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2206 Arthur St NE

Duplex · 2 units: 3 bed / 1.5 bath and 2 bed / 1.5 bath unit split estimated · 2,618 sq ft

Minneapolis, MN · Windom Park · View the listing ↗

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Photos courtesy of Keller Williams Realty, via Realtor.com.

Asking price
$464,000
2 units · $232K per unit
Monthly cash flow
−$1,297
at 20% down, 7%
Estimated rent
$3,000/mo
medium confidence
Break-even price
$220,373
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a Northeast Minneapolis up/down at $464K, and the numbers are weak. Our underwriting shows about -$1,297/mo and a 3.0% cap rate, with break-even near $220K, so it only works if the 2.75% assumable loan really transfers and you can charge near the previous $2,575 for the 4-bed lower. Our own estimates are far lower than that, so test the lower rent hard. Updates look real (roof 2021, furnaces 2023), and the lower unit is vacant, so you can verify condition and reset the rent. Get the loan balance and assumption terms first. Then decide if a showing is worth it. Without the assumption, this doesn't pencil at today's rates.

Things to consider

  1. Price vs. cash flow At asking, our model shows negative cash flow and a 3% cap rate. Break-even price is roughly half of asking.
  2. Assumable loan is the whole story A 2.75% loan is a major advantage over today's rates, but approval, balance and any owner-occupancy rules decide whether you can use it.Listing says: “Assumable mortgage opportunity at 2.75% interest rate, subject to lender approval and buyer qualification.”
  3. Lower unit rent assumption A past $2,575 for 4 beds is well above our estimates. If it rents closer to the estimate, cash flow gets worse.Listing says: “Previously leased for $2,575/mo.”
  4. Upper unit rent is solid but expires $1,400 for a 1-bed is above our 2-bed estimate range and the lease ends September 2026, so renewal risk matters.Listing says: “The upper 1-bedroom, 1-bathroom unit is leased through September 2026 at $1,400 per month.”
  5. Big-ticket systems are recent A 2021 roof and 2023 furnaces cut near-term capex risk, which helps the reserves.Listing says: “a new roof (2021), two new furnaces (2023)”
  6. Tax bill is heavy Non-homestead taxes of about $8,790 eat a lot of income at these rents.

From the photos

Listing photo 1
1 of 7Plus

Roof shingles look fairly fresh, consistent with the stated 2021 roof.

Listing photo 3
2 of 7Plus

Main-level hardwood floors, fresh paint and trim look clean and in good shape.

Listing photo 7
3 of 7Concern

Basement living area has painted block walls, a drop ceiling and electric baseboard heat; it appears finished on the cheap. The sofa and furniture look virtually staged.

Listing photo 8
4 of 7Check

Basement bedroom windows are small and sit in window wells; egress size can't be confirmed from the photo.

Listing photo 10
5 of 7Check

Lower unit carpet and paint appear new, but it's cosmetic. Painted block walls remain.

Listing photo 1
6 of 7Check

No photos of kitchens, bathrooms, furnaces, water heaters, electrical panels or the upper unit are shown.

Listing photo 2
7 of 7Check

Stucco exterior and brick front look intact, with no obvious damage visible. Stucco should still be inspected for moisture.

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

Rents the listing states

  • Upper 1-bed/1-bath: $1,400 (lease)Listing says: The upper 1-bedroom, 1-bathroom unit is leased through September 2026 at $1,400 per month.

Condition and repairs

  • doneNew roofListing says: a new roof (2021), two new furnaces (2023)
  • doneTwo new furnacesListing says: a new roof (2021), two new furnaces (2023)
  • doneNew A/C for upper unitListing says: new A/C for the upper unit (2023)
  • doneLower unit refresh: carpet, paint, bath, butcher block counters, hardwareListing says: renovations to the lower unit featuring new carpet, fresh paint, bathroom refresh, butcher block countertops, and updated hardware

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
$464,000
Cash to close
$106,720
Price per unit
$232,000
GRM
12.9

Each month

Cash flow
−$1,297/mo
Cash-on-cash
−14.6%
Cap rate
3.0%
DSCR
0.47×

Break-even

Price that breaks even
$220,373
Rent that breaks even
$4,662/mo

Long run

Year 30: property vs stocks
$1.06M vs $1.89M
Cash flow turns positive
not within 30 years

Monthly

Monthly breakdown

Rent$3,000
Vacancy (6%)−$180
Collected$2,820
Property tax Public record−$733
Insurance Estimate−$205
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$240
Capital reserve (8% of rent)−$240
Net operating income$1,173
Mortgage (principal + interest)−$2,470
Cash flow−$1,297
Principal paid down (equity, not cash)$314

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$1,058,675
Your equity when you sell
$1,058,675

Sells for $1,126,250 (value up 3% a year), minus 6% selling cost ($67,575). Rent paid down $371,200 of loan.

Rental profits, invested at 7%
$0

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

Same money in stocks$1,894,748
Cash to close, invested at 7%
$812,380

$106,720 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$1,082,368

$276,113 you'd have paid in while the building lost money, invested instead.

Stocks come out $836,073 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 $1.06M, stocks $1.89M. 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.

3 bed / 1.5 bath estimate $1,650/mo · range $1,475–$1,850

AddressRentBd / BaSq ftDistanceListedMatch
2245 Ulysses St NE, Minneapolis 55418 off market $1,850 3 / 1 — 0.2 mi 2026-07-28 91%
953 24th Ave NE, Unit 2, Minneapolis 55418 off market $1,850 3 / 1 830 0.7 mi 2026-05-14 91%
2241 Pierce St NE, Minneapolis 55418 off market $1,699 3 / 1 — 0.4 mi 2026-06-02 91%
742 Buchanan St NE, Minneapolis 55413 $1,700 3 / 1 — 0.9 mi 2026-04-02 90%
1326 Monroe St NE, Unit 2, Minneapolis 55413 off market $1,970 3 / 1 — 1.1 mi 2026-05-24 90%
1114-16 14th Ave SE, Minneapolis 55414 $1,500 3 / 1 — 1.3 mi 2026-09-29 90%
1109 13th Ave SE, Minneapolis 55414 $1,500 3 / 1 — 1.3 mi 2025-10-09 90%
627 Pierce St NE, Minneapolis 55413 off market $1,795 3 / 1 900 1.0 mi 2026-03-02 89%
2407 Buchanan St NE, Apt 1, Minneapolis 55418 off market $1,800 3 / 1 996 0.4 mi 2026-04-23 89%
1830 Hayes St NE, Minneapolis 55418 off market $1,300 2 / 1 660 0.2 mi 2025-07-02 87%

2 bed / 1.5 bath estimate $1,350/mo · range $1,200–$1,500

AddressRentBd / BaSq ftDistanceListedMatch
1830 Hayes St NE, Minneapolis 55418 off market $1,300 2 / 1 660 0.2 mi 2025-07-02 97%
2902 Polk St NE, Minneapolis 55418 $1,500 2 / 1 700 1.0 mi 2025-11-21 94%
3101 Tyler St NE, Apt 3, Minneapolis 55418 off market $1,495 2 / 1 704 1.2 mi 2026-02-14 94%
3101 Tyler St NE, Minneapolis 55418 off market $1,595 2 / 1 704 1.2 mi 2026-02-16 94%
1700/10 Johnson St, Minneapolis 55413 $1,199 2 / 1 750 0.4 mi 2025-06-06 94%
1621 Taylor St NE, Minneapolis 55413 off market $1,425 2 / 1 743 0.6 mi 2025-02-20 93%
2526 Central Ave NE, Minneapolis 55418 off market $1,000 2 / 1 750 0.8 mi 2025-10-27 93%
735 Tyler St NE, Apt 4, Minneapolis 55413 off market $1,349 2 / 1 750 1.1 mi 2026-07-24 93%
735 Tyler St NE, Apt 8, Minneapolis 55413 off market $1,349 2 / 1 750 1.1 mi 2026-06-11 93%
735 Tyler St NE, Apt 5, Minneapolis 55413 off market $1,325 2 / 1 750 1.1 mi 2026-06-11 93%

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

  • highLower rent history of $2,575 for a 4-bed is far above our estimates for comparable units; don't underwrite to it without proof. Listing says: Previously leased for $2,575/mo. · AI review
  • mediumAsking is $243,627 above the price where cash flow breaks even ($220,373) at the default scenario. Based on: Derived: price $464,000 vs. break-even $220,373
  • mediumListing shows lower unit bedrooms in the basement; confirm egress and legal bedroom status for rental licensing. Based on: photo 10 · AI review
  • mediumTaxes are high at non-homestead rates relative to rents, which drags cash flow. Based on: data: county.tax · AI review

Opportunities

  • Possibly assumable loan at an old, low rate. FHA/VA assumptions come with owner-occupancy rules; ask the agent. Listing says: "Assumable mortgage opportunity at 2.75% interest rate, subject to"
  • Assumable 2.75% loan could transform the financing if it transfers. Listing says: Assumable mortgage opportunity at 2.75% interest rate, subject to lender approval and buyer qualification. · AI review
  • Vacant lower unit lets you inspect, set your own rent, or owner-occupy. Listing says: currently vacant, providing immediate flexibility for an owner-occupant · 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 is the loan balance, type (FHA/VA/conventional) and the exact assumption terms and costs?
  • Who was the $2,575 tenant, and is there a lease or proof of payment?
  • Do the basement bedrooms have egress windows, and are all 4 beds licensed?
  • Why are the upper-unit rent and lease ending September 2026 (renewal plan)?
  • Who pays heat, water and electric in each unit, and are there separate meters?
  • Are there permits for the 2021 roof and 2023 furnaces?

Bottom line

Only worth a look if the 2.75% loan truly assumes and the $2,575 lower rent is provable; otherwise $464K is far above what the numbers support. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$8,790
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,454
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 rate8% / 8%

Price history Realtor.com

On the market since 2026-06-28 (99 days); down $55,900 (10.8%) from the first ask of $519,900; last sold for $375,000 on 2020-08-24; listed for rent at $1,050/mo on 2020-11-02.

DateEventPrice
Listed$464,000
Removed$464,000
Price changed$464,000
Price changed$474,000
Price changed$485,000
Listed$499,000
Removed$519,900
Removed—
Listed for rent$1,050/mo
Sold$375,000
Sold public record$105,500

County record Public record

Recorded asduplex
Living units2
Year built1949
Market value (2026)$462,900
Property tax$8,790
Special assessmentsnone
Homesteadno
Last sale2020-08-01 · $375,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 35W, about 801 m away.

Crime in Windom Park

192 incidents in the last 12 months (34 per 1,000 residents), +39% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).