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2200 N 6th St

Duplex · 2 units: 3 bed / 2 bath ×2 unit split estimated · 2,656 sq ft

Minneapolis, MN · Hawthorne · View the listing ↗

Cash flows
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Photos courtesy of Banneker Realty, Llc - Broker, via Realtor.com.

Asking price
$335,000
2 units · $168K per unit
Monthly cash flow
$911
at 20% down, 7%
Estimated rent
$4,300/mo
medium confidence · 13 rentals within 1.5 mi
Break-even price
$506,111
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a converted triplex, now a duplex, with roughly 3 bed / 2 bath per unit, listed at $335K. Our estimate is $2,125 per unit mid-range, and at asking that works out to about $872/mo cash flow and a 9.5% cap. That's decent, but it assumes the rents hold and there are no surprise repairs. The listing gives no actual rents, and both tenancies began this year, so ask for the leases first. The county taxes of $1,937 look low for a non-homestead investor, so check what the bill becomes after a sale. It's worth a showing if the conversion was done legally and the rents check out.

Things to consider

  1. Decent margin at asking About $872/mo cash flow and a 9.5% cap leave some room for repairs or vacancy; the break-even price is $498,877 but only if rents hold.
  2. No verified rents The numbers rest on our estimates. Real rents could be higher or lower, so verify leases before you offer.Listing says: “Tenancy began in each unit this year'26.”
  3. Conversion and licensing A triplex converted to a duplex changes the legal unit count. Confirm the layout, permits and rental license.Listing says: “Previous triplex converted to duplex!”
  4. Price vs. county value The $335K ask is well above the $300,800 county value, which supports negotiating down.
  5. Aging finishes and systems unknown Cabinets and porch look dated and there are no systems photos. Budget for reserves until inspected.From photo 2

From the photos

Listing photo 1
1 of 7Check

Stucco exterior with a front porch that appears dated; the stucco looks intact but worth checking for cracks or moisture.

Listing photo 2
2 of 7Concern

Kitchen cabinets appear to be builder-grade oak, serviceable but dated; kitchen updates may be needed to push rents.

Listing photo 3
3 of 7Plus

Rooms show dark wood trim and windows with blinds that appear to be in fair condition.

Listing photo 4
4 of 7Check

Coin-style washer and dryer in a shared area with an electrical box nearby and a cracked, worn floor.

Listing photo 5
5 of 7Concern

Enclosed porch has an older wood ceiling and single-pane-style windows; the floor boards look weathered.

Listing photo 6
6 of 7Check

Several electric meters and conduit run on the rear wall, consistent with the former triplex wiring. The basement windows are visible, so ask about the basement's condition.

Listing photo 1
7 of 7Check

No photos of boiler, panels, bathrooms or the roof.

Based on 6 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
$335,000
Cash to close
$77,050
Price per unit
$167,500
GRM
6.5

Each month

Cash flow
$911/mo
Cash-on-cash
14.2%
Cap rate
9.6%
DSCR
1.51×

Break-even

Price that breaks even
$506,111
Rent that breaks even
$3,117/mo

Long run

Year 30: property vs stocks
$2.88M vs $587K
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$4,300
Vacancy (6%)−$258
Collected$4,042
Property tax Public record−$161
Insurance Estimate−$226
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$344
Capital reserve (9% of rent)−$387
Net operating income$2,694
Mortgage (principal + interest)−$1,783
Cash flow$911
Principal paid down (equity, not cash)$227

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$2,876,505
Your equity when you sell
$764,345

Sells for $813,133 (value up 3% a year), minus 6% selling cost ($48,788). Rent paid down $268,000 of loan.

Rental profits, invested at 7%
$2,112,160

$866,004 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$586,524
Cash to close, invested at 7%
$586,524

$77,050 put into an index fund instead of the down payment and closing costs.

The building comes out $2,289,981 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 $2.88M, stocks $587K. 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.

3 bed estimate $2,150/mo · range $1,875–$2,425 · 13 rentals within 1.5 mi

AddressRentBd / BaSq ftDistanceListedType
816 21st Ave N Apt 336, Minneapolis $2,065 3 / 1 1,500 0.2 mi 2026-07-14 Apartment
816 21st Ave N Apt 107, Minneapolis $1,788 3 / 1 1,500 0.2 mi 2026-07-14 Apartment
2035 W River Rd N, Minneapolis $2,503 3 / 2 1,194 0.4 mi 2025-09-29 Apartment
1406 21st Ave N Unit 1, Minneapolis $2,065 3 / 1 — 0.6 mi 2025-07-23 Duplex triplex
617 Lowry Ave N, Minneapolis $1,465 3 / 2 1,298 0.8 mi 2026-07-17 Apartment
1215 Marshall St NE, Minneapolis $3,300 3 / 2 1,382 0.8 mi 2026-02-02 Apartment
1025 Main St NE, Minneapolis $3,391 3 / 2 1,007 1.0 mi 2026-01-30 Apartment
912 4th St NE Unit Upstairs, Minneapolis $1,900 3 / 1 1,250 1.2 mi 2026-06-03 Duplex triplex
912 4th St NE Unit Main, Minneapolis $2,100 3 / 1 1,120 1.2 mi 2026-03-04 Duplex triplex
3023 Queen Ave N, Minneapolis $1,450 3 / 1 820 1.4 mi 2026-07-31 Duplex triplex

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

  • mediumTriplex converted to duplex: confirm permits, egress and that the rental license matches the current layout. Listing says: Previous triplex converted to duplex! · AI review
  • mediumBoth tenancies are new, so there is no rent history. Ask whether the rents are market or incentive-priced. Listing says: Tenancy began in each unit this year'26. · AI review
  • mediumTax figure looks low and non-homestead. Re-estimate the tax bill after sale. Based on: data: county.tax · AI review
  • lowHighway about 245 m away. Expect noise, which can affect tenant demand and rents. Based on: data: highway.distance_m · AI review

Opportunities

  • Motivated-seller language: room to negotiate. Listing says: "beginner or seasoned to add to their portfolio! Motivated Seller . Make an offer!"
  • Seller wants out; room to negotiate below the $335K ask, which is above the $300,800 county value. Listing says: Motivated Seller. Make an offer! · AI review
  • No rent cap in Minneapolis, so rents can rise with the market over time. Based on: data: underwriting.rent_rule · AI review
  • Shared laundry could carry a coin or fee income if both tenants use it. Listing says: Washer/Dryer for shared use is in the rear entry area. · AI review

Questions for the agent

  • What are the actual rents, and can I see the signed leases and deposits?
  • Was the triplex-to-duplex conversion permitted, and does the rental license list two units?
  • Who pays heat? The building has hot-water heat, so is it one boiler or one per unit?
  • How old are the roof, boiler, electrical panels and water heater?
  • Why did the previous tenants leave, and why are both tenancies new this year?
  • Who pays for the shared washer and dryer and the water bill?

Bottom line

A roomy 3/2 duplex with fresh tenancies that clears about $872/mo at asking, but the rents need verifying. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$1,937
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,710
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 1903: +1 pt capital reserve8% / 9%

Price history Realtor.com

On the market since 2026-09-15 (20 days); last sold for $299,900 on 2006-01-05.

DateEventPrice
Listed$335,000
Removed$299,900
Removed$24,900
Listed$29,900
Sold public record$299,900
Listed$299,900
Sold public record$235,000
Sold public record$59,000

County record Public record

Recorded asduplex
Living units2
Year built1903
Market value (2026)$300,800
Property tax$1,937
Special assessmentsnone
Homesteadno
Last sale—

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

None, about 245 m away.

Crime in Hawthorne

445 incidents in the last 12 months (79 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).