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330 4th St NE

Fourplex · 4 units: 2 bed / 1 bath and 1 bed / 1 bath ×3 unit split estimated · 3,111 sq ft

Minneapolis, MN · St. Anthony West · View the listing ↗

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Photos, via Realtor.com.

Asking price
$585,000
4 units · $146K per unit
Monthly cash flow
−$518
at 20% down, 7%
Estimated rent
$5,300/mo
medium confidence
Break-even price
$487,755
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a 4-unit converted Victorian from 1887 in St. Anthony West, asking $585K. Our underwriting shows about -$518/month cash flow at 20% down and a 5.3% cap rate, and break-even price is roughly $488K, so the ask is about $97K too high at today's rates. The description says 'exceptional rental history' but gives no rents, no leases and no expenses, so get the rent roll and trailing-12 first. The boiler is from 2007, so it is nearly 20 years old, and the kitchens and baths in the photos are a mix of updated and original. The attic could add value, but only if it can be finished legally. Worth a showing only if the seller will come down toward $490K or the real rents beat our estimates.

Things to consider

  1. Price is about $97K above break-even At the ask, cash flow is about -$518/month. Negotiating down or confirming higher rents is essential.
  2. Rents unknown The 'exceptional rental history' claim can't be checked without a rent roll. Our estimates may differ from the real rents.Listing says: “Exceptional rental history”
  3. Owner likely pays heat from one steam boiler Heating a four-unit 1887 building is a major expense and eats into net income. Aging equipment adds replacement risk.
  4. Mixed unit condition Some kitchens and baths look original, so budget for updates before pushing rents.From photo 9
  5. Seller paid $368K in 2007; county values it at $432K The ask is well above assessed value, so there is little cushion if you need to refinance or sell.
  6. Attic is a possible upside, not a sure one Finishing it costs money and needs permits and egress, so don't pay for it up front.Listing says: “room to finish lg. attic”

From the photos

Listing photo 1
1 of 8Check

Stucco exterior with shingle roof appears intact; check roof age and stucco condition for moisture

Listing photo 2
2 of 8Plus

Narrow shared stair entry with mailboxes and a fire extinguisher supports the multi-unit setup

Listing photo 5
3 of 8Plus

One kitchen has newer maple cabinets, a dishwasher and a gas range, and appears updated

Listing photo 7
4 of 8Concern

Another kitchen has older cabinets, a basic range and a very short counter, and appears dated

Listing photo 8
5 of 8Check

Cast-iron radiators in several rooms confirm steam/hot-water heat

Listing photo 9
6 of 8Concern

Clawfoot tub bath with old wallpaper, wall sink and dated flooring appears original and needs updating

Listing photo 10
7 of 8Plus

Detached 2-car garage (listing says 3) with paved apron and a big yard; roof appears serviceable

Listing photo 1
8 of 8Check

No photos of the boiler, electrical panels, basement or attic, so key systems are unseen

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

Condition and repairs

  • doneBoiler installed 2007, now about 19 years oldListing says: New boiler 2007

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
$585,000
Cash to close
$134,550
Price per unit
$146,250
GRM
9.2

Each month

Cash flow
−$518/mo
Cash-on-cash
−4.6%
Cap rate
5.3%
DSCR
0.83×

Break-even

Price that breaks even
$487,755
Rent that breaks even
$5,972/mo

Long run

Year 30: property vs stocks
$1.86M vs $1.18M
Cash flow turns positive
year 8

Monthly

Monthly breakdown

Rent$5,300
Vacancy (6%)−$318
Collected$4,982
Property tax Public record−$684
Insurance Estimate−$401
Water, sewer, trash Estimate−$340
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$424
Capital reserve (9% of rent)−$477
Net operating income$2,596
Mortgage (principal + interest)−$3,114
Cash flow−$518
Principal paid down (equity, not cash)$396

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$1,862,799
Your equity when you sell
$1,334,752

Sells for $1,419,949 (value up 3% a year), minus 6% selling cost ($85,197). Rent paid down $468,000 of loan.

Rental profits, invested at 7%
$528,048

$313,993 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,180,266
Cash to close, invested at 7%
$1,024,229

$134,550 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$156,037

$24,923 you'd have paid in while the building lost money, invested instead.

The building comes out $682,533 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 $1.86M, stocks $1.18M. 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 $1,625/mo · range $1,400–$1,875

AddressRentBd / BaSq ftDistanceListedMatch
515 5th St SE, Apt 2, Minneapolis 55414 off market $1,295 2 / 1 — 0.7 mi 2025-11-20 93%
524 8th Ave NE, Minneapolis 55413 off market $1,645 2 / 1 1,200 0.4 mi 2026-07-07 85%
410 5th St NE, Minneapolis 55413 $1,650 3 / 1 — 0.1 mi 2026-09-25 84%
601 Main St NE, Apt 3, Minneapolis 55413 off market $1,795 3 / 1 — 0.3 mi 2026-07-21 84%
45 University Ave SE, Unit 402, Minneapolis 55414 off market $1,300 1 / 1 — 0.4 mi 2026-09-21 84%
843 Summer St NE, Minneapolis 55413 off market $1,150 1 / 1 — 0.6 mi 2026-04-14 84%
847 Summer St NE, Minneapolis 55413 off market $1,150 1 / 1 — 0.6 mi 2026-03-23 84%
327 University Ave SE, Minneapolis 55414 off market $990 1 / 1 — 0.6 mi 2024-04-15 84%
415 4th St SE, Minneapolis 55414 $1,600 3 / 1 — 0.6 mi 2024-04-15 84%
414 8th St SE, Minneapolis 55414 off market $1,500 3 / 1 — 0.6 mi 2026-02-16 84%

1 bed / 1 bath estimate $1,225/mo · range $1,000–$1,450

AddressRentBd / BaSq ftDistanceListedMatch
45 University Ave SE, Unit 402, Minneapolis 55414 off market $1,300 1 / 1 — 0.4 mi 2026-09-21 93%
843 Summer St NE, Minneapolis 55413 off market $1,150 1 / 1 — 0.6 mi 2026-04-14 93%
847 Summer St NE, Minneapolis 55413 off market $1,150 1 / 1 — 0.6 mi 2026-03-23 93%
327 University Ave SE, Minneapolis 55414 off market $990 1 / 1 — 0.6 mi 2024-04-15 93%
621 5th Ave SE, Minneapolis 55414 $975 1 / 1 — 0.6 mi 2024-04-15 93%
314 13th Ave NE, Minneapolis 55413 off market $1,360 1 / 1 — 0.6 mi 2026-05-09 93%
520 Se 5th St, Minneapolis 55414 off market $1,295 1 / 1 — 0.7 mi 2026-08-05 93%
515 5th St SE, Apt 4, Minneapolis 55414 off market $1,395 1 / 1 — 0.7 mi 2026-05-19 93%
210 N 2nd St, Apt 306, Minneapolis 55401 $1,700 1 / 1 — 0.8 mi 2026-08-13 93%
319 8th St SE, Minneapolis 55414 $890 0 / 1 — 0.6 mi 2024-04-19 84%

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

  • highPrice is far above break-even; negative cash flow at the ask Based on: data: underwriting.break_even_price · AI review
  • mediumDescription gives no rents, leases or expenses despite 'exceptional rental history' Listing says: Exceptional rental history · AI review
  • mediumSteam heat from a single boiler likely means the owner pays heat; the 2007 boiler is aging Based on: data: county.heat_type · AI review
  • mediumConverted 1887 house: check wiring, plumbing and fire separation between units Based on: data: county.dwelling_type · AI review
  • low52 days on market with no price cut mentioned Based on: data: listing.days_on_market · AI review

Opportunities

  • Unfinished attic could add a unit or living space if code and egress allow Listing says: room to finish lg. attic · AI review
  • Three-car garage and large lot give parking and income potential Listing says: 3 car gar, spacious lot w /garden · AI review
  • Minneapolis has no rent cap, so rents can rise to market after updates Based on: data: underwriting.rent_rule · AI review

Questions for the agent

  • Can I see the current rent roll, lease end dates and 12 months of expenses?
  • Who pays heat and water? Is there one steam boiler or separate systems?
  • What is the attic's status? Is finishing it permitted, and what would egress require?
  • What is the electrical situation: panel types, amperage, any knob-and-tube?
  • Are the rental license and fire inspection current for all four units?
  • Has the price been negotiated at all, and why is the seller selling?

Bottom line

Charming and well-located, but at $585K it loses money every month; it only works near $490K or with proven rents above our estimates. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$8,204
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$4,816
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid$340
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 1887: +1 pt capital reserve8% / 9%

Price history Realtor.com

On the market since 2026-08-14 (52 days); last sold for $368,000 on 2007-08-13.

DateEventPrice
Listed$585,000
Sold public record$368,000
Sold public record$160,000
Sold public record$104,000

County record Public record

Recorded asapartment converted
Living units—
Year built1887
Market value (2026)$432,000
Property tax$8,204
Special assessmentsnone
Homesteadno
Last sale2007-08-01 · $368,000

Source: Hennepin County parcel records.

City rental license

CHOWNEXMPT: 4 unit(s), Tier 1, status active, renews 2027-03-01.

Nearest highway

I 35W, about 1539 m away.

Crime in St. Anthony West

170 incidents in the last 12 months (65 per 1,000 residents), +31% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).