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3212 Park Ave

Duplex · 2 units: 3 bed / 1 bath and 4 bed / 1 bath · 3,052 sq ft

Minneapolis, MN · Central · View the listing ↗

Cash flows
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Photos courtesy of VSM Real Estate, via Realtor.com.

Asking price
$399,900
2 units · $200K per unit
Monthly cash flow
$496
at 20% down, 7%
Estimated rent
$4,425/mo
high confidence
Break-even price
$493,051
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a recently flipped 3-bed over 4-bed duplex in Minneapolis, and the listing sells it as house-hack or rental. Our numbers show about $477/mo cash flow and a 7.8% cap at the ask on estimated rents of $1,800 and $2,600, with no rent cap. That looks decent on paper, but those rents are our estimates, not leases, and the seller paid $240K four months ago. The first questions are what the flip actually covered beyond cosmetics, whether the building has a rental license, and what the units can really rent for. The photos show fresh finishes, so a full inspection of wiring, plumbing, foundation and the new deck is the next step. It is worth a showing if the price has room, since our break-even is far above the ask but depends on the rent estimates holding.

Things to consider

  1. Price jumped after a June flip The seller paid $240K four months ago and asks about $400K. You need to know whether the work justifies that or the price is just aspirational.
  2. Rents are our estimates, not actual leases Cash flow of about $477/mo depends on $1,800 and $2,600 rents being achievable. Verify with comparable listings and the agent before relying on them.
  3. Rental license is missing in city data An unlicensed building can delay renting or lead to fines and an inspection with required repairs.
  4. New boiler and windows reduce near-term capital risk Heat and windows are big-ticket items already done, which lowers early repair spending if the work was permitted and properly done.Listing says: “NEW boiler, NEW windows, NEW sod in backyard, NEW deck!”
  5. Taxes will rise for an investor The listed tax is the homestead amount. Non-homestead rental tax will be higher and reduces cash flow versus the figure shown.

From the photos

Listing photo 1
1 of 8Check

Front is an enclosed porch with new-looking wood flooring and clean windows; siding appears older and the stone foundation is visible at grade

Listing photo 3
2 of 8Plus

Original oak woodwork, doors and staircase look intact and in good shape; new carpet on stairs

Listing photo 5
3 of 8Plus

Main-floor kitchen has new gray cabinets, dark counters, gas range and vinyl plank flooring; updates appear recent but budget-level

Listing photo 7
4 of 8Plus

Both bathrooms appear refreshed with new tile surround, fixtures and vanity; hall bath is a tub/shower with a half-bath-style sink area

Listing photo 9
5 of 8Plus

Upper kitchen has white cabinets, gas range and new flooring, consistent with a separate second kitchen

Listing photo 10
6 of 8Plus

Rear has a new-looking covered upper deck and exterior stairs; two electric meters appear on the back wall, supporting separate metering

Listing photo 4
7 of 8Check

Radiators remain in the hall and living areas; the new boiler is not shown in the photos

Listing photo 10
8 of 8Check

No photos of the basement, boiler, electrical panel, water heater or the upper-level bedrooms

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 boilerListing says: NEW boiler, NEW windows, NEW sod in backyard, NEW deck!
  • doneNew windowsListing says: NEW boiler, NEW windows, NEW sod in backyard, NEW deck!
  • doneNew deckListing says: NEW boiler, NEW windows, NEW sod in backyard, NEW deck!
  • doneUpdated kitchens and bathroomsListing says: updated kitchens and bathrooms add modern appeal

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
$399,900
Cash to close
$91,977
Price per unit
$199,950
GRM
7.5

Each month

Cash flow
$496/mo
Cash-on-cash
6.5%
Cap rate
7.9%
DSCR
1.23×

Break-even

Price that breaks even
$493,051
Rent that breaks even
$3,781/mo

Long run

Year 30: property vs stocks
$2.51M vs $700K
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$4,425
Vacancy (6%)−$266
Collected$4,160
Property tax Listing−$318
Insurance Estimate−$235
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$354
Capital reserve (9% of rent)−$398
Net operating income$2,624
Mortgage (principal + interest)−$2,128
Cash flow$496
Principal paid down (equity, not cash)$271

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$2,509,646
Your equity when you sell
$912,422

Sells for $970,662 (value up 3% a year), minus 6% selling cost ($58,240). Rent paid down $319,920 of loan.

Rental profits, invested at 7%
$1,597,224

$693,917 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$700,152
Cash to close, invested at 7%
$700,152

$91,977 put into an index fund instead of the down payment and closing costs.

The building comes out $1,809,494 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 $2.51M, stocks $700K. The property wins.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-06. The estimate above is RentCast's, weighted toward the closest matches.

3 bed / 1 bath estimate $2,025/mo · range $1,750–$2,275

AddressRentBd / BaSq ftDistanceListedMatch
2821 1st Ave S, Minneapolis 55408 $1,600 3 / 1 1,743 0.7 mi 2026-06-17 89%
3228 3rd Ave S, Unit 2, Minneapolis 55408 off market $1,850 3 / 1 1,500 0.4 mi 2026-09-09 87%
3255 15th Ave S, Apt 2, Minneapolis 55407 off market $1,800 3 / 1 1,500 0.6 mi 2026-09-30 87%
200 E 27th St, Minneapolis 55408 $1,835 3 / 1 1,400 0.8 mi 2026-09-15 86%
202 E 27th St, Minneapolis 55408 off market $1,590 3 / 1 1,400 0.8 mi 2026-07-09 86%
220 E 27th St, Minneapolis 55408 $2,600 4 / 1 2,516 0.7 mi 2026-04-04 85%
3208 Blaisdell Ave, Apt 3, Minneapolis 55408 $1,750 3 / 1 1,220 0.7 mi 2024-07-22 85%
3336 4th Ave S, Apt 4, Minneapolis 55408 $1,595 3 / 1 1,100 0.3 mi 2026-10-05 84%
3336 4th Ave S, Apt 2, Minneapolis 55408 $1,795 3 / 1 1,100 0.3 mi 2026-10-05 84%
3336 4th Ave S, Apt 3, Minneapolis 55408 off market $1,795 3 / 1 1,100 0.3 mi 2026-05-13 84%

4 bed / 1 bath estimate $2,400/mo · range $1,975–$2,800

AddressRentBd / BaSq ftDistanceListedMatch
220 E 27th St, Minneapolis 55408 $2,600 4 / 1 2,516 0.7 mi 2026-04-04 95%
3145 Pleasant Ave S, Minneapolis 55408 off market $2,250 4 / 1 — 0.8 mi 2026-04-08 93%
3032 3rd Ave S, Minneapolis 55408 $2,200 4 / 1 1,800 0.4 mi 2026-08-17 90%
739 E 27th St, Minneapolis 55407 off market $2,600 4 / 1 1,699 0.6 mi 2022-05-23 88%
737 E 27th St, Minneapolis 55407 off market $2,600 4 / 1.5 1,699 0.6 mi 2024-01-17 86%
2821 1st Ave S, Minneapolis 55408 $1,600 3 / 1 1,743 0.7 mi 2026-06-17 79%
3228 3rd Ave S, Unit 2, Minneapolis 55408 off market $1,850 3 / 1 1,500 0.4 mi 2026-09-09 78%
3209 2nd Ave S, Unit 2, Minneapolis 55408 off market $1,795 4 / 2.5 1,200 0.4 mi 2026-01-13 78%
3255 15th Ave S, Apt 2, Minneapolis 55407 off market $1,800 3 / 1 1,500 0.6 mi 2026-09-30 77%
3161 Park Ave, Minneapolis 55407 off market $2,975 4 / 2 2,600 0.0 mi 2026-02-05 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

  • 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 3212 PARK AVE
  • mediumBought for $240,000 in Jun 2026; asking is 67% more 4 months later. Ask what was done to justify the jump. Public record: Hennepin County parcel 0202824230179: last sale 2026-06-01, $240,000
  • mediumFlip with fast resale; scope and permits of the work are unknown Based on: data: county.last_sale_price · AI review
  • mediumWood/cosmetic flooring and paint may be covering underlying issues; 1901 house with a stone foundation Based on: photo 1 · AI review
  • lowUpper unit is a 4-bed with one bath, which limits appeal and invites wear Listing says: The upper unit spans two levels with 4 bedrooms and 1 bath · AI review

Opportunities

  • No rent cap in Minneapolis, so rents can follow the market Based on: data: underwriting.rent_rule · AI review
  • House-hack: live in one unit and rent the other Listing says: An excellent opportunity to live in one unit and rent the other · AI review
  • Updated units may rent quickly with little turn cost in the near term Based on: photo 5 · AI review

Questions for the agent

  • Was a permit pulled for the boiler, windows, deck and kitchen/bath work?
  • Is the building licensed as a rental, and has it had a rental inspection?
  • Are the units vacant, and what rents are the sellers expecting?
  • Who pays heat? Is there one boiler or two, and are gas and electric metered separately?
  • What is the electrical service and panel type, and was wiring updated?
  • What did the seller do to the foundation and basement since the June purchase?

Bottom line

Fresh flip with workable numbers on our estimated rents, but the 67% jump from June's purchase price means you need proof of the work and a rental license before you pay near ask. 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.$3,817
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,819
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 1901: +1 pt capital reserve8% / 9%

Price history Realtor.com

On the market since 2026-10-01 (4 days); last sold for $240,000 on 2026-06-11.

DateEventPrice
Listed$399,900
Sold public record$240,000
Removed$139,000
Removed$139,000
Listed$139,000
Sold public record$124,000
Sold public record$64,000
Sold public record$50,000

County record Public record

Recorded asduplex
Living units2
Year built1901
Market value (2026)$267,800
Property tax$3,817
Special assessmentsnone
Homesteadno
Last sale2026-06-01 · $240,000

Source: Hennepin County parcel records.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

I 35W, about 710 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).