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3247 Aldrich Ave N

Duplex · 2 units: 4 bed / 1 bath and 3 bed / 1 bath · 2,494 sq ft

Minneapolis, MN · McKinley · View the listing ↗

Cash flows
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Photos, 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
$265,000
2 units · $132K per unit
Monthly cash flow
$957
at 20% down, 7%
Estimated rent
$4,050/mo
high confidence
Break-even price
$444,803
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

Up/down duplex in McKinley, asking $265K after 166 days on market. Stated rents of $1,800 upper and $1,500 lower sit under our estimates of $2,025 for each unit, and our numbers show about $957/mo cash flow at a 10.7% cap at ask. That looks workable, but the rents are described as 'was rented', so get the current rent roll and leases. The seller paid $310K in Dec 2022 and is asking $45K less, which hints at a motivated seller. The city rental license shows 1 unit and expired March 2026, so check that first, along with the lower unit and any bedroom count in the finished attic. Worth a showing if the license and rents check out.

Things to consider

  1. Rental license covers 1 unit and expired An unlicensed unit can block legal rent collection and may need inspections to fix. Confirm before closing.
  2. Rents are below our estimates Stated $3,300 combined versus our estimates of $4,050. Upside exists, but only if the units are in good shape.
  3. Seller is asking less than the 2022 price The 2022 sale was $310K and the county values it at $237,900. The ask is above county value, so negotiate with that in mind.
  4. Heat systems are new but the building is 1915 The new boilers cut near-term heat risk. The age of the roof, wiring and plumbing is still unknown.Listing says: “New high efficiency Combo Boilers for each unit and insulation through the whole building in 2025.”
  5. Seven bedrooms means heavy wear Large units draw families and cost more to turn over. Budget for repairs and reserves above a typical duplex.Listing says: “4 bedrooms/1bath upstair with finished attic.”

From the photos

Listing photo 1
1 of 8Check

Exterior is vinyl siding with enclosed front porches on both floors. Siding looks serviceable and the porch windows look older.

Listing photo 3
2 of 8Plus

Two electric meters and several service lines are on the side wall. That supports separately metered units. The wiring looks messy.

Listing photo 4
3 of 8Plus

Bathroom looks refreshed with a new vanity, tub surround and tile-look floor. Radiator heat remains.

Listing photo 7
4 of 8Plus

Carpet and paint look new in the bedrooms and stair, which suggests a cosmetic turnover.

Listing photo 9
5 of 8Concern

Kitchen has a stainless fridge, gas range, laminate counters and older oak cabinets. It appears budget cosmetic, not a full renovation.

Listing photo 6
6 of 8Check

Attic space has sloped ceilings and a narrow layout. Check headroom and egress before counting it as a bedroom.

Listing photo 8
7 of 8Plus

Hardwood floors in one room look to be in good shape.

Listing photo 3
8 of 8Check

No photos of the basement, boilers, panels, roof or the sump pump area.

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

  • Upper: $1,800Listing says: Upper unit was rented for $1800/month
  • First floor: $1,500Listing says: 1st floor was rented for $1500/month

Condition and repairs

  • doneCombo boilers, one per unit, plus building insulation (2025)Listing says: New high efficiency Combo Boilers for each unit and insulation through the whole building in 2025.
  • doneSump pump installedListing says: Sump Pump installed.

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
$265,000
Cash to close
$60,950
Price per unit
$132,500
GRM
5.5

Each month

Cash flow
$957/mo
Cash-on-cash
18.8%
Cap rate
10.7%
DSCR
1.68×

Break-even

Price that breaks even
$444,803
Rent that breaks even
$2,807/mo

Long run

Year 30: property vs stocks
$2.62M vs $464K
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$4,050
Vacancy (6%)−$243
Collected$3,807
Property tax Listing−$299
Insurance Estimate−$222
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$324
Capital reserve (9% of rent)−$364
Net operating income$2,367
Mortgage (principal + interest)−$1,410
Cash flow$957
Principal paid down (equity, not cash)$179

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$2,619,220
Your equity when you sell
$604,632

Sells for $643,225 (value up 3% a year), minus 6% selling cost ($38,593). Rent paid down $212,000 of loan.

Rental profits, invested at 7%
$2,014,589

$807,341 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$463,967
Cash to close, invested at 7%
$463,967

$60,950 put into an index fund instead of the down payment and closing costs.

The building comes out $2,155,253 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 $2.62M, stocks $464K. The property wins.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-02. The estimate above is RentCast's, weighted toward the closest matches.

4 bed / 1 bath estimate $2,025/mo · range $1,850–$2,200

AddressRentBd / BaSq ftDistanceListedMatch
2513 Fremont Ave N, Minneapolis 55411 off market $2,150 4 / 1 1,500 0.7 mi 2026-08-17 89%
3105 Girard Ave N, Minneapolis 55411 off market $1,600 4 / 1 872 0.4 mi 2026-01-03 84%
2620 Emerson Ave N, Unit 2, Minneapolis 55411 off market $1,900 3 / 1 — 0.6 mi 2026-05-13 84%
3118 Morgan Ave N, Minneapolis 55411 off market $1,900 3 / 1 — 0.7 mi 2025-10-15 83%
3706 N Penn Ave, Unit 2, Minneapolis 55412 $1,999 4 / 2 1,351 1.0 mi 2026-07-12 83%
414 33rd Ave N, Minneapolis 55412 off market $1,600 4 / 2 2,592 0.2 mi 2025-11-12 80%
816 21st Ave N, Apt 336, Minneapolis 55411 $2,065 3 / 1 1,500 1.0 mi 2026-07-14 79%
816 21st Ave N, Apt 226, Minneapolis 55411 $2,065 3 / 1 1,500 1.0 mi 2026-07-14 79%
816 21st Ave N, Apt 107, Minneapolis 55411 $1,788 3 / 1 1,500 1.0 mi 2026-07-14 79%
816 21st Ave N, Apt 101, Minneapolis 55411 $2,065 3 / 1 1,500 1.0 mi 2026-07-14 79%

3 bed / 1 bath estimate $2,025/mo · range $1,825–$2,250

AddressRentBd / BaSq ftDistanceListedMatch
2620 Emerson Ave N, Unit 2, Minneapolis 55411 off market $1,900 3 / 1 — 0.6 mi 2026-05-13 93%
3118 Morgan Ave N, Minneapolis 55411 off market $1,900 3 / 1 — 0.7 mi 2025-10-15 93%
816 21st Ave N, Apt 336, Minneapolis 55411 $2,065 3 / 1 1,500 1.0 mi 2026-07-14 89%
816 21st Ave N, Apt 226, Minneapolis 55411 $2,065 3 / 1 1,500 1.0 mi 2026-07-14 89%
816 21st Ave N, Apt 107, Minneapolis 55411 $1,788 3 / 1 1,500 1.0 mi 2026-07-14 89%
816 21st Ave N, Apt 101, Minneapolis 55411 $2,065 3 / 1 1,500 1.0 mi 2026-07-14 89%
816 21st Ave N, Apt 225, Minneapolis 55411 $2,065 3 / 1 1,500 1.0 mi 2026-07-14 89%
816 21st Ave N, Apt 335, Minneapolis 55411 $2,065 3 / 1 1,500 1.0 mi 2026-07-14 89%
1510 22nd Ave N, Minneapolis 55411 off market $1,670 3 / 1 1,500 1.0 mi 2026-05-07 89%
1115 33rd Ave N, Minneapolis 55412 off market $1,380 3 / 1 1,200 0.2 mi 2026-08-25 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: 3247 ALDRICH AVE N, units=1
  • mediumSump pump suggests a history of water in the basement. Ask about past flooding and inspect the foundation. Listing says: Sump Pump installed. · AI review
  • mediumThe upper unit's 4th bedroom is in a finished attic. Check egress, ceiling height and permits before counting it as a bedroom. Listing says: 4 bedrooms/1bath upstair with finished attic. · AI review
  • mediumRents are past tense and no lease status is given. They may not be current or in place. Listing says: Upper unit was rented for $1800/month and 1st floor was rented for $1500/month. · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 169 days on market
  • Separate combo boilers give each unit its own heat and hot water, so tenants likely pay their own heat. Confirm with the agent. Listing says: New high efficiency Combo Boilers for each unit and insulation through the whole building in 2025. · AI review
  • Minneapolis has no rent cap, so rents can follow the market. Based on: data: underwriting.rent_rule · AI review

Questions for the agent

  • Are both units occupied now? Can I see the leases, the current rents and the lease end dates?
  • Why did the rental license lapse, and is it licensed for 2 units?
  • Who pays heat, water and electric in each unit?
  • Was there ever water in the basement, and why was the sump pump installed?
  • Is the attic space permitted, with egress and a closet?
  • What are the roof and electrical panel ages, and who did the 2025 boiler work?

Bottom line

Numbers look strong at ask with new boilers and rents below our estimates, but verify the rental license, the attic bedroom and the actual leases before offering. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2024. 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.$3,587
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,666
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 1915: +1 pt capital reserve8% / 9%

Price history Realtor.com

On the market since 2026-04-19 (169 days); down $55,000 (17.2%) from the first ask of $320,000; last sold for $310,000 on 2022-12-15; listed for rent at $1,600/mo on 2023-01-29.

DateEventPrice
Price changed$265,000
Price changed$280,000
Listed$320,000
Removed—
Listed for rent$1,600/mo
Sold$310,000
Sold$19,900
Listed$19,900
Removed$35,000
Removed$36,500
Removed$29,900
Listed$29,900
Listed$35,000
Price changed$36,500
Listed$38,900
Sold public record$170,000
Sold public record$65,000

County record Public record

Recorded asduplex
Living units2
Year built1915
Market value (2026)$237,900
Property tax$3,330
Special assessmentsnone
Homesteadno
Last sale2022-12-01 · $310,000

Source: Hennepin County parcel records.

City rental license

CHOWN: 1 unit(s), Tier 1, status active, renews 2026-03-01.

Nearest highway

I 94, about 545 m away.

Crime in McKinley

145 incidents in the last 12 months (45 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).