Minneapolis › Corcoran

1911 E 32nd St

Triplex · 3 units: 3 bed / 2 bath ×3 unit split estimated · 5,400 sq ft

Minneapolis, MN · Corcoran · View the listing ↗

Overpriced

12 photos

Photos, via Realtor.com.

Asking price: $900,000
Monthly cash flow: −$1,530
Estimated rent: $5,325/mo
Break-even price: $612,592

Adjust the numbers See the full breakdown

From the listing

Rare opportunity to own a newly built (2022) triplex in the heart of South Minneapolis! This hard-to-find property features three spacious units, each offering 3 bedrooms, 2 full bathrooms, an open-concept layout, and a beautifully designed kitchen with granite countertops and stainless steel appliances. Two units are currently rented, providing immediate rental income, while the remaining unit offer excellent flexibility for an owner-occupant or investor. Live in one unit and let the rental income from the other two help pay your mortgage, or maximize your investment by leasing all three units. Conveniently located near shopping, restaurants, parks, public transportation, and major highways, this is an outstanding opportunity to build wealth through real estate. Don't miss your chance to own this exceptional income-producing property!

Description from Realtor.com, MLS #7103611. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

A 2022 triplex of three 3-bed/2-bath units sounds good, but $900K doesn't work. Our model shows about -$1,530 a month and a 4.3% cap rate at asking, and the price that breaks even is about $613K. Rents of roughly $1,775 per unit don't carry this price. The listing gives no rents, no lease terms and no expense figures. Ask for the rent roll first, then check why it has sat 85 days. Only worth a showing if the seller moves a long way down.

Things to consider

Price is far above what rents support At $900K the model shows about -$1,530 a month. Break-even is around $613K, so a large cut would be needed.
Rents are unknown Our estimate is about $1,775 per unit, but the listing gives no actual rents. Two units are occupied, so verify the real numbers.Listing says: “Two units are currently rented, providing immediate rental income”
Tax risk County value and tax are very low for a $900K building. Assume taxes will rise on reassessment and non-homestead rates.
Seller has room to negotiate Seller paid $130K in 2021 and the listing is 85 days old, so a low offer is not unreasonable.
New build lowers repair risk A 2022 building should have modern systems and low early maintenance, which helps reserves.Listing says: “newly built (2022) triplex in the heart of South Minneapolis”

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 construction, built 2022Listing says: newly built (2022) triplex in the heart of South Minneapolis

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: $900,000
Cash to close: $207,000
Price per unit: $300,000
GRM: 14.1

Each month

Cash flow: −$1,530/mo
Cash-on-cash: −8.9%
Cap rate: 4.3%
DSCR: 0.68×

Break-even

Price that breaks even: $612,592
Rent that breaks even: $7,312/mo

Long run

Year 30: property vs stocks: $2.39M vs $2.35M
Cash flow turns positive: year 15

Monthly

Monthly breakdown

Rent	$5,325
Vacancy (6%)	−$320
Collected	$5,006
Property tax Public record	−$187
Insurance Estimate	−$338
Water, sewer, trash Estimate	−$255
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$479
Capital reserve (8% of rent)	−$426
Net operating income	$3,260
Mortgage (principal + interest)	−$4,790
Cash flow	−$1,530
Principal paid down (equity, not cash)	$609

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$2,389,732

Your equity when you sell: $2,053,464
Rental profits, invested at 7%: $336,267

Same money in stocks$2,347,490

Cash to close, invested at 7%: $1,575,737
Monthly shortfalls, invested: $771,753

The building comes out $42,242 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 $2.39M, stocks $2.35M. 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–$2,250 · 11 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	0.6 mi	2026-09-08	Apartment
3015 29th Ave S, Minneapolis	$2,260	3 / 1	1,168	0.7 mi	2026-09-27	Multi family
2835 11th Ave S, Minneapolis	$1,700	3 / 2	1,166	0.8 mi	2026-05-21	Apartment
2500 17th Ave S Unit 2, Minneapolis	$1,200	3 / 1	—	0.9 mi	2026-06-05	Apartment
2513 29th Ave S Unit 2, Minneapolis	$2,150	3 / 2	1,000	1.1 mi	—	Apartment
3345 36th Ave S Unit 1, Minneapolis	$1,600	3 / 1	1,500	1.2 mi	2026-09-21	Apartment
912 E 25th St Apt 2, Minneapolis	$1,695	3 / 1	1,014	1.2 mi	—	Apartment
912 E 25th St Apt 3, Minneapolis	$1,675	3 / 1	1,014	1.2 mi	—	Apartment
2407 Elliot Upper Ave Unit Elliot, Minneapolis	$2,300	3 / 1	2,304	1.3 mi	2025-03-15	Duplex triplex
3336 4th Ave S Apt 4, Minneapolis	$1,595	3 / 1	1,100	1.3 mi	—	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

highCounty market value is $118,800 against a $900K ask. The county value may not reflect the new building, but it is a big gap and could mean taxes rise after reassessment. Based on: data: county.market_value · AI review
mediumAsking is $287,408 above the price where cash flow breaks even ($612,592) at the default scenario. Based on: Derived: price $900,000 vs. break-even $612,592
mediumDescription gives no rents, lease terms or expenses, only that two units are rented. Listing says: Two units are currently rented, providing immediate rental income · AI review
medium85 days on market suggests the price is not finding buyers. Based on: data: listing.days_on_market · AI review
low$293 in special assessments on the current tax bill (often street, sewer or code-enforcement charges). Ask what they're for, whether they continue, and whether the seller pays them off at closing. Public record: Hennepin County parcel 0102824230019: special assessments (current) = $292.76
lowDescription says granite countertops but photos show laminate-style counters. Listing accuracy is questionable. Based on: photo 3 · AI review

Opportunities

The seller bought for $130,000 in Jul 2021, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 0102824230019: last sale 2021-07-01, $130,000
New construction should mean low repairs and reserves in the early years. Listing says: newly built (2022) triplex in the heart of South Minneapolis · AI review
One unit is open for an owner-occupant, which could allow owner-occupant financing. Listing says: the remaining unit offer excellent flexibility for an owner-occupant or investor · 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

What are the two current rents, lease end dates and are they on leases or month-to-month?
What are trailing-12 expenses, including taxes, insurance and utilities?
Who pays heat, water and trash, and are there separate meters?
Why is the county market value so low, and what will taxes be after reassessment?
What are the special assessments for, and are they paid at closing?
Was the building built with permits and a certificate of occupancy, and is the rental license transferable?

Bottom line

Newer, low-maintenance triplex, but $900K is roughly $287K above where the numbers work, so only consider it at a much lower price. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$2,247
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,050
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$255
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. 9 bedrooms: +1 pt repairs for wear	9% / 8%

Price history Realtor.com

On the market since 2026-07-09 (88 days); last sold for $130,000 on 2021-08-18.

Date	Event	Price
2026-07-09	Listed	$900,000
2021-08-18	Sold public record	$130,000
2021-07-28	Sold	$130,000
2021-03-17	Listed	$150,000
2018-10-12	Sold	$99,000
2018-08-10	Sold	$99,000
2018-07-12	Price changed	$99,000
2018-06-04	Listed	$115,000
2017-09-06	Sold	$60,000
2017-07-20	Relisted	$80,000
2017-07-19	Removed	$80,000
2017-07-15	Listed	$80,000

County record Public record

Recorded as	triplex
Living units	3
Year built	2022
Market value (2026)	$118,800
Property tax	$2,247
Special assessments	$293
Homestead	no
Last sale	2021-07-01 · $130,000

Source: Hennepin County parcel records.

City rental license

CHOWN: 3 unit(s), Tier 1, status active, renews 2027-03-01.

Nearest highway

MN 55, about 582 m away.

Crime in Corcoran

275 incidents in the last 12 months (61 per 1,000 residents), −5% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).