2834 15th Ave S

Triplex · 3 units: 3 bed / 1 bath ×2 and 2 bed / 1 bath unit split estimated · 2,850 sq ft

Minneapolis, MN · Midtown Phillips · View the listing ↗

50 photos

Photos, via Realtor.com.

Asking price: $484,900
Monthly cash flow: −$26
Estimated rent: $5,175/mo
Break-even price: $480,055

Adjust the numbers See the full breakdown

First look

This is a Minneapolis triplex asking $484,900, up from a $430,000 sale in 2020, and our numbers are roughly break-even at the ask: about -$26/mo cash flow with 20% down and a 6.3% cap rate. Break-even price is about $480K, so the seller would need to drop only about $5K. The description gives no rents, no unit mix and no systems info, so the first ask is a rent roll with lease dates, plus trailing-12 expenses. Photos show a clean exterior but dated, cluttered interiors, so budget for cosmetic work. Worth a showing if the price comes down a bit or the real rents beat our estimates.

Things to consider

Cash flow is slightly negative at the asking price Underwriting shows about -$26/mo and a 6.3% cap, so a small price cut or actual rents that beat our estimates would tip it positive.
Rents are unknown Without a rent roll you can't tell whether long-term tenants are paying below market or whether the income supports the price.Listing says: “two of the tenants have been there for over 2 years”
Heavy tax and assessment load Non-homestead taxes of about $9,000 plus $2,729 in special assessments cut deeply into net income and may carry into your ownership.
Interiors look dated and kitchens are unseen Dated baths and flooring suggest cosmetic updates will be needed to hit upper-end rents; kitchens and systems are unknown.From photo 8
Price jumped from the 2020 sale The seller paid $430,000 in 2020 and now asks $484,900. County market value is $474,000, so there's little room for error.

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: $484,900
Cash to close: $111,527
Price per unit: $161,633
GRM: 7.8

Each month

Cash flow: −$26/mo
Cash-on-cash: −0.3%
Cap rate: 6.3%
DSCR: 0.99×

Break-even

Price that breaks even: $480,055
Rent that breaks even: $5,209/mo

Long run

Year 30: property vs stocks: $2.03M vs $851K
Cash flow turns positive: year 2

Monthly

Monthly breakdown

Rent	$5,175
Vacancy (6%)	−$310
Collected	$4,864
Property tax Public record	−$750
Insurance Estimate	−$313
Water, sewer, trash Estimate	−$255
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$466
Capital reserve (9% of rent)	−$466
Net operating income	$2,555
Mortgage (principal + interest)	−$2,581
Cash flow	−$26
Principal paid down (equity, not cash)	$328

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$2,030,587

Your equity when you sell: $1,106,361
Rental profits, invested at 7%: $924,227

Same money in stocks$851,174

Cash to close, invested at 7%: $848,972
Monthly shortfalls, invested: $2,202

The building comes out $1,179,413 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 $2.03M, stocks $851K. 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.

3 bed estimate $1,775/mo · range $1,625–$2,050 · 6 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2835 11th Ave S, Minneapolis	$1,700	3 / 2	1,166	0.2 mi	2026-05-21	Apartment
2742 18th Ave S, Minneapolis	$1,850	3 / 1	1,270	0.3 mi	2026-09-08	Apartment
2500 17th Ave S Unit 2, Minneapolis	$1,200	3 / 1	—	0.5 mi	2026-06-05	Apartment
912 E 25th St Apt 2, Minneapolis	$1,695	3 / 1	1,014	0.6 mi	—	Apartment
912 E 25th St Apt 3, Minneapolis	$1,675	3 / 1	1,014	0.6 mi	—	Apartment
2407 Elliot Upper Ave Unit Elliot, Minneapolis	$2,300	3 / 1	2,304	0.7 mi	2025-03-15	Duplex triplex

2 bed estimate $1,625/mo · range $1,400–$1,725 · 7 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2835 11th Ave S, Minneapolis	$1,557	2 / 2	862	0.2 mi	2026-05-21	Apartment
2944 17th Ave S, Minneapolis	$1,649	2 / 2	843	0.2 mi	2026-03-26	Apartment
2643 12th Ave S Unit 1, Minneapolis	$1,785	2 / 1	—	0.3 mi	2023-06-08	Apartment
3140 16th Ave S, Minneapolis	$1,300	2 / 1	800	0.4 mi	2026-10-03	Apartment
2835 Park Ave, Minneapolis	$1,340	2 / 1	—	0.5 mi	2026-07-17	Apartment
2723 Portland Ave S, Minneapolis	$1,589	2 / 1	—	0.7 mi	2026-07-17	Apartment
2220 E Lake St, Minneapolis	$1,425	2 / 1	835	0.7 mi	—	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, rent roll or expenses given. Income is unverified. Listing says: two of the tenants have been there for over 2 years · AI review
highPrice is well above what underwriting supports; break-even is about $79K below ask. Based on: data: underwriting.break_even_price · AI review
medium$2,729 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 3502924430099: special assessments (current) = $2,728.66
mediumTaxes of about $9,000 plus special assessments weigh heavily on income for a non-homestead triplex. Based on: data: county.tax · AI review
mediumDescription is vague promotional language, with no specifics on systems, updates or repairs. Listing says: Property has been well taken care of · AI review

Opportunities

Large lot with 6 parking spaces is a real plus in this area and supports rentability. Listing says: Large lot with 6 parking spaces in the back! · AI review
No rent cap in Minneapolis, so rents can move to market as leases turn over. Based on: data: underwriting.rent_rule · AI review
Long-term tenants in two units suggest stable occupancy, though rents may be below market. Listing says: two of the tenants have been there for over 2 years · AI review
Seller left room for a negotiation: 36 days on market and a price well above break-even. Based on: data: listing.days_on_market · AI review

Questions for the agent

Can I see the rent roll, lease copies and lease end dates for all three units?
What are the special assessments for, and does the seller pay them at closing?
What are the trailing-12 expenses, including who pays heat, water and trash?
What is the actual unit mix and is each unit separately metered for gas and electric?
What is the age of the roof, furnaces, water heaters and electrical panels?
Which unit is vacant or owner-occupied, and why is the seller selling?

Bottom line

A tidy-looking Minneapolis triplex with parking, but at $484,900 it is roughly break-even monthly and the listing gives no rents to prove otherwise. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$9,002
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$3,754
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$255
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 bedrooms: +1 pt repairs for wear	9% / 9%

Price history Realtor.com

On the market since 2026-06-28 (99 days, relisted 1×); down $40,000 (7.6%) from the first ask of $524,900; last sold for $430,000 on 2020-03-12.

Date	Event	Price
2026-08-27	Listed	$484,900
2026-06-28	Removed	$524,900
2022-01-24	Removed	$499,900
2022-01-08	Listed	$499,900
2020-03-12	Sold	$430,000
2020-03-11	Relisted	$430,000
2020-02-26	Removed	$430,000
2020-02-25	Price changed	$430,000
2020-02-22	Price changed	$365,000
2020-02-21	Listed	$350,000
2009-12-04	Sold	$105,000
2009-10-22	Listed	$104,000
2005-04-26	Sold public record	$249,525
1999-03-19	Sold public record	$195,000

County record Public record

Recorded as	triplex
Living units	3
Year built	1900
Market value (2026)	$474,000
Property tax	$9,002
Special assessments	$2,729
Homestead	no
Last sale	2020-03-01 · $430,000

Source: Hennepin County parcel records.

City rental license

CHOWN: 3 unit(s), Tier 1, status active, renews 2027-03-01.

Nearest highway

MN 55, about 1000 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).