1811 E 28th St

Duplex · 2 units: 3 bed / 1 bath and 2 bed / 1 bath unit split estimated · 2,659 sq ft

Minneapolis, MN · East Phillips · View the listing ↗

Cash flows

43 photos

Photos, via Realtor.com.

Asking price: $284,900
Monthly cash flow: $253
Estimated rent: $3,450/mo
Break-even price: $332,386

Adjust the numbers See the full breakdown

First look

This is a 1904 Minneapolis up/down asking $284,900 that our numbers say makes about $272 a month at ask with 20% down, with a 7.5% cap rate and a break-even price near $336K. The description gives no rents, no lease status and no tenant info, so every dollar of income is our estimate (roughly $1,925 for the 3-bed and $1,550 for the 2-bed). Minneapolis has no rent cap, which helps if the rents turn out light. The photos show a basement with old plumbing and a newer-looking boiler and water heater, so I'd start with the sale history (bought at $185K in 2021), what 'fully remodeled' actually covers, and whether the lower unit was updated at all. Worth a showing if the lower unit and basement hold up, since the asking price is already below break-even.

Things to consider

Positive but thin cash flow at asking price Our underwriting shows about $272 a month and a break-even price of roughly $336K, so the asking price sits below break-even, but unverified rents and utility costs could erase that cushion.
Rents are unverified The listing states no rents or leases, so income relies on our estimates; get the rent roll and leases before trusting the numbers.Listing says: “Upper unit freshly remodeled and ready to move in or rent out.”
Steam heat and utility costs A single steam boiler usually means the owner pays heat, which cuts into cash flow quickly in Minneapolis winters.
Remodel scope is unclear The listing says fully remodeled but only the upper unit is described as fresh; the lower unit may need work before it earns market rent.Listing says: “Fully remodeled, solid duplex with big charm”
Tax bill is a non-homestead figure County taxes of about $5,178 are already non-homestead, so an investor shouldn't expect it to drop.
Basement and old plumbing need inspection Old drain lines, stained walls and mixed piping can mean hidden repairs and sewer line costs.From photo 7

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

doneUpper unit freshly remodeledListing says: Upper unit freshly remodeled and ready to move in or rent out.
doneFull remodel claimedListing says: Fully remodeled, solid duplex with big charm

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: $284,900
Cash to close: $65,527
Price per unit: $142,450
GRM: 6.9

Each month

Cash flow: $253/mo
Cash-on-cash: 4.6%
Cap rate: 7.5%
DSCR: 1.17×

Break-even

Price that breaks even: $332,386
Rent that breaks even: $3,122/mo

Long run

Year 30: property vs stocks: $1.60M vs $499K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$3,450
Vacancy (6%)	−$207
Collected	$3,243
Property tax Public record	−$431
Insurance Estimate	−$226
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	$1,769
Mortgage (principal + interest)	−$1,516
Cash flow	$253
Principal paid down (equity, not cash)	$193

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$1,601,310

Your equity when you sell: $650,035
Rental profits, invested at 7%: $951,275

Same money in stocks$498,808

Cash to close, invested at 7%: $498,808

The building comes out $1,102,502 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 $1.60M, stocks $499K. 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 $1,775/mo · range $1,675–$1,900 · 9 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2742 18th Ave S, Minneapolis	$1,850	3 / 1	1,270	0.1 mi	2026-09-08	Apartment
912 E 25th St Apt 2, Minneapolis	$1,695	3 / 1	1,014	0.7 mi	—	Apartment
912 E 25th St Apt 3, Minneapolis	$1,675	3 / 1	1,014	0.7 mi	—	Apartment
200 E 27th St, Minneapolis	$1,835	3 / 1	1,400	1.3 mi	2026-09-15	Apartment
3336 4th Ave S Apt 4, Minneapolis	$1,595	3 / 1	1,100	1.3 mi	—	Apartment
3336 4th Ave S Apt 2, Minneapolis	$1,795	3 / 1	1,100	1.3 mi	—	Apartment
735 E 16th St, Minneapolis	$1,466	3 / 1	1,296	1.3 mi	2026-03-11	Apartment
2821 1st Ave S, Minneapolis	$1,600	3 / 1	1,743	1.4 mi	2026-06-17	Apartment
1506 Park Ave S Unit 3, Minneapolis	$1,745	3 / 1	1,200	1.4 mi	—	Apartment

2 bed estimate $1,675/mo · range $1,475–$1,900 · 6 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2944 17th Ave S, Minneapolis	$1,649	2 / 2	843	0.2 mi	2026-03-26	Apartment
2220 E Lake St, Minneapolis	$1,425	2 / 1	835	0.5 mi	—	Apartment
3140 16th Ave S, Minneapolis	$1,300	2 / 1	800	0.5 mi	2026-10-03	Apartment
2643 12th Ave S Unit 1, Minneapolis	$1,785	2 / 1	—	0.5 mi	2023-06-08	Apartment
2835 11th Ave S, Minneapolis	$1,557	2 / 2	862	0.5 mi	2026-05-21	Apartment
2220 Snelling Ave, Minneapolis	$1,904	2 / 2	911	0.6 mi	2026-05-26	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

mediumSteam heat from what appears to be one boiler likely means the owner pays heat unless separately metered Based on: data: county.heat_type · AI review
mediumNo rents, lease status or occupancy given, so income is unverified Listing says: Upper unit freshly remodeled and ready to move in or rent out. · AI review
lowListed 69 days with no price history shown; may be priced above what rents support Based on: data: listing.days_on_market · AI review

Opportunities

Owner-occupy one unit and rent the other to reduce the negative cash flow Listing says: ready for an owner occupier or investor · AI review
No rent cap in Minneapolis, so rents can rise after turnover Based on: data: underwriting.rent_rule · AI review
Off-street parking and transit and trail access support tenant demand Listing says: Ample off street parking. · AI review

Questions for the agent

What are the current rents and lease status for each unit, and is either unit vacant?
What exactly was remodeled in each unit, when, and were permits pulled?
Is heat one boiler for both units, and what were last year's gas, water and trash bills?
How old are the roof, the electrical panel and wiring, and the sewer line?
Does the lower unit have separate electric meters and legal egress in the bedrooms?
Why has it sat 69 days, and has the price been reduced?

Bottom line

Charming 1904 duplex that cash flows modestly at ask, so it works if the rents and the lower unit and basement hold up. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$5,178
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,711
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 1904: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-07-24 (73 days); down $15,000 (5.0%) from the first ask of $299,900; last sold for $185,000 on 2021-11-29.

Date	Event	Price
2026-10-02	Relisted	$284,900
2026-10-01	Removed	$284,900
2026-09-16	Price changed	$284,900
2026-08-19	Price changed	$289,900
2026-07-24	Listed	$299,900
2021-11-29	Sold	$185,000
2021-10-15	Listed	$199,900
2017-04-25	Sold	$187,500
2017-04-03	Relisted	$219,900
2017-02-27	Removed	$219,900
2016-06-29	Listed	$219,900
2015-09-17	Removed	$109,000
2013-03-22	Removed	$139,900
2012-11-14	Listed	$139,900
2012-11-12	Removed	$149,900
2012-07-30	Removed	$149,900
2012-06-20	Removed	$149,900
2012-06-19	Listed	$149,900
2009-04-01	Sold public record	$85,951
2008-08-19	Listed	$135,000
2005-04-20	Sold public record	$200,850
2002-08-27	Sold public record	$130,000
2000-12-19	Sold public record	$99,500
1998-05-12	Sold public record	$69,900

County record Public record

Recorded as	duplex
Living units	2
Year built	1904
Market value (2026)	$272,600
Property tax	$5,178
Special assessments	none
Homestead	no
Last sale	2021-11-01 · $185,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

MN 55, about 521 m away.

Crime in East Phillips

435 incidents in the last 12 months (89 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).