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4255 Thomas Ave N

Duplex · 2 units: 2 bed / 2 bath ×2 unit split estimated · 2,550 sq ft

Minneapolis, MN · Victory · View the listing ↗

Far off
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Photos, via Realtor.com.

Asking price
$374,900
2 units · $187K per unit
Monthly cash flow
−$857
at 20% down, 7%
Estimated rent
$2,750/mo
medium confidence · 14 rentals within 1.5 mi
Break-even price
$213,799
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is sold as a four-unit, but the city licenses it as a duplex and the county records it as a duplex. Only two of the four units are legal rentals, and the extra units look like basement and attic conversions. At $374,900 our numbers give about -$857/mo and a 3.6% cap rate, and break-even is near $214K, so it doesn't work at today's rates. The description gives no rents, only that utilities are bundled into rent through a flat fee, which means the owner is carrying those bills. Before a showing, ask for the rent roll, the leases and the 12-month utility bills, and ask what the city says about the two unlicensed units. After 87 days on market, there is room to negotiate, but price it as a duplex.

Things to consider

  1. Licensed as a duplex, sold as a fourplex If the city won't allow the extra two units, the buyer loses that income and may face orders to decommission. Underwrite two units only.Listing says: “holding two rental licenses (zoned as a DUPLEX)”
  2. Numbers don't work at asking We show about -$857/mo and a 3.6% cap rate. The break-even price is far below asking.
  3. Owner-paid utilities in a flat fee Costs stay with the owner and rise with use and rate increases. Past bills are needed to know the true net.Listing says: “This amount is already wrapped into the monthly rent that was stated.”
  4. Rents are not disclosed We can't check income against our $1,375 per-unit estimates for two legal units. Get the leases.
  5. Several systems are unseen Heat appears to be forced air plus electric baseboard in the basement. Panel and wiring condition affect insurability and cost.From photo 6
  6. Taxes are at the non-homestead rate About $6,887 a year is a significant cost against the rents.

From the photos

Listing photo 1
1 of 7Plus

Brick ranch-style exterior with a newer-looking asphalt shingle roof and a skylight. It appears well kept. Roof age is still unconfirmed.

Listing photo 2
2 of 7Plus

Detached two-car garage and wide concrete driveway with cracking and patching. Parking is a real plus here.

Listing photo 3
3 of 7Concern

The shared entry has two doors off one stairwell. Dated painted stairs and worn floor tiles suggest limited updates in the common areas.

Listing photo 7
4 of 7Concern

Basement bedroom with electric baseboard heat, a popcorn ceiling and a small high window. Egress appears doubtful.

Listing photo 8
5 of 7Check

Another basement room has newer vinyl plank flooring but low soffits and no visible window. It may not count as a legal bedroom.

Listing photo 9
6 of 7Concern

Attic kitchenette has dated wood cabinets, paneled walls and a white fridge. The floor appears refreshed, but the unit is small and the finishes are old.

Listing photo 1
7 of 7Check

Photos skip the furnace, water heater, electrical panel, the main-level units and the bathrooms. Check these in person.

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
$374,900
Cash to close
$86,227
Price per unit
$187,450
GRM
11.4

Each month

Cash flow
−$857/mo
Cash-on-cash
−11.9%
Cap rate
3.6%
DSCR
0.57×

Break-even

Price that breaks even
$213,799
Rent that breaks even
$3,849/mo

Long run

Year 30: property vs stocks
$872K vs $1.26M
Cash flow turns positive
year 24

Monthly

Monthly breakdown

Rent$2,750
Vacancy (6%)−$165
Collected$2,585
Property tax Public record−$574
Insurance Estimate−$203
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$220
Capital reserve (8% of rent)−$220
Net operating income$1,138
Mortgage (principal + interest)−$1,995
Cash flow−$857
Principal paid down (equity, not cash)$254

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$871,530
Your equity when you sell
$855,382

Sells for $909,981 (value up 3% a year), minus 6% selling cost ($54,599). Rent paid down $299,920 of loan.

Rental profits, invested at 7%
$16,149

$14,239 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,257,042
Cash to close, invested at 7%
$656,382

$86,227 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$600,660

$131,836 you'd have paid in while the building lost money, invested instead.

Stocks come out $385,512 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 $872K, stocks $1.26M. 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 $1,375/mo · range $1,300–$1,600 · 14 rentals within 1.5 mi

AddressRentBd / BaSq ftDistanceListedType
4329-4331 Thomas Ave N, Minneapolis $1,750 2 / 1 870 0.1 mi 2026-07-28 Apartment
3401 47th Ave N, Brooklyn Center $1,300 2 / 1 750 0.8 mi 2025-10-20 Apartment
4347 Fremont Ave N Apt 2, Minneapolis $1,500 2 / 1 1,087 0.9 mi 2026-07-22 Duplex triplex
4199 46th Ave N, Robbinsdale $1,625 2 / 1.5 1,000 1.0 mi 2024-06-11 Apartment
3711 W Broadway Ave, Robbinsdale $1,099 2 / 1 750 1.1 mi 2025-05-08 Apartment
3927 W Broadway Ave, Robbinsdale $1,250 2 / 1 — 1.1 mi 2026-02-04 Apartment
4028 37th Ave N, Robbinsdale $1,199 2 / 1 1,000 1.2 mi 2024-07-12 Apartment
4024 37th Ave N, Robbinsdale $1,299 2 / 1 1,000 1.2 mi 2024-06-29 Apartment
4036 37th Ave N, Robbinsdale $1,250 2 / 1 1,000 1.2 mi 2025-03-12 Apartment
4032 37th Ave N, Robbinsdale $1,299 2 / 1 1,000 1.2 mi 2024-10-10 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

  • highMarketed as 4 units but only 2 are licensed and zoned as a duplex. Income from the other two units could be shut down by the city. Listing says: 4-Unit Multi-Family (non-conforming) · AI review
  • highBasement bedrooms have small windows. Egress and legal-bedroom status are doubtful. Based on: photo 7 · AI review
  • mediumAsking is $161,101 above the price where cash flow breaks even ($213,799) at the default scenario. Based on: Derived: price $374,900 vs. break-even $213,799
  • mediumOwner pays all utilities through a flat fee built into rent. Real usage across four units could exceed what is collected, and the fee can't be billed separately. Listing says: Tenants are charged a monthly flat fee for electricity, gas, water, sewer & trash. · AI review
  • mediumAttic unit has sloped ceilings, wood paneling and no visible egress or separate heat source. It may not meet code as a dwelling. Based on: photo 9 · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 90 days on market
  • Leases are available to qualified buyers, so you can verify actual rents and terms before offering. Listing says: Tenant leases are available for qualified buyers. · AI review
  • Minneapolis has no rent cap, so rents can follow the market after turnover. Based on: data: underwriting.rent_rule · AI review
  • A detached two-car garage and a concrete driveway give off-street parking. Based on: photo 2 · AI review

Questions for the agent

  • Can I see the rent roll, the leases and 12 months of utility bills?
  • Which two units hold the rental licenses, and has the city ever inspected or cited the other two?
  • Do the basement and attic units have legal egress, separate heat and smoke/CO detectors?
  • How many separate meters and furnaces are there, and what are the roof and furnace ages?
  • Who is the manager, and does the management contract transfer to a buyer?
  • Why has it sat 87 days, and has the price changed?

Bottom line

A duplex priced like a fourplex, with the extra units unlicensed and utilities bundled, so value it as a duplex at roughly $214K or walk. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$6,887
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,438
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 2026-07-07 (90 days); down $24,100 (6.0%) from the first ask of $399,000; last sold for $325,000 on 2021-05-10.

DateEventPrice
Price changed$374,900
Relisted$379,900
Removed$379,900
Price changed$379,900
Listed$399,000
Sold public record$325,000
Sold public record$225,000
Sold public record$138,000
Sold public record$35,750
Sold public record$67,500

County record Public record

Recorded asduplex
Living units2
Year built1940
Market value (2026)$366,100
Property tax$6,887
Special assessmentsnone
Homesteadno
Last sale2021-05-01 · $325,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

MN 100, about 1624 m away.

Crime in Victory

155 incidents in the last 12 months (33 per 1,000 residents), +15% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).