Minneapolis › Bryant

3952 Oakland Ave

Duplex · 2 units: 2 bed / 1.5 bath ×2 unit split estimated · 2,292 sq ft

Minneapolis, MN · Bryant · View the listing ↗

Far off

55 photos

Photos, via Realtor.com.

Asking price: $460,000
Monthly cash flow: −$1,037
Estimated rent: $3,200/mo
Break-even price: $265,232

Adjust the numbers See the full breakdown

First look

This is a 2-unit Minneapolis duplex asking $460K, and the numbers don't work. Stated rents total $3,545, but one unit is vacant and the $2,200 unit is well above our $1,600 mid estimate for a 2-bed. Our underwriting shows about -$1,037/mo and a 3.7% cap rate, with break-even near $265K. It has been listed 88 days and sold for $425K in 2023, so the seller has little room and has probably heard pushback on price. Before a showing, get the actual lease and rent roll for Unit 2 and a real rent for Unit 1. Then decide if the $2,200 is believable or an outlier.

Things to consider

Price is far above what the rents support Underwriting shows a negative cash flow of about $1,037 a month and a 3.7% cap rate, so you would be feeding the property every month.
The $2,200 rent looks like an outlier Our estimate for a 2-bed is $1,600, so the income may drop if Unit 2 turns over. Underwrite at market rents, not the current lease.Listing says: “Unit 2 leased through 4/2027 at $2,200/mo”
Taxes are non-homestead and heavy About $7,879 a year in tax takes a large share of net income at this price. Check whether it will rise after a sale.
Updates are claimed but not shown Without kitchen, bath and mechanical photos, you can't judge capital needs. Inspect before you rely on low repair costs.Listing says: “Very well maintained and completely updated throughout.”
Rental license and unit status look in order An active 2-unit license through March 2027 lowers legal risk, but confirm it transfers or renews on sale.

From the photos

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

Rents the listing states

Unit 1: $1,345 (vacant)Listing says: Unit 1 is vacant, rent was at $1,345/mo
Unit 2: $2,200 (lease)Listing says: Unit 2 leased through 4/2027 at $2,200/mo

Condition and repairs

doneFull update throughout the propertyListing says: Very well maintained and completely updated throughout.

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: $460,000
Cash to close: $105,800
Price per unit: $230,000
GRM: 12.0

Each month

Cash flow: −$1,037/mo
Cash-on-cash: −11.8%
Cap rate: 3.7%
DSCR: 0.58×

Break-even

Price that breaks even: $265,232
Rent that breaks even: $4,529/mo

Long run

Year 30: property vs stocks: $1.08M vs $1.51M
Cash flow turns positive: year 23

Monthly

Monthly breakdown

Rent	$3,200
Vacancy (6%)	−$192
Collected	$3,008
Property tax Public record	−$657
Insurance Estimate	−$198
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$256
Capital reserve (8% of rent)	−$256
Net operating income	$1,412
Mortgage (principal + interest)	−$2,448
Cash flow	−$1,037
Principal paid down (equity, not cash)	$312

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$1,077,737

Your equity when you sell: $1,049,549
Rental profits, invested at 7%: $28,189

Same money in stocks$1,512,797

Cash to close, invested at 7%: $805,377
Monthly shortfalls, invested: $707,421

Stocks come out $435,060 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 $1.51M. Stocks win.

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.

2 bed estimate $1,600/mo · range $1,450–$2,000 · 10 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
4112 Chicago Ave S, Minneapolis	$1,499	2 / 1	1,000	0.2 mi	2025-01-31	Apartment
3718 Oakland Ave S, Minneapolis	$1,150	2 / 1	700	0.3 mi	2026-01-03	Apartment
3715 Columbus Ave S Apt 4, Minneapolis	$1,495	2 / 1	920	0.3 mi	—	Apartment
3715 Columbus Ave S Apt 2, Minneapolis	$1,395	2 / 1	920	0.3 mi	—	Apartment
3549 Columbus Ave S, Minneapolis	$1,250	2 / 1	800	0.5 mi	—	Apartment
4200 1st Ave S, Minneapolis	$1,399	2 / 1	850	0.6 mi	2026-10-02	Apartment
4201 Nicollet Ave S, Minneapolis	$2,395	2 / 2	943	0.6 mi	2026-06-01	Apartment
4222 Nicollet Ave, Minneapolis	$2,445	2 / 2	1,387	0.7 mi	2024-04-12	Apartment
3515 2nd Ave S Unit 303, Minneapolis	$1,695	2 / 1	750	0.7 mi	2026-09-07	Apartment
3503 2nd Ave S, Minneapolis	$1,639	2 / 1	686	0.7 mi	2025-08-04	Apartment

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

highUnit 2 rent is about 63% above our estimate for a 2-bed and may not be repeatable if that tenant leaves Listing says: Unit 2 leased through 4/2027 at $2,200/mo · AI review
mediumAsking is $194,768 above the price where cash flow breaks even ($265,232) at the default scenario. Based on: Derived: price $460,000 vs. break-even $265,232
mediumUnit 1 is vacant, so the income is not proven and you carry vacancy and lease-up costs at closing Listing says: Unit 1 is vacant, rent was at $1,345/mo · AI review
mediumLast sold for $425K in 2023; asking is $35K more with a market value of about $415K Based on: data: county.last_sale_price · AI review
low88 days on market suggests the price has not met buyer interest Based on: data: listing.days_on_market · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 91 days on market
Unit 2 is leased through April 2027, which gives income stability if the lease is verified Listing says: Unit 2 leased through 4/2027 at $2,200/mo · AI review
Each unit has a private garage stall and basement, which supports rent and tenant retention Listing says: Each unit has a private basement with lots storage and a private garage stall. · AI review
Minneapolis has no rent cap, so rents can follow the market Based on: data: underwriting.rent_rule · AI review

Questions for the agent

Can I see the Unit 2 lease and proof of rent payments? Is $2,200 for the whole unit or does it include anything extra?
Why is Unit 1 vacant and what was the last tenant's actual rent and move-out date?
Who pays heat, water, electric and trash for each unit, and are the meters separate?
How old are the roof, furnace, water heaters and electrical panels?
What are the trailing-12 expenses, and why was the price not reduced over 88 days?
Is the rooftop deck permitted and who has access to it?

Bottom line

At $460K this duplex loses about $1,000 a month on our numbers; it only makes sense at a much lower price or if the $2,200 rent is real and repeatable. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$7,879
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,373
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 2026-07-06 (91 days); down $5,000 (1.1%) from the first ask of $465,000; last sold for $425,000 on 2023-03-03.

Date	Event	Price
2026-09-22	Price changed	$460,000
2026-07-06	Listed	$465,000
2023-03-03	Sold	$425,000
2018-10-29	Sold	$329,900
2018-10-19	Sold	$329,900
2018-10-15	Removed	$339,900
2018-09-18	Listed	$329,900
2018-09-18	Removed	$339,900
2018-09-14	Price changed	$339,900
2018-08-21	Price changed	$349,900
2018-07-08	Listed	$359,900
2015-10-21	Sold public record	$239,000
2015-06-04	Sold public record	$111,000
2002-08-30	Sold	$257,400
2002-06-12	Listed	$259,900
1996-07-26	Sold public record	$81,000
1990-09-21	Sold public record	$87,600
1985-11-01	Sold public record	$48,780

County record Public record

Recorded as	duplex
Living units	2
Year built	1941
Market value (2026)	$414,900
Property tax	$7,879
Special assessments	none
Homestead	no
Last sale	2023-03-01 · $425,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 35W, about 619 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).