3048 13th Ave S

Triplex · 3 units: 2 bed / 1 bath ×3 unit split estimated · 5,100 sq ft

Minneapolis, MN · Powderhorn Park · View the listing ↗

9 photos

Photos, via Realtor.com.

Asking price: $427,500
Monthly cash flow: −$149
Estimated rent: $4,350/mo
Break-even price: $399,456

Adjust the numbers See the full breakdown

From the listing

Unique Powderhorn Park Triplex Investment Opportunity! Discover a fantastic investment opportunity just one block from Powderhorn Park. This unique property features three separate units across two buildings, offering flexibility, strong rental potential, and a highly desirable Minneapolis location. Each unit features a private entrance, spacious living room, dining room, kitchen, two bedrooms, and a full bathroom. Front porches provide additional outdoor space, while off-street parking adds convenience for tenants. The duplex building offers shared laundry in the lower level, while the separate single-family structure has its own washer and dryer, providing added privacy and convenience. Located just steps from Powderhorn Park, residents can enjoy easy access to the lake, walking paths, playgrounds, recreation areas, and community amenities. Restaurants, shops, public transportation, and everyday conveniences are also nearby. Whether you're looking to expand your investment portfolio, generate rental income, or explore an owner-occupied opportunity, this three-unit property offers versatility and long-term potential in a sought-after Minneapolis neighborhood.

Description from Realtor.com, MLS #7145315. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

Three 2-bed units across two buildings (a duplex plus a separate single-family structure) near Powderhorn Park, asking $427,500. At our $1,450 mid rents and 20% down, cash flow is about -$149 a month at a 6.0% cap, so it doesn't work at the ask, though it's close. Break-even price is about $399K, well above the $352K the seller paid in Oct 2024. The listing gives no rents, leases or repair history, and the photos show a mix of fresh paint and original baths. Before a showing, get the rent roll, the rental license status, and the heating and electrical setup. Look only if the seller will move toward the high-$300s.

Things to consider

Cash flow is negative at asking price At about -$149 a month and a 6.0% cap, you'd be subsidizing the property, though modestly. The numbers only work closer to $399K.
Seller's price jump in 24 months A 21% increase over the Oct 2024 purchase price suggests an aspirational ask, which gives room to negotiate.
Rental license is missing in city data An unlicensed building can mean inspection costs and delays to legal rent collection. Verify it before offering.
Kitchen work appears unfinished At least one unit may need a budget for counters, appliances and finish work before it can be rented.From photo 7
Rent roll is unknown With no stated rents, the income side rests on our $1,450 estimates. Actual rents could be lower or higher.
Two buildings mean two sets of systems Separate roofs, heat and meters can raise the repair and reserve burden compared with one building.Listing says: “three separate units across two buildings”

From the photos

Based on 9 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: $427,500
Cash to close: $98,325
Price per unit: $142,500
GRM: 8.2

Each month

Cash flow: −$149/mo
Cash-on-cash: −1.8%
Cap rate: 6.0%
DSCR: 0.93×

Break-even

Price that breaks even: $399,456
Rent that breaks even: $4,544/mo

Long run

Year 30: property vs stocks: $1.61M vs $771K
Cash flow turns positive: year 4

Monthly

Monthly breakdown

Rent	$4,350
Vacancy (6%)	−$261
Collected	$4,089
Property tax Public record	−$544
Insurance Estimate	−$364
Water, sewer, trash Estimate	−$255
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$348
Capital reserve (9% of rent)	−$392
Net operating income	$2,126
Mortgage (principal + interest)	−$2,275
Cash flow	−$149
Principal paid down (equity, not cash)	$290

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$1,613,145

Your equity when you sell: $975,396
Rental profits, invested at 7%: $637,750

Same money in stocks$770,942

Cash to close, invested at 7%: $748,475
Monthly shortfalls, invested: $22,467

The building comes out $842,203 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 $1.61M, stocks $771K. 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 $1,450/mo · range $1,250–$1,650

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
3029 Chicago Ave S, Minneapolis 55407 off market	$1,575	2 / 1	—	0.3 mi	2026-04-18	94%
3029-3031 Chicago Ave S, Minneapolis 55407 off market	$1,575	2 / 1	—	0.3 mi	2026-03-24	94%
2835 Park Ave, Minneapolis 55407	$1,255	2 / 1	—	0.5 mi	2026-07-17	93%
2643 12th Ave S, Unit 1, Minneapolis 55407	$1,785	2 / 1	—	0.5 mi	2023-06-08	93%
3108 Oakland Ave, Minneapolis 55407 off market	$1,550	2 / 1	—	0.5 mi	2026-03-12	93%
2723 Portland Ave S, Minneapolis 55407	$1,536	2 / 1	—	0.7 mi	2026-07-17	93%
3505 18th Ave S, Minneapolis 55407 off market	$1,500	2 / 1	—	0.7 mi	2026-03-17	93%
2424 Chicago Ave S, Minneapolis 55404 off market	$1,400	2 / 1	—	0.9 mi	2025-10-15	93%
3124 12th Ave S, Apt 106, Minneapolis 55407 off market	$1,095	1 / 1	—	0.1 mi	2025-01-18	84%
3400 10th Ave S, Apt 4, Minneapolis 55407 off market	$1,100	1 / 1	—	0.4 mi	2026-05-05	84%

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

highPrice is well above what the rents support; negative cash flow at ask. Based on: data: underwriting.cash_flow_monthly · AI review
mediumNo rental license on file in the city's data. Ask whether the building is licensed as a rental and when it was last inspected. Public record: Minneapolis Active Rental Licenses: no record for 3048 13TH AVE S
mediumBought for $352,000 in Oct 2024; asking is 21% more 24 months later. Ask what was done to justify the jump. Public record: Hennepin County parcel 0202824120056: last sale 2024-10-01, $352,000
mediumCounty classifies it as a duplex with three units. Confirm the third structure is legal and licensed as a rental. Based on: data: county.dwelling_type · AI review
mediumProperty tax is non-homestead and heavy relative to rents. Based on: data: county.tax · AI review
mediumStucco exterior and upper porches with a possible flat or low-slope roof; check for moisture damage. Based on: photo 2 · AI review

Opportunities

Separate single-family structure with its own washer and dryer could appeal to a longer-term tenant and may be easier to sell or split later. Listing says: the separate single-family structure has its own washer and dryer · AI review
No rent cap in Minneapolis, so rents can follow the market after unit updates. Based on: data: underwriting.rent_rule · AI review
Fresh paint and refinished-looking hardwoods in at least one unit suggest it's near rent-ready. Based on: photo 4 · AI review

Questions for the agent

What are the current rents, lease terms and security deposits for each unit?
Is the property licensed as a rental in Minneapolis, and when was the last inspection?
What was done since the Oct 2024 purchase to justify the higher price?
How is heat set up: one boiler for the duplex, and what about the separate house? Who pays?
What are the ages of the roof, boilers, water heaters and electrical panels?
Does the third unit have its own address and utility meters?

Bottom line

A decent three-unit layout in a good location, but it loses money at $427,500 and only pencils near $399K. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$6,529
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,372
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 1914: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-09-21 (14 days); last sold for $352,000 on 2024-10-11.

Date	Event	Price
2026-09-21	Listed	$427,500
2024-10-11	Sold	$352,000
2024-07-24	Listed	$299,000

County record Public record

Recorded as	duplex
Living units	3
Year built	1914
Market value (2026)	$345,100
Property tax	$6,529
Special assessments	none
Homestead	no
Last sale	2024-10-01 · $352,000

Source: Hennepin County parcel records.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

MN 55, about 1357 m away.

Crime in Powderhorn Park

524 incidents in the last 12 months (62 per 1,000 residents), −7% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).