2635 Pillsbury Ave S

Duplex · 2 units: 4 bed / 1.5 bath and 3 bed / 1.5 bath unit split estimated · 2,935 sq ft

Minneapolis, MN · Whittier · View the listing ↗

44 photos

Photos, via Realtor.com.

Asking price: $520,000
Monthly cash flow: −$466
Estimated rent: $4,450/mo
Break-even price: $432,457

Adjust the numbers See the full breakdown

From the listing

Versatile South Minneapolis duplex offering flexibility for an owner-occupant or investor. The property features two spacious residential units plus a furnished, ground-level nonconforming studio. Both main units are currently tenant occupied, with rents below current market levels, while the studio is vacant and ready for immediate use. Unit 1 is month-to-month, providing additional flexibility for a future owner. Generous living space and an oversized 2-car garage add to the appeal. A strong opportunity for a buyer looking for rental income today with room to increase value over time. Conveniently located near restaurants, shops, transit, and everything South Minneapolis has to offer.

Description from Realtor.com, MLS #7126850. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1900 Whittier duplex asking $520K, below the $535K the seller paid in 2020 but still about $88K above the $432K price where our numbers break even. At the default scenario it loses roughly $466 a month with a 5.3% cap rate, so it only works as an owner-occupant play with some tolerance for cost. The listing gives no rent figures, only 'below current market,' so get the rent roll and leases before anything else. The vacant 'nonconforming studio' is not a legal rental unit, so don't count it as income, and the city license shows only 2 units. Photos show a clean, refreshed interior with baseboard hot-water heat, but no basement, mechanicals or exterior detail. Worth a showing only if the price comes down or you plan to live in one unit.

Things to consider

Price is above what the rents support At ask the deal loses about $466 a month. Break-even is $432K, so you'd need a price cut or a large down payment.
Rents are unknown and described as below market Low rents hurt today's cash flow. Our estimates are $2,025 to $2,425 per unit, so verify the real figures first.Listing says: “with rents below current market levels”
Studio is not legal income A nonconforming unit can't be counted in underwriting and may create code or insurance problems. The city license shows 2 units.Listing says: “furnished, ground-level nonconforming studio”
Month-to-month tenant in Unit 1 The tenant can leave quickly, so expect turnover costs and vacancy soon after closing. It also gives a new owner room to reset the rent or occupy the unit.Listing says: “Unit 1 is month-to-month”
Special assessments and high taxes $2,251 in assessments plus a $7,950 tax bill add to carrying costs. Ask what's owed at closing.
Seller paid $535K in 2020 The seller is asking slightly less than they paid. That signals little pricing flexibility, though 50 days on market suggests room to negotiate.

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: $520,000
Cash to close: $119,600
Price per unit: $260,000
GRM: 9.7

Each month

Cash flow: −$466/mo
Cash-on-cash: −4.7%
Cap rate: 5.3%
DSCR: 0.83×

Break-even

Price that breaks even: $432,457
Rent that breaks even: $5,055/mo

Long run

Year 30: property vs stocks: $1.67M vs $1.05M
Cash flow turns positive: year 8

Monthly

Monthly breakdown

Rent	$4,450
Vacancy (6%)	−$267
Collected	$4,183
Property tax Public record	−$663
Insurance Estimate	−$232
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$356
Capital reserve (9% of rent)	−$400
Net operating income	$2,302
Mortgage (principal + interest)	−$2,768
Cash flow	−$466
Principal paid down (equity, not cash)	$352

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$1,666,349

Your equity when you sell: $1,186,445
Rental profits, invested at 7%: $479,903

Same money in stocks$1,050,810

Cash to close, invested at 7%: $910,426
Monthly shortfalls, invested: $140,384

The building comes out $615,539 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 $1.67M, stocks $1.05M. 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.

4 bed / 1.5 bath estimate $2,425/mo · range $2,175–$2,625

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
220 E 27th St, Minneapolis 55408	$2,600	4 / 1	2,516	0.4 mi	2026-04-04	94%
2529 Pleasant Ave, Unit 2, Minneapolis 55404	$2,500	4 / 2	2,000	0.2 mi	2026-08-25	90%
214 24th St W, Unit 2, Minneapolis 55404 off market	$2,195	4 / 2	2,000	0.4 mi	2026-08-27	89%
2711 Aldrich Ave S, Unit 2, Minneapolis 55408 off market	$2,289	4 / 1	2,000	0.4 mi	2026-09-02	89%
2711 Aldrich Ave S, # 2, Minneapolis 55408 off market	$2,289	4 / 1	1,850	0.4 mi	2026-09-25	88%
2709 Aldrich Ave S, Minneapolis 55408 off market	$2,289	4 / 1	1,850	0.4 mi	2026-05-12	88%
2449 Lyndale Ave S, Minneapolis 55405	$2,395	4 / 3	1,804	0.4 mi	2026-06-02	83%
2711 Aldrich Ave S, Minneapolis 55408 off market	$2,289	4 / 1	1,200	0.4 mi	2026-08-05	83%
2315 Pleasant Ave, Minneapolis 55404 off market	$1,765	3 / 1	—	0.4 mi	2026-05-29	82%
2550 Pillsbury Ave S, Minneapolis 55404	$1,950	3 / 2	2,000	0.1 mi	2026-07-10	80%

3 bed / 1.5 bath estimate $2,025/mo · range $1,825–$2,225

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
2315 Pleasant Ave, Minneapolis 55404 off market	$1,765	3 / 1	—	0.4 mi	2026-05-29	91%
2550 Pillsbury Ave S, Minneapolis 55404	$1,950	3 / 2	2,000	0.1 mi	2026-07-10	90%
2450 Blaisdell Ave S, Unit 2, Minneapolis 55404 off market	$2,350	3 / 1	2,000	0.2 mi	2026-07-24	90%
2215 2217 Grand Ave S, Minneapolis 55405 off market	$2,100	3 / 2	2,000	0.4 mi	2026-01-22	89%
2821 1st Ave S, Minneapolis 55408	$1,600	3 / 1	1,743	0.3 mi	2026-06-17	87%
2505 Garfield Ave, # 2505, Minneapolis 55405 off market	$1,850	3 / 1	1,700	0.3 mi	2026-05-26	87%
2924 Grand Ave S, Apt 2, Minneapolis 55408 off market	$1,720	3 / 1	1,495	0.4 mi	2026-07-31	85%
200 E 27th St, Minneapolis 55408	$1,835	3 / 1	1,400	0.3 mi	2026-09-15	85%
202 E 27th St, Minneapolis 55408 off market	$1,590	3 / 1	1,400	0.3 mi	2026-07-09	85%
717 W 28th St, Minneapolis 55408 off market	$1,795	3 / 1	1,400	0.4 mi	2026-06-24	84%

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

highStudio is nonconforming and not a licensed unit, so it can't be counted as rent Listing says: furnished, ground-level nonconforming studio · AI review
medium$2,251 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 3402924310018: special assessments (current) = $2,251.39
mediumRents are only described as below market, with no numbers, so income can't be verified Listing says: with rents below current market levels · AI review
mediumAssessed value is far below the asking price Based on: data: county.market_value · AI review
lowMonth-to-month tenants can leave quickly. Count on turnover soon after closing. Listing says: "and ready for immediate use. Unit 1 is month-to-month , providing additional flexibility for a future owner."
lowTax bill will likely rise for an investor, since the current homestead status is N but the assessed value is well below asking Based on: data: county.tax · AI review

Opportunities

Rents below market could be raised, and Minneapolis has no rent cap, but the below-market rent also drags on today's income Listing says: with rents below current market levels · AI review
Owner-occupant option: live in one unit and rent the other Listing says: offering flexibility for an owner-occupant or investor · AI review
Oversized 2-car garage could bring in extra rent or add value Listing says: an oversized 2-car garage · AI review

Questions for the agent

What are the actual rents, lease end dates and deposits for each unit?
Is the studio permitted, and has the city ever cited or inspected it? Does it share any utilities with the units?
What are the $2,251 special assessments for, and does the seller pay them off at closing?
How old are the boiler, roof, water heater and electrical panels?
Who pays heat and water now, and are the units separately metered?
Why has it sat 50 days, and has the price been cut?

Bottom line

Pretty and clean, but priced about $88K over where the numbers work, and the studio adds no legal income. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$7,950
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,787
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 2026-06-28 (99 days, relisted 1×); down $39,000 (7.0%) from the first ask of $559,000; last sold for $535,000 on 2021-01-08.

Date	Event	Price
2026-08-13	Listed	$520,000
2026-06-28	Removed	$519,999
2026-06-28	Removed	$559,000
2021-01-08	Sold public record	$535,000
2020-11-30	Sold	$535,000
2011-06-10	Removed	$254,900
2009-02-27	Sold public record	$280,000
2008-02-20	Sold public record	$80,000
2005-07-28	Sold public record	$160,000
2002-02-25	Listed	$254,900
2001-12-04	Sold public record	$220,000
2000-09-07	Sold public record	$185,000
1999-09-16	Sold public record	$59,900
1994-03-30	Sold public record	$40,000
1991-12-01	Sold public record	$58,013

County record Public record

Recorded as	duplex
Living units	2
Year built	1900
Market value (2026)	$418,600
Property tax	$7,950
Special assessments	$2,251
Homestead	no
Last sale	2020-11-01 · $535,000

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 618 m away.

Crime in Whittier

1,136 incidents in the last 12 months (76 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).