2314 Portland Ave S
Duplex · 2 units: 5 bed / 1.5 bath and 4 bed / 1.5 bath unit split estimated · 4,105 sq ft
Minneapolis, MN · Phillips West · View the listing ↗
Photos courtesy of Summit Realty, via Realtor.com.
- Asking price
- $409,900 2 units · $205K per unit
- Monthly cash flow
- $271 at 20% down, 7%
- Estimated rent
- $4,575/mo medium confidence
- Break-even price
- $460,885 where cash flow hits $0
First look
This is a duplex with estimated rents of $4,575/month against a $409,900 ask, and our model has it at about +$271/month at 20% down with a 7.2% cap rate. So it only works if the leases hold and the expenses are real. Estimated rents ($2,275 for the 5-bed, $2,300 for the 4-bed) are right around or slightly below our estimates, so there's little rent upside without a rehab. The listing gives water and trash at $303/month, which is heavy for two units, so ask why. Photos show dated kitchens and bath, and nothing of the mechanicals. At 123 days on market and a $157K 2013 purchase, the seller has room to come down. Worth a showing only at a lower price, after you see the rent roll, utility bills and boiler/furnace and roof condition.
Things to consider
- Cash flow is slightly positive at the ask Our model shows about +$271/month at 20% down. Any vacancy or repair could erase that and come from your pocket, so price should still come down.
- Owner-paid water and trash are a big expense About $3,856 a year in utilities cuts directly into net income. Check whether it can be billed back or fixed.Listing says: “Total Average Utilities: $321.35/month ($3,856 annually)”
- Rents are already near market Estimated rents are close to our estimates, so there is little upside without renovating, and kitchens and baths look dated.From photo 6
- Leases run to spring 2027 That gives stable income for now, but both end within a few months of each other, so turnover risk comes at once.Listing says: “Unit 2 (3BR/1BA): $1,750/month lease through March 31, 2027”
- Highway noise next to I-35W Traffic noise can cost $50-100/month in rent and may limit future increases.
- Seller has room to negotiate Long time on market and a 2013 purchase at $157K mean the seller can accept a lower offer.
From the photos
Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.
Rents the listing states
- Unit 1 (5br/2ba): $2,050 (lease)Listing says: Unit 1 (5BR/2BA): $2,050/month lease through May 31, 2027
- Unit 2 (3br/1ba): $1,750 (lease)Listing says: Unit 2 (3BR/1BA): $1,750/month lease through March 31, 2027
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
- $409,900
- Cash to close
- $53,287
- Price per unit
- $204,950
- GRM
- 7.5
Each month
- Cash flow
- −$232/mo
- Cash-on-cash
- −5.2%
- Cap rate
- 7.2%
- DSCR
- 0.91×
Break-even
- Price that breaks even
- $374,494
- Rent that breaks even
- $4,880/mo
Long run
- Year 30: property vs stocks
- $1.84M vs $447K
- Cash flow turns positive
- year 5
The deal
- Price
- $409,900
- Cash to close
- $53,287
- Price per unit
- $204,950
- GRM
- 7.5
Each month
- Cash flow
- −$619/mo
- Cash-on-cash
- −13.9%
- Cap rate
- 6.0%
- DSCR
- 0.77×
Break-even
- Price that breaks even
- $315,406
- Rent that breaks even
- $5,491/mo
Long run
- Year 30: property vs stocks
- $1.38M vs $588K
- Cash flow turns positive
- year 8
The deal
- Price
- $399,900
- Cash to close
- $51,987
- Price per unit
- $199,950
- GRM
- 7.3
Each month
- Cash flow
- −$166/mo
- Cash-on-cash
- −3.8%
- Cap rate
- 7.4%
- DSCR
- 0.94×
Break-even
- Price that breaks even
- $374,494
- Rent that breaks even
- $4,794/mo
Long run
- Year 30: property vs stocks
- $1.87M vs $420K
- Cash flow turns positive
- year 4
The deal
- Price
- $399,900
- Cash to close
- $51,987
- Price per unit
- $199,950
- GRM
- 7.3
Each month
- Cash flow
- −$553/mo
- Cash-on-cash
- −12.8%
- Cap rate
- 6.2%
- DSCR
- 0.79×
Break-even
- Price that breaks even
- $315,406
- Rent that breaks even
- $5,394/mo
Long run
- Year 30: property vs stocks
- $1.40M vs $549K
- Cash flow turns positive
- year 7
The deal
- Price
- $409,900
- Cash to close
- $94,277
- Price per unit
- $204,950
- GRM
- 7.5
Each month
- Cash flow
- $271/mo
- Cash-on-cash
- 3.5%
- Cap rate
- 7.2%
- DSCR
- 1.12×
Break-even
- Price that breaks even
- $460,885
- Rent that breaks even
- $4,218/mo
Long run
- Year 30: property vs stocks
- $2.18M vs $718K
- Cash flow turns positive
- year 1
The deal
- Price
- $409,900
- Cash to close
- $94,277
- Price per unit
- $204,950
- GRM
- 7.5
Each month
- Cash flow
- −$116/mo
- Cash-on-cash
- −1.5%
- Cap rate
- 6.0%
- DSCR
- 0.95×
Break-even
- Price that breaks even
- $388,165
- Rent that breaks even
- $4,746/mo
Long run
- Year 30: property vs stocks
- $1.60M vs $732K
- Cash flow turns positive
- year 3
The deal
- Price
- $399,900
- Cash to close
- $91,977
- Price per unit
- $199,950
- GRM
- 7.3
Each month
- Cash flow
- $325/mo
- Cash-on-cash
- 4.2%
- Cap rate
- 7.4%
- DSCR
- 1.15×
Break-even
- Price that breaks even
- $460,885
- Rent that breaks even
- $4,148/mo
Long run
- Year 30: property vs stocks
- $2.22M vs $700K
- Cash flow turns positive
- year 1
The deal
- Price
- $399,900
- Cash to close
- $91,977
- Price per unit
- $199,950
- GRM
- 7.3
Each month
- Cash flow
- −$62/mo
- Cash-on-cash
- −0.8%
- Cap rate
- 6.2%
- DSCR
- 0.97×
Break-even
- Price that breaks even
- $388,165
- Rent that breaks even
- $4,667/mo
Long run
- Year 30: property vs stocks
- $1.62M vs $706K
- Cash flow turns positive
- year 3
The deal
- Price
- $409,900
- Cash to close
- $114,772
- Price per unit
- $204,950
- GRM
- 7.5
Each month
- Cash flow
- $408/mo
- Cash-on-cash
- 4.3%
- Cap rate
- 7.2%
- DSCR
- 1.20×
Break-even
- Price that breaks even
- $491,610
- Rent that breaks even
- $4,039/mo
Long run
- Year 30: property vs stocks
- $2.34M vs $874K
- Cash flow turns positive
- year 1
The deal
- Price
- $409,900
- Cash to close
- $114,772
- Price per unit
- $204,950
- GRM
- 7.5
Each month
- Cash flow
- $21/mo
- Cash-on-cash
- 0.2%
- Cap rate
- 6.0%
- DSCR
- 1.01×
Break-even
- Price that breaks even
- $414,042
- Rent that breaks even
- $4,544/mo
Long run
- Year 30: property vs stocks
- $1.74M vs $874K
- Cash flow turns positive
- year 1
The deal
- Price
- $399,900
- Cash to close
- $111,972
- Price per unit
- $199,950
- GRM
- 7.3
Each month
- Cash flow
- $458/mo
- Cash-on-cash
- 4.9%
- Cap rate
- 7.4%
- DSCR
- 1.23×
Break-even
- Price that breaks even
- $491,610
- Rent that breaks even
- $3,973/mo
Long run
- Year 30: property vs stocks
- $2.37M vs $852K
- Cash flow turns positive
- year 1
The deal
- Price
- $399,900
- Cash to close
- $111,972
- Price per unit
- $199,950
- GRM
- 7.3
Each month
- Cash flow
- $71/mo
- Cash-on-cash
- 0.8%
- Cap rate
- 6.2%
- DSCR
- 1.04×
Break-even
- Price that breaks even
- $414,042
- Rent that breaks even
- $4,471/mo
Long run
- Year 30: property vs stocks
- $1.77M vs $852K
- Cash flow turns positive
- year 1
Monthly
Monthly breakdown
| Rent | $4,575 |
| Vacancy (6%) | −$274 |
| Collected | $4,300 |
| Property tax Public record | −$535 |
| Insurance Estimate | −$259 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$412 |
| Capital reserve (9% of rent) | −$412 |
| Net operating income | $2,453 |
| Mortgage (principal + interest) | −$2,454 |
| PMI | −$231 |
| Cash flow | −$232 |
| Principal paid down (equity, not cash) | $312 |
| Rent | $4,575 |
| Vacancy (6%) | −$274 |
| Collected | $4,300 |
| Property tax Public record | −$535 |
| Insurance Estimate | −$259 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$412 |
| Capital reserve (9% of rent) | −$412 |
| Property management | −$387 |
| Net operating income | $2,066 |
| Mortgage (principal + interest) | −$2,454 |
| PMI | −$231 |
| Cash flow | −$619 |
| Principal paid down (equity, not cash) | $312 |
| Rent | $4,575 |
| Vacancy (6%) | −$274 |
| Collected | $4,300 |
| Property tax Public record | −$535 |
| Insurance Estimate | −$259 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$412 |
| Capital reserve (9% of rent) | −$412 |
| Net operating income | $2,453 |
| Mortgage (principal + interest) | −$2,394 |
| PMI | −$225 |
| Cash flow | −$166 |
| Principal paid down (equity, not cash) | $305 |
| Rent | $4,575 |
| Vacancy (6%) | −$274 |
| Collected | $4,300 |
| Property tax Public record | −$535 |
| Insurance Estimate | −$259 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$412 |
| Capital reserve (9% of rent) | −$412 |
| Property management | −$387 |
| Net operating income | $2,066 |
| Mortgage (principal + interest) | −$2,394 |
| PMI | −$225 |
| Cash flow | −$553 |
| Principal paid down (equity, not cash) | $305 |
| Rent | $4,575 |
| Vacancy (6%) | −$274 |
| Collected | $4,300 |
| Property tax Public record | −$535 |
| Insurance Estimate | −$259 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$412 |
| Capital reserve (9% of rent) | −$412 |
| Net operating income | $2,453 |
| Mortgage (principal + interest) | −$2,182 |
| Cash flow | $271 |
| Principal paid down (equity, not cash) | $278 |
| Rent | $4,575 |
| Vacancy (6%) | −$274 |
| Collected | $4,300 |
| Property tax Public record | −$535 |
| Insurance Estimate | −$259 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$412 |
| Capital reserve (9% of rent) | −$412 |
| Property management | −$387 |
| Net operating income | $2,066 |
| Mortgage (principal + interest) | −$2,182 |
| Cash flow | −$116 |
| Principal paid down (equity, not cash) | $278 |
| Rent | $4,575 |
| Vacancy (6%) | −$274 |
| Collected | $4,300 |
| Property tax Public record | −$535 |
| Insurance Estimate | −$259 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$412 |
| Capital reserve (9% of rent) | −$412 |
| Net operating income | $2,453 |
| Mortgage (principal + interest) | −$2,128 |
| Cash flow | $325 |
| Principal paid down (equity, not cash) | $271 |
| Rent | $4,575 |
| Vacancy (6%) | −$274 |
| Collected | $4,300 |
| Property tax Public record | −$535 |
| Insurance Estimate | −$259 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$412 |
| Capital reserve (9% of rent) | −$412 |
| Property management | −$387 |
| Net operating income | $2,066 |
| Mortgage (principal + interest) | −$2,128 |
| Cash flow | −$62 |
| Principal paid down (equity, not cash) | $271 |
| Rent | $4,575 |
| Vacancy (6%) | −$274 |
| Collected | $4,300 |
| Property tax Public record | −$535 |
| Insurance Estimate | −$259 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$412 |
| Capital reserve (9% of rent) | −$412 |
| Net operating income | $2,453 |
| Mortgage (principal + interest) | −$2,045 |
| Cash flow | $408 |
| Principal paid down (equity, not cash) | $260 |
| Rent | $4,575 |
| Vacancy (6%) | −$274 |
| Collected | $4,300 |
| Property tax Public record | −$535 |
| Insurance Estimate | −$259 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$412 |
| Capital reserve (9% of rent) | −$412 |
| Property management | −$387 |
| Net operating income | $2,066 |
| Mortgage (principal + interest) | −$2,045 |
| Cash flow | $21 |
| Principal paid down (equity, not cash) | $260 |
| Rent | $4,575 |
| Vacancy (6%) | −$274 |
| Collected | $4,300 |
| Property tax Public record | −$535 |
| Insurance Estimate | −$259 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$412 |
| Capital reserve (9% of rent) | −$412 |
| Net operating income | $2,453 |
| Mortgage (principal + interest) | −$1,995 |
| Cash flow | $458 |
| Principal paid down (equity, not cash) | $254 |
| Rent | $4,575 |
| Vacancy (6%) | −$274 |
| Collected | $4,300 |
| Property tax Public record | −$535 |
| Insurance Estimate | −$259 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$412 |
| Capital reserve (9% of rent) | −$412 |
| Property management | −$387 |
| Net operating income | $2,066 |
| Mortgage (principal + interest) | −$1,995 |
| Cash flow | $71 |
| Principal paid down (equity, not cash) | $254 |
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
- Your equity when you sell
- $935,239
- Rental profits, invested at 7%
- $909,166
Sells for $994,935 (value up 3% a year), minus 6% selling cost ($59,696). Rent paid down $368,910 of loan.
$462,182 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $405,634
- Monthly shortfalls, invested
- $41,233
$53,287 put into an index fund instead of the down payment and closing costs.
$6,111 you'd have paid in while the building lost money, invested instead.
The building comes out $1,397,538 ahead after 30 years.
- Your equity when you sell
- $935,239
- Rental profits, invested at 7%
- $448,657
Sells for $994,935 (value up 3% a year), minus 6% selling cost ($59,696). Rent paid down $368,910 of loan.
$263,810 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $405,634
- Monthly shortfalls, invested
- $182,771
$53,287 put into an index fund instead of the down payment and closing costs.
$28,706 you'd have paid in while the building lost money, invested instead.
The building comes out $795,491 ahead after 30 years.
- Your equity when you sell
- $912,422
- Rental profits, invested at 7%
- $961,626
Sells for $970,662 (value up 3% a year), minus 6% selling cost ($58,240). Rent paid down $359,910 of loan.
$481,400 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $395,738
- Monthly shortfalls, invested
- $24,079
$51,987 put into an index fund instead of the down payment and closing costs.
$3,503 you'd have paid in while the building lost money, invested instead.
The building comes out $1,454,231 ahead after 30 years.
- Your equity when you sell
- $912,422
- Rental profits, invested at 7%
- $489,120
Sells for $970,662 (value up 3% a year), minus 6% selling cost ($58,240). Rent paid down $359,910 of loan.
$280,773 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $395,738
- Monthly shortfalls, invested
- $153,621
$51,987 put into an index fund instead of the down payment and closing costs.
$23,842 you'd have paid in while the building lost money, invested instead.
The building comes out $852,184 ahead after 30 years.
- Your equity when you sell
- $935,239
- Rental profits, invested at 7%
- $1,248,396
Sells for $994,935 (value up 3% a year), minus 6% selling cost ($59,696). Rent paid down $327,920 of loan.
$565,313 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $717,661
$94,277 put into an index fund instead of the down payment and closing costs.
The building comes out $1,465,974 ahead after 30 years.
- Your equity when you sell
- $935,239
- Rental profits, invested at 7%
- $660,951
Sells for $994,935 (value up 3% a year), minus 6% selling cost ($59,696). Rent paid down $327,920 of loan.
$346,446 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $717,661
- Monthly shortfalls, invested
- $14,602
$94,277 put into an index fund instead of the down payment and closing costs.
$2,099 you'd have paid in while the building lost money, invested instead.
The building comes out $863,926 ahead after 30 years.
- Your equity when you sell
- $912,422
- Rental profits, invested at 7%
- $1,308,727
Sells for $970,662 (value up 3% a year), minus 6% selling cost ($58,240). Rent paid down $319,920 of loan.
$584,473 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $700,152
$91,977 put into an index fund instead of the down payment and closing costs.
The building comes out $1,520,998 ahead after 30 years.
- Your equity when you sell
- $912,422
- Rental profits, invested at 7%
- $712,459
Sells for $970,662 (value up 3% a year), minus 6% selling cost ($58,240). Rent paid down $319,920 of loan.
$364,324 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $700,152
- Monthly shortfalls, invested
- $5,779
$91,977 put into an index fund instead of the down payment and closing costs.
$817 you'd have paid in while the building lost money, invested instead.
The building comes out $918,950 ahead after 30 years.
- Your equity when you sell
- $935,239
- Rental profits, invested at 7%
- $1,402,957
Sells for $994,935 (value up 3% a year), minus 6% selling cost ($59,696). Rent paid down $307,425 of loan.
$614,400 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $873,674
$114,772 put into an index fund instead of the down payment and closing costs.
The building comes out $1,464,522 ahead after 30 years.
- Your equity when you sell
- $935,239
- Rental profits, invested at 7%
- $800,910
Sells for $994,935 (value up 3% a year), minus 6% selling cost ($59,696). Rent paid down $307,425 of loan.
$393,434 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $873,674
$114,772 put into an index fund instead of the down payment and closing costs.
The building comes out $862,474 ahead after 30 years.
- Your equity when you sell
- $912,422
- Rental profits, invested at 7%
- $1,459,518
Sells for $970,662 (value up 3% a year), minus 6% selling cost ($58,240). Rent paid down $299,925 of loan.
$632,363 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $852,359
$111,972 put into an index fund instead of the down payment and closing costs.
The building comes out $1,519,581 ahead after 30 years.
- Your equity when you sell
- $912,422
- Rental profits, invested at 7%
- $857,470
Sells for $970,662 (value up 3% a year), minus 6% selling cost ($58,240). Rent paid down $299,925 of loan.
$411,397 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $852,359
$111,972 put into an index fund instead of the down payment and closing costs.
The building comes out $917,534 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
Year 30 (loan paid off): property $1.84M, stocks $447K. The property wins.
Year 30 (loan paid off): property $1.38M, stocks $588K. The property wins.
Year 30 (loan paid off): property $1.87M, stocks $420K. The property wins.
Year 30 (loan paid off): property $1.40M, stocks $549K. The property wins.
Year 30 (loan paid off): property $2.18M, stocks $718K. The property wins.
Year 30 (loan paid off): property $1.60M, stocks $732K. The property wins.
Year 30 (loan paid off): property $2.22M, stocks $700K. The property wins.
Year 30 (loan paid off): property $1.62M, stocks $706K. The property wins.
Year 30 (loan paid off): property $2.34M, stocks $874K. The property wins.
Year 30 (loan paid off): property $1.74M, stocks $874K. The property wins.
Year 30 (loan paid off): property $2.37M, stocks $852K. The property wins.
Year 30 (loan paid off): property $1.77M, stocks $852K. 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.
5 bed / 1.5 bath estimate $2,275/mo · range $1,825–$2,750
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 2540 12th Ave S, Apt 2, Minneapolis 55404 | $2,325 | 5 / 2 | 0.6 mi | 83% |
| 1810 10th Ave S, Unit Lower, Minneapolis 55404 off market | $2,050 | 4 / 2 | 0.5 mi | 81% |
| 1810 10th Ave S, Minneapolis 55404 off market | $2,150 | 4 / 2 | 0.5 mi | 81% |
| 220 E 27th St, Minneapolis 55408 | $2,600 | 4 / 1 | 0.5 mi | 78% |
| 737 E 27th St, Minneapolis 55407 off market | $2,600 | 4 / 1.5 | 0.5 mi | 76% |
| 2121 11th Ave S, Minneapolis 55404 off market | $2,289 | 4 / 1 | 0.5 mi | 74% |
| 739 E 27th St, Minneapolis 55407 off market | $2,600 | 4 / 1 | 0.5 mi | 73% |
| 2021 3rd Ave S, Apt B1, Minneapolis 55404 off market | $1,150 | 2 / 1 | 0.3 mi | 72% |
| 2424 Chicago Ave S, Minneapolis 55404 off market | $1,400 | 2 / 1 | 0.3 mi | 72% |
| 2111 2nd Ave S, Unit B1, Minneapolis 55404 off market | $1,850 | 3 / 1 | 0.3 mi | 72% |
4 bed / 1.5 bath estimate $2,300/mo · range $1,925–$2,650
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 1810 10th Ave S, Unit Lower, Minneapolis 55404 off market | $2,050 | 4 / 2 | 0.5 mi | 91% |
| 1810 10th Ave S, Minneapolis 55404 off market | $2,150 | 4 / 2 | 0.5 mi | 91% |
| 220 E 27th St, Minneapolis 55408 | $2,600 | 4 / 1 | 0.5 mi | 88% |
| 737 E 27th St, Minneapolis 55407 off market | $2,600 | 4 / 1.5 | 0.5 mi | 85% |
| 2121 11th Ave S, Minneapolis 55404 off market | $2,289 | 4 / 1 | 0.5 mi | 83% |
| 739 E 27th St, Minneapolis 55407 off market | $2,600 | 4 / 1 | 0.5 mi | 83% |
| 2111 2nd Ave S, Unit B1, Minneapolis 55404 off market | $1,850 | 3 / 1 | 0.3 mi | 82% |
| 2023 2nd Ave S, Minneapolis 55404 off market | $1,799 | 3 / 1 | 0.3 mi | 82% |
| 2205 10th Ave S, Minneapolis 55404 off market | $1,700 | 3 / 1 | 0.4 mi | 81% |
| 1829 11th Ave S, Minneapolis 55404 off market | $1,550 | 3 / 1 | 0.6 mi | 81% |
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
- mediumAbout 103 m from I 35W: traffic noise usually costs $50–100/month in rent. Based on: OpenStreetMap: nearest motorway (I 35W) at 103 m
- mediumOwner-paid water and trash of about $303/month is high for a duplex. It may signal leaks, high usage or a billing issue. Listing says: Trash & Water: $303.35/month · AI review
- mediumListed 3-bed unit has 'flexible layouts' and the building is 1900 vintage with radiators visible while county records list forced air. Heating setup is unclear. Based on: data: county.heat_type · AI review
- low$89 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 3402924110043: special assessments (current) = $89.25
- lowListing says 'well-maintained' but photos show dated kitchen and bath finishes and no mechanicals. Condition claims are unverified. Based on: photo 6 · AI review
Opportunities
- The seller bought for $157,000 in Feb 2013, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 3402924110043: last sale 2013-02-01, $157,000
- Long time on market: room to negotiate. Based on: Listing data: 126 days on market
- Minneapolis 4D program could cut property taxes by up to 40% if units qualify. Verify eligibility and rent limits before counting on it. Listing says: can reduce property taxes by up to 40% annually if qualifying units are enrolled · AI review
- Off-street parking is rare in this area and supports tenant demand. Listing says: abundant off-street parking, a rare amenity in the urban core · AI review
- Taxes at the non-homestead rate are already in the numbers, and a price cut would move the deal to positive cash flow. Based on: data: underwriting.break_even_price · AI review
Questions for the agent
- Can I see the leases, rent roll and 12 months of water and trash bills? Why is the water bill about $303/month?
- What heats each unit? Is it one furnace, and are the radiators in photo 4 still in use?
- How old are the roof, furnace or boiler, water heater and electrical panel?
- Do the tenants pay on time, and will they renew when leases end in March and May 2027?
- What is the $89 special assessment for, and is the building eligible for the 4D program?
- Are both units licensed for the bedroom counts shown, with proper egress?
Bottom line
Rents are fine and the numbers are thin but positive at today's rates, so it's a negotiate-hard deal after you check the utility bills and mechanicals. AI-assisted summary
What the records say
Where each number comes from
| Property tax / yr Public recordHennepin County record, current payable year (non-homestead) | $6,419 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $3,109 |
| 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; 9 bedrooms: +1 pt repairs for wear | 9% / 9% |
Price history Realtor.com
On the market since 2026-06-01 (126 days); down $40,000 (8.9%) from the first ask of $449,900; last sold for $157,000 on 2013-02-27.
| Date | Event | Price |
|---|---|---|
| Price changed | $409,900 | |
| Price changed | $429,900 | |
| Relisted | $449,900 | |
| Removed | — | |
| Listed | $449,900 | |
| Sold | $157,000 | |
| Price changed | $157,000 | |
| Price changed | $165,000 | |
| Price changed | $174,900 | |
| Price changed | $199,900 | |
| Listed | $219,000 | |
| Sold public record | $251,000 | |
| Sold public record | $107,500 | |
| Sold public record | $40,000 |
County record Public record
| Recorded as | duplex |
| Living units | 2 |
| Year built | 1900 |
| Market value (2026) | $338,000 |
| Property tax | $6,419 |
| Special assessments | $89 |
| Homestead | no |
| Last sale | 2013-02-01 · $157,000 |
Source: Hennepin County parcel records.
City rental license
CHOWN: 2 unit(s), Tier 1, status active, renews 2027-03-01.
Nearest highway
I 35W, about 103 m away.
Crime in Phillips West
312 incidents in the last 12 months (62 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).