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3822 3rd St NE

Duplex · 2 units: 4 bed / 2 bath ×2 unit split estimated · 3,052 sq ft

Columbia Heights, MN · View the listing ↗

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Photos, via Realtor.com.

Asking price
$499,990
2 units · $250K per unit
Monthly cash flow
−$115
at 20% down, 7%
Estimated rent
$4,650/mo
medium confidence · 25 rentals within 4 mi
Break-even price
$478,385
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a side-by-side duplex with two 4-bed units, and the listing gives no rents, so everything rests on our estimate of about $2,325 per unit. At $499,990 our model shows roughly -$115/month cash flow and a 6.1% cap rate with 20% down, and that assumes both units rent near our mid estimate and taxes we couldn't verify. Both furnaces and water heaters are new, which removes the usual big-ticket worries, but the photos show a plain, partly dated finish. Get the actual rents, leases and the tax bill before a showing. The county parcel didn't match, so confirm taxes and the legal unit count too. It only looks worth a look if rents come in above our estimate or the price comes down toward about $478K.

Things to consider

  1. Income is unproven The listing gives no rents, so cash flow depends entirely on our estimate. Verify with leases and a rent roll.
  2. Recent mechanical updates cut near-term capex New furnaces and water heaters in both units lower the biggest repair risks for the first several years.Listing says: “3824 features a new basement full bath, December 2025 furnace, January 2026 water heater”
  3. Taxes are unverified The parcel didn't match, and an investor's tax bill can be far higher than the owner's. This can swing cash flow a lot.
  4. Basement space may be counted as living area 3,052 sq ft and 8 beds likely include basement rooms. Legal bedroom status affects rents and licensing.Listing says: “Both units offer the same spacious floor plan, with 4 bedrooms and full baths.”
  5. Price versus the numbers At ask, our model shows negative cash flow, with break-even near $478K. Rents above our estimate or a lower price would be needed, and a shortfall on either unit would deepen the loss quickly.

From the photos

Listing photo 3
1 of 7Concern

Kitchen appears dated: white cabinets, tile floor and tile backsplash look older, with newer stainless appliances.

Listing photo 5
2 of 7Plus

Hardwood floors appear intact in the living area and bedrooms.

Listing photo 7
3 of 7Plus

Main bath looks clean with a tiled tub surround and newer vanity.

Listing photo 9
4 of 7Check

Basement has a finished room with a small window and a new-looking 3/4 shower; check egress if it's counted as a bedroom.

Listing photo 10
5 of 7Check

Basement laundry room has an exposed ceiling with a lot of wiring and pipe; the panel appears to be a breaker box, but the amperage isn't visible.

Listing photo 2
6 of 7Check

Exterior is stucco and brick with concrete steps; it appears worn but not failing. Gas meters visible by the side entrance.

Listing photo 1
7 of 7Check

Photos show only one unit's interior; none of 3824, the furnaces, or the roof.

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

Condition and repairs

  • done2024 furnace in 3822Listing says: 2024 furnace, 2023 water heater, new sump pump
  • doneNew basement 3/4 bath in 3822Listing says: 3822 features a new basement 3/4 bath
  • doneDecember 2025 furnace and January 2026 water heater in 3824Listing says: 3824 features a new basement full bath, December 2025 furnace, January 2026 water heater
  • doneUpdated kitchen and bathroom plumbing in 3822Listing says: updated kitchen and bathroom plumbing, tile flooring, and numerous exterior improvements

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

Down payment %
Offer $
Management
Interest rate %
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
$499,990
Cash to close
$114,998
Price per unit
$249,995
GRM
9.0

Each month

Cash flow
−$115/mo
Cash-on-cash
−1.2%
Cap rate
6.1%
DSCR
0.96×

Break-even

Price that breaks even
$478,385
Rent that breaks even
$4,799/mo

Long run

Year 30: property vs stocks
$2.00M vs $889K
Cash flow turns positive
year 3

Monthly

Monthly breakdown

Rent$4,650
Vacancy (6%)−$279
Collected$4,371
Property tax Listing−$591
Insurance Estimate−$214
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (9% of rent)−$418
Capital reserve (8% of rent)−$372
Net operating income$2,546
Mortgage (principal + interest)−$2,661
Cash flow−$115
Principal paid down (equity, not cash)$339

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$2,002,907
Your equity when you sell
$1,140,791

Sells for $1,213,607 (value up 3% a year), minus 6% selling cost ($72,816). Rent paid down $399,992 of loan.

Rental profits, invested at 7%
$862,116

$447,273 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$888,701
Cash to close, invested at 7%
$875,392

$114,998 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$13,310

$1,905 you'd have paid in while the building lost money, invested instead.

The building comes out $1,114,206 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 $2.00M, stocks $889K. The property wins.

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.

4 bed estimate $2,325/mo · range $2,175–$2,675 · 25 rentals within 4 mi

AddressRentBd / BaSq ftDistanceListedType
2604/2606 37th Ave NE, Saint Anthony $2,395 4 / 2.5 1,700 2.0 mi 2026-08-19 Apartment
2905 32nd Ave NE, Minneapolis $3,100 4 / 2 — 2.3 mi 2026-09-29 Apartment
3706 N Penn Ave Unit 2, Minneapolis $1,999 4 / 2 1,351 2.4 mi 2026-07-12 Apartment
2206 Arthur St NE, Minneapolis $2,950 4 / 2 1,969 2.5 mi 2026-09-01 Apartment
4199 46th Ave N, Robbinsdale $2,445 4 / 1.5 1,440 3.4 mi 2024-06-11 Apartment
408-410 8th St SE, Minneapolis $2,650 4 / 2 1,800 3.5 mi 2026-09-30 Duplex triplex
1087 18th Ave SE, Minneapolis $2,200 4 / 2 1,800 3.8 mi 2026-09-29 Apartment
1085 18th Ave SE, Minneapolis $2,200 4 / 2 1,500 3.8 mi 2026-09-29 Apartment
1203 Como Ave SE, Minneapolis $2,595 4 / 2.5 1,800 3.8 mi 2026-09-29 Apartment
1081 18th Ave SE, Minneapolis $2,200 4 / 2 2,200 3.8 mi 2026-09-29 Duplex triplex

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 or lease terms given, so income is unproven Based on: data: rent_estimate · AI review
  • mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 3822 3RD ST NE
  • mediumPriced well above where the rent estimates support it; break-even price is far above ask only if rents hit mid estimate Based on: data: underwriting · AI review
  • mediumBasement bedrooms/baths: confirm egress and permits for the added basement baths Listing says: 3824 features a new basement full bath · AI review
  • low45 days on market suggests the price may be getting pushback Based on: data: listing.days_on_market · AI review

Opportunities

  • Both units share the same large floor plan, so rents should be easy to compare and set Listing says: Both units offer the same spacious floor plan, with 4 bedrooms and full baths. · AI review
  • City rental inspection already completed, which speeds up licensing Listing says: City rental inspection completed. · AI review
  • Owner-occupant option with a second unit paying down the loan Listing says: GREAT INVESTMENT OR OWNER-OCCUPANT OPPORTUNITY! · AI review

Questions for the agent

  • What are the current rents, lease end dates and security deposits for each unit?
  • Are the units occupied, and are the tenants staying?
  • What are the real property taxes and any assessments? We couldn't match the parcel.
  • Who pays heat, water and electric, and are meters separate?
  • Are the basement bedrooms legal with egress, and can I see the rental license and inspection report?
  • Why is it still on the market after 45 days, and has the price changed?

Bottom line

Two big 4-bed units with new mechanicals look solid, but with no rents given and unverified taxes, the numbers don't work at ask unless rents beat $2,325 or the price drops. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2026. The tax the listing states. If the seller lives there it may be at the lower homestead rate; an investor owner pays the non-homestead rate, often 20–40% more on the owner's unit.$7,089
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,563
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. 8 bedrooms: +1 pt repairs for wear9% / 8%

Price history Realtor.com

On the market since 2026-08-21 (45 days); down $20,010 (3.8%) from the first ask of $520,000; last sold for $415,000 on 2022-04-01; listed for rent at $1,895/mo on 2022-04-12.

DateEventPrice
Price changed$499,990
Listed$520,000
Removed—
Listed for rent$1,895/mo
Sold$415,000
Listed$400,000
Sold$330,000
Price changed$330,000
Listed$324,900
Sold public record$113,300
Sold public record$332,800
Sold public record$262,500

From the listing Listing

Listed asduplex side x side
Property tax, 2026$7,089
CountyAnoka
Parcel number353024330062

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.

Nearest highway

I 94, about 1623 m away.