Minneapolis › Lyndale

3043 Grand Ave S

Fourplex · 4 units: 1 bed / 1 bath ×4 unit split estimated · 2,564 sq ft

Minneapolis, MN · Lyndale · View the listing ↗

Overpriced

16 photos

Photos, via Realtor.com.

Asking price: $699,000
Monthly cash flow: −$1,441
Estimated rent: $5,000/mo
Break-even price: $428,252

Adjust the numbers See the full breakdown

From the listing

Opportunity to acquire a four-unit multifamily property offering approximately 2,564 SF of living space on a 5,663 SF lot. Built in 1900, the property has benefited from significant capital improvements, including new windows, siding, four water heaters, and four forced air furnaces, along with recent appliance and furnishing upgrades. The property features three 1-bedroom/1-bath units and one studio, all with private entrances, updated kitchens, and flexible furnished configurations. All four units are currently occupied and operating as furnished short-term rentals through airbnb, providing an established rental history and immediate income-producing use, while offering flexibility for short, medium, or long-term rental strategies. The property presents an opportunity for both an investor seeking an established multifamily asset and an owner-occupant looking to live in one unit while generating rental income from the remaining units. Free convenient on-street parking and shared outdoor space further enhance the property's appeal.

Description from Realtor.com, MLS #7129459. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a four-unit building run entirely as furnished Airbnb rentals, and the listing gives no income figures at all. At $699K against a county market value of $496K and a 2021 sale at $630K, the price looks high. Our estimate of $1,250 per unit ($5,000/month total) at 20% down and 7.0% interest gives about -$1,441/month in cash flow and a 3.9% cap rate, with break-even around $428K, roughly $271K below the ask. Short-term rental income is volatile and tougher to finance, so ask for 12+ months of booking history, occupancy and platform payouts. Check Minneapolis short-term rental rules and licensing, and find out what these units rent for on a standard 12-month lease, because that is the number a lender and a cautious buyer should rely on. Worth a showing only if the seller can back the income with real statements that far exceed our estimates, since the long-term rent math does not work at this price.

Things to consider

Income is unverified and short-term only Airbnb revenue swings with season and rules, and lenders may underwrite it conservatively. Value it on long-term rents until proven otherwise.Listing says: “operating as furnished short-term rentals through airbnb, providing an established rental history”
Price is high versus public records The ask is well above county value and the 2021 sale, and about $271K above our $428K break-even, so the numbers need strong income to justify it.
Taxes are a heavy cost The $9,383 tax bill is non-homestead and takes a big bite from a four-unit building's income.
Small units, one-bedroom and studio mix Small units mean more turnover and lower rents per unit than larger layouts.Listing says: “three 1-bedroom/1-bath units and one studio”
Recent mechanical and exterior upgrades Separate furnaces and water heaters lower near-term capex and let tenants pay their own heat.Listing says: “new windows, siding, four water heaters, and four forced air furnaces”
Active rental license for four units Licensing matches the unit count, which supports legality, but confirm it covers short-term use.

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 windowsListing says: new windows, siding, four water heaters, and four forced air furnaces
doneNew sidingListing says: new windows, siding, four water heaters, and four forced air furnaces
doneFour water heatersListing says: new windows, siding, four water heaters, and four forced air furnaces
doneFour forced air furnacesListing says: new windows, siding, four water heaters, and four forced air furnaces
doneAppliance and furnishing upgradesListing says: along with recent appliance and furnishing upgrades

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: $699,000
Cash to close: $160,770
Price per unit: $174,750
GRM: 11.7

Each month

Cash flow: −$1,441/mo
Cash-on-cash: −10.8%
Cap rate: 3.9%
DSCR: 0.61×

Break-even

Price that breaks even: $428,252
Rent that breaks even: $6,871/mo

Long run

Year 30: property vs stocks: $1.68M vs $2.13M
Cash flow turns positive: year 20

Monthly

Monthly breakdown

Rent	$5,000
Vacancy (6%)	−$300
Collected	$4,700
Property tax Public record	−$782
Insurance Estimate	−$389
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$400
Capital reserve (9% of rent)	−$450
Net operating income	$2,279
Mortgage (principal + interest)	−$3,720
Cash flow	−$1,441
Principal paid down (equity, not cash)	$473

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$1,682,033

Your equity when you sell: $1,594,857
Rental profits, invested at 7%: $87,176

Same money in stocks$2,127,284

Cash to close, invested at 7%: $1,223,822
Monthly shortfalls, invested: $903,462

Stocks come out $445,251 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 $1.68M, stocks $2.13M. 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.

1 bed estimate $1,250/mo · range $1,150–$1,475 · 25 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
3013 Grand Ave S, Minneapolis	$1,045	1 / 1	475	0.1 mi	2024-11-05	Apartment
3118 Pleasant Ave, Minneapolis	$1,199	1 / 1	750	0.1 mi	2026-05-09	Apartment
3127 Pleasant Ave Apt 206, Minneapolis	$1,099	1 / 1	700	0.1 mi	—	Apartment
3127 Pleasant Ave, Minneapolis	$1,099	1 / 1	700	0.1 mi	2025-02-22	Apartment
410 W Lake St, Minneapolis	$1,442	1 / 1	661	0.1 mi	2026-03-04	Apartment
500 W Lake St Apt 226, Minneapolis	$1,350	1 / 1	737	0.1 mi	—	Apartment
500 W Lake St Apt 320, Minneapolis	$1,299	1 / 1	555	0.1 mi	—	Apartment
2926 Harriet Ave S, Minneapolis	$1,150	1 / 1	—	0.2 mi	2026-09-15	Apartment
2833 Lyndale Ave S, Minneapolis	$1,549	1 / 1	782	0.3 mi	2024-04-12	Apartment
2922 Aldrich Ave S, Minneapolis	$1,570	1 / 1	779	0.3 mi	2024-09-05	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

highIncome is short-term rental only, with no rents, occupancy or revenue stated. Furnished Airbnb income is volatile and often hard to finance. Listing says: operating as furnished short-term rentals through airbnb, providing an established rental history · AI review
mediumAsking is $270,748 above the price where cash flow breaks even ($428,252) at the default scenario. Based on: Derived: price $699,000 vs. break-even $428,252
mediumAsking price is well above county market value and the 2021 sale price. Based on: data: county.market_value · AI review
mediumOwner likely pays utilities and furnishing upkeep in an Airbnb model; units may have no standard leases to assume. Listing says: flexible furnished configurations · AI review

Opportunities

Convert to standard 12-month leases or mid-term rentals, which cuts turnover and platform risk. Listing says: offering flexibility for short, medium, or long-term rental strategies · AI review
House-hack: live in one unit and rent the other three. Listing says: an owner-occupant looking to live in one unit while generating rental income from the remaining units · AI review
Recent capital work reduces near-term big-ticket risk, and each unit has its own furnace and water heater, so tenants can pay their own heat. Listing says: new windows, siding, four water heaters, and four forced air furnaces · AI review

Questions for the agent

Can you share 12-24 months of Airbnb payouts, occupancy and expenses by unit?
Is the Minneapolis short-term rental license in place, and does it transfer to a buyer?
Which furnishings and appliances convey with the sale?
Who pays utilities, internet, cleaning and supplies today?
What would each unit rent for on a 12-month lease, and has the owner tried that?
When were the windows, siding and mechanicals done, and were permits pulled?

Bottom line

Fresh updates and a full 4-unit license, but at $699K the long-term math loses about $1,441/month and rests on unproven Airbnb income, so get the books before you get excited. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$9,383
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,665
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$340
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	8% / 9%

Price history Realtor.com

On the market since 2026-08-19 (47 days); last sold for $630,000 on 2021-08-27; listed for rent at $1,150/mo on 2021-06-29.

Date	Event	Price
2026-08-19	Listed	$699,000
2021-08-27	Sold public record	$630,000
2021-07-16	Removed	—
2021-07-15	Sold	$630,000
2021-06-29	Listed for rent	$1,150/mo
2021-06-24	Relisted	$634,900
2021-06-16	Removed	$634,900
2021-06-14	Price changed	$634,900
2021-05-10	Price changed	$639,900
2021-04-30	Listed	$649,900
2021-03-18	Removed	$150,000
2021-03-18	Removed	$157,500
2021-03-18	Removed	$139,900
2020-04-28	Sold	$596,000
2012-04-02	Sold	$125,000
2012-03-21	Removed	$139,900
2012-03-21	Removed	$145,000
2012-02-10	Removed	$145,000
2012-02-10	Listed	$139,900
2011-12-29	Removed	$150,000
2011-12-29	Listed	$145,000
2011-09-20	Listed	$150,000
2011-06-13	Removed	$149,900
2011-06-13	Removed	$157,500
2010-07-09	Listed	$149,900

County record Public record

Recorded as	apartment converted
Living units	—
Year built	1900
Market value (2026)	$496,000
Property tax	$9,383
Special assessments	none
Homestead	no
Last sale	2021-07-01 · $630,000

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 693 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).