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2121 Harriet Ave

Duplex · 2 units: 5 bed and 2 bed · 3,152 sq ft

Minneapolis, MN · Whittier · View the listing ↗

Far off
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Photos courtesy of Keller Williams Classic Realty Northwest, via Realtor.com.

Asking price
$575,000
2 units · $288K per unit
Monthly cash flow
−$1,848
at 20% down, 7%
Estimated rent
$3,250/mo
high confidence
Break-even price
$227,827
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a big, nicely kept 1910 Whittier duplex, but the price doesn't work. At $575K our underwriting shows about -$1,848 a month and a 2.5% cap rate, and the seller paid $625K in 2022, so this looks like a hold-the-line ask. The description gives no rents or lease status, so the first thing to get is the rent roll and who is in each unit now. Our 5-bed estimate is $1,475, so the real rent matters a lot. The upgrades listed (boilers, roof, siding) are real strengths, but they don't close a $347K gap to break-even. I'd only tour if the seller is far more flexible on price or the actual rents are well above our estimates.

Things to consider

  1. Price is far above what the rents support Our underwriting shows negative cash flow of about $1,848 a month and a break-even price of $227,827. At today's rates this needs a big price cut.
  2. Rent roll is missing Our 5-bed rent estimate is $1,475 and the 2 bed is $1,775. Actual rents and leases decide whether the deal is plausible.
  3. Big recent capital work lowers near-term repair risk New roof, siding and boilers reduce major surprises, but ask for permits and receipts.Listing says: “$70k in exterior upgrades with a new roof, all new siding”
  4. Property tax is a heavy drag Non-homestead tax of about $9,872 plus assessments eats a big share of income on a duplex.
  5. Seller paid more in 2022 than the current ask The seller may be reluctant to take a loss, but the market value in county records is $519,800, which gives you a negotiating anchor.
  6. Age of the building and heating details A 1910 building with radiators and hot-water heat may have old wiring or plumbing behind the cosmetic updates. Ask about the electrical panels and whether each unit has separate meters.From photo 8

From the photos

Listing photo 1
1 of 8Plus

Exterior appears freshly sided and painted, with new porch skirting and new concrete steps in the first photo.

Listing photo 3
2 of 8Plus

Original hardwood floors, wood columns and leaded glass appear in good shape. These are a strong draw for tenants.

Listing photo 5
3 of 8Plus

Kitchen has stainless appliances, granite-look counters and tile floor. It looks updated but cosmetic, not a full gut.

Listing photo 5
4 of 8Check

Possible stain or cracking on the kitchen ceiling near the top left. Check for past leaks from the unit above.

Listing photo 8
5 of 8Check

Radiators are visible in the living area and bedroom, consistent with the hot-water heat in county data. Radiators are old; the boilers are reportedly new.

Listing photo 9
6 of 8Plus

Bathroom appears updated with a new vanity and a glass block window. The tub surround is older tile.

Listing photo 10
7 of 8Check

Photo 10 appears to show an occupied unit with the interior staged by tenants, so photos mix vacant and occupied units.

Listing photo 1
8 of 8Check

No photos of the basement, boilers, electrical panels or the lower unit's separate entrance and layout.

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

Condition and repairs

  • doneTwo newer boilersListing says: 2 newer boilers, a high efficiency on demand water heater
  • doneOn-demand water heaterListing says: a high efficiency on demand water heater
  • doneNew roofListing says: $70k in exterior upgrades with a new roof, all new siding
  • doneNew siding and gutter guardsListing says: all new siding, premium gutter guards and chimney tuckpointed
  • doneChimney tuckpointingListing says: premium gutter guards and chimney tuckpointed
  • doneRemodeled kitchens and bathsListing says: remodeled kitchens & baths, granite countertops, stainless steel appliances

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
$575,000
Cash to close
$132,250
Price per unit
$287,500
GRM
14.7

Each month

Cash flow
−$1,848/mo
Cash-on-cash
−16.8%
Cap rate
2.5%
DSCR
0.40×

Break-even

Price that breaks even
$227,827
Rent that breaks even
$5,650/mo

Long run

Year 30: property vs stocks
$1.31M vs $2.71M
Cash flow turns positive
not within 30 years

Monthly

Monthly breakdown

Rent$3,250
Vacancy (6%)−$195
Collected$3,055
Property tax Public record−$823
Insurance Estimate−$237
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$260
Capital reserve (9% of rent)−$292
Net operating income$1,213
Mortgage (principal + interest)−$3,060
Cash flow−$1,848
Principal paid down (equity, not cash)$389

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$1,311,935
Your equity when you sell
$1,311,935

Sells for $1,395,676 (value up 3% a year), minus 6% selling cost ($83,741). Rent paid down $460,000 of loan.

Rental profits, invested at 7%
$0

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

Same money in stocks$2,708,366
Cash to close, invested at 7%
$1,006,721

$132,250 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$1,701,645

$472,113 you'd have paid in while the building lost money, invested instead.

Stocks come out $1,396,431 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 $1.31M, stocks $2.71M. 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 / 1 bath estimate $1,475/mo · range $950–$2,025

AddressRentBd / BaSq ftDistanceListedMatch
214 24th St W, Unit 2, Minneapolis 55404 off market $2,195 4 / 2 2,000 0.2 mi 2026-08-27 77%
2529 Pleasant Ave, Unit 2, Minneapolis 55404 $2,500 4 / 2 2,000 0.4 mi 2026-08-25 76%
2016 Grand Ave S, Minneapolis 55405 $950 0 / 1 — 0.1 mi 2026-09-18 75%
2308 Garfield Ave, Minneapolis 55405 $1,150 1 / 1 — 0.1 mi 2026-09-28 75%
2118 Pillsbury Ave S, Apt 12, Minneapolis 55404 off market $920 1 / 1 — 0.2 mi 2026-09-30 75%
2315 Pleasant Ave, Minneapolis 55404 off market $1,765 3 / 1 — 0.2 mi 2026-05-29 75%
2209 Aldrich Ave S, Unit 1, Minneapolis 55405 off market $1,695 2 / 1 — 0.2 mi 2026-02-15 75%
2525 Harriet Ave, Minneapolis 55405 $975 0 / 1 — 0.3 mi 2026-07-20 75%
12 W 22nd St, Minneapolis 55404 $899 0 / 1 — 0.3 mi 2026-09-25 75%
2439 Blaisdell Ave, Minneapolis 55404 $889 0 / 1 — 0.4 mi 2025-04-30 74%

2 bed / 1 bath estimate $1,775/mo · range $1,475–$2,075

AddressRentBd / BaSq ftDistanceListedMatch
2209 Aldrich Ave S, Unit 1, Minneapolis 55405 off market $1,695 2 / 1 — 0.2 mi 2026-02-15 94%
2209 Aldrich Ave S, Minneapolis 55405 off market $1,695 2 / 1 2,000 0.2 mi 2025-10-16 91%
508 Ridgewood Ave, Apt 6, Minneapolis 55403 off market $1,595 2 / 1 1,200 0.2 mi 2026-06-25 85%
2316-2318 Harriet Ave S, Minneapolis 55405 off market $1,949 2 / 1 1,180 0.1 mi 2026-07-16 85%
2005 Garfield Ave S, Unit 4, Minneapolis 55405 off market $1,395 2 / 1.5 1,500 0.1 mi 2026-02-26 85%
2000/2002 Dupont Ave S, Unit 9, Minneapolis 55405 off market $1,997 2 / 1 1,200 0.4 mi 2024-07-09 85%
2308 Garfield Ave, Minneapolis 55405 $1,150 1 / 1 — 0.1 mi 2026-09-28 84%
2118 Pillsbury Ave S, Apt 12, Minneapolis 55404 off market $920 1 / 1 — 0.2 mi 2026-09-30 84%
2315 Pleasant Ave, Minneapolis 55404 off market $1,765 3 / 1 — 0.2 mi 2026-05-29 84%
2121 Colfax Ave S, Minneapolis 55405 off market $1,495 2 / 1 1,083 0.3 mi 2026-09-01 84%

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

  • highNo rents or lease terms given, so income can't be verified Listing says: Invest with confidence knowing you have 2 newer boilers · AI review
  • mediumAsking is $347,173 above the price where cash flow breaks even ($227,827) at the default scenario. Based on: Derived: price $575,000 vs. break-even $227,827
  • mediumUpper 5-bed rent is uncertain; our estimate range is very wide Based on: data: rent_estimate · AI review
  • mediumTax is billed at the non-homestead rate and is heavy relative to likely rent Based on: data: county.tax · AI review
  • low$288 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 3402924220080: special assessments (current) = $288.09
  • lowSeller bought at $625K in 2022 and is asking well below that, which may signal an anchored price Based on: data: county.last_sale_price · AI review

Opportunities

  • Parking income: 4 off-street spots can be rented separately Listing says: Additional income opportunity with 4 off street parking spots and storage lockers in the basement · AI review
  • Storage locker rentals in the basement Listing says: storage lockers in the basement · AI review
  • No rent cap in Minneapolis, so rents can follow the market Based on: data: underwriting.rent_rule · AI review
  • Large front porches on both units add appeal Based on: photo 1 · AI review

Questions for the agent

  • What are the current rents, lease end dates and security deposits for each unit?
  • Are the tenants the people in the photos, and is either unit going vacant soon?
  • Who pays heat, water and electric? Are there separate meters?
  • Can you provide permits and invoices for the boilers, roof and siding?
  • What are the special assessments on the tax bill for, and do they continue?
  • Why is the asking price below the 2022 sale, and how has the price changed in 46 days?

Bottom line

Well-updated, good-looking duplex, but at $575K it loses roughly $1,850 a month on our numbers and needs 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)$9,872
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,847
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 1910: +1 pt capital reserve8% / 9%

Price history Realtor.com

On the market since 2026-08-20 (46 days); down $24,900 (4.2%) from the first ask of $599,900; last sold for $625,000 on 2022-06-29.

DateEventPrice
Price changed$575,000
Listed$599,900
Sold public record$625,000
Sold$625,000
Listed$634,900
Sold$590,000
Relisted$599,900
Removed$599,900
Removed$559,900
Removed$549,900
Relisted$599,900
Removed$599,900
Listed$599,900
Sold public record$429,000
Sold public record$382,000
Sold public record$80,900

County record Public record

Recorded asduplex
Living units2
Year built1910
Market value (2026)$519,800
Property tax$9,872
Special assessments$288
Homesteadno
Last sale2022-05-01 · $625,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 94;MN 55, about 354 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).