2745 29th Ave S

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 2,070 sq ft

Minneapolis, MN · Longfellow · View the listing ↗

Overpriced

22 photos

Photos, via Realtor.com.

Asking price: $384,900
Monthly cash flow: −$702
Estimated rent: $3,000/mo
Break-even price: $252,920

Adjust the numbers See the full breakdown

First look

This is a 2-bed/2-bed up/down in Longfellow asking $384,900, and the numbers don't work at today's rates. Our underwriting shows about -$702 a month and a 4.2% cap rate, with break-even near $252,920. The seller paid $300K in 2024, so ask what justifies the 28% jump beyond new windows, a furnace and panels. The listing gives no rents and no rental license is on file, so get the rent roll, the license status and what the $2,256 in assessments covers before spending time on a showing. Only worth seeing if the price drops a long way or you plan to live in one unit.

Things to consider

Price is far above what rents support At our estimates the property loses roughly $700 a month, and break-even price is about $132K below asking.
Rental license is missing Without a license you may not be able to legally rent or may face inspection costs and delays.
Special assessments add cost $2,256 is a meaningful sum, and it matters whether it is paid at closing or passed on to you.
Big jump from the 2024 sale price A 28% rise in 27 months needs a clear explanation; the described updates may not account for it.
Updates are partial and unverified Only the upper furnace is called new, and no photos show the systems. Budget for the lower unit's heat and get permits for the electrical work.Listing says: “new electrical panels, separate utilities, and a huge fenced-in corner lot”

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

doneAlmost all new windowsListing says: almost all new windows, a brand-new furnace for the upper unit, new electrical panels
doneBrand-new furnace for the upper unitListing says: a brand-new furnace for the upper unit
doneNew electrical panelsListing says: new electrical panels, separate utilities, and a huge fenced-in corner lot

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: $384,900
Cash to close: $88,527
Price per unit: $192,450
GRM: 10.7

Each month

Cash flow: −$702/mo
Cash-on-cash: −9.5%
Cap rate: 4.2%
DSCR: 0.66×

Break-even

Price that breaks even: $252,920
Rent that breaks even: $3,912/mo

Long run

Year 30: property vs stocks: $960K vs $1.07M
Cash flow turns positive: year 18

Monthly

Monthly breakdown

Rent	$3,000
Vacancy (6%)	−$180
Collected	$2,820
Property tax Listing	−$521
Insurance Estimate	−$212
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$240
Capital reserve (9% of rent)	−$270
Net operating income	$1,346
Mortgage (principal + interest)	−$2,049
Cash flow	−$702
Principal paid down (equity, not cash)	$261

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$959,600

Your equity when you sell: $878,198
Rental profits, invested at 7%: $81,402

Same money in stocks$1,072,273

Cash to close, invested at 7%: $673,890
Monthly shortfalls, invested: $398,383

Stocks come out $112,673 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 $960K, stocks $1.07M. Stocks win.

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 $1,500/mo · range $1,300–$1,700

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
2807 E 29th St, Apt 6, Minneapolis 55406 off market	$1,100	2 / 1	—	0.2 mi	2026-08-28	94%
3220 Minnehaha Ave, Apt 1, Minneapolis 55406 off market	$1,850	2 / 2	2,200	0.6 mi	2026-03-30	93%
811 28th Ave S, Minneapolis 55454	$1,400	2 / 1	—	0.9 mi	2026-05-20	93%
1311-1313 Franklin Ave SE, Minneapolis 55414 off market	$1,350	2 / 1	—	1.0 mi	2025-11-26	92%
2214 Sharon Ave SE, Apt 2, Minneapolis 55414 off market	$1,450	2 / 1	—	1.3 mi	2026-07-13	92%
3505 18th Ave S, Minneapolis 55407 off market	$1,500	2 / 1	—	1.3 mi	2026-03-17	92%
2643 12th Ave S, Unit 1, Minneapolis 55407	$1,785	2 / 1	—	1.4 mi	2023-06-08	92%
90 Malcolm Ave SE, Minneapolis 55414 off market	$1,450	2 / 1	—	1.3 mi	2025-09-09	92%
119 Bedford St SE, Minneapolis 55414 off market	$1,550	2 / 1	—	1.4 mi	2026-05-05	92%
3200 23rd Ave S, Unit 3202, Minneapolis 55407 off market	$1,245	2 / 1	1,300	0.7 mi	2026-04-21	90%

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

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 2745 29TH AVE S
medium$2,256 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 3602924410072: special assessments (current) = $2,256.35
mediumBought for $300,000 in Jul 2024; asking is 28% more 27 months later. Ask what was done to justify the jump. Public record: Hennepin County parcel 3602924410072: last sale 2024-07-01, $300,000
mediumAsking is $131,980 above the price where cash flow breaks even ($252,920) at the default scenario. Based on: Derived: price $384,900 vs. break-even $252,920
mediumLower unit furnace not mentioned as new; only the upper furnace is described as replaced. Age of the lower heating system is unknown. Listing says: a brand-new furnace for the upper unit · AI review
mediumListed as homestead, so the investor tax bill will likely be higher than the $4,000 shown. Based on: data: county.homestead · AI review
lowThe extra upstairs bedroom is not legal today and needs a window. Count this as a 2-bed unit only. Listing says: potential for an additional legal bedroom upstairs with the addition of a window · AI review
lowHighway about 800 m away may mean some traffic noise, though it is not very close. Based on: data: highway.distance_m · AI review

Opportunities

Minneapolis has no rent cap, so rents can follow the market. Our estimate is about $1,500 per 2-bed. Based on: data: rent_estimate · AI review
Basement space could add flexibility or storage value if finished legally with egress. Listing says: Additional space downstairs offers even more flexibility. · AI review
Large fenced corner lot is a plus for tenants or an owner-occupant. Listing says: a huge fenced-in corner lot · AI review

Questions for the agent

What are the current rents, lease terms and lease end dates for each unit?
Is the building licensed as a rental in Minneapolis, and when was it last inspected?
What are the $2,256 in special assessments for, and does the seller pay them at closing?
What was done since the 2024 purchase at $300K to justify the price?
How old is the lower unit's furnace, and are the water heaters and the roof recent?
What do tenants pay for utilities, and are they truly separately metered?

Bottom line

Updated Longfellow duplex, but at $384,900 it loses about $700 a month on our numbers and only works as an owner-occupant deal or at a much lower price. 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.	$6,257
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,549
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 2026-10-02 (3 days); last sold for $300,000 on 2024-07-23.

Date	Event	Price
2026-10-02	Listed	$384,900
2024-07-23	Sold	$300,000
2022-08-30	Sold	$250,000
2022-06-08	Listed	$250,000

County record Public record

Recorded as	duplex
Living units	2
Year built	1900
Market value (2026)	$277,900
Property tax	$4,000
Special assessments	$2,256
Homestead	no
Last sale	2024-07-01 · $300,000

Source: Hennepin County parcel records.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

MN 55, about 794 m away.

Crime in Longfellow

689 incidents in the last 12 months (136 per 1,000 residents), −5% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).