Minneapolis › Lyndale

3520 Pillsbury Ave S

Duplex · 2 units: 2 bed / 1.5 bath ×2 unit split estimated · 2,642 sq ft

Minneapolis, MN · Lyndale · View the listing ↗

Far off

40 photos

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

Asking price: $575,000
Monthly cash flow: −$1,604
Estimated rent: $3,400/mo
Break-even price: $273,571

Adjust the numbers See the full breakdown

From the listing

Well-kept up/down duplex in the Lyndale neighborhood with its original character intact in both units. Each unit has two bedrooms, one bath, a living room with a wood-burning brick fireplace, a formal dining room with a built-in buffet, hardwood floors, and natural woodwork throughout. The main bedrooms were expanded into the original sunrooms, leaving space for a desk, sitting area, or workout corner. The main-level unit also includes a private office and a 3/4 bath in the basement. Shared spaces include a laundry room with washer, dryer, and sink, individual storage for each unit plus common storage, a two-car garage, and a landscaped yard with a paver patio and screened gazebo. Boilers certified in 2025. Close to neighborhood restaurants, bike paths, and the lakes. Works well for an owner-occupant or an investor.

Listing courtesy of RE/MAX Results (Joe Houghton). Description from Realtor.com, MLS #7151910. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a nicely kept 1925 up/down with original woodwork, and it's priced like an owner-occupant home, not a rental. Our rent estimate is about $1,700 per 2-bed unit, and at $575K the underwriting shows roughly -$1,600/month and a 3.0% cap rate. Even with rents at the high end it doesn't come close at today's rates. It only makes sense if you'd live in one unit, and even then the other unit's rent won't cover much of the payment. Check the boiler certification paperwork, the age of the roof and wiring, and what the real rents are. No rents are stated in the listing.

Things to consider

Numbers don't work as a pure rental Estimated rents of about $1,700 per unit are far below what $575K needs. Cash flow is deeply negative at the asking price.
Heavy property taxes as an investor The county tax bill is $9,131 non-homestead, which eats a large share of the rent income.
Rents are unknown No tenant rents or lease terms are given, so income is unverified and may be above or below our estimate.
Owner-occupant angle is the realistic path Living in one unit lowers the effective cost, and the listing itself pitches this use.Listing says: “Works well for an owner-occupant or an investor.”
Heating and systems need verification Hot-water heat means boiler costs matter, and who pays heat changes cash flow a lot. The 2025 certification is not a replacement.

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

doneBoilers certified in 2025Listing says: Boilers certified 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

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: $575,000
Cash to close: $132,250
Price per unit: $287,500
GRM: 14.1

Each month

Cash flow: −$1,604/mo
Cash-on-cash: −14.6%
Cap rate: 3.0%
DSCR: 0.48×

Break-even

Price that breaks even: $273,571
Rent that breaks even: $5,457/mo

Long run

Year 30: property vs stocks: $1.31M vs $2.32M
Cash flow turns positive: not within 30 years

Monthly

Monthly breakdown

Rent	$3,400
Vacancy (6%)	−$204
Collected	$3,196
Property tax Public record	−$761
Insurance Estimate	−$205
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$272
Capital reserve (8% of rent)	−$272
Net operating income	$1,456
Mortgage (principal + interest)	−$3,060
Cash flow	−$1,604
Principal paid down (equity, not cash)	$389

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$1,311,935

Your equity when you sell: $1,311,935
Rental profits, invested at 7%: $0

Same money in stocks$2,320,997

Cash to close, invested at 7%: $1,006,721
Monthly shortfalls, invested: $1,314,276

Stocks come out $1,009,062 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 $1.31M, stocks $2.32M. 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 $1,700/mo · range $1,475–$1,800 · 19 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
3520 Grand Ave S, Minneapolis	$1,225	2 / 1	900	0.1 mi	2026-01-08	Apartment
3648 Blaisdell Ave Apt 2, Minneapolis	$1,595	2 / —	1,200	0.2 mi	2026-09-16	Duplex triplex
3700 Grand Ave S, Minneapolis	$1,275	2 / 1	875	0.3 mi	2026-06-19	Apartment
3721 Grand Ave S Unit 1, Minneapolis	$1,600	2 / 1	1,050	0.3 mi	2026-08-31	Multi family
3721 Grand Ave S Unit 2, Minneapolis	$1,600	2 / 1	1,050	0.3 mi	2026-08-29	Multi family
3329 Nicollet Ave, Minneapolis	$1,675	2 / 1	700	0.3 mi	2026-09-10	Apartment
3503 2nd Ave S, Minneapolis	$1,639	2 / 1	686	0.4 mi	2025-08-04	Apartment
3515 2nd Ave S Unit 303, Minneapolis	$1,695	2 / 1	750	0.4 mi	2026-09-07	Apartment
3429 2nd Ave S Fl 1, Minneapolis	$1,400	2 / 1	850	0.4 mi	—	Apartment
3247 Lyndale Ave S, Minneapolis	$1,315	2 / 1	900	0.4 mi	2026-04-22	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

highPrice is far above what rents can support; owner-occupant pricing Listing says: Works well for an owner-occupant or an investor. · AI review
mediumAsking is $301,429 above the price where cash flow breaks even ($273,571) at the default scenario. Based on: Derived: price $575,000 vs. break-even $273,571
mediumTax bill is the non-homestead rate and large against estimated rents Based on: data: county.tax · AI review
mediumSold in 2005 for $375K; county market value is well below ask Based on: data: county.market_value · AI review

Opportunities

Original character and layout (fireplace, built-ins, hardwoods) suits owner-occupant buyers, supporting resale Listing says: original character intact in both units · AI review
On-site laundry, garage and yard are amenities that help keep tenants Listing says: laundry room with washer, dryer, and sink · AI review
Minneapolis has no rent cap, so rents can rise to market Based on: data: underwriting.rent_rule · AI review

Questions for the agent

What are the current rents, lease terms and deposits for each unit?
Is heat on one boiler or two, and who pays for gas, water and trash?
What does the 2025 boiler certification cover, and how old are the boilers?
How old are the roof, wiring and panels, and is there any knob-and-tube or fuses?
Is the main-level office and basement 3/4 bath permitted, and is the basement counted as living space?
Why is the owner selling, and will they consider offers well below ask?

Bottom line

A well-kept duplex, but at $575K the rents cover only a fraction of the cost, so it works only as an owner-occupant purchase. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$9,131
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,460
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. base rate	8% / 8%

Price history Realtor.com

On the market since 2026-06-29 (98 days, relisted 1×); last sold for $375,000 on 2005-07-12.

Date	Event	Price
2026-10-04	Removed	$575,000
2026-09-29	Listed	$575,000
2026-09-24	Removed	$575,000
2026-09-17	Listed	$575,000
2026-07-04	Removed	$550,000
2026-06-29	Removed	$550,000
2005-07-12	Sold public record	$375,000
2003-07-31	Sold public record	$140,000
2002-07-09	Sold public record	$275,000
1993-06-11	Sold public record	$118,000
1986-09-01	Sold public record	$118,900

County record Public record

Recorded as	duplex
Living units	2
Year built	1925
Market value (2026)	$480,800
Property tax	$9,131
Special assessments	none
Homestead	no
Last sale	2005-06-01 · $375,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 35W, about 557 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).