2820 12th Ave S
Duplex · 2 units: 4 bed and 3 bed · 4,320 sq ft
Minneapolis, MN · Midtown Phillips · View the listing ↗
Photos courtesy of Exp Realty - Broker, via Realtor.com.
- Asking price
- $550,000 2 units · $275K per unit
- Monthly cash flow
- −$808 at 20% down, 7%
- Estimated rent
- $4,250/mo high confidence
- Break-even price
- $398,201 where cash flow hits $0
First look
The listing sells three units, but the county classifies this as a duplex with 2 living units. The three-unit claim, a 3-bed basement unit in a 1916 building, is the first thing to prove. At $550K our underwriting shows about -$808/month and a 4.6% cap rate, with break-even near $398K, so it does not work at ask. Add delinquent taxes, no rental license on file and 149 days on market, and this is a negotiation or a pass. Don't show it until the agent confirms unit count, licensing and the tax payoff.
Things to consider
- Unit count and legality The county lists two units but the listing sells three. If the basement is not legal, income and value drop and rental licensing could be a problem.
- Price versus cash flow At ask, underwriting shows negative cash flow of about $808 a month. Break-even is near $398K, far below the asking price.
- Delinquent taxes and licensing Back taxes and penalties are paid at closing, and an unlicensed building can face fines and delay renting.
- Rents are estimates, not documented Large 4-bed units can rent well, but with no rent roll we cannot confirm the income that the price needs.
- Flat roof on stucco Flat roofs are costly to replace and leak-prone. Roof age and moisture are top inspection items.From photo 1
- Seller flip signal The seller paid $469,900 in 2024 and now asks 17% more. Light cosmetic updates may not justify that.
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
- $550,000
- Cash to close
- $71,500
- Price per unit
- $275,000
- GRM
- 10.8
Each month
- Cash flow
- −$1,483/mo
- Cash-on-cash
- −24.9%
- Cap rate
- 4.6%
- DSCR
- 0.59×
Break-even
- Price that breaks even
- $323,561
- Rent that breaks even
- $6,176/mo
Long run
- Year 30: property vs stocks
- $1.39M vs $1.31M
- Cash flow turns positive
- year 18
The deal
- Price
- $550,000
- Cash to close
- $71,500
- Price per unit
- $275,000
- GRM
- 10.8
Each month
- Cash flow
- −$1,843/mo
- Cash-on-cash
- −30.9%
- Cap rate
- 3.8%
- DSCR
- 0.49×
Break-even
- Price that breaks even
- $268,669
- Rent that breaks even
- $6,939/mo
Long run
- Year 30: property vs stocks
- $1.27M vs $1.76M
- Cash flow turns positive
- year 26
The deal
- Price
- $540,000
- Cash to close
- $70,200
- Price per unit
- $270,000
- GRM
- 10.6
Each month
- Cash flow
- −$1,418/mo
- Cash-on-cash
- −24.2%
- Cap rate
- 4.7%
- DSCR
- 0.60×
Break-even
- Price that breaks even
- $323,561
- Rent that breaks even
- $6,091/mo
Long run
- Year 30: property vs stocks
- $1.38M vs $1.25M
- Cash flow turns positive
- year 17
The deal
- Price
- $540,000
- Cash to close
- $70,200
- Price per unit
- $270,000
- GRM
- 10.6
Each month
- Cash flow
- −$1,777/mo
- Cash-on-cash
- −30.4%
- Cap rate
- 3.9%
- DSCR
- 0.50×
Break-even
- Price that breaks even
- $268,669
- Rent that breaks even
- $6,843/mo
Long run
- Year 30: property vs stocks
- $1.25M vs $1.68M
- Cash flow turns positive
- year 25
The deal
- Price
- $550,000
- Cash to close
- $126,500
- Price per unit
- $275,000
- GRM
- 10.8
Each month
- Cash flow
- −$808/mo
- Cash-on-cash
- −7.7%
- Cap rate
- 4.6%
- DSCR
- 0.72×
Break-even
- Price that breaks even
- $398,201
- Rent that breaks even
- $5,299/mo
Long run
- Year 30: property vs stocks
- $1.50M vs $1.34M
- Cash flow turns positive
- year 14
The deal
- Price
- $550,000
- Cash to close
- $126,500
- Price per unit
- $275,000
- GRM
- 10.8
Each month
- Cash flow
- −$1,167/mo
- Cash-on-cash
- −11.1%
- Cap rate
- 3.8%
- DSCR
- 0.60×
Break-even
- Price that breaks even
- $330,647
- Rent that breaks even
- $5,953/mo
Long run
- Year 30: property vs stocks
- $1.32M vs $1.71M
- Cash flow turns positive
- year 21
The deal
- Price
- $540,000
- Cash to close
- $124,200
- Price per unit
- $270,000
- GRM
- 10.6
Each month
- Cash flow
- −$755/mo
- Cash-on-cash
- −7.3%
- Cap rate
- 4.7%
- DSCR
- 0.74×
Break-even
- Price that breaks even
- $398,201
- Rent that breaks even
- $5,230/mo
Long run
- Year 30: property vs stocks
- $1.50M vs $1.28M
- Cash flow turns positive
- year 13
The deal
- Price
- $540,000
- Cash to close
- $124,200
- Price per unit
- $270,000
- GRM
- 10.6
Each month
- Cash flow
- −$1,114/mo
- Cash-on-cash
- −10.8%
- Cap rate
- 3.9%
- DSCR
- 0.61×
Break-even
- Price that breaks even
- $330,647
- Rent that breaks even
- $5,876/mo
Long run
- Year 30: property vs stocks
- $1.30M vs $1.64M
- Cash flow turns positive
- year 20
The deal
- Price
- $550,000
- Cash to close
- $154,000
- Price per unit
- $275,000
- GRM
- 10.8
Each month
- Cash flow
- −$625/mo
- Cash-on-cash
- −4.9%
- Cap rate
- 4.6%
- DSCR
- 0.77×
Break-even
- Price that breaks even
- $424,748
- Rent that breaks even
- $5,062/mo
Long run
- Year 30: property vs stocks
- $1.58M vs $1.42M
- Cash flow turns positive
- year 11
The deal
- Price
- $550,000
- Cash to close
- $154,000
- Price per unit
- $275,000
- GRM
- 10.8
Each month
- Cash flow
- −$985/mo
- Cash-on-cash
- −7.7%
- Cap rate
- 3.8%
- DSCR
- 0.64×
Break-even
- Price that breaks even
- $352,690
- Rent that breaks even
- $5,686/mo
Long run
- Year 30: property vs stocks
- $1.35M vs $1.75M
- Cash flow turns positive
- year 18
The deal
- Price
- $540,000
- Cash to close
- $151,200
- Price per unit
- $270,000
- GRM
- 10.6
Each month
- Cash flow
- −$575/mo
- Cash-on-cash
- −4.6%
- Cap rate
- 4.7%
- DSCR
- 0.79×
Break-even
- Price that breaks even
- $424,748
- Rent that breaks even
- $4,997/mo
Long run
- Year 30: property vs stocks
- $1.58M vs $1.36M
- Cash flow turns positive
- year 10
The deal
- Price
- $540,000
- Cash to close
- $151,200
- Price per unit
- $270,000
- GRM
- 10.6
Each month
- Cash flow
- −$935/mo
- Cash-on-cash
- −7.4%
- Cap rate
- 3.9%
- DSCR
- 0.65×
Break-even
- Price that breaks even
- $352,690
- Rent that breaks even
- $5,614/mo
Long run
- Year 30: property vs stocks
- $1.34M vs $1.68M
- Cash flow turns positive
- year 18
Monthly
Monthly breakdown
| Rent | $4,250 |
| Vacancy (6%) | −$255 |
| Collected | $3,995 |
| Property tax Public record | −$659 |
| Insurance Estimate | −$264 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$340 |
| Capital reserve (9% of rent) | −$382 |
| Net operating income | $2,119 |
| Mortgage (principal + interest) | −$3,293 |
| PMI | −$309 |
| Cash flow | −$1,483 |
| Principal paid down (equity, not cash) | $419 |
| Rent | $4,250 |
| Vacancy (6%) | −$255 |
| Collected | $3,995 |
| Property tax Public record | −$659 |
| Insurance Estimate | −$264 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$340 |
| Capital reserve (9% of rent) | −$382 |
| Property management | −$360 |
| Net operating income | $1,760 |
| Mortgage (principal + interest) | −$3,293 |
| PMI | −$309 |
| Cash flow | −$1,843 |
| Principal paid down (equity, not cash) | $419 |
| Rent | $4,250 |
| Vacancy (6%) | −$255 |
| Collected | $3,995 |
| Property tax Public record | −$659 |
| Insurance Estimate | −$264 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$340 |
| Capital reserve (9% of rent) | −$382 |
| Net operating income | $2,119 |
| Mortgage (principal + interest) | −$3,233 |
| PMI | −$304 |
| Cash flow | −$1,418 |
| Principal paid down (equity, not cash) | $411 |
| Rent | $4,250 |
| Vacancy (6%) | −$255 |
| Collected | $3,995 |
| Property tax Public record | −$659 |
| Insurance Estimate | −$264 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$340 |
| Capital reserve (9% of rent) | −$382 |
| Property management | −$360 |
| Net operating income | $1,760 |
| Mortgage (principal + interest) | −$3,233 |
| PMI | −$304 |
| Cash flow | −$1,777 |
| Principal paid down (equity, not cash) | $411 |
| Rent | $4,250 |
| Vacancy (6%) | −$255 |
| Collected | $3,995 |
| Property tax Public record | −$659 |
| Insurance Estimate | −$264 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$340 |
| Capital reserve (9% of rent) | −$382 |
| Net operating income | $2,119 |
| Mortgage (principal + interest) | −$2,927 |
| Cash flow | −$808 |
| Principal paid down (equity, not cash) | $372 |
| Rent | $4,250 |
| Vacancy (6%) | −$255 |
| Collected | $3,995 |
| Property tax Public record | −$659 |
| Insurance Estimate | −$264 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$340 |
| Capital reserve (9% of rent) | −$382 |
| Property management | −$360 |
| Net operating income | $1,760 |
| Mortgage (principal + interest) | −$2,927 |
| Cash flow | −$1,167 |
| Principal paid down (equity, not cash) | $372 |
| Rent | $4,250 |
| Vacancy (6%) | −$255 |
| Collected | $3,995 |
| Property tax Public record | −$659 |
| Insurance Estimate | −$264 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$340 |
| Capital reserve (9% of rent) | −$382 |
| Net operating income | $2,119 |
| Mortgage (principal + interest) | −$2,874 |
| Cash flow | −$755 |
| Principal paid down (equity, not cash) | $366 |
| Rent | $4,250 |
| Vacancy (6%) | −$255 |
| Collected | $3,995 |
| Property tax Public record | −$659 |
| Insurance Estimate | −$264 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$340 |
| Capital reserve (9% of rent) | −$382 |
| Property management | −$360 |
| Net operating income | $1,760 |
| Mortgage (principal + interest) | −$2,874 |
| Cash flow | −$1,114 |
| Principal paid down (equity, not cash) | $366 |
| Rent | $4,250 |
| Vacancy (6%) | −$255 |
| Collected | $3,995 |
| Property tax Public record | −$659 |
| Insurance Estimate | −$264 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$340 |
| Capital reserve (9% of rent) | −$382 |
| Net operating income | $2,119 |
| Mortgage (principal + interest) | −$2,744 |
| Cash flow | −$625 |
| Principal paid down (equity, not cash) | $349 |
| Rent | $4,250 |
| Vacancy (6%) | −$255 |
| Collected | $3,995 |
| Property tax Public record | −$659 |
| Insurance Estimate | −$264 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$340 |
| Capital reserve (9% of rent) | −$382 |
| Property management | −$360 |
| Net operating income | $1,760 |
| Mortgage (principal + interest) | −$2,744 |
| Cash flow | −$985 |
| Principal paid down (equity, not cash) | $349 |
| Rent | $4,250 |
| Vacancy (6%) | −$255 |
| Collected | $3,995 |
| Property tax Public record | −$659 |
| Insurance Estimate | −$264 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$340 |
| Capital reserve (9% of rent) | −$382 |
| Net operating income | $2,119 |
| Mortgage (principal + interest) | −$2,694 |
| Cash flow | −$575 |
| Principal paid down (equity, not cash) | $343 |
| Rent | $4,250 |
| Vacancy (6%) | −$255 |
| Collected | $3,995 |
| Property tax Public record | −$659 |
| Insurance Estimate | −$264 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$340 |
| Capital reserve (9% of rent) | −$382 |
| Property management | −$360 |
| Net operating income | $1,760 |
| Mortgage (principal + interest) | −$2,694 |
| Cash flow | −$935 |
| Principal paid down (equity, not cash) | $343 |
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
- Your equity when you sell
- $1,254,894
- Rental profits, invested at 7%
- $131,332
Sells for $1,334,994 (value up 3% a year), minus 6% selling cost ($80,100). Rent paid down $495,000 of loan.
$99,821 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $544,276
- Monthly shortfalls, invested
- $769,526
$71,500 put into an index fund instead of the down payment and closing costs.
$146,271 you'd have paid in while the building lost money, invested instead.
The building comes out $72,425 ahead after 30 years.
- Your equity when you sell
- $1,254,894
- Rental profits, invested at 7%
- $17,116
Sells for $1,334,994 (value up 3% a year), minus 6% selling cost ($80,100). Rent paid down $495,000 of loan.
$15,617 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $544,276
- Monthly shortfalls, invested
- $1,214,589
$71,500 put into an index fund instead of the down payment and closing costs.
$267,336 you'd have paid in while the building lost money, invested instead.
Stocks come out $486,854 ahead after 30 years.
- Your equity when you sell
- $1,232,079
- Rental profits, invested at 7%
- $146,340
Sells for $1,310,722 (value up 3% a year), minus 6% selling cost ($78,643). Rent paid down $486,000 of loan.
$109,384 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $534,380
- Monthly shortfalls, invested
- $714,921
$70,200 put into an index fund instead of the down payment and closing costs.
$134,008 you'd have paid in while the building lost money, invested instead.
The building comes out $129,118 ahead after 30 years.
- Your equity when you sell
- $1,232,079
- Rental profits, invested at 7%
- $22,176
Sells for $1,310,722 (value up 3% a year), minus 6% selling cost ($78,643). Rent paid down $486,000 of loan.
$19,872 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $534,380
- Monthly shortfalls, invested
- $1,150,036
$70,200 put into an index fund instead of the down payment and closing costs.
$249,765 you'd have paid in while the building lost money, invested instead.
Stocks come out $430,162 ahead after 30 years.
- Your equity when you sell
- $1,254,894
- Rental profits, invested at 7%
- $244,386
Sells for $1,334,994 (value up 3% a year), minus 6% selling cost ($80,100). Rent paid down $440,000 of loan.
$166,443 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $962,950
- Monthly shortfalls, invested
- $372,078
$126,500 put into an index fund instead of the down payment and closing costs.
$66,314 you'd have paid in while the building lost money, invested instead.
The building comes out $164,251 ahead after 30 years.
- Your equity when you sell
- $1,254,894
- Rental profits, invested at 7%
- $60,509
Sells for $1,334,994 (value up 3% a year), minus 6% selling cost ($80,100). Rent paid down $440,000 of loan.
$49,470 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $962,950
- Monthly shortfalls, invested
- $747,480
$126,500 put into an index fund instead of the down payment and closing costs.
$154,609 you'd have paid in while the building lost money, invested instead.
Stocks come out $395,028 ahead after 30 years.
- Your equity when you sell
- $1,232,079
- Rental profits, invested at 7%
- $265,951
Sells for $1,310,722 (value up 3% a year), minus 6% selling cost ($78,643). Rent paid down $432,000 of loan.
$177,893 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $945,442
- Monthly shortfalls, invested
- $333,312
$124,200 put into an index fund instead of the down payment and closing costs.
$58,602 you'd have paid in while the building lost money, invested instead.
The building comes out $219,275 ahead after 30 years.
- Your equity when you sell
- $1,232,079
- Rental profits, invested at 7%
- $69,732
Sells for $1,310,722 (value up 3% a year), minus 6% selling cost ($78,643). Rent paid down $432,000 of loan.
$56,060 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $945,442
- Monthly shortfalls, invested
- $696,373
$124,200 put into an index fund instead of the down payment and closing costs.
$142,038 you'd have paid in while the building lost money, invested instead.
Stocks come out $340,004 ahead after 30 years.
- Your equity when you sell
- $1,254,894
- Rental profits, invested at 7%
- $324,192
Sells for $1,334,994 (value up 3% a year), minus 6% selling cost ($80,100). Rent paid down $412,500 of loan.
$207,464 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,172,287
- Monthly shortfalls, invested
- $244,496
$154,000 put into an index fund instead of the down payment and closing costs.
$41,469 you'd have paid in while the building lost money, invested instead.
The building comes out $162,304 ahead after 30 years.
- Your equity when you sell
- $1,254,894
- Rental profits, invested at 7%
- $96,167
Sells for $1,334,994 (value up 3% a year), minus 6% selling cost ($80,100). Rent paid down $412,500 of loan.
$74,069 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,172,287
- Monthly shortfalls, invested
- $575,750
$154,000 put into an index fund instead of the down payment and closing costs.
$113,343 you'd have paid in while the building lost money, invested instead.
Stocks come out $396,976 ahead after 30 years.
- Your equity when you sell
- $1,232,079
- Rental profits, invested at 7%
- $348,917
Sells for $1,310,722 (value up 3% a year), minus 6% selling cost ($78,643). Rent paid down $405,000 of loan.
$219,485 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,150,973
- Monthly shortfalls, invested
- $212,660
$151,200 put into an index fund instead of the down payment and closing costs.
$35,527 you'd have paid in while the building lost money, invested instead.
The building comes out $217,362 ahead after 30 years.
- Your equity when you sell
- $1,232,079
- Rental profits, invested at 7%
- $108,227
Sells for $1,310,722 (value up 3% a year), minus 6% selling cost ($78,643). Rent paid down $405,000 of loan.
$81,853 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,150,973
- Monthly shortfalls, invested
- $531,250
$151,200 put into an index fund instead of the down payment and closing costs.
$103,164 you'd have paid in while the building lost money, invested instead.
Stocks come out $341,918 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
Year 30 (loan paid off): property $1.39M, stocks $1.31M. The property wins.
Year 30 (loan paid off): property $1.27M, stocks $1.76M. Stocks win.
Year 30 (loan paid off): property $1.38M, stocks $1.25M. The property wins.
Year 30 (loan paid off): property $1.25M, stocks $1.68M. Stocks win.
Year 30 (loan paid off): property $1.50M, stocks $1.34M. The property wins.
Year 30 (loan paid off): property $1.32M, stocks $1.71M. Stocks win.
Year 30 (loan paid off): property $1.50M, stocks $1.28M. The property wins.
Year 30 (loan paid off): property $1.30M, stocks $1.64M. Stocks win.
Year 30 (loan paid off): property $1.58M, stocks $1.42M. The property wins.
Year 30 (loan paid off): property $1.35M, stocks $1.75M. Stocks win.
Year 30 (loan paid off): property $1.58M, stocks $1.36M. The property wins.
Year 30 (loan paid off): property $1.34M, stocks $1.68M. 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.
4 bed / 1 bath estimate $2,350/mo · range $2,050–$2,650
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 220 E 27th St, Minneapolis 55408 | $2,600 | 4 / 1 | 0.8 mi | 89% |
| 1810 10th Ave S, Unit Lower, Minneapolis 55404 off market | $2,050 | 4 / 2 | 0.9 mi | 88% |
| 1810 10th Ave S, Minneapolis 55404 off market | $2,150 | 4 / 2 | 0.9 mi | 88% |
| 739 E 27th St, Minneapolis 55407 off market | $2,600 | 4 / 1 | 0.3 mi | 85% |
| 2121 11th Ave S, Minneapolis 55404 off market | $2,289 | 4 / 1 | 0.7 mi | 85% |
| 3032 3rd Ave S, Minneapolis 55408 | $2,200 | 4 / 1 | 0.8 mi | 85% |
| 2636 14th Ave S, Apt 2, Minneapolis 55407 off market | $1,650 | 3 / 1 | 0.3 mi | 84% |
| 2709 Bloomington Ave S, Minneapolis 55407 off market | $1,900 | 3 / 1 | 0.3 mi | 84% |
| 2709 Bloomington Ave S, Unit 2, Minneapolis 55407 off market | $1,900 | 3 / 1 | 0.3 mi | 84% |
| 2205 10th Ave S, Minneapolis 55404 off market | $1,700 | 3 / 1 | 0.7 mi | 84% |
3 bed / 1 bath estimate $1,900/mo · range $1,725–$2,075
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 2636 14th Ave S, Apt 2, Minneapolis 55407 off market | $1,650 | 3 / 1 | 0.3 mi | 94% |
| 2709 Bloomington Ave S, Minneapolis 55407 off market | $1,900 | 3 / 1 | 0.3 mi | 94% |
| 2709 Bloomington Ave S, Unit 2, Minneapolis 55407 off market | $1,900 | 3 / 1 | 0.3 mi | 94% |
| 2205 10th Ave S, Minneapolis 55404 off market | $1,700 | 3 / 1 | 0.7 mi | 93% |
| 1829 11th Ave S, Minneapolis 55404 off market | $1,550 | 3 / 1 | 0.9 mi | 93% |
| 2821 1st Ave S, Minneapolis 55408 | $1,600 | 3 / 1 | 0.9 mi | 84% |
| 2643 12th Ave S, Unit 1, Minneapolis 55407 | $1,785 | 2 / 1 | 0.2 mi | 84% |
| 2835 Park Ave, Minneapolis 55407 | $1,255 | 2 / 1 | 0.3 mi | 84% |
| 3029 Chicago Ave S, Minneapolis 55407 off market | $1,575 | 2 / 1 | 0.3 mi | 84% |
| 3029-3031 Chicago Ave S, Minneapolis 55407 off market | $1,575 | 2 / 1 | 0.3 mi | 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
- highProperty taxes have been delinquent since 2025. Expect penalties and a payoff at closing; ask why. Public record: Hennepin County parcel 3502924340051: earliest delinquent year=25
- highDescription says three units; the county records only two living units. The basement unit may be unpermitted or unlicensed. Based on: data: county.living_units · AI review
- highBasement bedrooms need egress and proper ceiling height to be legal. If it is not a legal unit, a third of the claimed income disappears. Listing says: a 3 bedroom, 1 bathroom basement unit · AI review
- 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 2820 12TH AVE S
- mediumFlat roof per the city assessor on a stucco building: get its age and a moisture inspection. Public record: Hennepin County parcel 3502924340051: roof=FLAT, exterior=STUCCO
- mediumBought for $469,900 in Apr 2024; asking is 17% more 30 months later. Ask what was done to justify the jump. Public record: Hennepin County parcel 3502924340051: last sale 2024-04-01, $469,900
- mediumRent estimates are the only income data. No actual rents or leases are given, so the occupancy and rent roll are unverified. Based on: data: rent_estimate · AI review
- mediumTaxes are about $7.9K a year and the tax bill is non-homestead. Delinquency adds penalties on top of that. Based on: data: county.tax · AI review
- mediumCounty market value is $416,500 against a $550K ask, so the price is well above the assessor's value. Based on: data: county.market_value · AI review
Opportunities
- Long time on market: room to negotiate. Based on: Listing data: 152 days on market
- 149 days on market gives room to negotiate hard, especially given the delinquent taxes and licensing gap. Based on: data: listing.days_on_market · AI review
- No rent cap in Minneapolis, so rents can follow the market after a refresh. Based on: data: underwriting.rent_rule · AI review
- Units appear freshly turned with new kitchens, so near-term rehab looks light in the upper units. Based on: photo 3 · AI review
Questions for the agent
- Is the basement a legal, licensed third unit? Ask for the certificate of occupancy and the rental license status.
- Why are the taxes delinquent, how much is owed, and is it paid at closing?
- What are the current rents and lease terms for each unit? Ask for the rent roll and 12 months of expenses.
- What is the age and condition of the flat roof, and has it leaked?
- Who pays heat and water, and are there separate meters and furnaces for each unit?
- The seller paid $469,900 in 2024. What was renovated since then?
Bottom line
Big units and fresh finishes, but a possibly illegal third unit, delinquent taxes and a price about $152K above break-even make this a pass unless the price drops hard. AI-assisted summary
What the records say
Where each number comes from
| Property tax / yr Public recordHennepin County record, current payable year (non-homestead) | $7,909 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $3,168 |
| 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 1916: +1 pt capital reserve | 8% / 9% |
Price history Realtor.com
On the market since 2026-05-06 (152 days); last sold for $469,900 on 2024-08-28.
| Date | Event | Price |
|---|---|---|
| Listed | $550,000 | |
| Sold public record | $469,900 | |
| Sold | $469,900 | |
| Sold | $460,000 | |
| Removed | $310,000 | |
| Removed | — | |
| Listed | $469,999 | |
| Listed | $469,999 | |
| Sold public record | $245,000 | |
| Removed | $310,000 | |
| Listed | $310,000 | |
| Removed | $274,900 | |
| Price changed | $274,900 | |
| Price changed | $289,900 | |
| Listed | $299,900 | |
| Sold public record | $273,000 | |
| Sold public record | $130,000 | |
| Sold public record | $80,000 | |
| Sold public record | $50,000 | |
| Sold public record | $50,000 |
County record Public record
| Recorded as | duplex |
| Living units | 2 |
| Year built | 1916 |
| Market value (2026) | $416,500 |
| Property tax | $7,909 |
| Special assessments | none |
| Homestead | no |
| Taxes delinquent since | 25 |
| Last sale | 2024-04-01 · $469,900 |
Source: Hennepin County parcel records.
City rental license
No record in Minneapolis Active Rental Licenses.
Nearest highway
I 35W, about 1079 m away.
Crime in Midtown Phillips
409 incidents in the last 12 months (79 per 1,000 residents), +2% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).