Minneapolis › Seward

2303 22nd Ave S

Duplex · 2 units: 2 bed / 1 bath and 1 bed / 1 bath unit split estimated · 1,660 sq ft

Minneapolis, MN · Seward · View the listing ↗

Overpriced

28 photos

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

Asking price: $350,000
Monthly cash flow: −$699
Estimated rent: $2,675/mo
Break-even price: $218,716

Adjust the numbers See the full breakdown

From the listing

Rare opportunity to own a Victorian-era duplex that delivers all the character and convenience of the coveted Milwaukee Avenue district, but with actual on -site parking. The duplex offers a stately Victorian exterior, brand-new siding and a quiet tree-lined street that feels worlds away yet is just minutes from downtown. Inside, you'll find a well-maintained property with updated mechanicals. That means lower maintenance, lower costs, and the confidence that comes with knowing your investment is built on a solid foundation. While the basement is shared, separate washers and dryers mean you'll never have to wait for someone to move their clothes. With the fall semester just months away, why rent when you can own? For families with students looking for housing at nearby Augsburg University or the University of Minnesota, this duplex is a savvy alternative to writing a rent check every month - live in one unit, let your student (or a tenant) offset the mortgage in the other. And for anyone priced out of the traditional single-family market, rental income makes this duplex is an affordable path to homeownership.

Listing courtesy of Keller Williams Realty (Kari Lundin). Description from Realtor.com, MLS #7121666. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1900 Victorian duplex in Seward at $350K, and the listing reads like it's pitched at owner-occupants, not investors. It gives no rents, no lease info and no unit split. Our numbers show about -$699/month at asking with a 4.0% cap, and break-even is near $218.7K, so it doesn't work as a pure rental at today's rates. Photos show a dated but tidy interior: laminate counters, white appliances and original-era baths. The seller paid $330K in 2021, so asking is only modestly above that. Ask for the rent roll, the age of the mechanicals and who pays heat before a showing. It only makes sense if you'd live in one unit.

Things to consider

Cash flow is deeply negative at asking Our underwriting shows about -$699/month, and break-even is about $131K below ask. Rents would need to be far higher, or the price lower, to work.
No rent data to check against our estimates Our mid estimates are about $1,550 for a 2-bed and $1,125 for a 1-bed. Without a rent roll you can't tell whether income is real.
Owner-occupant pitch The listing leans on house-hacking, which can mean the price is set for homebuyers rather than investors.Listing says: “for anyone priced out of the traditional single-family market”
Dated interiors limit rent growth Original-style kitchens and baths suggest cosmetic updates would be needed to push rents toward the high estimate.From photo 4
Pricing versus history Last sold for $330K in 2021 and the county values it at $292K; asking sits well above the assessed value.
Shared basement and mechanicals Shared systems can mean the owner covers heat or has tricky meter setups, which hurts cash flow.Listing says: “While the basement is shared, separate washers and dryers”

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

doneUpdated mechanicalsListing says: a well-maintained property with updated mechanicals

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: $350,000
Cash to close: $80,500
Price per unit: $175,000
GRM: 10.9

Each month

Cash flow: −$699/mo
Cash-on-cash: −10.4%
Cap rate: 4.0%
DSCR: 0.62×

Break-even

Price that breaks even: $218,716
Rent that breaks even: $3,582/mo

Long run

Year 30: property vs stocks: $846K vs $1.04M
Cash flow turns positive: year 20

Monthly

Monthly breakdown

Rent	$2,675
Vacancy (6%)	−$160
Collected	$2,514
Property tax Public record	−$463
Insurance Estimate	−$203
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$214
Capital reserve (9% of rent)	−$241
Net operating income	$1,164
Mortgage (principal + interest)	−$1,863
Cash flow	−$699
Principal paid down (equity, not cash)	$237

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$845,840

Your equity when you sell: $798,569
Rental profits, invested at 7%: $47,271

Same money in stocks$1,043,379

Cash to close, invested at 7%: $612,787
Monthly shortfalls, invested: $430,593

Stocks come out $197,539 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 $846K, stocks $1.04M. Stocks win.

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.

2 bed / 1 bath estimate $1,550/mo · range $1,325–$1,750

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
1811 E 28th St, Minneapolis 55407 off market	$1,475	2 / 1	1,300	0.7 mi	2025-08-01	94%
811 28th Ave S, Minneapolis 55454	$1,400	2 / 1	—	0.6 mi	2026-05-20	93%
3200 23rd Ave S, Unit 3202, Minneapolis 55407 off market	$1,245	2 / 1	1,300	1.1 mi	2026-04-21	93%
2807 E 29th St, Apt 6, Minneapolis 55406 off market	$1,100	2 / 1	—	0.8 mi	2026-08-28	93%
2643 12th Ave S, Unit 1, Minneapolis 55407	$1,785	2 / 1	—	0.9 mi	2023-06-08	93%
1311-1313 Franklin Ave SE, Minneapolis 55414 off market	$1,350	2 / 1	—	1.1 mi	2025-11-26	92%
2424 Chicago Ave S, Minneapolis 55404 off market	$1,400	2 / 1	—	1.1 mi	2025-10-15	92%
2912 30th Ave S, Unit 3, Minneapolis 55406 off market	$1,600	2 / 1	1,100	0.9 mi	2026-07-12	91%
2912 30th Ave S, Unit 4, Minneapolis 55406 off market	$1,597	2 / 1	1,100	0.9 mi	2024-10-10	90%
2329 27th Ave S, Apt 4, Minneapolis 55406	$1,800	2 / 1	1,020	0.4 mi	2026-09-22	90%

1 bed / 1 bath estimate $1,125/mo · range $1,000–$1,250

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
2323 16th Ave S, Minneapolis 55404	$995	1 / 1	—	0.5 mi	2026-02-18	93%
2113 29th Ave S, Apt 2, Minneapolis 55406 off market	$995	1 / 1	—	0.6 mi	2023-01-27	93%
421 Cedar Ave S, Minneapolis 55454 off market	$925	1 / 1	—	0.7 mi	2025-11-11	93%
2807 E 29th St, Unit 7, Minneapolis 55406 off market	$900	1 / 1	—	0.8 mi	2026-06-15	93%
2447 11th Ave S, Unit 3, Minneapolis 55404 off market	$1,150	1 / 1	—	0.9 mi	2026-09-02	93%
3010 20th Ave S, Apt 4, Minneapolis 55407 off market	$1,000	1 / 1	—	0.9 mi	2025-09-03	93%
615 Ontario St SE, Minneapolis 55414	$1,050	1 / 1	—	1.0 mi	2025-04-23	93%
2818 E 31st St, Minneapolis 55406 off market	$875	1 / 1	—	1.0 mi	2026-03-12	92%
3208 Minnehaha Ave, Apt 3, Minneapolis 55406 off market	$1,245	1 / 1	—	1.2 mi	2026-08-03	92%
908 13th Ave S, Unit 2, Minneapolis 55404	$1,300	1 / 1	950	0.9 mi	2026-10-04	88%

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

highDescription gives no rents, lease status or occupancy, so income is unverified. Based on: data: rent_estimate · AI review
mediumAsking is $131,284 above the price where cash flow breaks even ($218,716) at the default scenario. Based on: Derived: price $350,000 vs. break-even $218,716
mediumShared basement means shared access to mechanicals and possibly a shared meter or heat system. Listing says: While the basement is shared, separate washers and dryers · AI review
medium'Updated mechanicals' is vague with no dates or specifics. Listing says: a well-maintained property with updated mechanicals · AI review
mediumMarketing targets owner-occupants, so price may reflect a homebuyer premium over investor value. Listing says: live in one unit, let your student (or a tenant) offset the mortgage in the other · AI review

Opportunities

On-site parking is a real draw in this neighborhood and helps rentability. Listing says: with actual on -site parking · AI review
Student demand from Augsburg and the U of M supports steady tenant demand. Listing says: nearby Augsburg University or the University of Minnesota · AI review
No rent cap in Minneapolis, so rents can follow the market after updates. Based on: data: underwriting.rent_rule · AI review
New siding and a tidy exterior reduce near-term exterior capex. Based on: photo 9 · AI review

Questions for the agent

What are the current rents, lease end dates and deposits for each unit?
How old are the boiler/furnace, water heater, roof and electrical, and what was updated?
Is heat and water metered separately, or does the owner pay for shared systems?
What are actual trailing-12 utility and repair costs?
Why has it sat 62 days, and has the price changed?
Is the lower unit a legal bedroom count with egress, and does it match the rental license?

Bottom line

Nice-looking Victorian duplex, but at $350K it loses about $700 a month as a rental, so it only works if you live there. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$5,551
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,436
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 reserve	8% / 9%

Price history Realtor.com

On the market since 2026-06-12 (115 days); down $35,000 (9.1%) from the first ask of $385,000; last sold for $330,000 on 2021-12-15.

Date	Event	Price
2026-08-04	Listed	$350,000
2026-08-04	Removed	$350,000
2026-08-01	Price changed	$350,000
2026-06-30	Price changed	$360,000
2026-06-25	Relisted	$375,000
2026-06-24	Removed	—
2026-06-18	Price changed	$375,000
2026-06-12	Listed	$385,000
2021-12-15	Sold	$330,000
2021-09-23	Listed	$334,900

County record Public record

Recorded as	duplex
Living units	2
Year built	1900
Market value (2026)	$292,300
Property tax	$5,551
Special assessments	none
Homestead	no
Last sale	2021-12-01 · $330,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

MN 55, about 388 m away.

Crime in Seward

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