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2218 Irving Ave N

Duplex · 2 units: 3 bed / 1 bath and 2 bed / 1 bath unit split estimated · 1,876 sq ft

Minneapolis, MN · Jordan · View the listing ↗

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

Asking price
$279,900
2 units · $140K per unit
Monthly cash flow
$573
at 20% down, 7%
Estimated rent
$3,600/mo
low confidence · 6 rentals within 1.5 mi
Break-even price
$387,466
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a flipped duplex: bought at $95K in Oct 2025, now asking $279,900 after a cosmetic renovation. Our numbers show about $573/mo cash flow at 20% down and a 8.8% cap, so it works at the asking price, and with no rents in the listing that depends on our estimates ($1,950 for the 3-bed, $1,650 for the 2-bed). The photos show clean new finishes, but they say nothing about the structure, the roof, the wiring or the upper unit's heat. The description says the new furnace and water heater serve the lower level only, so ask how the upper is heated. Get permits for the work, an inspection and the special assessment details before a showing is worth the time.

Things to consider

  1. Modest cash flow at asking Our model gives about $573/mo with a 8.8% cap, and the break-even price is about $387,466. Changes in rent or expenses could shrink it, so rent comps matter.
  2. Special assessments of $9,164 These can be a large cost at closing or a continuing charge. Confirm what they are and who pays.
  3. Flip pricing: $95K to $279.9K in a year The county market value is $233,800, below the ask. The price assumes the renovation is high quality and the rents hold.
  4. Rents are not stated The listing doesn't give current rents or occupancy, so income rests on our estimates ($1,950 and $1,650 mid). Ask for leases or the rent history.
  5. Heating split between units The new furnace and water heater serve the lower level, so the upper may be older or separately served. This affects capex and who pays utilities.Listing says: “New furnace and water heater serving the lower level”
  6. Rental license is active (Tier 1) Active licensing for two units is a positive. Check for open violations, which could matter on a recent flip.

From the photos

Listing photo 6
1 of 7Plus

Kitchen appears fully new: white shaker cabinets, stone-look counters, stainless appliances, vinyl plank floors. Looks recent but builder-grade.

Listing photo 7
2 of 7Check

Bathrooms appear refreshed with new vanities and lighting, but the tub surround is a basic plastic unit and the walls are textured. Cosmetic-level update.

Listing photo 1
3 of 7Check

Stucco exterior and brick porch base look intact from a distance. Roof and foundation condition can't be judged; the porch appears unfinished (open, painted wood).

Listing photo 10
4 of 7Plus

Stacked washer/dryer in the lower unit with built-in shelving; it looks like a good setup.

Listing photo 8
5 of 7Check

Bedroom has a closet, new vinyl plank flooring and a new door. It looks small.

Listing photo 3
6 of 7Check

Floor vents are visible in the living room, so forced-air heat appears present. No photos of the furnace, water heater, electrical panel, basement, roof or garage.

Listing photo 2
7 of 7Concern

Mature trees overhang the house and close to the roofline, which can mean leaf debris and gutter or roof wear.

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

Condition and repairs

  • doneNew furnace and water heater serving lower levelListing says: New furnace and water heater serving the lower level
  • doneRedesigned upper level with larger kitchen and bedrooms, new flooring, cabinets, appliances, countertops, lighting, paintListing says: redesigned upper level with a larger kitchen and bedrooms, plus new flooring, cabinets, appliances, stone countertops, lighting, and fresh paint throughout

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
$279,900
Cash to close
$64,377
Price per unit
$139,950
GRM
6.5

Each month

Cash flow
$573/mo
Cash-on-cash
10.7%
Cap rate
8.8%
DSCR
1.38×

Break-even

Price that breaks even
$387,466
Rent that breaks even
$2,856/mo

Long run

Year 30: property vs stocks
$2.09M vs $490K
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$3,600
Vacancy (6%)−$216
Collected$3,384
Property tax Listing−$272
Insurance Estimate−$208
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$288
Capital reserve (9% of rent)−$324
Net operating income$2,062
Mortgage (principal + interest)−$1,490
Cash flow$573
Principal paid down (equity, not cash)$190

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$2,092,436
Your equity when you sell
$638,628

Sells for $679,391 (value up 3% a year), minus 6% selling cost ($40,763). Rent paid down $223,920 of loan.

Rental profits, invested at 7%
$1,453,809

$606,575 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$490,054
Cash to close, invested at 7%
$490,054

$64,377 put into an index fund instead of the down payment and closing costs.

The building comes out $1,602,382 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 $2.09M, stocks $490K. 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 $1,950/mo · range $1,700–$2,250 · 6 rentals within 1.5 mi

AddressRentBd / BaSq ftDistanceListedType
1406 21st Ave N Unit 1, Minneapolis $2,065 3 / 1 — 0.1 mi 2025-07-23 Duplex triplex
816 21st Ave N Apt 336, Minneapolis $2,065 3 / 1 1,500 0.4 mi 2026-07-14 Apartment
816 21st Ave N Apt 107, Minneapolis $1,788 3 / 1 1,500 0.4 mi 2026-07-14 Apartment
3023 Queen Ave N, Minneapolis $1,450 3 / 1 820 0.9 mi 2026-07-31 Duplex triplex
910 Oliver Ave N Apt 5, Minneapolis $1,790 3 / 1 1,101 1.1 mi 2026-07-28 Apartment
2112 5th Ave N Unit 1, Minneapolis $1,595 3 / 1 1,200 1.4 mi — Apartment

2 bed estimate $1,650/mo · range $1,550–$1,900 · 6 rentals within 0.75 mi

AddressRentBd / BaSq ftDistanceListedType
2222 Girard Ave N, Minneapolis $1,500 2 / 1 1,736 0.1 mi 2026-07-10 Duplex triplex
2000 W Broadway Ave, Minneapolis $1,350 2 / 1 902 0.3 mi 2026-01-02 Apartment
816 21st Ave N Apt 337, Minneapolis $1,788 2 / 1 1,000 0.4 mi 2026-07-14 Apartment
2323 26th Ave N, Minneapolis $1,717 2 / 1 1,052 0.6 mi 2026-05-04 Apartment
415 23rd Ave N Apt 4, Minneapolis $1,415 2 / 1 850 0.6 mi — Apartment
421 N 26th Ave Unit 1, Minneapolis $1,500 2 / 1 300 0.7 mi 2026-09-21 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

  • medium$9,164 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 1602924240014: special assessments (current) = $9,163.75
  • mediumBought for $95,000 in Oct 2025; asking is 195% more 12 months later. Ask what was done to justify the jump. Public record: Hennepin County parcel 1602924240014: last sale 2025-10-01, $95,000
  • mediumFurnace and water heater are new for the lower unit only. The upper unit's heat and hot water are unclear and may be older or separate. Listing says: New furnace and water heater serving the lower level · AI review
  • mediumFlip with a cosmetic finish. Renovation quality, permits and any structural or mechanical work are unverified on a 1900 building. Listing says: freshly renovated duplex · AI review
  • lowUpper unit is plumbed but has no washer or dryer. That is a small tenant-appeal gap, not a major flaw. Listing says: the upper unit is already plumbed and ready for a washer and dryer · AI review

Opportunities

  • Move-in-ready finishes should limit near-term capex and support asking rents. Minneapolis has no rent cap. Based on: photo 5 · AI review
  • Owner-occupant house hack option with a two-stall garage. Listing says: an exceptional house hack with this freshly renovated duplex · AI review
  • In-unit laundry in the lower unit and a garage help tenant appeal. Listing says: The lower unit features in-unit laundry · AI review

Questions for the agent

  • What are the $9,164 special assessments for, and are they paid at closing?
  • What did the seller spend, and were permits pulled for the renovation, especially the upper level redesign?
  • How is the upper unit heated, and how old are its furnace and water heater?
  • Are there current tenants or leases, and what are the rents?
  • What is the roof age, panel type and amperage, and the foundation condition on this 1900 building?
  • Why has it sat 67 days, and has the price changed?

Bottom line

Fresh flip priced about 3x the seller's purchase price; the cash flow is positive but rests on our estimated rents, so verify permits, the upper unit's systems and the assessments before going further. 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.$3,261
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,496
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 1900: +1 pt capital reserve8% / 9%

Price history Realtor.com

On the market since 2026-07-27 (70 days); down $35,100 (11.1%) from the first ask of $315,000; last sold for $95,000 on 2025-11-13; listed for rent at $7,820/mo on 2009-11-17.

DateEventPrice
Price changed$279,900
Price changed$299,000
Listed$315,000
Sold public record$95,000
Removed—
Listed$239,900
Sold$200,000
Price changed$200,000
Price changed$210,000
Listed$219,000
Sold$13,000
Rent changed$7,820/mo
Rent changed$12,820/mo
Listed$17,820
Sold public record$167,000
Sold public record$144,000
Sold public record$51,500
Sold public record$143,000

County record Public record

Recorded asduplex
Living units2
Year built1900
Market value (2026)$233,800
Property tax$3,261
Special assessments$9,164
Homesteadno
Last sale2025-10-01 · $95,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

None, about 1225 m away.

Crime in Jordan

591 incidents in the last 12 months (69 per 1,000 residents), +4% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).