Cash flows52 days on marketPending
3810-3812 3rd St NE, Columbia Heights
Duplex · 2 units: 5 bed and 4 bed · 2,791 sq ft · View the listing ↗
Photos courtesy of Edina Realty, Inc., via Realtor.com.
+$503 monthly cash flow
After every cost, including reserves for vacancy and repairs, this duplex puts about $503 a month in your pocket. That’s a 5.5% yearly return on the $109,250 you’d put in.
At $475,000, 20% down, 7.00% for 30 years, self-managed.
- Cash-on-cash return
- 5.5% Yearly cash flow ÷ cash in
- Cap rate
- 7.7% Return if you paid all cash
- Cash to close
- $109,250 Down payment + closing costs
- Break-even price
- $569,544 Most you can pay and still cash flow
Boardwalk’s take
AI-assisted · checked against public recordsUpdated, with decent numbers at ask, but verify the 3812 rent and the condition of that side's systems before offering.
This is a side-by-side with a 5-bed vacant side and a 4-bed side holding a 10-year-plus tenant. The listing claims $54,600 gross rent, which is $4,550 a month. Our estimates are $3,000 for the 5-bed and $2,250 for the 4-bed, about $5,250, so the claim looks like it sits below market, or it was built from asking rents. Our underwriting shows about $484 a month cash flow and a 7.6% cap at ask, with a break-even price near $566K, so the price looks workable if the rents hold. The listing states no current rent for the long-term tenant, so ask for the lease and rent roll first. The 3810 side is freshly updated, so it's worth a showing if the rent roll checks out.
Things to consider
- Occupied side rent is unknown A 10-year tenant is often well under market, which can weigh on cash flow and rent growth. The 3812 rent drives most of the income.Listing says: “currently occupied by long-term 10 yr+ tenant”
- Updates are on one side only The 3812 side has only cosmetic updates listed, so budget a possible turnover refresh and ask for the age of its systems.Listing says: “3812 SIDE - new range (2026), new refrigerator (2025), new bathroom vanity 2024.”
- Numbers work at ask Our model shows positive cash flow and a break-even price well above ask, so there is cushion if our rents hold.
- Heavy-wear unit sizes Nine bedrooms means more wear and higher turnover costs, so keep repair and reserve budgets generous.
- Basement bedroom legality Bedroom counts affect rent and licensing. Without egress, the legal bedroom count may be lower.From photo 9
The listing, and how its numbers compare
MLS #7136919What the seller says
Excellent money maker and investment opportunity with $54,600 in gross rent income! This well-maintained side by side is perfect for buyers seeking an owner-occupied income property or investors looking to expand their portfolio! This rare find offers 5 bedrooms, 2 baths on 3810 side (currently vacant) and 4 bedrooms, 1 bath on 3812 side (currently occupied by long-term 10 yr+ tenant). Many updates include the following: 3810 Side - fresh paint throughout (2026), newly refinished hardwood floors on ML (2026), new kitchen w/granite countertops and tile backsplash (2022), new lower level 3/4 bath, mirror & lighting (2021), new vanity (2026), shower w/neutral decorative tile surround (2021), hot water heater (2021), new furnace (2022) + updated windows. 3812 SIDE - new range (2026), new refrigerator (2025), new bathroom vanity 2024. Exterior freshly painted (2026).
Listing courtesy of Edina Realty, Inc. (Deborah Marty).
The seller’s numbers vs. ours (yearly)
| Line | Seller | Boardwalk |
|---|---|---|
| Gross income | $54,600 | — |
| Property tax | $7,107 (2026) | — |
| Insurance | $1,934 | — |
| Water and sewer | $1,759 | — |
| Trash | $1,750 | — |
| Maintenance / repairs | $2,358 | — |
| Operating expenses | $16,380 | — |
| Net operating income | $38,220 | — |
Seller’s figures as stated in the listing. Ours include vacancy and reserves, and update with your edits.
The building
- Type
- Duplex Side X Side
- Year built
- 1962
- Living area
- 2,791 sq ft
- Exterior
- Brick/Stone, Stucco
- Roof
- Age Over 8 Years, Asphalt Shingles, Pitched
- Basement
- Concrete Block, Egress Windows, Finished (Livable), Full, Partially Finished, …
- Laundry
- Electric Dryer Hookup, Lower Level, Laundry Room, Sink, In Unit, …
Systems and utilities
- Heating
- Forced Air · Natural Gas
- Electric
- Circuit Breakers
- Water / sewer
- City Water · City Sewer
- Tenants pay
- Electricity, Gas
- Owner pays
- Exterior Maintenance, Maintenance/Repair, Repairs, Roof Maintenance, Sewer, …
Parking and lot
- Parking
- Driveway - Asphalt
- Lot
- 0.16 acres · 129 x 60
Description and facts from Realtor.com. View on Realtor.com ↗
The model: change anything
Every input shows where it came from. Edit one and the whole page updates.
Each month
| Rent | $5,275 |
| Vacancy | −$316 |
| Property tax | −$592 |
| Insurance | −$208 |
| Water, sewer, trash | −$170 |
| Repairs and capital reserve | −$897 |
| Net operating income | $3,031 |
| Mortgage (principal + interest) | −$2,528 |
| Cash flow | $503 |
Detailed assumptions
30 years: this building vs. the same money in stocks
The building comes out $2.01M aheadYear 30 (loan paid off): this building $2,838,417, the same money in stocks $831,639.
Monthly cash flow, year 1 to year 30
See it as a line: this building vs. stocks, year by year
Rents +3% a year, costs +3.5%, value +3%, stocks 7%, 6% to sell. Future dollars: at 3% inflation, divide year-30 figures by about 2.4 for today’s buying power. Red bars are months you’d cover out of pocket.
Rent estimate and comparable rentals
5 bed: $3,000/mo · range $2,550–$3,150 · 25 rentals within 3.75 mi · medium confidence
Median asking rent of nearby rentals with the same bedroom count (within 3.75 miles): for rent now or leased in the last 3 years (past rents brought to today at 3% a year), from Realtor.com rental listings. Range is the middle half of those rents. Asking rents, not signed leases. Rent rules: No rent cap.
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 2616 Taylor St NE, Minneapolis | $2,600 | 5 / 2 | 1.8 mi |
| 2734 N 4th St Unit 1, Minneapolis | $3,200 | 5 / 3 | 2.3 mi |
| 1843 Taylor St NE Unit 2, Minneapolis | $2,747asked $2,725 | 5 / 2 | 2.3 mi |
| 2719 Aldrich Ave N Unit 2, Minneapolis | $2,011asked $2,000 | 5 / 3 | 2.4 mi |
| 408-410 8th St SE, Minneapolis | $3,095 | 5 / 2 | 3.4 mi |
| 430 8th St SE, Minneapolis | $2,600 | 6 / 2 | 3.5 mi |
| 505 8th St SE, Minneapolis | $3,095 | 5 / 3.5 | 3.5 mi |
| 1309 E Hennepin Ave, Minneapolis | $2,600 | 6 / 2 | 3.5 mi |
| 2411 Golden Valley Rd Unit 2, Minneapolis | $1,995 | 5 / 2 | 3.5 mi |
| 1109 13th Ave SE, Minneapolis | $3,400 | 7 / 3 | 3.5 mi |
Asking rents from Realtor.com listings, not signed leases.
4 bed: $2,275/mo · range $2,100–$2,400 · 11 rentals within 2.75 mi · medium confidence
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 3822 3rd St NE, Minneapolis | $2,000 | 4 / 2 | 0.0 mi |
| 4216 Bryant Ave N Unit 2, Minneapolis | $2,235asked $2,200 | 4 / 1 | 1.3 mi |
| 2604/2606 37th Ave NE, Saint Anthony | $2,395 | 4 / 2.5 | 2.0 mi |
| 2604 37th Ave NE, Saint Anthony | $2,395 | 4 / 2.5 | 2.0 mi |
| 2931 Bryant Ave N Unit 2, Minneapolis | $2,106asked $2,100 | 4 / 1 | 2.3 mi |
| 2905 32nd Ave NE, Minneapolis | $3,100 | 4 / 2 | 2.3 mi |
| 318 27th Ave N, Minneapolis | $2,285 | 4 / 1 | 2.3 mi |
| 3706 N Penn Ave Unit 2, Minneapolis | $2,002asked $1,999 | 4 / 2 | 2.4 mi |
| 2206 Arthur St NE, Minneapolis | $2,950 | 4 / 2 | 2.5 mi |
| 2035 W River Rd N, Minneapolis | $2,265 | 4 / 2 | 2.7 mi |
Asking rents from Realtor.com listings, not signed leases.
What the photos show
AI review of 10 listing photosCondition and repairs the listing claims
Done Kitchen, 3810 side, new with granite counters and tile backsplash (2022)Done Lower level 3/4 bath, 3810 side (2021)Done New furnace, 3810 side (2022)Done Water heater, 3810 side (2021)Done Refinished hardwood floors, fresh paint (2026)Done New range, refrigerator and vanity on the 3812 sideDone Exterior painted (2026)
Photos can hide as much as they show; an inspection is the real answer.
Red flags and opportunities
Serious changes whether this is a good buy and keeps it out of our top picks. Check means ask before an offer. Minor is worth knowing. Each one shows its source.
Watch for
- checkGross rent figure is unbroken down and the occupied side's rent is not stated; the long-tenured tenant may be well below market. Listing says: with $54,600 in gross rent income · AI review
- checkUpdates are mostly on the vacant 3810 side. The 3812 side only lists an appliance and vanity refresh, so its systems and condition are unknown. Listing says: 3812 SIDE - new range (2026), new refrigerator (2025), new bathroom vanity 2024. · AI review
- minorHeat type, tax and utility setup are missing from both the listing and the county data, so expenses are uncertain. Based on: data: county.heat_type · AI review
Opportunities
- Our rent estimates total more than the stated gross, so there may be upside, especially when the 3812 lease turns over. Based on: data: rent_estimate · AI review
- The 3810 side is vacant and freshly updated, so it can be rented or owner-occupied right away. Listing says: 3810 side (currently vacant) · AI review
- Owner-occupying one side could suit a house-hacker. Listing says: perfect for buyers seeking an owner-occupied income property · AI review
Questions for the agent
- What does the 3812 tenant pay now, and when did the lease start or last renew? Can I see the lease?
- How was the $54,600 gross figure built, and what would the 3810 side rent for?
- Who pays heat, water, sewer and trash, and are there separate meters and furnaces for each side?
- How old are the roof, the 3812 furnace and the 3812 water heater?
- Is the property licensed as a rental, and does the license cover both sides and the basement bedrooms?
- Do the basement bedrooms on each side have egress windows?
What the records say
Price history · Realtor.com
On the market since 2026-09-11 (52 days); last sold for $295,000 on 2017-01-17.
| Date | Event | Price |
|---|---|---|
| Listed | $475,000 | |
| Sold public record | $295,000 | |
| Removed | $219,900 | |
| Sold public record | $98,000 | |
| Listed | $219,900 | |
| Sold | $98,000 | |
| Listed | $84,150 | |
| Sold public record | $365,000 | |
| Sold | $250,000 | |
| Listed | $259,000 |
County record
| Nearest highway | I-94, about 1.6 km |
From the listing
| Listed as | Duplex side x side |
| Property tax, 2026 | $7,107 |
| County | Anoka |
| Parcel number | 353024330064 |
As the listing states it (NorthstarMLS, via Realtor.com). We don't have county records here yet; check the tax, homestead status and special assessments with the county.
Crime, rental-license and vacant-building records are only available for St. Paul and Minneapolis so far. Check with Columbia Heights on rental licensing before you buy.
Location
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Educational analysis, not financial, legal or real estate advice. AI-assisted first read of the listing description and photos, checked against public records. Verify with the agent, leases and an inspection. Prepared 2026-11-02.