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Minneapolis › Lowry Hill East

2720 Dupont Ave S

5 units · 5 units: 2 bed / 1 bath ×3 and 1 bed / 1 bath ×2 unit split estimated · 4,000 sq ft

Minneapolis, MN · Lowry Hill East · View the listing ↗

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Photos courtesy of Verde Real Estate Group - Broker, 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
$674,900
5 units · $135K per unit
Monthly cash flow
−$251
at 20% down, 7%
Estimated rent
$7,050/mo
medium confidence · 23 rentals within 0.75 mi
Break-even price
$627,724
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

The listing calls this a 4-plex with all units 2 bed / 1 bath at about $1,510 average rent. County records and the listing data count 5 units, and the city license covers only 4. Sort that out first, because the underwriting assumes 5 units with estimated rents of $1,275 to $1,500, and at the ask it loses about $251 a month at a 5.9% cap rate. The $1,510 average is slightly above our $1,500 estimate for a 2-bed, so ask for the actual rent roll and leases. The seller paid $850K in 2019 and is now asking $674,900 after 137 days on market, and our break-even price is about $628K. Photos show decent cosmetic updates, but the roof is flat and the units look uneven in finish. Worth a showing if the rent roll holds up and the unit count is legal, but only at a price well below ask.

Things to consider

  1. Unit count and licensing mismatch Income and legality depend on how many units are legal. A fifth unit without a license could bring fines or limit rent.
  2. Numbers lose money at ask At ask, cash flow is negative by about $251 a month. The ask is about $47K above break-even, and it gets worse if the fifth unit or rents don't hold up.
  3. Stated average rent is above our estimate $1,510 average is slightly over our $1,500 estimate for a 2-bed. Verify with leases to see if the rents are real.Listing says: “Ave rent $1510/m per unit.”
  4. Unit finishes vary Some kitchens are newer and others older, so rent and rehab needs may differ by unit.From photo 4
  5. Seller loss and long time on market Seller paid $850K in 2019 and has had it listed 137 days, so there is room to negotiate hard.Listing says: “Priced to sell - purchased for $850k in 2019!”

From the photos

Listing photo 1
1 of 8Check

Front is stucco with a brick base. A flat roofline appears at the top, and the exterior looks decent.

Listing photo 3
2 of 8Plus

Kitchen has newer white cabinets, stainless appliances and plank flooring. Looks recently updated.

Listing photo 4
3 of 8Concern

Another kitchen has older-style gray cabinets, a basic white range and fridge, and hardwood floors. The finish is clearly lower than the other units.

Listing photo 5
4 of 8Plus

Original hardwood, wide trim and a built-in buffet are well preserved. A radiator is visible, which suggests hot-water heat.

Listing photo 5
5 of 8Check

A window air conditioner appears in the window, so there may be no central air in at least one unit.

Listing photo 6
6 of 8Plus

Bathrooms look updated with a new vanity and tile shower. One has a clawfoot tub with an older sink.

Listing photo 2
7 of 8Check

Forced-air vents appear in a kitchen and a bathroom, which is odd with hot-water heat. Confirm the heating setup for each unit.

Listing photo 1
8 of 8Check

No photos of the basement, boiler, electrical panels, roof or rear parking lot.

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

  • Average per unit: $1,510Listing says: Ave rent $1510/m per unit.

Condition and repairs

  • doneNew water heatersListing says: new water heaters, new windows, SS appliances & cosmetic work in units
  • doneNew windowsListing says: new water heaters, new windows, SS appliances & cosmetic work in units
  • doneUpdated kitchens and stainless appliancesListing says: updated kitchens has been done in last 5-8 yrs

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
$674,900
Cash to close
$155,227
Price per unit
$134,980
GRM
8.0

Each month

Cash flow
−$251/mo
Cash-on-cash
−1.9%
Cap rate
5.9%
DSCR
0.93×

Break-even

Price that breaks even
$627,724
Rent that breaks even
$7,380/mo

Long run

Year 30: property vs stocks
$2.52M vs $1.22M
Cash flow turns positive
year 4

Monthly

Monthly breakdown

Rent$7,050
Vacancy (6%)−$423
Collected$6,627
Property tax Public record−$1,028
Insurance Estimate−$504
Water, sewer, trash Estimate−$425
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (9% of rent)−$634
Capital reserve (9% of rent)−$634
Net operating income$3,341
Mortgage (principal + interest)−$3,592
Cash flow−$251
Principal paid down (equity, not cash)$457

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$2,518,690
Your equity when you sell
$1,539,869

Sells for $1,638,159 (value up 3% a year), minus 6% selling cost ($98,290). Rent paid down $539,920 of loan.

Rental profits, invested at 7%
$978,820

$522,049 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,221,009
Cash to close, invested at 7%
$1,181,628

$155,227 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$39,381

$5,766 you'd have paid in while the building lost money, invested instead.

The building comes out $1,297,681 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 $2.52M, stocks $1.22M. 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.

2 bed estimate $1,500/mo · range $1,375–$1,675 · 23 rentals within 0.75 mi

AddressRentBd / BaSq ftDistanceListedType
2644 Dupont Ave S Unit 1, Minneapolis $1,575 2 / 1 945 0.1 mi — Apartment
2626 Fremont Ave S, Minneapolis $1,225 2 / 1 800 0.1 mi 2024-04-15 Apartment
2647 Girard Ave S Apt 2, Minneapolis $1,550 2 / 1 — 0.2 mi 2026-09-10 Apartment
2825 Fremont Ave S, Minneapolis $1,635 2 / 1 925 0.2 mi 2024-04-12 Apartment
1408 W 28th St, Minneapolis $1,599 2 / 1 970 0.2 mi 2026-07-22 Apartment
2800 Girard Ave S, Minneapolis $1,585 2 / 1 830 0.2 mi 2024-06-11 Apartment
2514 Emerson Ave S, Minneapolis $1,599 2 / 1 1,100 0.3 mi 2025-01-03 Apartment
2725 Humboldt Ave S, Minneapolis $1,399 2 / 1 950 0.3 mi 2026-09-03 Apartment
900 W 25th St, Minneapolis $1,299 2 / 1 1,000 0.3 mi 2026-03-04 Apartment
2800 Grand Ave S, Minneapolis $1,195 2 / 1 800 0.5 mi 2025-01-03 Apartment

1 bed estimate $1,275/mo · range $1,175–$1,575 · 25 rentals within 0.5 mi

AddressRentBd / BaSq ftDistanceListedType
2715 Dupont Ave S, Minneapolis $1,029 1 / 1 — 0.0 mi 2026-09-03 Apartment
2800 Colfax Ave S, Minneapolis $1,050 1 / 1 — 0.1 mi 2024-04-15 Apartment
2626 Fremont Ave S, Minneapolis $995 1 / 1 575 0.1 mi 2024-04-15 Apartment
1314 W 28th St, Minneapolis $1,125 1 / 1 621 0.2 mi 2025-03-08 Apartment
2837 Emerson Ave S, Minneapolis $1,675 1 / 1 860 0.2 mi 2024-04-12 Apartment
2825 Fremont Ave S, Minneapolis $1,160 1 / 1 630 0.2 mi 2024-04-12 Apartment
2801 Girard Ave S, Minneapolis $995 1 / 1 570 0.2 mi 2025-04-24 Apartment
2817 Girard Ave S, Minneapolis $1,530 1 / 1 677 0.2 mi 2026-02-25 Apartment
2838 Fremont Ave S, Minneapolis $1,455 1 / 1 700 0.2 mi 2025-11-07 Apartment
2838 Fremont Ave S Unit 544, Minneapolis $1,345 1 / 1 580 0.2 mi 2025-04-03 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: 2720 DUPONT AVE S, units=4
  • highListing says 4 units but county data counts 5. Unit count and legality are unclear. Based on: data: county.living_units · AI review
  • highPriced far above what the rents support. Break-even price is well under the ask. Based on: data: underwriting.break_even_price · AI review
  • mediumFlat roof per the city assessor: get its age and a moisture inspection. Public record: Hennepin County parcel 3302924420072: roof=Flat, exterior=WOOD
  • mediumDescription says all units are 2/1 at 1000 sq ft, which doesn't fit 8 beds or 4,000 sq ft across 5 units. Listing says: All units 2/1 1000ft2. · AI review
  • mediumAssessor lists the market value well below the ask, and the last sale was $850K in 2019. Based on: data: county.market_value · AI review
  • mediumTax bill is heavy at the non-homestead rate and cuts into income. Based on: data: county.tax · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 140 days on market
  • Motivated-seller language: room to negotiate. Listing says: "Well maintained, high demand, income producing 4plex. Priced to sell - purchased for $850k in 2019! All units"
  • No rent cap in Minneapolis, so rents can follow the market. Based on: data: underwriting.rent_rule · AI review
  • House-hack option, with a unit open at closing. Listing says: will be at least 1 unit avail to move into post closing · AI review
  • Off-street parking and shared laundry add appeal. Listing says: Paved expansive parking lot in rear - plenty of off-street parking for all units. · AI review

Questions for the agent

  • How many units are there really, and is the fifth unit licensed? Why does the city license show 4?
  • Can I see the rent roll, leases and trailing-12 expenses?
  • How old is the flat roof, and have there been any leaks?
  • What is the electrical service and panel type in each unit?
  • Why has it sat 137 days, and has the price been cut?
  • Who pays heat? There is hot-water heat; is it one boiler or several?

Bottom line

Nice cosmetic work in a great location, but the numbers don't work at the ask and the unit count is murky. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$12,334
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$6,050
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 1905: +1 pt capital reserve; 8 bedrooms: +1 pt repairs for wear9% / 9%

Price history Realtor.com

On the market since 2026-03-24 (195 days); down $25,000 (3.6%) from the first ask of $699,900; last sold for $850,000 on 2019-06-26; listed for rent at $1,495/mo on 2021-06-24.

DateEventPrice
Removed$699,900
Relisted$674,900
Removed—
Removed—
Listed$674,900
Relisted$699,900
Removed—
Listed$699,900
Removed—
Listed for rent$1,495/mo
Removed—
Listed for rent$1,595/mo
Sold$850,000
Removed$929,000
Removed$929,000
Removed$929,000
Price changed$929,000
Listed$949,000
Sold$550,000
Price changed$550,000
Listed$595,000
Sold public record$350,100
Sold public record$168,000
Sold public record$168,000

County record Public record

Recorded asapartment 4 or 5 unit
Living units5
Year built1905
Market value (2026)$652,000
Property tax$12,334
Special assessmentsnone
Homesteadno
Last sale2019-06-01 · $850,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 94;MN 55, about 1387 m away.

Crime in Lowry Hill East

647 incidents in the last 12 months (74 per 1,000 residents), −3% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).