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3221 Minnehaha Ave

Duplex · 2 units: 2 bed / 1.5 bath ×2 unit split estimated · 2,428 sq ft

Minneapolis, MN · Longfellow · View the listing ↗

Overpriced

Photos, via Realtor.com.

Asking price
$389,900
2 units · $195K per unit
Monthly cash flow
−$493
at 20% down, 7%
Estimated rent
$3,350/mo
medium confidence · 24 rentals within 1.5 mi
Break-even price
$297,267
where cash flow hits $0

Adjust the numbers See the full breakdown

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
$389,900
Cash to close
$89,677
Price per unit
$194,950
GRM
9.7

Each month

Cash flow
−$493/mo
Cash-on-cash
−6.6%
Cap rate
4.9%
DSCR
0.76×

Break-even

Price that breaks even
$297,267
Rent that breaks even
$3,982/mo

Long run

Year 30: property vs stocks
$1.11M vs $885K
Cash flow turns positive
year 12

Monthly

Monthly breakdown

Rent$3,350
Vacancy (6%)−$201
Collected$3,149
Property tax Public record−$600
Insurance Estimate−$201
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$268
Capital reserve (8% of rent)−$268
Net operating income$1,582
Mortgage (principal + interest)−$2,075
Cash flow−$493
Principal paid down (equity, not cash)$264

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$1,106,244
Your equity when you sell
$889,607

Sells for $946,390 (value up 3% a year), minus 6% selling cost ($56,783). Rent paid down $311,920 of loan.

Rental profits, invested at 7%
$216,637

$141,025 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$885,445
Cash to close, invested at 7%
$682,644

$89,677 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$202,801

$34,891 you'd have paid in while the building lost money, invested instead.

The building comes out $220,799 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 $1.11M, stocks $885K. 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.

2 bed estimate $1,675/mo · range $1,425–$1,875 · 24 rentals within 1.5 mi

AddressRentBd / BaSq ftDistanceListedType
2833 31st Ave S, Minneapolis $1,695 2 / 1 950 0.5 mi 2026-03-25 Apartment
2220 E Lake St, Minneapolis $1,425 2 / 1 835 0.5 mi — Apartment
2821 S 32nd Ave Unit Upper, Minneapolis $1,549 2 / 1 1,000 0.6 mi 2024-11-07 Duplex triplex
3710 Minnehaha Ave, Minneapolis $1,299 2 / 1 844 0.7 mi 2025-02-28 Apartment
3806 28th Ave S, Minneapolis $2,150 2 / 2 899 0.7 mi 2025-07-14 Apartment
3350 42nd Ave S, Minneapolis $1,600 2 / 1 — 0.9 mi 2026-09-29 Apartment
3900 Minnehaha Ave S, Minneapolis $1,900 2 / 1 — 0.9 mi 2026-09-29 Apartment
3418 43rd Ave S, Minneapolis $1,599 2 / 1 1,137 1.0 mi 2026-09-19 Apartment
2944 17th Ave S, Minneapolis $1,649 2 / 2 843 1.0 mi 2026-03-26 Apartment
3725 Cedar Ave S, Minneapolis $1,349 2 / 1 767 1.0 mi 2026-06-30 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

  • low$461 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 0102824140010: special assessments (current) = $460.96

Opportunities

  • The seller bought for $105,000 in Dec 2009, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 0102824140010: last sale 2009-12-01, $105,000
  • Long time on market: room to negotiate. Based on: Listing data: 144 days on market

Questions for the agent

  • Can we see the current leases and a rent roll, with move-in dates?
  • What did water/sewer/trash, heat and electric cost the owner over the last 12 months?
  • How old are the roof, boiler or furnaces, water heaters and electrical panels?
  • Is the building licensed as a rental for this many units, and when was the last city inspection?
  • Any special assessments pending, and will the seller pay them off at closing?

Standard questions worth asking about any building.

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$7,203
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,407
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. base rate8% / 8%

Price history Realtor.com

On the market since 2026-05-14 (144 days); down $55,100 (12.4%) from the first ask of $445,000.

DateEventPrice
Price changed$389,900
Relisted$445,000
Removed—
Listed$445,000
Removed$239,900
Removed$239,900
Listed$239,900
Listed$239,900

County record Public record

Recorded asduplex
Living units2
Year built1950
Market value (2026)$379,300
Property tax$7,203
Special assessments$461
Homesteadno
Last sale2009-12-01 · $105,000

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 330 m away.

Crime in Longfellow

689 incidents in the last 12 months (136 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).