2313 Polk St NE

Duplex · 2 units: 3 bed / 1 bath ×2 unit split estimated · 2,308 sq ft

Minneapolis, MN · Windom Park · View the listing ↗

33 photos

Photos courtesy of Real Broker, LLC, via Realtor.com.

Asking price: $389,900
Monthly cash flow: −$69
Estimated rent: $3,800/mo
Break-even price: $376,921

Adjust the numbers See the full breakdown

From the listing

Located in the heart of Northeast Minneapolis, this spacious duplex offers a strong opportunity for both owner-occupants and investors. Set in one of the city's most desirable areas for multifamily living, the property benefits from consistent rental demand and a location that continues to attract tenants looking for convenience, character, and easy access to everything NE Minneapolis has to offer. The neighborhood is packed with local favorites, including Hazel's Northeast, Farina Rossa, Momo Cafe, Yellowbird Coffee Bar, Dogwood Coffee, Falling Knife Brewing Company, and Broken Clock Brewing Cooperative. The Northeast Arts District, local shops, galleries, breweries, restaurants, and coffee spots all contribute to the area's vibrant neighborhood feel, while downtown Minneapolis is just minutes away. For investors, the location supports attractive rental potential and long-term appreciation. For an owner-occupant, the duplex format offers the opportunity to live in one unit while generating income from the other. Whether you are looking to add to an existing portfolio, enter the multifamily market, or offset your housing costs with rental income, 2313 Polk Street NE offers flexibility, location, and investment potential in one of Minneapolis' most active and sought-after neighborhoods.

Listing courtesy of Real Broker, LLC (Aaron Neumann). Description from Realtor.com, MLS #7155184. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a Minneapolis duplex with 6 beds total, asking $389,900. The description is all neighborhood marketing and gives no rents, leases, utilities, systems or repairs, so nearly everything needs to be verified. Our numbers show about -$69/month cash flow at asking with a 6.17% cap rate, and break-even price is about $376,900, so it doesn't work at today's rates without a cut. Our rent estimates ($1,900 mid per 3-bed unit) are modest, and the kitchens and baths in the photos look dated, so don't count on big rent jumps without spending money. Before a showing, ask for the rent roll, the ownership structure (the rental license is flagged as exempt and county records show an odd $5,100 last sale) and the heating and electrical setup. Worth a look only if the seller will come down toward break-even.

Things to consider

Numbers don't work at asking Cash flow is slightly negative and break-even is below the asking price. You need a lower price or higher rents to make it pencil.
No income information Without rents and expenses you are relying on our estimates, so get the rent roll and trailing-12 expenses before offering.
Unusual ownership and sale history The rental license is an exempt type and the last recorded sale was $5,100, which suggests a non-arm's-length transfer. Title and ownership structure need checking.
Dated interiors Updating kitchens and baths costs money upfront, and rent gains may not cover it at these rent levels.From photo 8
Exterior and structure checks Stucco on a 1900 building and the elevated deck can hide costly repairs.From photo 10
Taxes are significant for the price Taxes of about $5,664 are a large fixed cost and are a drag on cash flow.

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: $389,900
Cash to close: $89,677
Price per unit: $194,950
GRM: 8.6

Each month

Cash flow: −$69/mo
Cash-on-cash: −0.9%
Cap rate: 6.2%
DSCR: 0.97×

Break-even

Price that breaks even: $376,921
Rent that breaks even: $3,890/mo

Long run

Year 30: property vs stocks: $1.58M vs $690K
Cash flow turns positive: year 3

Monthly

Monthly breakdown

Rent	$3,800
Vacancy (6%)	−$228
Collected	$3,572
Property tax Public record	−$472
Insurance Estimate	−$218
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	$2,006
Mortgage (principal + interest)	−$2,075
Cash flow	−$69
Principal paid down (equity, not cash)	$264

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$1,580,088

Your equity when you sell: $889,607
Rental profits, invested at 7%: $690,482

Same money in stocks$689,619

Cash to close, invested at 7%: $682,644
Monthly shortfalls, invested: $6,974

The building comes out $890,469 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 $1.58M, stocks $690K. 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

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
920 24th Ave NE, Minneapolis	$2,388	3 / 1	1,223	0.1 mi	2026-07-21	Apartment
1709 Fillmore St NE, Minneapolis	$2,099	3 / 1	1,350	0.5 mi	2026-08-04	Apartment
2318 Jefferson St NE, Minneapolis	$1,715	3 / 1.5	—	0.5 mi	2025-11-06	Apartment
1460 Van Buren St NE, Minneapolis	$1,570	3 / 1.5	1,154	0.6 mi	2026-07-30	Apartment
1322 Central Ave NE Unit 1, Minneapolis	$1,800	3 / 1	1,150	0.7 mi	2026-09-10	Duplex triplex
1622 Washington St NE, Minneapolis	$1,795	3 / 1	1,200	0.8 mi	2026-09-21	Apartment
1226 Adams St NE, Minneapolis	$2,049	3 / 1	1,750	0.9 mi	2026-07-08	Apartment
742 Buchanan St NE, Minneapolis	$1,700	3 / 1	—	0.9 mi	2026-04-02	Apartment
912 4th St NE Unit Upstairs, Minneapolis	$1,900	3 / 1	1,250	1.2 mi	2026-06-03	Duplex triplex
912 4th St NE Unit Main, Minneapolis	$2,100	3 / 1	1,120	1.2 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

highUnusual ownership (land trust, ground lease or co-op): resale price limits or lease terms can cap your upside. Listing says: "Falling Knife Brewing Company, and Broken Clock Brewing Cooperative . The Northeast Arts District, local shops, galleries"
highNo rents, leases or expenses given; income is unverified Based on: data: rent_estimate · AI review
highPriced above our break-even; cash flow is negative at asking Based on: data: underwriting.cash_flow_monthly · AI review
mediumStucco exterior on a 1900 building; check for moisture behind it and around windows Based on: photo 2 · AI review
lowRear deck is elevated on posts and heavily overgrown; check structure and attachment Based on: photo 10 · AI review

Opportunities

Minneapolis has no rent cap, so rents can follow the market after a refresh Based on: data: underwriting.rent_rule · AI review
Dated kitchens and baths leave room to add value with updates Based on: photo 8 · AI review

Questions for the agent

What are the current rents, lease terms and security deposits for each unit?
Who owns the property and what is the ownership structure behind the exempt rental license and the $5,100 last sale?
Is there one furnace or two, and who pays heat, water and electric?
How old are the roof, furnace, water heaters and electrical panels?
What are the trailing 12 months of expenses, and are the units separately metered?
Why is the seller selling and will they negotiate on price?

Bottom line

Likely overpriced for its income at about $390K, with negative cash flow at asking and no rent or system details given, so only worth pursuing at a 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)	$5,664
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,615
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 2026-06-21 (107 days); down $10,000 (2.5%) from the first ask of $399,900; last sold for $76,900 on 1996-06-25.

Date	Event	Price
2026-10-05	Listed	$389,900
2026-10-01	Removed	$399,900
2026-06-25	Relisted	$399,900
2026-06-24	Removed	—
2026-06-21	Listed	$399,900
1996-06-25	Sold public record	$76,900

County record Public record

Recorded as	duplex
Living units	2
Year built	1900
Market value (2026)	$298,200
Property tax	$5,664
Special assessments	none
Homestead	no
Last sale	2000-08-01 · $5,100

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 1279 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).