3154 15th Ave S

Triplex · 3 units: 4 bed / 1 bath, 3 bed / 1 bath and 2 bed / 1 bath · 3,649 sq ft

Minneapolis, MN · Powderhorn Park · View the listing ↗

Cash flows

30 photos

Photos, via Realtor.com.

Asking price: $530,000
Monthly cash flow: $75
Estimated rent: $5,550/mo
Break-even price: $544,036

Adjust the numbers See the full breakdown

From the listing

Outstanding owner-occupant/investment opportunity less than a block from Powderhorn Park! This triplex offers over 3,500 finished sq. ft. above grade with a 4BR/1BA main-floor unit, 3BR/1BA second-floor unit, and 2BR/1BA third-floor unit. The main-floor unit is rented for $2,275 with the same tenant for over 5 years. The vacant second-floor unit was rented through June for $2,090 and has just been renovated with new kitchen cabinets, countertops and appliances, fresh paint throughout, while preserving beautiful original built-ins and carved woodwork. The third-floor unit was renovated in 2026 and is leased at $1,250/month through 3/31/27. Additional highlights include high ceilings, a 2024 roof, 200 Amp Service, two newer porches, triple corner lot, fenced flat backyard, 2-car garage, and off-street parking for at least 3 additional vehicles. The 1,400+ sq. ft. freshly painted unfinished basement offers substantial storage and future value-add potential. Walk to Powderhorn Park, Mercado Central, restaurants and transit; less than a mile to Abbott Northwestern Hospital and convenient to Downtown, the U of M and Minneapolis Institute of Art.

Description from Realtor.com, MLS #7151057. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 3,649 sq ft Powderhorn triplex asking $530K, up from a $375K sale in 2021. Our underwriting shows about $75/mo cash flow and a 6.6% cap at 20% down, with a break-even price of $544K, so the ask barely works on paper. But it leans on the vacant second floor renting near its prior $2,090, which is above our $1,825 mid estimate for a 3-bed. The 2026 renovation and the 2024 roof are good signs, though the third-floor rent of $1,250 is well below our $1,550 mid for a 2-bed and the lease runs to 3/31/27. Ask for the rent roll, the roof invoice, and the boiler's age before you book a showing, but it looks worth seeing.

Things to consider

Rent assumptions on the vacant 3-bed The unit last rented for $2,090 but our estimate is $1,825 mid. If it rents near our figure, cash flow could turn negative from the stated underwriting.Listing says: “The vacant second-floor unit was rented through June for $2,090”
Third-floor rent is below our estimate At $1,250 versus our $1,550 mid for a 2-bed, there's upside, but the lease runs until 3/31/27, so you can't raise it sooner.Listing says: “is leased at $1,250/month through 3/31/27”
Price versus history The ask is $155K above the 2021 sale price and above the county value, so the numbers depend on the rents holding.
Recent capital work lowers near-term costs A 2024 roof and renovated units mean fewer big repairs early on, which supports lower reserves.Listing says: “a 2024 roof, 200 Amp Service, two newer porches”
Heat and utilities setup is unknown If the owner pays boiler gas for three units, it can cost a few hundred dollars a month and wipe out the cash flow.

From the photos

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

Rents the listing states

Main floor (4br): $2,275Listing says: The main-floor unit is rented for $2,275 with the same tenant for over 5 years.
Second floor (3br): $2,090 (vacant)Listing says: The vacant second-floor unit was rented through June for $2,090
Third floor (2br): $1,250 (lease)Listing says: is leased at $1,250/month through 3/31/27

Condition and repairs

doneSecond-floor unit renovated: new kitchen cabinets, countertops, appliances, fresh paintListing says: has just been renovated with new kitchen cabinets, countertops and appliances, fresh paint throughout
doneThird-floor unit renovationListing says: The third-floor unit was renovated in 2026
doneRoofListing says: a 2024 roof, 200 Amp Service, two newer porches
doneBasement freshly painted, still unfinishedListing says: The 1,400+ sq. ft. freshly painted unfinished basement

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: $530,000
Cash to close: $121,900
Price per unit: $176,667
GRM: 8.0

Each month

Cash flow: $75/mo
Cash-on-cash: 0.7%
Cap rate: 6.6%
DSCR: 1.03×

Break-even

Price that breaks even: $544,036
Rent that breaks even: $5,452/mo

Long run

Year 30: property vs stocks: $2.39M vs $928K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$5,550
Vacancy (6%)	−$333
Collected	$5,217
Property tax Public record	−$676
Insurance Estimate	−$331
Water, sewer, trash Estimate	−$255
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$500
Capital reserve (9% of rent)	−$500
Net operating income	$2,896
Mortgage (principal + interest)	−$2,821
Cash flow	$75
Principal paid down (equity, not cash)	$359

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$2,394,006

Your equity when you sell: $1,209,262
Rental profits, invested at 7%: $1,184,743

Same money in stocks$927,934

Cash to close, invested at 7%: $927,934

The building comes out $1,466,072 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 $2.39M, stocks $928K. 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.

4 bed estimate $2,175/mo · range $2,125–$2,450 · 6 rentals within 3 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
3032 3rd Ave S, Minneapolis	$2,200	4 / 1	1,800	0.9 mi	2026-08-17	Apartment
220 E 27th St, Minneapolis	$2,600	4 / 1	2,516	1.1 mi	2026-04-04	Apartment
808-810 University Ave SE, Minneapolis	$2,100	4 / 1	—	2.6 mi	2025-03-21	Apartment
628 4th St SE, Minneapolis	$2,000	4 / 1	—	2.7 mi	2025-01-25	Apartment
1103 5th St SE, Minneapolis	$2,000	4 / 1	—	2.8 mi	2025-05-13	Apartment
513 8th Ave SE, Minneapolis	$2,000	4 / 1	—	2.8 mi	2026-02-17	Apartment

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	0.6 mi	2026-09-08	Apartment
3336 4th Ave S Apt 4, Minneapolis	$1,595	3 / 1	1,100	0.8 mi	—	Apartment
3336 4th Ave S Apt 2, Minneapolis	$1,795	3 / 1	1,100	0.8 mi	—	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
200 E 27th St, Minneapolis	$1,835	3 / 1	1,400	1.1 mi	2026-09-15	Apartment
2821 1st Ave S, Minneapolis	$1,600	3 / 1	1,743	1.2 mi	2026-06-17	Apartment
3208 Blaisdell Ave Apt 3, Minneapolis	$1,750	3 / 1	1,220	1.3 mi	2024-07-22	Apartment

2 bed estimate $1,550/mo · range $1,375–$1,800 · 6 rentals within 0.75 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
2944 17th Ave S, Minneapolis	$1,649	2 / 2	843	0.3 mi	2026-03-26	Apartment
2835 11th Ave S, Minneapolis	$1,557	2 / 2	862	0.4 mi	2026-05-21	Apartment
2643 12th Ave S Unit 1, Minneapolis	$1,785	2 / 1	—	0.7 mi	2023-06-08	Apartment
2835 Park Ave, Minneapolis	$1,340	2 / 1	—	0.7 mi	2026-07-17	Apartment
3549 Columbus Ave S, Minneapolis	$1,250	2 / 1	800	0.7 mi	—	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

mediumAsking price is well above the 2021 purchase price of $375K and above the county market value of $433K. Based on: data: county.last_sale_price · AI review
mediumHot-water heat of unknown configuration. Unclear whether it is one boiler and who pays the gas. Based on: data: county.heat_type · AI review
low$521 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 0202824130113: special assessments (current) = $520.56
lowMain-floor rent of $2,275 for a 5+ year tenant may be below what the unit could earn, and nothing says what lease it's on. Listing says: The main-floor unit is rented for $2,275 with the same tenant for over 5 years. · AI review
lowOnly a single 200 amp service is mentioned for three units; confirm the panel layout and metering. Listing says: a 2024 roof, 200 Amp Service, two newer porches · AI review

Opportunities

Large unfinished basement could add storage, laundry or possibly more value, subject to egress and code. Listing says: The 1,400+ sq. ft. freshly painted unfinished basement offers substantial storage and future value-add potential. · AI review
Minneapolis has no rent cap, so rents can follow the market. The third floor is under our estimate. Based on: data: underwriting.rent_rule · AI review
Plenty of off-street parking and a garage are rare for the area and help rentability. Listing says: 2-car garage, and off-street parking for at least 3 additional vehicles · AI review

Questions for the agent

Can I see the rent roll, leases and the trailing-12 expenses?
What is the main-floor lease type and end date? Is the tenant current?
What are the $521 in special assessments for, and does the seller pay them at closing?
Who pays heat, and is it one boiler or separate systems? How old is it?
What is the target rent for the second floor now that it's renovated?
Can you share the roof invoice and permits for the 2024 roof and the 2026 renovation?

Bottom line

A well-kept triplex that only barely pencils at the ask, and only if the vacant 3-bed fills well above our estimate, so verify the rents and the heat setup. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$8,116
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$3,973
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 1904: +1 pt capital reserve; 9 bedrooms: +1 pt repairs for wear	9% / 9%

Price history Realtor.com

On the market since 2026-10-03 (2 days); last sold for $375,000 on 2021-03-24.

Date	Event	Price
2026-10-03	Listed	$530,000
2021-03-24	Sold public record	$375,000
2005-03-25	Sold public record	$339,900
2001-11-15	Sold public record	$220,000
1999-07-28	Sold public record	$66,500
1997-12-29	Sold public record	$77,500

County record Public record

Recorded as	triplex
Living units	3
Year built	1904
Market value (2026)	$433,400
Property tax	$8,116
Special assessments	$521
Homestead	no
Last sale	2021-03-01 · $375,000

Source: Hennepin County parcel records.

City rental license

CHOWN: 3 unit(s), Tier 1, status active, renews 2027-03-01.

Nearest highway

MN 55, about 1273 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).