Minneapolis › Jordan

2226 Girard Ave N

Duplex · 2 units: 2 bed / 1 bath and 1 bed / 1 bath unit split estimated · 1,408 sq ft

Minneapolis, MN · Jordan · View the listing ↗

Cash flows

22 photos

Photos courtesy of RE/MAX Results, via Realtor.com.

Asking price: $150,000
Monthly cash flow: $664
Estimated rent: $2,675/mo
Break-even price: $274,843

Adjust the numbers See the full breakdown

First look

At $150K this Jordan duplex pencils well on paper: our model shows about $664/mo cash flow and a 11.7% cap rate at asking, using estimated rents of roughly $1,575 for the 2-bed and $1,100 for the 1-bed. The catch is that the listing gives no actual rents, no expenses and no systems info, so those numbers rest on our estimates. Both units are month-to-month, the heat is electric, and the photos show dated kitchens, window A/C units and a very cluttered, heavily lived-in interior. Ask for the rent roll, tenant electric bills and roof age before anything else. It's worth a showing if the real rents come in near our estimates, but budget for a turnover and a rehab, and check the neighborhood and the building's condition in person.

Things to consider

Rents are estimates, not actuals The 11.7% cap rate and $664/mo cash flow depend on our rent estimates. If tenants pay much less, cash flow shrinks fast.
Month-to-month tenants Rents are not locked in and tenants can leave quickly. Expect turnover and some vacancy soon after closing.Listing says: “both currently rented on month-to-month leases”
Electric heat and cooling costs Baseboard electric heat can be expensive. If the owner pays any of it, or common meters exist, expenses rise.
Dated interiors need a rehab budget Kitchens and finishes look old. Raising rents toward the high estimates likely needs updates.From photo 10
Flat roof on stucco A flat roof is a leak risk and a major cost if it's near the end of life. Get the age and an inspection.

From the photos

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

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: $150,000
Cash to close: $34,500
Price per unit: $75,000
GRM: 4.7

Each month

Cash flow: $664/mo
Cash-on-cash: 23.1%
Cap rate: 11.7%
DSCR: 1.83×

Break-even

Price that breaks even: $274,843
Rent that breaks even: $1,823/mo

Long run

Year 30: property vs stocks: $1.66M vs $263K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$2,675
Vacancy (6%)	−$160
Collected	$2,514
Property tax Public record	−$214
Insurance Estimate	−$179
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$214
Capital reserve (8% of rent)	−$214
Net operating income	$1,463
Mortgage (principal + interest)	−$798
Cash flow	$664
Principal paid down (equity, not cash)	$102

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$1,655,272

Your equity when you sell: $342,244
Rental profits, invested at 7%: $1,313,028

Same money in stocks$262,623

Cash to close, invested at 7%: $262,623

The building comes out $1,392,649 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 $1.66M, stocks $263K. 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 $1,575/mo · range $1,475–$1,825 · 6 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2222 Girard Ave N, Minneapolis	$1,500	2 / 1	1,736	0.0 mi	2026-07-10	Duplex triplex
816 21st Ave N Apt 337, Minneapolis	$1,788	2 / 1	1,000	0.3 mi	2026-07-14	Apartment
2000 W Broadway Ave, Minneapolis	$1,350	2 / 1	902	0.4 mi	2026-01-02	Apartment
415 23rd Ave N Apt 4, Minneapolis	$1,415	2 / 1	850	0.5 mi	—	Apartment
421 N 26th Ave Unit 1, Minneapolis	$1,500	2 / 1	300	0.6 mi	2026-09-21	Apartment
2323 26th Ave N, Minneapolis	$1,717	2 / 1	1,052	0.7 mi	2026-05-04	Apartment

1 bed estimate $1,100/mo · range $975–$1,425 · 6 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
801 21st Ave N, Minneapolis	$875	1 / 1	750	0.4 mi	2025-12-30	Apartment
835 W Broadway Ave, Minneapolis	$1,335	1 / 1	579	0.4 mi	2026-02-14	Apartment
421 N 26th Ave Unit 4, Minneapolis	$950	1 / 1	90	0.6 mi	2026-09-21	Apartment
2928 Emerson Ave N, Minneapolis	$1,050	1 / 1	745	0.6 mi	2026-09-24	Apartment
2938 Dupont Ave N, Minneapolis	$1,050	1 / 1	600	0.6 mi	—	Apartment
2323 26th Ave N, Minneapolis	$1,436	1 / 1	850	0.7 mi	2026-05-04	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

highNo actual rents given. Our underwriting runs on estimates, not a rent roll. Based on: data: rent_estimate · AI review
mediumFlat roof per the city assessor on a stucco building: get its age and a moisture inspection. Public record: Hennepin County parcel 1602924120104: roof=FLAT, exterior=STUCCO
mediumElectric heat can mean high winter bills. Confirm who pays, and whether the meters are separate. Based on: data: county.heat_type · AI review
lowMonth-to-month tenants can leave quickly. Count on turnover soon after closing. Listing says: "one-bedroom lower unit, with both currently rented on month-to-month leases. Whether you're looking to start your real"
lowListing facts show 3 beds and 2 baths total, while the description gives 2 + 1 beds. Confirm the bath count per unit. Based on: data: listing.baths · AI review

Opportunities

The seller bought for $40,000 in May 2009, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 1602924120104: last sale 2009-05-01, $40,000
Price is far below our break-even price, so there is room to negotiate and still make the numbers work. Based on: data: underwriting.break_even_price · AI review
No rent cap in Minneapolis, so rents can follow the market after turnover and light updates. Based on: data: underwriting.rent_rule · AI review
Owner-occupy option: live in one unit and rent the other. Listing says: owner-occupy while building equity · AI review

Questions for the agent

What are the actual rents and lease start dates for each unit? Can we see the rent roll and the leases?
Who pays electric, and are there separate meters for each unit and the common areas?
How old is the flat roof, and has it had any leaks or repairs?
What are the real trailing-12 expenses, including insurance and any vacancy history?
Why is the seller selling, and why has it sat 23 days?
What is the age and condition of the electrical panel, and are there window A/C units only or any central cooling?

Bottom line

The numbers look strong at $150K, but they rest on our rent estimates, so get the real rents, electric costs and roof condition before you get excited. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$2,572
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,152
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 rate	8% / 8%

Price history Realtor.com

On the market since 2026-09-09 (26 days); last sold for $40,000 on 2009-06-24.

Date	Event	Price
2026-09-09	Listed	$150,000
2021-03-18	Removed	$89,900
2009-06-24	Sold public record	$40,000
2008-01-08	Sold public record	$49,000
2001-02-21	Sold public record	$116,000
1990-10-01	Sold public record	$45,500

County record Public record

Recorded as	duplex
Living units	2
Year built	1921
Market value (2026)	$135,400
Property tax	$2,572
Special assessments	none
Homestead	no
Last sale	2009-05-01 · $40,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

None, about 1090 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).