Minneapolis › Standish

3829 28th Ave S

Duplex · 2 units: 1 bed / 1 bath ×2 unit split estimated · 1,283 sq ft

Minneapolis, MN · Standish · View the listing ↗

Far off

42 photos

Photos courtesy of RE/MAX Results, via Realtor.com.

Asking price: $374,990
Monthly cash flow: −$989
Estimated rent: $2,400/mo
Break-even price: $189,266

Adjust the numbers See the full breakdown

From the listing

Solid side by side duplex in the Standish neighborhood of South Minneapolis, with both apartments currently leased and producing income. This 1920s side-by-side pairs timeless character with a location that puts the best of South Minneapolis at your door. Walking distance to Northbound Smokehouse, other popular restaurants and various coffee shops. Or catch or a show at the vintage Riverview Theater. Lake Hiawatha Park and Lake Nokomis are both minutes away, with walking paths, beaches, and open water to explore. Public transportation is close by for an easy commute. Each side is a comfortable one-bedroom, one-bathroom unit with a sun-filled living room, separate formal dining room, and a functional kitchen with a gas range. Warm hardwood floors run throughout, set off by original woodwork, built-in cabinetry, a vintage farmhouse sink, and classic tiled floor baths. The meticulously cared for building and its vintage details have been well preserved in excellent condition, giving each unit real personality that still feels fresh and move-in ready. Each unit has its own private entrance, its own dedicated garage stall, and its own private storage in the divided basement, which holds four separate storage rooms. A shared coin-operated washer and dryer with hookups and a fully fenced yard complete the package. Whether you're house-hacking or growing your portfolio, don't miss out on this incredible opportunity!

Listing courtesy of RE/MAX Results (Taylor Doolittle). Description from Realtor.com, MLS #7125780. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a side-by-side duplex of two 1-bed/1-bath units, and the price doesn't work at today's rates. Our underwriting shows about -$989 a month and a 3.2% cap rate, with break-even near $189K against a $375K ask. The description says both sides are leased but gives no rents, lease terms or expenses, so get the rent roll first. Photos show original kitchens and baths, which fits the 'move-in ready' claim only loosely. Tenant-occupied sides mean limited interior access. Only worth a showing if the price drops a lot or the actual rents are far above our $1,200 estimates.

Things to consider

Price is far above what the rents support Our model shows roughly -$989 a month and break-even near $189K. Even a big rent surprise would not close that gap.
Income is unverified The description says both units are leased but gives no rents or terms. Every number rests on our $1,200 estimates until you see the rent roll.Listing says: “both apartments currently leased and producing income”
Older gravity heat A gravity system is old, and replacement or conversion is costly. It also affects who pays heat and the tenants' comfort.
Dated kitchens and baths limit upside until updated Original finishes may hold rents near estimate. Updates cost money before any increase pays back.From photo 6
Owner-held for decades, with room to negotiate The seller's $59,500 basis from 2002 means they can accept a big cut and still profit.

From the photos

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

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: $374,990
Cash to close: $86,248
Price per unit: $187,495
GRM: 13.0

Each month

Cash flow: −$989/mo
Cash-on-cash: −13.8%
Cap rate: 3.2%
DSCR: 0.50×

Break-even

Price that breaks even: $189,266
Rent that breaks even: $3,667/mo

Long run

Year 30: property vs stocks: $857K vs $1.43M
Cash flow turns positive: year 29

Monthly

Monthly breakdown

Rent	$2,400
Vacancy (6%)	−$144
Collected	$2,256
Property tax Public record	−$458
Insurance Estimate	−$177
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$192
Capital reserve (8% of rent)	−$192
Net operating income	$1,007
Mortgage (principal + interest)	−$1,996
Cash flow	−$989
Principal paid down (equity, not cash)	$254

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$856,715

Your equity when you sell: $855,587
Rental profits, invested at 7%: $1,127

Same money in stocks$1,432,718

Cash to close, invested at 7%: $656,539
Monthly shortfalls, invested: $776,178

Stocks come out $576,003 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 $857K, stocks $1.43M. Stocks win.

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 $1,200/mo · range $1,000–$1,400

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
3555 Bloomington Ave S, Minneapolis 55407	$1,450	1 / 1	1,000	1.0 mi	2026-10-03	93%
3208 Minnehaha Ave, Apt 3, Minneapolis 55406 off market	$1,245	1 / 1	—	0.8 mi	2026-08-03	93%
4224 Cedar Ave S, Minneapolis 55407 off market	$1,550	1 / 1	—	0.9 mi	2026-05-22	93%
2818 E 31st St, Minneapolis 55406 off market	$875	1 / 1	—	1.0 mi	2026-03-12	93%
2807 E 29th St, Unit 7, Minneapolis 55406 off market	$900	1 / 1	—	1.2 mi	2026-06-15	92%
3010 20th Ave S, Apt 4, Minneapolis 55407 off market	$1,000	1 / 1	—	1.2 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%

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

highNo rents, lease dates or expenses are given, so income can't be verified. Listing says: both apartments currently leased and producing income · AI review
mediumAsking is $185,724 above the price where cash flow breaks even ($189,266) at the default scenario. Based on: Derived: price $374,990 vs. break-even $189,266
mediumHeat type is gravity (old gravity furnace). Unusual, aging system; confirm how each unit is heated and who pays. Based on: data: county.heat_type · AI review
low$111 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 1202824110096: special assessments (current) = $110.71
lowHighway about 256 m away (Hiawatha Ave/MN 55) may mean noise and affect tenant appeal. Based on: data: highway · AI review

Opportunities

The seller bought for $59,500 in Dec 2002, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 1202824110096: last sale 2002-12-01, $59,500
Each unit has its own entrance, garage stall and storage, which supports solid tenant appeal and possible storage or laundry income. Listing says: Each unit has its own private entrance, its own dedicated garage stall · AI review
No rent cap in Minneapolis, so rents can rise to market at turnover or after updates. Based on: data: underwriting.rent_rule · AI review
Coin-op laundry already has hookups and is in place. Listing says: A shared coin-operated washer and dryer with hookups · AI review

Questions for the agent

What are the current rents, lease end dates and deposits for each unit?
Is either tenant month-to-month, and are leases being assigned to the buyer?
How is each unit heated and metered, and who pays gas, electric, water and trash?
What are the ages of the roof, furnace or heating system, water heater and electrical panels?
What are the $111 special assessments for, and does the seller pay them off at closing?
Any room on price after 31 days on the market?

Bottom line

Charming 1920s side-by-side, but at $375K it loses roughly $1,000 a month in our model, so it only works at a much lower price or with strong verified rents. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$5,495
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,121
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 rate	8% / 8%

Price history Realtor.com

On the market since 2026-09-04 (31 days); last sold for $59,500 on 2002-12-03.

Date	Event	Price
2026-09-04	Listed	$374,990
2002-12-03	Sold public record	$59,500

County record Public record

Recorded as	duplex
Living units	2
Year built	1929
Market value (2026)	$290,500
Property tax	$5,495
Special assessments	$111
Homestead	no
Last sale	2002-12-01 · $59,500

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

MN 55, about 256 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).