3229 Penn Ave N
Duplex · 2 units: 3 bed / 1 bath ×2 unit split estimated · 2,006 sq ft
Minneapolis, MN · Cleveland · View the listing ↗
Photos courtesy of RE/MAX Results, 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
- $350,000 2 units · $175K per unit
- Monthly cash flow
- $304 at 20% down, 7%
- Estimated rent
- $3,750/mo medium confidence
- Break-even price
- $407,075 where cash flow hits $0
First look
This is a 3-bed/3-bed up-and-down in Minneapolis asking $350K, and it works at today's rates. Our underwriting shows about +$304/month at 20% down and a 7.4% cap rate, and break-even price is about $407K. Only the lower unit rents, at $1,200, and the upper is owner-occupied, so there is no real two-unit rent history. The seller paid $325K in 2023 and the county values it at $282.5K, so the ask looks stretched. Check the rental license first (it covers one unit), then get the actual lease and utility setup before deciding on a showing.
Things to consider
- Numbers work at the ask Cash flow is positive at 20% down, and our break-even price is roughly $57K above the ask. Still verify the rents before relying on it.
- Only one unit has a rent The $1,200 lower rent is the only income figure. The upper is owner-occupied, so its value depends on our estimate rather than proof.Listing says: “the bottom unit is 1200/month”
- Rental license covers one unit An unlicensed second unit can block rental or create fines. Confirm licensing before you rely on two incomes.
- Homestead tax understates the real bill Investor non-homestead taxes are higher, which cuts into cash flow further.
- Basement unit is upside only if approved Egress, ceiling height and zoning decide it, and conversion costs money. Treat it as a bonus.Listing says: “potential to add a third unit, subject to city approval”
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
- Bottom unit: $1,200Listing says: the bottom unit is 1200/month
Condition and repairs
- doneUpdates throughout the building (unspecified)Listing says: numerous updates 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
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
- $350,000
- Cash to close
- $45,500
- Price per unit
- $175,000
- GRM
- 7.8
Each month
- Cash flow
- −$126/mo
- Cash-on-cash
- −3.3%
- Cap rate
- 7.4%
- DSCR
- 0.95×
Break-even
- Price that breaks even
- $330,771
- Rent that breaks even
- $3,911/mo
Long run
- Year 30: property vs stocks
- $1.68M vs $362K
- Cash flow turns positive
- year 4
The deal
- Price
- $350,000
- Cash to close
- $45,500
- Price per unit
- $175,000
- GRM
- 7.8
Each month
- Cash flow
- −$443/mo
- Cash-on-cash
- −11.7%
- Cap rate
- 6.3%
- DSCR
- 0.81×
Break-even
- Price that breaks even
- $282,338
- Rent that breaks even
- $4,387/mo
Long run
- Year 30: property vs stocks
- $1.29M vs $462K
- Cash flow turns positive
- year 6
The deal
- Price
- $340,000
- Cash to close
- $44,200
- Price per unit
- $170,000
- GRM
- 7.6
Each month
- Cash flow
- −$60/mo
- Cash-on-cash
- −1.6%
- Cap rate
- 7.6%
- DSCR
- 0.97×
Break-even
- Price that breaks even
- $330,771
- Rent that breaks even
- $3,828/mo
Long run
- Year 30: property vs stocks
- $1.71M vs $342K
- Cash flow turns positive
- year 2
The deal
- Price
- $340,000
- Cash to close
- $44,200
- Price per unit
- $170,000
- GRM
- 7.6
Each month
- Cash flow
- −$378/mo
- Cash-on-cash
- −10.3%
- Cap rate
- 6.5%
- DSCR
- 0.83×
Break-even
- Price that breaks even
- $282,338
- Rent that breaks even
- $4,293/mo
Long run
- Year 30: property vs stocks
- $1.31M vs $430K
- Cash flow turns positive
- year 5
The deal
- Price
- $350,000
- Cash to close
- $80,500
- Price per unit
- $175,000
- GRM
- 7.8
Each month
- Cash flow
- $304/mo
- Cash-on-cash
- 4.5%
- Cap rate
- 7.4%
- DSCR
- 1.16×
Break-even
- Price that breaks even
- $407,075
- Rent that breaks even
- $3,361/mo
Long run
- Year 30: property vs stocks
- $1.99M vs $613K
- Cash flow turns positive
- year 1
The deal
- Price
- $350,000
- Cash to close
- $80,500
- Price per unit
- $175,000
- GRM
- 7.8
Each month
- Cash flow
- −$13/mo
- Cash-on-cash
- −0.2%
- Cap rate
- 6.3%
- DSCR
- 0.99×
Break-even
- Price that breaks even
- $347,469
- Rent that breaks even
- $3,769/mo
Long run
- Year 30: property vs stocks
- $1.49M vs $614K
- Cash flow turns positive
- year 2
The deal
- Price
- $340,000
- Cash to close
- $78,200
- Price per unit
- $170,000
- GRM
- 7.6
Each month
- Cash flow
- $357/mo
- Cash-on-cash
- 5.5%
- Cap rate
- 7.6%
- DSCR
- 1.20×
Break-even
- Price that breaks even
- $407,075
- Rent that breaks even
- $3,292/mo
Long run
- Year 30: property vs stocks
- $2.02M vs $595K
- Cash flow turns positive
- year 1
The deal
- Price
- $340,000
- Cash to close
- $78,200
- Price per unit
- $170,000
- GRM
- 7.6
Each month
- Cash flow
- $40/mo
- Cash-on-cash
- 0.6%
- Cap rate
- 6.5%
- DSCR
- 1.02×
Break-even
- Price that breaks even
- $347,469
- Rent that breaks even
- $3,693/mo
Long run
- Year 30: property vs stocks
- $1.53M vs $595K
- Cash flow turns positive
- year 1
The deal
- Price
- $350,000
- Cash to close
- $98,000
- Price per unit
- $175,000
- GRM
- 7.8
Each month
- Cash flow
- $420/mo
- Cash-on-cash
- 5.1%
- Cap rate
- 7.4%
- DSCR
- 1.24×
Break-even
- Price that breaks even
- $434,214
- Rent that breaks even
- $3,211/mo
Long run
- Year 30: property vs stocks
- $2.12M vs $746K
- Cash flow turns positive
- year 1
The deal
- Price
- $350,000
- Cash to close
- $98,000
- Price per unit
- $175,000
- GRM
- 7.8
Each month
- Cash flow
- $103/mo
- Cash-on-cash
- 1.3%
- Cap rate
- 6.3%
- DSCR
- 1.06×
Break-even
- Price that breaks even
- $370,633
- Rent that breaks even
- $3,602/mo
Long run
- Year 30: property vs stocks
- $1.63M vs $746K
- Cash flow turns positive
- year 1
The deal
- Price
- $340,000
- Cash to close
- $95,200
- Price per unit
- $170,000
- GRM
- 7.6
Each month
- Cash flow
- $470/mo
- Cash-on-cash
- 5.9%
- Cap rate
- 7.6%
- DSCR
- 1.28×
Break-even
- Price that breaks even
- $434,214
- Rent that breaks even
- $3,147/mo
Long run
- Year 30: property vs stocks
- $2.15M vs $725K
- Cash flow turns positive
- year 1
The deal
- Price
- $340,000
- Cash to close
- $95,200
- Price per unit
- $170,000
- GRM
- 7.6
Each month
- Cash flow
- $153/mo
- Cash-on-cash
- 1.9%
- Cap rate
- 6.5%
- DSCR
- 1.09×
Break-even
- Price that breaks even
- $370,633
- Rent that breaks even
- $3,530/mo
Long run
- Year 30: property vs stocks
- $1.66M vs $725K
- Cash flow turns positive
- year 1
Monthly
Monthly breakdown
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$337 |
| Insurance Estimate | −$192 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (8% of rent) | −$300 |
| Net operating income | $2,167 |
| Mortgage (principal + interest) | −$2,096 |
| PMI | −$197 |
| Cash flow | −$126 |
| Principal paid down (equity, not cash) | $267 |
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$337 |
| Insurance Estimate | −$192 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (8% of rent) | −$300 |
| Property management | −$317 |
| Net operating income | $1,849 |
| Mortgage (principal + interest) | −$2,096 |
| PMI | −$197 |
| Cash flow | −$443 |
| Principal paid down (equity, not cash) | $267 |
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$337 |
| Insurance Estimate | −$192 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (8% of rent) | −$300 |
| Net operating income | $2,167 |
| Mortgage (principal + interest) | −$2,036 |
| PMI | −$191 |
| Cash flow | −$60 |
| Principal paid down (equity, not cash) | $259 |
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$337 |
| Insurance Estimate | −$192 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (8% of rent) | −$300 |
| Property management | −$317 |
| Net operating income | $1,849 |
| Mortgage (principal + interest) | −$2,036 |
| PMI | −$191 |
| Cash flow | −$378 |
| Principal paid down (equity, not cash) | $259 |
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$337 |
| Insurance Estimate | −$192 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (8% of rent) | −$300 |
| Net operating income | $2,167 |
| Mortgage (principal + interest) | −$1,863 |
| Cash flow | $304 |
| Principal paid down (equity, not cash) | $237 |
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$337 |
| Insurance Estimate | −$192 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (8% of rent) | −$300 |
| Property management | −$317 |
| Net operating income | $1,849 |
| Mortgage (principal + interest) | −$1,863 |
| Cash flow | −$13 |
| Principal paid down (equity, not cash) | $237 |
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$337 |
| Insurance Estimate | −$192 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (8% of rent) | −$300 |
| Net operating income | $2,167 |
| Mortgage (principal + interest) | −$1,810 |
| Cash flow | $357 |
| Principal paid down (equity, not cash) | $230 |
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$337 |
| Insurance Estimate | −$192 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (8% of rent) | −$300 |
| Property management | −$317 |
| Net operating income | $1,849 |
| Mortgage (principal + interest) | −$1,810 |
| Cash flow | $40 |
| Principal paid down (equity, not cash) | $230 |
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$337 |
| Insurance Estimate | −$192 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (8% of rent) | −$300 |
| Net operating income | $2,167 |
| Mortgage (principal + interest) | −$1,746 |
| Cash flow | $420 |
| Principal paid down (equity, not cash) | $222 |
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$337 |
| Insurance Estimate | −$192 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (8% of rent) | −$300 |
| Property management | −$317 |
| Net operating income | $1,849 |
| Mortgage (principal + interest) | −$1,746 |
| Cash flow | $103 |
| Principal paid down (equity, not cash) | $222 |
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$337 |
| Insurance Estimate | −$192 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (8% of rent) | −$300 |
| Net operating income | $2,167 |
| Mortgage (principal + interest) | −$1,697 |
| Cash flow | $470 |
| Principal paid down (equity, not cash) | $216 |
| Rent | $3,750 |
| Vacancy (6%) | −$225 |
| Collected | $3,525 |
| Property tax Listing | −$337 |
| Insurance Estimate | −$192 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$300 |
| Capital reserve (8% of rent) | −$300 |
| Property management | −$317 |
| Net operating income | $1,849 |
| Mortgage (principal + interest) | −$1,697 |
| Cash flow | $153 |
| Principal paid down (equity, not cash) | $216 |
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
- Your equity when you sell
- $798,569
- Rental profits, invested at 7%
- $879,941
Sells for $849,542 (value up 3% a year), minus 6% selling cost ($50,973). Rent paid down $315,000 of loan.
$438,512 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $346,358
- Monthly shortfalls, invested
- $16,055
$45,500 put into an index fund instead of the down payment and closing costs.
$2,310 you'd have paid in while the building lost money, invested instead.
The building comes out $1,316,098 ahead after 30 years.
- Your equity when you sell
- $798,569
- Rental profits, invested at 7%
- $486,506
Sells for $849,542 (value up 3% a year), minus 6% selling cost ($50,973). Rent paid down $315,000 of loan.
$272,937 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $346,358
- Monthly shortfalls, invested
- $116,101
$45,500 put into an index fund instead of the down payment and closing costs.
$17,855 you'd have paid in while the building lost money, invested instead.
The building comes out $822,616 ahead after 30 years.
- Your equity when you sell
- $775,753
- Rental profits, invested at 7%
- $938,660
Sells for $825,269 (value up 3% a year), minus 6% selling cost ($49,516). Rent paid down $306,000 of loan.
$458,753 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $336,462
- Monthly shortfalls, invested
- $5,161
$44,200 put into an index fund instead of the down payment and closing costs.
$725 you'd have paid in while the building lost money, invested instead.
The building comes out $1,372,791 ahead after 30 years.
- Your equity when you sell
- $775,753
- Rental profits, invested at 7%
- $533,839
Sells for $825,269 (value up 3% a year), minus 6% selling cost ($49,516). Rent paid down $306,000 of loan.
$291,248 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $336,462
- Monthly shortfalls, invested
- $93,821
$44,200 put into an index fund instead of the down payment and closing costs.
$14,339 you'd have paid in while the building lost money, invested instead.
The building comes out $879,309 ahead after 30 years.
- Your equity when you sell
- $798,569
- Rental profits, invested at 7%
- $1,188,750
Sells for $849,542 (value up 3% a year), minus 6% selling cost ($50,973). Rent paid down $280,000 of loan.
$529,480 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $612,787
$80,500 put into an index fund instead of the down payment and closing costs.
The building comes out $1,374,533 ahead after 30 years.
- Your equity when you sell
- $798,569
- Rental profits, invested at 7%
- $696,419
Sells for $849,542 (value up 3% a year), minus 6% selling cost ($50,973). Rent paid down $280,000 of loan.
$348,522 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $612,787
- Monthly shortfalls, invested
- $1,150
$80,500 put into an index fund instead of the down payment and closing costs.
$162 you'd have paid in while the building lost money, invested instead.
The building comes out $881,051 ahead after 30 years.
- Your equity when you sell
- $775,753
- Rental profits, invested at 7%
- $1,249,082
Sells for $825,269 (value up 3% a year), minus 6% selling cost ($49,516). Rent paid down $272,000 of loan.
$548,641 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $595,278
$78,200 put into an index fund instead of the down payment and closing costs.
The building comes out $1,429,557 ahead after 30 years.
- Your equity when you sell
- $775,753
- Rental profits, invested at 7%
- $755,600
Sells for $825,269 (value up 3% a year), minus 6% selling cost ($49,516). Rent paid down $272,000 of loan.
$367,521 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $595,278
$78,200 put into an index fund instead of the down payment and closing costs.
The building comes out $936,075 ahead after 30 years.
- Your equity when you sell
- $798,569
- Rental profits, invested at 7%
- $1,320,725
Sells for $849,542 (value up 3% a year), minus 6% selling cost ($50,973). Rent paid down $262,500 of loan.
$571,394 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $746,001
$98,000 put into an index fund instead of the down payment and closing costs.
The building comes out $1,373,293 ahead after 30 years.
- Your equity when you sell
- $798,569
- Rental profits, invested at 7%
- $827,243
Sells for $849,542 (value up 3% a year), minus 6% selling cost ($50,973). Rent paid down $262,500 of loan.
$390,274 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $746,001
$98,000 put into an index fund instead of the down payment and closing costs.
The building comes out $879,812 ahead after 30 years.
- Your equity when you sell
- $775,753
- Rental profits, invested at 7%
- $1,377,285
Sells for $825,269 (value up 3% a year), minus 6% selling cost ($49,516). Rent paid down $255,000 of loan.
$589,357 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $724,687
$95,200 put into an index fund instead of the down payment and closing costs.
The building comes out $1,428,352 ahead after 30 years.
- Your equity when you sell
- $775,753
- Rental profits, invested at 7%
- $883,804
Sells for $825,269 (value up 3% a year), minus 6% selling cost ($49,516). Rent paid down $255,000 of loan.
$408,238 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $724,687
$95,200 put into an index fund instead of the down payment and closing costs.
The building comes out $934,870 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
Year 30 (loan paid off): property $1.68M, stocks $362K. The property wins.
Year 30 (loan paid off): property $1.29M, stocks $462K. The property wins.
Year 30 (loan paid off): property $1.71M, stocks $342K. The property wins.
Year 30 (loan paid off): property $1.31M, stocks $430K. The property wins.
Year 30 (loan paid off): property $1.99M, stocks $613K. The property wins.
Year 30 (loan paid off): property $1.49M, stocks $614K. The property wins.
Year 30 (loan paid off): property $2.02M, stocks $595K. The property wins.
Year 30 (loan paid off): property $1.53M, stocks $595K. The property wins.
Year 30 (loan paid off): property $2.12M, stocks $746K. The property wins.
Year 30 (loan paid off): property $1.63M, stocks $746K. The property wins.
Year 30 (loan paid off): property $2.15M, stocks $725K. The property wins.
Year 30 (loan paid off): property $1.66M, stocks $725K. 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.
3 bed / 1 bath estimate $1,875/mo · range $1,725–$2,050
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 3118 Morgan Ave N, Minneapolis 55411 off market | $1,900 | 3 / 1 | 0.2 mi | 94% |
| 2620 Emerson Ave N, Unit 2, Minneapolis 55411 off market | $1,900 | 3 / 1 | 0.9 mi | 93% |
| 1510 22nd Ave N, Minneapolis 55411 off market | $1,670 | 3 / 1 | 1.0 mi | 93% |
| 3045 Grimes Ave N, Robbinsdale 55422 | $1,850 | 3 / 1 | 1.1 mi | 91% |
| 1917 N Newton Ave, Unit 1919, Minneapolis 55411 off market | $1,850 | 3 / 1 | 1.0 mi | 91% |
| 1917 Newton Ave N, Fl 1, Minneapolis 55411 off market | $1,840 | 3 / 1 | 1.0 mi | 91% |
| 1115 33rd Ave N, Minneapolis 55412 off market | $1,380 | 3 / 1 | 0.7 mi | 89% |
| 2918 Girard Ave N, Minneapolis 55411 off market | $1,850 | 3 / 1 | 0.7 mi | 88% |
| 2314 Sheridan Ave N, Unit 1, Minneapolis 55411 off market | $1,900 | 3 / 1 | 0.8 mi | 88% |
| 3326 Fremont Ave N, Minneapolis 55412 off market | $1,625 | 3 / 1 | 0.7 mi | 87% |
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
- highThe city's rental license covers 1 unit(s); this analysis counts 2. Public record: Minneapolis Active Rental Licenses: 3229 PENN AVE N, units=1
- highPrice is above the county value and the 2023 sale price, and underwriting shows negative cash flow. Based on: data: underwriting.cash_flow_monthly · AI review
- mediumUpper unit is owner-occupied, so there is no income or lease history for it and it must be delivered vacant or leased. Listing says: Top Unit is owner occupied · AI review
- mediumThird unit in the basement is speculative and needs city approval; do not count it. Listing says: potential to add a third unit, subject to city approval · AI review
- mediumTaxes are billed at the homestead rate; an investor will likely pay more. Based on: data: county.homestead · AI review
Opportunities
- Our estimate for the upper 3-bed is about $1,650, which is above the $1,200 lower rent, so there may be upside on the lower unit as well. Based on: data: rent_estimate · AI review
- Separate furnaces, water heaters and tenant-paid utilities keep owner operating costs low. Listing says: a separate furnace and water heater, and tenant-paid utilities · AI review
Questions for the agent
- Is the lower tenant on a lease or month-to-month, and when does it end? Can you share the lease?
- Will the upper unit be delivered vacant, and what rent has it achieved or been advertised at?
- Why does the city rental license cover only one unit, and can it be updated to two?
- What are the actual gas and electric costs per unit, and are the meters truly separate?
- What updates were done, when, and with permits? What are the roof and furnace ages?
- Has the basement unit been discussed with the city, and is there egress?
Bottom line
Big 3-bed units, and at $350K it makes money monthly and the price is well below what the rents support, though only one unit has real rent history. 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. | $4,039 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $2,302 |
| 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 rate | 8% / 8% |
Price history Realtor.com
On the market since 2026-09-17 (18 days); last sold for $325,000 on 2023-07-03.
| Date | Event | Price |
|---|---|---|
| Listed | $350,000 | |
| Sold | $325,000 | |
| Removed | — | |
| Listed | $300,000 | |
| Sold | $246,500 | |
| Listed | $246,500 | |
| Sold | $221,000 | |
| Listed | $219,000 | |
| Sold public record | $190,000 | |
| Sold public record | $60,000 |
County record Public record
| Recorded as | duplex |
| Living units | 2 |
| Year built | 1963 |
| Market value (2026) | $282,500 |
| Property tax | $4,040 |
| Special assessments | none |
| Homestead | no |
| Last sale | 2023-07-01 · $325,000 |
Source: Hennepin County parcel records.
City rental license
CHOWN: 1 unit(s), Tier 1, status active, renews 2027-03-01.
Nearest highway
I 94, about 2035 m away.
Crime in Cleveland
109 incidents in the last 12 months (35 per 1,000 residents), −33% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).