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3040 Fremont Ave S

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 1,632 sq ft

Minneapolis, MN · South Uptown · View the listing ↗

Overpriced
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Photos courtesy of Keller Williams Realty, via Realtor.com.

Asking price
$424,900
2 units · $212K per unit
Monthly cash flow
−$703
at 20% down, 7%
Estimated rent
$3,400/mo
medium confidence · 20 rentals within 0.75 mi
Break-even price
$292,735
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a 2-unit up/down at $424,900 in South Uptown, and the numbers don't work at today's rates. Our underwriting shows about -$703 a month and a 4.4% cap rate, and break-even is near $292,735. The listing gives no rents for the occupied units, so the first ask is a rent roll and leases. The description also mixes this building with its neighbor at 3044 Fremont and talks about one 2-bed unit, so confirm exactly what is being sold. The photos show a refreshed interior, but they cover only one unit, so a showing only makes sense if the price moves a long way down.

Things to consider

  1. Price far above what rents support Underwriting shows negative cash flow and a 4.4% cap rate. You would be covering the loss monthly and relying on appreciation.
  2. Rents are unverified The description gives no rents or lease terms. Underwriting uses our estimates, so real numbers could move the result either way.Listing says: “Great Tenants in 3 of 4 Total Units.”
  3. Big jump from last sale The seller paid $349,500 in 2024. Photos show cosmetic updates, so ask whether any work was structural or permitted.
  4. Confirm what is for sale The listing text covers two duplexes and four units, while this listing is for two units. Check boundaries, price and rental licensing for each.Listing says: “Two Up/Down Duplexes Next Door - Both Available.”
  5. Non-homestead tax load Taxes of about $7,530 a year take a big share of income from two 2-bed units.

From the photos

Listing photo 8
1 of 7Plus

Kitchen appears recently refreshed: white shaker cabinets, subway tile, stone-look counters, new microwave. Appliances are basic white units.

Listing photo 7
2 of 7Plus

Bathroom appears updated with new vanity, tile wainscot and a clawfoot tub, in good condition.

Listing photo 4
3 of 7Plus

Hardwood floors look in good shape and the windows appear to be updated, with fresh paint throughout.

Listing photo 6
4 of 7Check

The bedroom photo appears to be virtually staged, so don't treat the furniture as real. Verify the room's size and egress in person.

Listing photo 1
5 of 7Check

Exterior shows stucco and a covered front porch with no obvious deferred maintenance. The roof and its condition can't be judged from this angle.

Listing photo 3
6 of 7Check

Photos show only one unit; no upper unit, basement, mechanicals, panel or laundry shots, so the systems are unconfirmed.

Listing photo 5
7 of 7Check

Floor vents and a fireplace suggest forced-air heat, matching county data. Check that the fireplace isn't in use.

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

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
$424,900
Cash to close
$97,727
Price per unit
$212,450
GRM
10.4

Each month

Cash flow
−$703/mo
Cash-on-cash
−8.6%
Cap rate
4.4%
DSCR
0.69×

Break-even

Price that breaks even
$292,735
Rent that breaks even
$4,314/mo

Long run

Year 30: property vs stocks
$1.10M vs $1.11M
Cash flow turns positive
year 16

Monthly

Monthly breakdown

Rent$3,400
Vacancy (6%)−$204
Collected$3,196
Property tax Public record−$628
Insurance Estimate−$202
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$272
Capital reserve (9% of rent)−$306
Net operating income$1,558
Mortgage (principal + interest)−$2,261
Cash flow−$703
Principal paid down (equity, not cash)$288

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$1,097,383
Your equity when you sell
$969,463

Sells for $1,031,344 (value up 3% a year), minus 6% selling cost ($61,881). Rent paid down $339,920 of loan.

Rental profits, invested at 7%
$127,920

$92,080 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,109,368
Cash to close, invested at 7%
$743,923

$97,727 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$365,445

$68,193 you'd have paid in while the building lost money, invested instead.

Stocks come out $11,985 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 $1.10M, stocks $1.11M. Stocks win.

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 $1,700/mo · range $1,475–$1,825 · 20 rentals within 0.75 mi

AddressRentBd / BaSq ftDistanceListedType
2825 Fremont Ave S, Minneapolis $1,635 2 / 1 925 0.3 mi 2024-04-12 Apartment
2800 Girard Ave S, Minneapolis $1,585 2 / 1 830 0.3 mi 2024-06-11 Apartment
2884 Irving Ave S, Minneapolis $1,255 2 / 1 1,050 0.4 mi 2026-09-05 Apartment
1408 W 28th St, Minneapolis $1,599 2 / 1 970 0.4 mi 2026-07-22 Apartment
3305 Bryant Ave S, Minneapolis $1,375 2 / 1 900 0.4 mi 2024-07-03 Apartment
2725 Humboldt Ave S, Minneapolis $1,399 2 / 1 950 0.4 mi 2026-09-03 Apartment
2893 Knox Ave S, Minneapolis $1,995 2 / 1.5 885 0.5 mi 2026-03-06 Apartment
2647 Girard Ave S Apt 2, Minneapolis $1,550 2 / 1 — 0.5 mi 2026-09-10 Apartment
3247 Lyndale Ave S, Minneapolis $1,315 2 / 1 900 0.5 mi 2026-04-22 Apartment
2833 Lyndale Ave S, Minneapolis $2,144 2 / 1 1,009 0.5 mi 2024-04-12 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

  • highDescription blends two buildings and doesn't give unit-level rents or leases, so income can't be verified. Listing says: Two Up/Down Duplexes Next Door - Both Available. 3040 Fremont and 3044 Fremont. · AI review
  • mediumBought for $349,500 in Mar 2024; asking is 22% more 31 months later. Ask what was done to justify the jump. Public record: Hennepin County parcel 0402824120061: last sale 2024-03-01, $349,500
  • mediumAsking is $132,165 above the price where cash flow breaks even ($292,735) at the default scenario. Based on: Derived: price $424,900 vs. break-even $292,735
  • mediumOccupancy is only vaguely described; one main-floor unit is vacant and nothing is said about lease terms or tenant history. Listing says: Great Tenants in 3 of 4 Total Units. 3040 Main Floor Unit is currently vacant. · AI review
  • mediumTaxes are at the non-homestead rate and are heavy against the likely rents, roughly $7,530 a year. Based on: data: county.tax · AI review
  • lowListing sat 53 days with no sign of a cut; the price looks stretched for the rents. Based on: data: listing.days_on_market · AI review

Opportunities

  • No rent cap in Minneapolis, so rents can follow the market. Our estimate is about $1,700 per 2-bed. Based on: data: underwriting.rent_rule · AI review
  • Walkable Uptown location near the lake should support steady rental demand. Listing says: A short walk to Bde Maka Ska, bustling cafes, and Minneapolis's trendiest restaurants and venues. · AI review
  • Amenities like in-unit laundry, attic storage and dedicated parking help with tenant retention. Listing says: in-unit laundry, and attic storage for your gear. Dedicated parking · AI review

Questions for the agent

  • Can I get the rent roll, lease copies and move-in dates for both 3040 Fremont units?
  • Why is the main floor vacant, and what was the last rent?
  • What was done since the March 2024 purchase at $349,500 to justify $424,900?
  • Is the sale for 3040 only, or does it include 3044 Fremont?
  • What are the ages of the roof, furnace, water heaters and electrical panel, and does each unit have its own heat and meters?
  • What are trailing-12 utility costs, and who pays water, trash and heat?

Bottom line

Pretty and walkable, but at $424,900 it loses money every month and is priced about $130K over break-even. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$7,530
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,429
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 reserve8% / 9%

Price history Realtor.com

On the market since 2026-08-13 (53 days); last sold for $349,500 on 2024-03-15; listed for rent at $1,295/mo on 2023-02-02.

DateEventPrice
Listed$424,900
Rental removed$1,595/mo
Sold$349,500
Removed—
Rent changed$1,295/mo
Listed for rent$1,400/mo
Sold$250,000
Listed$250,000
Sold public record$37,537
Sold public record$65,000

County record Public record

Recorded asduplex
Living units2
Year built1900
Market value (2026)$398,100
Property tax$7,530
Special assessmentsnone
Homesteadno
Last sale2024-03-01 · $349,500

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 35W, about 1652 m away.

Crime in South Uptown

337 incidents in the last 12 months (57 per 1,000 residents), −13% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).