4365 Warren Ave
Spring Park, MN · View the listing ↗
Photos, via Realtor.com.
Needs more info before these numbers mean much. No reliable rent estimate: too few comparable rentals close by, and no RentCast estimate.
No rent estimate yet, so the numbers can't be run. Run it yourself in the calculator →
First look
This is a four-unit property in three buildings: a duplex plus two detached tiny homes. The seller claims no vacancy in 15 years and full occupancy, but gives no rents, and our FACTS have no rent estimates, tax data or underwriting, so the numbers can't be checked yet. It's non-conforming and sold as-is after 90 days on market, so zoning, legal status and utilities are the first things to check, along with the rent roll and propane costs. Recent siding and furnace work helps, but photos show worn older buildings and a small-lot setup. Worth a showing only if the rent roll is strong and the city confirms four rentable units.
Things to consider
- Legal status of the non-conforming setup Four units in three buildings may not be fully permitted. This affects insurance, financing, rebuilding rights and resale.Listing says: “This non-conforming property features three separate buildings”
- No rent or expense data Without rents we can't judge cash flow at $275K, and the stated occupancy is unverified.
- Sold as-is with older structures Inspection findings will be your cost. Tiny homes and the 1930 build suggest deferred maintenance beyond the newer siding and furnaces.Listing says: “Being sold as-is and priced accordingly to reflect condition.”
- Recent furnace and siding work lowers near-term capex Three new furnaces and new siding cut some of the biggest near-term costs, though roofs and plumbing are unaddressed.Listing says: “three new furnaces serving both duplex units and the larger tiny home in 2025”
- Taxes and unit count unverified County parcel match failed. Taxes could differ for a multi-building property.
- Negotiating leverage Ninety days on market plus as-is terms give room to push on price.
From the photos
Based on 8 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.
Condition and repairs
- doneDuplex remodel with new refrigerator and stoveListing says: duplex remodel with new refrigerator and stove in 2022
- doneNew siding and two windows on the duplexListing says: new siding and two windows on the duplex in 2025
- doneThree new furnaces serving both duplex units and larger tiny homeListing says: three new furnaces serving both duplex units and the larger tiny home in 2025
- doneNew furnace motherboard in smaller tiny homeListing says: a new furnace motherboard in the smaller tiny home in 2025
- doneNew siding on larger tiny homeListing says: new siding on the larger tiny home in 2024
- doneNew side deck and stairs on duplexListing says: New side deck/stairs on duplex in 2026.
- neededFurther improvements needed; priced for conditionListing says: Being sold as-is and priced accordingly to reflect condition.
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.
Red flags and opportunities
Watch for
- highNon-conforming property: legal status of four units and three buildings is unclear. Check zoning and rental licensing. Listing says: This non-conforming property features three separate buildings · AI review
- highNo rents, leases or expenses given. Income can't be verified. Listing says: all four units are currently occupied · AI review
- mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 4365 WARREN AVE
- mediumSold as-is: the seller won't fix what the inspection finds. Price that in. Listing says: "investors willing to make additional improvements. Being sold as-is and priced accordingly to reflect condition. Rare opportunity"
- mediumDetached tiny homes likely have separate utilities and heating. Propane tank visible, so fuel and metering setup is unclear. Based on: photo 7 · AI review
- mediumTiny homes look small and dated, with worn trim, a weathered entry canopy and debris around. Condition likely drives vacancy and capex. Based on: photo 8 · AI review
- lowDuplex sits on a hillside over garages, with steep exterior stairs. Check structure, drainage and egress. Based on: photo 1 · AI review
Opportunities
- Long time on market: room to negotiate. Based on: Listing data: 90 days on market
- Long occupancy history suggests steady demand for affordable units Listing says: no vacancy in the past 15 years · AI review
- Seller says upside remains for improvements, and the property is priced as-is Listing says: significant upside potential for investors willing to make additional improvements · AI review
Questions for the agent
- What are the current rents, lease types and lease end dates for all four units?
- How does the city treat this non-conforming use, and can it be rebuilt if destroyed? Is there a rental license for four units?
- Who pays utilities in each building, and is anything shared, such as water, sewer or the propane tank?
- Are the tiny homes on a separate septic or city sewer, and are they separately metered?
- What are the last two years of taxes, insurance and repair costs?
- What did the 2025 furnace and siding work cost, and are permits on file?
Bottom line
Interesting income property with a long occupancy record, but non-conforming status, no rents and as-is condition mean you need the rent roll and city answers before offering. AI-assisted summary
What the records say
Where each number comes from
Price history Realtor.com
On the market since 2026-07-07 (90 days); down $24,000 (8.0%) from the first ask of $299,000; last sold for $250,000 on 2021-02-05.
| Date | Event | Price |
|---|---|---|
| Price changed | $275,000 | |
| Listed | $299,000 | |
| Sold | $250,000 | |
| Listed | $249,900 |
From the listing Listing
| Listed as | other |
| Property tax, 2026 | $3,680 |
| County | Hennepin |
| Parcel number | 1811723430021 |
As the listing states it (NorthstarMLS, via Realtor.com). We don't have county records here yet; check the tax, homestead status and special assessments with the county.
Crime, rental-license and vacant-building records are only available for St. Paul and Minneapolis so far. Check with Spring Park on rental licensing before you buy.