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2441 Dupont Ave S

Duplex · 2 units: 4 bed / 2 bath and 2 bed / 2 bath · 3,753 sq ft

Minneapolis, MN · Lowry Hill East · View the listing ↗

Far off
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Photos courtesy of Edina Realty, Inc., via Realtor.com.

Asking price
$849,900
2 units · $425K per unit
Monthly cash flow
−$2,112
at 20% down, 7%
Estimated rent
$4,850/mo
low confidence · 6 rentals within 1.5 mi
Break-even price
$453,000
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a pretty, renovated Lowry Hill East duplex priced like a trophy at $849,900, and the numbers don't work as a rental. Our model shows about -$2,112 a month at asking with a 3.4% cap rate, and break-even is near $453K. Rent estimates of roughly $2,675 for a 4-bed and $2,175 for the upper unit can't carry this price. It only makes sense as an owner-occupant deal, where you live in one unit and the other helps pay the bill. If you want a showing, check the third-floor kitchenette and bedrooms for legal egress and rental licensing, and ask what the upper tenant pays. It has sat 129 days, so there's room to push hard on price.

Things to consider

  1. Price is far above what rents support Our model shows -$2,112 a month and a 3.4% cap at asking. Break-even is around $453K, so this is a lifestyle or owner-occupant buy, not an investment at this price.
  2. Owner-occupant angle is the real play Living in one unit and renting the other lowers your net cost. You'd still need a much lower price or large down payment for it to pencil.Listing says: “Perfect for an owner-occupant or Air BNB one of the units”
  3. Seller has lots of equity and the listing is stale Bought for $381K in 2002 and listed 129 days, so the seller can take a big cut and still profit.
  4. Recent exterior work lowers near-term capex A new roof, siding and windows remove the biggest upkeep items, so reserves can be lighter in the early years.Listing says: “2 year old roof/siding/window wraps”
  5. Upper unit lease and rent are unknown Without the rent roll you can't verify income. The lease ends 8/31/2026, so you may be re-renting soon.Listing says: “2nd/3rd floor unit is currently rented til 8/31/2026”
  6. Separate utilities simplify operations Each unit has its own boiler and water heater, so tenants can pay their own heat, which keeps owner expenses down. Two systems also mean two to maintain.Listing says: “Separate utilities for each unit including wall mounted boilers/water heaters.”

From the photos

Listing photo 2
1 of 6Plus

Exterior looks well kept, with fresh siding and trim, new-looking windows and an enclosed porch on each level. Matches the stated 2-year-old siding and windows.

Listing photo 7
2 of 6Plus

Kitchen appears fully renovated with white shaker cabinets, quartz counters, stainless appliances and a gas range.

Listing photo 10
3 of 6Plus

Bathrooms appear recently renovated with subway tile and hex floor tile.

Listing photo 3
4 of 6Check

Radiators are visible in the living room and kitchen. That fits the hot-water heat, but the boilers aren't shown.

Listing photo 9
5 of 6Plus

Original woodwork, leaded glass and refinished hardwoods look well preserved with no visible wear.

Listing photo 1
6 of 6Check

No photos of the upper unit, third floor, lower level, basement, boilers or electrical panels. Those are the key spots to inspect.

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 roof, siding and window wrapsListing says: 2 year old roof/siding/window wraps
  • doneNew double hung windows and porch combination windowsListing says: new double hung windows, new porch combination windows
  • doneMain floor kitchen renovated with quartz countersListing says: a renovated kitchen w/ quartz counters, stainless appliances
  • doneMain floor hardwood floors refinishedListing says: newly refinished hardwood floors
  • doneRenovated full bathsListing says: renovated full bath w/ hex floor tile and subway tub surround

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
$849,900
Cash to close
$195,477
Price per unit
$424,950
GRM
14.6

Each month

Cash flow
−$2,112/mo
Cash-on-cash
−13.0%
Cap rate
3.4%
DSCR
0.53×

Break-even

Price that breaks even
$453,000
Rent that breaks even
$7,593/mo

Long run

Year 30: property vs stocks
$1.97M vs $3.02M
Cash flow turns positive
year 25

Monthly

Monthly breakdown

Rent$4,850
Vacancy (6%)−$291
Collected$4,559
Property tax Public record−$842
Insurance Estimate−$251
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$388
Capital reserve (9% of rent)−$436
Net operating income$2,411
Mortgage (principal + interest)−$4,524
Cash flow−$2,112
Principal paid down (equity, not cash)$576

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$1,968,033
Your equity when you sell
$1,939,154

Sells for $2,062,930 (value up 3% a year), minus 6% selling cost ($123,776). Rent paid down $679,920 of loan.

Rental profits, invested at 7%
$28,878

$26,040 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$3,015,928
Cash to close, invested at 7%
$1,488,021

$195,477 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$1,527,907

$342,300 you'd have paid in while the building lost money, invested instead.

Stocks come out $1,047,895 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 $1.97M, stocks $3.02M. Stocks win.

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.

4 bed estimate $2,675/mo · range $2,500–$2,750 · 6 rentals within 1.5 mi

AddressRentBd / BaSq ftDistanceListedType
2449 Lyndale Ave S, Minneapolis $2,395 4 / 3 1,804 0.2 mi 2026-06-02 Apartment
1924 Colfax Ave S, Minneapolis $2,550 4 / 2 1,574 0.4 mi 2026-07-08 Apartment
2529 Pleasant Ave Unit 2, Minneapolis $2,500 4 / 2 2,000 0.5 mi 2026-08-25 Apartment
220 E 27th St, Minneapolis $2,600 4 / 1 2,516 1.0 mi 2026-04-04 Apartment
3032 3rd Ave S, Minneapolis $2,200 4 / 1 1,800 1.2 mi 2026-08-17 Apartment
3448 Girard Ave S, Minneapolis $2,595 4 / 2 2,200 1.3 mi 2026-08-28 Apartment

2 bed estimate $2,175/mo · range $2,125–$2,175 · 15 rentals within 0.75 mi

AddressRentBd / BaSq ftDistanceListedType
2309 Lyndale Ave S, Minneapolis $2,199 2 / 2 1,514 0.3 mi 2025-07-31 Apartment
2621 Lyndale Ave S, Minneapolis $2,565 2 / 2 1,214 0.3 mi 2026-10-02 Apartment
2315 Irving Ave S, Minneapolis $1,850 2 / 2 — 0.3 mi 2024-04-15 Apartment
2000 Lyndale Ave S, Minneapolis $1,955 2 / 2 993 0.4 mi 2026-08-31 Apartment
1941 Fremont Ave S Apt 1, Minneapolis $1,995 2 / 2 1,340 0.4 mi 2026-09-22 Apartment
1941 Fremont Ave S Apt 6, Minneapolis $2,195 2 / 2 1,370 0.4 mi 2026-09-25 Apartment
2841 Bryant Ave S, Minneapolis $2,345 2 / 2 1,006 0.5 mi 2025-09-24 Apartment
2837 Emerson Ave S, Minneapolis $2,395 2 / 2 1,240 0.5 mi 2024-04-12 Apartment
607 W 28th St, Minneapolis $2,125 2 / 2 864 0.5 mi 2026-04-08 Apartment
2838 Fremont Ave S, Minneapolis $1,990 2 / 2 1,161 0.5 mi 2025-11-07 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

  • mediumAsking is $396,900 above the price where cash flow breaks even ($453,000) at the default scenario. Based on: Derived: price $849,900 vs. break-even $453,000
  • mediumRental license covers 2 units, but the third-floor kitchenette could make the upper unit read as a third kitchen. Confirm layout and legality. Listing says: The 3rd floor features a kitchenette, 2 bedrooms, Family room/flex space and a 3/4 bath. · AI review
  • mediumUpper tenant's lease ends 8/31/2026, so the rent isn't stated and the unit may turn over soon. Listing says: 2nd/3rd floor unit is currently rented til 8/31/2026 · AI review
  • mediumTaxes are about $10.1K on non-homestead status, well above what the market value of $534K suggests. Expect them to reflect the sale price after a sale. Based on: data: county.tax · AI review
  • lowPitched as an Airbnb option. Minneapolis short-term rental rules and licensing need checking before you count on that income. Listing says: Perfect for an owner-occupant or Air BNB one of the units · AI review

Opportunities

  • The seller bought for $381,000 in May 2002, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 3302924140085: last sale 2002-05-01, $381,000
  • Long time on market: room to negotiate. Based on: Listing data: 129 days on market
  • Separate boilers and water heaters per unit, so tenants can pay their own utilities and the owner avoids a shared heat bill. Listing says: Separate utilities for each unit including wall mounted boilers/water heaters. · AI review
  • Plenty of off-street parking with a garage, which is rare for the area and helps rentability. Listing says: RARE driveway + alley with 2 car detached garage · AI review
  • Minneapolis has no rent cap, so rents can follow the market. Based on: data: underwriting.rent_rule · AI review
  • Large 4-bed units suit roommates or families and could draw strong rents. Listing says: TWO multi-level 4 bedroom, 2 bath units · AI review

Questions for the agent

  • What rent does the upper tenant pay, and will they renew after 8/31/2026? Can I see the lease?
  • Is the third-floor kitchenette permitted, and do the third-floor and lower-level bedrooms have egress and permits?
  • Who did the roof, siding and window work, and are permits and warranties available?
  • Are the electrical panels and wiring updated? What are the actual annual gas and electric costs per unit?
  • Why has it sat 129 days, and have there been price cuts or offers?
  • Is the main floor unit rentable now, and what was it renting for before?

Bottom line

Lovely, updated duplex, but at $849,900 it loses over $2,000 a month as a rental, so it only works as an owner-occupant purchase 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)$10,109
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$3,012
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 1908: +1 pt capital reserve8% / 9%

Price history Realtor.com

On the market since 2026-05-29 (129 days); last sold for $381,000 on 2002-08-26.

DateEventPrice
Relisted$849,900
Removed—
Listed$849,900
Sold public record$381,000
Sold public record$137,000

County record Public record

Recorded asduplex
Living units2
Year built1908
Market value (2026)$534,400
Property tax$10,109
Special assessmentsnone
Homesteadno
Last sale2002-05-01 · $381,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 94;MN 55, about 896 m away.

Crime in Lowry Hill East

647 incidents in the last 12 months (74 per 1,000 residents), −3% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).