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2109 Aldrich Ave S

Triplex · 3 units: 5 bed / 4 bath ×3 unit split estimated · 5,525 sq ft

Minneapolis, MN · Lowry Hill East · View the listing ↗

Far off
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Photos courtesy of NRT-Minnesota (CB Burnet), via Realtor.com.

Asking price
$1,149,000
3 units · $383K per unit
Monthly cash flow
−$4,044
at 20% down, 7%
Estimated rent
$5,475/mo
medium confidence
Break-even price
$389,229
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a 2020-built Minneapolis triplex asking $1.149M, and the numbers don't work. Our underwriting shows about -$4,044 a month and a 2.2% cap rate, and cash flow only breaks even near $389K. The listing gives no rents, no occupancy and no expenses, so the price rests on nothing. Our rent estimate is $1,825 a unit, which looks very low for a claimed 5 bed / 4 bath. Check the real bedroom count, since 15 beds in 5,525 sq ft is about 1,840 sq ft per unit. Also ask for the rent roll, and the tax bill: $17,868 non-homestead is a big drag. Worth a showing only if the seller can prove rents far above our estimate.

Things to consider

  1. Price is far above what rents support Our break-even price is about $389K against a $1.149M ask. You'd need rents several times our estimate to cover the debt.
  2. Rents are unverified With no stated rents, income is a guess. Get the rent roll and leases before running any numbers.Listing says: “This is a rare investment opportunity in a desirable location.”
  3. Taxes eat the income Non-homestead tax is $17.9K a year, roughly $1,500 a month, before insurance or repairs.
  4. Seller has a large gain cushion They bought in 2019 at $238,782 (probably land or an older building), so they may take a much lower offer.
  5. Bedroom count may drive rent If the units are really 5 beds each, they may rent by the room to groups. That adds turnover and wear, and may bring licensing limits.Listing says: “Each unit offers a private entrance, 5 sizable bedrooms and 4 baths.”
  6. Newer build lowers repair risk Built in 2020, so big-ticket repairs should be minimal for years. Still verify warranties and permits.

From the photos

Listing photo 2
1 of 8Plus

Exterior appears newer, with fiber-cement style lap siding, newer windows and a clean tidy lot.

Listing photo 1
2 of 8Check

Rooftop structure looks like an unfinished pergola or framing. Ask what it is and whether it is permitted.

Listing photo 5
3 of 8Plus

Kitchens appear modern, with quartz-style counters, stainless appliances and gas ranges, and look in good shape.

Listing photo 3
4 of 8Check

Vinyl plank flooring and builder-grade finishes throughout; durable for rentals, but not high end for this asking price.

Listing photo 9
5 of 8Plus

Unit doors have keypad locks and the units are separate, which fits three units with private entrances.

Listing photo 4
6 of 8Check

Kitchens and living areas face close neighbors and overhead wires; window views are limited.

Listing photo 9
7 of 8Check

No photos of mechanicals, laundry, basement or the electrical panel, so the claimed separate mechanicals can't be confirmed.

Listing photo 10
8 of 8Check

Bedroom photo shows only a standard-size room with a door to the hall. It does not show whether a closet or egress window exists.

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

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
$1,149,000
Cash to close
$264,270
Price per unit
$383,000
GRM
17.5

Each month

Cash flow
−$4,044/mo
Cash-on-cash
−18.4%
Cap rate
2.2%
DSCR
0.34×

Break-even

Price that breaks even
$389,229
Rent that breaks even
$10,727/mo

Long run

Year 30: property vs stocks
$2.62M vs $5.92M
Cash flow turns positive
not within 30 years

Monthly

Monthly breakdown

Rent$5,475
Vacancy (6%)−$328
Collected$5,146
Property tax Public record−$1,489
Insurance Estimate−$340
Water, sewer, trash Estimate−$255
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (9% of rent)−$493
Capital reserve (8% of rent)−$438
Net operating income$2,072
Mortgage (principal + interest)−$6,115
Cash flow−$4,044
Principal paid down (equity, not cash)$778

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$2,621,589
Your equity when you sell
$2,621,590

Sells for $2,788,925 (value up 3% a year), minus 6% selling cost ($167,335). Rent paid down $919,200 of loan.

Rental profits, invested at 7%
$0

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

Same money in stocks$5,918,761
Cash to close, invested at 7%
$2,011,691

$264,270 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$3,907,071

$1,122,989 you'd have paid in while the building lost money, invested instead.

Stocks come out $3,297,172 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 $2.62M, stocks $5.92M. 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.

5 bed / 4 bath estimate $1,825/mo · range $1,200–$2,450

AddressRentBd / BaSq ftDistanceListedMatch
2449 Lyndale Ave S, Minneapolis 55405 $2,395 4 / 3 1,804 0.3 mi 2026-06-02 69%
214 24th St W, Unit 2, Minneapolis 55404 off market $2,195 4 / 2 2,000 0.4 mi 2026-08-27 65%
1924 Colfax Ave S, Minneapolis 55403 $2,550 4 / 2 1,607 0.2 mi 2026-07-08 64%
2209 Aldrich Ave S, Unit 1, Minneapolis 55405 off market $1,695 2 / 1 — 0.1 mi 2026-02-15 63%
2308 Garfield Ave, Minneapolis 55405 $1,150 1 / 1 — 0.2 mi 2026-09-28 63%
2016 Grand Ave S, Minneapolis 55405 $950 0 / 1 — 0.2 mi 2026-09-18 63%
1117 W Franklin Ave, Minneapolis 55405 $875 0 / 1 — 0.3 mi 2026-09-24 63%
2214 Emerson Ave S, Minneapolis 55405 off market $950 1 / 1 — 0.3 mi 2026-08-27 63%
2224 Emerson Ave S, Minneapolis 55405 off market $875 0 / 1 — 0.3 mi 2025-10-10 63%
2118 Pillsbury Ave S, Apt 12, Minneapolis 55404 off market $920 1 / 1 — 0.4 mi 2026-09-30 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

  • highDescription gives no rents, occupancy, lease terms or expenses Listing says: This is a rare investment opportunity in a desirable location. · AI review
  • highProperty tax of about $17.9K a year is a heavy cost against estimated rents Based on: data: county.tax · AI review
  • mediumAsking is $759,771 above the price where cash flow breaks even ($389,229) at the default scenario. Based on: Derived: price $1,149,000 vs. break-even $389,229
  • mediumBedroom count looks inflated for the square footage; some rooms may lack egress or be small Listing says: Each unit offers a private entrance, 5 sizable bedrooms and 4 baths. · AI review
  • lowRental license is an owner-exempt type; confirm it transfers and the 3 units are properly licensed Based on: data: city.rental_license · AI review

Opportunities

  • The seller bought for $238,782 in Jan 2019, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 3302924110031: last sale 2019-01-01, $238,782
  • 2020 construction should mean low near-term repairs and a newer roof and systems Based on: data: listing.year_built · AI review
  • In-unit laundry and separate mechanicals mean tenants likely pay their own utilities and owner costs stay low Listing says: Each unit is fully equipped with in-unit laundry, enhancing day-to-day convenience, separate mechanicals · 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 current rents, lease end dates and security deposits for each unit?
  • Are all units occupied, and are tenants rooming by the bedroom or on one lease?
  • Can you share trailing-12 expenses, including the tax bill and insurance?
  • Are all 15 bedrooms legal with egress and closets, and does the rental license cover the layout?
  • Which utilities does the owner pay, and are meters separate?
  • Why was it listed at $1.149M given the 2019 purchase at $238,782?

Bottom line

Newer building, but at $1.149M it loses about $4K a month on our numbers, and only a documented rent roll far above our estimate could change that. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$17,868
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$4,081
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. 15 bedrooms: +1 pt repairs for wear9% / 8%

Price history Realtor.com

On the market since 2026-04-27 (161 days, relisted 1×); down $46,000 (3.8%) from the first ask of $1,195,000.

DateEventPrice
Listed$1,149,000
Removed$1,149,000
Price changed$1,149,000
Listed$1,195,000

County record Public record

Recorded astriplex
Living units3
Year built2020
Market value (2026)$940,900
Property tax$17,868
Special assessmentsnone
Homesteadno
Last sale2019-01-01 · $238,782

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 94;MN 55, about 380 m away.

Crime in Lowry Hill East

647 incidents in the last 12 months (74 per 1,000 residents), −3% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).