2915 N 3rd St

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 1,776 sq ft

Minneapolis, MN · Hawthorne · View the listing ↗

24 photos

Photos courtesy of Keller Williams Realty, via Realtor.com.

Asking price: $305,000
Monthly cash flow: −$73
Estimated rent: $3,000/mo
Break-even price: $291,199

Adjust the numbers See the full breakdown

From the listing

Exceptional investment opportunity in Minneapolis' growing Hawthorne neighborhood! This well-maintained duplex is ideal for both owner-occupants and investors seeking strong cash flow and long-term appreciation. Major updates completed in 2021-2022 include a new roof, furnace, water heater, walkway, stairs, and retaining wall, providing peace of mind and reduced maintenance costs for years to come. The property is currently generating solid rental income, with Unit 1 rented at $1,250/month and Unit 2 rented at $1,575/month. Located in an area experiencing significant reinvestment and growth, this property is surrounded by new development activity, including a brand-new construction duplex valued at approximately $450,000 being built next door. Additional new construction projects have recently been completed nearby, further enhancing the neighborhood's appeal and future value. Whether you're looking to live in one unit while offsetting your mortgage with rental income or add a stable, income-producing asset to your portfolio, this duplex offers a rare combination of cash flow, updates, and upside potential. Don't miss your chance to own in one of North Minneapolis' emerging neighborhoods!

Listing courtesy of Keller Williams Realty (Hosie Thurmond). Description from Realtor.com, MLS #7080138. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1906 Hawthorne duplex asking $305K that the county values at $236K and that last sold for $292K in Oct 2022, so the seller wants more than they paid. Our underwriting uses rents of $1,500 per unit, $3,000 total, and at the ask it shows about -$73/month and a 6.1% cap rate, with break-even near $291K. The 2021-2022 roof, furnace and water heater are real positives. The interiors look dated and lived-in, and the I-94 noise and a construction site next door will weigh on the rents. At 113 days on market there is room to push on price. Ask for the leases and the rent roll before a showing, then confirm the tax figure, since the county bill is a homestead one.

Things to consider

Price versus value and rents The ask is above the county value, the 2022 sale price and our break-even price, and underwriting shows negative cash flow. A lower price, near $291K, would be needed to break even.
Stated rents need verification The stated $1,575 rent is above our $1,500 estimate. If it's a lease signed for a short period or isn't being paid, income is overstated.Listing says: “Unit 2 rented at $1,575/month”
Recent major systems A 2021-2022 roof, furnace and water heater cut near-term capex risk. Confirm with permits and inspection.Listing says: “Major updates completed in 2021-2022 include a new roof, furnace, water heater, walkway, stairs, and retaining wall”
Highway noise and a nearby build Noise from I-94 and construction next door can cap rents and hurt retention.
Taxes will likely be higher The listed bill is homestead. Non-homestead taxes would push cash flow further negative.

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

Unit 1: $1,250Listing says: Unit 1 rented at $1,250/month
Unit 2: $1,575Listing says: Unit 2 rented at $1,575/month

Condition and repairs

doneNew roofListing says: Major updates completed in 2021-2022 include a new roof, furnace, water heater, walkway, stairs, and retaining wall
doneNew furnaceListing says: Major updates completed in 2021-2022 include a new roof, furnace, water heater, walkway, stairs, and retaining wall
doneNew water heaterListing says: Major updates completed in 2021-2022 include a new roof, furnace, water heater, walkway, stairs, and retaining wall
doneWalkway, stairs and retaining wallListing says: Major updates completed in 2021-2022 include a new roof, furnace, water heater, walkway, stairs, and retaining wall

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: $305,000
Cash to close: $70,150
Price per unit: $152,500
GRM: 8.5

Each month

Cash flow: −$73/mo
Cash-on-cash: −1.3%
Cap rate: 6.1%
DSCR: 0.95×

Break-even

Price that breaks even: $291,199
Rent that breaks even: $3,095/mo

Long run

Year 30: property vs stocks: $1.21M vs $543K
Cash flow turns positive: year 3

Monthly

Monthly breakdown

Rent	$3,000
Vacancy (6%)	−$180
Collected	$2,820
Property tax Listing	−$324
Insurance Estimate	−$206
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	$1,550
Mortgage (principal + interest)	−$1,623
Cash flow	−$73
Principal paid down (equity, not cash)	$207

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$1,205,361

Your equity when you sell: $695,896
Rental profits, invested at 7%: $509,465

Same money in stocks$542,725

Cash to close, invested at 7%: $534,000
Monthly shortfalls, invested: $8,725

The building comes out $662,636 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 $1.21M, stocks $543K. 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 $1,500/mo · range $1,350–$1,600 · 16 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
421 N 26th Ave Unit 1, Minneapolis	$1,500	2 / 1	300	0.3 mi	2026-09-21	Apartment
415 23rd Ave N Apt 4, Minneapolis	$1,415	2 / 1	850	0.5 mi	—	Apartment
2219 Marshall St NE, Minneapolis	$1,509	2 / 1	895	0.6 mi	2026-09-15	Apartment
2652 Marshall St NE, Minneapolis	$1,249	2 / 1	—	0.7 mi	2025-04-30	Apartment
816 21st Ave N Apt 337, Minneapolis	$1,788	2 / 1	1,000	0.7 mi	2026-07-14	Apartment
2630 Grand St NE, Minneapolis	$1,595	2 / 1	873	0.8 mi	2026-03-20	Apartment
2630 Grand St NE Unit 2, Minneapolis	$1,595	2 / 1	873	0.8 mi	—	Apartment
2222 Girard Ave N, Minneapolis	$1,500	2 / 1	1,736	0.8 mi	2026-07-10	Duplex triplex
2743 Grand St NE, Minneapolis	$1,695	2 / 1	975	0.9 mi	2026-09-10	Duplex triplex
3619 Fremont Ave N Apt 5, Minneapolis	$1,075	2 / 1	800	1.0 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

highAsking price is well above county value and the last sale price Based on: data: county.market_value · AI review
highRents of $2,825 do not carry the ask; underwriting shows negative cash flow Based on: data: underwriting.cash_flow_monthly · AI review
mediumAbout 82 m from I 94: traffic noise usually costs $50–100/month in rent. Based on: OpenStreetMap: nearest motorway (I 94) at 82 m
mediumUnit 2 rent is above our $1,350 mid estimate, so check whether it holds Listing says: Unit 2 rented at $1,575/month · AI review
mediumTax shown is a homestead bill; an investor will likely pay more Based on: data: county.homestead · AI review
lowActive construction next door means noise and dust, and a possible effect on tenant retention Based on: photo 1 · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 116 days on market
Newer roof, furnace and water heater reduce near-term capital spending Listing says: Major updates completed in 2021-2022 include a new roof, furnace, water heater, walkway, stairs, and retaining wall · AI review
Neighborhood reinvestment may support values and rents over time Listing says: a brand-new construction duplex valued at approximately $450,000 being built next door · AI review
No rent cap in Minneapolis, so rents can follow the market Based on: data: underwriting.rent_rule · AI review

Questions for the agent

Can you send the leases and rent roll, including start dates, deposits and whether either is month-to-month?
Who pays heat, electric, water and trash in each unit?
Is the $450K next-door build really a comparable? What are actual sale prices nearby?
What is the seller's reason for asking $13K more than the 2022 purchase price, and has the price been cut?
Are permits on file for the 2021-2022 roof, furnace and water heater work?
Is the second-floor unit separately metered, and is there a separate furnace for each unit?

Bottom line

Newer mechanicals are good, but at $305K the rents fall slightly short each month; there is no cushion, so push on price. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2025. 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.	$3,893
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,468
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 1906: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-06-11 (116 days, relisted 1×); last sold for $292,000 on 2022-10-24; listed for rent at $1,150/mo on 2022-07-15.

Date	Event	Price
2026-07-16	Relisted	$305,000
2026-06-24	Removed	—
2026-06-11	Listed	$305,000
2022-10-24	Sold	$292,000
2022-08-31	Price changed	$300,000
2022-08-24	Removed	—
2022-07-15	Listed for rent	$1,150/mo
2022-07-13	Removed	—
2022-07-11	Rent changed	$1,150/mo
2022-06-26	Rent changed	$1,295/mo
2022-06-21	Listed	$310,000
2022-05-27	Listed for rent	$1,395/mo
2022-05-13	Removed	—
2022-05-01	Listed for rent	$950/mo
2022-03-30	Removed	—
2022-03-01	Rent changed	$950/mo
2022-01-19	Listed for rent	$975/mo
2022-01-13	Removed	—
2021-12-08	Listed for rent	$1,195/mo
2021-05-12	Sold	$255,100
2021-04-01	Listed	$249,900
2019-01-18	Sold	$215,000
2018-12-19	Removed	—
2018-11-14	Listed	$209,900
2018-10-12	Sold	$92,500

County record Public record

Recorded as	duplex
Living units	2
Year built	1906
Market value (2026)	$236,200
Property tax	$3,894
Special assessments	none
Homestead	no
Last sale	2022-10-01 · $292,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 94, about 82 m away.

Crime in Hawthorne

445 incidents in the last 12 months (79 per 1,000 residents), −1% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).