Minneapolis › Whittier

2644 Garfield Ave

Duplex · 2 units: 3 bed and 2 bed · 2,553 sq ft

Minneapolis, MN · Whittier · View the listing ↗

Cash flows

37 photos

Photos, via Realtor.com.

Asking price: $337,799
Monthly cash flow: $13
Estimated rent: $3,500/mo
Break-even price: $340,242

Adjust the numbers See the full breakdown

From the listing

Exceptional opportunity to own a classic duplex filled with timeless character and modern updates. The spacious upper unit offers 3 bedrooms and 2 baths, while the lower unit features 2 bedrooms and 1 bath, providing flexibility for owner-occupants or rental income. Rich natural woodwork, an ornate staircase, stunning stained glass windows, beautiful built-ins, and hardwood floors throughout showcase the craftsmanship of a bygone era. Both kitchens have been tastefully updated while preserving the home's original charm. The finished third level adds even more functional living space, complementing the generous floor plans and enhancing the home's overall versatility. Enjoy the welcoming front porch, private deck, and three full bathrooms that provide added comfort and convenience. Combining historic elegance, functional living space, and strong income potential, this is a rare opportunity to own a truly distinctive property in one of Minneapolis' established neighborhoods.

Description from Realtor.com, MLS #7116888. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 2-unit Whittier duplex (3 bed/2 bath up, 2 bed/1 bath down) asking $337,799. At that price our underwriting shows about +$13 a month and a 6.4% cap rate, and the break-even price is about $340K, so the ask is roughly $2K below break-even and the deal is essentially flat. The seller paid $457K in 2018 and the county values it at $399K, so expect them to resist a big cut, but 66 days on market gives you room to try. The description gives no rents, no lease status and no repair detail, and the photos skip the roof, the boiler and the upper unit's kitchen. Ask for the rent roll, the rental license status and the age of the roof and boiler before you book a showing. The basement shows older electrical and signs of moisture, so budget for that too.

Things to consider

Price is roughly at what the rents support Our underwriting shows roughly break-even monthly cash flow at the asking price and a break-even near $340K. Any offer should start from the numbers, not the listing price.
Rents are unknown The description gives no rents or lease status. Our estimates are $1,825 for the 3-bed and $1,675 for the 2-bed. Real rents and tenant terms drive the deal.
Licensing and assessments need answers No rental license is on file, and there is nearly $1,000 in special assessments. Either could add cost or delay renting.
Basement and mechanicals are unverified The utility area looks rough and may hide moisture or old electrical and plumbing. Get an inspection before relying on the 'modern updates' claim.From photo 10
Taxes will probably go up for an investor The current bill is on a homestead basis. Non-homestead rates are higher, which cuts cash flow further.
Character may support better rents Original woodwork, stained glass and updated kitchens appeal to tenants, but cosmetic updates don't tell you about the systems.From photo 5

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

doneBoth kitchens updatedListing says: Both kitchens have been tastefully updated while preserving the home's original charm.

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: $337,799
Cash to close: $77,694
Price per unit: $168,900
GRM: 8.0

Each month

Cash flow: $13/mo
Cash-on-cash: 0.2%
Cap rate: 6.4%
DSCR: 1.01×

Break-even

Price that breaks even: $340,242
Rent that breaks even: $3,484/mo

Long run

Year 30: property vs stocks: $1.46M vs $591K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$3,500
Vacancy (6%)	−$210
Collected	$3,290
Property tax Listing	−$501
Insurance Estimate	−$224
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (7% of rent)	−$245
Capital reserve (8% of rent)	−$280
Net operating income	$1,811
Mortgage (principal + interest)	−$1,798
Cash flow	$13
Principal paid down (equity, not cash)	$229

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$1,461,755

Your equity when you sell: $770,731
Rental profits, invested at 7%: $691,024

Same money in stocks$591,425

Cash to close, invested at 7%: $591,425

The building comes out $870,330 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 $1.46M, stocks $591K. 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.

3 bed estimate $1,825/mo · range $1,675–$1,925 · 9 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
711 W 28th St, Minneapolis	$1,595	3 / 1	1,000	0.2 mi	—	Apartment
2550 Pillsbury Ave S, Minneapolis	$1,950	3 / 2	2,000	0.3 mi	2026-07-10	Apartment
2415 Harriet Ave, Minneapolis	$1,695	3 / 1	1,010	0.3 mi	2026-08-24	Multi family
2200 Harriet Ave S, Minneapolis	$1,850	3 / 1	—	0.5 mi	2026-03-03	Apartment
705 W 31st St, Minneapolis	$1,775	3 / 1	725	0.5 mi	2025-03-22	Apartment
2821 1st Ave S, Minneapolis	$1,600	3 / 1	1,743	0.6 mi	2026-06-17	Apartment
905 Franklin Ave W, Minneapolis	$1,745	3 / 1	1,200	0.6 mi	2025-05-08	Apartment
400 W Franklin Ave Apt 2, Minneapolis	$1,495	3 / 2	1,450	0.6 mi	2026-09-22	Apartment
200 E 27th St, Minneapolis	$1,835	3 / 1	1,400	0.7 mi	2026-09-15	Apartment

2 bed estimate $1,675/mo · range $1,375–$2,250 · 25 rentals within 0.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2621 Lyndale Ave S, Minneapolis	$2,565	2 / 2	1,214	0.1 mi	2026-10-02	Apartment
607 W 28th St, Minneapolis	$2,125	2 / 2	864	0.2 mi	2026-04-08	Apartment
2525 Harriet Ave, Minneapolis	$1,495	2 / 1	761	0.2 mi	2026-07-20	Apartment
2800 Grand Ave S, Minneapolis	$1,195	2 / 1	800	0.2 mi	2025-01-03	Apartment
2833 Lyndale Ave S, Minneapolis	$2,144	2 / 1	1,009	0.2 mi	2024-04-12	Apartment
2611 Pleasant Ave, Minneapolis	$1,430	2 / 1	750	0.2 mi	2025-04-30	Apartment
2841 Bryant Ave S, Minneapolis	$2,345	2 / 2	1,006	0.2 mi	2025-09-24	Apartment
900 W 25th St, Minneapolis	$1,299	2 / 1	1,000	0.3 mi	2026-03-04	Apartment
2644 Dupont Ave S Unit 1, Minneapolis	$1,575	2 / 1	945	0.3 mi	—	Apartment
2400 Harriet Ave, Minneapolis	$1,295	2 / 1	735	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

highPrice is well above the underwriting break-even, and the seller paid $457K in 2018, so the ask likely anchors to that. Based on: data: underwriting.break_even_price · 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 2644 GARFIELD AVE
mediumBasement shows peeling paint, stained and damaged ceiling and wall areas, and an open, deteriorated window area. Possible past or ongoing moisture. Based on: photo 10 · AI review
mediumListing is written for owner-occupants. The county homestead tax status is H, so taxes will likely rise for an investor. Based on: data: county.homestead · AI review
low$995 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 3402924320137: special assessments (current) = $994.63
lowThird-floor finished space and an upper bath are described as part of the 3-bed upper unit. Confirm it is legal, permitted living space. Listing says: The finished third level adds even more functional living space · AI review

Opportunities

Original woodwork, stained glass and built-ins could support rents at or above the estimate for the 3-bed unit. Listing says: Rich natural woodwork, an ornate staircase, stunning stained glass windows, beautiful built-ins · AI review
Minneapolis has no rent cap, so rents can follow the market after any needed work. Based on: data: underwriting.rent_rule · AI review
66 days on market and a price well above break-even leave room to negotiate. Based on: data: listing.days_on_market · AI review

Questions for the agent

What are the current rents and lease terms for each unit, and can I see the rent roll and 12 months of expenses?
Is the building licensed as a rental, and when was the last city inspection?
What are the $995 in special assessments for, and does the seller pay them off at closing?
How old are the roof, the boiler and the electrical panels, and is the basement ever wet?
Is the upper unit a single 3-bed with the third floor included, and are the third-floor bedrooms legal with egress?
Do tenants pay their own gas and electric, or is the owner covering heat from one boiler?

Bottom line

Nice old-house character, and at $337,799 the numbers just about break even, so it only works if the rents are real and you check the basement and licensing. 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.	$6,007
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,682
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 1906: +1 pt capital reserve; "fully updated" in the description: -1 pts each	7% / 8%

Price history Realtor.com

On the market since 2026-07-28 (69 days); down $74,201 (18.0%) from the first ask of $412,000; last sold for $455,000 on 2018-10-12.

Date	Event	Price
2026-09-24	Price changed	$337,799
2026-09-11	Price changed	$375,332
2026-07-28	Listed	$412,000
2022-12-08	Removed	—
2022-05-17	Listed	$590,000
2018-10-12	Sold	$455,000
2018-08-31	Sold	$455,000
2018-07-31	Price changed	$455,000
2018-07-23	Listed	$475,000
2014-07-04	Removed	$399,900
2014-06-22	Listed	$399,900
2010-03-31	Sold	$130,000
2010-02-18	Price changed	$129,900
2010-02-17	Price changed	$129,000
2010-02-13	Price changed	$169,000
2010-01-12	Relisted	$190,000
2009-10-24	Removed	$190,000
2009-10-05	Listed	$129,900
2003-05-16	Sold public record	$215,000

County record Public record

Recorded as	duplex
Living units	2
Year built	1906
Market value (2026)	$399,100
Property tax	$6,007
Special assessments	$995
Homestead	no
Last sale	2018-09-01 · $457,000

Source: Hennepin County parcel records.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

I 35W, about 1052 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).