2545 Fillmore St NE

Duplex · 2 units: 2 bed and 4 bed · 2,827 sq ft

Minneapolis, MN · Audubon Park · View the listing ↗

51 photos

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

Asking price: $439,900
Monthly cash flow: −$305
Estimated rent: $4,050/mo
Break-even price: $382,523

Adjust the numbers See the full breakdown

From the listing

This Audubon Park duplex offers the kind of space and flexibility that's hard to find in Northeast. The main-floor unit has 2 bedrooms, 1 bath, original hardwood floors and natural woodwork, while the upper unit stretches across two levels with 4 bedrooms, 2 baths and two living room spaces. Even better, the upper unit is vacant-move right in or choose your next tenant-while the lower unit is leased through 7/31/27. Both units have their own 3-season porch, plus shared laundry, separate storage, garden space and a back porch. No garage? No problem-the concrete parking pad fits up to 4 cars. Best of all, you can walk to Eastside Food Co-op or head to Central and Lowry for coffee, dinner and neighborhood favorites.

Listing courtesy of Keller Williams Realty (Shae Hanson). Description from Realtor.com, MLS #7150926. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 2-unit Minneapolis duplex at $439,900 with a 2-bed lower and a 4-bed upper. Our underwriting at 20% down and asking price gives about -$305/mo cash flow and a 5.6% cap, so it doesn't work at today's rate and has no cushion for repairs. The listing gives no rent for the leased lower unit, and the upper is vacant, so the income is mostly our estimate (about $1,650 + $2,400). Check first: the lower lease rent and deposit, what the upper really rents for, the heat setup (hot water, radiators), and the ownership flag. Kitchens and baths look dated but usable. Worth a showing only if the rents hold up, the price comes down toward break-even (around $383K), and the ownership issue is clean.

Things to consider

Negative cash flow at the asking price About -$305/mo leaves no room for repairs, vacancy or a higher rate. A price cut toward about $383K would be needed to break even.
Income depends on a rent that isn't proven The upper's $2,400 estimate is the biggest piece of income, and it's vacant, so check local comparables.Listing says: “the upper unit is vacant-move right in or choose your next tenant”
Large gap between last sale and price It last sold for $260K in 2014 and is now $439,900, so verify value and what was spent since.
Dated kitchens and baths Updates may be needed to reach top-of-range rents, so budget for them.From photo 6
Old building systems unverified A 1910 building with hot-water heat needs a boiler, wiring and roof check before you trust the numbers.
Non-homestead tax already used The $7,473 tax is a major expense, so confirm it matches what you'd pay.

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: $439,900
Cash to close: $101,177
Price per unit: $219,950
GRM: 9.1

Each month

Cash flow: −$305/mo
Cash-on-cash: −3.6%
Cap rate: 5.6%
DSCR: 0.87×

Break-even

Price that breaks even: $382,523
Rent that breaks even: $4,447/mo

Long run

Year 30: property vs stocks: $1.49M vs $845K
Cash flow turns positive: year 7

Monthly

Monthly breakdown

Rent	$4,050
Vacancy (6%)	−$243
Collected	$3,807
Property tax Public record	−$623
Insurance Estimate	−$230
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$324
Capital reserve (9% of rent)	−$364
Net operating income	$2,036
Mortgage (principal + interest)	−$2,341
Cash flow	−$305
Principal paid down (equity, not cash)	$298

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$1,492,146

Your equity when you sell: $1,003,688
Rental profits, invested at 7%: $488,458

Same money in stocks$845,394

Cash to close, invested at 7%: $770,185
Monthly shortfalls, invested: $75,209

The building comes out $646,752 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 $1.49M, stocks $845K. 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.

2 bed estimate $1,650/mo · range $1,475–$1,700 · 14 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2526 Polk St NE, Minneapolis	$1,700	2 / 1	1,300	0.2 mi	2026-08-18	Apartment
1028 28th Ave NE, Minneapolis	$1,595	2 / 1	950	0.3 mi	2026-10-03	Apartment
920 24th Ave NE, Minneapolis	$1,350	2 / 1	845	0.3 mi	2026-07-21	Apartment
2005 Taylor St NE # 2, Minneapolis	$1,595	2 / 1	900	0.4 mi	—	Duplex triplex
2636 Jackson St NE Unit 2, Minneapolis	$1,600	2 / 1	881	0.4 mi	—	Apartment
2207 1/2 Central Ave NE Apt 4, Minneapolis	$1,600	2 / 1	1,000	0.4 mi	2023-03-22	Apartment
2015 Central Ave NE, Minneapolis	$1,600	2 / 1	1,050	0.4 mi	2025-01-03	Apartment
1010 20th Ave NE Unit 2, Minneapolis	$1,395	2 / 1	730	0.4 mi	2026-09-17	Duplex triplex
2902 Polk St NE, Minneapolis	$1,500	2 / 1	—	0.4 mi	2025-11-21	Apartment
1823 Ulysses St NE, Minneapolis	$1,300	2 / 1	—	0.6 mi	2025-04-12	Apartment

4 bed estimate $2,400/mo · range $2,150–$2,925 · 24 rentals within 2.25 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2206 Arthur St NE, Minneapolis	$2,950	4 / 2	1,969	0.6 mi	2026-09-01	Apartment
2905 32nd Ave NE, Minneapolis	$3,100	4 / 2	—	1.3 mi	2026-09-29	Apartment
410 5th St NE, Minneapolis	$1,750	4 / 1	—	1.6 mi	2026-09-25	Apartment
2604/2606 37th Ave NE, Saint Anthony	$2,395	4 / 2.5	1,700	1.7 mi	2026-08-19	Apartment
408-410 8th St SE, Minneapolis	$2,650	4 / 2	1,800	1.7 mi	2026-09-30	Duplex triplex
1087 18th Ave SE, Minneapolis	$2,200	4 / 2	1,800	1.8 mi	2026-09-29	Apartment
1085 18th Ave SE, Minneapolis	$2,200	4 / 2	1,500	1.8 mi	2026-09-29	Apartment
1081 18th Ave SE, Minneapolis	$2,200	4 / 2	2,200	1.8 mi	2026-09-29	Duplex triplex
1203 Como Ave SE, Minneapolis	$2,595	4 / 2.5	1,800	1.9 mi	2026-09-29	Apartment
1208 Como Ave SE, Minneapolis	$2,795	4 / 3	2,000	1.9 mi	2026-09-29	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

highUnusual ownership (land trust, ground lease or co-op): resale price limits or lease terms can cap your upside. Listing says: "of all, you can walk to Eastside Food Co-op or head to Central and Lowry for coffee"
mediumUpper unit is vacant, so there is no proof of the 4-bed rent. Our $3,025 estimate is unproven. Listing says: the upper unit is vacant-move right in or choose your next tenant · AI review
mediumNo rent stated for the leased lower unit, so the real income is unknown. Listing says: the lower unit is leased through 7/31/27 · AI review
mediumHot-water heat; unclear whether it is one boiler and who pays. This could add owner cost. Based on: data: county.heat_type · AI review
lowShared laundry and one set of building systems. Check the metering of utilities between units. Listing says: plus shared laundry, separate storage, garden space and a back porch · AI review

Opportunities

Vacant upper lets you set the rent and screen the tenant, and there is no rent cap in Minneapolis. Based on: data: underwriting.rent_rule · AI review
Lower lease runs to mid-2027, giving about 9+ months of locked-in income. Listing says: the lower unit is leased through 7/31/27 · AI review
Parking pad for 4 cars is a real draw in a neighborhood with on-street competition. Listing says: the concrete parking pad fits up to 4 cars · AI review

Questions for the agent

What is the lower unit's current rent, and what deposit is held?
What did the upper unit last rent for, and when did it go vacant?
Is the heat one boiler for both units, and who pays gas and electric?
What is the ownership structure (land trust, ground lease or co-op)? Can I see the documents?
How old are the boiler, roof, water heater and electrical panels?
Are the two units separately metered for electric and gas?

Bottom line

A duplex with upper-unit upside, but it loses money at the ask, and the rents and the ownership flag need proof. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$7,473
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,757
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 1910: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-10-01 (4 days); last sold for $260,000 on 2014-08-30.

Date	Event	Price
2026-10-01	Listed	$439,900
2014-08-30	Sold	$260,000
2014-06-20	Price changed	$269,900
2014-06-06	Listed	$279,000

County record Public record

Recorded as	duplex
Living units	2
Year built	1910
Market value (2026)	$393,500
Property tax	$7,473
Special assessments	none
Homestead	no
Last sale	2014-08-01 · $260,000

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 1470 m away.

Crime in Audubon Park

157 incidents in the last 12 months (29 per 1,000 residents), +10% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).