2800 Cedar Ave S

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 1,976 sq ft

Minneapolis, MN · East Phillips · View the listing ↗

Cash flows

37 photos

Photos courtesy of AIRE LLC, via Realtor.com.

Asking price: $280,000
Monthly cash flow: $73
Estimated rent: $3,150/mo
Break-even price: $293,637

Adjust the numbers See the full breakdown

From the listing

Corner lot, two 2-bedroom units, and the upper one is vacant the day you get the keys. This 1903 up-down duplex sits on the corner at 28th and Cedar, with parking in back instead of a fight for the curb. The owners spent their money on the boring stuff, which is the stuff that matters: updated electrical, new windows, new attic insulation. Each unit is approximately 988 finished square feet with 2 bedrooms, its own bath, and its own entrance. The lower unit is leased for $1,200 on a month-to-month lease. The upper unit is open, so you can move in or lease it at market. Your call. Underneath, another 988 square feet of basement for additional space you could finish, laundry and storage, plus a 20x24 detached two-stall garage, which is not a given on this stretch of Cedar. You're a block off the Midtown Greenway, a half mile from Midtown Global Market, and a short ride from the Lake Street Blue Line platform. Live upstairs and let downstairs cover most of the mortgage that is the power of buying this duplex! Photos were edited with AI to remove tenants personal property which included some furniture. Bedroom floors may not be the same as photos show due to be covered by furniture.

Listing courtesy of AIRE LLC (daniel anshus). Description from Realtor.com, MLS #7141068. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 2-bed over 2-bed duplex on a corner lot, asking $280K, and it barely cash flows at 20% down. Our underwriting shows about +$73/month and a 6.7% cap rate, and it breaks even near $293.6K. The one stated rent is $1,200 on the lower unit, month-to-month, below our $1,575 estimate. The upper unit is vacant, so you carry it until it leases. The photos show only the upper unit, so check the lower unit's condition in person. It's worth a showing, though the cushion is thin, so ask about the $658 in assessments and the heat setup first.

Things to consider

Numbers work only barely at the ask Cash flow is slightly positive at 20% down and the break-even price is about $14K above asking. The cushion is thin, so any vacancy or repair erases it.
Rents are modest against a high tax bill Non-homestead taxes of about $5K a year take a big share of two 2-bed rents. Rent growth is uncapped, but it has to be earned.
Vacant upper unit means lease-up risk Until it rents, you carry the full cost. Move-in-ready condition helps, but you need to verify the market rent.Listing says: “The upper unit is open, so you can move in or lease it at market.”
Old hot-water heating with unclear metering If the owner pays heat on a single boiler, expenses are higher than a tenant-paid setup. A boiler replacement is a large cost.
Recent upgrades lower some risk Electrical, windows and insulation are major items already done, which should keep near-term capex and utility costs down.Listing says: “updated electrical, new windows, new attic insulation”
Garage and corner-lot parking help Off-street parking and a garage support tenant demand and can bring in extra rent.Listing says: “a 20x24 detached two-stall garage, which is not a given on this stretch of Cedar”

From the photos

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

Lower unit: $1,200 (month-to-month)Listing says: The lower unit is leased for $1,200 on a month-to-month lease.

Condition and repairs

doneUpdated electricalListing says: updated electrical, new windows, new attic insulation
doneNew windowsListing says: updated electrical, new windows, new attic insulation
doneNew attic insulationListing says: updated electrical, new windows, new attic insulation

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: $280,000
Cash to close: $64,400
Price per unit: $140,000
GRM: 7.4

Each month

Cash flow: $73/mo
Cash-on-cash: 1.4%
Cap rate: 6.7%
DSCR: 1.05×

Break-even

Price that breaks even: $293,637
Rent that breaks even: $3,056/mo

Long run

Year 30: property vs stocks: $1.30M vs $490K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$3,150
Vacancy (6%)	−$189
Collected	$2,961
Property tax Public record	−$422
Insurance Estimate	−$210
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$252
Capital reserve (9% of rent)	−$284
Net operating income	$1,563
Mortgage (principal + interest)	−$1,490
Cash flow	$73
Principal paid down (equity, not cash)	$190

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$1,301,169

Your equity when you sell: $638,855
Rental profits, invested at 7%: $662,313

Same money in stocks$490,229

Cash to close, invested at 7%: $490,229

The building comes out $810,940 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 $1.30M, stocks $490K. 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 $1,575/mo · range $1,400–$1,750

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
2643 12th Ave S, Unit 1, Minneapolis 55407	$1,785	2 / 1	—	0.5 mi	2023-06-08	93%
3029 Chicago Ave S, Minneapolis 55407 off market	$1,575	2 / 1	—	0.8 mi	2026-04-18	93%
3029-3031 Chicago Ave S, Minneapolis 55407 off market	$1,575	2 / 1	—	0.8 mi	2026-03-24	93%
2835 Park Ave, Minneapolis 55407	$1,255	2 / 1	—	0.8 mi	2026-07-17	93%
2807 E 29th St, Apt 6, Minneapolis 55406 off market	$1,100	2 / 1	—	0.8 mi	2026-08-28	93%
3505 18th Ave S, Minneapolis 55407 off market	$1,500	2 / 1	—	0.9 mi	2026-03-17	93%
2424 Chicago Ave S, Minneapolis 55404 off market	$1,400	2 / 1	—	0.9 mi	2025-10-15	93%
2723 Portland Ave S, Minneapolis 55407	$1,536	2 / 1	—	1.0 mi	2026-07-17	93%
3108 Oakland Ave, Minneapolis 55407 off market	$1,550	2 / 1	—	1.0 mi	2026-03-12	92%
1811 E 28th St, Minneapolis 55407 off market	$1,475	2 / 1	1,300	0.0 mi	2025-08-01	92%

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

highPriced above what the rents support; negative cash flow at 20% down Based on: data: underwriting.cash_flow_monthly · AI review
mediumUpper unit is vacant, so you pay carrying costs until it leases and the rent is unproven Listing says: The upper unit is open, so you can move in or lease it at market. · AI review
mediumHot water radiator heat; the boiler's age and whether it's one system or two is unknown Based on: data: county.heat_type · AI review
low$658 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 3502924440161: special assessments (current) = $657.65
lowMonth-to-month tenants can leave quickly. Count on turnover soon after closing. Listing says: "lower unit is leased for $1,200 on a month-to-month lease. The upper unit is open, so you"
lowPhotos were edited, and floor coverings may differ from what's shown Based on: Photos were edited with AI to remove tenants personal property which included some furniture. · AI review

Opportunities

Lower rent is below our estimate; a market-rate reset after turnover could add income Based on: data: rent_estimate · AI review
Unfinished basement of equal size for laundry, storage or finishing Listing says: another 988 square feet of basement for additional space you could finish · AI review
Detached two-stall garage could bring extra rent or stronger tenant appeal Listing says: a 20x24 detached two-stall garage, which is not a given on this stretch of Cedar · AI review
Owner-occupying the upper unit offsets the mortgage Listing says: Live upstairs and let downstairs cover most of the mortgage · AI review

Questions for the agent

Is there one boiler or two, how old is it, and who pays heat?
What are the $658 in special assessments for, and will the seller pay them at closing?
Will the lower tenant stay, and have they ever paid late or asked for repairs?
When were the electrical, windows and attic insulation done, and are there permits?
Is the basement dry, and are the laundry hookups shared?
Why was the upper unit vacated, and what was its last rent?

Bottom line

Solid bones and a good corner lot, and $280K roughly pencils on $1,575 rents, though the margin is thin and the $1,200 lower unit rent is below that. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$5,068
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,523
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 1903: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-07-04 (93 days, relisted 1×); down $40,000 (12.5%) from the first ask of $320,000; last sold for $262,000 on 2020-10-15; listed for rent at $1,095/mo on 2023-04-08.

Date	Event	Price
2026-09-18	Listed	$280,000
2026-07-04	Removed	$320,000
2023-04-19	Removed	—
2023-04-18	Removed	—
2023-04-08	Listed for rent	$1,095/mo
2023-04-05	Listed for rent	$1,095/mo
2020-10-15	Sold	$262,000
2020-10-07	Relisted	$262,000
2020-09-12	Removed	$262,000
2020-08-16	Listed	$262,000
2019-05-09	Removed	—
2019-04-20	Listed for rent	$1,095/mo
2011-07-11	Sold	$58,050
2011-05-24	Listed	$59,900
2002-04-26	Sold public record	$175,000

County record Public record

Recorded as	duplex
Living units	2
Year built	1903
Market value (2026)	$266,900
Property tax	$5,068
Special assessments	$658
Homestead	no
Last sale	2020-10-01 · $262,000

Source: Hennepin County parcel records.

City rental license

CHOWN: 2 unit(s), Tier 1, status active, renews 2027-03-01.

Nearest highway

MN 55, about 489 m away.

Crime in East Phillips

435 incidents in the last 12 months (89 per 1,000 residents), +4% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).