2832 27th Ave S

Duplex · 2 units: 2 bed / 1 bath and 1 bed / 1 bath unit split estimated · 1,510 sq ft

Minneapolis, MN · Longfellow · View the listing ↗

26 photos

Photos, via Realtor.com.

Asking price: $275,000
Monthly cash flow: −$261
Estimated rent: $2,775/mo
Break-even price: $226,049

Adjust the numbers See the full breakdown

From the listing

Fantastic investment opportunity in the heart of Longfellow! This beautifully maintained up-and-down duplex offers the perfect blend of classic Minneapolis character and thoughtful updates. Each unit features spacious living areas, generous natural light, updated kitchens with stainless steel appliances, in-unit laundry, and comfortable floor plans that tenants love. Original woodwork and timeless architectural details preserve the home's historic charm while modern improvements provide today's conveniences. Outside, enjoy a large fenced backyard, plenty of green space, and a rare oversized detached 3-car garage offering exceptional parking, storage, or workshop potential. Both units are currently leased, providing immediate rental income for investors, while future owner-occupants can enjoy the flexibility of living in one unit and offsetting their mortgage with rental income from the other. Located in one of Minneapolis' most sought-after neighborhoods, you'll be just minutes from Minnehaha Falls, the Mississippi River trails, parks, coffee shops, restaurants, light rail, Downtown Minneapolis, and major commuter routes. Whether you're expanding your investment portfolio or looking for an owner-occupied duplex in an unbeatable location, this Longfellow gem is one you won't want to miss!

Description from Realtor.com, MLS #7112263. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1900 up/down duplex in Longfellow asking $275K, and the numbers don't work at today's rates. Our underwriting shows about -$241/mo and a 5.3% cap rate, with break-even near $230K. The description gives no rents, no lease terms and no utility info, and calls it "beautifully maintained" while the kitchen photos show clutter and basic, builder-grade finishes. Ask for the rent roll, leases and trailing-12 expenses first. Then check who pays for the boiler heat and what the roof, panel and stone foundation look like. It's only worth a showing if the seller will come down meaningfully or the real rents beat our estimates.

Things to consider

Price is above what the rents support Our numbers show about -$241/mo cash flow and a break-even price of about $230K, so the asking price leaves a clear gap.
Rents and leases are unknown Without a rent roll you can't tell whether income matches our $1,575 and $1,225 estimates. Lease terms also affect when you could reset rents.Listing says: “Both units are currently leased, providing immediate rental income for investors”
Heat and utility responsibility Hot-water heat from one boiler often means the owner pays the gas bill. That can cost several hundred dollars a month.
Old stone foundation and exterior stairs A 1900 home with a stone foundation and wooden rear stairs can need structural or carpentry repairs that eat into returns.From photo 7
Heavy non-homestead taxes Taxes of about $6,048 take a large share of income. An owner-occupant might see a lower bill, but an investor should underwrite the higher one.
Seller has a large gain and room to cut The seller bought at $65K in 2012 and the listing has been on the market 71 days, so a lower offer is plausible.

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: $275,000
Cash to close: $63,250
Price per unit: $137,500
GRM: 8.3

Each month

Cash flow: −$261/mo
Cash-on-cash: −4.9%
Cap rate: 5.3%
DSCR: 0.82×

Break-even

Price that breaks even: $226,049
Rent that breaks even: $3,113/mo

Long run

Year 30: property vs stocks: $839K vs $567K
Cash flow turns positive: year 9

Monthly

Monthly breakdown

Rent	$2,775
Vacancy (6%)	−$166
Collected	$2,608
Property tax Public record	−$504
Insurance Estimate	−$200
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$222
Capital reserve (9% of rent)	−$250
Net operating income	$1,203
Mortgage (principal + interest)	−$1,464
Cash flow	−$261
Principal paid down (equity, not cash)	$186

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$839,398

Your equity when you sell: $627,447
Rental profits, invested at 7%: $211,951

Same money in stocks$567,045

Cash to close, invested at 7%: $481,475
Monthly shortfalls, invested: $85,570

The building comes out $272,353 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 $839K, stocks $567K. The property wins.

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 $1,650/mo · range $1,500–$1,900 · 19 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2220 E Lake St, Minneapolis	$1,425	2 / 1	835	0.3 mi	—	Apartment
2833 31st Ave S, Minneapolis	$1,695	2 / 1	950	0.3 mi	2026-03-25	Apartment
2821 S 32nd Ave Unit Upper, Minneapolis	$1,549	2 / 1	1,000	0.4 mi	2024-11-07	Duplex triplex
2329 27th Ave S Apt 4, Minneapolis	$1,800	2 / 1	1,020	0.6 mi	2026-09-22	Apartment
940 Franklin Ter, Minneapolis	$1,450	2 / 1	755	0.9 mi	2024-06-11	Apartment
2220 E Franklin Ave, Minneapolis	$1,783	2 / 1.5	900	0.9 mi	2024-04-12	Apartment
3140 16th Ave S, Minneapolis	$1,300	2 / 1	800	0.9 mi	2026-10-03	Apartment
811 28th Ave S, Minneapolis	$1,400	2 / 1	—	1.0 mi	2026-05-20	Apartment
2520 S 8th St, Minneapolis	$1,737	2 / 1	692	1.0 mi	2026-05-21	Apartment
1901 Minnehaha Ave, Minneapolis	$1,500	2 / 1	840	1.1 mi	2026-01-18	Apartment

1 bed estimate $1,125/mo · range $1,100–$1,325 · 7 rentals within 0.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2615 E 29th St, Minneapolis	$1,260	1 / 1	520	0.1 mi	2026-04-01	Apartment
2808 28th Ave S Apt 2, Minneapolis	$1,200	1 / 1	849	0.1 mi	2026-09-16	Apartment
2220 E Lake St, Minneapolis	$1,000	1 / 1	650	0.3 mi	—	Apartment
3014-3020 31st Ave S, Minneapolis	$950	1 / 1	515	0.4 mi	2025-02-01	Apartment
3123 23rd Ave S Apt 203, Minneapolis	$1,050	1 / 1	720	0.4 mi	2026-07-23	Apartment
3105 22nd Ave S, Minneapolis	$975	1 / 1	557	0.4 mi	2026-03-18	Apartment
3141 22nd Ave S, Minneapolis	$995	1 / 1	546	0.5 mi	2026-08-06	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 are given, so income can't be checked. 'Leased' says nothing about amount or end date. Listing says: Both units are currently leased, providing immediate rental income for investors · AI review
mediumProperty tax is $6,048 on a non-homestead basis, which is heavy against likely rents. Based on: data: county.tax · AI review
mediumOne hot-water system seen in the basement suggests the owner may pay heat for both units. Confirm the meters. Based on: data: county.heat_type · AI review
lowMarketing says 'beautifully maintained' and 'updated kitchens', but the photos show basic, builder-grade finishes that look dated, not fresh updates. Listing says: updated kitchens with stainless steel appliances, in-unit laundry · AI review
low71 days on market suggests the price is not landing with buyers. Based on: data: listing.days_on_market · AI review

Opportunities

The seller bought for $65,000 in Jan 2012, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 3602924430038: last sale 2012-01-01, $65,000
Large 3-car garage could be rented separately or used for storage or workshop income. Listing says: rare oversized detached 3-car garage offering exceptional parking, storage, or workshop potential · AI review
Minneapolis has no rent cap, so rents can follow the market after turnover. Based on: data: underwriting.rent_rule · AI review
Seller paid $65K in 2012 and has large equity, so there is room to negotiate. Based on: data: county.last_sale_price · AI review
Owner-occupant option: live in one unit and rent the other. This helps financing and cash flow. Listing says: future owner-occupants can enjoy the flexibility of living in one unit and offsetting their mortgage · AI review

Questions for the agent

What are the current rents, lease end dates and deposits for each unit?
Who pays heat, water and trash, and are there separate gas and electric meters?
How old are the roof, boiler, water heater and electrical panels?
Is the stone foundation sound, and has any basement moisture or structural work been done?
Are the in-unit laundry hookups in both units? Where are they?
Why has it sat 71 days, and has the price been cut or any offers refused?

Bottom line

Charming old duplex in a good area, but at $275K it loses money each month, so only worth pursuing at a lower price or with strong rents. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$6,048
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,395
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 2026-07-23 (74 days); down $20,000 (6.8%) from the first ask of $295,000; last sold for $65,000 on 2012-01-09; listed for rent at $1,100/mo on 2021-07-12.

Date	Event	Price
2026-09-13	Price changed	$275,000
2026-07-23	Listed	$295,000
2021-08-23	Rental removed	$1,100/mo
2021-08-11	Rental removed	$1,100/mo
2021-07-12	Listed for rent	$1,100/mo
2020-09-08	Rental removed	$1,100/mo
2020-07-29	Rental removed	$1,100/mo
2020-07-24	Listed for rent	$1,100/mo
2020-07-14	Removed	—
2020-07-09	Listed for rent	$1,100/mo
2019-10-11	Rental removed	$1,100/mo
2018-10-12	Rental removed	$1,100/mo
2018-10-01	Rental removed	$1,100/mo
2018-09-25	Rent changed	$1,100/mo
2018-09-18	Rent changed	$1,195/mo
2018-09-07	Rent changed	$1,195/mo
2018-08-06	Listed for rent	$1,295/mo
2012-08-14	Rental removed	$925/mo
2012-08-13	Rental removed	$990/mo
2012-07-18	Rent changed	$990/mo
2012-06-16	Rent changed	$1,095/mo
2012-06-03	Listed for rent	$1,195/mo
2012-01-09	Sold	$65,000
2011-11-06	Listed	$67,000
2011-10-14	Removed	$95,000

County record Public record

Recorded as	duplex
Living units	2
Year built	1900
Market value (2026)	$318,500
Property tax	$6,048
Special assessments	none
Homestead	no
Last sale	2012-01-01 · $65,000

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 436 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).