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4037 Fremont Ave N

Duplex · 2 units: 2 bed / 2 bath ×2 unit split estimated · 1,744 sq ft

Minneapolis, MN · Webber - Camden · View the listing ↗

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Photos, via Realtor.com.

Asking price
$314,900
2 units · $157K per unit
Monthly cash flow
−$272
at 20% down, 7%
Estimated rent
$3,050/mo
medium confidence
Break-even price
$263,889
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a one-level brick duplex with a main-floor 1/1 and a lower-level unit that is described as a private room, half bath and walk-in closet. The county lists 2 living units, but the listing's '4 bed / 4 bath' doesn't match that description. At $314,900 our model shows about -$272/month and a 5.4% cap rate, and break-even is near $263,900. No rents are stated, so the income is unproven. Before a showing, confirm the lower unit is a legal, licensed unit with egress and a kitchen. The photos show no lower-level kitchen. The rental license says 2 units, but check which units it covers. Skip it unless the price comes down a lot.

Things to consider

  1. Price is far above what the rents support Our model puts cash flow at about -$272/month, and break-even is roughly $51K below asking. Negotiating or walking away matters more than anything else here.
  2. Lower unit legality and layout A half bath, a 'private room' and no visible kitchen mean it may not be rentable as a separate unit. That would cut income and change the loan.Listing says: “The lower level boasts a private room, half bathroom, walk-in closet”
  3. Rents are not stated Our rent estimate is based on 2 bed / 2 bath units, and the listing says 1/1. Real rents could be lower, so get the rent roll.
  4. Seller's big gain gives room to negotiate They bought for $132,500 in 2017, so they can accept less.
  5. Updates look cosmetic Fresh paint hides what the photos show: dated bath, worn floors, old wiring. Budget for systems and reserves.Listing says: “new curb appeal, new paint and minor updates”

From the photos

Listing photo 3
1 of 9Concern

Main-level hardwoods look worn with dark stains and scuffs, and the paint is fresh. The updates appear cosmetic.

Listing photo 4
2 of 9Check

Window AC units are in the main-level windows, so there appears to be no central air.

Listing photo 10
3 of 9Concern

Lower-level bath is dated, with a drop ceiling and a small vanity. There is a half bath only.

Listing photo 7
4 of 9Check

Basement has a forced-air furnace and a gas water heater, which appear to be older units. The age is not visible.

Listing photo 8
5 of 9Check

Exposed wiring and a small breaker panel on the basement joists; the electrical work needs a closer look.

Listing photo 8
6 of 9Concern

Block foundation walls show staining, and the floor is bare concrete. Ask about moisture.

Listing photo 6
7 of 9Check

Laundry hookups and a utility sink are in the shared basement. No coin or per-unit setup is visible.

Listing photo 2
8 of 9Plus

Brick exterior with a shingle roof that appears in decent shape. Corner lot with yard space.

Listing photo 9
9 of 9Check

No kitchen photos are included, and none of the lower unit's kitchen area.

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

Condition and repairs

  • doneNew paint and minor updates (cosmetic only)Listing says: new curb appeal, new paint and minor updates

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
$314,900
Cash to close
$72,427
Price per unit
$157,450
GRM
8.6

Each month

Cash flow
−$272/mo
Cash-on-cash
−4.5%
Cap rate
5.4%
DSCR
0.84×

Break-even

Price that breaks even
$263,889
Rent that breaks even
$3,398/mo

Long run

Year 30: property vs stocks
$995K vs $633K
Cash flow turns positive
year 8

Monthly

Monthly breakdown

Rent$3,050
Vacancy (6%)−$183
Collected$2,867
Property tax Public record−$558
Insurance Estimate−$186
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$244
Capital reserve (8% of rent)−$244
Net operating income$1,405
Mortgage (principal + interest)−$1,676
Cash flow−$272
Principal paid down (equity, not cash)$213

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$995,155
Your equity when you sell
$718,484

Sells for $764,345 (value up 3% a year), minus 6% selling cost ($45,861). Rent paid down $251,920 of loan.

Rental profits, invested at 7%
$276,671

$164,162 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$632,834
Cash to close, invested at 7%
$551,333

$72,427 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$81,501

$13,008 you'd have paid in while the building lost money, invested instead.

The building comes out $362,321 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 $995K, stocks $633K. 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.

2 bed / 2 bath estimate $1,525/mo · range $1,275–$1,750

AddressRentBd / BaSq ftDistanceListedMatch
4209 Bryant Ave N, Unit 2, Minneapolis 55412 off market $1,400 2 / 1 — 0.3 mi 2026-01-07 89%
1421 44th Ave N, Minneapolis 55412 off market $1,685 2 / 1 — 0.4 mi 2026-06-10 89%
3841 Thomas Ave N, Apt 1, Minneapolis 55412 off market $1,150 2 / 1 — 0.9 mi 2026-02-23 88%
3318 N Penn Ave, Unit 3, Minneapolis 55412 off market $1,100 2 / 1 — 1.1 mi 2026-04-15 88%
3107 Dupont Ave N, Unit 1, Minneapolis 55411 off market $1,550 2 / 1 — 1.2 mi 2026-05-28 87%
2935 Aldrich Ave N, Unit 1, Minneapolis 55411 off market $1,300 2 / 1 — 1.3 mi 2026-04-24 87%
3610 N Queen Ave, Unit 2, Minneapolis 55412 off market $1,400 2 / 1 1,200 0.9 mi 2023-06-19 86%
1501 N 44th Ave, Unit 1503, Minneapolis 55412 off market $1,500 2 / 1 1,144 0.4 mi 2026-06-22 86%
2900 Colfax Ave N, Minneapolis 55411 off market $1,345 2 / 1 1,200 1.4 mi 2026-03-06 86%
4131 Bryant Ave N, Minneapolis 55412 off market $2,000 2 / 2 1,800 0.3 mi 2026-04-24 84%

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

  • highLower unit may not be a true second unit: half bath only, no kitchen seen, and a 'private room' Listing says: The lower level boasts a private room, half bathroom, walk-in closet · AI review
  • mediumListing bed/bath counts (4/4) conflict with the description of two 1-bed units; our rent estimate assumes 2/2 units, which looks too generous Based on: data: rent_estimate · AI review
  • mediumTaxes are high, at the non-homestead rate, and eat into income Based on: data: county.tax · AI review

Opportunities

  • The seller bought for $132,500 in Apr 2017, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 0402924130059: last sale 2017-04-01, $132,500
  • House-hack: live in one side and rent the other, which may help with owner-occupant financing Listing says: live on one side while renting the other to offset your mortgage · AI review
  • No rent cap in Minneapolis, so rents can rise after a refresh Based on: data: underwriting.rent_rule · AI review
  • Garage space and a fenced yard can support rent Listing says: 3-car garage, fenced-in backyard · AI review

Questions for the agent

  • Does the lower unit have a full kitchen, and is it licensed as a separate unit?
  • What are current rents and lease terms, and is either side occupied?
  • Are the units separately metered for gas and electric, and is there one furnace or two?
  • How old are the roof, furnace, water heater and electrical panel?
  • Why is it still listed after 42 days, and has the price changed?
  • Is the lower level egress window size legal for a bedroom?

Bottom line

A tidy brick duplex, but at this price it loses money each month and the lower unit's legality needs checking. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$6,698
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,236
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 2026-08-21 (45 days); down $10,100 (3.1%) from the first ask of $325,000; last sold for $132,500 on 2017-04-05; listed for rent at $1,650/mo on 2026-08-03.

DateEventPrice
Price changed$314,900
Removed—
Removed—
Listed$325,000
Listed for rent$1,650/mo
Listed for rent$1,650/mo
Sold public record$132,500
Removed$130,000
Listed$130,000
Removed$119,000
Listed$119,000
Removed$124,900
Price changed$124,900
Listed$129,900
Sold$70,000
Listed$55,000
Sold public record$211,500
Sold public record$78,000
Sold public record$79,931

County record Public record

Recorded asduplex
Living units2
Year built1954
Market value (2026)$356,000
Property tax$6,698
Special assessmentsnone
Homesteadno
Last sale2017-04-01 · $132,500

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 94, about 700 m away.

Crime in Webber - Camden

232 incidents in the last 12 months (41 per 1,000 residents), +5% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).