3609 E 42nd St
Duplex · 2 units: 2 bed / 1 bath and 1 bed / 1 bath unit split estimated · 1,335 sq ft
Minneapolis, MN · Hiawatha · View the listing ↗
Photos courtesy of Keller Williams Realty, via Realtor.com.
- Asking price
- $335,000 2 units · $168K per unit
- Monthly cash flow
- −$127 at 20% down, 7%
- Estimated rent
- $3,125/mo medium confidence
- Break-even price
- $311,089 where cash flow hits $0
First look
This is a freshly renovated 1900 up/down in Longfellow, and the numbers are tight at $335K. Our underwriting shows about -$127 a month and a 5.9% cap rate, and break-even is near $311K, so the ask is somewhat above what these rents support. The listing gives no rents at all, and the 2025 flip-style updates look cosmetic, so the first asks are the rent roll, who owns it and why it sat 126 days. The 2024 sale at $623,780 is odd against a $244,800 county value, so confirm whether that was a multi-parcel or non-arm's-length transfer. Only worth a showing if the price drops and the roof and mechanical permits check out.
Things to consider
- Price is above what rents support Our model shows negative cash flow of about $127 a month and a break-even price near $311K. You'd be paying about $24K over that.
- Rents are not disclosed Without a rent roll you can't verify income, and our estimates ($1,500 for a 1-bed, $1,625 for a 2-bed) put gross rent a bit under what $335K needs.
- Upper unit is month-to-month It gives flexibility to raise rent or sell, but it also means turnover soon and vacancy risk.Listing says: “flexible month-to-month occupancy ideal for future flexibility”
- Recent renovation reduces near-term capex but quality needs checking A new roof and A/C are valuable, but quick cosmetic updates can hide old plumbing, wiring or foundation issues on a 1900 building.Listing says: “extensive 2025 improvements, including a new roof, gutters, exterior paint, landscaping, fencing, added A/C, and more”
- Odd sale history and long time on market A prior sale well above the asking price and a county value of $244,800 suggest an unusual transaction. 126 days gives room to negotiate.
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, gutters, exterior paint, landscaping, fencing, added A/C (2025)Listing says: extensive 2025 improvements, including a new roof, gutters, exterior paint, landscaping, fencing, added A/C, and more
- doneBathrooms refreshed: tile floors, shower surrounds, vanities, fixturesListing says: Bathrooms have been fully refreshed with new tile flooring, shower surrounds, vanities, mirrors, lighting, and fixtures.
- doneUpdated kitchen and bath in upper unitListing says: updated kitchen and bath, and flexible month-to-month occupancy
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
- $335,000
- Cash to close
- $43,550
- Price per unit
- $167,500
- GRM
- 8.9
Each month
- Cash flow
- −$539/mo
- Cash-on-cash
- −14.8%
- Cap rate
- 5.9%
- DSCR
- 0.75×
Break-even
- Price that breaks even
- $252,777
- Rent that breaks even
- $3,807/mo
Long run
- Year 30: property vs stocks
- $1.10M vs $498K
- Cash flow turns positive
- year 9
The deal
- Price
- $335,000
- Cash to close
- $43,550
- Price per unit
- $167,500
- GRM
- 8.9
Each month
- Cash flow
- −$803/mo
- Cash-on-cash
- −22.1%
- Cap rate
- 5.0%
- DSCR
- 0.63×
Break-even
- Price that breaks even
- $212,416
- Rent that breaks even
- $4,263/mo
Long run
- Year 30: property vs stocks
- $891K vs $701K
- Cash flow turns positive
- year 15
The deal
- Price
- $325,000
- Cash to close
- $42,250
- Price per unit
- $162,500
- GRM
- 8.7
Each month
- Cash flow
- −$473/mo
- Cash-on-cash
- −13.4%
- Cap rate
- 6.1%
- DSCR
- 0.78×
Break-even
- Price that breaks even
- $252,777
- Rent that breaks even
- $3,724/mo
Long run
- Year 30: property vs stocks
- $1.12M vs $457K
- Cash flow turns positive
- year 7
The deal
- Price
- $325,000
- Cash to close
- $42,250
- Price per unit
- $162,500
- GRM
- 8.7
Each month
- Cash flow
- −$737/mo
- Cash-on-cash
- −20.9%
- Cap rate
- 5.1%
- DSCR
- 0.65×
Break-even
- Price that breaks even
- $212,416
- Rent that breaks even
- $4,170/mo
Long run
- Year 30: property vs stocks
- $889K vs $642K
- Cash flow turns positive
- year 14
The deal
- Price
- $335,000
- Cash to close
- $77,050
- Price per unit
- $167,500
- GRM
- 8.9
Each month
- Cash flow
- −$127/mo
- Cash-on-cash
- −2.0%
- Cap rate
- 5.9%
- DSCR
- 0.93×
Break-even
- Price that breaks even
- $311,089
- Rent that breaks even
- $3,286/mo
Long run
- Year 30: property vs stocks
- $1.26M vs $607K
- Cash flow turns positive
- year 4
The deal
- Price
- $335,000
- Cash to close
- $77,050
- Price per unit
- $167,500
- GRM
- 8.9
Each month
- Cash flow
- −$392/mo
- Cash-on-cash
- −6.1%
- Cap rate
- 5.0%
- DSCR
- 0.78×
Break-even
- Price that breaks even
- $261,417
- Rent that breaks even
- $3,680/mo
Long run
- Year 30: property vs stocks
- $982K vs $736K
- Cash flow turns positive
- year 11
The deal
- Price
- $325,000
- Cash to close
- $74,750
- Price per unit
- $162,500
- GRM
- 8.7
Each month
- Cash flow
- −$74/mo
- Cash-on-cash
- −1.2%
- Cap rate
- 6.1%
- DSCR
- 0.96×
Break-even
- Price that breaks even
- $311,089
- Rent that breaks even
- $3,219/mo
Long run
- Year 30: property vs stocks
- $1.29M vs $578K
- Cash flow turns positive
- year 3
The deal
- Price
- $325,000
- Cash to close
- $74,750
- Price per unit
- $162,500
- GRM
- 8.7
Each month
- Cash flow
- −$338/mo
- Cash-on-cash
- −5.4%
- Cap rate
- 5.1%
- DSCR
- 0.80×
Break-even
- Price that breaks even
- $261,417
- Rent that breaks even
- $3,605/mo
Long run
- Year 30: property vs stocks
- $987K vs $686K
- Cash flow turns positive
- year 10
The deal
- Price
- $335,000
- Cash to close
- $93,800
- Price per unit
- $167,500
- GRM
- 8.9
Each month
- Cash flow
- −$16/mo
- Cash-on-cash
- −0.2%
- Cap rate
- 5.9%
- DSCR
- 0.99×
Break-even
- Price that breaks even
- $331,828
- Rent that breaks even
- $3,145/mo
Long run
- Year 30: property vs stocks
- $1.37M vs $715K
- Cash flow turns positive
- year 2
The deal
- Price
- $335,000
- Cash to close
- $93,800
- Price per unit
- $167,500
- GRM
- 8.9
Each month
- Cash flow
- −$280/mo
- Cash-on-cash
- −3.6%
- Cap rate
- 5.0%
- DSCR
- 0.83×
Break-even
- Price that breaks even
- $278,845
- Rent that breaks even
- $3,522/mo
Long run
- Year 30: property vs stocks
- $1.04M vs $799K
- Cash flow turns positive
- year 8
The deal
- Price
- $325,000
- Cash to close
- $91,000
- Price per unit
- $162,500
- GRM
- 8.7
Each month
- Cash flow
- $34/mo
- Cash-on-cash
- 0.4%
- Cap rate
- 6.1%
- DSCR
- 1.02×
Break-even
- Price that breaks even
- $331,828
- Rent that breaks even
- $3,082/mo
Long run
- Year 30: property vs stocks
- $1.40M vs $693K
- Cash flow turns positive
- year 1
The deal
- Price
- $325,000
- Cash to close
- $91,000
- Price per unit
- $162,500
- GRM
- 8.7
Each month
- Cash flow
- −$230/mo
- Cash-on-cash
- −3.0%
- Cap rate
- 5.1%
- DSCR
- 0.86×
Break-even
- Price that breaks even
- $278,845
- Rent that breaks even
- $3,451/mo
Long run
- Year 30: property vs stocks
- $1.05M vs $754K
- Cash flow turns positive
- year 7
Monthly
Monthly breakdown
| Rent | $3,125 |
| Vacancy (6%) | −$188 |
| Collected | $2,938 |
| Property tax Public record | −$387 |
| Insurance Estimate | −$196 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$219 |
| Capital reserve (8% of rent) | −$250 |
| Net operating income | $1,656 |
| Mortgage (principal + interest) | −$2,006 |
| PMI | −$188 |
| Cash flow | −$539 |
| Principal paid down (equity, not cash) | $255 |
| Rent | $3,125 |
| Vacancy (6%) | −$188 |
| Collected | $2,938 |
| Property tax Public record | −$387 |
| Insurance Estimate | −$196 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$219 |
| Capital reserve (8% of rent) | −$250 |
| Property management | −$264 |
| Net operating income | $1,391 |
| Mortgage (principal + interest) | −$2,006 |
| PMI | −$188 |
| Cash flow | −$803 |
| Principal paid down (equity, not cash) | $255 |
| Rent | $3,125 |
| Vacancy (6%) | −$188 |
| Collected | $2,938 |
| Property tax Public record | −$387 |
| Insurance Estimate | −$196 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$219 |
| Capital reserve (8% of rent) | −$250 |
| Net operating income | $1,656 |
| Mortgage (principal + interest) | −$1,946 |
| PMI | −$183 |
| Cash flow | −$473 |
| Principal paid down (equity, not cash) | $248 |
| Rent | $3,125 |
| Vacancy (6%) | −$188 |
| Collected | $2,938 |
| Property tax Public record | −$387 |
| Insurance Estimate | −$196 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$219 |
| Capital reserve (8% of rent) | −$250 |
| Property management | −$264 |
| Net operating income | $1,391 |
| Mortgage (principal + interest) | −$1,946 |
| PMI | −$183 |
| Cash flow | −$737 |
| Principal paid down (equity, not cash) | $248 |
| Rent | $3,125 |
| Vacancy (6%) | −$188 |
| Collected | $2,938 |
| Property tax Public record | −$387 |
| Insurance Estimate | −$196 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$219 |
| Capital reserve (8% of rent) | −$250 |
| Net operating income | $1,656 |
| Mortgage (principal + interest) | −$1,783 |
| Cash flow | −$127 |
| Principal paid down (equity, not cash) | $227 |
| Rent | $3,125 |
| Vacancy (6%) | −$188 |
| Collected | $2,938 |
| Property tax Public record | −$387 |
| Insurance Estimate | −$196 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$219 |
| Capital reserve (8% of rent) | −$250 |
| Property management | −$264 |
| Net operating income | $1,391 |
| Mortgage (principal + interest) | −$1,783 |
| Cash flow | −$392 |
| Principal paid down (equity, not cash) | $227 |
| Rent | $3,125 |
| Vacancy (6%) | −$188 |
| Collected | $2,938 |
| Property tax Public record | −$387 |
| Insurance Estimate | −$196 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$219 |
| Capital reserve (8% of rent) | −$250 |
| Net operating income | $1,656 |
| Mortgage (principal + interest) | −$1,730 |
| Cash flow | −$74 |
| Principal paid down (equity, not cash) | $220 |
| Rent | $3,125 |
| Vacancy (6%) | −$188 |
| Collected | $2,938 |
| Property tax Public record | −$387 |
| Insurance Estimate | −$196 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$219 |
| Capital reserve (8% of rent) | −$250 |
| Property management | −$264 |
| Net operating income | $1,391 |
| Mortgage (principal + interest) | −$1,730 |
| Cash flow | −$338 |
| Principal paid down (equity, not cash) | $220 |
| Rent | $3,125 |
| Vacancy (6%) | −$188 |
| Collected | $2,938 |
| Property tax Public record | −$387 |
| Insurance Estimate | −$196 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$219 |
| Capital reserve (8% of rent) | −$250 |
| Net operating income | $1,656 |
| Mortgage (principal + interest) | −$1,672 |
| Cash flow | −$16 |
| Principal paid down (equity, not cash) | $213 |
| Rent | $3,125 |
| Vacancy (6%) | −$188 |
| Collected | $2,938 |
| Property tax Public record | −$387 |
| Insurance Estimate | −$196 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$219 |
| Capital reserve (8% of rent) | −$250 |
| Property management | −$264 |
| Net operating income | $1,391 |
| Mortgage (principal + interest) | −$1,672 |
| Cash flow | −$280 |
| Principal paid down (equity, not cash) | $213 |
| Rent | $3,125 |
| Vacancy (6%) | −$188 |
| Collected | $2,938 |
| Property tax Public record | −$387 |
| Insurance Estimate | −$196 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$219 |
| Capital reserve (8% of rent) | −$250 |
| Net operating income | $1,656 |
| Mortgage (principal + interest) | −$1,622 |
| Cash flow | $34 |
| Principal paid down (equity, not cash) | $206 |
| Rent | $3,125 |
| Vacancy (6%) | −$188 |
| Collected | $2,938 |
| Property tax Public record | −$387 |
| Insurance Estimate | −$196 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$219 |
| Capital reserve (8% of rent) | −$250 |
| Property management | −$264 |
| Net operating income | $1,391 |
| Mortgage (principal + interest) | −$1,622 |
| Cash flow | −$230 |
| Principal paid down (equity, not cash) | $206 |
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
- $764,345
- Rental profits, invested at 7%
- $335,505
Sells for $813,133 (value up 3% a year), minus 6% selling cost ($48,788). Rent paid down $301,500 of loan.
$201,108 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $331,514
- Monthly shortfalls, invested
- $166,901
$43,550 put into an index fund instead of the down payment and closing costs.
$26,483 you'd have paid in while the building lost money, invested instead.
The building comes out $601,436 ahead after 30 years.
- Your equity when you sell
- $764,345
- Rental profits, invested at 7%
- $126,927
Sells for $813,133 (value up 3% a year), minus 6% selling cost ($48,788). Rent paid down $301,500 of loan.
$90,207 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $331,514
- Monthly shortfalls, invested
- $369,558
$43,550 put into an index fund instead of the down payment and closing costs.
$66,516 you'd have paid in while the building lost money, invested instead.
The building comes out $190,201 ahead after 30 years.
- Your equity when you sell
- $741,528
- Rental profits, invested at 7%
- $373,825
Sells for $788,860 (value up 3% a year), minus 6% selling cost ($47,332). Rent paid down $292,500 of loan.
$217,615 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $321,618
- Monthly shortfalls, invested
- $135,608
$42,250 put into an index fund instead of the down payment and closing costs.
$21,165 you'd have paid in while the building lost money, invested instead.
The building comes out $658,129 ahead after 30 years.
- Your equity when you sell
- $741,528
- Rental profits, invested at 7%
- $147,663
Sells for $788,860 (value up 3% a year), minus 6% selling cost ($47,332). Rent paid down $292,500 of loan.
$101,939 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $321,618
- Monthly shortfalls, invested
- $320,680
$42,250 put into an index fund instead of the down payment and closing costs.
$56,422 you'd have paid in while the building lost money, invested instead.
The building comes out $246,893 ahead after 30 years.
- Your equity when you sell
- $764,345
- Rental profits, invested at 7%
- $499,522
Sells for $813,133 (value up 3% a year), minus 6% selling cost ($48,788). Rent paid down $268,000 of loan.
$266,830 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $586,524
- Monthly shortfalls, invested
- $19,976
$77,050 put into an index fund instead of the down payment and closing costs.
$2,925 you'd have paid in while the building lost money, invested instead.
The building comes out $657,366 ahead after 30 years.
- Your equity when you sell
- $764,345
- Rental profits, invested at 7%
- $217,686
Sells for $813,133 (value up 3% a year), minus 6% selling cost ($48,788). Rent paid down $268,000 of loan.
$138,137 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $586,524
- Monthly shortfalls, invested
- $149,374
$77,050 put into an index fund instead of the down payment and closing costs.
$25,165 you'd have paid in while the building lost money, invested instead.
The building comes out $246,131 ahead after 30 years.
- Your equity when you sell
- $741,528
- Rental profits, invested at 7%
- $548,466
Sells for $788,860 (value up 3% a year), minus 6% selling cost ($47,332). Rent paid down $260,000 of loan.
$284,295 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $569,016
- Monthly shortfalls, invested
- $8,589
$74,750 put into an index fund instead of the down payment and closing costs.
$1,230 you'd have paid in while the building lost money, invested instead.
The building comes out $712,389 ahead after 30 years.
- Your equity when you sell
- $741,528
- Rental profits, invested at 7%
- $245,651
Sells for $788,860 (value up 3% a year), minus 6% selling cost ($47,332). Rent paid down $260,000 of loan.
$151,371 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $569,016
- Monthly shortfalls, invested
- $117,009
$74,750 put into an index fund instead of the down payment and closing costs.
$19,239 you'd have paid in while the building lost money, invested instead.
The building comes out $301,155 ahead after 30 years.
- Your equity when you sell
- $764,345
- Rental profits, invested at 7%
- $607,215
Sells for $813,133 (value up 3% a year), minus 6% selling cost ($48,788). Rent paid down $251,250 of loan.
$304,212 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $714,030
- Monthly shortfalls, invested
- $1,351
$93,800 put into an index fund instead of the down payment and closing costs.
$190 you'd have paid in while the building lost money, invested instead.
The building comes out $656,179 ahead after 30 years.
- Your equity when you sell
- $764,345
- Rental profits, invested at 7%
- $279,766
Sells for $813,133 (value up 3% a year), minus 6% selling cost ($48,788). Rent paid down $251,250 of loan.
$166,706 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $714,030
- Monthly shortfalls, invested
- $85,136
$93,800 put into an index fund instead of the down payment and closing costs.
$13,617 you'd have paid in while the building lost money, invested instead.
The building comes out $244,945 ahead after 30 years.
- Your equity when you sell
- $741,528
- Rental profits, invested at 7%
- $662,425
Sells for $788,860 (value up 3% a year), minus 6% selling cost ($47,332). Rent paid down $243,750 of loan.
$321,986 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $692,715
$91,000 put into an index fund instead of the down payment and closing costs.
The building comes out $711,238 ahead after 30 years.
- Your equity when you sell
- $741,528
- Rental profits, invested at 7%
- $312,392
Sells for $788,860 (value up 3% a year), minus 6% selling cost ($47,332). Rent paid down $243,750 of loan.
$180,611 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $692,715
- Monthly shortfalls, invested
- $61,202
$91,000 put into an index fund instead of the down payment and closing costs.
$9,559 you'd have paid in while the building lost money, invested instead.
The building comes out $300,004 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 $1.10M, stocks $498K. The property wins.
Year 30 (loan paid off): property $891K, stocks $701K. The property wins.
Year 30 (loan paid off): property $1.12M, stocks $457K. The property wins.
Year 30 (loan paid off): property $889K, stocks $642K. The property wins.
Year 30 (loan paid off): property $1.26M, stocks $607K. The property wins.
Year 30 (loan paid off): property $982K, stocks $736K. The property wins.
Year 30 (loan paid off): property $1.29M, stocks $578K. The property wins.
Year 30 (loan paid off): property $987K, stocks $686K. The property wins.
Year 30 (loan paid off): property $1.37M, stocks $715K. The property wins.
Year 30 (loan paid off): property $1.04M, stocks $799K. The property wins.
Year 30 (loan paid off): property $1.40M, stocks $693K. The property wins.
Year 30 (loan paid off): property $1.05M, stocks $754K. The property wins.
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.
2 bed / 1 bath estimate $1,625/mo · range $1,375–$1,900
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 3200 23rd Ave S, Unit 3202, Minneapolis 55407 off market | $1,245 | 2 / 1 | 1.6 mi | 97% |
| 2090 Fairmount Ave, Saint Paul 55105 | $2,100 | 2 / 1 | 1.7 mi | 96% |
| 3418 43rd Ave S, Minneapolis 55406 | $1,599 | 2 / 1 | 1.1 mi | 95% |
| 3912 Minnehaha Ave, Minneapolis 55406 | $1,425 | 2 / 1 | 0.4 mi | 93% |
| 3900 Minnehaha Ave S, Minneapolis 55406 | $1,900 | 2 / 1 | 0.4 mi | 93% |
| 2912 30th Ave S, Unit 3, Minneapolis 55406 off market | $1,600 | 2 / 1 | 1.6 mi | 93% |
| 2912 30th Ave S, Unit 4, Minneapolis 55406 off market | $1,597 | 2 / 1 | 1.6 mi | 93% |
| 4213 4215 Cedar Ave S, Minneapolis 55407 off market | $1,459 | 2 / 1 | 1.3 mi | 93% |
| 3505 18th Ave S, Minneapolis 55407 off market | $1,500 | 2 / 1 | 1.6 mi | 91% |
| 2807 E 29th St, Apt 6, Minneapolis 55406 off market | $1,100 | 2 / 1 | 1.7 mi | 91% |
1 bed / 1 bath estimate $1,500/mo · range $1,250–$1,750
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 3208 Minnehaha Ave, Apt 3, Minneapolis 55406 off market | $1,245 | 1 / 1 | 1.4 mi | 92% |
| 4224 Cedar Ave S, Minneapolis 55407 off market | $1,550 | 1 / 1 | 1.4 mi | 92% |
| 2818 E 31st St, Minneapolis 55406 off market | $875 | 1 / 1 | 1.5 mi | 92% |
| 4255 Minnehaha Ave, Apt 2, Minneapolis 55406 off market | $1,300 | 1 / 1 | 0.1 mi | 90% |
| 740 Mississippi River Blvd S, Saint Paul 55116 off market | $1,533 | 1 / 1 | 1.2 mi | 90% |
| 4610 Lake St E, Minneapolis 55406 | $1,895 | 1 / 1.5 | 1.6 mi | 89% |
| 4444 Minnehaha Ave, Minneapolis 55406 | $1,375 | 1 / 1 | 0.4 mi | 88% |
| 3606 E 34th St, Apt 1, Minneapolis 55406 off market | $1,300 | 1 / 1 | 1.0 mi | 88% |
| 2720 And 2724 E 38th St, Minneapolis 55406 off market | $1,250 | 1 / 1 | 0.8 mi | 88% |
| 3820 42nd Ave S, Apt 3, Minneapolis 55406 off market | $1,250 | 1 / 1 | 0.6 mi | 88% |
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
- mediumRenovation looks like a quick flip, with no permits or contractor details given Listing says: extensive 2025 improvements, including a new roof, gutters, exterior paint, landscaping, fencing, added A/C, and more · AI review
- mediumCounty market value is far below the asking price and the 2024 sale price Based on: data: county.market_value · AI review
- lowSold for $623,780 in Sep 2024, more than today's asking price. Ask why the owner is selling again so soon. Public record: Hennepin County parcel 0702823310022: last sale 2024-09-01, $623,780
- lowMonth-to-month tenants can leave quickly. Count on turnover soon after closing. Listing says: "own entrance, updated kitchen and bath, and flexible month-to-month occupancy ideal for future flexibility. Both units include"
- lowNear a major highway (Hiawatha Ave, about 260 m), which can affect noise and tenant appeal Based on: data: highway.distance_m · AI review
Opportunities
- Long time on market: room to negotiate. Based on: Listing data: 129 days on market
- No rent cap in Minneapolis, so rents can follow the market Based on: data: underwriting.rent_rule · AI review
- In-unit laundry in both units supports rent and tenant retention Listing says: Both units include in-unit laundry, fresh paint, updated lighting, smart locks · AI review
- Near light rail, the river and trails supports rental demand Listing says: Located just blocks from the Mississippi River, neighborhood parks, trails, local restaurants, and light rail access · AI review
Questions for the agent
- What are the current rents and lease terms for each unit? Can you share the rent roll?
- Why did the owner sell for $623,780 in 2024 and relist now? Was that a portfolio or multi-property sale?
- Were permits pulled for the roof, A/C and electrical work, and who did it?
- Is the lower unit occupied, and on what lease? Is the upper really month-to-month?
- How is heat and hot water set up? Is there one furnace or separate systems, and who pays?
- Why 126 days on market, and has the price been cut?
Bottom line
Nicely finished but priced a bit above what the rents it can likely earn support; it works at a somewhat lower price. AI-assisted summary
What the records say
Where each number comes from
| Property tax / yr Public recordHennepin County record, current payable year (non-homestead) | $4,649 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $2,347 |
| 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 renovated" in the description: -1 pts each | 7% / 8% |
Price history Realtor.com
On the market since 2026-05-29 (129 days, relisted 1×); last sold for $623,779 on 2024-09-19.
| Date | Event | Price |
|---|---|---|
| Relisted | $335,000 | |
| Removed | — | |
| Listed | $335,000 | |
| Sold public record | $623,779 | |
| Sold public record | $33,900 | |
| Removed | $68,000 | |
| Removed | $75,000 | |
| Sold | $33,900 | |
| Price changed | $44,900 | |
| Price changed | $49,900 | |
| Listed | $55,080 | |
| Listed | $68,000 | |
| Price changed | $75,000 | |
| Listed | $85,000 | |
| Sold public record | $58,000 |
County record Public record
| Recorded as | duplex |
| Living units | 2 |
| Year built | 1900 |
| Market value (2026) | $244,800 |
| Property tax | $4,649 |
| Special assessments | none |
| Homestead | no |
| Last sale | 2024-09-01 · $623,780 |
Source: Hennepin County parcel records.
City rental license
CHOWN: 2 unit(s), Tier 1, status active, renews 2027-03-01.
Nearest highway
MN 55, about 261 m away.
Crime in Hiawatha
370 incidents in the last 12 months (59 per 1,000 residents), −10% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).