2709 Virginia Ave N

Fourplex · 4 units: 2 bed / 1 bath ×3 and 1 bed / 1 bath unit split estimated · 3,200 sq ft

Cash flows

70 photos

Photos courtesy of RE/MAX Results, via Realtor.com.

Asking price: $550,000
Monthly cash flow: $1
Estimated rent: $5,775/mo
Break-even price: $550,126

Adjust the numbers See the full breakdown

From the listing

Solid investment opportunity in a desirable New Hope location! This fully rented 4-unit property offers an attractive combination of established rental income and a well-maintained building. Each unit provides comfortable living space, while the clean, well-kept common areas create a welcoming environment for residents and add to the overall appeal of the property. With all four units currently leased, this is an excellent opportunity for an investor looking for a property with established occupancy and income already in place. Conveniently located near shopping, dining, parks, schools, and major roadways, this property offers both tenant appeal and long-term investment potential.

Listing courtesy of RE/MAX Results (Kerby & Cristina Real Estate Experts). Description from Realtor.com, MLS #7132096. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 4-unit, 1965 brick building listed at $550K, and the description gives almost nothing to underwrite: no rents, no lease terms, no expenses, no utilities, no repairs. Our model puts cash flow at about $1/month at the ask with a 6.4% cap rate, so it only just breaks even and only if our rent estimates and unverified taxes hold. Break-even price is about $550.1K, so this works at today's rates only at the ask, with no room for error. The photos show dated but serviceable interiors: original-looking cabinets, laminate counters, old tub surrounds, and wall A/C units. Ask for the rent roll, leases, trailing-12 expenses and tax bill before a showing. Worth seeing only if the real rents beat our estimates or the seller will come down.

Things to consider

Numbers are break-even at the ask At about $1/month and a 6.4% cap rate, there is no cushion for vacancy or repairs. Price would need to fall below the roughly $550K break-even to leave any margin.
Income is unverified The listing gives no rents, so our estimates drive everything. Actual rents could be higher or lower, and tenant quality and lease terms are unknown.Listing says: “all four units currently leased”
Taxes and unit count are unconfirmed No county parcel match means the tax bill, which is a big expense on a fourplex, is an assumption. Verify taxes and the legal unit count before offering.
Unit mix is inferred We assumed three 2-beds and one 1-bed from 7 beds and 4 baths. A different mix changes rent estimates.
Interiors are dated and the 1965 systems are unknown Original-looking kitchens and baths, plus wall A/C, mean updates and reserves are likely. Heating, wiring and roof age could be significant costs.From photo 6

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: $550,000
Cash to close: $126,500
Price per unit: $137,500
GRM: 7.9

Each month

Cash flow: $1/mo
Cash-on-cash: 0.0%
Cap rate: 6.4%
DSCR: 1.00×

Break-even

Price that breaks even: $550,126
Rent that breaks even: $5,774/mo

Long run

Year 30: property vs stocks: $2.35M vs $963K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$5,775
Vacancy (6%)	−$346
Collected	$5,428
Property tax Listing	−$810
Insurance Estimate	−$367
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$462
Capital reserve (8% of rent)	−$462
Net operating income	$2,928
Mortgage (principal + interest)	−$2,927
Cash flow	$1
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$2,345,998

Your equity when you sell: $1,254,894
Rental profits, invested at 7%: $1,091,103

Same money in stocks$962,950

Cash to close, invested at 7%: $962,950

The building comes out $1,383,048 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 $2.35M, stocks $963K. 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.

2 bed / 1 bath estimate $1,525/mo · range $1,200–$1,825

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
7225 Valley Pl N, Crystal 55427 off market	$1,300	2 / 1	700	0.9 mi	2026-03-06	98%
8015 36th Ave N, New, Hope 55427	$1,775	2 / 1	976	0.9 mi	2024-04-13	98%
7713 Knoll St N, Golden Valley 55427 off market	$2,350	2 / 1	920	1.0 mi	2025-12-19	98%
3501 Louisiana Ave N, Crystal 55427	$1,589	2 / 1	1,000	1.1 mi	2026-01-14	98%
3501 Hillsboro Ave N, New, Hope 55427	$1,490	2 / 1	1,020	1.1 mi	2026-07-30	98%
3501-3507 Hillsboro Ave N, New, Hope 55427	$1,490	2 / 1	1,020	1.1 mi	2026-07-30	98%
7104 36th Ave N, New, Hope 55427	$1,249	2 / 1	800	1.2 mi	2026-01-21	98%
3300 Douglas Dr N, Crystal 55422	$1,269	2 / 1	870	1.3 mi	2026-09-29	97%
3246 Douglas Dr N, Apt 1, Crystal 55422 off market	$1,390	2 / 1	—	1.3 mi	2026-04-02	97%
3610 Lancaster Ln N, Plymouth 55441	$1,264	2 / 1	856	1.4 mi	2024-04-12	97%

1 bed / 1 bath estimate $1,200/mo · range $1,000–$1,400

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
2741 Virginia Ave N, New, Hope 55427 off market	$1,195	1 / 1	—	0.1 mi	2026-08-20	100%
2448 Winnetka Ave N, Golden Valley 55427	$1,505	1 / 1	568	0.3 mi	2025-04-24	99%
2710 Rosalyn Ct, Apt 303, Minneapolis 55427 off market	$1,275	1 / 1	650	0.3 mi	2025-10-13	99%
2740 Rosalyn Ct, Apt 203, Minneapolis 55427 off market	$1,195	1 / 1	625	0.3 mi	2025-12-13	99%
2911 Hillsboro Ave N, New, Hope 55427	$1,075	1 / 1	790	0.7 mi	2025-01-08	99%
1816 Independence Ave N, Rm 2, Minneapolis 55427 off market	$660	1 / 1	—	0.9 mi	2023-01-13	98%
7611 36th Ave N, New, Hope 55427	$1,381	1 / 1	775	1.0 mi	2025-05-15	98%
8100 36th Ave N, New, Hope 55427	$1,250	1 / 1	750	1.0 mi	2026-07-29	98%
7710 36th Ave N, Crystal 55427	$1,200	1 / 1	750	1.0 mi	2024-04-12	98%
7201 36th Ave N, Crystal 55427	$1,185	1 / 1	710	1.1 mi	2026-02-20	98%

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

highNo rents, lease terms or expenses given; 'established rental income' is unquantified Listing says: established rental income and a well-maintained building · AI review
highCash flow is slightly negative at the asking price, so the price needs to come down or rents need to be higher than estimated Based on: data: underwriting.cash_flow_monthly · AI review
mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 2709 VIRGINIA AVE N
mediumWall-mounted A/C and an older interior suggest dated systems; the description says nothing about the boiler/furnace, roof or electrical Based on: photo 4 · AI review

Opportunities

Fully leased, so income can be verified immediately with a rent roll and leases Listing says: With all four units currently leased, this is an excellent opportunity · AI review
No rent cap, so rents can follow the market after turnover and light updates Based on: data: underwriting.rent_rule · AI review
Original-looking kitchens and baths leave room for a value-add refresh at turnover Based on: photo 5 · AI review

Questions for the agent

Can I see the rent roll, current leases and security deposits for all four units?
What are the trailing-12 expenses, including taxes, insurance, repairs, and any utilities the owner pays?
Which units are 1-bed vs 2-bed, and how is heat and hot water supplied (one boiler or separate)?
What are the ages of the roof, furnace/boiler, water heaters, windows and electrical panels?
Is the property licensed for four units with the city, and are there any open violations or inspection orders?
Why is the owner selling, and are the units on leases or month-to-month?

Bottom line

A tidy-looking brick fourplex that only breaks even at $550K on our estimates, so get the real rents and expenses before spending time on it. 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.	$9,718
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,400
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$340
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. base rate	8% / 8%

Price history Realtor.com

On the market since 2026-09-29 (6 days); last sold for $47,000 on 1971-03-01.

Date	Event	Price
2026-09-29	Listed	$550,000
1971-03-01	Sold public record	$47,000

From the listing Listing

Listed as	four plex
Property tax, 2026	$9,718
County	Hennepin
Parcel number	1911821440076

As the listing states it (NorthstarMLS, via Realtor.com). We don't have county records here yet; check the tax, homestead status and special assessments with the county.

Crime, rental-license and vacant-building records are only available for St. Paul and Minneapolis so far. Check with Hope on rental licensing before you buy.