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2021 3rd Ave S

1 units · 1 units: 9 bed / 6 bath unit split estimated · 7,518 sq ft

Minneapolis, MN · Whittier · View the listing ↗

Far off
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Photos, via Realtor.com.

Asking price
$565,000
1 units · $565K per unit
Monthly cash flow
−$2,683
at 20% down, 7%
Estimated rent
$1,175/mo
medium confidence
Break-even price
$60,915
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a four-unit Whittier building listed at $565K, and the numbers don't work at that price. Our underwriting shows about -$2,683 a month and a 0.7% cap rate, and the rent estimate is a single blended line for a 9-bed/6-bath building, so treat it as rough. The county shows the property as one condo unit with $131K market value and $2,028 tax, which doesn't match a 4-unit building. Confirm the real tax bill and parcel setup before anything else. The listing gives no rents, no heat details and no systems info, so ask for the rent roll and expenses first. At 147 days on market it's only worth a showing if the seller will go far below ask.

Things to consider

  1. Price versus income Underwriting shows about -$2,683 a month at asking and break-even near $60.9K. Even if rents beat the estimate, the gap is huge.
  2. Tax and parcel mismatch County records show one condo unit with $2,028 tax. A reassessment as a 4-unit building could raise taxes and cut cash flow.
  3. Rents are unknown The estimate is one blended line for the whole building. Real unit-by-unit rents decide whether any price works.
  4. Cosmetic updates only Kitchens and baths look serviceable but dated. Budget for systems, not just paint, until ages are confirmed.From photo 5

From the photos

Listing photo 1
1 of 8Plus

Front of the house looks tidy, with a porch and green siding that appears maintained. The roof shingles look serviceable but their age is unknown.

Listing photo 5
2 of 8Concern

Kitchens appear to have oak cabinets, laminate counters and basic appliances. They look functional but more like an older cosmetic update than a recent renovation.

Listing photo 8
3 of 8Concern

Bathrooms have dated tile surrounds, basic tubs and pedestal or small vanity sinks. Clean, but not recently remodeled.

Listing photo 4
4 of 8Plus

Hardwood floors look in good shape, with fireplaces and large open rooms. Strong tenant appeal.

Listing photo 3
5 of 8Check

Exposed pipes run along the ceilings in the hall and rooms. This suggests older plumbing or heating runs. Check what they are and their condition.

Listing photo 9
6 of 8Plus

In-unit stacked washer and dryer in a hallway closet.

Listing photo 10
7 of 8Check

Rear has a window air conditioner, a satellite dish, and a small back stoop with a steep stair. Parking appears to be a small paved area. Back side is marked incomplete.

Listing photo 10
8 of 8Check

No photos of the basement, mechanicals, electrical panel, roof close-up, or every unit. Only one or two units seem shown.

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

Condition and repairs

  • doneBuilding described as updated throughout, kitchens and bathsListing says: This four-unit building has been updated throughout and features oversized units.
  • doneUpdated kitchens and bathrooms in all unitsListing says: All units feature updated kitchens and bathrooms, with original touches

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
$565,000
Cash to close
$129,950
Price per unit
$565,000
GRM
40.1

Each month

Cash flow
−$2,683/mo
Cash-on-cash
−24.8%
Cap rate
0.7%
DSCR
0.11×

Break-even

Price that breaks even
$60,915
Rent that breaks even
$4,705/mo

Long run

Year 30: property vs stocks
$1.29M vs $3.95M
Cash flow turns positive
not within 30 years

Monthly

Monthly breakdown

Rent$1,175
Vacancy (6%)−$70
Collected$1,104
Property tax Public record−$169
Insurance Estimate−$255
Water, sewer, trash Estimate−$85
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (9% of rent)−$106
Capital reserve (9% of rent)−$106
Net operating income$324
Mortgage (principal + interest)−$3,007
Cash flow−$2,683
Principal paid down (equity, not cash)$383

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$1,289,119
Your equity when you sell
$1,289,119

Sells for $1,371,403 (value up 3% a year), minus 6% selling cost ($82,284). Rent paid down $452,000 of loan.

Rental profits, invested at 7%
$0

$0 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$3,945,984
Cash to close, invested at 7%
$989,213

$129,950 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$2,956,772

$925,107 you'd have paid in while the building lost money, invested instead.

Stocks come out $2,656,865 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 $1.29M, stocks $3.95M. Stocks win.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-05. The estimate above is RentCast's, weighted toward the closest matches.

9 bed / 6 bath estimate $1,175/mo · range $800–$1,525

AddressRentBd / BaSq ftDistanceListedMatch
2021 3rd Ave S, Apt B1, Minneapolis 55404 off market $1,150 2 / 1 — 0.0 mi 2025-12-03 63%
2023 2nd Ave S, Minneapolis 55404 off market $1,799 3 / 1 — 0.1 mi 2026-03-03 63%
2011 2nd Ave S, Minneapolis 55404 $950 0 / 1 — 0.1 mi 2026-09-18 63%
2111 2nd Ave S, Unit B1, Minneapolis 55404 off market $1,850 3 / 1 — 0.1 mi 2026-06-05 63%
1921 3rd Ave S, Minneapolis 55404 $1,150 1 / 1 — 0.1 mi 2026-09-25 63%
1917 Stevens Ave, Apt 4, Minneapolis 55403 off market $1,400 2 / 1 — 0.2 mi 2025-02-22 63%
1924 Stevens Ave, Minneapolis 55403 $800 0 / 1 — 0.2 mi 2026-09-28 63%
1817 2nd Ave S, Minneapolis 55403 $809 0 / 1 — 0.2 mi 2025-04-30 63%
1912 Stevens Ave S, Minneapolis 55403 off market $825 0 / 1 — 0.2 mi 2025-11-14 63%
22 E 22nd St, Minneapolis 55404 $919 0 / 1 — 0.2 mi 2025-04-30 63%

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

  • highCounty records list one condo unit at $131K value and $2,028 tax, not a 4-unit building. The tax bill after a sale could be much higher, and the parcel setup is unclear. Based on: data: county.dwelling_type · AI review
  • highNo rents, lease status or expenses in the listing. Income can't be verified. Based on: data: rent_estimate · AI review
  • mediumAsking is $504,085 above the price where cash flow breaks even ($60,915) at the default scenario. Based on: Derived: price $565,000 vs. break-even $60,915
  • mediumHeat type is listed as electric in county data, but the interior photos show radiator-style pipes and forced-air vents. Heating setup and who pays is unclear. Based on: data: county.heat_type · AI review
  • mediumThe listing says 'updated throughout' but never gives dates for systems, roof, wiring or plumbing. 1891 building. Listing says: Buidling has been tastefully restored while allowing for new ownership to enjoy solid investment potential. · AI review

Opportunities

  • The seller bought for $120,000 in Feb 2021, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 3402924110166: last sale 2021-02-01, $120,000
  • Long time on market: room to negotiate. Based on: Listing data: 147 days on market, 3 price cuts
  • Minneapolis has no rent cap, so rents can move with the market after a refresh. Based on: data: underwriting.rent_rule · AI review
  • Oversized units with hardwood floors and fireplaces may appeal to tenants wanting space. Based on: photo 3 · AI review

Questions for the agent

  • Can I see the current rent roll, lease dates and trailing-12 expenses?
  • Who pays heat, electric and water, and how many meters and heating systems are there?
  • Why does the county show one condo unit, and what will the tax bill be for a 4-unit investor owner?
  • What were the 'updates', when were they done, and were permits pulled?
  • What are the roof, boiler or furnace, wiring and plumbing ages?
  • Why has it sat 147 days, and has the price been cut?

Bottom line

Pretty building with a price far above what the rents can support, so only look if the seller will come down dramatically. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$2,028
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$3,057
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid$85
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 1891: +1 pt capital reserve; 9 bedrooms: +1 pt repairs for wear9% / 9%

Price history Realtor.com

On the market since 2025-12-01 (308 days); down $60,000 (9.6%) from the first ask of $625,000.

DateEventPrice
Price changed$565,000
Removed$599,900
Removed$640,000
Removed$690,000
Listed$599,900
Removed—
Price changed$599,900
Listed$625,000

County record Public record

Recorded ascondominium
Living units1
Year built1891
Market value (2026)$131,000
Property tax$2,028
Special assessmentsnone
Homesteadno
Last sale2021-02-01 · $120,000

Source: Hennepin County parcel records.

City rental license

CHOWN: 4 unit(s), Tier 1, status active, renews 2027-03-01.CHOWN: 4 unit(s), Tier 1, status active, renews 2027-03-01.CHOWN: 4 unit(s), Tier 1, status active, renews 2027-03-01.CHOWN: 4 unit(s), Tier 1, status active, renews 2027-03-01.CHOWN: 4 unit(s), Tier 1, status active, renews 2027-03-01.

Nearest highway

I 35W, about 193 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).