Minneapolis › Standish

3809 28th Ave S

5 units · 5 units: 1 bed / 1 bath ×4 and studio / 1 bath unit split estimated · 3,000 sq ft

Minneapolis, MN · Standish · View the listing ↗

Overpriced

63 photos

Photos courtesy of RE/MAX Results, 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: $614,990
Monthly cash flow: −$670
Estimated rent: $5,525/mo
Break-even price: $489,150

Adjust the numbers See the full breakdown

From the listing

Classic Minneapolis stucco fourplex with four one bedroom, one bath apartments available for a new owner! The front has traditional brown shutters, vintage 1920's styling and a red entry awning. Inside, strip oak hardwood floors, arched plaster openings, cast iron radiators heated by gas boilers and Art-Deco windows run through the apartments, with dark stained woodwork in many living and dining rooms. Bathrooms have white tile, glass block windows and pedestal sinks. Unit 1 is vacant and has ceiling fans, a white steel kitchen with vintage built-in drainboard sink as well as recently refinished floors. Behind the building are a fenced back yard and a three-stall garage, with spaces renting separately, plus one additional assigned parking space. All garage spaces and additional parking is currently leased. Each unit has a private basement storage room, and the building has coin laundry. Tenants pay their own gas and electric. The owner pays water, sewer and trash. Four more storage rooms and a pet fee are not in current income. Units 2 to 4 are leased into 2027. This would also make an excellent property to "house hack" with owner living in the vacant unit and having the other Units pay a considerable portion of the payment every month! This property is just a short walk from the 38th Street LRT station for easy commuting. Lake Hiawatha with its walking paths and the golf course are nearby, along with Northbound Smokehouse & Brew Pub, Key West Coffee and Aluvava gluten-free bakery! Don't miss the opportunity to own a great investment property in the very desirable Minneapolis Standish neighborhood!

Listing courtesy of RE/MAX Results (Taylor Doolittle). Description from Realtor.com, MLS #7151695. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1925 stucco fourplex in Standish, asking $614,990, and our numbers do not work at that price. Cash flow comes out near -$670 a month with a 5.1% cap rate, and the break-even price is about $489K, so the ask sits roughly $126K above what the rents support. The description gives no current rents, which is the first thing to get, along with trailing-12 expenses. The owner pays water, sewer and trash, and there is a hot-water boiler system, so confirm how many boilers there are. County records show 5 living units but the city license covers 4, so sort that out before anything else. It is only worth a showing if the seller drops the price a lot, or if you plan to live in the vacant unit.

Things to consider

Price is well above what rents support At the ask, cash flow is about -$670 a month and the cap rate is about 5.1%. The break-even price is about $489K, so you would need a large price cut.
Unit count mismatch A fifth unit that isn't licensed could mean income you can't count and compliance risk. Verify the legal unit count before offering.
Rents unknown With no stated rents, you can't compare the leases to our $1,125 mid estimate. Leases through 2027 lock in income, good or bad.Listing says: “Units 2 to 4 are leased into 2027.”
Owner-paid water, sewer and trash These costs come straight out of cash flow, and the listing gives no amounts. Check the actual bills.Listing says: “The owner pays water, sewer and trash.”
Flat roof and 1925 systems Roof, boiler and wiring replacements are expensive on a building this age. Inspect before you rely on the numbers.
Dated kitchens and baths Updating them could raise rents, but it costs money and the cash flow is already negative.From photo 9

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

doneUnit 1 floors recently refinishedListing says: as well as recently refinished floors

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: $614,990
Cash to close: $141,448
Price per unit: $122,998
GRM: 9.3

Each month

Cash flow: −$670/mo
Cash-on-cash: −5.7%
Cap rate: 5.1%
DSCR: 0.80×

Break-even

Price that breaks even: $489,150
Rent that breaks even: $6,384/mo

Long run

Year 30: property vs stocks: $1.83M vs $1.32M
Cash flow turns positive: year 10

Monthly

Monthly breakdown

Rent	$5,525
Vacancy (6%)	−$332
Collected	$5,194
Property tax Public record	−$784
Insurance Estimate	−$438
Water, sewer, trash Estimate	−$425
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$442
Capital reserve (8% of rent)	−$442
Net operating income	$2,603
Mortgage (principal + interest)	−$3,273
Cash flow	−$670
Principal paid down (equity, not cash)	$416

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$1,828,386

Your equity when you sell: $1,403,177
Rental profits, invested at 7%: $425,209

Same money in stocks$1,319,681

Cash to close, invested at 7%: $1,076,736
Monthly shortfalls, invested: $242,945

The building comes out $508,705 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 $1.83M, stocks $1.32M. 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.

1 bed / 1 bath estimate $1,125/mo · range $950–$1,300

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
3208 Minnehaha Ave, Apt 3, Minneapolis 55406 off market	$1,245	1 / 1	—	0.7 mi	2026-08-03	93%
2818 E 31st St, Minneapolis 55406 off market	$875	1 / 1	—	0.9 mi	2026-03-12	93%
4224 Cedar Ave S, Minneapolis 55407 off market	$1,550	1 / 1	—	0.9 mi	2026-05-22	93%
2807 E 29th St, Unit 7, Minneapolis 55406 off market	$900	1 / 1	—	1.1 mi	2026-06-15	92%
3010 20th Ave S, Apt 4, Minneapolis 55407 off market	$1,000	1 / 1	—	1.1 mi	2025-09-03	92%
3545 12th Ave S, Apt 5, Minneapolis 55407 off market	$1,100	1 / 1	—	1.3 mi	2026-09-02	92%
3520 12th Ave S, Apt 5, Minneapolis 55407 off market	$1,065	1 / 1	—	1.3 mi	2026-05-27	92%
3540 11th Ave S, Apt 5, Minneapolis 55407 off market	$1,065	1 / 1	—	1.4 mi	2026-05-27	92%
3540 11th Ave S, Apt 9, Minneapolis 55407 off market	$1,100	1 / 1	—	1.4 mi	2025-10-13	92%
3540 11th Ave S, Apt 2, Minneapolis 55407 off market	$1,100	1 / 1	—	1.4 mi	2025-10-13	92%

0 bed / 1 bath estimate $1,025/mo · range $800–$1,275

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
2807 E 29th St, Apt 5, Minneapolis 55406 off market	$700	0 / 1	—	1.1 mi	2026-07-20	92%
2807 E 29th St, Apt 3, Minneapolis 55406 off market	$700	0 / 1	—	1.1 mi	2026-06-12	92%
3201 14th Ave S, Minneapolis 55407 off market	$999	0 / 1	—	1.3 mi	2026-09-01	92%
3208 Minnehaha Ave, Apt 3, Minneapolis 55406 off market	$1,245	1 / 1	—	0.7 mi	2026-08-03	83%
2818 E 31st St, Minneapolis 55406 off market	$875	1 / 1	—	0.9 mi	2026-03-12	83%
4224 Cedar Ave S, Minneapolis 55407 off market	$1,550	1 / 1	—	0.9 mi	2026-05-22	83%
2807 E 29th St, Unit 7, Minneapolis 55406 off market	$900	1 / 1	—	1.1 mi	2026-06-15	83%
3010 20th Ave S, Apt 4, Minneapolis 55407 off market	$1,000	1 / 1	—	1.1 mi	2025-09-03	83%
3545 12th Ave S, Apt 5, Minneapolis 55407 off market	$1,100	1 / 1	—	1.3 mi	2026-09-02	83%
3520 12th Ave S, Apt 5, Minneapolis 55407 off market	$1,065	1 / 1	—	1.3 mi	2026-05-27	82%

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

highThe city's rental license covers 4 unit(s); this analysis counts 5. Public record: Minneapolis Active Rental Licenses: 3809 28TH AVE S, units=4
highCounty counts 5 units but the listing and city license show 4. A fifth unit may be unlicensed or not legal. Based on: data: county.living_units · AI review
highPrice is far above the break-even price our numbers support, with deeply negative cash flow. Based on: data: underwriting.break_even_price · AI review
mediumFlat roof per the city assessor: get its age and a moisture inspection. Public record: Hennepin County parcel 1202824110101: roof=Flat, exterior=WOOD
mediumNo current rents are stated, so income can't be checked against the ask. Listing says: Four more storage rooms and a pet fee are not in current income. · AI review
mediumTaxes are high at the non-homestead rate, and the owner pays water, sewer and trash on top. Based on: data: county.tax · AI review
low$88 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 1202824110101: special assessments (current) = $87.72
lowClose to Hiawatha Avenue (MN 55), so noise and traffic may affect tenants and rents. Based on: data: highway.distance_m · AI review

Opportunities

Extra income from storage rooms and a pet fee that aren't in current income, though these are small and unproven. Listing says: Four more storage rooms and a pet fee are not in current income. · AI review
Garage spaces rent separately and are all leased, which adds income beyond the apartments. Listing says: All garage spaces and additional parking is currently leased. · AI review
Minneapolis has no rent cap, so rents can rise with the market as units turn. Based on: data: underwriting.rent_rule · AI review
Vacant Unit 1 could be a house-hack, or be re-rented at market rent. Listing says: owner living in the vacant unit and having the other Units pay a considerable portion · AI review

Questions for the agent

What are the current rents and lease end dates for Units 2 to 4?
What are the garage and parking rents, and who leases them?
Is there a fifth unit? Why does the city license say 4 while the county says 5?
How many boilers are there, how old are they, and are they shared?
How old is the flat roof, and has it leaked?
What were the trailing-12 water, sewer, trash and repair costs?

Bottom line

Pretty, well-kept building, but at $615K it loses about $670 a month and needs a price near $490K to make sense. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$9,402
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$5,250
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. base rate	8% / 8%

Price history Realtor.com

On the market since 2026-10-02 (3 days); last sold for $340,000 on 2006-11-17.

Date	Event	Price
2026-10-02	Listed	$614,990
2006-11-17	Sold public record	$340,000
1984-04-01	Sold public record	$133,000
1983-06-01	Sold public record	$103,489

County record Public record

Recorded as	apartment 4 or 5 unit
Living units	5
Year built	1925
Market value (2026)	$497,000
Property tax	$9,402
Special assessments	$88
Homestead	no
Last sale	2006-10-01 · $340,000

Source: Hennepin County parcel records.

City rental license

CHOWNEXMPT: 4 unit(s), Tier 1, status active, renews 2027-03-01.

Nearest highway

MN 55, about 229 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).