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3200 23rd Ave S

Duplex · 2 units: 2 bed and 4 bed · 2,614 sq ft

Minneapolis, MN · Corcoran · View the listing ↗

Overpriced
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Photos, via Realtor.com.

Asking price
$459,990
2 units · $230K per unit
Monthly cash flow
−$565
at 20% down, 7%
Estimated rent
$3,925/mo
high confidence
Break-even price
$353,819
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

At $459,990 this duplex doesn't work as a pure rental. Our estimates put the 2-bed at about $1,700 and the 4-bed at about $2,225, which gives roughly -$565 a month at 20% down and a 4.9% cap rate. Break-even is around $354K, so the seller is far above what the rents support. The owner-occupant angle is the real pitch: live in the upper unit and let the leased lower unit offset the payment. Even then the math is tight, so check the roof, the panels and the heat setup before a showing. It was last sold for $473,800 in 2022 and has sat 72 days, so there's room to negotiate hard.

Things to consider

  1. Price is far above what rents support At ask, cash flow is about -$565 a month and the cap rate is 4.9%. It only works as an owner-occupant with a much lower price.
  2. Owner-occupant plan depends on the lease and the upper vacancy The lower unit's income is locked in through May 2027, but the upper unit goes vacant in September. Verify the rent and the tenant's payment history.Listing says: “The main floor unit is currently leased through May 31, 2027”
  3. Claimed updates don't match the photos Photos show dated baths, worn floors and baseboard heat. Budget for cosmetic work and verify the roof and panel permits.From photo 10
  4. Tier 2 rental license Expect more inspections and possible repair orders, which adds cost and time.
  5. Heat type is unclear Electric baseboard versus forced air changes operating costs and who pays the bills.
  6. Seller paid more in 2022 and is asking about the same now Rents haven't moved enough to justify the price, which gives you leverage.

From the photos

Listing photo 1
1 of 8Check

Stucco two-story with enclosed porches front and back; the exterior appears dated but intact.

Listing photo 2
2 of 8Concern

Detached two-car garage with a cracked, weedy asphalt driveway; the yard appears overgrown.

Listing photo 3
3 of 8Plus

Hardwood floors in the living areas appear in decent shape, with white walls and a textured ceiling.

Listing photo 5
4 of 8Check

Electric baseboard heaters appear in several rooms, which conflicts with the county's forced air listing.

Listing photo 6
5 of 8Concern

Enclosed porch has a bare, worn floor and older single-pane-style wood windows; it appears to need work.

Listing photo 8
6 of 8Concern

Upper-unit hardwood floors look scuffed and stained, with some marks near the walls.

Listing photo 10
7 of 8Concern

Bath has a clawfoot tub, wall-hung sink and older tile. It appears dated, not refreshed.

Listing photo 4
8 of 8Check

No kitchen, basement, mechanical or electrical panel photos, so the roof, panel and kitchen updates can't be verified.

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, updated electrical panels, and refreshed kitchens and baths throughout.
  • doneUpdated electrical panelsListing says: Recent updates include a new roof, updated electrical panels, and refreshed kitchens and baths throughout.
  • doneRefreshed kitchens and bathsListing says: refreshed kitchens and baths throughout

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
$459,990
Cash to close
$105,798
Price per unit
$229,995
GRM
9.8

Each month

Cash flow
−$565/mo
Cash-on-cash
−6.4%
Cap rate
4.9%
DSCR
0.77×

Break-even

Price that breaks even
$353,819
Rent that breaks even
$4,659/mo

Long run

Year 30: property vs stocks
$1.32M vs $1.03M
Cash flow turns positive
year 11

Monthly

Monthly breakdown

Rent$3,925
Vacancy (6%)−$236
Collected$3,690
Property tax Public record−$684
Insurance Estimate−$225
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$314
Capital reserve (9% of rent)−$353
Net operating income$1,883
Mortgage (principal + interest)−$2,448
Cash flow−$565
Principal paid down (equity, not cash)$312

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$1,323,944
Your equity when you sell
$1,049,525

Sells for $1,116,516 (value up 3% a year), minus 6% selling cost ($66,991). Rent paid down $367,992 of loan.

Rental profits, invested at 7%
$274,418

$176,805 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,030,572
Cash to close, invested at 7%
$805,359

$105,798 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$225,213

$38,386 you'd have paid in while the building lost money, invested instead.

The building comes out $293,372 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 $1.32M, stocks $1.03M. 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 $1,700/mo · range $1,475–$1,925

AddressRentBd / BaSq ftDistanceListedMatch
2807 E 29th St, Apt 6, Minneapolis 55406 off market $1,100 2 / 1 — 0.6 mi 2026-08-28 93%
3505 18th Ave S, Minneapolis 55407 off market $1,500 2 / 1 — 0.6 mi 2026-03-17 93%
2643 12th Ave S, Unit 1, Minneapolis 55407 $1,785 2 / 1 — 1.1 mi 2023-06-08 92%
3029 Chicago Ave S, Minneapolis 55407 off market $1,575 2 / 1 — 1.1 mi 2026-04-18 92%
3029-3031 Chicago Ave S, Minneapolis 55407 off market $1,575 2 / 1 — 1.1 mi 2026-03-24 92%
3900 Minnehaha Ave S, Minneapolis 55406 $1,900 2 / 1 — 1.2 mi 2026-09-29 92%
3220 Minnehaha Ave, Apt 1, Minneapolis 55406 off market $1,850 2 / 2 2,200 0.4 mi 2026-03-30 91%
3200 23rd Ave S, Unit 3202, Minneapolis 55407 off market $1,245 2 / 1 1,300 0.0 mi 2026-04-21 88%
1811 E 28th St, Minneapolis 55407 off market $1,475 2 / 1 1,300 0.7 mi 2025-08-01 87%
2912 30th Ave S, Unit 3, Minneapolis 55406 off market $1,600 2 / 1 1,100 0.6 mi 2026-07-12 85%

4 bed / 1 bath estimate $2,225/mo · range $1,800–$2,650

AddressRentBd / BaSq ftDistanceListedMatch
2217 25th Ave S, Minneapolis 55406 off market $2,535 4 / 2 2,050 1.1 mi 2026-08-12 88%
2916 30th Ave S Unit D, Minneapolis 55406 off market $2,497 4 / 2 1,853 0.6 mi 2026-04-24 87%
3832 20th Ave S, Minneapolis 55407 off market $1,595 3 / 1 — 0.8 mi 2025-09-04 83%
2709 Bloomington Ave S, Minneapolis 55407 off market $1,900 3 / 1 — 0.9 mi 2026-05-02 83%
2709 Bloomington Ave S, Unit 2, Minneapolis 55407 off market $1,900 3 / 1 — 0.9 mi 2026-05-21 83%
2636 14th Ave S, Apt 2, Minneapolis 55407 off market $1,650 3 / 1 — 1.0 mi 2026-07-10 83%
2616 Cedar Ave S, Minneapolis 55407 off market $2,500 5 / 1 1,625 0.8 mi 2026-04-04 80%
3255 15th Ave S, Apt 2, Minneapolis 55407 off market $1,800 3 / 1 1,500 0.7 mi 2026-09-30 79%
3161 Park Ave, Minneapolis 55407 off market $2,975 4 / 2 2,600 1.3 mi 2026-02-05 79%
3022 3024 39th Ave S, Minneapolis 55406 off market $1,795 3 / 1 1,350 1.1 mi 2026-02-14 77%

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

  • mediumRental license Tier 2: the city has flagged more violations than typical; expect more frequent inspections and repair orders. Public record: Minneapolis Active Rental Licenses: 3200 23RD AVE S, grade/tier=Tier 2, status=Active
  • mediumDescription says 'well-maintained' and 'refreshed' but photos show worn interiors, a bare porch floor and a basic bath with a clawfoot tub. Verify the claimed updates. Based on: photo 10 · AI review
  • mediumUpper unit bedroom count is unclear: three bedrooms plus a den, or four. Confirm legal bedroom count with egress and closets. Listing says: either three bedrooms plus a den or four bedrooms · AI review
  • mediumHeating looks mixed: county says forced air, but photos show electric baseboard heaters. Electric baseboard is costly to run and affects who pays. Based on: data: county.heat_type · AI review
  • low$286 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 0102824240055: special assessments (current) = $286.48
  • lowStucco exterior on a 1900 building. Check for moisture behind the stucco and around the porches. Based on: photo 1 · AI review

Opportunities

  • Motivated-seller language: room to negotiate. Listing says: "Motivated seller . Charming duplex in the heart of South"
  • Owner-occupy the upper unit while the lower unit's lease runs through May 2027, offsetting the payment. Listing says: great opportunity for an owner-occupant to move in while keeping the main floor's rental income flowing · AI review
  • Motivated seller, long time on market, and priced below the 2022 sale. Room to negotiate down. Based on: data: listing.days_on_market · AI review
  • No rent cap in Minneapolis, so rents can rise to market after the lease ends. Based on: data: underwriting.rent_rule · AI review
  • Detached two-car garage and a driveway give off-street parking, a rental selling point. Listing says: A detached two-stall garage and driveway provide ample parking. · AI review

Questions for the agent

  • What is the main floor rent, and can I see the lease through May 31, 2027 and the deposit?
  • Is the upper unit legally three or four bedrooms, and is the den a bedroom with egress and a closet?
  • What heats each unit? Photos show baseboard electric, county says forced air. Who pays heat and electric?
  • What are the $286 in special assessments for, and who pays them at closing?
  • When was the roof replaced, and who did the panel work? Were permits pulled?
  • Why is the seller motivated, and will they consider a price near $400K or lower?

Bottom line

Pricey for the rents, but if you'd live upstairs and can negotiate well below ask, it's worth a look. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$8,210
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,699
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 2026-06-29 (98 days, relisted 1×); down $39,010 (7.8%) from the first ask of $499,000; last sold for $473,800 on 2022-06-07; listed for rent at $1,999/mo on 2023-12-12.

DateEventPrice
Price changed$459,990
Price changed$464,990
Listed$474,990
Removed$499,000
Removed—
Listed for rent$1,999/mo
Removed—
Listed for rent$1,999/mo
Sold$473,800
Listed$400,000
Sold$324,900
Sold public record$206,500
Sold public record$148,000
Sold public record$72,500

County record Public record

Recorded asduplex
Living units2
Year built1900
Market value (2026)$432,300
Property tax$8,210
Special assessments$286
Homesteadno
Last sale2022-06-01 · $473,800

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

MN 55, about 242 m away.

Crime in Corcoran

275 incidents in the last 12 months (61 per 1,000 residents), −5% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).