Menu
Back to Minneapolis
Minneapolis › Marshall Terrace

3047 Grand St NE

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 1,814 sq ft

Minneapolis, MN · Marshall Terrace · View the listing ↗

Overpriced
31 photos
3047 Grand St NE, photo 1
1 / 31
3047 Grand St NE, photo 2
2 / 31
3047 Grand St NE, photo 3
3 / 31
3047 Grand St NE, photo 4
4 / 31
3047 Grand St NE, photo 5
5 / 31
3047 Grand St NE, photo 6
6 / 31
3047 Grand St NE, photo 7
7 / 31
3047 Grand St NE, photo 8
8 / 31
3047 Grand St NE, photo 9
9 / 31
3047 Grand St NE, photo 10
10 / 31
3047 Grand St NE, photo 11
11 / 31
3047 Grand St NE, photo 12
12 / 31
3047 Grand St NE, photo 13
13 / 31
3047 Grand St NE, photo 14
14 / 31
3047 Grand St NE, photo 15
15 / 31
3047 Grand St NE, photo 16
16 / 31
3047 Grand St NE, photo 17
17 / 31
3047 Grand St NE, photo 18
18 / 31
3047 Grand St NE, photo 19
19 / 31
3047 Grand St NE, photo 20
20 / 31
3047 Grand St NE, photo 21
21 / 31
3047 Grand St NE, photo 22
22 / 31
3047 Grand St NE, photo 23
23 / 31
3047 Grand St NE, photo 24
24 / 31
3047 Grand St NE, photo 25
25 / 31
3047 Grand St NE, photo 26
26 / 31
3047 Grand St NE, photo 27
27 / 31
3047 Grand St NE, photo 28
28 / 31
3047 Grand St NE, photo 29
29 / 31
3047 Grand St NE, photo 30
30 / 31
3047 Grand St NE, photo 31
31 / 31

Photos courtesy of Banneker Realty, Llc - Broker, via Realtor.com.

Asking price
$390,000
2 units · $195K per unit
Monthly cash flow
−$567
at 20% down, 7%
Estimated rent
$3,200/mo
medium confidence
Break-even price
$283,395
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a Northeast Minneapolis up/down asking $390K, about $10K above the 2023 sale price of $380K and $62K above county market value of $328K. Our numbers don't work: estimated rents of about $1,600 per 2-bed give a 4.6% cap rate and roughly -$567/month cash flow at asking, and break-even is near $283K. The listing gives no rents, no lease terms and no expenses, so get the rent roll and leases first. Photos show two electric meters and a basement with exposed stone and block walls, so check the foundation and the utility split. Fifty days on market gives room to negotiate, but I'd only tour it at a price far closer to break-even.

Things to consider

  1. Price is far above what the rents support At asking, cash flow is about -$567/month and the cap rate 4.6%. You would need a much lower price or much higher rents.
  2. No rent roll or lease information Immediate cash flow claims mean nothing without actual rents and lease terms. Rents may be below our $1,600 estimate.Listing says: “Both units are currently occupied for immediate cash flow.”
  3. Asking exceeds recent sale and county value The seller paid $380K in 2023 and the county values it at $328K, so the premium is hard to justify.
  4. Old building with unseen systems Built 1900 with a rough basement and no photos of the mechanicals, so budget for inspections and capital reserves.From photo 10
  5. Taxes weigh on the numbers The $6,229 non-homestead tax is a large fixed cost on a duplex renting around $3,200 a month combined.

From the photos

Listing photo 1
1 of 7Check

Exterior is vinyl-sided with a wooden rear deck and exterior stairs to the upper unit; the wood decking and stairs look weathered and need checking.

Listing photo 5
2 of 7Plus

Two meters appear on one stack in the stairwell, suggesting separate electric service for each unit.

Listing photo 3
3 of 7Plus

The lower kitchen appears refreshed with white shaker-style cabinets and newer-looking flooring, though the finishes look budget grade.

Listing photo 10
4 of 7Concern

The basement has bare floor joists, stone and block walls, and peeling floor paint; it looks dated and needs inspection for moisture and foundation condition.

Listing photo 10
5 of 7Check

Washer and dryer sit in the basement; it's unclear whether the laundry is shared or private to a unit.

Listing photo 8
6 of 7Concern

Bathrooms appear functional but dated, with oak vanities and a plastic shower surround.

Listing photo 2
7 of 7Check

No photos of the furnace, water heater, electrical panel, roof or the upper kitchen, so the major systems cannot be judged.

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
$390,000
Cash to close
$89,700
Price per unit
$195,000
GRM
10.2

Each month

Cash flow
−$567/mo
Cash-on-cash
−7.6%
Cap rate
4.6%
DSCR
0.73×

Break-even

Price that breaks even
$283,395
Rent that breaks even
$3,937/mo

Long run

Year 30: property vs stocks
$1.06M vs $945K
Cash flow turns positive
year 14

Monthly

Monthly breakdown

Rent$3,200
Vacancy (6%)−$192
Collected$3,008
Property tax Public record−$519
Insurance Estimate−$207
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$256
Capital reserve (9% of rent)−$288
Net operating income$1,508
Mortgage (principal + interest)−$2,076
Cash flow−$567
Principal paid down (equity, not cash)$264

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$1,057,396
Your equity when you sell
$889,834

Sells for $946,632 (value up 3% a year), minus 6% selling cost ($56,798). Rent paid down $312,000 of loan.

Rental profits, invested at 7%
$167,562

$114,253 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$945,069
Cash to close, invested at 7%
$682,819

$89,700 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$262,249

$46,810 you'd have paid in while the building lost money, invested instead.

The building comes out $112,327 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 $1.06M, stocks $945K. The property wins.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-05. The estimate above is RentCast's, weighted toward the closest matches.

2 bed / 1 bath estimate $1,600/mo · range $1,450–$1,750

AddressRentBd / BaSq ftDistanceListedMatch
2635 California St NE, Minneapolis 55418 off market $1,600 2 / 1 — 0.5 mi 2026-04-02 93%
1929 Grand St NE, Minneapolis 55418 off market $1,500 2 / 1 — 1.1 mi 2026-05-20 92%
1923 University Ave NE, Minneapolis 55418 off market $1,475 2 / 1 — 1.1 mi 2026-05-22 92%
4209 Bryant Ave N, Unit 2, Minneapolis 55412 off market $1,400 2 / 1 — 1.2 mi 2026-01-07 92%
2935 Aldrich Ave N, Unit 1, Minneapolis 55411 off market $1,300 2 / 1 — 1.3 mi 2026-04-24 92%
2615 Polk St NE, Unit 2, Minneapolis 55418 off market $1,375 2 / 1 — 1.3 mi 2026-01-02 92%
3107 Dupont Ave N, Unit 1, Minneapolis 55411 off market $1,550 2 / 1 — 1.4 mi 2026-05-28 92%
2906 Tyler St NE, Minneapolis 55418 off market $1,849 2 / 1 1,300 1.2 mi 2025-06-23 91%
2526 Polk St NE, Minneapolis 55418 $1,700 2 / 1 1,300 1.3 mi 2026-08-18 91%
2900 Colfax Ave N, Minneapolis 55411 off market $1,345 2 / 1 1,200 1.4 mi 2026-03-06 90%

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: RentCast. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

  • highOccupied, but no rents or lease terms given Listing says: Both units are currently occupied for immediate cash flow. · AI review
  • mediumLast sold at $380K in 2023 and county value is $328K, so asking looks inflated Based on: data: county.market_value · AI review
  • mediumBuilt 1900 with an unfinished basement of stone and block; foundation and moisture need inspection Based on: photo 10 · AI review
  • lowTax bill is non-homestead and heavy relative to likely rents Based on: data: county.tax · AI review

Opportunities

  • Minneapolis has no rent cap, so rents can rise with the market after turnover Based on: data: underwriting.rent_rule · AI review
  • Fenced yard, large deck and 2-car garage support tenant appeal and possible garage rent Listing says: The back yard is fenced in and features a spacious deck and large 2 car garage. · AI review
  • Active Tier 1 rental license for 2 units reduces licensing risk Based on: data: city.rental_license · AI review

Questions for the agent

  • What are the current rents, lease end dates, and are any tenants month-to-month?
  • Who pays heat, water and trash, and are there separate heating systems? Are the electric meters separate?
  • How old are the roof, furnace, water heater and electrical panels?
  • Why did the seller list at $390K after buying at $380K in 2023, and have there been price changes or offers?
  • Has the basement or foundation had moisture or structural work?
  • Can I see the last 12 months of expenses and the rental license inspection report?

Bottom line

A tidy-looking up/down in a decent area, but at $390K it loses about $570 a month on our numbers, so it needs 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)$6,229
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,479
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); down $20,000 (4.9%) from the first ask of $410,000; last sold for $380,000 on 2023-09-01.

DateEventPrice
Price changed$390,000
Listed$410,000
Sold$380,000
Sold$373,000
Listed$349,900
Sold$281,000
Listed$275,000
Sold$169,850
Listed$169,850

County record Public record

Recorded asduplex
Living units2
Year built1900
Market value (2026)$328,000
Property tax$6,229
Special assessmentsnone
Homesteadno
Last sale2023-09-01 · $380,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 94, about 1060 m away.

Crime in Marshall Terrace

99 incidents in the last 12 months (68 per 1,000 residents), +15% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).