215 W Minnehaha Pkwy

Duplex · 2 units: 2 bed / 1.5 bath ×2 unit split estimated · 3,066 sq ft

Minneapolis, MN · Tangletown · View the listing ↗

Far off

50 photos

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

Asking price: $739,000
Monthly cash flow: −$3,038
Estimated rent: $3,100/mo
Break-even price: $168,117

Adjust the numbers See the full breakdown

From the listing

Handsomely updated classic 1930's up/down duplex. Ideally located in a tranquil pocket of Minneapolis on Minnehaha Creek across from the bike & walking paths. Hop on the trail and head west to Lake Harriet or head East to Lake Nokomis - the path is well maintained in summer and winter! Hardwood floors, built in shelves and large windows that bring in tons of natural light. Each unit features: 2 spacious bedrooms and 1 bathroom with an open floor plan where kitchen flows into dining room and then into spacious living area with stone fireplace. Shared lower level includes finished family room, half bath, plentiful storage and laundry. The garage is steps from the back door with 1 spot for each unit. There is an additional parking spot adjacent to the garage. Bonus shared deck over the garage for elevated entertaining in the summer months. Beautifully landscaped front yard and a stunning backyard perennial garden that blooms throughout the summer season. Many fantastic local restaurants and shops within walking distance -a perfect blend of urban living with a private feel. Roof replaced (2023), Central Air (2018), New windows (2015), Kitchens and Lower level remodels (2009). See supplements for full updates list.This is an excellent opportunity for an owner-occupant looking to live in one unit while generating rental income from the other, a buyer seeking a multi-generational living arrangement, or an investor looking to add a quality income-producing property to their portfolio.

Listing courtesy of NRT-Minnesota (CB Burnet) (Sarah Balestri). Description from Realtor.com, MLS #7136355. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a nice owner-occupant house that happens to be a duplex, and it doesn't work as a pure rental. Asking is $739K against rent estimates of about $1,550 per unit, so our underwriting shows roughly -$3,038 a month and a 1.5% cap rate. Break-even is near $168K, so the price is built on lifestyle and location, not income. No rents are stated, and the county record didn't match, so taxes and unit count are unverified. Only look at it if you'd live in one unit and accept a large monthly cost, and verify the rental license and legal unit count first.

Things to consider

Price far exceeds what rents support With rents near $1,550 per unit, the deal loses about $3,038 a month at asking. Break-even is far below the price.
Unit count and taxes unverified No county match means taxes may be higher than expected, and the legal two-unit status needs confirming.
Owner-occupant house-hack is the realistic use Living in one unit with owner-occupant financing is the only way the numbers get closer to workable.Listing says: “This is an excellent opportunity for an owner-occupant looking to live in one unit”
Recent roof and systems reduce capital risk A 2023 roof, 2018 central air and 2015 windows mean fewer big near-term bills.Listing says: “Roof replaced (2023), Central Air (2018), New windows (2015)”
Shared basement and likely shared heat Shared laundry, bath and probably one boiler complicate utilities, privacy and tenant billing.Listing says: “Shared lower level includes finished family room, half bath, plentiful storage and laundry.”

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

doneRoof replacedListing says: Roof replaced (2023)
doneCentral air installedListing says: Central Air (2018)
doneNew windowsListing says: New windows (2015)
doneKitchens and lower level remodeledListing says: Kitchens and Lower level remodels (2009)

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: $739,000
Cash to close: $169,970
Price per unit: $369,500
GRM: 19.9

Each month

Cash flow: −$3,038/mo
Cash-on-cash: −21.5%
Cap rate: 1.5%
DSCR: 0.23×

Break-even

Price that breaks even: $168,117
Rent that breaks even: $6,995/mo

Long run

Year 30: property vs stocks: $1.69M vs $4.50M
Cash flow turns positive: not within 30 years

Monthly

Monthly breakdown

Rent	$3,100
Vacancy (6%)	−$186
Collected	$2,914
Property tax Listing	−$1,079
Insurance Estimate	−$214
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$248
Capital reserve (8% of rent)	−$248
Net operating income	$895
Mortgage (principal + interest)	−$3,933
Cash flow	−$3,038
Principal paid down (equity, not cash)	$500

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$1,686,122

Your equity when you sell: $1,686,122
Rental profits, invested at 7%: $0

Same money in stocks$4,500,755

Cash to close, invested at 7%: $1,293,855
Monthly shortfalls, invested: $3,206,900

Stocks come out $2,814,633 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 $1.69M, stocks $4.50M. Stocks win.

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 $1,550/mo · range $1,450–$2,550 · 11 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
127 E 59th St, Minneapolis	$1,450	2 / 1	860	0.7 mi	2026-02-18	Apartment
4610 Bryant Ave S, Minneapolis	$1,365	2 / 1	1,000	1.1 mi	2025-04-24	Apartment
4436 Grand Ave S Unit 2, Minneapolis	$1,430	2 / 1	1,000	1.1 mi	—	Apartment
6321 6329 Pleasant Ave S, Richfield	$1,125	2 / 1	710	1.2 mi	2025-04-01	Apartment
5517 Oliver Ave S, Minneapolis	$3,800	2 / 1	—	1.2 mi	2026-08-01	Duplex triplex
6401 Lyndale Ave S, Richfield	$1,975	2 / 2	1,238	1.3 mi	2025-03-18	Apartment
6445 Lyndale Ave S, Richfield	$2,345	2 / 2	1,142	1.4 mi	2024-04-12	Apartment
800 W 65th St, Richfield	$1,350	2 / 1	985	1.4 mi	2025-01-08	Apartment
4222 Nicollet Ave, Minneapolis	$2,445	2 / 2	1,387	1.4 mi	2024-04-12	Apartment
4201 Nicollet Ave S, Minneapolis	$2,395	2 / 2	943	1.5 mi	2026-06-01	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

mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 215 MINNEHAHA PKWY W
mediumAsking is $570,883 above the price where cash flow breaks even ($168,117) at the default scenario. Based on: Derived: price $739,000 vs. break-even $168,117
mediumShared laundry, half bath and family room in the basement make the units less separable and raise questions about shared utilities and metering. Listing says: Shared lower level includes finished family room, half bath, plentiful storage and laundry. · AI review
mediumHeat appears to be a single radiator system, which may mean one boiler and one gas bill paid by the owner. Based on: photo 7 · AI review
mediumDescription is marketed to owner-occupants and gives no rents, leases or expenses. Listing says: This is an excellent opportunity for an owner-occupant looking to live in one unit · AI review
lowKitchens and lower level are about 17 years old, so wear is likely. Listing says: Kitchens and Lower level remodels (2009) · AI review

Opportunities

No rent cap in Minneapolis, so rents can follow the market. The location by the creek and lake trails is a draw for tenants. Based on: data: underwriting.rent_rule · AI review
Recent big-ticket items (roof 2023, central air 2018, windows 2015) lower near-term capital risk. Listing says: Roof replaced (2023), Central Air (2018), New windows (2015) · AI review
House-hack or multi-generational use could offset the cost with owner-occupant financing. Listing says: a buyer seeking a multi-generational living arrangement · AI review

Questions for the agent

Is each unit separately metered for gas and electric, and how is heat supplied (one boiler)?
What are the actual rents or fair-market rents, and is either unit currently rented?
Is the duplex licensed as a rental, and what are the current property taxes?
What is in the supplements list of updates, and is the electrical panel updated?
How is the shared basement, laundry and half bath used between units?
Why is the seller selling, and what did they pay?

Bottom line

Lovely house in a great location, but at $739K and about $1,550 per unit rent it loses serious money as a rental, so it only makes sense as a house-hack. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2026. The tax the listing states. If the seller lives there it may be at the lower homestead rate; an investor owner pays the non-homestead rate, often 20–40% more on the owner's unit.	$12,952
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,566
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. base rate	8% / 8%

Price history Realtor.com

On the market since 2026-09-18 (17 days); last sold for $232,575 on 1994-08-05; listed for rent at $2,295/mo on 2023-06-12.

Date	Event	Price
2026-09-18	Listed	$739,000
2023-06-19	Removed	—
2023-06-12	Rent changed	$2,295/mo
2023-06-01	Listed for rent	$2,495/mo
1994-08-05	Sold public record	$232,575
1988-03-01	Sold public record	$161,000

From the listing Listing

Listed as	duplex up and down
Property tax, 2026	$12,952
County	Hennepin
Parcel number	1502824340018

As the listing states it (NorthstarMLS, via Realtor.com). We don't have county records here yet; check the tax, homestead status and special assessments with the county.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

I 35W, about 522 m away.

Crime in Tangletown

153 incidents in the last 12 months (33 per 1,000 residents), +7% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).