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2017 Grand Ave S

Fourplex · 4 units: 2 bed / 1 bath ×4 unit split estimated · 4,732 sq ft

Minneapolis, MN · Whittier · View the listing ↗

Overpriced
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Photos, via Realtor.com.

Asking price
$675,000
4 units · $169K per unit
Monthly cash flow
−$941
at 20% down, 7%
Estimated rent
$5,600/mo
medium confidence · 23 rentals within 0.75 mi
Break-even price
$498,194
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a 1904 four-unit in Whittier asking $675K, and the numbers don't work. Our underwriting shows about -$941/month at 20% down, a 4.7% cap rate, and a break-even price near $498K. The seller paid $540K in 2022 and the county values it at $484K, so the ask looks like a stretch after 148 days on market. The description gives no rents, no occupancy and no expenses, and the photos show tenant belongings, so there are occupied units. Ask for the rent roll, leases and 12 months of expenses first. Also confirm the city rental license, since none shows in the city data. Only consider a showing at a price near break-even.

Things to consider

  1. Price is far above what the rents support Our underwriting shows negative cash flow and a break-even price about $177K below asking. You would be buying on appreciation, not income.
  2. No rent roll in the listing Without actual rents and vacancy you cannot verify income. The 'strong occupancy' claim is marketing language until documented.Listing says: “The Whittier neighborhood continues to attract renters, ensuring strong occupancy rates and stable cash flow.”
  3. Rental license is not on file An unlicensed or under-licensed building can mean inspections, required repairs, and limits on legal units, especially the basement studio.
  4. Condition varies between units Unit 1 appears refreshed while the upper unit looks more worn. Budget for updates as units turn over.From photo 10
  5. New roof reduces one big risk A 2024 roof lowers near-term capital costs, but ask for permits and warranty paperwork.Listing says: “A brand-new roof installed in 2024 offers peace of mind”
  6. Long time on market gives negotiating room 148 days listed with a price well above county value suggests the seller may need to cut.

From the photos

Listing photo 1
1 of 7Check

Stucco and Tudor-style exterior with brick base and retaining wall appears in decent shape. The stucco is worth checking for cracks or moisture.

Listing photo 1
2 of 7Check

Detached garage with two doors visible. The description says three stalls.

Listing photo 5
3 of 7Plus

Refinished hardwood floors in the bedrooms and living room appear to be in good condition, with radiator heat visible.

Listing photo 7
4 of 7Plus

Kitchen has dark cabinets, granite-look counters and plank-style flooring. It appears updated and usable, though the appliances look basic and mixed.

Listing photo 10
5 of 7Concern

Upper unit has carpet, textured ceilings and a worn-looking bathroom with a plastic-looking tub surround. It looks dated next to the first-floor unit.

Listing photo 3
6 of 7Check

Radiators appear in several rooms, which suggests a hot-water boiler system. No boiler, water heater or electrical panel is shown.

Listing photo 6
7 of 7Check

No photos of the basement studio, laundry or mechanicals. Unit 2 also isn't clearly identified.

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 roof installed in 2024Listing says: A brand-new roof installed in 2024 offers peace of mind
  • doneUnit 1 refinished floors, updated tile, modern cabinetry, granite countersListing says: Unit 1 has been recently enhanced with refinished floors, updated tile, modern cabinetry, and elegant granite countertops

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
$675,000
Cash to close
$155,250
Price per unit
$168,750
GRM
10.0

Each month

Cash flow
−$941/mo
Cash-on-cash
−7.3%
Cap rate
4.7%
DSCR
0.74×

Break-even

Price that breaks even
$498,194
Rent that breaks even
$6,838/mo

Long run

Year 30: property vs stocks
$1.86M vs $1.60M
Cash flow turns positive
year 13

Monthly

Monthly breakdown

Rent$5,600
Vacancy (6%)−$336
Collected$5,264
Property tax Public record−$766
Insurance Estimate−$438
Water, sewer, trash Estimate−$340
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (9% of rent)−$504
Capital reserve (9% of rent)−$504
Net operating income$2,652
Mortgage (principal + interest)−$3,593
Cash flow−$941
Principal paid down (equity, not cash)$457

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$1,862,614
Your equity when you sell
$1,540,098

Sells for $1,638,402 (value up 3% a year), minus 6% selling cost ($98,304). Rent paid down $540,000 of loan.

Rental profits, invested at 7%
$322,516

$216,194 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,599,868
Cash to close, invested at 7%
$1,181,803

$155,250 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$418,066

$73,653 you'd have paid in while the building lost money, invested instead.

The building comes out $262,746 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 $1.86M, stocks $1.60M. 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 $1,400/mo · range $1,375–$1,525 · 23 rentals within 0.75 mi

AddressRentBd / BaSq ftDistanceListedType
305 W Franklin Ave, Minneapolis $1,225 2 / 1 770 0.0 mi 2024-06-11 Apartment
2122 Grand Ave S, Minneapolis $1,199 2 / 1 750 0.1 mi 2026-02-11 Apartment
2101 Garfield Ave, Minneapolis $1,300 2 / 1 670 0.1 mi 2025-01-03 Apartment
2121 Garfield Ave, Minneapolis $1,375 2 / 1 750 0.1 mi 2025-01-03 Apartment
2002 Garfield Ave S, Minneapolis $1,295 2 / 1 800 0.2 mi 2026-09-22 Apartment
2300 Pleasant Ave, Minneapolis $1,300 2 / 1 800 0.2 mi 2025-04-01 Apartment
2109 Blaisdell Ave Apt 404, Minneapolis $1,745 2 / 1 908 0.2 mi 2026-06-02 Apartment
2109 Blaisdell Ave Apt 402, Minneapolis $1,795 2 / 1 908 0.2 mi 2026-06-02 Apartment
2400 Harriet Ave, Minneapolis $1,295 2 / 1 735 0.2 mi 2026-07-01 Apartment
2421 Pillsbury Ave S, Minneapolis $1,195 2 / 1 856 0.3 mi 2022-12-22 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

  • highDescription gives no rents, occupancy or lease terms, yet calls the building 'turnkey' and 'high-performing' Listing says: stands out as a turnkey investment with excellent upside potential · AI review
  • highSeller's last sale was $540K in 2022 and county market value is $484K, well below the $675K ask Based on: data: county.market_value · 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 2017 GRAND AVE S
  • mediumLower-level studio relies on its own egress; confirm it is a legal, licensed unit Listing says: A well-designed studio apartment with its own egress, providing added safety and functionality. · AI review
  • mediumProperty taxes are non-homestead at about $9.2K a year, a heavy expense against the rents Based on: data: county.tax · AI review
  • low$464 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 3402924220004: special assessments (current) = $463.99
  • lowHighway is about 270 m away (I-94/MN 55), so check noise Based on: data: highway.distance_m · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 151 days on market, 1 price cuts
  • Coin laundry is owned and could add income. Verify actual receipts. Listing says: owned coin-operated laundry, generating additional income potential · AI review
  • Three garage stalls plus off-street parking could support parking income or help tenant retention Listing says: The property includes three garage stalls along with ample off-street parking · AI review
  • No rent cap in Minneapolis, so rents can rise with the market Based on: data: underwriting.rent_rule · AI review

Questions for the agent

  • Can I see the current rent roll, lease end dates and 12 months of expenses?
  • Is the building licensed as a four-unit rental in Minneapolis, and when was it last inspected?
  • What are the $464 special assessments for, and does the seller pay them at closing?
  • Who pays heat? There is hot-water radiator heat, so is it one boiler and how old is it?
  • What does the coin laundry earn per month, and who owns the machines?
  • Why has it sat 148 days, and has the price been cut?

Bottom line

Nice-looking old four-plex in a good area, but at $675K it loses about $940 a month and would need to be near $498K to break even. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$9,192
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$5,261
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid$340
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 bedrooms: +1 pt repairs for wear9% / 9%

Price history Realtor.com

On the market since 2026-05-07 (151 days, relisted 1×); last sold for $540,000 on 2022-10-17.

DateEventPrice
Relisted$675,000
Removed$669,900
Removed$675,000
Removed$675,000
Removed—
Listed$675,000
Sold$540,000
Relisted$579,900
Removed—
Price changed$579,900
Price changed$619,900
Price changed$659,900
Listed$699,900

County record Public record

Recorded asapartment converted
Living units—
Year built1904
Market value (2026)$484,000
Property tax$9,192
Special assessments$464
Homesteadno
Last sale2022-09-01 · $540,000

Source: Hennepin County parcel records.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

I 94;MN 55, about 269 m away.

Crime in Whittier

1,136 incidents in the last 12 months (76 per 1,000 residents), +1% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).