Minneapolis › Whittier

2720 Grand Ave S

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 1,816 sq ft

Minneapolis, MN · Whittier · View the listing ↗

Overpriced

33 photos

Photos courtesy of Keller Williams Realty, via Realtor.com.

Asking price: $389,000
Monthly cash flow: −$696
Estimated rent: $3,050/mo
Break-even price: $258,322

Adjust the numbers See the full breakdown

From the listing

A rare Whittier gem, offered for the first time in almost three decades! This charming, exceptionally cared-for duplex is fully occupied and positioned right in the heart of the neighborhood, within easy walking distance to bustling local businesses, cafes, and dining. Highlights include a tranquil backyard space for tenant relaxation and a hard-to-find 3-car garage offering premium parking and storage capabilities. Exceptional location, solid returns, and timeless character make this a prime portfolio builder. (Out of respect for tenants, no Sunday showings.) Please give at least 24 hours' notice before any showings, and do not let the cats out.

Listing courtesy of Keller Williams Realty (Heather Mylin). Description from Realtor.com, MLS #7121209. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a fully occupied Whittier duplex asking $389K, and the listing gives no rents, no lease terms and no systems information. Our model has it losing about $696 a month at 20% down with a 4.2% cap rate, so it only works at a much lower price or with rents well above our $1,525 per unit estimate. Photos show dated but livable kitchens and baths, original-style finishes, and a basement with a big laundry and utility area. Ask for the rent roll, leases and 12 months of expenses first. Only schedule a showing if rents beat our estimate or the seller will come down hard.

Things to consider

Price is far above what the numbers support Asking is about $130K above our break-even price, and cash flow is negative at 20% down. Expect to negotiate hard or walk.
Rents are unknown The listing is fully occupied but states no rents. Whether the income beats our $1,525 per unit estimate decides this deal.
Dated interiors and an older building Original-style kitchens and baths point to future updates and repairs, which cut early cash flow.From photo 2
Seller has a very low basis The seller paid $47K in 1998, so there is room to cut price and still profit.
Non-homestead tax is already in the county data The $6,444 bill is a major expense, so check it against any reassessment after the sale.

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: $389,000
Cash to close: $89,470
Price per unit: $194,500
GRM: 10.6

Each month

Cash flow: −$696/mo
Cash-on-cash: −9.3%
Cap rate: 4.2%
DSCR: 0.66×

Break-even

Price that breaks even: $258,322
Rent that breaks even: $3,953/mo

Long run

Year 30: property vs stocks: $977K vs $1.07M
Cash flow turns positive: year 17

Monthly

Monthly breakdown

Rent	$3,050
Vacancy (6%)	−$183
Collected	$2,867
Property tax Public record	−$537
Insurance Estimate	−$207
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$244
Capital reserve (9% of rent)	−$274
Net operating income	$1,375
Mortgage (principal + interest)	−$2,070
Cash flow	−$696
Principal paid down (equity, not cash)	$263

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$976,867

Your equity when you sell: $887,553
Rental profits, invested at 7%: $89,314

Same money in stocks$1,068,273

Cash to close, invested at 7%: $681,068
Monthly shortfalls, invested: $387,205

Stocks come out $91,406 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 $977K, stocks $1.07M. 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.

2 bed estimate $1,525/mo · range $1,375–$1,700 · 23 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2800 Grand Ave S, Minneapolis	$1,195	2 / 1	800	0.1 mi	2025-01-03	Apartment
2611 Pleasant Ave, Minneapolis	$1,430	2 / 1	750	0.2 mi	2025-04-30	Apartment
2525 Harriet Ave, Minneapolis	$1,495	2 / 1	761	0.3 mi	2026-07-20	Apartment
2941 Harriet Ave S, Minneapolis	$1,425	2 / 1	566	0.3 mi	2026-06-23	Apartment
410 W Lake St, Minneapolis	$1,715	2 / 1	877	0.3 mi	2026-03-04	Apartment
500 W Lake St Apt 222, Minneapolis	$1,699	2 / 1	951	0.3 mi	—	Apartment
2530 Blaisdell Ave, Minneapolis	$1,095	2 / 1	850	0.3 mi	—	Apartment
2400 Harriet Ave, Minneapolis	$1,295	2 / 1	735	0.4 mi	2026-07-01	Apartment
2421 Pillsbury Ave S, Minneapolis	$1,195	2 / 1	856	0.4 mi	2022-12-22	Apartment
2644 Dupont Ave S Unit 1, Minneapolis	$1,575	2 / 1	945	0.4 mi	—	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

highNo rents, lease terms or expenses given. 'Solid returns' is a claim with nothing behind it. Listing says: Exceptional location, solid returns, and timeless character make this a prime portfolio builder. · AI review
highHeavy gap between ask and break-even price makes the deal hard to underwrite at today's rates. Based on: data: underwriting.break_even_price · AI review
mediumAsking is $130,678 above the price where cash flow breaks even ($258,322) at the default scenario. Based on: Derived: price $389,000 vs. break-even $258,322
mediumTax bill is at the non-homestead rate and is large relative to likely rents. Based on: data: county.tax · AI review
mediumAge 1900 building with unknown systems. The description says nothing about roof, boiler or furnace, wiring or plumbing. Based on: data: listing.year_built · AI review

Opportunities

The seller bought for $47,000 in Jul 1998, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 3402924320178: last sale 1998-07-01, $47,000
A near three-decade owner may have rents below market, which could mean room to raise them. Minneapolis has no rent cap. Listing says: offered for the first time in almost three decades · AI review
Seller's low basis and 47 days on market give room to negotiate. Based on: data: listing.days_on_market · AI review
A 3-car garage could add rent or help with parking. Listing says: hard-to-find 3-car garage offering premium parking and storage capabilities · AI review

Questions for the agent

What are the current rents, lease end dates, and are any tenants month-to-month?
Can you share 12 months of expenses: taxes, insurance, water, trash, repairs?
Who pays heat, and are there separate meters and furnaces for each unit?
How old are the roof, furnace, water heater and electrical panels?
Is the garage rented to either tenant, or can it be rented separately?
What's the unit layout, and does each unit have 2 bedrooms?

Bottom line

Charming and fully rented, but at $389K it loses money in our model and the listing gives no numbers to prove otherwise. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$6,444
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,479
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 1900: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-08-19 (47 days); down $40,000 (9.3%) from the first ask of $429,000; last sold for $47,000 on 1998-08-19.

Date	Event	Price
2026-09-23	Relisted	$389,000
2026-09-18	Removed	$429,000
2026-08-19	Listed	$429,000
1998-08-19	Sold public record	$47,000
1983-09-01	Sold public record	$48,000

County record Public record

Recorded as	duplex
Living units	2
Year built	1900
Market value (2026)	$340,600
Property tax	$6,444
Special assessments	none
Homestead	no
Last sale	1998-07-01 · $47,000

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 822 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).