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3023 Dupont Ave N

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 1,675 sq ft

Minneapolis, MN · Hawthorne · View the listing ↗

Cash flows
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Photos, via Realtor.com.

Asking price
$259,900
2 units · $130K per unit
Monthly cash flow
$411
at 20% down, 7%
Estimated rent
$3,250/mo
medium confidence
Break-even price
$337,028
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a Minneapolis duplex in Hawthorne at $259,900 that cash flows at the ask: our numbers show about $411/month cash flow and an 8.3% cap rate, with break-even near $337K. The listing sells recent systems and a 2023 roof, which is the right story, but it gives no rent for the upper unit and no detail on what 'updated' covers. The photos show a cosmetic refresh on the lower unit and a lived-in upper unit with old finishes. Ask for the rent roll, permits for the 2017 work and the special assessment details before a showing. Worth a look if the upper rent checks out.

Things to consider

  1. Positive cash flow at the ask Cash flow is about $411/month at an 8.3% cap rate, but that depends on our rent estimates holding up, and the price sits well below the $337K break-even.
  2. Upper rent unknown The income is the main number and the listing hides it. A tenant since 2017 could be well below the $1,625 estimate.Listing says: “The upper unit features a reliable long-term tenant since 2017”
  3. Seller's $31K purchase in 2017 The seller likely flipped it with cosmetic and system work. Quality of that work decides your capital expenses.
  4. Special assessments and non-homestead taxes The $791 in assessments and $4,084 in taxes reduce income. Taxes may change after a sale, so check how the county reassesses.
  5. New roof lowers a major risk A 2023 roof removes a big near-term expense if it was permitted and done properly.Listing says: “brand-new roof (2023)”

From the photos

Listing photo 1
1 of 8Plus

Vinyl siding with a new-looking asphalt shingle roof; the exterior appears tidy and in decent shape.

Listing photo 3
2 of 8Plus

Two separate entrances, with a front door marked '2' and a mailbox for each unit, plus a second red door onto an upper deck, so the duplex layout appears confirmed.

Listing photo 4
3 of 8Check

Wood entry stairs and decks look weathered. Check the condition of the railings and the deck framing.

Listing photo 5
4 of 8Check

Lower unit has laminate wood-look flooring and a visible forced-air vent. The finish appears basic and inexpensive.

Listing photo 8
5 of 8Concern

Upper kitchen has older oak cabinets, a worn floor and a gas range. Stainless appliances are newer, but the kitchen looks dated.

Listing photo 7
6 of 8Concern

Sloped attic-style ceilings and window air conditioners in the upper unit suggest no central air there. The room is tight and the rent ceiling may be modest.

Listing photo 10
7 of 8Concern

Upper bath has an older tub, vanity and worn flooring. Cosmetic updates only.

Listing photo 5
8 of 8Check

No photos of the lower kitchen, laundry, basement, furnace, water heater or electrical panel. The claimed 2017 mechanical updates are unverified.

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

Condition and repairs

  • doneNew roof (2023)Listing says: brand-new roof (2023)
  • doneElectrical, plumbing and mechanical updated 2017Listing says: fully updated electrical, plumbing, and mechanical systems (2017)
  • doneLower unit: new carpet, paint, refinished cabinets, stainless appliancesListing says: new carpet, fresh paint, refinished kitchen cabinets, stainless steel appliances

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
$259,900
Cash to close
$59,777
Price per unit
$129,950
GRM
6.7

Each month

Cash flow
$411/mo
Cash-on-cash
8.2%
Cap rate
8.3%
DSCR
1.30×

Break-even

Price that breaks even
$337,028
Rent that breaks even
$2,730/mo

Long run

Year 30: property vs stocks
$1.74M vs $455K
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$3,250
Vacancy (6%)−$195
Collected$3,055
Property tax Public record−$340
Insurance Estimate−$203
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (7% of rent)−$228
Capital reserve (8% of rent)−$260
Net operating income$1,794
Mortgage (principal + interest)−$1,383
Cash flow$411
Principal paid down (equity, not cash)$176

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$1,744,000
Your equity when you sell
$592,995

Sells for $630,846 (value up 3% a year), minus 6% selling cost ($37,851). Rent paid down $207,920 of loan.

Rental profits, invested at 7%
$1,151,005

$488,530 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$455,038
Cash to close, invested at 7%
$455,038

$59,777 put into an index fund instead of the down payment and closing costs.

The building comes out $1,288,962 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 $1.74M, stocks $455K. 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.

2 bed / 1 bath estimate $1,625/mo · range $1,400–$1,850

AddressRentBd / BaSq ftDistanceListedMatch
3107 Dupont Ave N, Unit 1, Minneapolis 55411 off market $1,550 2 / 1 — 0.0 mi 2026-05-28 94%
2935 Aldrich Ave N, Unit 1, Minneapolis 55411 off market $1,300 2 / 1 — 0.2 mi 2026-04-24 94%
2900 Colfax Ave N, Minneapolis 55411 off market $1,345 2 / 1 1,200 0.2 mi 2026-03-06 93%
3318 N Penn Ave, Unit 3, Minneapolis 55412 off market $1,100 2 / 1 — 0.8 mi 2026-04-15 93%
816 21st Ave N, Apt 102, Minneapolis 55411 $1,788 2 / 1 1,249 0.8 mi 2026-07-14 93%
3610 N Queen Ave, Unit 2, Minneapolis 55412 off market $1,400 2 / 1 1,200 1.0 mi 2023-06-19 92%
2937-2939 Fremont Ave N, Minneapolis 55411 off market $1,300 2 / 1 1,068 0.2 mi 2025-11-20 91%
3241 N Humboldt Ave, Minneapolis 55412 off market $1,400 2 / 1 1,056 0.3 mi 2026-06-19 91%
816 21st Ave N, Apt 222, Minneapolis 55411 $1,788 2 / 1 1,000 0.8 mi 2026-07-14 89%
816 21st Ave N, Apt 106, Minneapolis 55411 $1,788 2 / 1 1,000 0.8 mi 2026-07-14 89%

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

  • highUpper rent not disclosed, so income can't be verified Listing says: provides solid additional income potential · AI review
  • medium'Updated' systems are vague; the 2017 work followed a $31K purchase and may be a flip-level rehab. Verify permits. Listing says: fully updated electrical, plumbing, and mechanical systems (2017) · AI review
  • low$791 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 0902924420008: special assessments (current) = $791.26
  • lowListed 67 days; the price may be too high for the rents. Based on: data: listing.days_on_market · AI review
  • lowOnly one rental license shown, and it's an owner-exempt type. Confirm the license transfers or is reissued for an investor. Based on: data: city.rental_license · AI review

Opportunities

  • The seller bought for $31,250 in Jul 2017, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 0902924420008: last sale 2017-07-01, $31,250
  • Vacant lower unit can be rented right away, or owner-occupied with the upper tenant paying part of the mortgage Listing says: perfect to live in or rent immediately at market rates · AI review
  • No rent cap in Minneapolis, so rents can rise to market Based on: data: underwriting.rent_rule · AI review
  • Seller's low basis gives room to negotiate Based on: data: county.last_sale_price · AI review

Questions for the agent

  • What is the upper unit's rent, lease end date and deposit held?
  • What are the $791 in special assessments for, and who pays them at closing?
  • What permits exist for the 2017 electrical, plumbing and mechanical work?
  • Who pays heat, water and trash? Are there separate meters?
  • Is the garage usable, and is it assigned to one unit?
  • Why has it sat 67 days, and has the price changed?

Bottom line

Fresh lower unit and a new roof, and it cash flows at the ask, but the upper rent is undisclosed, so verify the rents and 2017 work before offering. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$4,084
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,441
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; "fully updated" in the description: -1 pts each7% / 8%

Price history Realtor.com

On the market since 2026-07-27 (70 days); down $10,000 (3.7%) from the first ask of $269,900; last sold for $62,500 on 2017-08-10; listed for rent at $1,200/mo on 2023-04-08.

DateEventPrice
Price changed$259,900
Listed$269,900
Removed—
Removed—
Listed for rent$1,200/mo
Removed—
Listed for rent$1,200/mo
Removed—
Listed for rent$1,200/mo
Sold$62,500
Listed$89,900
Sold public record$55,000
Sold public record$65,000
Sold public record$25,000

County record Public record

Recorded asduplex
Living units2
Year built1900
Market value (2026)$215,000
Property tax$4,084
Special assessments$791
Homesteadno
Last sale2017-07-01 · $31,250

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 94, about 840 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).