Minneapolis › Central

3033 Park Ave S

Triplex · 3 units: 3 bed ×2 and 1 bed · 2,775 sq ft

Minneapolis, MN · Central · View the listing ↗

Cash flows

51 photos

Photos, via Realtor.com.

Asking price: $430,000
Monthly cash flow: $102
Estimated rent: $4,875/mo
Break-even price: $449,102

Adjust the numbers See the full breakdown

First look

This is a Minneapolis triplex at $430K that sold for $524,400 in May 2022, so the seller is asking about $94K less than the last sale price. At our rent estimates the numbers now just work. Cash flow is about +$82 a month at 20% down, cap rate is 6.6%, and our break-even price is roughly $445K. The listing gives no rents, so ask for the rent roll and leases first. Each unit has its own gas and electric, which keeps owner costs down. The 102 days on market gives you room to negotiate. It's worth a showing if actual rents hold up to our estimates, and a lower price adds cushion.

Things to consider

Numbers are slightly positive at the ask At $430K our model shows thin positive cash flow and a break-even price near $445K. Actual rents that fall short of our estimates would erase it, so a price cut adds cushion.
Rents are unknown Without the rent roll you can't verify income. Our estimates are only a benchmark.
Property taxes are heavy Non-homestead taxes of about $8.8K a year take a big bite of income.
Basement unit is speculative It could add income but needs city approval, egress and build-out cost. Don't pay for it up front.Listing says: “Check with the city as there might be a chance to add a fourth unit in the basement.”
Separate meters help, but systems are unverified Tenant-paid utilities help NOI. Mechanical ages are unknown and none were shown in the photos.Listing says: “Each unit has their own gas and electric.”
Long time on market and a big drop from 2022 price The seller has little leverage after 102 days, so negotiate hard.

From the photos

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

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: $430,000
Cash to close: $98,900
Price per unit: $143,333
GRM: 7.4

Each month

Cash flow: $102/mo
Cash-on-cash: 1.2%
Cap rate: 6.7%
DSCR: 1.04×

Break-even

Price that breaks even: $449,102
Rent that breaks even: $4,743/mo

Long run

Year 30: property vs stocks: $1.98M vs $753K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$4,875
Vacancy (6%)	−$292
Collected	$4,582
Property tax Public record	−$737
Insurance Estimate	−$311
Water, sewer, trash Estimate	−$255
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$390
Capital reserve (9% of rent)	−$439
Net operating income	$2,390
Mortgage (principal + interest)	−$2,289
Cash flow	$102
Principal paid down (equity, not cash)	$291

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$1,979,424

Your equity when you sell: $981,100
Rental profits, invested at 7%: $998,325

Same money in stocks$752,852

Cash to close, invested at 7%: $752,852

The building comes out $1,226,572 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 $1.98M, stocks $753K. 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.

3 bed estimate $1,800/mo · range $1,700–$1,900 · 7 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2835 11th Ave S, Minneapolis	$1,700	3 / 2	1,166	0.4 mi	2026-05-21	Apartment
3336 4th Ave S Apt 4, Minneapolis	$1,595	3 / 1	1,100	0.5 mi	—	Apartment
3336 4th Ave S Apt 2, Minneapolis	$1,795	3 / 1	1,100	0.5 mi	—	Apartment
2821 1st Ave S, Minneapolis	$1,600	3 / 1	1,743	0.6 mi	2026-06-17	Apartment
200 E 27th St, Minneapolis	$1,835	3 / 1	1,400	0.6 mi	2026-09-15	Apartment
912 E 25th St Apt 2, Minneapolis	$1,695	3 / 1	1,014	0.7 mi	—	Apartment
912 E 25th St Apt 3, Minneapolis	$1,675	3 / 1	1,014	0.7 mi	—	Apartment

1 bed estimate $1,275/mo · range $1,075–$1,275 · 8 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2801 Park Ave, Minneapolis	$999	1 / 1	500	0.3 mi	2025-01-03	Apartment
2730 Portland Ave, Minneapolis	$1,196	1 / 1	630	0.4 mi	2026-01-02	Apartment
2835 11th Ave S, Minneapolis	$1,175	1 / 1	580	0.4 mi	2026-05-21	Apartment
2719 Park Ave, Minneapolis	$1,000	1 / 1	630	0.4 mi	2026-09-28	Apartment
3401 Elliot Ave Apt 4, Minneapolis	$925	1 / 1	523	0.5 mi	2025-04-26	Apartment
3100 Bloomington Ave S, Minneapolis	$1,199	1 / 1	507	0.6 mi	2025-03-21	Apartment
205 27th St E, Minneapolis	$1,250	1 / 1	—	0.6 mi	2026-09-30	Apartment
2944 17th Ave S, Minneapolis	$1,199	1 / 1	482	0.7 mi	2026-03-26	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

highListing gives no rents or lease terms, so income is unverified Listing says: One of the three bedroom units may be available for an owner occupant. · AI review
mediumTaxes are high for this price: $8,848 non-homestead Based on: data: county.tax · AI review
mediumPossible fourth basement unit is unconfirmed and would need city approval, egress and a rental license Listing says: Check with the city as there might be a chance to add a fourth unit in the basement. · AI review
lowLast sold for $524K in 2022, so the seller may be anchored to a high basis Based on: data: county.last_sale_price · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 105 days on market
Basement has high ceilings and roughed-in plumbing, so a possible fourth unit. Confirm zoning and egress first. Listing says: The basement has high ceilings, lots of space and plumbing roughed in. · AI review
Separate gas and electric meters per unit keep owner utility costs low Listing says: Each unit has their own gas and electric. · AI review
Coin laundry may add a little income. Ask for actual receipts. Listing says: Coin operated machines and all appliances stay with the property at time of sale. · AI review
Minneapolis has no rent cap, so rents can follow the market Based on: data: underwriting.rent_rule · AI review

Questions for the agent

Can I see the rent roll, leases, and security deposits for all three units?
Which unit is the owner-occupant option, and would the tenant there be leaving?
What are the trailing-12 expenses, including house gas and electric and coin laundry income?
Have you checked with the city on the basement unit, and does it have egress?
Why has it sat 102 days, and has the price been cut?
How old are the roof, the furnaces and the electrical panels?

Bottom line

Priced slightly below what the likely rents support, with a possible basement unit as upside, so it's worth a showing if actual rents match our estimates. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$8,848
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$3,733
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 1903: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-06-22 (105 days); down $45,000 (9.5%) from the first ask of $475,000; last sold for $247,500 on 2015-09-16.

Date	Event	Price
2026-08-20	Price changed	$430,000
2026-08-14	Price changed	$437,500
2026-07-20	Price changed	$445,000
2026-06-29	Removed	$495,000
2026-06-25	Relisted	$475,000
2026-06-24	Removed	—
2026-06-22	Listed	$475,000
2015-09-16	Sold	$247,500
2015-06-29	Relisted	$250,000
2015-06-20	Removed	$250,000
2015-06-10	Listed	$250,000

County record Public record

Recorded as	triplex
Living units	3
Year built	1903
Market value (2026)	$465,900
Property tax	$8,848
Special assessments	none
Homestead	no
Last sale	2022-05-01 · $524,400

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 770 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).