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3044 Fremont Ave S

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 2,400 sq ft

Minneapolis, MN · South Uptown · View the listing ↗

Far off
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Photos courtesy of Keller Williams Realty, via Realtor.com.

Asking price
$499,900
2 units · $250K per unit
Monthly cash flow
−$1,135
at 20% down, 7%
Estimated rent
$3,350/mo
medium confidence · 20 rentals within 0.75 mi
Break-even price
$286,681
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a 2-unit up/down in South Uptown asking $499,900, and the numbers don't work at today's rates. Our underwriting shows about -$1,135 a month and a 3.7% cap rate, with break-even near $287K. The listing reads like a rental ad for the neighboring 3040 Fremont, and it gives no rents, no lease terms and no expenses for 3044. The photos show a freshly redone kitchen and bath, but the listing sold at $425K in 2024, so ask what was done and what it cost. Get the rent roll, leases and a heat bill before spending time on a showing, and only go if the seller is open to a big cut.

Things to consider

  1. Price is far above what the rents support Cash flow is about -$1,135 a month at asking, and break-even is roughly $213K lower. Only a large cut makes this work.
  2. Rents and lease status are unknown Without a rent roll you can't verify income. Our estimate is about $1,675 per 2-bed.Listing says: “Great Tenants in 3 of 4 Total Units.”
  3. Tenants pay all utilities, which helps expenses Owner costs shrink to taxes, insurance and repairs, but confirm the heat is separately metered for hot-water heat.Listing says: “Tenants responsible for all utilities, snow removal & liability Insurance.”
  4. Renovation looks partial and cosmetic One unit looks fresh while the other kitchen looks dated, so budget for the second unit and check the mechanicals.From photo 10
  5. Tax bill is heavy About $8,048 a year at non-homestead takes a big share of rent, and a sale could trigger reassessment.

From the photos

Listing photo 3
1 of 7Plus

Kitchen appears newly renovated: white shaker cabinets, stone-look counters, subway tile, new stainless gas range and microwave

Listing photo 7
2 of 7Plus

Bathroom appears recently redone with subway tile tub surround, new fixtures and pedestal sink

Listing photo 5
3 of 7Plus

Hardwood floors with inlay borders look in good shape; radiators indicate hot-water heat

Listing photo 10
4 of 7Concern

Second kitchen looks older, with vinyl flooring, laminate counters and a black range, so unit condition appears uneven

Listing photo 1
5 of 7Check

Front and side shots show an older wood-frame house with new-looking asphalt shingles and a two-level porch; porch decking and railings look worth inspecting

Listing photo 1
6 of 7Check

Window A/C units are visible in the upper unit, so central air appears absent

Listing photo 9
7 of 7Check

Bedroom photo appears virtually staged, so it may not show true condition. No photos of boiler, panel, basement or laundry

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
$499,900
Cash to close
$114,977
Price per unit
$249,950
GRM
12.4

Each month

Cash flow
−$1,135/mo
Cash-on-cash
−11.8%
Cap rate
3.7%
DSCR
0.57×

Break-even

Price that breaks even
$286,681
Rent that breaks even
$4,787/mo

Long run

Year 30: property vs stocks
$1.17M vs $1.65M
Cash flow turns positive
year 23

Monthly

Monthly breakdown

Rent$3,350
Vacancy (6%)−$201
Collected$3,149
Property tax Public record−$671
Insurance Estimate−$220
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (7% of rent)−$235
Capital reserve (8% of rent)−$268
Net operating income$1,526
Mortgage (principal + interest)−$2,661
Cash flow−$1,135
Principal paid down (equity, not cash)$339

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$1,171,021
Your equity when you sell
$1,140,586

Sells for $1,213,389 (value up 3% a year), minus 6% selling cost ($72,803). Rent paid down $399,920 of loan.

Rental profits, invested at 7%
$30,436

$26,226 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,651,395
Cash to close, invested at 7%
$875,234

$114,977 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$776,161

$167,390 you'd have paid in while the building lost money, invested instead.

Stocks come out $480,374 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 $1.17M, stocks $1.65M. 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 $1,675/mo · range $1,450–$1,800 · 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
3247 Lyndale Ave S, Minneapolis $1,315 2 / 1 900 0.5 mi 2026-04-22 Apartment
2647 Girard Ave S Apt 2, Minneapolis $1,550 2 / 1 — 0.5 mi 2026-09-10 Apartment
3452 Emerson Ave S, Minneapolis $1,349 2 / 1 950 0.5 mi 2026-09-03 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

  • highNo rents, lease terms or expenses given for this property Listing says: Great Tenants in 3 of 4 Total Units. · AI review
  • mediumBought for $425,000 in Mar 2024; asking is 18% more 31 months later. Ask what was done to justify the jump. Public record: Hennepin County parcel 0402824120062: last sale 2024-03-01, $425,000
  • mediumAsking is $213,219 above the price where cash flow breaks even ($286,681) at the default scenario. Based on: Derived: price $499,900 vs. break-even $286,681
  • mediumDescription appears copied from a rental ad and covers the 3040 building too, so 3044 specifics are unclear Listing says: Two Up/Down Duplexes Next Door - Both Available. 3040 Fremont and 3044 Fremont. · AI review
  • mediumTaxes are high at the non-homestead rate relative to the rent potential Based on: data: county.tax · AI review
  • mediumPhoto 10 shows a different, older kitchen than the renovated kitchen in photos 3 and 4, so the two units differ in condition Based on: photo 10 · AI review

Opportunities

  • No rent cap in Minneapolis, so rents can follow the market Based on: data: underwriting.rent_rule · AI review
  • Off-street parking and a garage option help rentability in a dense neighborhood Listing says: Off-street parking included ensures convenience in this bustling neighborhood. Garage option available. · AI review
  • Walkable Uptown location near the lakes supports tenant demand Listing says: just steps away from the serene Chain of Lakes · AI review

Questions for the agent

  • Which of the 3044 units are occupied, at what rents, and are they on leases or month-to-month?
  • What was renovated since the March 2024 purchase, when, and were permits pulled?
  • Is heat one hot-water boiler for both units, and who pays the gas bill?
  • Can you provide 12 months of expenses, including taxes, insurance and water?
  • Is 3044 being sold separately from 3040, or as a package?
  • What are the ages of the roof, boiler and electrical panel?

Bottom line

Nicely refreshed Uptown duplex, but at $499,900 it loses money every month and only works at a much lower price. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$8,048
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,640
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 2026-06-28 (99 days, relisted 1×); last sold for $425,000 on 2024-03-15.

DateEventPrice
Listed$499,900
Removed—
Rental removed$1,695/mo
Sold$425,000
Sold public record$400,000
Sold public record$112,000
Sold public record$112,000

County record Public record

Recorded asduplex
Living units2
Year built1900
Market value (2026)$425,400
Property tax$8,048
Special assessmentsnone
Homesteadno
Last sale2024-03-01 · $425,000

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).