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2309 Buchanan St NE

Duplex · 2 units: 3 bed / 1 bath ×2 unit split estimated · 2,474 sq ft

Minneapolis, MN · Windom Park · View the listing ↗

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Photos courtesy of National Realty Guild - Broker, via Realtor.com.

Asking price
$395,000
2 units · $198K per unit
Monthly cash flow
−$322
at 20% down, 7%
Estimated rent
$3,800/mo
medium confidence · 11 rentals within 1.5 mi
Break-even price
$334,578
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a 2-story duplex with three bedrooms per unit, listed at $395K, and the numbers don't work as an investment today. Our underwriting shows about -$320/month and a 5.4% cap rate, with break-even near $335K. Both units are occupied, yet the listing gives no rents or lease terms, so the first ask is a rent roll and lease copies. The big-ticket items (roof, windows, sewer line) are claimed as done in 2023-2024, which helps, but the description is pitched at an owner-occupant, and that is the only buyer for whom this price might make sense. Worth a showing only if you plan to live in one unit, or if the seller comes down hard after 150 days on market.

Things to consider

  1. Price is far above what rents support Break-even is near $335K against a $395K ask. At market rents the property loses money every month.
  2. Rents and leases are unknown Both units are occupied but no rents are stated. Without a rent roll you cannot check income or whether tenants will stay.Listing says: “Upper floor unit is occupies but available to view with 24-hour notice.”
  3. Recent capital work lowers near-term repair risk A new roof, windows and sewer lining are the costly items. Verify permits and invoices to confirm them.Listing says: “Big ticket items have been done!”
  4. Kitchens and basement systems look dated Rent growth toward our $1,900 mid estimate may need cosmetic updates, so budget for them.From photo 5

From the photos

Listing photo 2
1 of 7Plus

Hardwood floors in the living areas and bedrooms look worn but intact and in usable condition.

Listing photo 5
2 of 7Concern

Kitchen looks dated: older cabinets, tile counters, sheet vinyl floor and a gas range. Expect a refresh to raise rents.

Listing photo 9
3 of 7Check

Basement has exposed wiring and plumbing, a gas water heater and shared laundry. Panel and boiler/furnace are not clearly visible.

Listing photo 4
4 of 7Plus

Rear of the building shows two electric meters, which suggests separate electric service per unit. Overhead wires and stucco are visible.

Listing photo 8
5 of 7Check

Window air conditioner units appear in the bedrooms and side wall, so there is probably no central air.

Listing photo 3
6 of 7Plus

Vinyl siding and stucco look in decent shape and the roof looks fairly new from the exterior, consistent with the stated 2024 work.

Listing photo 1
7 of 7Check

Photos skip the bathrooms, the electrical panel, and the upper unit's kitchen, so condition there is unknown.

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 windows and roof (2024)Listing says: new windows & roof (2024)
  • doneOutgoing plumbing replaced with PVC; main sewer line descaled and lined (2023)Listing says: all outgoing plumbing replaced w/PVC pipe & main sewer line descaled & lined (2023)

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
$395,000
Cash to close
$90,850
Price per unit
$197,500
GRM
8.7

Each month

Cash flow
−$322/mo
Cash-on-cash
−4.2%
Cap rate
5.4%
DSCR
0.85×

Break-even

Price that breaks even
$334,578
Rent that breaks even
$4,218/mo

Long run

Year 30: property vs stocks
$1.27M vs $783K
Cash flow turns positive
year 8

Monthly

Monthly breakdown

Rent$3,800
Vacancy (6%)−$228
Collected$3,572
Property tax Public record−$694
Insurance Estimate−$222
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$304
Capital reserve (9% of rent)−$342
Net operating income$1,781
Mortgage (principal + interest)−$2,102
Cash flow−$322
Principal paid down (equity, not cash)$267

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$1,274,189
Your equity when you sell
$901,243

Sells for $958,769 (value up 3% a year), minus 6% selling cost ($57,526). Rent paid down $316,000 of loan.

Rental profits, invested at 7%
$372,946

$218,644 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$783,086
Cash to close, invested at 7%
$691,573

$90,850 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$91,513

$14,464 you'd have paid in while the building lost money, invested instead.

The building comes out $491,103 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 $1.27M, stocks $783K. 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 $1,900/mo · range $1,775–$2,200 · 11 rentals within 1.5 mi

AddressRentBd / BaSq ftDistanceListedType
920 24th Ave NE, Minneapolis $2,388 3 / 1 1,223 0.4 mi 2026-07-21 Apartment
1709 Fillmore St NE, Minneapolis $2,099 3 / 1 1,350 0.5 mi 2026-08-04 Apartment
1460 Van Buren St NE, Minneapolis $1,570 3 / 1.5 1,154 0.8 mi 2026-07-30 Apartment
1322 Central Ave NE Unit 1, Minneapolis $1,800 3 / 1 1,150 0.8 mi 2026-09-10 Duplex triplex
2318 Jefferson St NE, Minneapolis $1,715 3 / 1.5 — 0.8 mi 2025-11-06 Apartment
742 Buchanan St NE, Minneapolis $1,700 3 / 1 — 0.9 mi 2026-04-02 Apartment
1622 Washington St NE, Minneapolis $1,795 3 / 1 1,200 1.0 mi 2026-09-21 Apartment
1226 Adams St NE, Minneapolis $2,049 3 / 1 1,750 1.1 mi 2026-07-08 Apartment
912 4th St NE Unit Upstairs, Minneapolis $1,900 3 / 1 1,250 1.4 mi 2026-06-03 Duplex triplex
912 4th St NE Unit Main, Minneapolis $2,100 3 / 1 1,120 1.4 mi 2026-03-04 Duplex triplex

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

  • highBoth units occupied, with no rents or lease terms given. Income is unverified. Listing says: Main floor unit is also currently occupied, and is available to view at a 2nd showing of property. · AI review
  • mediumDescription is aimed at owner-occupants, so the price is probably not set by rental income Listing says: Great opportunity for owner-occupant to live in one unit and rent out the other unit. · AI review
  • mediumBuilt in 1900, with visible exposed wiring in the basement. Electrical age and panel type are not stated. Based on: photo 9 · AI review
  • low$150 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 1202924310040: special assessments (current) = $149.63
  • lowShared basement laundry and storage means shared access and likely a shared meter. Check how utilities are split. Listing says: common laundry area in basement with plenty of storage space · AI review

Opportunities

  • The seller bought for $79,500 in Sep 2000, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 1202924310040: last sale 2000-09-01, $79,500
  • Long time on market: room to negotiate. Based on: Listing data: 153 days on market, 2 price cuts
  • Owner-occupy one unit and rent the other to cut your housing cost Listing says: Great opportunity for owner-occupant to live in one unit and rent out the other unit. · AI review
  • Minneapolis has no rent cap, so rents can follow the market. Our estimate is $1,400-$1,900 per unit. Based on: data: rent_estimate · AI review

Questions for the agent

  • What are the current rents, lease end dates and security deposits for each unit?
  • Are the tenants on leases or month-to-month, and will they stay?
  • Who pays heat, water and electric, and are there separate meters and furnaces?
  • Can you provide permits for the 2024 roof and windows and the 2023 sewer lining?
  • What is the $150 special assessment for?
  • What is the electrical panel type and amperage, and how old is the wiring?

Bottom line

Solid, updated-looking duplex, but at $395K it loses about $320 a month as a rental; it only works for an owner-occupant or at a much lower price. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$8,322
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,660
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 2026-05-05 (153 days); down $35,000 (8.1%) from the first ask of $430,000; last sold for $79,500 on 2000-10-04.

DateEventPrice
Removed$449,900
Price changed$395,000
Removed$445,000
Listed$430,000
Sold public record$79,500
Sold public record$75,000
Sold public record$79,500

County record Public record

Recorded asduplex
Living units2
Year built1900
Market value (2026)$438,200
Property tax$8,322
Special assessments$150
Homesteadno
Last sale2000-09-01 · $79,500

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 35W, about 1107 m away.

Crime in Windom Park

192 incidents in the last 12 months (34 per 1,000 residents), +39% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).