Minneapolis › Jordan

2219 29th Ave N

Duplex · 2 units: 2 bed / 1 bath and 1 bed / 1 bath unit split estimated · 1,599 sq ft

Minneapolis, MN · Jordan · View the listing ↗

Cash flows

25 photos

Photos, via Realtor.com.

Asking price: $234,900
Monthly cash flow: $15
Estimated rent: $2,500/mo
Break-even price: $237,720

Adjust the numbers See the full breakdown

First look

This is a 1904 up/down duplex in Jordan, Minneapolis, priced at $234,900 after 148 days on market. The seller paid $150,000 in 2022 and the county values it at $144,800, so the ask is a big jump on a cosmetic remodel. Our numbers show about +$15/month cash flow at the ask with 20% down, and a break-even price near $238K. The listing gives no rents, so get the rent roll and leases first. The rental license shows an expiration of 2026-03-01, so confirm it was renewed. Photos show tidy cosmetic updates, but the listing says nothing on roof, boiler, electrical or foundation. I'd only show it if the seller holds at or below $235K and the special assessments are explained.

Things to consider

Ask price is just below break-even At the ask, our underwriting shows about +$15/month and a 6.5% cap rate. Break-even is near $238K, so the margin is razor thin and any price increase erases it.
Price versus purchase history The seller paid $150K in 2022 and the county values it at $144,800. The remodel has to justify a large premium, so ask for receipts and permits.
Special assessments add cost $2,440 in assessments is nearly a full year of taxes on top. Find out if they continue or are paid at closing.
Rents are unknown Our estimates are about $1,425 for the 2-bed and $1,075 for the 1-bed. Without actual rents, the cash flow is a guess.
Hidden systems in a 1904 building A cosmetic remodel can hide old wiring, plumbing and a stone foundation. A major repair would wipe out the thin margin.Listing says: “Fully remodeled up/down duplex offering a great opportunity for owner-occupants or investors alike.”
Separate utilities help expenses If each unit has its own meters, owner costs drop to taxes, insurance and repairs. Verify meters and heat sources.Listing says: “Separate utilities for each unit provide added convenience and flexibility.”

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

doneFull remodel of both units (kitchen, baths, floors)Listing says: Fully remodeled up/down duplex offering a great opportunity for owner-occupants or investors alike.
doneUpdated upper-level bath with tiled shower surroundListing says: an updated full bath with a tiled shower surround

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: $234,900
Cash to close: $54,027
Price per unit: $117,450
GRM: 7.8

Each month

Cash flow: $15/mo
Cash-on-cash: 0.3%
Cap rate: 6.5%
DSCR: 1.01×

Break-even

Price that breaks even: $237,720
Rent that breaks even: $2,481/mo

Long run

Year 30: property vs stocks: $1.03M vs $411K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$2,500
Vacancy (6%)	−$150
Collected	$2,350
Property tax Public record	−$228
Insurance Estimate	−$202
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$200
Capital reserve (9% of rent)	−$225
Net operating income	$1,265
Mortgage (principal + interest)	−$1,250
Cash flow	$15
Principal paid down (equity, not cash)	$159

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$1,026,105

Your equity when you sell: $535,954
Rental profits, invested at 7%: $490,150

Same money in stocks$411,267

Cash to close, invested at 7%: $411,267

The building comes out $614,838 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 $1.03M, stocks $411K. 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.

2 bed estimate $1,425/mo · range $1,150–$1,575 · 11 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2323 26th Ave N, Minneapolis	$1,717	2 / 1	1,052	0.3 mi	2026-05-04	Apartment
2000 W Broadway Ave, Minneapolis	$1,350	2 / 1	902	0.6 mi	2026-01-02	Apartment
2222 Girard Ave N, Minneapolis	$1,500	2 / 1	1,736	0.8 mi	2026-07-10	Duplex triplex
3340 Drew Ave N, Robbinsdale	$1,325	2 / 1	980	0.9 mi	2025-07-11	Apartment
3619 Fremont Ave N Apt 5, Minneapolis	$1,075	2 / 1	800	1.0 mi	—	Apartment
816 21st Ave N Apt 337, Minneapolis	$1,788	2 / 1	1,000	1.1 mi	2026-07-14	Apartment
421 N 26th Ave Unit 1, Minneapolis	$1,500	2 / 1	300	1.2 mi	2026-09-21	Apartment
415 23rd Ave N Apt 4, Minneapolis	$1,415	2 / 1	850	1.2 mi	—	Apartment
1239 Sheridan Ave N, Minneapolis	$1,099	2 / 1	865	1.3 mi	2026-02-06	Apartment
3711 W Broadway Ave, Robbinsdale	$1,099	2 / 1	750	1.4 mi	2025-05-08	Apartment

1 bed estimate $1,075/mo · range $975–$1,175 · 16 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2623 W Broadway Ave, Minneapolis	$1,082	1 / 1	652	0.3 mi	2025-07-14	Apartment
2323 26th Ave N, Minneapolis	$1,436	1 / 1	850	0.3 mi	2026-05-04	Apartment
3230 Penn Ave N, Minneapolis	$925	1 / 1	765	0.3 mi	2026-06-12	Apartment
2928 Emerson Ave N, Minneapolis	$1,050	1 / 1	745	0.7 mi	2026-09-24	Apartment
3610 N Queen Ave Unit 1, Minneapolis	$1,000	1 / 1	900	0.8 mi	2026-09-28	Apartment
2603 Golden Valley Rd, Minneapolis	$945	1 / 1	750	0.8 mi	2026-07-21	Apartment
2938 Dupont Ave N, Minneapolis	$1,050	1 / 1	600	0.8 mi	—	Apartment
3706 N Penn Ave Unit 1, Minneapolis	$699	1 / 1	1,200	0.9 mi	2026-06-16	Apartment
3600 Fremont Ave N Apt 3, Minneapolis	$875	1 / 1	600	1.0 mi	—	Apartment
617 Lowry Ave N, Minneapolis	$1,120	1 / 1	980	1.1 mi	2026-07-17	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

highPrice is well above the last sale and county value, so the ask leans on the remodel Based on: data: county.last_sale_price · AI review
medium$2,440 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 0802924440195: special assessments (current) = $2,439.89
mediumRental license shows an expiration date that has passed; confirm it was renewed and the unit count is licensed Based on: data: city.rental_license · AI review
mediumRemodel scope is vague. No mention of roof, mechanicals, wiring or permits on a 1904 building Listing says: Fully remodeled up/down duplex offering a great opportunity for owner-occupants or investors alike. · AI review
mediumGravity heat type per county records conflicts with a remodeled, separately metered setup; confirm what heats each unit Based on: data: county.heat_type · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 151 days on market
Separate utilities mean tenants pay their own bills, keeping owner expenses lower Listing says: Separate utilities for each unit provide added convenience and flexibility. · AI review
Minneapolis has no rent cap, so rents can follow the market Based on: data: underwriting.rent_rule · AI review
Owner-occupant option: live in one unit and rent the other Listing says: offering a great opportunity for owner-occupants or investors alike · AI review

Questions for the agent

What are the current rents and lease terms for each unit, and are the units occupied or vacant?
What are the $2,440 special assessments for, and will the seller pay them at closing?
Who did the remodel, and were permits pulled? What is the age of the roof, furnace or boiler, water heater and electrical panel?
Is the rental license current, and how many units does it cover?
Why has it sat 148 days, and have there been price cuts or offers?
What does each unit pay per month for heat, gas and electric?

Bottom line

Cosmetically fresh duplex, priced about $3K below break-even but well over what the seller paid, so it barely works and only with clear answers on assessments and systems. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$2,737
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,420
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 1904: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-05-07 (151 days); down $40,000 (14.6%) from the first ask of $274,900.

Date	Event	Price
2026-09-12	Price changed	$234,900
2026-08-26	Price changed	$244,900
2026-07-21	Price changed	$249,900
2026-06-26	Price changed	$259,900
2026-06-12	Price changed	$269,900
2026-05-07	Listed	$274,900
2014-02-12	Removed	$80,000
2013-10-09	Removed	$80,000
2013-08-15	Listed	$80,000

County record Public record

Recorded as	duplex
Living units	2
Year built	1904
Market value (2026)	$144,800
Property tax	$2,737
Special assessments	$2,440
Homestead	no
Last sale	2022-11-01 · $150,000

Source: Hennepin County parcel records.

City rental license

CHOWN: 2 unit(s), Tier 1, status active, renews 2026-03-01.

Nearest highway

I 94, about 2072 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).