Minneapolis › Bryant

3940 Park Ave S

Duplex · 2 units: 1 bed / 1 bath ×2 unit split estimated

Minneapolis, MN · Bryant · View the listing ↗

Far off

36 photos

Photos courtesy of Mazone Real Estate Group, via Realtor.com.

Needs more info before these numbers mean much. The city's rental license covers 1 unit(s); this analysis counts 2.

Asking price: $474,000
Monthly cash flow: −$1,912
Estimated rent: $2,300/mo
Break-even price: $114,735

Adjust the numbers See the full breakdown

First look

This is a Minneapolis up/down duplex built in 1912 with almost no description, just a 24-hour tenant notice line. At $474K, our underwriting shows about -$1,912 a month and a 1.5% cap rate. Break-even is around $115K, so the price doesn't work as a rental at today's rates. The listing has been up 316 days, so the seller may move, but even a big cut leaves a gap. The owner appears to occupy a unit or has an exempt license, and the city license covers only one unit. Check the license, the real rents and the boiler before spending time on a showing.

Things to consider

Price is far above what the rents support The break-even price is about $115K against a $474K ask, so cash flow is deeply negative even with a large cut.
License covers 1 unit, not 2 An unlicensed second unit can hurt financing, insurance and the ability to legally collect rent.
Tier 2 license means more violations than typical Expect more frequent inspections and possible repair orders, which raise costs.
Rents are unknown The listing gives no rents or lease terms. Our estimate is about $1,150 per 1-bed, so verify actual income first.
Seller has held the property a long time and it has sat on the market The 2002 purchase at $335K and 316 days listed point to room to negotiate, though the gap to break-even is huge.

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: $474,000
Cash to close: $109,020
Price per unit: $237,000
GRM: 17.2

Each month

Cash flow: −$1,912/mo
Cash-on-cash: −21.0%
Cap rate: 1.5%
DSCR: 0.24×

Break-even

Price that breaks even: $114,735
Rent that breaks even: $4,783/mo

Long run

Year 30: property vs stocks: $1.08M vs $2.85M
Cash flow turns positive: not within 30 years

Monthly

Monthly breakdown

Rent	$2,300
Vacancy (6%)	−$138
Collected	$2,162
Property tax Listing	−$720
Insurance Estimate	−$211
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$184
Capital reserve (9% of rent)	−$207
Net operating income	$611
Mortgage (principal + interest)	−$2,523
Cash flow	−$1,912
Principal paid down (equity, not cash)	$321

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$1,081,491

Your equity when you sell: $1,081,491
Rental profits, invested at 7%: $0

Same money in stocks$2,846,550

Cash to close, invested at 7%: $829,888
Monthly shortfalls, invested: $2,016,662

Stocks come out $1,765,059 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 $1.08M, stocks $2.85M. 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 $1,150/mo · range $1,075–$1,225

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
4106 Chicago Ave S, Unit 7, Minneapolis 55407	$1,099	1 / 1	640	0.2 mi	2026-10-03	100%
4106 Chicago Airbnb Ave S, Unit 9, Minneapolis 55407	$1,349	1 / 1	1,000	0.2 mi	2026-10-04	100%
4106 Chicago Ave S, Unit 5, Minneapolis 55407	$1,099	1 / 1	768	0.2 mi	2026-10-04	100%
4106 Chicago Ave S, Minneapolis 55407	$1,099	1 / 1	640	0.2 mi	2024-08-06	100%
4112 Chicago Ave S, Minneapolis 55407	$1,199	1 / 1	780	0.2 mi	2025-01-31	100%
4112 Chicago Ave S, Unit 7, Minneapolis 55407	$1,199	1 / 1	780	0.2 mi	2026-10-04	100%
4106 Chicago Ave S, Unit 8, Minneapolis 55407 off market	$1,099	1 / 1	640	0.2 mi	2026-07-12	100%
4112 Chicago Ave S, Unit 3, Minneapolis 55407 off market	$1,099	1 / 1	640	0.2 mi	2026-06-23	99%
4112 Chicago Ave S, Unit 8, Minneapolis 55407 off market	$1,145	1 / 1	640	0.2 mi	2026-05-14	99%
4106 Chicago Ave S, Unit 6, Minneapolis 55407 off market	$1,099	1 / 1	768	0.2 mi	2026-02-21	99%

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 1 unit(s); this analysis counts 2. Public record: Minneapolis Active Rental Licenses: 3940 PARK AVE, units=1
highRental license shows one unit, not two. Confirm both units are legal and licensed. Based on: data: city.rental_license · AI review
mediumRental license Tier 2: the city has flagged more violations than typical; expect more frequent inspections and repair orders. Public record: Minneapolis Active Rental Licenses: 3940 PARK AVE, grade/tier=Tier 2, status=Active
mediumAsking is $359,265 above the price where cash flow breaks even ($114,735) at the default scenario. Based on: Derived: price $474,000 vs. break-even $114,735
mediumTax bill is the homestead rate. An investor will likely pay a higher non-homestead bill. Based on: data: county.homestead · AI review
lowBasement finished space with exposed pipes and peeling paint in the utility area. Check moisture and whether it counts as legal living space. Based on: photo 9 · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 319 days on market
316 days on market suggests the seller may accept a much lower offer. Based on: data: listing.days_on_market · AI review
No rent cap in Minneapolis, so rents can follow the market after any updates. Based on: data: underwriting.rent_rule · AI review

Questions for the agent

What are the current rents, lease end dates and are tenants month-to-month?
Is the owner living in one unit? If so, which one will be vacant at closing?
Why does the city license cover only 1 unit, and what were the Tier 2 violations?
How old are the boiler, roof and electrical panel, and do the units have separate meters?
Who pays heat and water, and what were the last 12 months of utility bills?
Has the price been cut, and what offers have come in?

Bottom line

At $474K this duplex loses about $1,900 a month on our numbers, so it only works at a drastically lower price. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2025. 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.	$8,634
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,530
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. built 1912: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2025-11-20 (319 days); down $15,900 (3.2%) from the first ask of $489,900; last sold for $335,000 on 2002-03-06.

Date	Event	Price
2026-04-17	Price changed	$474,000
2026-02-04	Price changed	$475,000
2025-11-20	Listed	$489,900
2002-03-06	Sold public record	$335,000
1986-10-01	Sold public record	$94,900

County record Public record

Recorded as	duplex
Living units	2
Year built	1912
Market value (2026)	$435,100
Property tax	$6,632
Special assessments	none
Homestead	no
Last sale	2002-02-01 · $335,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 35W, about 712 m away.

Crime in Bryant

100 incidents in the last 12 months (35 per 1,000 residents), −31% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).