3116 17th Ave S

Duplex · 2 units: 3 bed / 1 bath and 2 bed / 1 bath unit split estimated · 2,638 sq ft

Minneapolis, MN · Powderhorn Park · View the listing ↗

Overpriced

44 photos

Photos courtesy of Labelle Real Estate Group Inc - Broker, via Realtor.com.

Asking price: $435,000
Monthly cash flow: −$636
Estimated rent: $3,425/mo
Break-even price: $315,498

Adjust the numbers See the full breakdown

From the listing

Hurry! Assumable FHA loan with a 3.25% interest rate, subject to buyer qualification and lender approval! This charming, up/down duplex in South Minneapolis's Powderhorn Park neighborhood offers an excellent opportunity for an owner-occupant, investor, or a combination of both. Beautiful, refinished hardwood floors and stained-glass windows showcase the property's charm and character, complemented by freshly painted kitchen cabinets on the main floor. Updates include newer Marvin windows, a newer roof, new basement glass block windows, fresh air intakes, and an added sound barrier between units. Separate utilities, two storage rooms, and shared basement laundry offer everyday convenience. Enjoy a fenced backyard, two-car detached garage, and convenient access to Powderhorn Park and Lake, the recreation center, and the dining and shopping options at Midtown Global Market.

Listing courtesy of Labelle Real Estate Group Inc - Broker (Jennifer Tillges). Description from Realtor.com, MLS #7155261. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 2-unit up/down in Powderhorn priced at $435K, and the numbers don't work at a standard 20% down: our underwriting shows about -$636/month and a 4.6% cap rate, with break-even near $315K. The one thing that could change that is the assumable FHA loan at 3.25%. Ask for the balance, because a low-rate assumption only helps if the loan is big enough and you have cash to cover the gap to the price. FHA assumptions also come with owner-occupancy rules, so this works best if you live in one unit. The listing gives no rents, so get the rent roll, leases and utility bills before anything else. Photos show decent updates, but I'd only book a showing if the loan balance makes the math work.

Things to consider

Financing decides this deal At standard terms it loses money every month. A 3.25% assumption could flip that, but only with the balance and cash needed to cover the gap.Listing says: “Assumable FHA loan with a 3.25% interest rate, subject to buyer qualification and lender approval”
Price is above what rents support Break-even price is well under asking, so there is little room for error on rents or expenses.
Owner-occupancy fits this deal Living in one unit fits FHA rules and lowers your housing cost, and the other unit's rent helps pay the loan.Listing says: “offers an excellent opportunity for an owner-occupant, investor, or a combination of both”
Likely owner-occupied now, so rents are unknown The property is homestead and the listing gives no rents, so the income side is unverified.
Systems are undocumented Heat is hot water and the building is from 1908. The boiler, wiring and roof age drive repair costs.
Special assessments on the tax bill Small, but find out what they're for and if they continue.

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

doneNewer roof (age not given)Listing says: newer Marvin windows, a newer roof, new basement glass block windows
doneNewer Marvin windowsListing says: newer Marvin windows, a newer roof, new basement glass block windows
doneNew basement glass block windowsListing says: new basement glass block windows, fresh air intakes, and an added sound barrier between units
doneFreshly painted main floor kitchen cabinetsListing says: freshly painted kitchen cabinets on the main floor
doneAdded sound barrier between unitsListing says: fresh air intakes, and an added sound barrier between units

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: $435,000
Cash to close: $100,050
Price per unit: $217,500
GRM: 10.6

Each month

Cash flow: −$636/mo
Cash-on-cash: −7.6%
Cap rate: 4.6%
DSCR: 0.73×

Break-even

Price that breaks even: $315,498
Rent that breaks even: $4,251/mo

Long run

Year 30: property vs stocks: $1.18M vs $1.05M
Cash flow turns positive: year 14

Monthly

Monthly breakdown

Rent	$3,425
Vacancy (6%)	−$206
Collected	$3,220
Property tax Listing	−$503
Insurance Estimate	−$225
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$274
Capital reserve (9% of rent)	−$308
Net operating income	$1,679
Mortgage (principal + interest)	−$2,315
Cash flow	−$636
Principal paid down (equity, not cash)	$295

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$1,184,631

Your equity when you sell: $992,507
Rental profits, invested at 7%: $192,124

Same money in stocks$1,054,350

Cash to close, invested at 7%: $761,606
Monthly shortfalls, invested: $292,744

The building comes out $130,281 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 $1.18M, stocks $1.05M. The property wins.

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.

3 bed estimate $1,825/mo · range $1,725–$1,950 · 8 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2742 18th Ave S, Minneapolis	$1,850	3 / 1	1,270	0.5 mi	2026-09-08	Apartment
912 E 25th St Apt 2, Minneapolis	$1,695	3 / 1	1,014	0.9 mi	—	Apartment
912 E 25th St Apt 3, Minneapolis	$1,675	3 / 1	1,014	0.9 mi	—	Apartment
3336 4th Ave S Apt 4, Minneapolis	$1,595	3 / 1	1,100	1.0 mi	—	Apartment
3336 4th Ave S Apt 2, Minneapolis	$1,795	3 / 1	1,100	1.0 mi	—	Apartment
200 E 27th St, Minneapolis	$1,835	3 / 1	1,400	1.3 mi	2026-09-15	Apartment
2821 1st Ave S, Minneapolis	$1,600	3 / 1	1,743	1.3 mi	2026-06-17	Apartment
3208 Blaisdell Ave Apt 3, Minneapolis	$1,750	3 / 1	1,220	1.5 mi	2024-07-22	Apartment

2 bed estimate $1,600/mo · range $1,450–$1,800 · 24 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
3140 16th Ave S, Minneapolis	$1,300	2 / 1	800	0.1 mi	2026-10-03	Apartment
2220 E Lake St, Minneapolis	$1,425	2 / 1	835	0.6 mi	—	Apartment
2643 12th Ave S Unit 1, Minneapolis	$1,785	2 / 1	—	0.7 mi	2023-06-08	Apartment
3725 Cedar Ave S, Minneapolis	$1,349	2 / 1	767	0.8 mi	2026-06-30	Apartment
2835 Park Ave, Minneapolis	$1,340	2 / 1	—	0.8 mi	2026-07-17	Apartment
3549 Columbus Ave S, Minneapolis	$1,250	2 / 1	800	0.8 mi	—	Apartment
2723 Portland Ave S, Minneapolis	$1,589	2 / 1	—	1.0 mi	2026-07-17	Apartment
3715 Columbus Ave S Apt 2, Minneapolis	$1,395	2 / 1	920	1.0 mi	—	Apartment
3715 Columbus Ave S Apt 4, Minneapolis	$1,495	2 / 1	920	1.0 mi	—	Apartment
3718 Oakland Ave S, Minneapolis	$1,150	2 / 1	700	1.1 mi	2026-01-03	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

highNegative cash flow at asking with 20% down Based on: data: underwriting.cash_flow_monthly · AI review
mediumNo rents, lease terms or expenses given; income can't be verified Based on: data: rent_estimate · AI review
mediumRadiator heat in a 1908 building; confirm whether heat is one system or separate per unit, despite 'separate utilities' Based on: data: county.heat_type · AI review
low$243 in special assessments on the current tax bill (often street, sewer or code-enforcement charges). Ask what they're for, whether they continue, and whether the seller pays them off at closing. Public record: Hennepin County parcel 0202824110201: special assessments (current) = $242.94
lowRoof is only called 'newer' with no age; windows and roof details need documentation Listing says: newer Marvin windows, a newer roof, new basement glass block windows · AI review

Opportunities

Possibly assumable loan at an old, low rate. FHA/VA assumptions come with owner-occupancy rules; ask the agent. Listing says: "Hurry! Assumable FHA loan with a 3.25% interest rate, subject"
Assumable 3.25% FHA loan could cut financing cost sharply if the balance is large enough Listing says: Assumable FHA loan with a 3.25% interest rate, subject to buyer qualification and lender approval · AI review
Owner-occupant could live in one unit and rent the other; no rent cap in Minneapolis Based on: data: underwriting.rent_rule · AI review
Separate utilities and shared laundry keep owner expenses lower Listing says: Separate utilities, two storage rooms, and shared basement laundry offer everyday convenience · AI review

Questions for the agent

What is the FHA loan balance, and what cash would a buyer need to bridge the gap to the price?
Does the assumption require owner-occupancy, and has the lender confirmed the buyer can be approved?
What are the current rents, lease end dates and deposits for each unit?
What are the special assessments for, and who pays them at closing?
How old are the roof, boiler and electrical panels? Is the heat truly separate per unit?
Who pays water, sewer and trash, and what were last year's bills?

Bottom line

Doesn't pencil at standard financing, so it only works if the 3.25% FHA assumption is real and the loan balance is big enough. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2026. The tax the listing states. If the seller lives there it may be at the lower homestead rate; an investor owner pays the non-homestead rate, often 20–40% more on the owner's unit.	$6,031
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,705
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 1908: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-10-05 (1 days); last sold for $410,000 on 2021-04-02.

Date	Event	Price
2026-10-05	Listed	$435,000
2026-06-28	Removed	$450,000
2021-04-02	Sold	$410,000
2021-02-20	Listed	$379,000
2021-02-13	Removed	$379,000
2013-03-26	Removed	$84,900
2012-07-31	Listed	$84,900
2005-12-21	Sold public record	$337,000
2004-01-15	Sold public record	$280,000
2000-01-04	Sold public record	$103,900

County record Public record

Recorded as	duplex
Living units	2
Year built	1908
Market value (2026)	$400,600
Property tax	$6,031
Special assessments	$243
Homestead	no
Last sale	2021-04-01 · $410,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

MN 55, about 959 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).