3024 Pleasant Ave
5 units · 5 units: 2 bed / 1 bath ×3 and 1 bed / 1 bath ×2 unit split estimated · 3,600 sq ft
Minneapolis, MN · Lyndale · View the listing ↗
Photos courtesy of Keller Williams Classic Realty Northwest, via Realtor.com.
Needs more info before these numbers mean much. The city's rental license covers 4 unit(s); this analysis counts 5.
- Asking price
- $689,900 5 units · $138K per unit
- Monthly cash flow
- $21 at 20% down, 7%
- Break-even price
- $693,889 where cash flow hits $0
First look
This is listed as a four-plex, but county records count 5 living units and the city rental license covers 4, so settle the unit count before anything else. At $689,900 our underwriting shows about +$21 a month and a 6.4% cap rate. Break-even is near $694K, so the ask is only about $4K below what the rents support. The description's '$65,000+ potential income' is a projection, not income, and only units 3 and 4 have leases (through 2027, no rents stated). Two vacant units give you room to set rent, but also mean you carry them until filled. Ask for the rent roll and the roof age first. It's worth a showing only if the unit count and rents hold up, since there is almost no cushion.
Things to consider
- Price is barely below what estimated rents support Underwriting shows roughly break-even cash flow and a break-even near $694K. But that depends on estimated rents for all five units, including a fifth unit that may not be legal, and two units are vacant.
- Unit count mismatch City licenses 4 units while county counts 5. A fifth unit could be illegal, which affects income, insurance and financing.
- Flat roof despite 'new roof' claim Flat roofs fail at seams. Get the install date, warranty and a moisture check before trusting it.Listing says: “New roof and updated units throughout.”
- Half the building is vacant You carry two empty units while renovating and leasing. Budget for vacancy and lease-up costs on top of the mortgage.Listing says: “Units 1 and 2 will be vacant at closing, ideal for owner-occupancy or setting your own rent.”
- Taxes likely to rise on investor class The current bill reflects homestead status. Non-homestead taxes would cut cash flow further.
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
- doneNew roof (age and type unconfirmed; county data says flat roof)Listing says: New roof and updated units throughout.
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
- $689,900
- Cash to close
- $89,687
- Price per unit
- $137,980
- GRM
- 8.0
Each month
- Cash flow
- −$826/mo
- Cash-on-cash
- −11.0%
- Cap rate
- 6.4%
- DSCR
- 0.82×
Break-even
- Price that breaks even
- $563,823
- Rent that breaks even
- $8,312/mo
Long run
- Year 30: property vs stocks
- $2.56M vs $894K
- Cash flow turns positive
- year 6
The deal
- Price
- $689,900
- Cash to close
- $89,687
- Price per unit
- $137,980
- GRM
- 8.0
Each month
- Cash flow
- −$1,437/mo
- Cash-on-cash
- −19.2%
- Cap rate
- 5.4%
- DSCR
- 0.68×
Break-even
- Price that breaks even
- $470,508
- Rent that breaks even
- $9,353/mo
Long run
- Year 30: property vs stocks
- $1.97M vs $1.25M
- Cash flow turns positive
- year 13
The deal
- Price
- $679,900
- Cash to close
- $88,387
- Price per unit
- $135,980
- GRM
- 7.8
Each month
- Cash flow
- −$760/mo
- Cash-on-cash
- −10.3%
- Cap rate
- 6.5%
- DSCR
- 0.83×
Break-even
- Price that breaks even
- $563,823
- Rent that breaks even
- $8,225/mo
Long run
- Year 30: property vs stocks
- $2.59M vs $863K
- Cash flow turns positive
- year 5
The deal
- Price
- $679,900
- Cash to close
- $88,387
- Price per unit
- $135,980
- GRM
- 7.8
Each month
- Cash flow
- −$1,372/mo
- Cash-on-cash
- −18.6%
- Cap rate
- 5.4%
- DSCR
- 0.69×
Break-even
- Price that breaks even
- $470,508
- Rent that breaks even
- $9,256/mo
Long run
- Year 30: property vs stocks
- $1.98M vs $1.20M
- Cash flow turns positive
- year 12
The deal
- Price
- $689,900
- Cash to close
- $158,677
- Price per unit
- $137,980
- GRM
- 8.0
Each month
- Cash flow
- $21/mo
- Cash-on-cash
- 0.2%
- Cap rate
- 6.4%
- DSCR
- 1.01×
Break-even
- Price that breaks even
- $693,889
- Rent that breaks even
- $7,197/mo
Long run
- Year 30: property vs stocks
- $2.99M vs $1.21M
- Cash flow turns positive
- year 1
The deal
- Price
- $689,900
- Cash to close
- $158,677
- Price per unit
- $137,980
- GRM
- 8.0
Each month
- Cash flow
- −$590/mo
- Cash-on-cash
- −4.5%
- Cap rate
- 5.4%
- DSCR
- 0.84×
Break-even
- Price that breaks even
- $579,047
- Rent that breaks even
- $8,099/mo
Long run
- Year 30: property vs stocks
- $2.21M vs $1.38M
- Cash flow turns positive
- year 8
The deal
- Price
- $679,900
- Cash to close
- $156,377
- Price per unit
- $135,980
- GRM
- 7.8
Each month
- Cash flow
- $74/mo
- Cash-on-cash
- 0.6%
- Cap rate
- 6.5%
- DSCR
- 1.02×
Break-even
- Price that breaks even
- $693,889
- Rent that breaks even
- $7,127/mo
Long run
- Year 30: property vs stocks
- $3.03M vs $1.19M
- Cash flow turns positive
- year 1
The deal
- Price
- $679,900
- Cash to close
- $156,377
- Price per unit
- $135,980
- GRM
- 7.8
Each month
- Cash flow
- −$537/mo
- Cash-on-cash
- −4.1%
- Cap rate
- 5.4%
- DSCR
- 0.85×
Break-even
- Price that breaks even
- $579,047
- Rent that breaks even
- $8,020/mo
Long run
- Year 30: property vs stocks
- $2.23M vs $1.34M
- Cash flow turns positive
- year 8
The deal
- Price
- $689,900
- Cash to close
- $193,172
- Price per unit
- $137,980
- GRM
- 8.0
Each month
- Cash flow
- $251/mo
- Cash-on-cash
- 1.6%
- Cap rate
- 6.4%
- DSCR
- 1.07×
Break-even
- Price that breaks even
- $740,148
- Rent that breaks even
- $6,895/mo
Long run
- Year 30: property vs stocks
- $3.25M vs $1.47M
- Cash flow turns positive
- year 1
The deal
- Price
- $689,900
- Cash to close
- $193,172
- Price per unit
- $137,980
- GRM
- 8.0
Each month
- Cash flow
- −$361/mo
- Cash-on-cash
- −2.2%
- Cap rate
- 5.4%
- DSCR
- 0.90×
Break-even
- Price that breaks even
- $617,650
- Rent that breaks even
- $7,759/mo
Long run
- Year 30: property vs stocks
- $2.38M vs $1.55M
- Cash flow turns positive
- year 6
The deal
- Price
- $679,900
- Cash to close
- $190,372
- Price per unit
- $135,980
- GRM
- 7.8
Each month
- Cash flow
- $301/mo
- Cash-on-cash
- 1.9%
- Cap rate
- 6.5%
- DSCR
- 1.09×
Break-even
- Price that breaks even
- $740,148
- Rent that breaks even
- $6,829/mo
Long run
- Year 30: property vs stocks
- $3.28M vs $1.45M
- Cash flow turns positive
- year 1
The deal
- Price
- $679,900
- Cash to close
- $190,372
- Price per unit
- $135,980
- GRM
- 7.8
Each month
- Cash flow
- −$311/mo
- Cash-on-cash
- −2.0%
- Cap rate
- 5.4%
- DSCR
- 0.91×
Break-even
- Price that breaks even
- $617,650
- Rent that breaks even
- $7,685/mo
Long run
- Year 30: property vs stocks
- $2.39M vs $1.51M
- Cash flow turns positive
- year 5
Monthly
Monthly breakdown
| Rent | $7,225 |
| Vacancy (6%) | −$434 |
| Collected | $6,792 |
| Property tax Listing | −$818 |
| Insurance Estimate | −$495 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$650 |
| Capital reserve (9% of rent) | −$650 |
| Net operating income | $3,693 |
| Mortgage (principal + interest) | −$4,131 |
| PMI | −$388 |
| Cash flow | −$826 |
| Principal paid down (equity, not cash) | $526 |
| Rent | $7,225 |
| Vacancy (6%) | −$434 |
| Collected | $6,792 |
| Property tax Listing | −$818 |
| Insurance Estimate | −$495 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$650 |
| Capital reserve (9% of rent) | −$650 |
| Property management | −$611 |
| Net operating income | $3,082 |
| Mortgage (principal + interest) | −$4,131 |
| PMI | −$388 |
| Cash flow | −$1,437 |
| Principal paid down (equity, not cash) | $526 |
| Rent | $7,225 |
| Vacancy (6%) | −$434 |
| Collected | $6,792 |
| Property tax Listing | −$818 |
| Insurance Estimate | −$495 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$650 |
| Capital reserve (9% of rent) | −$650 |
| Net operating income | $3,693 |
| Mortgage (principal + interest) | −$4,071 |
| PMI | −$382 |
| Cash flow | −$760 |
| Principal paid down (equity, not cash) | $518 |
| Rent | $7,225 |
| Vacancy (6%) | −$434 |
| Collected | $6,792 |
| Property tax Listing | −$818 |
| Insurance Estimate | −$495 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$650 |
| Capital reserve (9% of rent) | −$650 |
| Property management | −$611 |
| Net operating income | $3,082 |
| Mortgage (principal + interest) | −$4,071 |
| PMI | −$382 |
| Cash flow | −$1,372 |
| Principal paid down (equity, not cash) | $518 |
| Rent | $7,225 |
| Vacancy (6%) | −$434 |
| Collected | $6,792 |
| Property tax Listing | −$818 |
| Insurance Estimate | −$495 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$650 |
| Capital reserve (9% of rent) | −$650 |
| Net operating income | $3,693 |
| Mortgage (principal + interest) | −$3,672 |
| Cash flow | $21 |
| Principal paid down (equity, not cash) | $467 |
| Rent | $7,225 |
| Vacancy (6%) | −$434 |
| Collected | $6,792 |
| Property tax Listing | −$818 |
| Insurance Estimate | −$495 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$650 |
| Capital reserve (9% of rent) | −$650 |
| Property management | −$611 |
| Net operating income | $3,082 |
| Mortgage (principal + interest) | −$3,672 |
| Cash flow | −$590 |
| Principal paid down (equity, not cash) | $467 |
| Rent | $7,225 |
| Vacancy (6%) | −$434 |
| Collected | $6,792 |
| Property tax Listing | −$818 |
| Insurance Estimate | −$495 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$650 |
| Capital reserve (9% of rent) | −$650 |
| Net operating income | $3,693 |
| Mortgage (principal + interest) | −$3,619 |
| Cash flow | $74 |
| Principal paid down (equity, not cash) | $460 |
| Rent | $7,225 |
| Vacancy (6%) | −$434 |
| Collected | $6,792 |
| Property tax Listing | −$818 |
| Insurance Estimate | −$495 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$650 |
| Capital reserve (9% of rent) | −$650 |
| Property management | −$611 |
| Net operating income | $3,082 |
| Mortgage (principal + interest) | −$3,619 |
| Cash flow | −$537 |
| Principal paid down (equity, not cash) | $460 |
| Rent | $7,225 |
| Vacancy (6%) | −$434 |
| Collected | $6,792 |
| Property tax Listing | −$818 |
| Insurance Estimate | −$495 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$650 |
| Capital reserve (9% of rent) | −$650 |
| Net operating income | $3,693 |
| Mortgage (principal + interest) | −$3,442 |
| Cash flow | $251 |
| Principal paid down (equity, not cash) | $438 |
| Rent | $7,225 |
| Vacancy (6%) | −$434 |
| Collected | $6,792 |
| Property tax Listing | −$818 |
| Insurance Estimate | −$495 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$650 |
| Capital reserve (9% of rent) | −$650 |
| Property management | −$611 |
| Net operating income | $3,082 |
| Mortgage (principal + interest) | −$3,442 |
| Cash flow | −$361 |
| Principal paid down (equity, not cash) | $438 |
| Rent | $7,225 |
| Vacancy (6%) | −$434 |
| Collected | $6,792 |
| Property tax Listing | −$818 |
| Insurance Estimate | −$495 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$650 |
| Capital reserve (9% of rent) | −$650 |
| Net operating income | $3,693 |
| Mortgage (principal + interest) | −$3,393 |
| Cash flow | $301 |
| Principal paid down (equity, not cash) | $432 |
| Rent | $7,225 |
| Vacancy (6%) | −$434 |
| Collected | $6,792 |
| Property tax Listing | −$818 |
| Insurance Estimate | −$495 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$650 |
| Capital reserve (9% of rent) | −$650 |
| Property management | −$611 |
| Net operating income | $3,082 |
| Mortgage (principal + interest) | −$3,393 |
| Cash flow | −$311 |
| Principal paid down (equity, not cash) | $432 |
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
- Your equity when you sell
- $1,574,094
- Rental profits, invested at 7%
- $987,599
Sells for $1,674,568 (value up 3% a year), minus 6% selling cost ($100,474). Rent paid down $620,910 of loan.
$547,713 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $682,720
- Monthly shortfalls, invested
- $211,051
$89,687 put into an index fund instead of the down payment and closing costs.
$32,343 you'd have paid in while the building lost money, invested instead.
The building comes out $1,667,922 ahead after 30 years.
- Your equity when you sell
- $1,574,094
- Rental profits, invested at 7%
- $397,889
Sells for $1,674,568 (value up 3% a year), minus 6% selling cost ($100,474). Rent paid down $620,910 of loan.
$263,871 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $682,720
- Monthly shortfalls, invested
- $572,116
$89,687 put into an index fund instead of the down payment and closing costs.
$97,459 you'd have paid in while the building lost money, invested instead.
The building comes out $717,148 ahead after 30 years.
- Your equity when you sell
- $1,551,278
- Rental profits, invested at 7%
- $1,036,045
Sells for $1,650,296 (value up 3% a year), minus 6% selling cost ($99,018). Rent paid down $611,910 of loan.
$566,229 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $672,824
- Monthly shortfalls, invested
- $189,884
$88,387 put into an index fund instead of the down payment and closing costs.
$29,033 you'd have paid in while the building lost money, invested instead.
The building comes out $1,724,615 ahead after 30 years.
- Your equity when you sell
- $1,551,278
- Rental profits, invested at 7%
- $424,708
Sells for $1,650,296 (value up 3% a year), minus 6% selling cost ($99,018). Rent paid down $611,910 of loan.
$277,512 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $672,824
- Monthly shortfalls, invested
- $529,321
$88,387 put into an index fund instead of the down payment and closing costs.
$89,273 you'd have paid in while the building lost money, invested instead.
The building comes out $773,841 ahead after 30 years.
- Your equity when you sell
- $1,574,094
- Rental profits, invested at 7%
- $1,416,903
Sells for $1,674,568 (value up 3% a year), minus 6% selling cost ($100,474). Rent paid down $551,920 of loan.
$699,234 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,207,890
$158,677 put into an index fund instead of the down payment and closing costs.
The building comes out $1,783,107 ahead after 30 years.
- Your equity when you sell
- $1,574,094
- Rental profits, invested at 7%
- $639,597
Sells for $1,674,568 (value up 3% a year), minus 6% selling cost ($100,474). Rent paid down $551,920 of loan.
$377,861 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,207,890
- Monthly shortfalls, invested
- $173,469
$158,677 put into an index fund instead of the down payment and closing costs.
$27,584 you'd have paid in while the building lost money, invested instead.
The building comes out $832,333 ahead after 30 years.
- Your equity when you sell
- $1,551,278
- Rental profits, invested at 7%
- $1,477,234
Sells for $1,650,296 (value up 3% a year), minus 6% selling cost ($99,018). Rent paid down $543,920 of loan.
$718,395 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,190,382
$156,377 put into an index fund instead of the down payment and closing costs.
The building comes out $1,838,130 ahead after 30 years.
- Your equity when you sell
- $1,551,278
- Rental profits, invested at 7%
- $673,726
Sells for $1,650,296 (value up 3% a year), minus 6% selling cost ($99,018). Rent paid down $543,920 of loan.
$392,550 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,190,382
- Monthly shortfalls, invested
- $147,267
$156,377 put into an index fund instead of the down payment and closing costs.
$23,113 you'd have paid in while the building lost money, invested instead.
The building comes out $887,355 ahead after 30 years.
- Your equity when you sell
- $1,574,094
- Rental profits, invested at 7%
- $1,677,043
Sells for $1,674,568 (value up 3% a year), minus 6% selling cost ($100,474). Rent paid down $517,425 of loan.
$781,853 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,470,475
$193,172 put into an index fund instead of the down payment and closing costs.
The building comes out $1,780,662 ahead after 30 years.
- Your equity when you sell
- $1,574,094
- Rental profits, invested at 7%
- $801,497
Sells for $1,674,568 (value up 3% a year), minus 6% selling cost ($100,474). Rent paid down $517,425 of loan.
$444,244 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,470,475
- Monthly shortfalls, invested
- $75,228
$193,172 put into an index fund instead of the down payment and closing costs.
$11,348 you'd have paid in while the building lost money, invested instead.
The building comes out $829,888 ahead after 30 years.
- Your equity when you sell
- $1,551,278
- Rental profits, invested at 7%
- $1,733,604
Sells for $1,650,296 (value up 3% a year), minus 6% selling cost ($99,018). Rent paid down $509,925 of loan.
$799,816 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,449,160
$190,372 put into an index fund instead of the down payment and closing costs.
The building comes out $1,835,722 ahead after 30 years.
- Your equity when you sell
- $1,551,278
- Rental profits, invested at 7%
- $841,753
Sells for $1,650,296 (value up 3% a year), minus 6% selling cost ($99,018). Rent paid down $509,925 of loan.
$459,653 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,449,160
- Monthly shortfalls, invested
- $58,924
$190,372 put into an index fund instead of the down payment and closing costs.
$8,794 you'd have paid in while the building lost money, invested instead.
The building comes out $884,947 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
Year 30 (loan paid off): property $2.56M, stocks $894K. The property wins.
Year 30 (loan paid off): property $1.97M, stocks $1.25M. The property wins.
Year 30 (loan paid off): property $2.59M, stocks $863K. The property wins.
Year 30 (loan paid off): property $1.98M, stocks $1.20M. The property wins.
Year 30 (loan paid off): property $2.99M, stocks $1.21M. The property wins.
Year 30 (loan paid off): property $2.21M, stocks $1.38M. The property wins.
Year 30 (loan paid off): property $3.03M, stocks $1.19M. The property wins.
Year 30 (loan paid off): property $2.23M, stocks $1.34M. The property wins.
Year 30 (loan paid off): property $3.25M, stocks $1.47M. The property wins.
Year 30 (loan paid off): property $2.38M, stocks $1.55M. The property wins.
Year 30 (loan paid off): property $3.28M, stocks $1.45M. The property wins.
Year 30 (loan paid off): property $2.39M, stocks $1.51M. 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 $1,575/mo · range $1,450–$1,775 · 21 rentals within 0.75 mi
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 410 W Lake St, Minneapolis | $1,715 | 2 / 1 | 0.1 mi |
| 2941 Harriet Ave S, Minneapolis | $1,425 | 2 / 1 | 0.1 mi |
| 500 W Lake St Apt 222, Minneapolis | $1,699 | 2 / 1 | 0.1 mi |
| 2800 Grand Ave S, Minneapolis | $1,195 | 2 / 1 | 0.3 mi |
| 2833 Lyndale Ave S, Minneapolis | $2,144 | 2 / 1 | 0.3 mi |
| 3247 Lyndale Ave S, Minneapolis | $1,315 | 2 / 1 | 0.4 mi |
| 3212 1st Ave S, Minneapolis | $1,800 | 2 / 1 | 0.4 mi |
| 3329 Nicollet Ave Unit 300, Minneapolis | $1,675 | 2 / 1 | 0.5 mi |
| 3305 Bryant Ave S, Minneapolis | $1,375 | 2 / 1 | 0.5 mi |
| 3123 2nd Ave S Unit 1, Minneapolis | $1,490 | 2 / 1 | 0.5 mi |
1 bed estimate $1,250/mo · range $1,150–$1,400 · 25 rentals within 0.75 mi
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 3013 Grand Ave S, Minneapolis | $1,045 | 1 / 1 | 0.0 mi |
| 3118 Pleasant Ave, Minneapolis | $1,199 | 1 / 1 | 0.1 mi |
| 410 W Lake St, Minneapolis | $1,442 | 1 / 1 | 0.1 mi |
| 3127 Pleasant Ave Apt 206, Minneapolis | $1,099 | 1 / 1 | 0.1 mi |
| 3127 Pleasant Ave, Minneapolis | $1,099 | 1 / 1 | 0.1 mi |
| 500 W Lake St Apt 226, Minneapolis | $1,350 | 1 / 1 | 0.1 mi |
| 500 W Lake St Apt 320, Minneapolis | $1,299 | 1 / 1 | 0.1 mi |
| 2926 Harriet Ave S, Minneapolis | $1,150 | 1 / 1 | 0.2 mi |
| 2833 Lyndale Ave S, Minneapolis | $1,549 | 1 / 1 | 0.3 mi |
| 2800 Pillsbury Ave S, Minneapolis | $1,100 | 1 / 1 | 0.3 mi |
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
- highThe city's rental license covers 4 unit(s); this analysis counts 5. Public record: Minneapolis Active Rental Licenses: 3024 PLEASANT AVE, units=4
- highDescription says four units but county counts five. A fifth unit may be unlicensed or unpermitted, or the count is wrong. Based on: data: county.living_units · AI review
- mediumFlat roof per the city assessor: get its age and a moisture inspection. Public record: Hennepin County parcel 0302824220007: roof=Flat, exterior=WOOD
- mediumIncome claim is a projection, and no actual rents are given for the two leased units. Listing says: offering 8 beds and 4 baths total with $65,000+ in potential annual income · AI review
- mediumTwo of four units vacant at closing, so no income from them until leased and a heavy carry at this price. Listing says: Units 1 and 2 will be vacant at closing, ideal for owner-occupancy or setting your own rent. · AI review
- mediumTax bill is on homestead class. An investor will likely pay a higher non-homestead bill. Based on: data: county.homestead · AI review
- lowLast sold for $582K in 2022 and is now asked about $108K more. Based on: data: county.last_sale_price · AI review
Opportunities
- Vacant units let you set rents and renovate without tenant constraints. Minneapolis has no rent cap. Listing says: Units 1 and 2 will be vacant at closing, ideal for owner-occupancy or setting your own rent. · AI review
- Coin laundry is claimed as extra income; ask for actual collections. Listing says: Coin laundry in the basement is owned outright, adding extra income on top of rent. · AI review
- Four off-street spots are rare for Uptown and help rentability. Listing says: plus 4 off-street parking spaces · AI review
- Leases through 2027 on two units give some stable income. Listing says: Units 3 and 4 are leased through 2027, providing immediate, stable cash flow. · AI review
Questions for the agent
- What are the rents on units 3 and 4, and can I see the leases and rent roll?
- Is there a fifth unit? Why does the city license cover only 4?
- How old is the new roof, what type, and who installed it? Is there a permit?
- What did the coin laundry collect over the last 12 months?
- What are the trailing-12 expenses and who pays heat on the hot-water system?
- Why did the seller price it $108K above the 2022 sale, and are they open to a cut?
Bottom line
Pretty building in a good location, but the price is only about $4K below break-even and the unit count doesn't match city records, so verify units and rents before getting serious. AI-assisted summary
What the records say
Where each number comes from
| Property tax / yr Listinglisting, tax year 2026. 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. | $9,814 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $5,940 |
| Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid | $425 |
| 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 1910: +1 pt capital reserve; 8 bedrooms: +1 pt repairs for wear | 9% / 9% |
Price history Realtor.com
On the market since 2026-08-29 (37 days); last sold for $582,000 on 2022-05-18.
| Date | Event | Price |
|---|---|---|
| Listed | $689,900 | |
| Sold | $582,000 | |
| Listed | $610,000 | |
| Removed | $610,000 | |
| Listed | $610,000 | |
| Removed | $610,000 | |
| Listed | $610,000 | |
| Sold public record | $450,000 | |
| Sold public record | $385,500 | |
| Removed | $300,000 | |
| Listed | $300,000 | |
| Sold public record | $75,000 |
County record Public record
| Recorded as | apartment 4 or 5 unit |
| Living units | 5 |
| Year built | 1910 |
| Market value (2026) | $570,000 |
| Property tax | $9,814 |
| Special assessments | none |
| Homestead | no |
| Last sale | 2022-05-01 · $582,000 |
Source: Hennepin County parcel records.
City rental license
CHOWN: 4 unit(s), Tier 1, status active, renews 2027-03-01.
Nearest highway
I 35W, about 651 m away.
Crime in Lyndale
473 incidents in the last 12 months (66 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).