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2224 4th Ave N

Duplex · 2 units: 3 bed / 1 bath and 2 bed / 1 bath unit split estimated · 1,934 sq ft

Minneapolis, MN · Harrison · View the listing ↗

Cash flows
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Photos courtesy of Edina Realty, Inc., via Realtor.com.

Asking price
$260,000
2 units · $130K per unit
Monthly cash flow
$255
at 20% down, 7%
Estimated rent
$3,250/mo
medium confidence
Break-even price
$307,834
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a 1900 stucco duplex in Minneapolis asking $260K, which is $62K under the 2022 sale price of $322K. Our numbers show about $255/mo cash flow at 20% down and a 7.6% cap rate, so it works at ask, though without much cushion. The description has no rents, no lease info, and no repair or systems detail, so you are working from our estimates (about $1,775 for a 3-bed, $1,475 for a 2-bed). It has sat 456 days, which says either the price was too high or something is wrong. Check the rental license and the roof, the stucco, and the mechanicals first. Worth a showing if you can get a rent roll to confirm the rents.

Things to consider

  1. Modest cash flow at ask About $255/mo at 20% down leaves limited room for a surprise repair or a vacancy. Break-even price is around $308K, well above ask, but the rents are only estimates.
  2. No rental license on file An unlicensed building can mean inspection items and delays before you can legally rent. Verify the licensing status before offering.
  3. Income is unverified The listing has no rents, so our estimates drive the whole analysis. Ask for a rent roll and leases.
  4. Seller likely overpaid and may be motivated The last sale was $322K in 2022 and the property has been listed 456 days, so the seller may have room to move or may be stuck.
  5. Age and exterior condition A 1900 stucco building may have older wiring, plumbing, and moisture issues in the walls. Budget for an inspection.From photo 10
  6. Investor tax bill The county shows non-homestead tax of about $5,100 a year, a major expense that is already in the numbers.

From the photos

Listing photo 4
1 of 7Plus

Kitchen appears to be a 2000s-era update with maple cabinets, laminate counters, and white appliances. It is dated but serviceable.

Listing photo 6
2 of 7Check

Flooring is mixed: tile in the kitchen and what appears to be laminate or wood-look flooring in the living area. It looks serviceable.

Listing photo 9
3 of 7Check

The upper balcony deck has wood railings and a worn surface. Check the framing and flashing where it meets the stucco.

Listing photo 10
4 of 7Check

Window AC units, an outdoor condenser, and a cluster of gas or electric meters are on the side of the building. Confirm how many meters there are and whether the systems are shared.

Listing photo 2
5 of 7Concern

The stucco exterior shows some staining and hairline cracking, and vines grow close to the wall. Inspect for moisture behind it.

Listing photo 3
6 of 7Plus

A multi-slot mailbox sits by the front door, consistent with two units.

Listing photo 1
7 of 7Check

No photos of bedrooms, bathrooms, basement, mechanicals or the roof surface. These are the costly items and none are shown.

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
$260,000
Cash to close
$59,800
Price per unit
$130,000
GRM
6.7

Each month

Cash flow
$255/mo
Cash-on-cash
5.1%
Cap rate
7.6%
DSCR
1.18×

Break-even

Price that breaks even
$307,834
Rent that breaks even
$2,919/mo

Long run

Year 30: property vs stocks
$1.49M vs $455K
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$3,250
Vacancy (6%)−$195
Collected$3,055
Property tax Public record−$425
Insurance Estimate−$209
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$260
Capital reserve (9% of rent)−$292
Net operating income$1,638
Mortgage (principal + interest)−$1,384
Cash flow$255
Principal paid down (equity, not cash)$176

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$1,493,600
Your equity when you sell
$593,223

Sells for $631,088 (value up 3% a year), minus 6% selling cost ($37,865). Rent paid down $208,000 of loan.

Rental profits, invested at 7%
$900,377

$395,238 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$455,213
Cash to close, invested at 7%
$455,213

$59,800 put into an index fund instead of the down payment and closing costs.

The building comes out $1,038,387 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 $1.49M, stocks $455K. 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.

3 bed / 1 bath estimate $1,775/mo · range $1,650–$1,900

AddressRentBd / BaSq ftDistanceListedMatch
1616 Emerson Ave N, Minneapolis 55411 off market $1,648 3 / 1 1,600 1.2 mi 2026-04-17 94%
1702 Glenwood Ave, Minneapolis 55405 off market $1,525 3 / 1 — 0.4 mi 2026-04-30 93%
1611 Glenwood Ave, Apt 2, Minneapolis 55405 off market $1,995 3 / 2 1,800 0.4 mi 2026-09-29 93%
1510 22nd Ave N, Minneapolis 55411 off market $1,670 3 / 1 1,500 1.5 mi 2026-05-07 92%
1823 Girard Ave N, Minneapolis 55411 off market $1,650 3 / 1 — 1.3 mi 2025-11-15 92%
1500 W Broadway Ave, Unit 2, Minneapolis 55411 off market $1,700 3 / 1 — 1.3 mi 2026-05-07 92%
1500 W Broadway Ave, Unit 3, Minneapolis 55411 off market $1,700 3 / 1 — 1.3 mi 2026-05-07 92%
1917 N Newton Ave, Unit 1919, Minneapolis 55411 off market $1,850 3 / 1 1,378 1.2 mi 2024-07-20 91%
1917 Newton Ave N, Fl 1, Minneapolis 55411 off market $1,840 3 / 1 1,375 1.2 mi 2024-11-04 91%
2112 5th Ave N, Unit 1, Minneapolis 55405 $1,595 3 / 1 1,200 0.1 mi 2026-10-04 91%

2 bed / 1 bath estimate $1,475/mo · range $1,275–$1,700

AddressRentBd / BaSq ftDistanceListedMatch
2208-2210 Glenwood Ave, Minneapolis 55405 off market $1,299 2 / 1 — 0.1 mi 2026-06-10 94%
519 Russell Ave N, Apt 1, Minneapolis 55405 off market $1,650 2 / 1 — 0.1 mi 2022-01-10 94%
506 Newton Ave N, Minneapolis 55405 off market $1,400 2 / 1 — 0.2 mi 2026-03-13 94%
1715 Glenwood Ave, Minneapolis 55405 off market $1,260 2 / 1 — 0.3 mi 2026-05-02 93%
314 Knox Ave N, Minneapolis 55405 off market $1,375 2 / 1 — 0.4 mi 2026-05-01 93%
155 Cedar Lake Rd N, Minneapolis 55405 off market $1,100 2 / 1 — 0.4 mi 2026-04-04 93%
238 Irving Ave N, Minneapolis 55405 off market $1,360 2 / 1 — 0.5 mi 2026-01-06 93%
625 627 Penn Ave S, Minneapolis 55405 off market $1,575 2 / 1 — 0.8 mi 2026-06-10 93%
1407 N Girard Ave, Unit 2, Minneapolis 55411 off market $1,900 2 / 1 1,472 1.0 mi 2026-04-23 93%
405 Queen Ave N, Unit 1, Minneapolis 55405 off market $1,250 2 / 1 1,250 0.0 mi 2026-04-05 91%

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

  • mediumNo rental license on file in the city's data. Ask whether the building is licensed as a rental and when it was last inspected. Public record: Minneapolis Active Rental Licenses: no record for 2224 4TH AVE N
  • mediumSat on the market 456 days with no stated reason; the last sale was $62K above ask. Based on: data: listing.days_on_market · AI review
  • lowStucco over a 1900 frame building: moisture can hide behind it, especially around windows and the balcony deck. Based on: photo 10 · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 459 days on market
  • Price is well below the 2022 sale, and a long listing time gives room to negotiate further. Based on: data: county.last_sale_price · AI review
  • Minneapolis has no rent cap, so rents can rise to market after a refresh. Based on: data: underwriting.rent_rule · AI review
  • Off-street pad and a lawn with room for parking; the side lot looks usable. Based on: photo 2 · AI review

Questions for the agent

  • What are the current rents, lease end dates, and are the tenants month-to-month?
  • Is the building licensed as a rental, and when was it last inspected?
  • Why has it been listed for over a year, and have there been price cuts or failed deals?
  • How old are the roof, furnace, water heater and electrical panel?
  • Is heating shared or separate for each unit, and who pays which utilities?
  • Is the upper balcony deck sound and permitted?

Bottom line

Workable at ask with about $255/mo cash flow, but no rent data and a year on market, so get a rent roll first. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$5,097
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,512
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 2025-07-03 (459 days); down $90,000 (25.7%) from the first ask of $350,000; last sold for $322,000 on 2022-09-08; listed for rent at $1,900/mo on 2024-02-02.

DateEventPrice
Price changed$260,000
Price changed$280,000
Price changed$295,000
Price changed$310,000
Price changed$330,000
Price changed$340,000
Listed$350,000
Removed—
Listed for rent$1,900/mo
Sold public record$322,000
Sold$142,100
Listed$149,900
Sold public record$60,000
Sold$60,000
Listed$59,900
Sold public record$250,000
Sold public record$51,500
Sold public record$25,000

County record Public record

Recorded asduplex
Living units2
Year built1900
Market value (2026)$268,400
Property tax$5,097
Special assessmentsnone
Homesteadno
Last sale2022-08-01 · $322,000

Source: Hennepin County parcel records.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

I 394, about 1289 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).