3504 Lyndale Ave S

Duplex · 2 units: 1 bed and 3 bed · 2,430 sq ft

Minneapolis, MN · South Uptown · View the listing ↗

Far off

34 photos

Photos courtesy of NRT-Minnesota (CB Burnet), via Realtor.com.

Asking price: $675,000
Monthly cash flow: −$1,911
Estimated rent: $3,400/mo
Break-even price: $315,971

Adjust the numbers See the full breakdown

From the listing

Extensively rebuilt Minneapolis duplex blending classic character, modern design and an exceptional Uptown location. Thoughtfully redesigned throughout, this light-filled property features two distinct residences: a welcoming main-level 1BR/1BA unit with private patio access and a spacious upper 3BR/1.5BA residence spanning multiple levels. The upper unit offers a large private deck plus a remarkable third-floor family room with vaulted ceilings and skylights, stunning architectural views and loads of natural light, creating an inviting additional living space. The third floor also offers a spacious 3rd bedroom with two closets and room for a king-size bed. Both kitchens have been beautifully updated with new appliances, soapstone and granite countertops, cabinet hardware, plumbing and lighting fixtures, and fresh finishes. The comprehensive rebuild includes a new roof, siding, exterior lighting, windows, electrical wiring, plumbing throughout all four levels, HVAC ductwork, two furnaces, two central A/C systems, insulation, drywall, interior paint, trim, doors, millwork and hardware. Shared laundry in the basement with additional locking storage units, room to store bikes with easy access from the back door. A finished detached recording studio/workspace adds exceptional versatility, featuring professional soundproofing, skylights and its own mini-split heating and A/C. Ideal for a home office, creative studio, recording space or other pursuits. Multiple private outdoor spaces, off-street parking and generous storage provide everyday convenience. Ideally located just one block from the Bryant bike route and close to neighborhood coffee shops, restaurants and parks. Lake Bde Maka Ska, trails and beaches are just a few blocks away. An outstanding opportunity for an owner-occupant, multigenerational living or investment property with extensive updates, flexible spaces and an unbeatable Minneapolis location.

Listing courtesy of NRT-Minnesota (CB Burnet) (Jenelle Nelson). Description from Realtor.com, MLS #7083610. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a full gut-rebuild duplex in South Uptown, priced at $675K. At our rent estimates (about $1,450 for the 1-bed and $1,950 for the 3-bed, roughly $3,400 a month combined) it doesn't work: our model shows about -$1,911 a month and a 3.0% cap rate. It only makes sense as an owner-occupant buy, where you live in one unit and the other offsets the cost. There are no stated rents and both units appear to be vacant or staged, so there is no income history. Before a showing, check the permits for the rebuild, confirm the rental license status, and confirm the third-floor space and the studio count as legal, permitted space. It is only worth a look if you want to live there.

Things to consider

Numbers don't work as a pure rental Estimated combined rent is around $3,400 a month, against a $675K price. Our model puts cash flow deeply negative at today's rates.
Strongest as an owner-occupant purchase Living in one unit and renting the other lowers your net housing cost, and owner-occupant financing can be cheaper. Rent from the other unit would still not cover the price.Listing says: “An outstanding opportunity for an owner-occupant, multigenerational living or investment property”
Seller has room to negotiate The seller bought for $328,500 in 2017 and the county values it at $455K, so the asking price is far above both.
Verify permits and legal rooms A full rebuild across four levels needs permits. Unpermitted work can hurt insurance, resale and the rental license.Listing says: “plumbing throughout all four levels, HVAC ductwork, two furnaces, two central A/C systems”
Taxes will rise for an investor The county tax is on a homestead basis and the market value is well below asking. An investor will likely pay a higher non-homestead bill, and a sale could trigger reassessment.

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 roof, siding, windowsListing says: The comprehensive rebuild includes a new roof, siding, exterior lighting, windows, electrical wiring, plumbing throughout all four levels
doneNew electrical wiring and plumbingListing says: electrical wiring, plumbing throughout all four levels, HVAC ductwork, two furnaces, two central A/C systems
doneBoth kitchens updated with new appliances and countersListing says: Both kitchens have been beautifully updated with new appliances, soapstone and granite countertops
doneTwo new furnaces and two central A/C systemsListing says: two furnaces, two central A/C systems, insulation, drywall, interior paint

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: $675,000
Cash to close: $155,250
Price per unit: $337,500
GRM: 16.5

Each month

Cash flow: −$1,911/mo
Cash-on-cash: −14.8%
Cap rate: 3.0%
DSCR: 0.47×

Break-even

Price that breaks even: $315,971
Rent that breaks even: $5,819/mo

Long run

Year 30: property vs stocks: $1.54M vs $2.73M
Cash flow turns positive: year 30

Monthly

Monthly breakdown

Rent	$3,400
Vacancy (6%)	−$204
Collected	$3,196
Property tax Listing	−$554
Insurance Estimate	−$221
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (7% of rent)	−$238
Capital reserve (8% of rent)	−$272
Net operating income	$1,682
Mortgage (principal + interest)	−$3,593
Cash flow	−$1,911
Principal paid down (equity, not cash)	$457

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$1,540,262

Your equity when you sell: $1,540,098
Rental profits, invested at 7%: $164

Same money in stocks$2,730,878

Cash to close, invested at 7%: $1,181,803
Monthly shortfalls, invested: $1,549,076

Stocks come out $1,190,616 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 $1.54M, stocks $2.73M. Stocks win.

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.

1 bed / 1 bath estimate $1,450/mo · range $1,300–$1,600

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
3547 Grand Ave S, Minneapolis 55408 off market	$1,095	1 / 1	—	0.2 mi	2026-07-21	94%
3135 Dupont Ave S, Minneapolis 55408 off market	$1,050	1 / 1	—	0.5 mi	2026-06-09	93%
3740 Bryant Ave S, Minneapolis 55409 off market	$1,395	1 / 1	950	0.3 mi	2026-05-04	85%
3433 Bryant Ave S, Minneapolis 55408 off market	$1,200	1 / 1	900	0.1 mi	2022-03-08	85%
3427 Harriet Ave, Unit 3, Minneapolis 55408 off market	$1,335	1 / 1	900	0.2 mi	2026-06-12	85%
3832 Harriet Ave, Unit 2, Minneapolis 55409 off market	$1,300	1 / 1	900	0.4 mi	2026-02-05	84%
3837 Grand Ave S, Minneapolis 55409 off market	$1,095	1 / 1	899	0.5 mi	2026-01-31	84%
3700 Lyndale Ave S, Minneapolis 55409	$1,150	1 / 1	850	0.2 mi	2026-09-03	84%
3636 Nicollet Ave S, Unit 1, Minneapolis 55409 off market	$1,125	1 / 1	900	0.5 mi	2026-04-29	84%
3350 Colfax Ave S, Minneapolis 55408 off market	$1,595	2 / 1	—	0.2 mi	2026-04-03	84%

3 bed / 1 bath estimate $1,950/mo · range $1,650–$2,225

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
3136 Lyndale Ave S, Minneapolis 55408 off market	$1,995	3 / 1	2,112	0.4 mi	2025-09-08	96%
3229 Hennepin Ave S, Minneapolis 55408	$2,395	3 / 1	1,970	0.6 mi	2022-08-11	95%
3207-09 Lyndale Ave S, Minneapolis 55408 off market	$1,650	3 / 1	—	0.4 mi	2026-01-14	93%
3525 Hennepin Ave S, Minneapolis 55408 off market	$1,495	3 / 1	—	0.5 mi	2026-06-15	93%
3040 Colfax Ave S, Minneapolis 55408 off market	$2,200	3 / 1	1,700	0.6 mi	2026-03-21	92%
3516 Aldrich Ave S, Unit 2, Minneapolis 55408 off market	$2,050	3 / 1	1,560	0.1 mi	2026-09-30	91%
3634 Harriet Ave, Apt 1, Minneapolis 55409 off market	$1,495	3 / 1	1,200	0.2 mi	2026-01-23	88%
3208 Blaisdell Ave, Apt 3, Minneapolis 55408	$1,750	3 / 1	1,220	0.5 mi	2024-07-22	87%
116 W 34th St, Unit 2, Minneapolis 55408 off market	$1,595	3 / 1	900	0.4 mi	2026-08-19	84%
3350 Colfax Ave S, Minneapolis 55408 off market	$1,595	2 / 1	—	0.2 mi	2026-04-03	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 what the rents support Based on: data: underwriting.cash_flow_monthly · AI review
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 3504 LYNDALE AVE S
mediumAsking is $359,029 above the price where cash flow breaks even ($315,971) at the default scenario. Based on: Derived: price $675,000 vs. break-even $315,971
mediumScope of the rebuild is unverified. Confirm permits were pulled and closed for the electrical, plumbing and structural work. Listing says: Extensively rebuilt Minneapolis duplex blending classic character, modern design and an exceptional Uptown location. · AI review
mediumThird-floor family room and third bedroom may not be legal living space. Confirm permits, egress and ceiling height. Listing says: a remarkable third-floor family room with vaulted ceilings and skylights · AI review
lowDetached studio is unlikely to add rent. It may be unpermitted or unfinished space, and it adds tax and insurance cost. Listing says: A finished detached recording studio/workspace adds exceptional versatility · AI review

Opportunities

The seller bought for $328,500 in Jun 2017, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 0402824410091: last sale 2017-06-01, $328,500
Owner-occupant: live in one unit and rent the other Listing says: An outstanding opportunity for an owner-occupant, multigenerational living or investment property · AI review
Studio could be rented as a workspace or add a premium to the upper unit, if it is permitted Listing says: featuring professional soundproofing, skylights and its own mini-split heating and A/C · AI review
Rebuild means low near-term repair costs, and Minneapolis has no rent cap Based on: data: underwriting.rent_rule · AI review

Questions for the agent

Were permits pulled and finalized for the electrical, plumbing, roof and structural work? Can I see them?
Is the building licensed as a rental, and has it had a city inspection?
Is the third-floor space permitted as living area, and does the third bedroom have legal egress?
Are the units occupied or leased, and at what rents? Is there any lease history?
Who did the rebuild, and are there warranties on the work and the mechanicals?
Is the tax figure shown a homestead bill, and what would the non-homestead tax be?

Bottom line

Nicely rebuilt, but at $675K the rents cover only a fraction of the cost, so this works as a live-in purchase and not as an investment. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2025. The tax the listing states. If the seller lives there it may be at the lower homestead rate; an investor owner pays the non-homestead rate, often 20–40% more on the owner's unit.	$6,643
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,648
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 1907: +1 pt capital reserve; "fully updated" in the description: -1 pts each	7% / 8%

Price history Realtor.com

On the market since 2026-09-30 (5 days); last sold for $328,500 on 2017-06-17.

Date	Event	Price
2026-09-30	Listed	$675,000
2017-06-17	Sold	$328,500
2017-04-06	Listed	$339,900
1992-11-04	Sold public record	$74,500

County record Public record

Recorded as	duplex
Living units	2
Year built	1907
Market value (2026)	$455,000
Property tax	$3,205
Special assessments	none
Homestead	no
Last sale	2017-06-01 · $328,500

Source: Hennepin County parcel records.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

I 35W, about 1088 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).