2623 Polk St NE
Duplex · 2 units: 2 bed / 1 bath and 1 bed / 1 bath unit split estimated · 2,066 sq ft
Minneapolis, MN · Audubon Park · View the listing ↗
Photos courtesy of Midwest Homes - Broker, via Realtor.com.
- Asking price
- $409,900 2 units · $205K per unit
- Monthly cash flow
- −$718 at 20% down, 7%
- Break-even price
- $274,998 where cash flow hits $0
First look
This is a fully redone Northeast Minneapolis duplex, and the photos back up the rehab claim. The price does not. The seller paid $200K in June 2025 and now wants $409,900, and our underwriting shows about -$718 a month with a 4.3% cap rate at asking. Break-even is near $275K, so even a big cut leaves it thin. Rents are only estimates in the listing, so get real lease or market numbers first. Then confirm permits for the electrical, kitchens and baths, plus the rental license. Worth a showing only if the seller moves far down on price.
Things to consider
- Price is far above what rents support At asking, our underwriting shows a loss of about $718 a month and a 4.3% cap rate. Break-even is near $275K, so there is a large gap to close.
- Seller flipped it: $200K to $409,900 in 16 months The renovation may be real, but the asking price assumes the whole uplift as value. Verify what was spent and that the work was permitted.
- Rents are unproven Without leases or a rent roll, income is a guess. Our estimates are about $1,300 for the 1-bed and $1,700 for the 2-bed.Listing says: “Rents are estimates!”
- No rental license on file Licensing and inspection can add cost or delay before you can legally rent.
- Taxes will rise at non-homestead rates The current tax bill is the homestead rate. An investor pays more, which cuts cash flow further.
From the photos
Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.
Condition and repairs
- doneTwo new water heatersListing says: 2 new water heaters, 2 new AC units, 1 new furnace
- doneTwo new electric panels and electrical throughoutListing says: 2 new electric panels and electrical throughout
- doneAll new windowsListing says: ALL new windows
- doneTwo new kitchens with gas ranges and stainless appliancesListing says: 2 new kitchens with gas ranges and stainless steel appliances
- doneTwo new 3/4 bathrooms with tile showersListing says: 2 new 3/4 bathrooms with tile showers
- doneGarage: new concrete floor, siding, door and openerListing says: One stall garage has a new concrete floor, new siding outside, new door, and opener!
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
- 11.4
Each month
- Cash flow
- −$1,221/mo
- Cash-on-cash
- −27.5%
- Cap rate
- 4.3%
- DSCR
- 0.55×
Break-even
- Price that breaks even
- $223,451
- Rent that breaks even
- $4,586/mo
Long run
- Year 30: property vs stocks
- $987K vs $1.11M
- Cash flow turns positive
- year 21
The deal
- Price
- $409,900
- Cash to close
- $53,287
- Price per unit
- $204,950
- GRM
- 11.4
Each month
- Cash flow
- −$1,475/mo
- Cash-on-cash
- −33.2%
- Cap rate
- 3.5%
- DSCR
- 0.45×
Break-even
- Price that breaks even
- $184,704
- Rent that breaks even
- $5,152/mo
Long run
- Year 30: property vs stocks
- $937K vs $1.46M
- Cash flow turns positive
- year 29
The deal
- Price
- $399,900
- Cash to close
- $51,987
- Price per unit
- $199,950
- GRM
- 11.1
Each month
- Cash flow
- −$1,156/mo
- Cash-on-cash
- −26.7%
- Cap rate
- 4.4%
- DSCR
- 0.56×
Break-even
- Price that breaks even
- $223,451
- Rent that breaks even
- $4,501/mo
Long run
- Year 30: property vs stocks
- $975K vs $1.04M
- Cash flow turns positive
- year 20
The deal
- Price
- $399,900
- Cash to close
- $51,987
- Price per unit
- $199,950
- GRM
- 11.1
Each month
- Cash flow
- −$1,410/mo
- Cash-on-cash
- −32.5%
- Cap rate
- 3.6%
- DSCR
- 0.46×
Break-even
- Price that breaks even
- $184,704
- Rent that breaks even
- $5,057/mo
Long run
- Year 30: property vs stocks
- $916K vs $1.38M
- Cash flow turns positive
- year 28
The deal
- Price
- $409,900
- Cash to close
- $94,277
- Price per unit
- $204,950
- GRM
- 11.4
Each month
- Cash flow
- −$718/mo
- Cash-on-cash
- −9.1%
- Cap rate
- 4.3%
- DSCR
- 0.67×
Break-even
- Price that breaks even
- $274,998
- Rent that breaks even
- $3,932/mo
Long run
- Year 30: property vs stocks
- $1.05M vs $1.10M
- Cash flow turns positive
- year 17
The deal
- Price
- $409,900
- Cash to close
- $94,277
- Price per unit
- $204,950
- GRM
- 11.4
Each month
- Cash flow
- −$972/mo
- Cash-on-cash
- −12.4%
- Cap rate
- 3.5%
- DSCR
- 0.55×
Break-even
- Price that breaks even
- $227,313
- Rent that breaks even
- $4,418/mo
Long run
- Year 30: property vs stocks
- $953K vs $1.40M
- Cash flow turns positive
- year 24
The deal
- Price
- $399,900
- Cash to close
- $91,977
- Price per unit
- $199,950
- GRM
- 11.1
Each month
- Cash flow
- −$665/mo
- Cash-on-cash
- −8.7%
- Cap rate
- 4.4%
- DSCR
- 0.69×
Break-even
- Price that breaks even
- $274,998
- Rent that breaks even
- $3,863/mo
Long run
- Year 30: property vs stocks
- $1.04M vs $1.04M
- Cash flow turns positive
- year 16
The deal
- Price
- $399,900
- Cash to close
- $91,977
- Price per unit
- $199,950
- GRM
- 11.1
Each month
- Cash flow
- −$919/mo
- Cash-on-cash
- −12.0%
- Cap rate
- 3.6%
- DSCR
- 0.57×
Break-even
- Price that breaks even
- $227,313
- Rent that breaks even
- $4,340/mo
Long run
- Year 30: property vs stocks
- $936K vs $1.33M
- Cash flow turns positive
- year 23
The deal
- Price
- $409,900
- Cash to close
- $114,772
- Price per unit
- $204,950
- GRM
- 11.4
Each month
- Cash flow
- −$582/mo
- Cash-on-cash
- −6.1%
- Cap rate
- 4.3%
- DSCR
- 0.72×
Break-even
- Price that breaks even
- $293,331
- Rent that breaks even
- $3,755/mo
Long run
- Year 30: property vs stocks
- $1.09M vs $1.15M
- Cash flow turns positive
- year 14
The deal
- Price
- $409,900
- Cash to close
- $114,772
- Price per unit
- $204,950
- GRM
- 11.4
Each month
- Cash flow
- −$835/mo
- Cash-on-cash
- −8.7%
- Cap rate
- 3.5%
- DSCR
- 0.59×
Break-even
- Price that breaks even
- $242,467
- Rent that breaks even
- $4,219/mo
Long run
- Year 30: property vs stocks
- $969K vs $1.42M
- Cash flow turns positive
- year 22
The deal
- Price
- $399,900
- Cash to close
- $111,972
- Price per unit
- $199,950
- GRM
- 11.1
Each month
- Cash flow
- −$532/mo
- Cash-on-cash
- −5.7%
- Cap rate
- 4.4%
- DSCR
- 0.73×
Break-even
- Price that breaks even
- $293,331
- Rent that breaks even
- $3,691/mo
Long run
- Year 30: property vs stocks
- $1.09M vs $1.09M
- Cash flow turns positive
- year 13
The deal
- Price
- $399,900
- Cash to close
- $111,972
- Price per unit
- $199,950
- GRM
- 11.1
Each month
- Cash flow
- −$786/mo
- Cash-on-cash
- −8.4%
- Cap rate
- 3.6%
- DSCR
- 0.61×
Break-even
- Price that breaks even
- $242,467
- Rent that breaks even
- $4,146/mo
Long run
- Year 30: property vs stocks
- $955K vs $1.35M
- Cash flow turns positive
- year 21
Monthly
Monthly breakdown
| Rent | $3,000 |
| Vacancy (6%) | −$180 |
| Collected | $2,820 |
| Property tax Listing | −$404 |
| Insurance Estimate | −$212 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$240 |
| Capital reserve (9% of rent) | −$270 |
| Net operating income | $1,464 |
| Mortgage (principal + interest) | −$2,454 |
| PMI | −$231 |
| Cash flow | −$1,221 |
| Principal paid down (equity, not cash) | $312 |
| Rent | $3,000 |
| Vacancy (6%) | −$180 |
| Collected | $2,820 |
| Property tax Listing | −$404 |
| Insurance Estimate | −$212 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$240 |
| Capital reserve (9% of rent) | −$270 |
| Property management | −$254 |
| Net operating income | $1,210 |
| Mortgage (principal + interest) | −$2,454 |
| PMI | −$231 |
| Cash flow | −$1,475 |
| Principal paid down (equity, not cash) | $312 |
| Rent | $3,000 |
| Vacancy (6%) | −$180 |
| Collected | $2,820 |
| Property tax Listing | −$404 |
| Insurance Estimate | −$212 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$240 |
| Capital reserve (9% of rent) | −$270 |
| Net operating income | $1,464 |
| Mortgage (principal + interest) | −$2,394 |
| PMI | −$225 |
| Cash flow | −$1,156 |
| Principal paid down (equity, not cash) | $305 |
| Rent | $3,000 |
| Vacancy (6%) | −$180 |
| Collected | $2,820 |
| Property tax Listing | −$404 |
| Insurance Estimate | −$212 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$240 |
| Capital reserve (9% of rent) | −$270 |
| Property management | −$254 |
| Net operating income | $1,210 |
| Mortgage (principal + interest) | −$2,394 |
| PMI | −$225 |
| Cash flow | −$1,410 |
| Principal paid down (equity, not cash) | $305 |
| Rent | $3,000 |
| Vacancy (6%) | −$180 |
| Collected | $2,820 |
| Property tax Listing | −$404 |
| Insurance Estimate | −$212 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$240 |
| Capital reserve (9% of rent) | −$270 |
| Net operating income | $1,464 |
| Mortgage (principal + interest) | −$2,182 |
| Cash flow | −$718 |
| Principal paid down (equity, not cash) | $278 |
| Rent | $3,000 |
| Vacancy (6%) | −$180 |
| Collected | $2,820 |
| Property tax Listing | −$404 |
| Insurance Estimate | −$212 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$240 |
| Capital reserve (9% of rent) | −$270 |
| Property management | −$254 |
| Net operating income | $1,210 |
| Mortgage (principal + interest) | −$2,182 |
| Cash flow | −$972 |
| Principal paid down (equity, not cash) | $278 |
| Rent | $3,000 |
| Vacancy (6%) | −$180 |
| Collected | $2,820 |
| Property tax Listing | −$404 |
| Insurance Estimate | −$212 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$240 |
| Capital reserve (9% of rent) | −$270 |
| Net operating income | $1,464 |
| Mortgage (principal + interest) | −$2,128 |
| Cash flow | −$665 |
| Principal paid down (equity, not cash) | $271 |
| Rent | $3,000 |
| Vacancy (6%) | −$180 |
| Collected | $2,820 |
| Property tax Listing | −$404 |
| Insurance Estimate | −$212 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$240 |
| Capital reserve (9% of rent) | −$270 |
| Property management | −$254 |
| Net operating income | $1,210 |
| Mortgage (principal + interest) | −$2,128 |
| Cash flow | −$919 |
| Principal paid down (equity, not cash) | $271 |
| Rent | $3,000 |
| Vacancy (6%) | −$180 |
| Collected | $2,820 |
| Property tax Listing | −$404 |
| Insurance Estimate | −$212 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$240 |
| Capital reserve (9% of rent) | −$270 |
| Net operating income | $1,464 |
| Mortgage (principal + interest) | −$2,045 |
| Cash flow | −$582 |
| Principal paid down (equity, not cash) | $260 |
| Rent | $3,000 |
| Vacancy (6%) | −$180 |
| Collected | $2,820 |
| Property tax Listing | −$404 |
| Insurance Estimate | −$212 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$240 |
| Capital reserve (9% of rent) | −$270 |
| Property management | −$254 |
| Net operating income | $1,210 |
| Mortgage (principal + interest) | −$2,045 |
| Cash flow | −$835 |
| Principal paid down (equity, not cash) | $260 |
| Rent | $3,000 |
| Vacancy (6%) | −$180 |
| Collected | $2,820 |
| Property tax Listing | −$404 |
| Insurance Estimate | −$212 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$240 |
| Capital reserve (9% of rent) | −$270 |
| Net operating income | $1,464 |
| Mortgage (principal + interest) | −$1,995 |
| Cash flow | −$532 |
| Principal paid down (equity, not cash) | $254 |
| Rent | $3,000 |
| Vacancy (6%) | −$180 |
| Collected | $2,820 |
| Property tax Listing | −$404 |
| Insurance Estimate | −$212 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$240 |
| Capital reserve (9% of rent) | −$270 |
| Property management | −$254 |
| Net operating income | $1,210 |
| Mortgage (principal + interest) | −$1,995 |
| Cash flow | −$786 |
| 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%
- $51,788
Sells for $994,935 (value up 3% a year), minus 6% selling cost ($59,696). Rent paid down $368,910 of loan.
$42,345 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $405,634
- Monthly shortfalls, invested
- $706,455
$53,287 put into an index fund instead of the down payment and closing costs.
$142,481 you'd have paid in while the building lost money, invested instead.
Stocks come out $125,062 ahead after 30 years.
- Your equity when you sell
- $935,239
- Rental profits, invested at 7%
- $1,569
Sells for $994,935 (value up 3% a year), minus 6% selling cost ($59,696). Rent paid down $368,910 of loan.
$1,542 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $405,634
- Monthly shortfalls, invested
- $1,051,022
$53,287 put into an index fund instead of the down payment and closing costs.
$246,575 you'd have paid in while the building lost money, invested instead.
Stocks come out $519,848 ahead after 30 years.
- Your equity when you sell
- $912,422
- Rental profits, invested at 7%
- $62,400
Sells for $970,662 (value up 3% a year), minus 6% selling cost ($58,240). Rent paid down $359,910 of loan.
$49,878 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $395,738
- Monthly shortfalls, invested
- $647,454
$51,987 put into an index fund instead of the down payment and closing costs.
$128,189 you'd have paid in while the building lost money, invested instead.
Stocks come out $68,369 ahead after 30 years.
- Your equity when you sell
- $912,422
- Rental profits, invested at 7%
- $3,474
Sells for $970,662 (value up 3% a year), minus 6% selling cost ($58,240). Rent paid down $359,910 of loan.
$3,343 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $395,738
- Monthly shortfalls, invested
- $983,313
$51,987 put into an index fund instead of the down payment and closing costs.
$226,550 you'd have paid in while the building lost money, invested instead.
Stocks come out $463,155 ahead after 30 years.
- Your equity when you sell
- $935,239
- Rental profits, invested at 7%
- $112,072
Sells for $994,935 (value up 3% a year), minus 6% selling cost ($59,696). Rent paid down $327,920 of loan.
$82,220 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $717,661
- Monthly shortfalls, invested
- $386,276
$94,277 put into an index fund instead of the down payment and closing costs.
$73,115 you'd have paid in while the building lost money, invested instead.
Stocks come out $56,626 ahead after 30 years.
- Your equity when you sell
- $935,239
- Rental profits, invested at 7%
- $17,583
Sells for $994,935 (value up 3% a year), minus 6% selling cost ($59,696). Rent paid down $327,920 of loan.
$15,577 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $717,661
- Monthly shortfalls, invested
- $686,573
$94,277 put into an index fund instead of the down payment and closing costs.
$151,368 you'd have paid in while the building lost money, invested instead.
Stocks come out $451,411 ahead after 30 years.
- Your equity when you sell
- $912,422
- Rental profits, invested at 7%
- $128,101
Sells for $970,662 (value up 3% a year), minus 6% selling cost ($58,240). Rent paid down $319,920 of loan.
$91,792 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $700,152
- Monthly shortfalls, invested
- $341,974
$91,977 put into an index fund instead of the down payment and closing costs.
$63,526 you'd have paid in while the building lost money, invested instead.
Stocks come out $1,602 ahead after 30 years.
- Your equity when you sell
- $912,422
- Rental profits, invested at 7%
- $23,254
Sells for $970,662 (value up 3% a year), minus 6% selling cost ($58,240). Rent paid down $319,920 of loan.
$20,138 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $700,152
- Monthly shortfalls, invested
- $631,913
$91,977 put into an index fund instead of the down payment and closing costs.
$136,767 you'd have paid in while the building lost money, invested instead.
Stocks come out $396,388 ahead after 30 years.
- Your equity when you sell
- $935,239
- Rental profits, invested at 7%
- $156,605
Sells for $994,935 (value up 3% a year), minus 6% selling cost ($59,696). Rent paid down $307,425 of loan.
$107,982 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $873,674
- Monthly shortfalls, invested
- $276,248
$114,772 put into an index fund instead of the down payment and closing costs.
$49,789 you'd have paid in while the building lost money, invested instead.
Stocks come out $58,078 ahead after 30 years.
- Your equity when you sell
- $935,239
- Rental profits, invested at 7%
- $34,249
Sells for $994,935 (value up 3% a year), minus 6% selling cost ($59,696). Rent paid down $307,425 of loan.
$28,560 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $873,674
- Monthly shortfalls, invested
- $548,677
$114,772 put into an index fund instead of the down payment and closing costs.
$115,263 you'd have paid in while the building lost money, invested instead.
Stocks come out $452,864 ahead after 30 years.
- Your equity when you sell
- $912,422
- Rental profits, invested at 7%
- $175,800
Sells for $970,662 (value up 3% a year), minus 6% selling cost ($58,240). Rent paid down $299,925 of loan.
$118,391 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $852,359
- Monthly shortfalls, invested
- $238,882
$111,972 put into an index fund instead of the down payment and closing costs.
$42,235 you'd have paid in while the building lost money, invested instead.
Stocks come out $3,020 ahead after 30 years.
- Your equity when you sell
- $912,422
- Rental profits, invested at 7%
- $42,177
Sells for $970,662 (value up 3% a year), minus 6% selling cost ($58,240). Rent paid down $299,925 of loan.
$34,360 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $852,359
- Monthly shortfalls, invested
- $500,045
$111,972 put into an index fund instead of the down payment and closing costs.
$103,100 you'd have paid in while the building lost money, invested instead.
Stocks come out $397,805 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 $987K, stocks $1.11M. Stocks win.
Year 30 (loan paid off): property $937K, stocks $1.46M. Stocks win.
Year 30 (loan paid off): property $975K, stocks $1.04M. Stocks win.
Year 30 (loan paid off): property $916K, stocks $1.38M. Stocks win.
Year 30 (loan paid off): property $1.05M, stocks $1.10M. Stocks win.
Year 30 (loan paid off): property $953K, stocks $1.40M. Stocks win.
Year 30 (loan paid off): property $1.04M, stocks $1.04M. Stocks win.
Year 30 (loan paid off): property $936K, stocks $1.33M. Stocks win.
Year 30 (loan paid off): property $1.09M, stocks $1.15M. Stocks win.
Year 30 (loan paid off): property $969K, stocks $1.42M. Stocks win.
Year 30 (loan paid off): property $1.09M, stocks $1.09M. Stocks win.
Year 30 (loan paid off): property $955K, stocks $1.35M. 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.
2 bed estimate $1,700/mo · range $1,575–$1,700 · 12 rentals within 0.75 mi
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 2526 Polk St NE, Minneapolis | $1,700 | 2 / 1 | 0.1 mi |
| 1028 28th Ave NE, Minneapolis | $1,595 | 2 / 1 | 0.2 mi |
| 2636 Jackson St NE Unit 2, Minneapolis | $1,600 | 2 / 1 | 0.2 mi |
| 920 24th Ave NE, Minneapolis | $1,350 | 2 / 1 | 0.3 mi |
| 2902 Polk St NE, Minneapolis | $1,500 | 2 / 1 | 0.3 mi |
| 2207 1/2 Central Ave NE Apt 4, Minneapolis | $1,600 | 2 / 1 | 0.4 mi |
| 2015 Central Ave NE, Minneapolis | $1,600 | 2 / 1 | 0.5 mi |
| 2005 Taylor St NE # 2, Minneapolis | $1,595 | 2 / 1 | 0.5 mi |
| 1010 20th Ave NE Unit 2, Minneapolis | $1,395 | 2 / 1 | 0.5 mi |
| 2550 Jefferson St NE Apt 1, Minneapolis | $1,495 | 2 / 1 | 0.5 mi |
1 bed estimate $1,300/mo · range $1,175–$1,625 · 16 rentals within 1.5 mi
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 817 Lowry Ave NE Unit 3, Minneapolis | $1,200 | 1 / 1 | 0.3 mi |
| 920 24th Ave NE, Minneapolis | $1,066 | 1 / 1 | 0.3 mi |
| 2015 Central Ave NE, Minneapolis | $1,415 | 1 / 1 | 0.5 mi |
| 2318 Jefferson St NE, Minneapolis | $1,050 | 1 / 1 | 0.6 mi |
| 2206 Arthur St NE, Minneapolis | $1,395 | 1 / 1 | 0.7 mi |
| 1838 Hayes St NE, Minneapolis | $1,150 | 1 / 1 | 0.8 mi |
| 1460 Van Buren St NE, Minneapolis | $1,137 | 1 / 1 | 0.8 mi |
| 350 26th Ave NE, Minneapolis | $1,205 | 1 / 1 | 0.8 mi |
| 1805 Garfield St NE, Minneapolis | $975 | 1 / 1 | 0.9 mi |
| 900 14th Ave NE, Minneapolis | $1,436 | 1 / 1 | 1.0 mi |
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
- highRents are only estimates, so no income is documented Listing says: Rents are estimates! · AI review
- mediumNo rental license on file in the city's data. Ask whether the building is licensed as a rental and when it was last inspected. Public record: Minneapolis Active Rental Licenses: no record for 2623 POLK ST N E
- mediumBought for $200,000 in Jun 2025; asking is 105% more 16 months later. Ask what was done to justify the jump. Public record: Hennepin County parcel 1202924230079: last sale 2025-06-01, $200,000
- mediumAsking is $134,902 above the price where cash flow breaks even ($274,998) at the default scenario. Based on: Derived: price $409,900 vs. break-even $274,998
- mediumOne furnace for two units suggests shared heat, which may mean the owner pays heating Listing says: 1 new furnace · AI review
- mediumFlip-style renovation after a $200K purchase; quality and permits are unverified Listing says: Completely redone duplex in the popular Northeast Minneapolis neighborhood. · AI review
- low$220 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 1202924230079: special assessments (current) = $219.83
- lowUnit mix is 1-bed plus 2-bed, so total rent is limited; our estimates are about $2,400 combined at mid Based on: data: rent_estimate · AI review
Opportunities
- Long time on market: room to negotiate. Based on: Listing data: 57 days on market, 3 price cuts
- Little near-term capex: new mechanicals, electrical, windows and kitchens Listing says: 2 new water heaters, 2 new AC units, 1 new furnace · AI review
- No rent cap in Minneapolis, so rents can follow the market Based on: data: underwriting.rent_rule · AI review
- Large yard and a garage give parking and storage that tenants value Listing says: Wonderful sized yard with a like new garage in the back. · AI review
- 56 days on market gives room to negotiate Based on: data: listing.days_on_market · AI review
Questions for the agent
- Were permits pulled for the electrical, kitchens, baths and mechanicals, and who did the work?
- Is the building licensed as a rental in Minneapolis, and has it been inspected?
- Is each unit separately metered and heated, or does the owner pay for the single furnace and shared utilities?
- What do the units realistically rent for, and is there any tenant history or a pending lease?
- What happened between the $200K June 2025 sale and this $409,900 price?
- What are the $220 special assessments for, and will the seller pay them at closing?
Bottom line
Nicely redone duplex, but at $409,900 it loses about $718 a month on our numbers, so it only works at a far lower price. AI-assisted summary
What the records say
Where each number comes from
| Property tax / yr Listinglisting, tax year 2026. The tax the listing states. If the seller lives there it may be at the lower homestead rate; an investor owner pays the non-homestead rate, often 20–40% more on the owner's unit. | $4,848 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $2,548 |
| 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 2026-06-29 (98 days, relisted 1×); last sold for $200,000 on 2025-07-29.
| Date | Event | Price |
|---|---|---|
| Price changed | $409,900 | |
| Price changed | $429,900 | |
| Removed | $254,900 | |
| Price changed | $439,900 | |
| Listed | $449,900 | |
| Removed | $219,900 | |
| Removed | $214,900 | |
| Removed | $233,700 | |
| Sold public record | $200,000 | |
| Sold public record | $51,000 |
County record Public record
| Recorded as | duplex |
| Living units | 2 |
| Year built | 1900 |
| Market value (2026) | $328,600 |
| Property tax | $4,848 |
| Special assessments | $220 |
| Homestead | no |
| Last sale | 2025-06-01 · $200,000 |
Source: Hennepin County parcel records.
City rental license
No record in Minneapolis Active Rental Licenses.
Nearest highway
I 35W, about 1692 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).