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3824 Thomas Ave N

Duplex · 2 units: 3 bed / 1 bath ×2 unit split estimated · 2,000 sq ft

Minneapolis, MN · Victory · View the listing ↗

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Photos courtesy of Action Plus Realty, via Realtor.com.

Asking price
$339,900
2 units · $170K per unit
Monthly cash flow
−$157
at 20% down, 7%
Estimated rent
$3,450/mo
medium confidence
Break-even price
$310,479
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a 1965 up/down duplex in Victory, Minneapolis, asking $339,900, and the numbers don't work at that price. Our underwriting at 20% down shows about -$157 a month and a 5.8% cap rate, with a break-even near $310K. Taxes are $7,402 on a non-homestead basis, which is a heavy load for two 3-bed units we estimate at about $1,725 each. The listing gives no rents, no lease status and no utility or roof details, so ask for the rent roll and a trailing-12 first. The photos show tidy but basic units with a window AC, so it's worth a showing only if the price drops toward the break-even.

Things to consider

  1. Price is above what the numbers support At ask and 20% down, cash flow is about -$157 a month, and the break-even price is about $310K. That's roughly $29K below ask.
  2. Taxes eat a large share of income The $7,402 bill is non-homestead, which is what an investor pays. It's a fixed cost that rents have to cover.
  3. Seller has big room to negotiate The seller paid $100 in 2002, so almost any price is a gain for them. Use that to push toward break-even.
  4. Cosmetic refresh may hide older systems New carpet and paint make the units rent-ready but say nothing about the furnace, roof, wiring or plumbing in a 1965 building. Inspect these before you count on low repair costs.From photo 2
  5. Rents are unverified Our estimate is about $1,725 per unit, and the listing states no actual rents. The whole deal depends on real rents and who pays utilities.

From the photos

Listing photo 1
1 of 8Check

Stucco-and-brick exterior looks intact from the street, with a small shared front entry and two mailboxes by the door. Roof and gutters are not clearly visible.

Listing photo 2
2 of 8Plus

Carpet looks new and walls freshly painted, which looks like a cosmetic refresh rather than system upgrades.

Listing photo 4
3 of 8Concern

Window-mounted AC unit in the living room suggests no central air.

Listing photo 6
4 of 8Concern

Kitchen has dated red-brown cabinets and a gas range, but newer vinyl plank flooring. It's functional, not updated.

Listing photo 10
5 of 8Concern

Bathroom has older tile with a patched or partly missing section by the mirror, plus a glass-block window. It's serviceable but worn.

Listing photo 7
6 of 8Plus

Vinyl double-hung windows appear newer than the 1965 build date, but their age isn't confirmed.

Listing photo 5
7 of 8Check

Some photos (5 and 7) are virtually staged with furniture, so they don't show the real condition.

Listing photo 1
8 of 8Check

No photos of the basement, mechanicals, electrical panel, roof or the second unit's kitchen.

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

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
$339,900
Cash to close
$78,177
Price per unit
$169,950
GRM
8.2

Each month

Cash flow
−$157/mo
Cash-on-cash
−2.4%
Cap rate
5.8%
DSCR
0.91×

Break-even

Price that breaks even
$310,479
Rent that breaks even
$3,651/mo

Long run

Year 30: property vs stocks
$1.23M vs $624K
Cash flow turns positive
year 5

Monthly

Monthly breakdown

Rent$3,450
Vacancy (6%)−$207
Collected$3,243
Property tax Public record−$617
Insurance Estimate−$192
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$276
Capital reserve (8% of rent)−$276
Net operating income$1,652
Mortgage (principal + interest)−$1,809
Cash flow−$157
Principal paid down (equity, not cash)$230

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$1,228,375
Your equity when you sell
$775,525

Sells for $825,027 (value up 3% a year), minus 6% selling cost ($49,502). Rent paid down $271,920 of loan.

Rental profits, invested at 7%
$452,850

$245,975 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$623,788
Cash to close, invested at 7%
$595,103

$78,177 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$28,685

$4,265 you'd have paid in while the building lost money, invested instead.

The building comes out $604,587 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 $1.23M, stocks $624K. 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.

3 bed / 1 bath estimate $1,725/mo · range $1,450–$2,025

AddressRentBd / BaSq ftDistanceListedMatch
3118 Morgan Ave N, Minneapolis 55411 off market $1,900 3 / 1 — 0.9 mi 2025-10-15 93%
3547 3547/3549 Halifax Ave, # N3549, Robbinsdal… off market $1,995 3 / 1 1,450 1.0 mi 2026-05-16 92%
3045 Grimes Ave N, Robbinsdale 55422 $1,850 3 / 1 1,400 1.3 mi 2026-09-15 91%
1115 33rd Ave N, Minneapolis 55412 off market $1,380 3 / 1 1,200 1.2 mi 2026-08-25 89%
4165 N Aldrich Ave, Unit 2, Minneapolis 55412 off market $1,650 3 / 1 1,100 1.2 mi 2026-07-20 87%
2918 Girard Ave N, Minneapolis 55411 off market $1,850 3 / 1 1,100 1.3 mi 2025-10-03 87%
3326 Fremont Ave N, Minneapolis 55412 off market $1,625 3 / 1 1,000 1.1 mi 2026-06-27 86%
3841 Thomas Ave N, Apt 1, Minneapolis 55412 off market $1,150 2 / 1 — 0.0 mi 2026-02-23 84%
3318 N Penn Ave, Unit 3, Minneapolis 55412 off market $1,100 2 / 1 — 0.7 mi 2026-04-15 83%
1421 44th Ave N, Minneapolis 55412 off market $1,685 2 / 1 — 1.0 mi 2026-06-10 83%

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

  • mediumNo rents, lease terms or tenant status given for either unit Based on: data: rent_estimate · AI review
  • mediumProperty taxes are high relative to likely rents, and the investor tax bill is already non-homestead Based on: data: county.tax · AI review
  • lowRental license is an owner-exempt type; confirm it converts cleanly to a standard license for an investor buyer Based on: data: city.rental_license · AI review

Opportunities

  • The seller bought for $100 in Apr 2002, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 0502924410139: last sale 2002-04-01, $100
  • Main-level unit has a private partial basement, which could support storage or laundry and justify higher rent Listing says: a partial basement designated for the private use of the main-level unit · AI review
  • Near-identical layouts make the units easy to manage and price, and rents could rise with no cap Based on: data: underwriting.rent_rule · AI review
  • Owner-occupant angle: living in one unit could lower housing cost and widen the buyer pool Listing says: an owner-occupant looking to offset their housing costs with rental income from the second unit · AI review

Questions for the agent

  • What are the current rents, lease end dates and deposits for each unit?
  • Who pays heat, water, trash and electric, and how are the units metered?
  • How old are the roof, furnace, water heater and electrical panel?
  • Are the in-window AC units the only cooling, and who owns them?
  • Is the unit count correct for the license, and does the partial basement have legal use only for the main unit?
  • Why is the seller selling, and is there room below $339,900?

Bottom line

A basic, tidy 1965 duplex that loses money at $339,900; it only makes sense near $310K or as an owner-occupant purchase. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$7,402
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,300
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. base rate8% / 8%

Price history Realtor.com

On the market since 2026-09-18 (17 days); last sold for $79,000 on 1994-03-01.

DateEventPrice
Listed$339,900
Sold public record$79,000

County record Public record

Recorded asduplex
Living units2
Year built1965
Market value (2026)$393,400
Property tax$7,402
Special assessmentsnone
Homesteadno
Last sale2002-04-01 · $100

Source: Hennepin County parcel records.

City rental license

CHOWNEXMPT: 2 unit(s), Tier 1, status active, renews 2027-03-01.

Nearest highway

I 94, about 2103 m away.

Crime in Victory

155 incidents in the last 12 months (33 per 1,000 residents), +15% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).