeled from top to bottom including all appliances”
Rental licensing No license is on file. An unlicensed building may need an inspection and repairs before it can be rented legally.
Property taxes The $8,641 tax bill is at the homestead rate. A non-homestead bill would be higher and further reduce cash flow.
Freeway noise The property is about 100 m from I-94, which can lower rents and appeal.
Seller's basis is very low The seller has owned since 1992, so there is room to negotiate. Use it, given the 56 days on market.

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

doneAnderson windows replacedListing says: all new Anderson windows, new roof and siding, front porch maintenance free decking and 2 new boilers
doneNew roof and sidingListing says: all new Anderson windows, new roof and siding, front porch maintenance free decking and 2 new boilers
doneTwo new boilersListing says: all new Anderson windows, new roof and siding, front porch maintenance free decking and 2 new boilers
done4 Mitsubishi mini splits addedListing says: There are 4 Mitsubishi Mini splits which were also newly added providing both air conditioning and additional heat
neededBasement remodel still under constructionListing says: will be move-in ready when the construction is complete

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: $649,999
Cash to close: $149,500
Price per unit: $325,000
GRM: 16.9

Each month

Cash flow: −$2,252/mo
Cash-on-cash: −18.1%
Cap rate: 2.2%
DSCR: 0.35×

Break-even

Price that breaks even: $226,946
Rent that breaks even: $6,163/mo

Long run

Year 30: property vs stocks: $1.48M vs $3.29M
Cash flow turns positive: not within 30 years

Monthly

Monthly breakdown

Rent	$3,200
Vacancy (6%)	−$192
Collected	$3,008
Property tax Listing	−$720
Insurance Estimate	−$274
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$288
Capital reserve (9% of rent)	−$288
Net operating income	$1,208
Mortgage (principal + interest)	−$3,460
Cash flow	−$2,252
Principal paid down (equity, not cash)	$440

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$1,483,055

Your equity when you sell: $1,483,055
Rental profits, invested at 7%: $0

Same money in stocks$3,293,389

Cash to close, invested at 7%: $1,138,030
Monthly shortfalls, invested: $2,155,359

Stocks come out $1,810,334 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 $1.48M, stocks $3.29M. Stocks win.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-06. The estimate above is RentCast's, weighted toward the closest matches.

5 bed / 2 bath estimate $1,600/mo · range $1,075–$2,150

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
1810 10th Ave S, Unit Lower, Minneapolis 55404 off market	$2,050	4 / 2	—	0.2 mi	2026-06-15	84%
1810 10th Ave S, Minneapolis 55404 off market	$2,150	4 / 2	—	0.2 mi	2026-06-15	84%
2121 11th Ave S, Minneapolis 55404 off market	$2,289	4 / 1	1,800	0.4 mi	2026-06-12	70%
900 Centennial Pl, Apt 9, Minneapolis 55404 off market	$795	0 / 1	—	0.3 mi	2026-07-03	70%
610 E 15th St, Minneapolis 55404	$1,087	1 / 1	—	0.3 mi	2026-07-17	70%
1829 11th Ave S, Minneapolis 55404 off market	$1,550	3 / 1	—	0.3 mi	2026-06-16	70%
900 Centennial Pl, Apt 20, Minneapolis 55404 off market	$795	0 / 1	—	0.3 mi	2026-03-23	70%
706 S 9th St, Apt B1, Minneapolis 55404 off market	$1,400	2 / 1	—	0.3 mi	2026-06-01	70%
706 S 9th St, Apt 308, Minneapolis 55404 off market	$895	0 / 1	—	0.3 mi	2026-04-20	70%
706 S 9th St, Apt 102, Minneapolis 55404 off market	$895	0 / 1	—	0.3 mi	2026-04-28	70%

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: RentCast. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

highLower level and basement are unfinished, with no photos of that work. Scope, permits and finish date are unknown. Listing says: Pictures of the lower level to come when construction is , end of August or beginning of September. · AI review
highLarge price gap versus rents. Ten bedrooms at our estimated rents cannot support this price. Based on: data: underwriting.break_even_price · AI review
mediumNo rental license on file in the city's data. Ask whether the building is licensed as a rental and when it was last inspected. Public record: Minneapolis Active Rental Licenses: no record for 1604 ELLIOT AVE
mediumAbout 104 m from I 94: traffic noise usually costs $50–100/month in rent. Based on: OpenStreetMap: nearest motorway (I 94) at 104 m
mediumAsking is $423,053 above the price where cash flow breaks even ($226,946) at the default scenario. Based on: Derived: price $649,999 vs. break-even $226,946
mediumThe listing says 'no work required', but it also says construction is still underway. The two statements conflict. Listing says: no work required before move in · AI review
mediumThe second kitchen and laundry in the basement suggest a possible third living area. Check that it is legal and permitted, and how it counts toward the unit total. Listing says: There is a second kitchen and laundry in the lower level. · AI review
mediumOwner-occupant tax status. The listed tax is the homestead bill, and an investor will likely pay more. Based on: data: county.homestead · AI review

Opportunities

The seller bought for $1 in Jul 1992, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 2602924310083: last sale 1992-07-01, $1
Big units with three entries each could suit larger households or room-by-room renting, if licensing allows. Listing says: This duplex has three entries as well, the front porch, a quaint back porch and the side entrance. · AI review
Minneapolis has no rent cap, so rents can follow the market after the work is done. Based on: data: underwriting.rent_rule · AI review
Recent big-ticket items (roof, windows, boilers) lower near-term capital spending. Listing says: all new Anderson windows, new roof and siding, front porch maintenance free decking and 2 new boilers · AI review
Two-car garage plus alley parking is rare for this area and helps rentability. Listing says: There is an oversized two car garage and extra parking off the back alley. · AI review

Questions for the agent

What are current or projected rents per unit, and is either unit occupied?
Is the building licensed as a rental in Minneapolis, and when was the last inspection?
What permits were pulled for the basement remodel and the roof, siding, boilers and mini splits, and who did the work?
When will the basement be finished, and is it a legal third unit or part of the lower duplex unit?
Is there separate metering for gas and electric, and who pays heat with two boilers?
Why has it sat 56 days, and has the price changed?

Bottom line

Nicely updated, but at $650K it is priced for an owner-occupant and loses money as a rental; ask for a much lower price and verify permits and licensing. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2026. 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.	$8,641
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$3,288
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; 10 bedrooms: +1 pt repairs for wear	9% / 9%

Price history Realtor.com

On the market since 2026-06-24 (103 days, relisted 1×); last sold for $101,165 on 1983-09-01.

Date	Event	Price
2026-08-12	Relisted	$649,999
2026-08-11	Removed	$649,999
2026-08-10	Listed	$649,999
2026-06-29	Removed	$699,900
2026-06-24	Removed	$645,000
1983-09-01	Sold public record	$101,165

County record Public record

Recorded as	duplex
Living units	2
Year built	1900
Market value (2026)	$547,400
Property tax	$8,641
Special assessments	none
Homestead	no
Last sale	1992-07-01 · $1

Source: Hennepin County parcel records.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

I 94, about 104 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).