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416 8th Ave SE

Triplex · 3 units: 3 bed / 1 bath ×2 and 2 bed / 1 bath unit split estimated · 2,922 sq ft

Minneapolis, MN · Marcy Holmes · View the listing ↗

Overpriced
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Photos courtesy of Exp Realty - Broker, via Realtor.com.

Asking price
$599,000
3 units · $200K per unit
Monthly cash flow
−$1,196
at 20% down, 7%
Estimated rent
$4,600/mo
medium confidence · 17 rentals within 0.75 mi
Break-even price
$374,376
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

The listing calls this a duplex, but county records and the rental license both say three units, and the facts show 8 beds. That mismatch is the first thing to sort out. At $599K the numbers don't work: our model shows about -$1,196/month and a 4.0% cap rate, and break-even is near $374K. There are no rents, no lease terms and no expenses in the description, so everything rests on our estimates. Get the rent roll and confirm the unit count before a showing. Unless the seller moves a long way on price, this looks like a pass.

Things to consider

  1. Price is far above what rents support The model shows negative cash flow of about $1,196 a month at asking, with break-even near $374K. Buying here means a big price cut or a large cash cushion.
  2. Unit count and legal status are unclear Records show three licensed units while the listing says duplex. Income, insurance and financing all depend on the answer.
  3. Sale history raises questions The seller paid $500K in April 2025 and now asks 20% more. Without visible upgrades, the premium looks hard to justify.
  4. High taxes weigh on net income About $10.5K a year in non-homestead tax takes a large share of rent before any repairs or heat.
  5. Interior condition looks dated Worn floors, textured walls and exposed surface wiring suggest cosmetic and electrical work to budget before raising rents.From photo 9
  6. Highway noise near I-35W Being so close to the highway can trim rents and slow leasing on the side facing it.

From the photos

Listing photo 1
1 of 8Plus

Large three-story Victorian with a wraparound porch. Siding appears to be newer vinyl over an older frame, and the trim paint looks fresh.

Listing photo 5
2 of 8Check

Rear has an exterior stair to the upper floors and a back entrance. This suggests multiple units or separate entrances. Check the unit count and fire egress.

Listing photo 6
3 of 8Concern

Bedroom floors look worn and dark. Walls and ceilings have heavy texture, and some cracking appears near the corner.

Listing photo 9
4 of 8Check

A radiator is visible, so heat is likely hot-water radiators, in line with county records. Exposed surface-mounted conduit and pipe run along the walls and ceiling.

Listing photo 9
5 of 8Concern

Surface-mounted wiring runs down the wall to the ceiling light. This suggests older, retrofitted electrical. Have an electrician look.

Listing photo 10
6 of 8Check

Small room with older parquet-style flooring and a wall cabinet. It looks like a pantry or box room, not a legal bedroom.

Listing photo 1
7 of 8Check

No photos of kitchens, bathrooms, basement, boiler or electrical panel. Those are the main cost items.

Listing photo 5
8 of 8Plus

Rear yard has a bare patch, a few trash bins and a gravel or dirt parking strip beside the building, so off-street parking exists.

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

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
$599,000
Cash to close
$137,770
Price per unit
$199,667
GRM
10.9

Each month

Cash flow
−$1,196/mo
Cash-on-cash
−10.4%
Cap rate
4.0%
DSCR
0.63×

Break-even

Price that breaks even
$374,376
Rent that breaks even
$6,173/mo

Long run

Year 30: property vs stocks
$1.45M vs $1.78M
Cash flow turns positive
year 20

Monthly

Monthly breakdown

Rent$4,600
Vacancy (6%)−$276
Collected$4,324
Property tax Public record−$874
Insurance Estimate−$314
Water, sewer, trash Estimate−$255
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (9% of rent)−$414
Capital reserve (9% of rent)−$414
Net operating income$1,993
Mortgage (principal + interest)−$3,188
Cash flow−$1,196
Principal paid down (equity, not cash)$406

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$1,449,069
Your equity when you sell
$1,366,694

Sells for $1,453,930 (value up 3% a year), minus 6% selling cost ($87,236). Rent paid down $479,200 of loan.

Rental profits, invested at 7%
$82,375

$65,534 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,783,936
Cash to close, invested at 7%
$1,048,740

$137,770 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$735,196

$148,699 you'd have paid in while the building lost money, invested instead.

Stocks come out $334,867 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 $1.45M, stocks $1.78M. 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.

3 bed estimate $1,600/mo · range $1,550–$1,900 · 17 rentals within 0.75 mi

AddressRentBd / BaSq ftDistanceListedType
806-08 5th St SE, Minneapolis $1,750 3 / 1 — 0.0 mi 2026-05-20 Apartment
718 University Ave SE, Minneapolis $1,599 3 / 1 1,000 0.1 mi 2026-09-03 Apartment
808-810 University Ave SE, Minneapolis $1,600 3 / 1 — 0.1 mi 2025-03-21 Apartment
417 11th Ave SE, Minneapolis $1,250 3 / 1 — 0.2 mi 2025-04-29 Apartment
516 5th St SE, Minneapolis $1,700 3 / 1 — 0.2 mi 2026-06-24 Apartment
1107 4th St SE, Minneapolis $1,600 3 / 1 — 0.2 mi 2026-05-20 Apartment
721 10th Ave SE, Minneapolis $1,850 3 / 1 1,100 0.3 mi 2026-03-16 Apartment
515 5th Ave SE, Minneapolis $2,000 3 / 1 1,200 0.3 mi 2026-03-11 Apartment
415 4th St SE, Minneapolis $1,600 3 / 1 — 0.3 mi 2024-04-15 Apartment
1117 7th St SE, Minneapolis $1,900 3 / 1 — 0.3 mi 2025-07-03 Apartment

2 bed estimate $1,400/mo · range $1,175–$1,600 · 17 rentals within 0.75 mi

AddressRentBd / BaSq ftDistanceListedType
813 University Ave SE, Minneapolis $1,000 2 / 1 975 0.1 mi 2026-02-24 Apartment
800 University Ave SE, Minneapolis $1,275 2 / 1 — 0.1 mi 2026-06-24 Apartment
718 University Ave SE, Minneapolis $1,399 2 / 1 975 0.1 mi 2026-09-03 Apartment
600 10th Ave SE, Minneapolis $1,593 2 / 1 859 0.2 mi 2024-04-11 Apartment
1000 University Ave SE, Minneapolis $1,880 2 / 1 822 0.2 mi 2025-05-02 Apartment
1004 7th St SE, Minneapolis $1,600 2 / 1 — 0.2 mi 2026-06-26 Apartment
810 8th St SE, Minneapolis $1,100 2 / 1 — 0.2 mi 2024-04-15 Apartment
720 6th Ave SE, Minneapolis $1,300 2 / 1 — 0.3 mi 2024-05-18 Apartment
621 5th Ave SE, Minneapolis $1,200 2 / 1 — 0.3 mi 2024-04-15 Apartment
410 6th St SE, Minneapolis $1,500 2 / 1 800 0.3 mi 2025-11-26 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

  • highListing says duplex, but county and city records show a licensed triplex. Confirm the legal unit count and layout. Based on: data: county.living_units · AI review
  • highThe 'ability to convert it into a triplex' wording is unclear. If a third unit already exists, it may be unpermitted or illegal; if not, a conversion needs permits and money. Listing says: with an ability to convert it into a triplex · AI review
  • mediumBought for $500,000 in Apr 2025; asking is 20% more 18 months later. Ask what was done to justify the jump. Public record: Hennepin County parcel 2402924320012: last sale 2025-04-01, $500,000
  • mediumAbout 82 m from I 35W: traffic noise usually costs $50–100/month in rent. Based on: OpenStreetMap: nearest motorway (I 35W) at 82 m
  • mediumAsking is $224,624 above the price where cash flow breaks even ($374,376) at the default scenario. Based on: Derived: price $599,000 vs. break-even $374,376
  • mediumTaxes are $10,487 a year on a non-homestead basis, a heavy cost against likely rents. Based on: data: county.tax · AI review
  • mediumNo rents, lease terms or occupancy are given, so income cannot be verified. Based on: data: rent_estimate · AI review

Opportunities

  • Large lot and off-street parking are scarce near campus and could support tenant demand. Listing says: large backyard, generous off-street parking, and additional outdoor space · AI review
  • No rent cap in Minneapolis, so rents can rise with the market after turnover or a refresh. Based on: data: underwriting.rent_rule · AI review
  • Student and university-area location supports steady rental demand. Listing says: Conveniently located near the University of Minnesota, Dinkytown, and Northeast Minneapolis · AI review

Questions for the agent

  • Is this two units or three? Which is licensed, and what does the layout look like?
  • Can I see the current rent roll, lease end dates and trailing-12 expenses?
  • What does 'ability to convert to a triplex' mean, and are permits needed?
  • What did the seller do since the $500K purchase in April 2025?
  • How old are the boiler, roof, wiring and windows, and who pays heat?
  • Are the units set up for students, and what is the turnover history?

Bottom line

Priced about $225K above where our numbers break even, with a muddled unit count and no rent data, so skip it unless the price drops hard. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$10,487
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$3,774
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid$255
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 1900: +1 pt capital reserve; 8 bedrooms: +1 pt repairs for wear9% / 9%

Price history Realtor.com

On the market since 2026-09-16 (19 days); last sold for $500,000 on 2025-05-05.

DateEventPrice
Listed$599,000
Sold public record$500,000
Sold public record$80,000

County record Public record

Recorded astriplex
Living units3
Year built1900
Market value (2026)$552,200
Property tax$10,487
Special assessmentsnone
Homesteadno
Last sale2025-04-01 · $500,000

Source: Hennepin County parcel records.

City rental license

CHOWN: 3 unit(s), Tier 1, status active, renews 2027-03-01.

Nearest highway

I 35W, about 82 m away.

Crime in Marcy Holmes

866 incidents in the last 12 months (57 per 1,000 residents), +35% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).