435 Madison St NE

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 2,190 sq ft

Minneapolis, MN · St. Anthony East · View the listing ↗

Far off

30 photos

Photos, via Realtor.com.

Asking price: $450,000
Monthly cash flow: −$1,328
Estimated rent: $2,900/mo
Break-even price: $200,520

Adjust the numbers See the full breakdown

From the listing

Welcome to 435 Madison Street NE, an incredible Northeast Minneapolis duplex that's ready for its next owners! Tucked away on a quiet dead-end street, this property offers a wonderful combination of neighborhood privacy while keeping you close to everything that makes Northeast Minneapolis such a desirable place to live. Each unit features 2 bedrooms and 1 full bath, along with a spacious kitchen and comfortable living spaces. A major bonus-each unit has its own private laundry, adding convenience for both owner-occupants and tenants. Whether you're looking to live in one unit and rent the other, add a solid property to your investment portfolio, or create a multi-generational living arrangement, this duplex offers plenty of possibilities. And then there's the location! Northeast Minneapolis-affectionately known as "Nordeastis known for its unique mix of historic neighborhoods, local restaurants, breweries, coffee shops, galleries and independent businesses. The area is home to the nationally recognized Northeast Minneapolis Arts District, with hundreds of local artists, studios and galleries. Spend an afternoon exploring the studios at Northrup King Building, grab dinner at neighborhood favorites such as Diane's Place or Centro, or enjoy the restaurants, shops and nightlife along Central and East Hennepin. Northeast is also known for its impressive concentration of breweries, restaurants and locally owned establishments. When you want to get outside, head toward the Mississippi River and the Northeast Riverfront, where trails, parks and historic St. Anthony Main provide plenty of opportunities for walking, biking and exploring. Historic Stone Arch Bridge and the riverfront are nearby destinations, with beautiful views of downtown Minneapolis and easy access to the city's extensive trail system. Quiet street. Two complete units. Private laundry. Walkable Northeast lifestyle. 435 Madison Street NE is a fantastic opportunity to own a duplex in one of Minneapolis' most vibrant and distinctive neighborhoods.

Description from Realtor.com, MLS #7121234. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1968 brick-and-stucco duplex with two 2-bed/1-bath units, and at $450K it doesn't work as a pure rental. Our underwriting shows about -$1,328 a month and a 2.85% cap rate, and rents around $1,450 per unit can't carry that price. The listing gives no rents, lease status or expenses, so ask for the rent roll first. The photos show tidy but dated units with separate furnaces and separate laundry, which is a plus. It only makes sense as an owner-occupied buy at a much lower price, or after a big cut. Don't spend a showing unless the price moves.

Things to consider

Price is far above what the rents support At $450K and about $1,450 per unit, cash flow is deeply negative and the cap rate is under 3%. Only a much lower price or owner occupancy works.
No rent roll or lease data Without actual rents you're relying on our estimates. Verify income and lease status before any offer.Listing says: “Whether you're looking to live in one unit and rent the other”
Property taxes are heavy at the investor rate Non-homestead tax is about $9,230 a year, a large drag on net income.
Dated kitchens and baths Original-looking cabinets and bath fixtures mean you should budget for updates before pushing rents.From photo 5
Seller has a big equity cushion They bought at $195K in 2010 and can accept a sizable cut.

From the photos

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

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: $450,000
Cash to close: $103,500
Price per unit: $225,000
GRM: 12.9

Each month

Cash flow: −$1,328/mo
Cash-on-cash: −15.4%
Cap rate: 2.8%
DSCR: 0.45×

Break-even

Price that breaks even: $200,520
Rent that breaks even: $4,602/mo

Long run

Year 30: property vs stocks: $1.03M vs $1.95M
Cash flow turns positive: not within 30 years

Monthly

Monthly breakdown

Rent	$2,900
Vacancy (6%)	−$174
Collected	$2,726
Property tax Public record	−$769
Insurance Estimate	−$196
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$232
Capital reserve (8% of rent)	−$232
Net operating income	$1,067
Mortgage (principal + interest)	−$2,395
Cash flow	−$1,328
Principal paid down (equity, not cash)	$305

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$1,026,732

Your equity when you sell: $1,026,732
Rental profits, invested at 7%: $0

Same money in stocks$1,952,691

Cash to close, invested at 7%: $787,868
Monthly shortfalls, invested: $1,164,822

Stocks come out $925,959 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 $1.03M, stocks $1.95M. 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 $1,450/mo · range $1,375–$1,550 · 8 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
635 Adams St NE, Minneapolis	$1,360	2 / 1	900	0.2 mi	2026-07-07	Apartment
633 Van Buren St NE, Minneapolis	$1,720	2 / 1	660	0.3 mi	2026-05-04	Apartment
319 8th St SE, Minneapolis	$1,395	2 / 1	—	0.4 mi	2024-04-19	Apartment
744 Polk St NE, Minneapolis	$1,399	2 / 1	900	0.5 mi	2025-12-03	Apartment
410 6th St SE, Minneapolis	$1,500	2 / 1	800	0.5 mi	2025-11-26	Apartment
621 5th Ave SE, Minneapolis	$1,200	2 / 1	—	0.5 mi	2024-04-15	Apartment
720 6th Ave SE, Minneapolis	$1,300	2 / 1	—	0.6 mi	2024-05-18	Apartment
1460 Van Buren St NE, Minneapolis	$1,361	2 / 1	1,057	0.7 mi	2026-07-30	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

highNo rents, lease terms or occupancy are given, so income can't be verified. Listing says: Whether you're looking to live in one unit and rent the other · AI review
mediumAsking is $249,480 above the price where cash flow breaks even ($200,520) at the default scenario. Based on: Derived: price $450,000 vs. break-even $200,520
mediumTaxes are high at the non-homestead rate and eat much of the rent. Based on: data: county.tax · AI review
lowListed 52 days with no stated rents. Ask whether there's a price history or tenant issue. Based on: data: listing.days_on_market · AI review

Opportunities

The seller bought for $195,000 in Jan 2010, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 1402924430026: last sale 2010-01-01, $195,000
Separate laundry per unit supports rent and tenant appeal. Separate furnaces suggest tenants may pay their own heat. Listing says: each unit has its own private laundry, adding convenience for both owner-occupants and tenants · AI review
Minneapolis has no rent cap, so rents can follow the market after any refresh. Based on: data: underwriting.rent_rule · AI review
Seller's low 2010 basis leaves room to negotiate hard. Based on: data: county.last_sale_price · AI review

Questions for the agent

What are the current rents, lease end dates and security deposits for each unit?
Is either unit owner-occupied or vacant today, and who pays heat, water and trash?
What is the age of the roof, furnaces, water heaters and electrical panels?
Are the two furnaces and meters fully separate for each unit?
What did the last 12 months of taxes, insurance and repairs cost?
Has the price changed since listing, and why is it priced this far above the rent-supported value?

Bottom line

Clean, separately metered-looking brick duplex, but $450K is far above what two roughly $1,450 rents can support, so it's an owner-occupant play or needs a big price cut. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$9,230
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,348
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 2026-08-14 (52 days); last sold for $195,000 on 2010-01-29.

Date	Event	Price
2026-08-14	Listed	$450,000
2010-01-29	Sold	$195,000
2009-10-06	Listed	$224,500

County record Public record

Recorded as	duplex
Living units	2
Year built	1968
Market value (2026)	$486,000
Property tax	$9,230
Special assessments	none
Homestead	no
Last sale	2010-01-01 · $195,000

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 1154 m away.

Crime in St. Anthony East

98 incidents in the last 12 months (45 per 1,000 residents), +18% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).