3324 Hennepin Ave

Duplex · 2 units: 3 bed / 1 bath ×2 unit split estimated · 2,900 sq ft

Minneapolis, MN · East Bde Maka Ska · View the listing ↗

Far off

69 photos

Photos, via Realtor.com.

Asking price: $539,900
Monthly cash flow: −$1,213
Estimated rent: $3,800/mo
Break-even price: $311,971

Adjust the numbers See the full breakdown

From the listing

Move in by August 1 and let the lower unit help pay your mortgage. 3324 Hennepin Ave is the rare East Bde Maka Ska duplex set up for an effortless house-hack, the spacious 4-bedroom upper unit, featuring a bright sun room and original woodwork, is becoming available for owner-occupancy, while the charming 2-bedroom lower unit, with its granite kitchen, custom cabinetry, and cozy living-room fireplace, brings in $1,850/month through April 2027. Just a short walk to Lake Bde Maka Ska, the Greenway, and the heart of Uptown, this 1909 brick duplex blends original character with thoughtful modern updates. The fully fenced backyard with fire pit and detached two-car garage make it feel more like a single-family home than a duplex, and an architectural plan set is on file for a potential third basement unit, adding future upside for the right buyer. Whether you're an owner-occupant chasing the elusive 4-bedroom upper, an investor who values documented rental income, or a house-hacker wanting both, 3324 Hennepin delivers. Owner is a licensed agent. All measurements approximate; buyer to verify.

Description from Realtor.com, MLS #7078935. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a house-hack pitch, not an investor deal. The asking price is $539,900 and our underwriting shows about -$1,213 a month with a 3.7% cap rate. Break-even price is near $312K, so the price is a long way from what the rents support. The only stated rent is $1,850 on the 2-bed lower unit through April 2027, and the upper unit is being delivered vacant, so there is no rent history for it. It has sat 133 days, so there is room to negotiate, but even a big cut leaves the numbers weak unless you live upstairs. Check the tax bill first: $9,649 non-homestead drops if you owner-occupy. Then confirm the basement plans and the heat setup. Worth a showing only if you want to live there and can carry the payment.

Things to consider

Price far above what rents support Underwriting shows heavy negative cash flow and a break-even price about $228K below ask. Only an owner-occupant benefit makes it work.
Only one unit has documented rent The lower unit is $1,850 under lease, but the upper income is unproven. Our estimates are about $1,900 per unit, so upper rent for a 4-bed is uncertain.Listing says: “brings in $1,850/month through April 2027”
Tax bill changes if you live there The $9,649 bill is the non-homestead amount. Owner-occupying may lower it, but verify with the county.
Heat and systems unseen Radiators suggest a shared hot-water boiler, so the owner may pay heat. Boiler age and wiring are unknown and are a large cost for a 1909 building.From photo 4
Basement unit is speculative A plan set is not approval. Cost, egress and licensing are unknown, so don't price it in.Listing says: “an architectural plan set is on file for a potential third basement unit”
Negotiating room 133 days on market suggests the price is not landing with buyers.

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

Lower unit (2-bed): $1,850 (lease)Listing says: brings in $1,850/month through April 2027

Condition and repairs

doneLower unit granite kitchen and custom cabinetry updatesListing says: granite kitchen, custom cabinetry, and cozy living-room fireplace
doneThoughtful modern updates throughoutListing says: blends original character with thoughtful modern updates

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: $539,900
Cash to close: $124,177
Price per unit: $269,950
GRM: 11.8

Each month

Cash flow: −$1,213/mo
Cash-on-cash: −11.7%
Cap rate: 3.7%
DSCR: 0.58×

Break-even

Price that breaks even: $311,971
Rent that breaks even: $5,375/mo

Long run

Year 30: property vs stocks: $1.27M vs $1.77M
Cash flow turns positive: year 23

Monthly

Monthly breakdown

Rent	$3,800
Vacancy (6%)	−$228
Collected	$3,572
Property tax Public record	−$804
Insurance Estimate	−$231
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$304
Capital reserve (9% of rent)	−$342
Net operating income	$1,660
Mortgage (principal + interest)	−$2,874
Cash flow	−$1,213
Principal paid down (equity, not cash)	$366

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$1,266,100

Your equity when you sell: $1,231,850
Rental profits, invested at 7%: $34,250

Same money in stocks$1,770,531

Cash to close, invested at 7%: $945,267
Monthly shortfalls, invested: $825,264

Stocks come out $504,431 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 $1.27M, stocks $1.77M. 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.

3 bed estimate $1,900/mo · range $1,750–$1,950 · 13 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
3229 Hennepin Ave S, Minneapolis	$2,395	3 / 1	1,970	0.1 mi	2022-08-11	Apartment
1709 Lagoon Ave S, Minneapolis	$1,795	3 / 1	1,140	0.5 mi	2026-09-05	Apartment
705 W 31st St, Minneapolis	$1,775	3 / 1	725	0.6 mi	2025-03-22	Apartment
711 W 28th St, Minneapolis	$1,595	3 / 1	1,000	0.8 mi	—	Apartment
3208 Blaisdell Ave Apt 3, Minneapolis	$1,750	3 / 1	1,220	0.9 mi	2024-07-22	Apartment
2821 1st Ave S, Minneapolis	$1,600	3 / 1	1,743	1.3 mi	2026-06-17	Apartment
2415 Harriet Ave, Minneapolis	$1,695	3 / 1	1,010	1.3 mi	2026-08-24	Multi family
2305 Garfield Ave Unit 201, Minneapolis	$2,300	3 / 1	970	1.4 mi	2022-05-23	Apartment
3336 4th Ave S Apt 4, Minneapolis	$1,595	3 / 1	1,100	1.4 mi	—	Apartment
3336 4th Ave S Apt 2, Minneapolis	$1,795	3 / 1	1,100	1.4 mi	—	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

highPitched as a house-hack. At this price the property does not cash flow as a pure rental. Based on: data: underwriting.cash_flow_monthly · AI review
mediumAsking is $227,929 above the price where cash flow breaks even ($311,971) at the default scenario. Based on: Derived: price $539,900 vs. break-even $311,971
mediumUpper unit will be vacant at delivery, so there is no rent history. Income from it is a guess. Listing says: becoming available for owner-occupancy · AI review
low$356 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 0402824240121: special assessments (current) = $355.63
lowThird basement unit is only a plan set on file. No permits or approvals are mentioned, and it is not income. Listing says: an architectural plan set is on file for a potential third basement unit · AI review
lowOwner is a licensed agent. Expect a well-marketed listing; verify the rent and lease documents yourself. Listing says: Owner is a licensed agent. · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 136 days on market
Add a third basement unit. Needs permits, egress and a rental license, and the cost is unknown. Listing says: an architectural plan set is on file for a potential third basement unit · AI review
Owner-occupy the 4-bed upper and let the lower tenant cover part of the payment. Also likely lowers the tax bill via homestead. Listing says: the spacious 4-bedroom upper unit, featuring a bright sun room and original woodwork · AI review
Minneapolis has no rent cap, so lower rent can rise to market at lease end. Based on: data: underwriting.rent_rule · AI review

Questions for the agent

Can I see the lower unit's lease, deposit and payment history? Does it run through April 2027 at $1,850?
Who pays heat? Is it one boiler for both units, and how old is it?
What are the plans for the basement unit, and have any permits or approvals been filed?
What are the $356 special assessments for, and does the seller pay them at closing?
Why has it sat 133 days, and has the price been cut?
Will the rental license transfer, and when was the last inspection?

Bottom line

A nice lake-area duplex that works only as an owner-occupied house-hack; as a pure rental it needs a price well below ask, around 58% of it. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$9,649
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,778
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 1909: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-05-22 (136 days); down $20,000 (3.6%) from the first ask of $559,900; last sold for $314,900 on 2012-11-30; listed for rent at $2,399/mo on 2019-04-29.

Date	Event	Price
2026-08-05	Price changed	$539,900
2026-06-28	Removed	$525,000
2026-06-25	Relisted	$559,900
2026-06-24	Removed	—
2026-05-22	Listed	$559,900
2019-10-11	Rental removed	$2,399/mo
2019-04-29	Rent changed	$2,399/mo
2019-03-24	Listed for rent	$2,499/mo
2019-01-11	Removed	—
2018-12-05	Rental removed	$2,499/mo
2018-10-15	Rental removed	$2,399/mo
2018-10-12	Rental removed	$2,399/mo
2018-09-05	Listed for rent	$2,499/mo
2018-08-26	Rent changed	$2,399/mo
2018-07-04	Listed for rent	$2,500/mo
2012-11-30	Sold	$314,900
2012-10-18	Removed	$319,900
2012-10-02	Listed	$319,900
1996-02-06	Sold public record	$105,000
1996-01-26	Sold public record	$71,733

County record Public record

Recorded as	duplex
Living units	2
Year built	1909
Market value (2026)	$510,100
Property tax	$9,649
Special assessments	$356
Homestead	no
Last sale	2012-11-01 · $314,900

Source: Hennepin County parcel records.

City rental license

CHOWN: 2 unit(s), Tier 1, status active, renews 2027-03-01.

Nearest highway

I 35W, about 1881 m away.

Crime in East Bde Maka Ska

142 incidents in the last 12 months (54 per 1,000 residents), −7% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).