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3429 Aldrich Ave S

Duplex · 2 units: 2 bed / 1 bath and 1 bed / 1 bath · 1,623 sq ft

Minneapolis, MN · South Uptown · View the listing ↗

Overpriced
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Photos courtesy of RE/MAX Results, via Realtor.com.

Asking price
$349,900
2 units · $175K per unit
Monthly cash flow
−$660
at 20% down, 7%
Estimated rent
$2,850/mo
high confidence · 18 rentals within 0.75 mi
Break-even price
$225,928
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a fully cosmetic flip of a 1900 duplex, asking $349,900 after a $105,000 purchase in 2020. Our numbers show about -$640 a month at 20% down and a 4.2% cap rate, so it doesn't work at this price with market rents of roughly $1,700 for the 2-bed and $1,175 for the 1-bed. The property tax is delinquent and there is $2,146 in special assessments, so get the payoff figures first. The listing says nothing about what's behind the walls (wiring, plumbing, foundation, permits), and the photos show only finishes, so ask for permits for the renovation and the roof. Worth a showing only if the price comes down hard and the permits and rental license check out.

Things to consider

  1. Price is far above what rents support At asking, cash flow is about -$640 a month and the break-even price is $229,639. The gap is too large to fix with rent growth.
  2. Delinquent taxes and assessments Back taxes, penalties and $2,146 in assessments will come out of the sale proceeds or your pocket. They also raise questions about the seller's situation.
  3. Renovation quality and permits unknown The unit finishes are new, but a 1900 building can hide old wiring, plumbing and foundation issues. Unpermitted work can cause insurance and resale problems.From photo 8
  4. No rental license on file You may not be able to legally rent until licensed and inspected, which delays income and may require fixes.
  5. Seller has room to negotiate Bought at $105,000 in 2020 and 114 days on market, so a deeply lower offer is plausible.

From the photos

Listing photo 8
1 of 6Plus

Both units appear freshly renovated with new vinyl plank flooring, recessed lighting, shaker cabinets, laminate-style counters and stainless or white appliances. It looks like a quick, rental-grade finish.

Listing photo 5
2 of 6Check

Electric baseboard heaters are visible in the units, while county records say hot water heat. Confirm the actual heating system and cost to tenants or owner.

Listing photo 5
3 of 6Check

Grey-kitchen unit has a stacked washer/dryer and a breaker panel visible in the kitchen, which supports the separate-panel claim. Check panel brand, amperage and age.

Listing photo 4
4 of 6Concern

Some rooms appear to have beams and carpet in the living areas; carpet will wear faster with tenants.

Listing photo 7
5 of 6Check

Unit with white cabinets has a painted brick-look column and appears clean and modern. Photos look like staged or virtually staged rooms in places.

Listing photo 1
6 of 6Check

No photos of the exterior, roof, basement, mechanicals or bathrooms. Foundation, plumbing and the roof can't be judged.

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 flooring, paint and lighting throughoutListing says: Every space has been refreshed with new flooring, fresh paint, and updated lighting throughout.
  • doneRenovated kitchens with new cabinets and appliancesListing says: renovated kitchens outfitted with brand-new cabinets and appliances
  • doneNew windowsListing says: new windows, freshly painted front and back porches
  • doneRoof replaced in 2025Listing says: Roof replaced in 2025.

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
$349,900
Cash to close
$80,477
Price per unit
$174,950
GRM
10.2

Each month

Cash flow
−$660/mo
Cash-on-cash
−9.8%
Cap rate
4.1%
DSCR
0.65×

Break-even

Price that breaks even
$225,928
Rent that breaks even
$3,685/mo

Long run

Year 30: property vs stocks
$854K vs $1.01M
Cash flow turns positive
year 19

Monthly

Monthly breakdown

Rent$2,850
Vacancy (6%)−$171
Collected$2,679
Property tax Public record−$617
Insurance Estimate−$202
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (7% of rent)−$200
Capital reserve (8% of rent)−$228
Net operating income$1,202
Mortgage (principal + interest)−$1,862
Cash flow−$660
Principal paid down (equity, not cash)$237

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$853,772
Your equity when you sell
$798,341

Sells for $849,299 (value up 3% a year), minus 6% selling cost ($50,958). Rent paid down $279,920 of loan.

Rental profits, invested at 7%
$55,431

$43,179 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,005,173
Cash to close, invested at 7%
$612,611

$80,477 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$392,561

$78,056 you'd have paid in while the building lost money, invested instead.

Stocks come out $151,401 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 $854K, stocks $1.01M. 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 $1,675/mo · range $1,425–$1,825 · 18 rentals within 0.75 mi

AddressRentBd / BaSq ftDistanceListedType
3305 Bryant Ave S, Minneapolis $1,375 2 / 1 900 0.2 mi 2024-07-03 Apartment
3247 Lyndale Ave S, Minneapolis $1,315 2 / 1 900 0.2 mi 2026-04-22 Apartment
3535-3537 Harriet Ave, Minneapolis $2,225 2 / 1 1,300 0.2 mi 2026-09-24 Apartment
3520 Grand Ave S, Minneapolis $1,225 2 / 1 900 0.2 mi 2026-01-08 Apartment
3509 Emerson Ave S, Minneapolis $1,399 2 / 1 950 0.3 mi 2026-09-03 Apartment
3452 Emerson Ave S, Minneapolis $1,349 2 / 1 950 0.3 mi 2026-09-03 Apartment
3700 Grand Ave S, Minneapolis $1,275 2 / 1 875 0.4 mi 2026-06-19 Apartment
3721 Grand Ave S Unit 1, Minneapolis $1,600 2 / 1 1,050 0.4 mi 2026-08-31 Multi family
3721 Grand Ave S Unit 2, Minneapolis $1,600 2 / 1 1,050 0.4 mi 2026-08-29 Multi family
3648 Blaisdell Ave Apt 2, Minneapolis $1,595 2 / — 1,200 0.5 mi 2026-09-16 Duplex triplex

1 bed estimate $1,175/mo · range $1,125–$1,400 · 25 rentals within 0.75 mi

AddressRentBd / BaSq ftDistanceListedType
3410 Harriet Ave S, Minneapolis $1,099 1 / 1 650 0.2 mi 2026-01-23 Apartment
3305 Bryant Ave S, Minneapolis $1,100 1 / 1 700 0.2 mi 2024-07-03 Apartment
3616 Bryant Ave S, Minneapolis $1,425 1 / 1 530 0.2 mi 2026-02-06 Apartment
3320 Grand Ave S, Minneapolis $1,200 1 / 1 — 0.3 mi 2025-03-30 Apartment
3538 Grand Ave S, Minneapolis $1,015 1 / 1 565 0.3 mi 2026-08-05 Apartment
3452 Emerson Ave S, Minneapolis $1,150 1 / 1 825 0.3 mi 2026-09-03 Apartment
3700 Lyndale Ave S, Minneapolis $1,150 1 / 1 850 0.3 mi 2026-09-03 Apartment
3554 Emerson Ave S, Minneapolis $875 1 / 1 475 0.3 mi 2026-06-19 Apartment
3615 Grand Ave S, Minneapolis $950 1 / 1 497 0.3 mi 2025-10-14 Apartment
3300 Fremont Ave S, Minneapolis $1,145 1 / 1 524 0.4 mi 2025-01-03 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

  • highProperty taxes have been delinquent since 2024. Expect penalties and a payoff at closing; ask why. Public record: Hennepin County parcel 0402824410088: earliest delinquent year=24
  • 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 3429 ALDRICH AVE S
  • medium$2,146 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 0402824410088: special assessments (current) = $2,146.45
  • mediumAsking is $123,972 above the price where cash flow breaks even ($225,928) at the default scenario. Based on: Derived: price $349,900 vs. break-even $225,928
  • mediumCosmetic flip on a 1900 building with no mention of permits or of the plumbing, wiring and foundation. Ask for permits. Listing says: This fully updated South Uptown duplex offers a clean, turnkey opportunity for owner-occupants or investors. · AI review
  • mediumHot-water heat with no description of the boiler. The photos show electric baseboard heaters, which doesn't match the county's hot water heat type. Confirm what heats each unit and who pays. Based on: data: county.heat_type · AI review
  • mediumNon-homestead tax of $7,402 plus delinquency and assessments weighs heavily against the rents. Based on: data: county.tax · AI review

Opportunities

  • The seller bought for $105,000 in Apr 2020, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 0402824410088: last sale 2020-04-01, $105,000
  • Long time on market: room to negotiate. Based on: Listing data: 116 days on market
  • Recent roof, windows and kitchens reduce near-term capital needs if permitted and done properly. Listing says: Roof replaced in 2025. · AI review
  • Separate electrical and 100-amp panels per unit, plus in-unit laundry, make tenant billing simple and the units easy to rent. Listing says: separate washer/dryer sets in each unit · AI review
  • Walkable South Uptown location near Bde Maka Ska supports rental demand and no rent cap lets rents follow the market. Listing says: Located in a highly walkable neighborhood · AI review

Questions for the agent

  • Why are taxes delinquent, and what is the payoff at closing including penalties and the $2,146 in assessments?
  • Were permits pulled for the renovation, roof, windows and electrical, and who did the work?
  • Is the building licensed as a rental in Minneapolis, and when was it last inspected?
  • What heats each unit and who pays? The county says hot water but the photos show electric baseboards.
  • Why has it sat 114 days, and have there been price cuts or offers?
  • Are the units vacant, and what rents does the seller expect?

Bottom line

Nicely finished, but at $349,900 it loses about $640 a month; this only works at a much lower price, if the permits and tax issues check out. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$7,402
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,426
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 each7% / 8%

Price history Realtor.com

On the market since 2026-06-10 (117 days); down $50,000 (12.5%) from the first ask of $399,900; last sold for $105,000 on 2020-04-20.

DateEventPrice
Price changed$349,900
Price changed$359,900
Price changed$374,900
Price changed$385,000
Listed$399,900
Sold public record$105,000

County record Public record

Recorded asduplex
Living units2
Year built1900
Market value (2026)$391,300
Property tax$7,402
Special assessments$2,146
Homesteadno
Taxes delinquent since24
Last sale2020-04-01 · $105,000

Source: Hennepin County parcel records.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

I 35W, about 1126 m away.

Crime in South Uptown

337 incidents in the last 12 months (57 per 1,000 residents), −13% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).