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2641 Pillsbury Ave S

Duplex · 2 units: 1 bed / 1 bath ×2 unit split estimated · 1,427 sq ft

Minneapolis, MN · Whittier · View the listing ↗

Far off
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Photos courtesy of The Leo Agency - Half Price Commissions., via Realtor.com.

Asking price
$299,900
2 units · $150K per unit
Monthly cash flow
−$684
at 20% down, 7%
Estimated rent
$2,400/mo
medium confidence · 25 rentals within 0.5 mi
Break-even price
$171,371
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

Two 1-bed units rented at $900 and $1,100 is $2,000 a month, which is below our $1,200 per unit estimate. At $299,900 the math doesn't work: our scenario shows about -$684 a month and a 3.6% cap rate. Taxes of $6,098 are non-homestead, so they're what an investor pays. The photos show dated kitchens, a worn exterior and overgrown shrubs, and the description is thin on systems. It's 71 days on market, so there's room to negotiate hard. Only worth a showing if the price comes down a long way and the roof, wiring and heat check out.

Things to consider

  1. Price is far above what the rents support At ask, our scenario loses about $684 a month and breaks even near $171K. You'd need a large price cut for this to cash flow.
  2. Rents are in line with market, with little built-in upside Combined $2,000 is below our $2,400 estimate, so there's some room for a rent bump, but it won't fix the math on its own.Listing says: “The upper unit is currently rented for $900/month and the lower unit is currently rented for $1,100/month.”
  3. Old-building systems are unknown An 1897 building with hot-water heat and aging roof needs inspection. Repairs could eat any cash flow.
  4. Taxes are a heavy cost Non-homestead taxes of about $6,100 take a big share of $24,000 in annual rent.
  5. Long time on market gives leverage At 71 days with a seller who bought in 1995 for $33,000, a low offer is realistic.

From the photos

Listing photo 3
1 of 7Concern

Roof shingles appear worn and patched, with visible repair patches near the dormer and a tall brick chimney that may need tuckpointing.

Listing photo 2
2 of 7Check

Stucco exterior is painted bright yellow, and shrubs are overgrown against the walls. Check the stucco for cracks and moisture behind the plants.

Listing photo 9
3 of 7Concern

Kitchen appears original, with oak-look cabinets, red laminate counters and older vinyl floor. It's dated but usable, and the stove and fridge look newer.

Listing photo 4
4 of 7Plus

Hardwood floors and original wood trim look to be in good shape throughout.

Listing photo 4
5 of 7Check

Radiators and window A/C units are visible, which fits hot-water heat and no central air.

Listing photo 6
6 of 7Check

Bedroom has a bare bulb on a pull chain and a ceiling vent. The light fixture suggests older or amateur electrical work.

Listing photo 1
7 of 7Check

No photos of the bathrooms, basement, boiler, panel or the garage. These are the main cost areas and they're missing.

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

Rents the listing states

  • Upper: $900Listing says: The upper unit is currently rented for $900/month
  • Lower: $1,100Listing says: the lower unit is currently rented for $1,100/month

Condition and repairs

  • doneWater heater (serves one unit only)Listing says: a 2021 water heater serving one unit

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
$299,900
Cash to close
$68,977
Price per unit
$149,950
GRM
10.4

Each month

Cash flow
−$684/mo
Cash-on-cash
−11.9%
Cap rate
3.6%
DSCR
0.57×

Break-even

Price that breaks even
$171,371
Rent that breaks even
$3,288/mo

Long run

Year 30: property vs stocks
$694K vs $1.01M
Cash flow turns positive
year 25

Monthly

Monthly breakdown

Rent$2,400
Vacancy (6%)−$144
Collected$2,256
Property tax Public record−$508
Insurance Estimate−$198
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$192
Capital reserve (9% of rent)−$216
Net operating income$912
Mortgage (principal + interest)−$1,596
Cash flow−$684
Principal paid down (equity, not cash)$203

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$693,963
Your equity when you sell
$684,260

Sells for $727,936 (value up 3% a year), minus 6% selling cost ($43,676). Rent paid down $239,920 of loan.

Rental profits, invested at 7%
$9,703

$8,697 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,011,509
Cash to close, invested at 7%
$525,071

$68,977 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$486,439

$108,053 you'd have paid in while the building lost money, invested instead.

Stocks come out $317,546 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 $694K, stocks $1.01M. 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.

1 bed estimate $1,200/mo · range $1,075–$1,350 · 25 rentals within 0.5 mi

AddressRentBd / BaSq ftDistanceListedType
2630 Blaisdell Ave S, Minneapolis $1,225 1 / 1 3,164 0.1 mi 2026-09-21 Multi family
2712 Pillsbury Ave S, Minneapolis $1,005 1 / 1 625 0.1 mi 2024-04-20 Apartment
123 W 26th St, Minneapolis $945 1 / 1 586 0.1 mi 2026-01-14 Apartment
2611 Pleasant Ave, Minneapolis $1,090 1 / 1 650 0.1 mi 2025-04-30 Apartment
2640 Nicollet Ave, Minneapolis $1,240 1 / 1 474 0.1 mi 2026-04-01 Apartment
2545 Blaisdell Ave, Minneapolis $1,150 1 / 1 — 0.1 mi 2026-07-18 Apartment
2800 Pillsbury Ave S, Minneapolis $1,100 1 / 1 550 0.2 mi 2025-07-10 Apartment
2508 Pillsbury Ave S, Minneapolis $1,130 1 / 1 575 0.2 mi 2025-12-02 Apartment
2443 Pillsbury Ave S, Minneapolis $995 1 / 1 650 0.2 mi 2025-05-24 Apartment
2510-2516 Grand Ave S, Minneapolis $975 1 / 1 509 0.3 mi 2026-07-01 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 $128,529 above the price where cash flow breaks even ($171,371) at the default scenario. Based on: Derived: price $299,900 vs. break-even $171,371
  • mediumWater heater serves only one unit. Ask what heats water for the other. Listing says: a 2021 water heater serving one unit · AI review
  • mediumRoof shingles look patched and mismatched, and the chimney is exposed. Get the roof age and an inspection. Based on: photo 3 · AI review
  • mediumHot-water heat means boilers and radiators. Confirm how many boilers there are and who pays heat. Based on: data: county.heat_type · AI review
  • mediumBuilt in 1897. Wiring, plumbing and foundation are likely old and the description says nothing about them. Based on: data: listing.year_built · AI review

Opportunities

  • The seller bought for $33,000 in Oct 1995, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 3402924310017: last sale 1995-10-01, $33,000
  • Rents sit close to our estimate, so there's modest upside from refreshing kitchens at turnover. Based on: photo 9 · AI review
  • Each unit has its own garage stall, which is a real draw in this neighborhood and may support rent. Listing says: Each unit has its own dedicated garage stall in the detached 2-car garage · AI review
  • Owner-occupant option: live in one unit and rent the other to offset costs. Listing says: live in one unit while generating rental income from the other · AI review

Questions for the agent

  • Are both tenants on leases or month-to-month, and when do the leases end?
  • Who pays heat, water and electric, and how many boilers and meters are there?
  • How old are the roof, boiler and electrical panels?
  • What heats water for the unit without the 2021 water heater?
  • Why has it sat 71 days, and have there been price cuts or offers?
  • Can I see the rent roll and 12 months of expenses?

Bottom line

Rents are believable, but at $299,900 this loses money every month, so it only works 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)$6,098
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,372
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 1897: +1 pt capital reserve8% / 9%

Price history Realtor.com

On the market since 2026-07-23 (74 days); last sold for $33,000 on 1995-12-04.

DateEventPrice
Listed$299,900
Sold public record$33,000
Sold public record$33,000

County record Public record

Recorded asduplex
Living units2
Year built1900
Market value (2026)$321,100
Property tax$6,098
Special assessmentsnone
Homesteadno
Last sale1995-10-01 · $33,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 35W, about 613 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).