Minneapolis › Central

3018 Chicago Ave

Triplex · 3 units: 4 bed / 1.5 bath ×3 unit split estimated · 4,439 sq ft

Minneapolis, MN · Central · View the listing ↗

Cash flows

56 photos

Photos courtesy of RE/MAX Results, via Realtor.com.

Asking price: $584,900
Monthly cash flow: $1,043
Estimated rent: $7,425/mo
Break-even price: $780,913

Adjust the numbers See the full breakdown

First look

This is a Minneapolis triplex listed at $584,900 with no rents stated, so the numbers rest on our estimates. At those estimates it makes about $1,043 a month at 20% down and a 8.5% cap rate, and the break-even price is about $781K, so the ask is roughly $196K below break-even. The description pitches 12 bedrooms and a non-conforming basement unit, but the city license covers only 3 units, so any basement income is not legal income. Ask first for the rent roll, the delinquent tax story and the roof permit. Worth a showing if the rents are real and the tax and permit issues check out.

Things to consider

Basement unit income may not be legal Only 3 units are licensed. A non-conforming unit can be shut down or leave you uninsured, so underwrite it at zero.Listing says: “plus a non-conforming basement unit for additional rental income”
Numbers work at asking, if rents hold Cash flow is positive at 20% down and break-even is about $196K above ask. That depends on the rents proving out, so verify them before relying on it.
No rents are given Our estimates of $2,475 per unit are not actual income. Verify with leases and bank deposits.Listing says: “All units are currently occupied and generating income.”
Delinquent taxes and a high tax bill Taxes of about $9.9K at non-homestead rates are a big expense, and arrears will need to be paid at closing.
Wear from 12 bedrooms High occupancy means heavy wear and turnover. Budget for repairs and reserves above the usual.Listing says: “with a total of 12 bedrooms throughout the property”

From the photos

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

Condition and repairs

doneBrand-new roofListing says: Numerous updates have been completed, including a brand-new roof, new exterior paint
doneNew exterior paintListing says: Numerous updates have been completed, including a brand-new roof, new exterior paint

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: $584,900
Cash to close: $134,527
Price per unit: $194,967
GRM: 6.6

Each month

Cash flow: $1,043/mo
Cash-on-cash: 9.3%
Cap rate: 8.5%
DSCR: 1.34×

Break-even

Price that breaks even: $780,913
Rent that breaks even: $6,052/mo

Long run

Year 30: property vs stocks: $4.13M vs $1.02M
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$7,425
Vacancy (6%)	−$446
Collected	$6,980
Property tax Public record	−$822
Insurance Estimate	−$349
Water, sewer, trash Estimate	−$255
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$668
Capital reserve (9% of rent)	−$668
Net operating income	$4,156
Mortgage (principal + interest)	−$3,113
Cash flow	$1,043
Principal paid down (equity, not cash)	$396

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$4,134,032

Your equity when you sell: $1,334,524
Rental profits, invested at 7%: $2,799,508

Same money in stocks$1,024,054

Cash to close, invested at 7%: $1,024,054

The building comes out $3,109,978 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 $4.13M, stocks $1.02M. The property wins.

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 / 1.5 bath estimate $2,475/mo · range $2,050–$2,925

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
220 E 27th St, Minneapolis 55408	$2,600	4 / 1	2,516	0.6 mi	2026-04-04	86%
737 E 27th St, Minneapolis 55407 off market	$2,600	4 / 1.5	1,699	0.4 mi	2024-01-17	85%
3032 3rd Ave S, Minneapolis 55408	$2,200	4 / 1	1,800	0.5 mi	2026-08-17	83%
739 E 27th St, Minneapolis 55407 off market	$2,600	4 / 1	1,699	0.4 mi	2022-05-23	82%
2636 14th Ave S, Apt 2, Minneapolis 55407 off market	$1,650	3 / 1	—	0.6 mi	2026-07-10	81%
2709 Bloomington Ave S, Unit 2, Minneapolis 55407 off market	$1,900	3 / 1	—	0.7 mi	2026-05-21	81%
2709 Bloomington Ave S, Minneapolis 55407 off market	$1,900	3 / 1	—	0.7 mi	2026-05-02	81%
3209 2nd Ave S, Unit 2, Minneapolis 55408 off market	$1,795	4 / 2.5	1,200	0.6 mi	2026-01-13	77%
3161 Park Ave, Minneapolis 55407 off market	$2,975	4 / 2	2,600	0.2 mi	2026-02-05	73%
2821 1st Ave S, Minneapolis 55408	$1,600	3 / 1	1,743	0.7 mi	2026-06-17	73%

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 0202824220008: earliest delinquent year=25
highBasement unit is non-conforming and not on the 3-unit rental license. Treat its rent as unreliable and a possible code/insurance issue. Listing says: plus a non-conforming basement unit for additional rental income · AI review
mediumBasement bedroom windows appear small and low. Egress is doubtful. Based on: photo 6 · AI review
mediumPriced above our break-even and negative cash flow at 20% down. Based on: data: underwriting.break_even_price · AI review
low76 days on market suggests the price is not clearing at this level. Based on: data: listing.days_on_market · AI review

Opportunities

Roof and exterior paint are reportedly done, which lowers near-term capex if verified. Listing says: Numerous updates have been completed, including a brand-new roof, new exterior paint · AI review
Minneapolis has no rent cap, so rents can rise after turnover. Based on: data: underwriting.rent_rule · AI review
Seller bought at $520K in 2023 and the county values it near that. A discount to break-even looks reasonable to ask for. Based on: data: county.last_sale_price · AI review

Questions for the agent

Can I see the current rent roll, lease copies and 12 months of expenses?
Who lives in the basement unit, what do they pay, and is it on the rental license?
Why are taxes delinquent, and how much is owed with penalties?
Who did the roof, when, and was it permitted?
What is the heat setup: one boiler or separate systems, and who pays heat and water?
Are the lower-level bedroom windows egress compliant?

Bottom line

Pencils out well on estimated rents, but with a delinquent tax bill and an unlicensed basement unit, it is only worth pursuing if the rents are real. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$9,869
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,191
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 1909: +1 pt capital reserve; 12 bedrooms: +1 pt repairs for wear	9% / 9%

Price history Realtor.com

On the market since 2026-07-18 (79 days); down $65,000 (10.0%) from the first ask of $649,900; last sold for $540,000 on 2023-09-15.

Date	Event	Price
2026-08-22	Price changed	$584,900
2026-08-06	Price changed	$599,900
2026-07-29	Price changed	$629,900
2026-07-18	Listed	$649,900
2023-09-15	Sold public record	$540,000
2023-09-05	Sold	$520,000
2016-03-28	Sold public record	$234,688
2015-10-03	Removed	$274,900
2015-09-23	Relisted	$274,900
2015-09-18	Removed	$274,900
2015-09-10	Relisted	$274,900
2015-04-09	Removed	$264,900
2015-03-11	Listed	$264,900
2012-01-04	Sold	$80,000
2011-10-13	Price changed	$89,900
2011-10-12	Price changed	$95,900
2011-09-28	Price changed	$99,900
2011-09-20	Price changed	$123,900
2011-09-14	Listed	$149,900
2009-05-26	Sold	$61,500
2009-03-10	Listed	$114,000
2007-05-31	Sold public record	$348,000
2001-12-17	Sold public record	$200,000
1998-05-05	Sold public record	$85,000

County record Public record

Recorded as	triplex
Living units	3
Year built	1909
Market value (2026)	$519,700
Property tax	$9,869
Special assessments	none
Homestead	no
Taxes delinquent since	25
Last sale	2023-09-01 · $520,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 35W, about 904 m away.

Crime in Central

411 incidents in the last 12 months (50 per 1,000 residents), −9% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).