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3013 James Ave S

Duplex · 2 units: 4 bed and 2 bed · 4,232 sq ft

Minneapolis, MN · East Bde Maka Ska · View the listing ↗

Far off
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Photos, via Realtor.com.

Asking price
$799,900
2 units · $400K per unit
Monthly cash flow
−$3,001
at 20% down, 7%
Estimated rent
$3,875/mo
high confidence
Break-even price
$236,039
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a big, distinctive 1906 octagonal duplex asking $799,900, and the numbers don't work at today's rates. Our rent estimates total about $3,875 a month at mid, while taxes alone run $15,756 a year as a non-homestead property. Underwriting shows roughly -$3,000 a month and a 1.9% cap rate. Break-even price is about $236K, so this only makes sense as an owner-occupied home, not an investment. If you still want to see it, first confirm the rental license status, the heat setup (one hot-water system or two), and how the third-floor rooms are permitted.

Things to consider

  1. Price is far above what rents support At about $3,875 a month in estimated rent, the property cannot cover taxes and a mortgage. Break-even is around $236K.
  2. High property tax as an investor The tax bill is $15,756 and the property is non-homestead. That's more than a third of estimated gross rent.
  3. Unit count and bedroom count depend on permits Closet-less rooms and a near-second kitchen may not count as legal bedrooms or units, which limits rent and could cause code trouble.Listing says: “2 more spacious rooms (without closets) that can serve as additional bedrooms, home offices”
  4. Rental license is not on file An unlicensed building can mean a delay and inspection costs before renting legally.
  5. Seller may be getting out at a loss They paid $968,000 in 2021 and are asking $799,900, so they may negotiate. Even a big cut likely won't reach the break-even price.

From the photos

Listing photo 2
1 of 7Plus

Both kitchens appear updated with maple cabinets, tile backsplash, gas ranges and stone-look counters. They look like cosmetic updates of roughly 15 to 20 years ago, not new.

Listing photo 4
2 of 7Plus

Bathrooms appear updated with tile and glass block; one has a walk-in shower. Condition appears good.

Listing photo 5
3 of 7Check

Wall-mounted mini-split units appear in the bedroom and living area, suggesting added A/C. Check whether each unit has its own and who pays for it.

Listing photo 6
4 of 7Plus

Hardwood floors appear in good shape throughout, with period woodwork and a built-in bench.

Listing photo 8
5 of 7Check

Washer and dryer in a closet appear to be in-unit. Check whether the other unit has laundry too.

Listing photo 10
6 of 7Concern

Rear pergola/deck framing appears weathered and sagging, with string lights and wires nearby. Wood shingle siding has some age.

Listing photo 1
7 of 7Check

Photos show no boiler, water heater, electrical panel or basement, and no clear view of the roof. Ask for these before an offer.

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

Condition and repairs

  • doneUpper unit renovated with high-end finishesListing says: This unit has been thoughtfully renovated with high-end finishes and attention to detail
  • doneMain floor unit updatedListing says: This beautifully updated 2-bedroom, 1-bath unit features gleaming hardwood floors

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

Down payment %
Offer $
Management
Interest rate %
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
$799,900
Cash to close
$183,977
Price per unit
$399,950
GRM
17.2

Each month

Cash flow
−$3,001/mo
Cash-on-cash
−19.6%
Cap rate
1.9%
DSCR
0.30×

Break-even

Price that breaks even
$236,039
Rent that breaks even
$7,674/mo

Long run

Year 30: property vs stocks
$1.83M vs $4.44M
Cash flow turns positive
not within 30 years

Monthly

Monthly breakdown

Rent$3,875
Vacancy (6%)−$232
Collected$3,642
Property tax Public record−$1,313
Insurance Estimate−$262
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (7% of rent)−$271
Capital reserve (8% of rent)−$310
Net operating income$1,256
Mortgage (principal + interest)−$4,257
Cash flow−$3,001
Principal paid down (equity, not cash)$542

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$1,825,073
Your equity when you sell
$1,825,073

Sells for $1,941,567 (value up 3% a year), minus 6% selling cost ($116,494). Rent paid down $639,920 of loan.

Rental profits, invested at 7%
$0

$0 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$4,438,421
Cash to close, invested at 7%
$1,400,480

$183,977 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$3,037,941

$903,100 you'd have paid in while the building lost money, invested instead.

Stocks come out $2,613,348 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 $1.83M, stocks $4.44M. Stocks win.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-06. The estimate above is RentCast's, weighted toward the closest matches.

4 bed / 1 bath estimate $2,325/mo · range $1,650–$3,000

AddressRentBd / BaSq ftDistanceListedMatch
3525 Hennepin Ave S, Minneapolis 55408 off market $1,495 3 / 1 — 0.7 mi 2026-06-15 83%
3142 Girard Ave S, Unit 1, Minneapolis 55408 off market $2,400 4 / 2 2,200 0.3 mi 2022-07-11 83%
3448 Girard Ave S, Minneapolis 55408 $2,595 4 / 2 2,200 0.6 mi 2026-08-28 83%
2721 Fremont Ave S, Minneapolis 55408 off market $2,200 4 / 2 1,824 0.5 mi 2025-11-10 81%
3552 Irving Ave S, Unit 2, Minneapolis 55408 off market $2,900 3 / 2 — 0.7 mi 2026-04-23 79%
3229 Hennepin Ave S, Minneapolis 55408 $2,395 3 / 1 1,970 0.4 mi 2022-08-11 77%
1721 Lagoon Ave, Minneapolis 55408 off market $3,095 5 / 3 3,592 0.1 mi 2026-07-07 77%
3040 Colfax Ave S, Minneapolis 55408 off market $2,200 3 / 1 1,700 0.5 mi 2026-03-21 75%
2896 James Ave S, Minneapolis 55408 $950 0 / 1 — 0.1 mi 2026-09-15 75%
2875 Irving Ave S, Minneapolis 55408 off market $1,050 1 / 1 — 0.1 mi 2024-04-15 75%

2 bed / 1 bath estimate $1,550/mo · range $1,225–$1,875

AddressRentBd / BaSq ftDistanceListedMatch
1402 W 28th St, Minneapolis 55408 off market $1,799 2 / 1 — 0.4 mi 2026-03-03 93%
3126 Emerson Ave S, Minneapolis 55408 off market $1,720 2 / 1 — 0.4 mi 2026-05-19 93%
3016 Dupont Ave S, Unit 1, Minneapolis 55408 off market $1,975 2 / 1 — 0.5 mi 2026-08-14 93%
3024 Dupont Ave S, Minneapolis 55408 off market $1,699 2 / 1 — 0.5 mi 2026-04-04 93%
3523 Hennepin Ave S, Minneapolis 55408 off market $1,195 2 / 1 — 0.7 mi 2026-06-12 93%
3351 Dupont Ave S, Minneapolis 55408 off market $1,895 2 / 1 — 0.7 mi 2026-02-03 93%
3350 Colfax Ave S, Minneapolis 55408 off market $1,595 2 / 1 — 0.7 mi 2026-04-03 93%
3125 Aldrich Ave S, Apt 4, Minneapolis 55408 off market $1,600 2 / 1 — 0.7 mi 2026-05-12 93%
2875 Irving Ave S, Minneapolis 55408 off market $1,050 1 / 1 — 0.1 mi 2024-04-15 84%
2871 Irving Ave S, Minneapolis 55408 $925 1 / 1 — 0.1 mi 2025-05-28 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 tax of $15,756 is about 2% of price and eats most of the rent. Heat is hot water; confirm if it's one boiler. Based on: data: county.tax · 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 3013 JAMES AVE S
  • mediumAsking is $563,861 above the price where cash flow breaks even ($236,039) at the default scenario. Based on: Derived: price $799,900 vs. break-even $236,039
  • mediumThird-floor rooms have no closets, so they are not legal bedrooms. The upper is really a 2-bed plus bonus rooms for rent and licensing purposes. Listing says: 2 more spacious rooms (without closets) that can serve as additional bedrooms, home offices · AI review
  • mediumA 'nearly a second kitchen' on the top floor may be a permitting or license problem. It could also let the upper be split or used as two households. Listing says: Nearly a second kitchen and an additional full bath complete the top floor · AI review
  • low$297 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 0402824210039: special assessments (current) = $296.63
  • lowThe back pergola/deck structure looks weathered and the exterior wood shingle and stucco need a close look. Based on: photo 10 · AI review

Opportunities

  • Bought for $968,000 in Jun 2021 and now asking less than that: the seller may be trying to get out, which can mean room to negotiate. Ask why they're selling. Public record: Hennepin County parcel 0402824210039: last sale 2021-06-01, $968,000
  • Large 4-bed upper and 2-bed main could suit owner-occupant plus tenant, offsetting a part of the carrying cost. Listing says: expansive 4 bed 2 bath unit is truly a rare find · AI review
  • No rent cap in Minneapolis, so rents can follow the market. Based on: data: underwriting.rent_rule · AI review
  • Seller is asking less than the 2021 purchase price, so there may be room to negotiate. Based on: data: county.last_sale_price · AI review

Questions for the agent

  • Is the building licensed as a rental, and when was the last inspection?
  • What are the current rents and lease terms for both units, if tenant-occupied?
  • Is there one boiler or separate heating for each unit? What are the annual heat, water, and electric costs?
  • What are the $297 special assessments for?
  • Were the renovations permitted? Are the third-floor rooms and the second kitchen permitted?
  • Why is the seller selling for less than the 2021 purchase price?

Bottom line

A beautiful and unusual duplex, but at $799,900 it loses about $3,000 a month as a rental; only buy it to live in. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$15,756
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$3,144
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; "fully renovated" in the description: -1 pts each7% / 8%

Price history Realtor.com

On the market since 2026-01-12 (267 days); down $125,100 (13.5%) from the first ask of $925,000; last sold for $968,000 on 2021-06-07.

DateEventPrice
Listed$799,900
Removed$999,900
Removed$799,900
Price changed$799,900
Price changed$890,000
Listed$925,000
Sold public record$968,000
Sold public record$580,000
Sold public record$265,000

County record Public record

Recorded asduplex
Living units2
Year built1906
Market value (2026)$832,900
Property tax$15,756
Special assessments$297
Homesteadno
Last sale2021-06-01 · $968,000

Source: Hennepin County parcel records.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

I 35W, about 2193 m away.

Crime in East Bde Maka Ska

142 incidents in the last 12 months (54 per 1,000 residents), −7% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).