3236 James Ave N

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 1,824 sq ft

Minneapolis, MN · Folwell · View the listing ↗

38 photos

Photos, via Realtor.com.

Asking price: $275,000
Monthly cash flow: −$11
Estimated rent: $2,850/mo
Break-even price: $272,861

Adjust the numbers See the full breakdown

From the listing

Great block, great condition, great rents, and a rare tuck-under two-stall garage that puts this duplex in a category of its own. Covered, attached parking for two is genuinely hard to find in North Minneapolis, and it's the kind of feature that keeps quality tenants in place and commands rents to match. The property shows well, the numbers work from day one, and the lot gives you the space and curb appeal that makes people want to stay. This isn't a fix-it-first deal, it's a walk-in-and-hold. Great for an investor or an owner-occupant house hack. Rents at $1,200 and $1,300. Strong block. Solid bones. Don't sleep on it. Come take a tour!

Description from Realtor.com, MLS #7073439. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

The listing is heavy on adjectives and light on facts. Stated rents are $1,200 and $1,300, which is $2,500 a month and below our $1,425 mid estimate per unit, which totals $2,850. Even so, our underwriting at asking with 20% down shows about -$11 a month and a 6.3% cap rate, and the break-even price is about $273K against a $275K ask. After 139 days on market the seller has room to move, but I'd want the price at or just under break-even. Before a showing, get the rent roll and leases, confirm the rental license status, and ask about the roof, panels and heat. The photos show only one unit's interior and no mechanicals, so the 'walk-in-and-hold' claim is unproven.

Things to consider

Numbers are about break-even at asking Our underwriting shows about -$11 a month and a 6.3% cap rate at asking, with a break-even price near $273K. The price needs to come down only slightly.
Rents are below estimate and unverified $1,200 and $1,300 are below our $1,425 mid estimate, so there may be upside, but lease terms are unknown.Listing says: “Rents at $1,200 and $1,300.”
No rental license on file Unlicensed operation can mean inspection issues, fines or an inability to collect rent until it is fixed. Verify before offering.
Tax bill will likely rise for an investor The listed tax is homestead, so an investor's non-homestead bill would be higher and cut cash flow further.
The garage is the real differentiator Covered parking is scarce on this block type and may help with tenant quality and retention, but no photo shows it.Listing says: “rare tuck-under two-stall garage”
Long time on market 139 days suggests the price is out of line with the market, which strengthens your hand on a low offer.

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

Unit 1: $1,200Listing says: Rents at $1,200 and $1,300.
Unit 2: $1,300Listing says: Rents at $1,200 and $1,300.

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: $275,000
Cash to close: $63,250
Price per unit: $137,500
GRM: 8.0

Each month

Cash flow: −$11/mo
Cash-on-cash: −0.2%
Cap rate: 6.3%
DSCR: 0.99×

Break-even

Price that breaks even: $272,861
Rent that breaks even: $2,865/mo

Long run

Year 30: property vs stocks: $1.16M vs $482K
Cash flow turns positive: year 2

Monthly

Monthly breakdown

Rent	$2,850
Vacancy (6%)	−$171
Collected	$2,679
Property tax Listing	−$305
Insurance Estimate	−$207
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$228
Capital reserve (9% of rent)	−$256
Net operating income	$1,452
Mortgage (principal + interest)	−$1,464
Cash flow	−$11
Principal paid down (equity, not cash)	$186

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$1,159,985

Your equity when you sell: $627,447
Rental profits, invested at 7%: $532,537

Same money in stocks$482,447

Cash to close, invested at 7%: $481,475
Monthly shortfalls, invested: $972

The building comes out $677,538 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 $1.16M, stocks $482K. 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 $1,425/mo · range $1,225–$1,600

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
3107 Dupont Ave N, Unit 1, Minneapolis 55411 off market	$1,550	2 / 1	—	0.4 mi	2026-05-28	93%
3318 N Penn Ave, Unit 3, Minneapolis 55412 off market	$1,100	2 / 1	—	0.4 mi	2026-04-15	93%
2935 Aldrich Ave N, Unit 1, Minneapolis 55411 off market	$1,300	2 / 1	—	0.6 mi	2026-04-24	93%
3841 Thomas Ave N, Apt 1, Minneapolis 55412 off market	$1,150	2 / 1	—	1.0 mi	2026-02-23	92%
2900 Colfax Ave N, Minneapolis 55411 off market	$1,345	2 / 1	1,200	0.5 mi	2026-03-06	91%
3610 N Queen Ave, Unit 2, Minneapolis 55412 off market	$1,400	2 / 1	1,200	0.6 mi	2023-06-19	91%
3241 N Humboldt Ave, Minneapolis 55412 off market	$1,400	2 / 1	1,056	0.1 mi	2026-06-19	90%
2937-2939 Fremont Ave N, Minneapolis 55411 off market	$1,300	2 / 1	1,068	0.3 mi	2025-11-20	90%
3311 N Sheridan A Duplex 2 Ave, Unit Its, Minne… off market	$1,550	2 / 1	1,000	0.6 mi	2026-07-13	88%
3255 Logan Ave N, Unit 2, Minneapolis 55412 off market	$895	2 / 1	900	0.2 mi	2026-08-20	88%

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

highMarketing claims ('great condition', 'numbers work from day one') are unsupported and the numbers don't work at asking. Listing says: the numbers work from day one · AI review
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 3236 JAMES AVE N
mediumLease terms and tenant status are not given for the stated rents. Listing says: Rents at $1,200 and $1,300. · AI review
mediumTax shown is homestead; an investor will likely pay a higher non-homestead bill. Based on: data: county.homestead · AI review
lowBuilt 1910; the age of the roof, wiring and plumbing is not stated. Based on: data: listing.year_built · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 142 days on market
Tuck-under attached two-stall garage is rare for the area and may support rents and tenant retention. Listing says: rare tuck-under two-stall garage · AI review
Owner-occupant house hack possible, living in one unit while renting the other. Listing says: Great for an investor or an owner-occupant house hack. · AI review
139 days on market gives room to negotiate toward break-even. Based on: data: listing.days_on_market · AI review

Questions for the agent

Can you send the rent roll, leases and lease end dates?
Is the building licensed as a rental in Minneapolis, and when was it last inspected?
How old are the roof, furnace, water heater and electrical panels?
Who pays heat, water and trash, and what do those bills run?
Why has it sat 139 days, and have there been price cuts or offers?
Is the garage truly attached and tuck-under, and does each unit have its own space?

Bottom line

Rents look low versus estimates, and at $275K the deal is roughly break-even monthly, so only consider it near $273K or below and after verifying the licensing and the mechanicals. 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.	$3,665
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,482
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 1910: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-05-16 (142 days); last sold for $255,000 on 2021-08-06; listed for rent at $1,100/mo on 2024-08-19.

Date	Event	Price
2026-06-25	Relisted	$275,000
2026-06-24	Removed	—
2026-05-16	Listed	$275,000
2024-09-02	Removed	—
2024-08-19	Listed for rent	$1,100/mo
2023-10-16	Removed	—
2023-10-12	Listed for rent	$1,100/mo
2023-10-11	Removed	—
2023-09-19	Listed for rent	$1,200/mo
2022-07-04	Removed	—
2022-06-30	Removed	—
2022-06-24	Listed for rent	$1,000/mo
2022-06-21	Rent changed	$1,000/mo
2022-06-21	Removed	—
2022-06-18	Listed for rent	$1,100/mo
2022-06-03	Listed for rent	$1,100/mo
2021-08-06	Sold	$255,000
2021-06-18	Listed	$217,490
2013-01-14	Removed	$149,900
2012-04-17	Sold	$83,500
2012-03-22	Removed	$87,900
2012-03-21	Price changed	$87,900
2012-02-22	Price changed	$87,900
2012-01-11	Price changed	$89,900
2011-12-16	Listed	$89,900

County record Public record

Recorded as	duplex
Living units	2
Year built	1910
Market value (2026)	$257,900
Property tax	$3,665
Special assessments	none
Homestead	no
Last sale	2021-08-01 · $255,000

Source: Hennepin County parcel records.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

I 94, about 1381 m away.

Crime in Folwell

339 incidents in the last 12 months (57 per 1,000 residents), −2% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).