Minneapolis › Standish

3622 Longfellow Ave

Duplex · 2 units: 3 bed / 1 bath and 2 bed / 1 bath unit split estimated · 3,760 sq ft

Minneapolis, MN · Standish · View the listing ↗

Far off

25 photos

Photos courtesy of Keller Williams Realty, via Realtor.com.

Asking price: $489,900
Monthly cash flow: −$1,128
Estimated rent: $3,350/mo
Break-even price: $277,903

Adjust the numbers See the full breakdown

From the listing

Welcome to 3622 Longfellow Ave. This up/down duplex in the heart of the Powderhorn neighborhood of Minneapolis! This property brings that classic South Minneapolis charm together with modern updates, making it a solid opportunity for an investor, owner-occupant, or anyone looking to add a great property to their portfolio. The home has been remodeled throughout within the last 10 years, giving you a great mix of character, functionality, and peace of mind. And one of my favorite features? The bonus loft space above Unit 2! That extra space gives you even more flexibility, whether you want a home office, creative space, storage, hangout area, or something completely your own. If you've been looking for a duplex with character, flexibility, and investment potential, this one deserves a look! This duplex is move-in ready and waiting for its next owner. Don't sleep on the newest duplex hitting the market!

Listing courtesy of Keller Williams Realty (Paah Zeah). Description from Realtor.com, MLS #7130115. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This one doesn't work at the asking price. Our numbers show about -$1,128 a month at 20% down and a 3.6% cap rate, and break-even is near $278K against a $489,900 ask. The county values it at $392,800 and the seller paid $430,000 in 2021, so the ask is well above both. The listing gives no rents, no lease status and no utility details, so get the rent roll first. The photos show a clean, updated interior, but the Tier 2 rental license and the stucco exterior both need checking. Only worth a showing if the seller will come down hard or the actual rents are far above our estimates.

Things to consider

Price is far above what the rents support At the ask, the property loses about $1,100 a month and the cap rate is under 4%. Break-even is roughly $212K below the ask.
Rents are unknown Without a rent roll you can't tell whether our estimates of $1,775 and $1,575 are low or high. Verify with leases before any offer.
Tier 2 rental license means more city scrutiny Expect more frequent inspections and possible repair orders, which add cost and risk.
Seller paid $430K in 2021, and the assessed value is lower than the ask The ask is about $60K above the 2021 sale price, so the price rests on the remodel, not on market support. Ask what was spent.
The remodel is described but not itemized Remodeled within 10 years could mean cosmetic work only. Get dates and permits for mechanicals, electrical and roof.Listing says: “The home has been remodeled throughout within the last 10 years”

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

doneRemodeled throughout within the last 10 years (scope unspecified)Listing says: The home has been remodeled throughout within the last 10 years

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: $489,900
Cash to close: $112,677
Price per unit: $244,950
GRM: 12.2

Each month

Cash flow: −$1,128/mo
Cash-on-cash: −12.0%
Cap rate: 3.6%
DSCR: 0.57×

Break-even

Price that breaks even: $277,903
Rent that breaks even: $4,815/mo

Long run

Year 30: property vs stocks: $1.14M vs $1.64M
Cash flow turns positive: year 24

Monthly

Monthly breakdown

Rent	$3,350
Vacancy (6%)	−$201
Collected	$3,149
Property tax Public record	−$619
Insurance Estimate	−$251
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$268
Capital reserve (9% of rent)	−$302
Net operating income	$1,479
Mortgage (principal + interest)	−$2,607
Cash flow	−$1,128
Principal paid down (equity, not cash)	$332

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$1,143,521

Your equity when you sell: $1,117,769
Rental profits, invested at 7%: $25,752

Same money in stocks$1,639,674

Cash to close, invested at 7%: $857,726
Monthly shortfalls, invested: $781,948

Stocks come out $496,153 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 $1.14M, stocks $1.64M. 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.

3 bed estimate $1,775/mo · range $1,575–$2,050 · 6 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2742 18th Ave S, Minneapolis	$1,850	3 / 1	1,270	1.1 mi	2026-09-08	Apartment
3015 29th Ave S, Minneapolis	$2,260	3 / 1	1,168	1.1 mi	2026-09-27	Multi family
3336 4th Ave S Apt 4, Minneapolis	$1,595	3 / 1	1,100	1.2 mi	—	Apartment
3336 4th Ave S Apt 2, Minneapolis	$1,795	3 / 1	1,100	1.2 mi	—	Apartment
3345 36th Ave S Unit 1, Minneapolis	$1,600	3 / 1	1,500	1.3 mi	2026-09-21	Apartment
2500 17th Ave S Unit 2, Minneapolis	$1,200	3 / 1	—	1.4 mi	2026-06-05	Apartment

2 bed estimate $1,575/mo · range $1,375–$1,775 · 21 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
3725 Cedar Ave S, Minneapolis	$1,349	2 / 1	767	0.1 mi	2026-06-30	Apartment
3140 16th Ave S, Minneapolis	$1,300	2 / 1	800	0.6 mi	2026-10-03	Apartment
3549 Columbus Ave S, Minneapolis	$1,250	2 / 1	800	0.8 mi	—	Apartment
3715 Columbus Ave S Apt 2, Minneapolis	$1,395	2 / 1	920	0.8 mi	—	Apartment
3715 Columbus Ave S Apt 4, Minneapolis	$1,495	2 / 1	920	0.8 mi	—	Apartment
2220 E Lake St, Minneapolis	$1,425	2 / 1	835	0.9 mi	—	Apartment
3718 Oakland Ave S, Minneapolis	$1,150	2 / 1	700	1.0 mi	2026-01-03	Apartment
4112 Chicago Ave S, Minneapolis	$1,499	2 / 1	1,000	1.0 mi	2025-01-31	Apartment
3710 Minnehaha Ave, Minneapolis	$1,299	2 / 1	844	1.0 mi	2025-02-28	Apartment
3900 Minnehaha Ave S, Minneapolis	$1,900	2 / 1	—	1.2 mi	2026-09-29	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

highNo rents, lease terms or expenses given for an investor pitch Listing says: a solid opportunity for an investor, owner-occupant, or anyone looking to add a great property · AI review
highLast sold for $430K in 2021 and the county values it at $392,800, well under the $489,900 ask Based on: data: county.market_value · AI review
mediumRental license Tier 2: the city has flagged more violations than typical; expect more frequent inspections and repair orders. Public record: Minneapolis Active Rental Licenses: 3622 LONGFELLOW AVE, grade/tier=Tier 2, status=Active
mediumAsking is $211,997 above the price where cash flow breaks even ($277,903) at the default scenario. Based on: Derived: price $489,900 vs. break-even $277,903
mediumLoft over Unit 2 is not described as a legal bedroom; don't count it as one Listing says: The bonus loft space above Unit 2! · AI review
mediumTaxes of $7,430 at the non-homestead rate weigh heavily on cash flow Based on: data: county.tax · AI review
low$259 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 0102824330064: special assessments (current) = $259.20

Opportunities

Minneapolis has no rent cap, so below-market rents can be raised when leases turn over Based on: data: underwriting.rent_rule · AI review
Unit 2 loft could be used as an office or extra space to support a higher rent, if permitted Listing says: The bonus loft space above Unit 2! · AI review
Updated kitchens and baths may mean little near-term cosmetic capex Based on: photo 8 · AI review

Questions for the agent

What are the current rents, lease end dates and are any tenants month-to-month?
Which utilities does the owner pay, and how many meters and furnaces are there?
What does the Tier 2 rental license stem from? Ask for open violations and recent inspection reports.
What are the $259 special assessments for, and will the seller pay them off at closing?
What was remodeled, when, and with permits? Ask about roof, furnace, water heater and electrical panel ages.
Is the loft legally finished space with egress, and is it included in the rental license?

Bottom line

Nice-looking updated duplex, but at $489,900 it loses about $1,100 a month, so it only works with a big price cut or rents far above our estimates. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$7,431
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$3,014
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 1913: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-08-19 (47 days); last sold for $430,000 on 2021-09-07; listed for rent at $1,325/mo on 2015-01-06.

Date	Event	Price
2026-08-19	Listed	$489,900
2026-08-19	Removed	$489,900
2021-09-07	Sold	$430,000
2021-07-06	Price changed	$430,000
2021-06-10	Listed	$450,000
2017-10-24	Sold	$369,000
2017-09-08	Listed	$369,000
2015-01-14	Rental removed	$1,325/mo
2015-01-06	Listed for rent	$1,325/mo

County record Public record

Recorded as	duplex
Living units	2
Year built	1913
Market value (2026)	$392,800
Property tax	$7,431
Special assessments	$259
Homestead	no
Last sale	2021-08-01 · $430,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

MN 55, about 1115 m away.

Crime in Standish

276 incidents in the last 12 months (40 per 1,000 residents), −1% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).