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3116 Columbus Ave

Duplex · 2 units: 3 bed / 1 bath ×2 · 2,124 sq ft

Minneapolis, MN · Central · View the listing ↗

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Photos, via Realtor.com.

Needs more info before these numbers mean much. The city's rental license covers 1 unit(s); this analysis counts 2.

Asking price
$434,900
2 units · $217K per unit
Monthly cash flow
−$449
at 20% down, 7%
Estimated rent
$3,700/mo
low confidence · 6 rentals within 0.75 mi
Break-even price
$350,486
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a side-by-side duplex of two 3-bed units on a 1886 house, asking $434,900, and the numbers don't work. Our underwriting shows about -$449/mo at 20% down, a 5.1% cap, and a break-even price near $350,486. Rents are estimated at roughly $1,850 per unit, and the description gives no actual rents. The photos show fresh flooring and cabinets in at least one unit, but the listing doesn't say where the money went. Before a showing, get the tenant's rent and lease, the roof and electrical permits, and the rental license status. Unless the seller moves well down, this isn't worth the time.

Things to consider

  1. Price is far above what the rents support At about $1,850 per unit, our model has the deal losing roughly $449 a month and breaking even near $350,486. You'd be paying about $84K over that.
  2. Month-to-month tenant and a vacant unit Income is not locked in. You'd be filling one unit and may be replacing the other tenant soon, so expect vacancy and turnover costs early.Listing says: “Unit 1 is vacant and ready to move in or rent out, Unit 2 is currently rented month to month.”
  3. Rental license covers one unit A city license for 1 unit on a 2-unit building may mean a conversion, an unlicensed unit, or a records gap. It affects legality and financing.
  4. Seller has a big gain and the listing is stale They paid $118,000 in 2011 and the listing has sat 133 days, so there's room to negotiate hard.
  5. Old house, recent updates need proof An 1886 build with a claimed new roof and updated electrical is good if permitted. Verify scope, since a partial update still leaves old wiring, plumbing and foundation to inspect.Listing says: “Recent updates include a new roof and updated electrical, providing peace of mind for years to come.”

From the photos

Listing photo 3
1 of 8Plus

Unit interior has a new-looking white kitchen with a stainless gas range, fridge, quartz-style counters and a dishwasher; it appears recently renovated.

Listing photo 5
2 of 8Check

Vinyl plank flooring and recessed lights in a room that looks like a basement or lower level; confirm egress, ceiling height and whether it counts as a legal bedroom.

Listing photo 7
3 of 8Concern

Upstairs rooms have older hardwood floors with visible wear and scuffs, plus wood baseboards; they look original and refinished only lightly.

Listing photo 8
4 of 8Plus

Windows look like newer white double-hung units in the bedrooms and living area, which helps heat loss and appeal.

Listing photo 9
5 of 8Check

Forced-air floor registers are visible, consistent with the county's forced-air heat. Furnace age and whether there is one or two systems are not shown.

Listing photo 1
6 of 8Plus

The exterior shows tan vinyl or composite siding and two outdoor AC condensers at the side; the roof looks like asphalt shingles in decent shape under snow.

Listing photo 1
7 of 8Check

No photos of bathrooms, the electrical panel, the basement or mechanicals, or the second unit's kitchen. Those are the items that matter most here.

Listing photo 10
8 of 8Check

The electric fireplace insert with a stone surround looks cosmetic, not a system upgrade.

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 roofListing says: Recent updates include a new roof and updated electrical
  • doneUpdated electricalListing says: Recent updates include a new roof and updated electrical

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
$434,900
Cash to close
$100,027
Price per unit
$217,450
GRM
9.8

Each month

Cash flow
−$449/mo
Cash-on-cash
−5.4%
Cap rate
5.1%
DSCR
0.81×

Break-even

Price that breaks even
$350,486
Rent that breaks even
$4,283/mo

Long run

Year 30: property vs stocks
$1.33M vs $914K
Cash flow turns positive
year 10

Monthly

Monthly breakdown

Rent$3,700
Vacancy (6%)−$222
Collected$3,478
Property tax Public record−$540
Insurance Estimate−$214
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$296
Capital reserve (9% of rent)−$333
Net operating income$1,865
Mortgage (principal + interest)−$2,315
Cash flow−$449
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$1,332,517
Your equity when you sell
$992,279

Sells for $1,055,616 (value up 3% a year), minus 6% selling cost ($63,337). Rent paid down $347,920 of loan.

Rental profits, invested at 7%
$340,237

$208,964 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$914,373
Cash to close, invested at 7%
$761,431

$100,027 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$152,942

$25,048 you'd have paid in while the building lost money, invested instead.

The building comes out $418,144 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 $1.33M, stocks $914K. 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 $1,850/mo · range $1,700–$2,125 · 6 rentals within 0.75 mi

AddressRentBd / BaSq ftDistanceListedType
3336 4th Ave S Apt 4, Minneapolis $1,595 3 / 1 1,100 0.4 mi — Apartment
3336 4th Ave S Apt 2, Minneapolis $1,795 3 / 1 1,100 0.4 mi — Apartment
2835 11th Ave S, Minneapolis $1,700 3 / 2 1,166 0.4 mi 2026-05-21 Apartment
2821 1st Ave S, Minneapolis $1,600 3 / 1 1,743 0.7 mi 2026-06-17 Apartment
3333 Nicollet Ave Unit B, Minneapolis $2,499 3 / 2 1,400 0.7 mi — Apartment
200 E 27th St, Minneapolis $1,835 3 / 1 1,400 0.7 mi 2026-09-15 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

  • highThe city's rental license covers 1 unit(s); this analysis counts 2. Public record: Minneapolis Active Rental Licenses: 3116 COLUMBUS AVE, units=1
  • mediumDescription gives no rents, lease terms or expenses, so income can't be checked against the asking price. Listing says: Unit 2 is currently rented month to month. · AI review
  • lowMonth-to-month tenants can leave quickly. Count on turnover soon after closing. Listing says: "or rent out, Unit 2 is currently rented month to month . Two cars detached garage, with 3 extra"
  • lowBath count is unclear: the listing says 2 baths total, but the description says one unit has 2 and the other 1. Listing says: Both units feature 3 bedrooms and 2 bathrooms, and 3 bedrooms and 1 bathroom. · AI review
  • lowProperty tax is billed at the non-homestead rate, and it eats into the thin margin. Based on: data: county.tax · AI review

Opportunities

  • The seller bought for $118,000 in Feb 2011, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 0202824220199: last sale 2011-02-01, $118,000
  • Long time on market: room to negotiate. Based on: Listing data: 136 days on market
  • Unit 1 is vacant, so you can set the rent and screen the tenant yourself, and an owner-occupant could live there. Listing says: Unit 1 is vacant and ready to move in or rent out · AI review
  • Private laundry in each unit and a 2-car garage support rentability and may justify rents at the upper end of the estimate. Listing says: Two cars detached garage, with 3 extra parking spaces in the back by the garage. · AI review
  • Minneapolis has no rent cap, so rents can follow the market. Based on: data: underwriting.rent_rule · AI review

Questions for the agent

  • What is Unit 2's current rent, when does the lease end, and is there a deposit on file?
  • Can I see permits for the new roof and electrical work, with dates and what was replaced?
  • Why does the city rental license cover only 1 unit, and what is needed to license both?
  • What did the seller spend on the unit renovations, and who did the work?
  • What are the average heating and electric costs for each unit, and are they separately metered?
  • Why has it sat 133 days, and have there been price cuts or offers?

Bottom line

Clean, updated-looking duplex, but at $434,900 it loses about $449 a month and only works near $350K. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$6,479
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,564
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 1886: +1 pt capital reserve8% / 9%

Price history Realtor.com

On the market since 2026-05-22 (136 days); down $15,100 (3.4%) from the first ask of $450,000; last sold for $118,000 on 2011-03-18.

DateEventPrice
Price changed$434,900
Price changed$439,900
Relisted$450,000
Removed—
Listed$450,000
Sold public record$118,000
Sold public record$258,500
Sold public record$69,900

County record Public record

Recorded asduplex
Living units2
Year built1886
Market value (2026)$342,500
Property tax$6,479
Special assessmentsnone
Homesteadno
Last sale2011-02-01 · $118,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 35W, about 816 m away.

Crime in Central

411 incidents in the last 12 months (50 per 1,000 residents), −9% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).