2721 Columbus Ave

Fourplex · 4 units: 1 bed / 1 bath ×2 and studio / 1 bath ×2 unit split estimated · 2,658 sq ft

Minneapolis, MN · Phillips West · View the listing ↗

Cash flows

39 photos

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

Asking price: $399,900
Monthly cash flow: $81
Estimated rent: $4,600/mo
Break-even price: $415,197

Adjust the numbers See the full breakdown

From the listing

Excellent opportunity for an owner-occupant or investor in this four-unit Minneapolis residential income property. Unit #1 is now vacant, providing the option for a buyer to move in while generating income from the remaining units. The property consists of two 1-bedroom units and two studio units, each with a full bath. The largest unit #3 is the largest and has a den which could be used as a 2nd bedroom! Units feature hardwood floors, natural woodwork, solid-surface countertops, ranges, and refrigerators. The shared full basement provides additional storage along with free laundry for residents. Four (4) detached single-stall garages provide valuable off-street parking and may be leased separately for additional income potential. Major recent improvements include a new electrical main, new boiler, and new roofs on both the house and garages. Conveniently located near public transit, neighborhood businesses, dining, parks, and downtown Minneapolis.

Listing courtesy of Keller Williams Realty (Timothy L. Fisher). Description from Realtor.com, MLS #7140287. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

Four small units (two 1-beds, two studios) on a Minneapolis lot, asking $399,900. Our numbers say it roughly works at today's rates: about +$81/month at 20% down, a 6.6% cap rate, and a break-even price near $415K, roughly $15K over ask. The description gives no rents or expenses, so the first job is getting the rent roll, the trailing-12 and the heat bill, since a hot-water system with one boiler probably means the owner pays heat. Photos show a mix: the two units pictured look quite different in finish, and the listing's 'new boiler, electrical main and roofs' are real positives that need permits and dates. Worth a showing, but only after you see the rents and the wiring, since the cushion is thin.

Things to consider

Price is about $15K under break-even At ask, cash flow is slightly positive and the cap rate is about 6.6%. The margin is thin, and it depends on rents that aren't confirmed yet.
Rents are unstated Without actual rents you are relying on our estimates of $1,025 to $1,275 per unit. Get the rent roll before spending time on this.
Heat is probably an owner expense One hot-water boiler for four units typically means the owner pays the gas bill, which eats into already thin cash flow.
Garage income is a small upside Four single-stall garages might bring in a few hundred dollars a month combined, but that's not stated and not in our rents.Listing says: “may be leased separately for additional income potential”
Unit finishes vary a lot Some units look original and some dated, so expect uneven turnover costs and possibly rents.From photo 8
Seller can afford to negotiate They bought for $70K in 2009 and the listing has been up 24 days.

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

doneNew electrical mainListing says: Major recent improvements include a new electrical main, new boiler, and new roofs on both the house and garages.
doneNew boilerListing says: Major recent improvements include a new electrical main, new boiler, and new roofs on both the house and garages.
doneNew roofs on house and garagesListing says: Major recent improvements include a new electrical main, new boiler, and new roofs on both the house and garages.

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: $399,900
Cash to close: $91,977
Price per unit: $99,975
GRM: 7.2

Each month

Cash flow: $81/mo
Cash-on-cash: 1.1%
Cap rate: 6.6%
DSCR: 1.04×

Break-even

Price that breaks even: $415,197
Rent that breaks even: $4,494/mo

Long run

Year 30: property vs stocks: $1.81M vs $700K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$4,600
Vacancy (6%)	−$276
Collected	$4,324
Property tax Public record	−$541
Insurance Estimate	−$391
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$368
Capital reserve (9% of rent)	−$414
Net operating income	$2,210
Mortgage (principal + interest)	−$2,128
Cash flow	$81
Principal paid down (equity, not cash)	$271

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$1,814,523

Your equity when you sell: $912,422
Rental profits, invested at 7%: $902,100

Same money in stocks$700,152

Cash to close, invested at 7%: $700,152

The building comes out $1,114,371 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 $1.81M, stocks $700K. 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.

1 bed / 1 bath estimate $1,275/mo · range $1,150–$1,425

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
2447 11th Ave S, Unit 3, Minneapolis 55404 off market	$1,150	1 / 1	—	0.4 mi	2026-09-02	93%
205 27th St E, Minneapolis 55408	$1,250	1 / 1	—	0.5 mi	2026-09-30	93%
3124 12th Ave S, Apt 106, Minneapolis 55407 off market	$1,095	1 / 1	—	0.6 mi	2025-01-18	93%
17 E 27th St, Apt 4, Minneapolis 55408 off market	$830	1 / 1	—	0.7 mi	2023-10-08	93%
2323 16th Ave S, Minneapolis 55404	$995	1 / 1	—	0.8 mi	2026-02-18	93%
3327 Portland Ave, Apt 1, Minneapolis 55407 off market	$1,300	1 / 1	—	0.8 mi	2026-04-06	93%
1921 3rd Ave S, Minneapolis 55404	$1,150	1 / 1	—	0.8 mi	2026-09-25	93%
3400 10th Ave S, Apt 4, Minneapolis 55407 off market	$1,100	1 / 1	—	0.8 mi	2026-05-05	93%
2017 2nd Ave S, Minneapolis 55404 off market	$950	1 / 1	1,100	0.8 mi	2026-04-20	85%
2835 Park Ave, Minneapolis 55407	$1,255	2 / 1	—	0.2 mi	2026-07-17	84%

0 bed / 1 bath estimate $1,025/mo · range $900–$1,125

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
2632 3rd Ave S, Minneapolis 55408 off market	$899	0 / 1	—	0.5 mi	2026-03-31	93%
3124 12th Ave S, Apt 104, Minneapolis 55407 off market	$995	0 / 1	—	0.6 mi	2026-04-29	93%
3201 14th Ave S, Minneapolis 55407 off market	$999	0 / 1	—	0.7 mi	2026-09-01	93%
16 W 26th St, Minneapolis 55404 off market	$875	0 / 1	—	0.8 mi	2026-03-10	93%
2545 Blaisdell Ave, Minneapolis 55404	$950	0 / 1	—	0.8 mi	2026-07-18	93%
2011 2nd Ave S, Minneapolis 55404	$950	0 / 1	—	0.8 mi	2026-09-18	93%
2804 Blaisdell Ave, Minneapolis 55408	$950	0 / 1	—	0.8 mi	2026-10-02	93%
2439 Blaisdell Ave, Minneapolis 55404	$889	0 / 1	—	0.8 mi	2025-04-30	93%
2447 11th Ave S, Unit 3, Minneapolis 55404 off market	$1,150	1 / 1	—	0.4 mi	2026-09-02	84%
205 27th St E, Minneapolis 55408	$1,250	1 / 1	—	0.5 mi	2026-09-30	84%

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

highPrice is far above what the rents support Based on: data: underwriting.break_even_price · AI review
highNegative cash flow at the asking price and 20% down Based on: data: underwriting.cash_flow_monthly · AI review
mediumTwo of four units are studios, which turn over often and rent for less Listing says: two 1-bedroom units and two studio units, each with a full bath · AI review
mediumSeller has described no rents, leases or expenses for the occupied units Listing says: Unit #1 is now vacant, providing the option for a buyer to move in while generating income · AI review
low$677 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 3502924320332: special assessments (current) = $676.62
lowStucco exterior with vines growing on it; check for moisture and cracking Based on: photo 6 · AI review

Opportunities

The seller bought for $70,462 in Aug 2009, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 3502924320332: last sale 2009-08-01, $70,462
Long time on market: room to negotiate. Based on: Listing data: 27 days on market, 2 price cuts
Garages can be leased separately for extra income Listing says: Four (4) detached single-stall garages provide valuable off-street parking and may be leased separately · AI review
Unit 3's den might be sold as a 2nd bedroom, but only if it has egress and a closet Listing says: has a den which could be used as a 2nd bedroom · AI review
Vacant unit lets an owner-occupant live in one unit and get delivery of a clean unit to renovate or rent at market Listing says: Unit #1 is now vacant, providing the option for a buyer to move in · AI review
No rent cap in Minneapolis, so rents can follow the market after a refresh Based on: data: underwriting.rent_rule · AI review

Questions for the agent

What are the current rents and lease types for each occupied unit, and can I see the rent roll and trailing-12 expenses?
Who pays heat, and is there one boiler or separate systems? What did heating cost last winter?
When were the electrical main, boiler and roofs replaced, and were they permitted? Is any knob-and-tube or fuse wiring left inside the units?
What are the $677 in special assessments for, and will the seller pay them at closing?
Does the city rental license cover all four units, and is the basement or any unit non-conforming?
Why has it sat 24 days, and is the seller flexible given the 2009 purchase price?

Bottom line

Newer boiler, roofs and electrical are real positives, and at $399,900 the numbers just about work; break-even is near $415K. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$6,495
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,691
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. built 1906: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-03-05 (214 days, relisted 1×); down $35,000 (8.0%) from the first ask of $434,900; last sold for $67,974 on 2009-08-17.

Date	Event	Price
2026-09-08	Listed	$399,900
2026-09-08	Removed	$414,900
2026-07-16	Relisted	$414,900
2026-07-04	Removed	$414,900
2026-06-24	Removed	—
2026-06-02	Removed	—
2026-06-01	Listed	$414,900
2026-05-29	Price changed	$414,900
2026-03-05	Listed	$434,900
2021-03-18	Removed	$174,900
2021-03-18	Removed	$139,900
2011-06-13	Removed	$139,900
2009-08-17	Sold public record	$67,974
2009-06-18	Price changed	$139,900
2009-01-08	Listed	$159,900
2005-03-23	Sold public record	$240,000
2004-05-24	Sold public record	$250,000
1982-07-01	Sold public record	$99,000

County record Public record

Recorded as	apartment converted
Living units	—
Year built	1906
Market value (2026)	$342,000
Property tax	$6,495
Special assessments	$677
Homestead	no
Last sale	2009-08-01 · $70,462

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 35W, about 590 m away.

Crime in Phillips West

312 incidents in the last 12 months (62 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).