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2218 4th Ave N

Duplex · 2 units: 4 bed and 3 bed · 3,400 sq ft

Minneapolis, MN · Harrison · View the listing ↗

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

Asking price
$400,000
2 units · $200K per unit
Monthly cash flow
−$50
at 20% down, 7%
Estimated rent
$4,050/mo
high confidence
Break-even price
$390,695
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a 4-bed upper over a 3-bed lower with a finished basement area, listed at $400K and sold for $398K in 2022, so the seller has no gain to chase. Our underwriting at the ask shows about -$50/month and a 6.2% cap rate, and break-even is near $391K, so it is close to working at today's rates and only a small price drop would get it there. The description says "cash-flowing" but gives no rents, leases or expenses, so ask for the rent roll first. Photos show a dated interior, and the listing's claim of stainless steel appliances doesn't match the white range in the kitchen photo. Check how the lower-level bedroom and second kitchen are licensed before counting them as rentable space. Worth a showing if the seller will move toward the high-$300Ks.

Things to consider

  1. Slightly negative cash flow at the asking price Our underwriting shows about -$50/month and a 6.2% cap rate. You would be paying about $9K above the break-even price.
  2. Rents are not stated The 'cash-flowing' claim is unsupported, so the real rent roll decides whether the deal has any chance.Listing says: “Cash-flowing up/down duplex in Harrison!”
  3. High non-homestead tax bill About $7,545 a year in taxes takes a large share of income from two units.
  4. Unit legality and licensing of the lower level The license covers 2 units, and the second kitchen could draw scrutiny or limit how you rent the lower space.Listing says: “plus a second kitchen and living area on the lower level”
  5. Dated interiors will need budget Paint, floor refinishing and bath updates will cost money before you can push rents.From photo 5
  6. Seller paid $398K in 2022 and wants about the same today There is no discount from the seller's original purchase, and 42 days on market gives some room to negotiate.

From the photos

Listing photo 1
1 of 8Check

Stucco exterior appears intact, with a covered entry and wood trim that looks weathered. Stucco cracks or moisture should be checked.

Listing photo 4
2 of 8Plus

Original-style hardwood floors, wood wainscoting and built-in woodwork in the main living area; floors show wear and appear to need refinishing.

Listing photo 5
3 of 8Concern

Wall paint in the living areas is dated pink and scuffed, so the unit would need repainting before it shows well.

Listing photo 6
4 of 8Check

Lower-level living area is a finished room with tile floor and low ceiling; it appears to be a basement living space.

Listing photo 7
5 of 8Check

Lower-level bedroom is small, and the window looks small, so egress and legal bedroom status need to be confirmed.

Listing photo 9
6 of 8Concern

Bathrooms have dated tile surrounds and basic vanities; one has a newer countertop and faucet, so updates look piecemeal.

Listing photo 10
7 of 8Check

Lower kitchen has oak cabinets, granite counters and a white range, so it is usable but not stainless as described.

Listing photo 1
8 of 8Check

No photos of the boiler or furnace, water heater, electrical panel, roof or the upper unit's kitchen and bedrooms.

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
$400,000
Cash to close
$92,000
Price per unit
$200,000
GRM
8.2

Each month

Cash flow
−$50/mo
Cash-on-cash
−0.6%
Cap rate
6.2%
DSCR
0.98×

Break-even

Price that breaks even
$390,695
Rent that breaks even
$4,113/mo

Long run

Year 30: property vs stocks
$1.64M vs $705K
Cash flow turns positive
year 2

Monthly

Monthly breakdown

Rent$4,050
Vacancy (6%)−$243
Collected$3,807
Property tax Public record−$629
Insurance Estimate−$221
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$324
Capital reserve (8% of rent)−$324
Net operating income$2,079
Mortgage (principal + interest)−$2,129
Cash flow−$50
Principal paid down (equity, not cash)$271

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$1,638,785
Your equity when you sell
$912,651

Sells for $970,905 (value up 3% a year), minus 6% selling cost ($58,254). Rent paid down $320,000 of loan.

Rental profits, invested at 7%
$726,134

$368,899 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$704,555
Cash to close, invested at 7%
$700,327

$92,000 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$4,228

$594 you'd have paid in while the building lost money, invested instead.

The building comes out $934,230 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 $1.64M, stocks $705K. The property wins.

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.

4 bed / 1 bath estimate $2,150/mo · range $1,900–$2,400

AddressRentBd / BaSq ftDistanceListedMatch
522 N Newton Ave, Unit 1, Minneapolis 55405 off market $2,100 4 / 2 2,000 0.2 mi 2025-03-10 85%
1702 Glenwood Ave, Minneapolis 55405 off market $1,525 3 / 1 — 0.3 mi 2026-04-30 84%
1429-1431 Knox Ave N, Minneapolis 55411 off market $1,995 4 / 1 1,260 0.9 mi 2025-08-13 84%
1429 Knox Ave N, Minneapolis 55411 off market $2,195 4 / 1 1,260 0.9 mi 2025-08-13 84%
1823 Girard Ave N, Minneapolis 55411 off market $1,650 3 / 1 — 1.3 mi 2025-11-15 83%
1500 W Broadway Ave, Unit 3, Minneapolis 55411 off market $1,700 3 / 1 — 1.3 mi 2026-05-07 82%
1500 W Broadway Ave, Unit 2, Minneapolis 55411 off market $1,700 3 / 1 — 1.3 mi 2026-05-07 82%
1507 Newton Ave N, Minneapolis 55411 off market $1,499 4 / 1 1,068 0.9 mi 2025-10-30 82%
519 Penn Ave N, Minneapolis 55405 off market $2,195 4 / 2 1,500 0.1 mi 2026-07-27 82%
1030 Knox Ave N, Minneapolis 55411 $2,099 4 / 1 900 0.6 mi 2026-01-31 82%

3 bed / 1 bath estimate $1,900/mo · range $1,625–$2,175

AddressRentBd / BaSq ftDistanceListedMatch
1702 Glenwood Ave, Minneapolis 55405 off market $1,525 3 / 1 — 0.3 mi 2026-04-30 93%
1823 Girard Ave N, Minneapolis 55411 off market $1,650 3 / 1 — 1.3 mi 2025-11-15 92%
1500 W Broadway Ave, Unit 3, Minneapolis 55411 off market $1,700 3 / 1 — 1.3 mi 2026-05-07 92%
1500 W Broadway Ave, Unit 2, Minneapolis 55411 off market $1,700 3 / 1 — 1.3 mi 2026-05-07 92%
117 Cedar Lake Rd S, Minneapolis 55405 off market $2,425 3 / 2 — 0.5 mi 2026-07-02 88%
1616 Emerson Ave N, Minneapolis 55411 off market $1,648 3 / 1 1,600 1.2 mi 2026-04-17 85%
2112 5th Ave N, Unit 1, Minneapolis 55405 $1,595 3 / 1 1,200 0.1 mi 2026-10-04 84%
2208-2210 Glenwood Ave, Minneapolis 55405 off market $1,299 2 / 1 — 0.1 mi 2026-06-10 84%
519 Russell Ave N, Apt 1, Minneapolis 55405 off market $1,650 2 / 1 — 0.1 mi 2022-01-10 84%
506 Newton Ave N, Minneapolis 55405 off market $1,400 2 / 1 — 0.2 mi 2026-03-13 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, leases or expenses given despite the 'cash-flowing' claim Listing says: Cash-flowing up/down duplex in Harrison! · AI review
  • mediumDescription says stainless appliances, but the kitchen photo shows a white range and a basic hood Listing says: a kitchen with stainless steel appliances and ample storage · AI review
  • mediumTaxes are for a non-homestead property at nearly 1.9% of price, a heavy load for these rents Based on: data: county.tax · AI review
  • mediumLower unit has a second kitchen and living area, which may be an unlicensed extra unit or a licensing issue Listing says: plus a second kitchen and living area on the lower level · AI review

Opportunities

  • Large 4-bed and 3-bed units suit family tenants, and the rent estimates are fairly high per unit Based on: data: rent_estimate · AI review
  • Lower-level space could add flexibility if the layout and egress are legal Listing says: ideal for multi-generational living or extra rental flexibility · 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?
  • What were the last 12 months of taxes, insurance, water, and repairs?
  • Is the lower-level kitchen and bedroom area permitted and covered by the rental license for 2 units?
  • How old are the roof, furnace, water heater and electrical panel?
  • Is the owner or the tenants paying water, trash and heat?
  • Why is it asking $2K above the 2022 sale price, and is there room to negotiate?

Bottom line

Big units with dated finishes, and at $400K it runs slightly negative; it works near $391K or with rents a bit above our estimate. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$7,545
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,650
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 2026-08-21 (45 days); down $25,000 (5.9%) from the first ask of $425,000; last sold for $398,000 on 2022-05-17.

DateEventPrice
Price changed$400,000
Listed$425,000
Sold$398,000
Listed$394,900
Sold$160,000
Listed$160,000
Listed$160,000
Sold$32,575
Listed$29,000
Sold public record$54,500

County record Public record

Recorded asduplex
Living units2
Year built1921
Market value (2026)$397,300
Property tax$7,545
Special assessmentsnone
Homesteadno
Last sale2022-05-01 · $398,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 394, about 1290 m away.

Crime in Harrison

245 incidents in the last 12 months (76 per 1,000 residents), +27% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).