Minneapolis › Whittier

2641 Lyndale Ave S

5 units · 5 units: 1 bed / 1 bath ×4 and studio / 1 bath unit split estimated · 2,652 sq ft

Minneapolis, MN · Whittier · View the listing ↗

28 photos

Photos, via Realtor.com.

Needs more info before these numbers mean much. The city's rental license covers 4 unit(s); this analysis counts 5.

Asking price: $550,000
Monthly cash flow: −$193
Estimated rent: $5,850/mo
Break-even price: $513,735

Adjust the numbers See the full breakdown

From the listing

Four unit brick apartment building on the Lyndale corridor where Whittier meets the Wedge, a steady South Minneapolis rental pocket. Blocks to LynLake, the Midtown Greenway and Eat Street, minutes to Uptown, the lakes and downtown. Built in 1912, all one bedroom units, two per floor over a full basement, with off street parking in the rear. Six figures have gone into the mechanicals over the past five years, so the big ticket items are handled. New combination boiler and water heater in each unit (2024), updated electrical panels, gas and electric separately metered with no house meters, and water, sewer and trash billed back through RUBS, so the owner has low utility costs. On site laundry is owned, not leased, and currently free to tenants. Three units leased, one month to month, a fit for an owner occupant in one unit or an investor adding a stabilized, professionally managed building.

Description from Realtor.com, MLS #7060338. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a four-unit, all one-bedroom brick building in Whittier, asking $550K. Our numbers don't work: about -$193 a month cash flow, a 6.0% cap rate, and a break-even price near $514K, so the ask is roughly $36K above what the rents support. The mechanical story is strong (new boilers and water heaters in 2024, separate gas and electric meters), but the description gives no rents and says only that three units are leased, one month to month. The county counts 5 living units while the city rental license covers 4, so sort that out first. Get the rent roll and the utility bill-back history before a showing. It's worth seeing only if the price comes down some.

Things to consider

Price versus income At ask, our model loses about $193 a month and the cap rate is 6.0%. The price needs to come down some or rents need to prove higher.
Legal unit count Rental income and licensing depend on how many units are legal. A mismatch can mean fines or lost income.
Occupancy and lease quality Only three units are leased and one is month to month, so income isn't stabilized despite the pitch.Listing says: “Three units leased, one month to month”
Recent mechanical updates lower near-term capital needs New boilers in 2024 and updated panels reduce the risk of big early repairs, so verify the paperwork.Listing says: “Six figures have gone into the mechanicals over the past five years”
Flat roof Flat roofs are costly to replace and prone to leaks. Get age and a moisture inspection.

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

doneNew combination boiler and water heater in each unitListing says: New combination boiler and water heater in each unit (2024)
doneUpdated electrical panelsListing says: updated electrical panels
doneOver $100K in mechanical updates in five yearsListing says: Six figures have gone into the mechanicals over the past five years

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: $550,000
Cash to close: $126,500
Price per unit: $110,000
GRM: 7.8

Each month

Cash flow: −$193/mo
Cash-on-cash: −1.8%
Cap rate: 6.0%
DSCR: 0.93×

Break-even

Price that breaks even: $513,735
Rent that breaks even: $6,101/mo

Long run

Year 30: property vs stocks: $2.06M vs $992K
Cash flow turns positive: year 4

Monthly

Monthly breakdown

Rent	$5,850
Vacancy (6%)	−$351
Collected	$5,499
Property tax Public record	−$812
Insurance Estimate	−$473
Water, sewer, trash Estimate	−$425
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$468
Capital reserve (9% of rent)	−$526
Net operating income	$2,734
Mortgage (principal + interest)	−$2,927
Cash flow	−$193
Principal paid down (equity, not cash)	$372

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$2,056,261

Your equity when you sell: $1,254,894
Rental profits, invested at 7%: $801,366

Same money in stocks$992,329

Cash to close, invested at 7%: $962,950
Monthly shortfalls, invested: $29,378

The building comes out $1,063,932 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 $2.06M, stocks $992K. 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.

1 bed estimate $1,200/mo · range $1,075–$1,375 · 25 rentals within 0.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2621 Lyndale Ave S, Minneapolis	$1,650	1 / 1	691	0.0 mi	2026-10-02	Apartment
2641 Garfield Ave S, Minneapolis	$985	1 / 1	550	0.1 mi	2024-04-15	Apartment
2645 Garfield Ave Apt 1, Minneapolis	$1,295	1 / 1	600	0.1 mi	2026-09-16	Duplex triplex
2545 Garfield Ave Apt A, Minneapolis	$1,025	1 / 1	695	0.1 mi	2026-09-11	Apartment
2541 Garfield Ave Apt 3, Minneapolis	$1,325	1 / 1	505	0.1 mi	2026-08-11	Apartment
607 W 28th St, Minneapolis	$1,480	1 / 1	578	0.2 mi	2026-04-08	Apartment
2813-15 Garfield Ave S, Minneapolis	$1,250	1 / 1	620	0.2 mi	2026-09-30	Apartment
2525 Harriet Ave, Minneapolis	$1,250	1 / 1	—	0.2 mi	2026-07-20	Apartment
2833 Lyndale Ave S, Minneapolis	$1,549	1 / 1	782	0.2 mi	2024-04-12	Apartment
2841 Bryant Ave S, Minneapolis	$1,500	1 / 1	715	0.2 mi	2025-09-24	Apartment

0 bed estimate $1,050/mo · range $975–$1,350 · 25 rentals within 0.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2552 Garfield Ave S, Minneapolis	$900	0 / 1	372	0.1 mi	2026-01-08	Apartment
2545 Garfield Ave S, Minneapolis	$995	0 / 1	495	0.1 mi	2026-07-11	Apartment
2545 Garfield Ave Apt 101, Minneapolis	$1,495	0 / 1	964	0.1 mi	2026-09-21	Apartment
607 W 28th St, Minneapolis	$1,260	0 / 1	375	0.2 mi	2026-04-08	Apartment
2525 Harriet Ave, Minneapolis	$975	0 / 1	—	0.2 mi	2026-07-20	Apartment
2833 Lyndale Ave S, Minneapolis	$1,295	0 / 1	630	0.2 mi	2024-04-12	Apartment
2800 Grand Ave S, Minneapolis	$825	0 / 1	395	0.2 mi	2025-01-03	Apartment
2841 Bryant Ave S, Minneapolis	$1,340	0 / 1	602	0.2 mi	2025-09-24	Apartment
2633 Pleasant Ave, Minneapolis	$950	0 / 1	—	0.2 mi	2026-09-22	Apartment
2611 Pleasant Ave, Minneapolis	$950	0 / 1	500	0.3 mi	2025-04-30	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

highThe city's rental license covers 4 unit(s); this analysis counts 5. Public record: Minneapolis Active Rental Licenses: 2641 LYNDALE AVE S, units=4
highUnit count conflict: county shows 5 units, listing says 4, city license covers 4. Verify the legal unit count. Based on: data: county.living_units · AI review
highNo rents given and one of the three leased units is month to month; one unit is apparently vacant. Listing says: Three units leased, one month to month · AI review
highPriced well above the break-even price in our underwriting. Based on: data: underwriting.break_even_price · AI review
mediumFlat roof per the city assessor on a stucco building: get its age and a moisture inspection. Public record: Hennepin County parcel 3402924320141: roof=Flat, exterior=STUCCO
mediumProjected utility bill-backs (RUBS) are not income yet, and in St. Paul they may count toward the 3% cap. Listing says: "and water, sewer and trash billed back through RUBS , so the owner has low utility costs."
mediumProperty taxes are high at the non-homestead rate, about $9.7K a year. Based on: data: county.tax · AI review
lowMonth-to-month tenants can leave quickly. Count on turnover soon after closing. Listing says: "currently free to tenants. Three units leased, one month to month , a fit for an owner occupant in"
lowOwner-paid free laundry is a cost, and RUBS is the only stated way to recover water, sewer and trash costs. Listing says: currently free to tenants · AI review

Opportunities

Charge for the owned laundry, or add it to rents. Listing says: On site laundry is owned, not leased, and currently free to tenants. · AI review
Separate gas and electric meters keep owner utility costs low; water, sewer and trash are billed back. Listing says: gas and electric separately metered with no house meters · AI review
No rent cap in Minneapolis, so rents can rise to market after turnover. Based on: data: underwriting.rent_rule · AI review
On the market 58 days, which gives room to negotiate. Based on: data: listing.days_on_market · AI review

Questions for the agent

Can I see the rent roll with lease dates, and which unit is vacant or month to month?
Why does the county show 5 units when the listing and city license say 4?
What do the water, sewer and trash bill-backs actually collect, and what do those bills cost the owner?
Are the six figures of mechanical work documented with invoices and permits?
How old is the flat roof, and has it leaked?
Last 12 months of expenses, including taxes, insurance and laundry?

Bottom line

Nicely updated mechanicals, but at $550K it's about $36K over what the rents support and the unit count doesn't add up. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$9,743
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$5,679
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$425
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 1912: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-06-28 (99 days, relisted 1×); down $50,000 (8.3%) from the first ask of $600,000; last sold for $475,000 on 2023-05-31.

Date	Event	Price
2026-08-05	Listed	$550,000
2026-06-28	Removed	$600,000
2023-05-31	Sold	$475,000
2023-04-09	Removed	—
2023-03-17	Listed	$535,000
2023-03-13	Removed	—
2023-02-10	Listed	$585,000
2023-01-20	Removed	—
2022-12-22	Listed	$625,000

County record Public record

Recorded as	apartment 4 or 5 unit
Living units	5
Year built	1912
Market value (2026)	$515,000
Property tax	$9,743
Special assessments	none
Homestead	no
Last sale	2023-05-01 · $475,000

Source: Hennepin County parcel records.

City rental license

CHOWN: 4 unit(s), Tier 1, status active, renews 2027-03-01.

Nearest highway

I 35W, about 1094 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).