Minneapolis › Bryant

3954 Portland Ave

Duplex · 2 units: 2 bed and 3 bed · 2,491 sq ft

Minneapolis, MN · Bryant · View the listing ↗

Overpriced

38 photos

Photos courtesy of Keller Williams Realty, via Realtor.com.

Asking price: $425,000
Monthly cash flow: −$593
Estimated rent: $3,450/mo
Break-even price: $313,556

Adjust the numbers See the full breakdown

From the listing

Spacious Bryant duplex offering the flexibility and opportunity that owner-occupants and investors alike are looking for. With more than 2,600 finished square feet, both units feature generously sized living and dining areas, abundant natural light, and room sizes rarely found in today's multifamily properties. The main-level unit offers 2 bedrooms and 1 bath, beautiful hardwood floors, and opportunity for immediate owner occupancy. The upper unit spans two levels with 3 bedrooms and 2 baths, creating a layout that lives much like a single-family home. Updated kitchens and baths, a detached two-car garage, shared laundry, and a corner lot add to the property's appeal. Whether you're looking to offset your mortgage with rental income, occupy one unit while leasing the other, or expand your investment portfolio, this property offers a rare combination of space, character, and versatility in the heart of South Minneapolis.

Listing courtesy of Keller Williams Realty (Alyssa Strom). Description from Realtor.com, MLS #7091487. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a big, character-rich 1889 duplex, but at $425K the numbers don't work. Our rents total about $3,450 a month, cash flow runs around -$593 a month at 20% down, and the cap rate is 4.7%. The listing gives no rents, no lease terms and no expense figures, and the pitch leans on owner-occupancy. Photos show tenant belongings in at least one unit, so ask whether it's occupied and on what lease. It is only worth a showing if you plan to live in one unit and the seller drops the price a long way. Check the heat and utility setup, the electrical, and the foundation first.

Things to consider

Numbers don't work at asking Cash flow is about -$593 a month and the cap rate is 4.7%. You would need a much lower price or to live there yourself.
Rents are unverified The listing gives no rents. Our estimates are about $1,550 for the 2-bed and $1,900 for the 3-bed, and you should confirm them with real leases.
Owner-occupant angle If you live in one unit, the effective cost drops. Check financing rules for 2-unit owner-occupant loans.Listing says: “opportunity for immediate owner occupancy”
Old building, unknown systems An 1889 house can carry big deferred costs in electrical, plumbing and foundation. Budget for an inspection before offering.
Taxes are high as a non-homestead investor The county shows $6,426 in tax as non-homestead. That is a big drag on cash flow.

From the photos

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

Condition and repairs

doneUpdated kitchens and bathsListing says: Updated kitchens and baths, a detached two-car garage, shared laundry, and a corner lot

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: $425,000
Cash to close: $97,750
Price per unit: $212,500
GRM: 10.3

Each month

Cash flow: −$593/mo
Cash-on-cash: −7.3%
Cap rate: 4.7%
DSCR: 0.74×

Break-even

Price that breaks even: $313,556
Rent that breaks even: $4,220/mo

Long run

Year 30: property vs stocks: $1.17M vs $1.01M
Cash flow turns positive: year 13

Monthly

Monthly breakdown

Rent	$3,450
Vacancy (6%)	−$207
Collected	$3,243
Property tax Public record	−$536
Insurance Estimate	−$222
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$276
Capital reserve (9% of rent)	−$310
Net operating income	$1,669
Mortgage (principal + interest)	−$2,262
Cash flow	−$593
Principal paid down (equity, not cash)	$288

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$1,173,899

Your equity when you sell: $969,692
Rental profits, invested at 7%: $204,208

Same money in stocks$1,007,397

Cash to close, invested at 7%: $744,098
Monthly shortfalls, invested: $263,299

The building comes out $166,502 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 $1.17M, stocks $1.01M. 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.

2 bed estimate $1,550/mo · range $1,450–$1,700 · 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	0.3 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	0.4 mi	—	Apartment
3715 Columbus Ave S Apt 2, Minneapolis	$1,395	2 / 1	920	0.4 mi	—	Apartment
4200 1st Ave S, Minneapolis	$1,399	2 / 1	850	0.5 mi	2026-10-02	Apartment
3549 Columbus Ave S, Minneapolis	$1,250	2 / 1	800	0.5 mi	—	Apartment
3515 2nd Ave S Unit 303, Minneapolis	$1,695	2 / 1	750	0.6 mi	2026-09-07	Apartment
3503 2nd Ave S, Minneapolis	$1,639	2 / 1	686	0.7 mi	2025-08-04	Apartment
3648 Blaisdell Ave Apt 2, Minneapolis	$1,595	2 / —	1,200	0.7 mi	2026-09-16	Duplex triplex
3429 2nd Ave S Fl 1, Minneapolis	$1,400	2 / 1	850	0.7 mi	—	Apartment

3 bed estimate $1,900/mo · range $1,750–$2,375 · 9 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
4429 Nicollet Ave, Minneapolis	$1,999	3 / 1	1,050	0.8 mi	2026-01-22	Apartment
3336 4th Ave S Apt 4, Minneapolis	$1,595	3 / 1	1,100	0.8 mi	—	Apartment
3336 4th Ave S Apt 2, Minneapolis	$1,795	3 / 1	1,100	0.8 mi	—	Apartment
3329 Nicollet Ave Unit A, Minneapolis	$2,499	3 / 2.5	1,400	0.9 mi	2026-06-05	Apartment
3208 Blaisdell Ave Apt 3, Minneapolis	$1,750	3 / 1	1,220	1.1 mi	2024-07-22	Apartment
3520 Dupont Level Ave S Unit Lower, Minneapolis	$2,595	3 / 1	1,600	1.4 mi	2026-05-31	Duplex triplex
2835 11th Ave S, Minneapolis	$1,700	3 / 2	1,166	1.5 mi	2026-05-21	Apartment
2821 1st Ave S, Minneapolis	$1,600	3 / 1	1,743	1.5 mi	2026-06-17	Apartment
705 W 31st St, Minneapolis	$1,775	3 / 1	725	1.5 mi	2025-03-22	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

highPrice is far above what the rents support; the break-even price is about $177K lower than asking. Based on: data: underwriting.break_even_price · AI review
mediumNo rents, lease terms or expenses given; the pitch is aimed at owner-occupants, not investors. Listing says: opportunity for immediate owner occupancy · AI review
mediumBuilt in 1889: the foundation, wiring and plumbing are likely old, and none of it is described. Based on: data: listing.year_built · AI review
lowShared laundry means shared meters or utilities may be in play. Confirm how utilities are split. Listing says: Updated kitchens and baths, a detached two-car garage, shared laundry, and a corner lot · AI review

Opportunities

The seller bought for $184,600 in Dec 2015, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 1002824110170: last sale 2015-12-01, $184,600
Long time on market: room to negotiate. Based on: Listing data: 116 days on market
House-hack: live in the 2-bed main level and rent the 3-bed upper, which is the strongest unit. Listing says: The upper unit spans two levels with 3 bedrooms and 2 baths · AI review
Seller has held since 2015 at $184,600 and the listing is 113 days old, so there is room to push the price down. Based on: data: county.last_sale_price · AI review
Detached two-car garage and off-street parking help rentability and could bring in extra income. Based on: photo 2 · AI review

Questions for the agent

Are both units occupied? What are the rents, lease end dates and security deposits?
Is heat one furnace or separate systems, and who pays heat, water and trash?
How old are the roof, furnace, water heater and electrical panel?
What do the trailing-12 months of taxes, insurance and repairs look like?
Has the foundation been inspected? Any water in the basement?
Why has it sat for 113 days, and have there been price cuts?

Bottom line

Nice space, but at $425K it loses about $593 a month as a rental, so it only works as a house-hack at a much lower price. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$6,426
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,665
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 1889: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-06-11 (116 days, relisted 1×); down $4,000 (0.9%) from the first ask of $429,000; last sold for $184,600 on 2015-12-03.

Date	Event	Price
2026-07-01	Relisted	$425,000
2026-06-24	Removed	—
2026-06-17	Price changed	$425,000
2026-06-11	Listed	$429,000
2015-12-03	Sold	$184,600
2015-10-11	Listed	$199,900
1999-08-19	Sold public record	$100,000
1990-08-20	Sold public record	$63,000
1990-04-16	Sold public record	$23,700

County record Public record

Recorded as	duplex
Living units	2
Year built	1889
Market value (2026)	$338,400
Property tax	$6,426
Special assessments	none
Homestead	no
Last sale	2015-12-01 · $184,600

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 513 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).