3500 1st Ave S
5 units · 5 units: 3 bed / 1 bath ×2 and 2 bed / 1 bath ×3 unit split estimated · 4,680 sq ft
Minneapolis, MN · Lyndale · View the listing ↗
Photos courtesy of Summit Realty, via Realtor.com.
Needs more info before these numbers mean much. The city's rental license covers 4 unit(s); this analysis counts 5.
- Asking price
- $725,000 5 units · $145K per unit
- Monthly cash flow
- $658 at 20% down, 7%
- Break-even price
- $848,627 where cash flow hits $0
First look
The description says four 3-bed/1-bath units at about $1,600 each, plus garage income at $75 a stall. County records and listing data count 5 units, and the city license covers only 4. That gap matters most: the fifth unit may be unlicensed or may not exist. Our model at the asking price makes about $639 a month at a 7.4% cap, and break-even is near $845K versus the $725K ask. Taxes of $11,718 are heavy, and the 4D program could cut them, but only for qualifying units with rent restrictions. Get the rent roll, the unit count and the roof age before a showing. After 123 days on market the seller should have room to move.
Things to consider
- Unit count mismatch If there are 5 units but only 4 are licensed, you could face a licensing issue or a unit you can't legally rent. The income and expense numbers change either way.
- Positive cash flow at asking Our model shows about $639 a month at the ask, with break-even near $845K. That leaves room, but it depends on the fifth unit being legal and on the rents holding.
- Stated rents sit below our estimates $1,600 is below our $1,900 estimate for 3-bed units, so there may be upside, though our model also counts a fifth unit. Verify with leases.Listing says: “average rents of approximately $1,600 per month per unit”
- Heavy tax load with possible 4D relief Taxes of $11,718 are a major expense. 4D could lower them, but requires affordability restrictions that may cap rents.Listing says: “reduce property taxes by up to 40% annually by enrolling qualifying units”
- Heating system and metering Hot-water radiators suggest boilers, and the owner may pay heat for shared systems. That would cut income by hundreds a month.From photo 4
- Seller paid less and the building is aging The seller bought at $665K in 2019 and the county values it at $617K, so the ask lacks value support. A 1914 building also needs systems and roof checks.
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
- Each unit (average): $1,600Listing says: average rents of approximately $1,600 per month per unit
- Garage stall: $75Listing says: garage income from the detached 3-car garage at $75 per stall monthly
Condition and repairs
- doneUpdated kitchens with stainless steel appliancesListing says: updated kitchens, stainless steel appliances, and separately metered utilities
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
- $725,000
- Cash to close
- $94,250
- Price per unit
- $145,000
- GRM
- 7.1
Each month
- Cash flow
- −$232/mo
- Cash-on-cash
- −3.0%
- Cap rate
- 7.5%
- DSCR
- 0.95×
Break-even
- Price that breaks even
- $689,557
- Rent that breaks even
- $8,855/mo
Long run
- Year 30: property vs stocks
- $3.48M vs $746K
- Cash flow turns positive
- year 3
The deal
- Price
- $725,000
- Cash to close
- $94,250
- Price per unit
- $145,000
- GRM
- 7.1
Each month
- Cash flow
- −$955/mo
- Cash-on-cash
- −12.2%
- Cap rate
- 6.3%
- DSCR
- 0.80×
Break-even
- Price that breaks even
- $579,128
- Rent that breaks even
- $9,965/mo
Long run
- Year 30: property vs stocks
- $2.58M vs $974K
- Cash flow turns positive
- year 6
The deal
- Price
- $715,000
- Cash to close
- $92,950
- Price per unit
- $143,000
- GRM
- 7.0
Each month
- Cash flow
- −$167/mo
- Cash-on-cash
- −2.2%
- Cap rate
- 7.6%
- DSCR
- 0.96×
Break-even
- Price that breaks even
- $689,557
- Rent that breaks even
- $8,769/mo
Long run
- Year 30: property vs stocks
- $3.51M vs $725K
- Cash flow turns positive
- year 3
The deal
- Price
- $715,000
- Cash to close
- $92,950
- Price per unit
- $143,000
- GRM
- 7.0
Each month
- Cash flow
- −$890/mo
- Cash-on-cash
- −11.5%
- Cap rate
- 6.4%
- DSCR
- 0.81×
Break-even
- Price that breaks even
- $579,128
- Rent that breaks even
- $9,868/mo
Long run
- Year 30: property vs stocks
- $2.60M vs $940K
- Cash flow turns positive
- year 6
The deal
- Price
- $725,000
- Cash to close
- $166,750
- Price per unit
- $145,000
- GRM
- 7.1
Each month
- Cash flow
- $658/mo
- Cash-on-cash
- 4.7%
- Cap rate
- 7.5%
- DSCR
- 1.17×
Break-even
- Price that breaks even
- $848,627
- Rent that breaks even
- $7,684/mo
Long run
- Year 30: property vs stocks
- $4.12M vs $1.27M
- Cash flow turns positive
- year 1
The deal
- Price
- $725,000
- Cash to close
- $166,750
- Price per unit
- $145,000
- GRM
- 7.1
Each month
- Cash flow
- −$65/mo
- Cash-on-cash
- −0.5%
- Cap rate
- 6.3%
- DSCR
- 0.98×
Break-even
- Price that breaks even
- $712,725
- Rent that breaks even
- $8,647/mo
Long run
- Year 30: property vs stocks
- $3.00M vs $1.27M
- Cash flow turns positive
- year 2
The deal
- Price
- $715,000
- Cash to close
- $164,450
- Price per unit
- $143,000
- GRM
- 7.0
Each month
- Cash flow
- $711/mo
- Cash-on-cash
- 5.2%
- Cap rate
- 7.6%
- DSCR
- 1.19×
Break-even
- Price that breaks even
- $848,627
- Rent that breaks even
- $7,614/mo
Long run
- Year 30: property vs stocks
- $4.16M vs $1.25M
- Cash flow turns positive
- year 1
The deal
- Price
- $715,000
- Cash to close
- $164,450
- Price per unit
- $143,000
- GRM
- 7.0
Each month
- Cash flow
- −$12/mo
- Cash-on-cash
- −0.1%
- Cap rate
- 6.4%
- DSCR
- 1.00×
Break-even
- Price that breaks even
- $712,725
- Rent that breaks even
- $8,568/mo
Long run
- Year 30: property vs stocks
- $3.04M vs $1.25M
- Cash flow turns positive
- year 2
The deal
- Price
- $725,000
- Cash to close
- $203,000
- Price per unit
- $145,000
- GRM
- 7.1
Each month
- Cash flow
- $899/mo
- Cash-on-cash
- 5.3%
- Cap rate
- 7.5%
- DSCR
- 1.25×
Break-even
- Price that breaks even
- $905,202
- Rent that breaks even
- $7,367/mo
Long run
- Year 30: property vs stocks
- $4.40M vs $1.55M
- Cash flow turns positive
- year 1
The deal
- Price
- $725,000
- Cash to close
- $203,000
- Price per unit
- $145,000
- GRM
- 7.1
Each month
- Cash flow
- $176/mo
- Cash-on-cash
- 1.0%
- Cap rate
- 6.3%
- DSCR
- 1.05×
Break-even
- Price that breaks even
- $760,240
- Rent that breaks even
- $8,290/mo
Long run
- Year 30: property vs stocks
- $3.27M vs $1.55M
- Cash flow turns positive
- year 1
The deal
- Price
- $715,000
- Cash to close
- $200,200
- Price per unit
- $143,000
- GRM
- 7.0
Each month
- Cash flow
- $949/mo
- Cash-on-cash
- 5.7%
- Cap rate
- 7.6%
- DSCR
- 1.27×
Break-even
- Price that breaks even
- $905,202
- Rent that breaks even
- $7,301/mo
Long run
- Year 30: property vs stocks
- $4.43M vs $1.52M
- Cash flow turns positive
- year 1
The deal
- Price
- $715,000
- Cash to close
- $200,200
- Price per unit
- $143,000
- GRM
- 7.0
Each month
- Cash flow
- $226/mo
- Cash-on-cash
- 1.4%
- Cap rate
- 6.4%
- DSCR
- 1.06×
Break-even
- Price that breaks even
- $760,240
- Rent that breaks even
- $8,216/mo
Long run
- Year 30: property vs stocks
- $3.31M vs $1.52M
- Cash flow turns positive
- year 1
Monthly
Monthly breakdown
| Rent | $8,550 |
| Vacancy (6%) | −$513 |
| Collected | $8,037 |
| Property tax Public record | −$976 |
| Insurance Estimate | −$520 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$770 |
| Capital reserve (9% of rent) | −$770 |
| Net operating income | $4,517 |
| Mortgage (principal + interest) | −$4,341 |
| PMI | −$408 |
| Cash flow | −$232 |
| Principal paid down (equity, not cash) | $552 |
| Rent | $8,550 |
| Vacancy (6%) | −$513 |
| Collected | $8,037 |
| Property tax Public record | −$976 |
| Insurance Estimate | −$520 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$770 |
| Capital reserve (9% of rent) | −$770 |
| Property management | −$723 |
| Net operating income | $3,793 |
| Mortgage (principal + interest) | −$4,341 |
| PMI | −$408 |
| Cash flow | −$955 |
| Principal paid down (equity, not cash) | $552 |
| Rent | $8,550 |
| Vacancy (6%) | −$513 |
| Collected | $8,037 |
| Property tax Public record | −$976 |
| Insurance Estimate | −$520 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$770 |
| Capital reserve (9% of rent) | −$770 |
| Net operating income | $4,517 |
| Mortgage (principal + interest) | −$4,281 |
| PMI | −$402 |
| Cash flow | −$167 |
| Principal paid down (equity, not cash) | $545 |
| Rent | $8,550 |
| Vacancy (6%) | −$513 |
| Collected | $8,037 |
| Property tax Public record | −$976 |
| Insurance Estimate | −$520 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$770 |
| Capital reserve (9% of rent) | −$770 |
| Property management | −$723 |
| Net operating income | $3,793 |
| Mortgage (principal + interest) | −$4,281 |
| PMI | −$402 |
| Cash flow | −$890 |
| Principal paid down (equity, not cash) | $545 |
| Rent | $8,550 |
| Vacancy (6%) | −$513 |
| Collected | $8,037 |
| Property tax Public record | −$976 |
| Insurance Estimate | −$520 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$770 |
| Capital reserve (9% of rent) | −$770 |
| Net operating income | $4,517 |
| Mortgage (principal + interest) | −$3,859 |
| Cash flow | $658 |
| Principal paid down (equity, not cash) | $491 |
| Rent | $8,550 |
| Vacancy (6%) | −$513 |
| Collected | $8,037 |
| Property tax Public record | −$976 |
| Insurance Estimate | −$520 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$770 |
| Capital reserve (9% of rent) | −$770 |
| Property management | −$723 |
| Net operating income | $3,793 |
| Mortgage (principal + interest) | −$3,859 |
| Cash flow | −$65 |
| Principal paid down (equity, not cash) | $491 |
| Rent | $8,550 |
| Vacancy (6%) | −$513 |
| Collected | $8,037 |
| Property tax Public record | −$976 |
| Insurance Estimate | −$520 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$770 |
| Capital reserve (9% of rent) | −$770 |
| Net operating income | $4,517 |
| Mortgage (principal + interest) | −$3,806 |
| Cash flow | $711 |
| Principal paid down (equity, not cash) | $484 |
| Rent | $8,550 |
| Vacancy (6%) | −$513 |
| Collected | $8,037 |
| Property tax Public record | −$976 |
| Insurance Estimate | −$520 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$770 |
| Capital reserve (9% of rent) | −$770 |
| Property management | −$723 |
| Net operating income | $3,793 |
| Mortgage (principal + interest) | −$3,806 |
| Cash flow | −$12 |
| Principal paid down (equity, not cash) | $484 |
| Rent | $8,550 |
| Vacancy (6%) | −$513 |
| Collected | $8,037 |
| Property tax Public record | −$976 |
| Insurance Estimate | −$520 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$770 |
| Capital reserve (9% of rent) | −$770 |
| Net operating income | $4,517 |
| Mortgage (principal + interest) | −$3,618 |
| Cash flow | $899 |
| Principal paid down (equity, not cash) | $460 |
| Rent | $8,550 |
| Vacancy (6%) | −$513 |
| Collected | $8,037 |
| Property tax Public record | −$976 |
| Insurance Estimate | −$520 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$770 |
| Capital reserve (9% of rent) | −$770 |
| Property management | −$723 |
| Net operating income | $3,793 |
| Mortgage (principal + interest) | −$3,618 |
| Cash flow | $176 |
| Principal paid down (equity, not cash) | $460 |
| Rent | $8,550 |
| Vacancy (6%) | −$513 |
| Collected | $8,037 |
| Property tax Public record | −$976 |
| Insurance Estimate | −$520 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$770 |
| Capital reserve (9% of rent) | −$770 |
| Net operating income | $4,517 |
| Mortgage (principal + interest) | −$3,568 |
| Cash flow | $949 |
| Principal paid down (equity, not cash) | $454 |
| Rent | $8,550 |
| Vacancy (6%) | −$513 |
| Collected | $8,037 |
| Property tax Public record | −$976 |
| Insurance Estimate | −$520 |
| Water, sewer, trash Estimate | −$425 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$770 |
| Capital reserve (9% of rent) | −$770 |
| Property management | −$723 |
| Net operating income | $3,793 |
| Mortgage (principal + interest) | −$3,568 |
| Cash flow | $226 |
| Principal paid down (equity, not cash) | $454 |
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
- Your equity when you sell
- $1,654,179
- Rental profits, invested at 7%
- $1,824,720
Sells for $1,759,765 (value up 3% a year), minus 6% selling cost ($105,586). Rent paid down $652,500 of loan.
$904,106 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $717,455
- Monthly shortfalls, invested
- $28,322
$94,250 put into an index fund instead of the down payment and closing costs.
$4,065 you'd have paid in while the building lost money, invested instead.
The building comes out $2,733,123 ahead after 30 years.
- Your equity when you sell
- $1,654,179
- Rental profits, invested at 7%
- $928,107
Sells for $1,759,765 (value up 3% a year), minus 6% selling cost ($105,586). Rent paid down $652,500 of loan.
$526,720 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $717,455
- Monthly shortfalls, invested
- $256,847
$94,250 put into an index fund instead of the down payment and closing costs.
$39,631 you'd have paid in while the building lost money, invested instead.
The building comes out $1,607,984 ahead after 30 years.
- Your equity when you sell
- $1,631,363
- Rental profits, invested at 7%
- $1,883,515
Sells for $1,735,493 (value up 3% a year), minus 6% selling cost ($104,130). Rent paid down $643,500 of loan.
$924,359 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $707,559
- Monthly shortfalls, invested
- $17,504
$92,950 put into an index fund instead of the down payment and closing costs.
$2,493 you'd have paid in while the building lost money, invested instead.
The building comes out $2,789,815 ahead after 30 years.
- Your equity when you sell
- $1,631,363
- Rental profits, invested at 7%
- $973,553
Sells for $1,735,493 (value up 3% a year), minus 6% selling cost ($104,130). Rent paid down $643,500 of loan.
$544,683 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $707,559
- Monthly shortfalls, invested
- $232,680
$92,950 put into an index fund instead of the down payment and closing costs.
$35,769 you'd have paid in while the building lost money, invested instead.
The building comes out $1,664,677 ahead after 30 years.
- Your equity when you sell
- $1,654,179
- Rental profits, invested at 7%
- $2,469,332
Sells for $1,759,765 (value up 3% a year), minus 6% selling cost ($105,586). Rent paid down $580,000 of loan.
$1,093,260 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,269,344
$166,750 put into an index fund instead of the down payment and closing costs.
The building comes out $2,854,167 ahead after 30 years.
- Your equity when you sell
- $1,654,179
- Rental profits, invested at 7%
- $1,349,771
Sells for $1,759,765 (value up 3% a year), minus 6% selling cost ($105,586). Rent paid down $580,000 of loan.
$681,091 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,269,344
- Monthly shortfalls, invested
- $5,578
$166,750 put into an index fund instead of the down payment and closing costs.
$784 you'd have paid in while the building lost money, invested instead.
The building comes out $1,729,029 ahead after 30 years.
- Your equity when you sell
- $1,631,363
- Rental profits, invested at 7%
- $2,529,663
Sells for $1,735,493 (value up 3% a year), minus 6% selling cost ($104,130). Rent paid down $572,000 of loan.
$1,112,421 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,251,835
$164,450 put into an index fund instead of the down payment and closing costs.
The building comes out $2,909,191 ahead after 30 years.
- Your equity when you sell
- $1,631,363
- Rental profits, invested at 7%
- $1,405,558
Sells for $1,735,493 (value up 3% a year), minus 6% selling cost ($104,130). Rent paid down $572,000 of loan.
$699,613 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,251,835
- Monthly shortfalls, invested
- $1,034
$164,450 put into an index fund instead of the down payment and closing costs.
$145 you'd have paid in while the building lost money, invested instead.
The building comes out $1,784,052 ahead after 30 years.
- Your equity when you sell
- $1,654,179
- Rental profits, invested at 7%
- $2,742,707
Sells for $1,759,765 (value up 3% a year), minus 6% selling cost ($105,586). Rent paid down $543,750 of loan.
$1,180,082 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,545,288
$203,000 put into an index fund instead of the down payment and closing costs.
The building comes out $2,851,599 ahead after 30 years.
- Your equity when you sell
- $1,654,179
- Rental profits, invested at 7%
- $1,617,569
Sells for $1,759,765 (value up 3% a year), minus 6% selling cost ($105,586). Rent paid down $543,750 of loan.
$767,129 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,545,288
$203,000 put into an index fund instead of the down payment and closing costs.
The building comes out $1,726,460 ahead after 30 years.
- Your equity when you sell
- $1,631,363
- Rental profits, invested at 7%
- $2,799,268
Sells for $1,735,493 (value up 3% a year), minus 6% selling cost ($104,130). Rent paid down $536,250 of loan.
$1,198,045 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,523,973
$200,200 put into an index fund instead of the down payment and closing costs.
The building comes out $2,906,658 ahead after 30 years.
- Your equity when you sell
- $1,631,363
- Rental profits, invested at 7%
- $1,674,130
Sells for $1,735,493 (value up 3% a year), minus 6% selling cost ($104,130). Rent paid down $536,250 of loan.
$785,092 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,523,973
$200,200 put into an index fund instead of the down payment and closing costs.
The building comes out $1,781,520 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
Year 30 (loan paid off): property $3.48M, stocks $746K. The property wins.
Year 30 (loan paid off): property $2.58M, stocks $974K. The property wins.
Year 30 (loan paid off): property $3.51M, stocks $725K. The property wins.
Year 30 (loan paid off): property $2.60M, stocks $940K. The property wins.
Year 30 (loan paid off): property $4.12M, stocks $1.27M. The property wins.
Year 30 (loan paid off): property $3.00M, stocks $1.27M. The property wins.
Year 30 (loan paid off): property $4.16M, stocks $1.25M. The property wins.
Year 30 (loan paid off): property $3.04M, stocks $1.25M. The property wins.
Year 30 (loan paid off): property $4.40M, stocks $1.55M. The property wins.
Year 30 (loan paid off): property $3.27M, stocks $1.55M. The property wins.
Year 30 (loan paid off): property $4.43M, stocks $1.52M. The property wins.
Year 30 (loan paid off): property $3.31M, stocks $1.52M. The property wins.
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 $1,875/mo · range $1,775–$2,000 · 14 rentals within 1.5 mi
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 3336 4th Ave S Apt 4, Minneapolis | $1,595 | 3 / 1 | 0.4 mi |
| 3336 4th Ave S Apt 2, Minneapolis | $1,795 | 3 / 1 | 0.4 mi |
| 3208 Blaisdell Ave Apt 3, Minneapolis | $1,750 | 3 / 1 | 0.4 mi |
| 705 W 31st St, Minneapolis | $1,775 | 3 / 1 | 0.7 mi |
| 2821 1st Ave S, Minneapolis | $1,600 | 3 / 1 | 0.8 mi |
| 200 E 27th St, Minneapolis | $1,835 | 3 / 1 | 1.0 mi |
| 711 W 28th St, Minneapolis | $1,595 | 3 / 1 | 1.0 mi |
| 3229 Hennepin Ave S, Minneapolis | $2,395 | 3 / 1 | 1.1 mi |
| 4429 Nicollet Ave, Minneapolis | $1,999 | 3 / 1 | 1.2 mi |
| 2415 Harriet Ave, Minneapolis | $1,695 | 3 / 1 | 1.4 mi |
2 bed estimate $1,600/mo · range $1,400–$1,750 · 18 rentals within 0.75 mi
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 3503 2nd Ave S, Minneapolis | $1,639 | 2 / 1 | 0.2 mi |
| 3515 2nd Ave S Unit 303, Minneapolis | $1,695 | 2 / 1 | 0.2 mi |
| 3429 2nd Ave S Fl 1, Minneapolis | $1,400 | 2 / 1 | 0.2 mi |
| 3329 Nicollet Ave, Minneapolis | $1,675 | 2 / 1 | 0.2 mi |
| 3648 Blaisdell Ave Apt 2, Minneapolis | $1,595 | 2 / — | 0.3 mi |
| 3212 1st Ave S, Minneapolis | $1,800 | 2 / 1 | 0.3 mi |
| 3520 Grand Ave S, Minneapolis | $1,225 | 2 / 1 | 0.4 mi |
| 3721 Grand Ave S Unit 2, Minneapolis | $1,600 | 2 / 1 | 0.5 mi |
| 3721 Grand Ave S Unit 1, Minneapolis | $1,600 | 2 / 1 | 0.5 mi |
| 3700 Grand Ave S, Minneapolis | $1,275 | 2 / 1 | 0.5 mi |
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
- highThe city's rental license covers 4 unit(s); this analysis counts 5. Public record: Minneapolis Active Rental Licenses: 3500 1ST AVE S, units=4
- highDescription says 4 units but listing data and county records show 5. The mismatch is unexplained. Based on: data: county.living_units · AI review
- mediumFlat roof per the city assessor: get its age and a moisture inspection. Public record: Hennepin County parcel 0302824420124: roof=Flat, exterior=WOOD
- mediumHot-water radiator heat, so the owner may pay heat if the boilers are shared. The description says utilities are separately metered, so ask which ones. Based on: data: county.heat_type · AI review
- mediumProperty taxes of $11,718 are about 1.6% of price and a big drag on cash flow. Based on: data: county.tax · AI review
- mediumSold for $665K in 2019. The ask is $60K higher while the county values it at $617K. Based on: data: county.last_sale_price · AI review
- lowThe listing opens with portfolio language, so this may be one of several properties from one seller. Ask about the seller's motivation. Listing says: Excellent opportunity to acquire a South Minneapolis multifamily portfolio with strong long-term upside potential · AI review
Opportunities
- Long time on market: room to negotiate. Based on: Listing data: 126 days on market
- 4D program could cut taxes up to 40% on qualifying units. It requires rent and income restrictions, so verify eligibility and the net effect. Listing says: reduce property taxes by up to 40% annually by enrolling qualifying units · AI review
- Garage income of about $225 a month from 3 stalls, if it's actually being collected. Listing says: additional garage income from the detached 3-car garage at $75 per stall monthly · AI review
- No rent cap in Minneapolis, so rents can follow the market. Based on: data: underwriting.rent_rule · AI review
Questions for the agent
- How many units are there really, 4 or 5? Is the fifth licensed and legal?
- Can I see the rent roll, leases and trailing-12 expenses?
- Which utilities are separately metered, and who pays heat for the boiler?
- How old is the flat roof, and has it leaked?
- Has the 4D program been applied for? What would the tax bill be after enrolling?
- Why has it sat 123 days, and are price reductions or other portfolio properties involved?
Bottom line
Rents near $1,600 look conservative against our estimates, but the unit count doesn't match the license, so verify the units before trusting the positive numbers at asking. AI-assisted summary
What the records say
Where each number comes from
| Property tax / yr Public recordHennepin County record, current payable year (non-homestead) | $11,718 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $6,237 |
| Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid | $425 |
| 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 1914: +1 pt capital reserve; 12 bedrooms: +1 pt repairs for wear | 9% / 9% |
Price history Realtor.com
On the market since 2026-06-01 (126 days); down $49,900 (6.4%) from the first ask of $774,900; last sold for $665,000 on 2019-08-12.
| Date | Event | Price |
|---|---|---|
| Price changed | $725,000 | |
| Price changed | $744,900 | |
| Relisted | $774,900 | |
| Removed | — | |
| Listed | $774,900 | |
| Removed | — | |
| Sold public record | $665,000 | |
| Listed | $699,900 | |
| Sold | $665,000 | |
| Relisted | $699,900 | |
| Removed | $699,900 | |
| Listed | $699,900 | |
| Sold | $235,000 | |
| Listed | $250,000 | |
| Sold public record | $421,000 | |
| Sold public record | $328,000 |
County record Public record
| Recorded as | apartment 4 or 5 unit |
| Living units | 5 |
| Year built | 1914 |
| Market value (2026) | $617,000 |
| Property tax | $11,718 |
| Special assessments | none |
| Homestead | no |
| Last sale | 2019-08-01 · $665,000 |
Source: Hennepin County parcel records.
City rental license
CHOWN: 4 unit(s), Tier 1, status active, renews 2027-03-01.
Nearest highway
I 35W, about 172 m away.
Crime in Lyndale
473 incidents in the last 12 months (66 per 1,000 residents), −2% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).