3307 29th Ave S

Duplex · 2 units: 2 bed / 1 bath and 1 bed / 1 bath unit split estimated · 1,721 sq ft

Minneapolis, MN · Longfellow · View the listing ↗

Overpriced

48 photos

Photos courtesy of Keller Williams Realty, via Realtor.com.

Asking price: $385,000
Monthly cash flow: −$790
Estimated rent: $2,750/mo
Break-even price: $236,663

Adjust the numbers See the full breakdown

From the listing

City living with an incredible amount of outdoor space! This distinctive duplex offers a rare combination of location, flexibility, and room to spread out-positioned alongside a city-maintained green space and featuring an expansive backyard made for entertaining, lawn games, gardening, or evenings around the newer firepit. Both residences offer inviting, sun-filled spaces with hardwood floors, neutral finishes, generous bedrooms, private entrances, separate utilities and their own laundry! Both the main- and upper-level kitchens were beautifully updated in 2019/2020 with granite countertops, stainless steel appliances, tile backsplashes, recessed lighting, and quality cabinetry. Major exterior improvements include a new roof in 2022, along with updated siding, fascia, soffits, gutters, and front porch. The duplex layout creates exceptional versatility-live in one residence while generating income from the other, accommodate extended family, or add a well-located investment property to your portfolio. And the location delivers: situated on a bus line, just two short blocks to light rail and approximately three blocks from Lake Street, putting restaurants, shopping, coffee, entertainment, and everyday conveniences within easy reach. Step off the front porch and you're just steps from Wildflyer Coffee A well-loved property with substantial updates already completed, remarkable outdoor space, and the flexibility to make it work for the way you want to live or invest.

Listing courtesy of Keller Williams Realty (Nicoli Holm). Description from Realtor.com, MLS #7059135. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a nice-looking, recently updated duplex, but the price doesn't work as a rental. At $385K our numbers show about -$770/month and a 4.0% cap rate, and break-even is near $240K. The county value is $302K and the seller paid $278K in 2020, so the ask is a big step up. Rents are not stated, and our estimates ($1,200 to $1,575 per unit) are too low to carry this price. It only makes sense as an owner-occupied house-hack, and only if you can negotiate down. Get the rent roll, utility meter setup and roof paperwork first.

Things to consider

Price versus rent At ask, our model loses about $770 a month. Break-even is roughly $240K, so the numbers only work with a big discount or owner-occupancy.
Seller's price jump The county values it at $302K and it sold for $278K in 2020. Paying $385K means paying for the updates and the lot.
Recent capital work lowers near-term repair risk A 2022 roof and updated kitchens and exterior mean less immediate spending, though verify permits and quality.Listing says: “Major exterior improvements include a new roof in 2022”
Separate utilities and laundry Tenants pay their own bills, so owner expenses stay lower than with shared meters. Confirm the meters are truly separate.Listing says: “private entrances, separate utilities and their own laundry”
Owner-occupant fit A house-hack lowers the effective cost, and the description pitches it that way. It is non-homestead taxed now, so the tax may change with your use.

From the photos

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

Condition and repairs

doneNew roofListing says: Major exterior improvements include a new roof in 2022
doneUpdated siding, fascia, soffits, gutters and front porchListing says: along with updated siding, fascia, soffits, gutters, and front porch
doneBoth kitchens updated 2019/2020Listing says: Both the main- and upper-level kitchens were beautifully updated in 2019/2020

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: $385,000
Cash to close: $88,550
Price per unit: $192,500
GRM: 11.7

Each month

Cash flow: −$790/mo
Cash-on-cash: −10.7%
Cap rate: 3.9%
DSCR: 0.61×

Break-even

Price that breaks even: $236,663
Rent that breaks even: $3,749/mo

Long run

Year 30: property vs stocks: $926K vs $1.17M
Cash flow turns positive: year 20

Monthly

Monthly breakdown

Rent	$2,750
Vacancy (6%)	−$165
Collected	$2,585
Property tax Public record	−$478
Insurance Estimate	−$204
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (7% of rent)	−$193
Capital reserve (8% of rent)	−$220
Net operating income	$1,260
Mortgage (principal + interest)	−$2,049
Cash flow	−$790
Principal paid down (equity, not cash)	$261

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$925,834

Your equity when you sell: $878,426
Rental profits, invested at 7%: $47,408

Same money in stocks$1,168,951

Cash to close, invested at 7%: $674,065
Monthly shortfalls, invested: $494,885

Stocks come out $243,117 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 $926K, stocks $1.17M. Stocks win.

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 $1,575/mo · range $1,375–$1,775 · 14 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
3710 Minnehaha Ave, Minneapolis	$1,299	2 / 1	844	0.6 mi	2025-02-28	Apartment
2833 31st Ave S, Minneapolis	$1,695	2 / 1	950	0.6 mi	2026-03-25	Apartment
2821 S 32nd Ave Unit Upper, Minneapolis	$1,549	2 / 1	1,000	0.6 mi	2024-11-07	Duplex triplex
2220 E Lake St, Minneapolis	$1,425	2 / 1	835	0.6 mi	—	Apartment
3350 42nd Ave S, Minneapolis	$1,600	2 / 1	—	0.8 mi	2026-09-29	Apartment
3900 Minnehaha Ave S, Minneapolis	$1,900	2 / 1	—	0.8 mi	2026-09-29	Apartment
3418 43rd Ave S, Minneapolis	$1,599	2 / 1	1,137	0.9 mi	2026-09-19	Apartment
3966 Minnehaha Ave, Minneapolis	$1,095	2 / 1	690	0.9 mi	2026-08-05	Apartment
3725 Cedar Ave S, Minneapolis	$1,349	2 / 1	767	1.0 mi	2026-06-30	Apartment
3140 16th Ave S, Minneapolis	$1,300	2 / 1	800	1.1 mi	2026-10-03	Apartment

1 bed estimate $1,175/mo · range $1,025–$1,450 · 12 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
3014-3020 31st Ave S, Minneapolis	$950	1 / 1	515	0.3 mi	2025-02-01	Apartment
3608 Minnehaha Ave, Minneapolis	$985	1 / 1	450	0.4 mi	2026-05-27	Apartment
3123 23rd Ave S Apt 203, Minneapolis	$1,050	1 / 1	720	0.5 mi	2026-07-23	Apartment
2615 E 29th St, Minneapolis	$1,260	1 / 1	520	0.5 mi	2026-04-01	Apartment
3725 29th Ave S, Minneapolis	$1,615	1 / 1	834	0.5 mi	2025-01-03	Apartment
3141 22nd Ave S, Minneapolis	$995	1 / 1	546	0.6 mi	2026-08-06	Apartment
3105 22nd Ave S, Minneapolis	$975	1 / 1	557	0.6 mi	2026-03-18	Apartment
2808 28th Ave S Apt 2, Minneapolis	$1,200	1 / 1	849	0.6 mi	2026-09-16	Apartment
2220 E Lake St, Minneapolis	$1,000	1 / 1	650	0.6 mi	—	Apartment
3806 28th Ave S, Minneapolis	$1,395	1 / 1	634	0.6 mi	2025-07-14	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

highPricing is far above what rents support Based on: data: underwriting.break_even_price · AI review
mediumAsking is $148,337 above the price where cash flow breaks even ($236,663) at the default scenario. Based on: Derived: price $385,000 vs. break-even $236,663
mediumNo rents, lease status or occupancy given, so income is unverified Listing says: generating income from the other · AI review
low$250 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 0102824140176: special assessments (current) = $250.44
lowBuilt 1900 with a small electrical panel visible in the upper unit; wiring age unknown Based on: photo 8 · AI review

Opportunities

Separate utilities and in-unit laundry make tenants responsible for their own bills and are easy to market Listing says: private entrances, separate utilities and their own laundry · AI review
Minneapolis has no rent cap, so rents can follow the market Based on: data: underwriting.rent_rule · AI review
Large yard on a bus line near light rail adds appeal for renters Listing says: just two short blocks to light rail · AI review

Questions for the agent

What are the current rents, lease end dates and is either unit month-to-month?
Is the seller living in one unit, and would they deliver it vacant or occupied?
What are the $250 special assessments for, and are they paid at closing?
Do the separate utilities mean two gas and two electric meters, with each furnace separate?
Do you have permits and receipts for the 2022 roof and the 2019/2020 kitchen work?
Why is the ask $83K above the county value and $107K above the 2020 sale?

Bottom line

A tidy, updated duplex priced for owner-occupiers; as a pure rental it loses about $770 a month at ask. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$5,741
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,453
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 1900: +1 pt capital reserve; "fully updated" in the description: -1 pts each	7% / 8%

Price history Realtor.com

On the market since 2026-09-21 (14 days); last sold for $278,350 on 2020-06-12.

Date	Event	Price
2026-09-21	Listed	$385,000
2020-06-12	Sold	$278,350
2020-05-14	Relisted	$265,000
2020-05-04	Removed	$265,000
2017-05-20	Sold	$204,100
2017-03-20	Price changed	$199,900
2017-03-16	Relisted	$209,000
2017-03-08	Removed	$209,000
2017-02-26	Listed	$209,000
2015-12-28	Sold public record	$88,000
2001-11-06	Sold public record	$40,000

County record Public record

Recorded as	duplex
Living units	2
Year built	1900
Market value (2026)	$302,300
Property tax	$5,741
Special assessments	$250
Homestead	no
Last sale	2020-06-01 · $278,350

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 357 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).