444-446 Madison St NE

Fourplex · 4 units: 2 bed / 1 bath ×4 unit split estimated · 3,560 sq ft

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

Overpriced

62 photos

Photos courtesy of Luke Team Real Estate - Broker, via Realtor.com.

Asking price: $825,000
Monthly cash flow: −$1,575
Estimated rent: $6,000/mo
Break-even price: $529,114

Adjust the numbers See the full breakdown

From the listing

Gorgeous Italianate building in the heart of Northeast with exceedingly-low vacancy rate (less than 30 days of vacancy between all units in the past 16 years). Hardwood floors, exposed brick, stained glass, and beautiful architecture create beautiful homes for your tenants. Private laundry in 3 units and 1 in basement. Large kitchens, front porch, shared rear porches, 3 garage spaces, plenty of off-street parking, and secured storage rooms for each unit make this an excellent opportunity for investors who want steady rental income. This building is turn-key with NOTHING to be done. Tier 1 rental license to-boot. Current leases are MTM but 3 of 4 tenants have been there for over two years.

Listing courtesy of Luke Team Real Estate - Broker (Jen Geisinger). Description from Realtor.com, MLS #7105425. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 4-unit Italianate in Northeast Minneapolis asking $825K, and the numbers don't work at today's rates. Our underwriting shows about -$1,575/month at 20% down and a 4.1% cap rate, with break-even near $529K. The listing says nothing about actual rents, so the rent roll is the first thing to get. The tenant history is a real plus (low vacancy, three long-term tenants), but every lease is month-to-month and 'nothing to be done' is a claim to test on a 1888 building with a stone foundation. It's worth a showing only if the seller will come down hard on price or the rents are well above our $1,500 estimates.

Things to consider

Price is far above what the income supports Our model shows negative cash flow of about $1,575 a month and a break-even price near $529K. You would need rents far above our estimates to make $825K work.
No stated rents The rent roll is the whole deal. Our estimate of $1,500 per 2-bed is only a guess until you see the leases.
Month-to-month leases on all units Tenants have stayed long, but nothing stops them from leaving, and a buyer has no lease protection on income.Listing says: “Current leases are MTM but 3 of 4 tenants have been there for over two years.”
Turn-key claim on an 1888 building A stone foundation, old wiring and plumbing are likely. Inspect rather than trust the seller's statement.Listing says: “This building is turn-key with NOTHING to be done.”
Unverified unit count and taxes With no county match, the tax bill and the legal unit count are unknown, which could move cash flow.

From the photos

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

Condition and repairs

doneSeller says nothing needs to be done; verify with an inspectionListing says: This building is turn-key with NOTHING to be done.

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: $825,000
Cash to close: $189,750
Price per unit: $206,250
GRM: 11.5

Each month

Cash flow: −$1,575/mo
Cash-on-cash: −10.0%
Cap rate: 4.1%
DSCR: 0.64×

Break-even

Price that breaks even: $529,114
Rent that breaks even: $8,072/mo

Long run

Year 30: property vs stocks: $2.04M vs $2.36M
Cash flow turns positive: year 18

Monthly

Monthly breakdown

Rent	$6,000
Vacancy (6%)	−$360
Collected	$5,640
Property tax Listing	−$932
Insurance Estimate	−$412
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$540
Capital reserve (9% of rent)	−$540
Net operating income	$2,816
Mortgage (principal + interest)	−$4,391
Cash flow	−$1,575
Principal paid down (equity, not cash)	$559

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$2,041,839

Your equity when you sell: $1,882,343
Rental profits, invested at 7%: $159,497

Same money in stocks$2,361,293

Cash to close, invested at 7%: $1,444,425
Monthly shortfalls, invested: $916,867

Stocks come out $319,454 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 $2.04M, stocks $2.36M. 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 $1,500/mo · range $1,425–$2,000 · 10 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
635 Adams St NE, Minneapolis	$1,360	2 / 1	900	0.1 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	0.6 mi	2025-11-26	Apartment
621 5th Ave SE, Minneapolis	$1,200	2 / 1	—	0.6 mi	2024-04-15	Apartment
1025 Main St NE, Minneapolis	$2,379	2 / 1	760	0.7 mi	2026-01-30	Apartment
720 6th Ave SE, Minneapolis	$1,300	2 / 1	—	0.7 mi	2024-05-18	Apartment
1460 Van Buren St NE, Minneapolis	$1,361	2 / 1	1,057	0.7 mi	2026-07-30	Apartment
80 Broadway St NE, Minneapolis	$2,429	2 / 1	737	0.7 mi	2026-01-30	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

mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 444-446 MADISON ST NE
mediumAsking is $295,886 above the price where cash flow breaks even ($529,114) at the default scenario. Based on: Derived: price $825,000 vs. break-even $529,114
mediumAll leases are month-to-month, so the income isn't locked in and tenants can leave on short notice. Listing says: Current leases are MTM but 3 of 4 tenants have been there for over two years. · AI review
mediumUnit count and taxes are unverified because no county parcel matched; confirm four legal units and the real tax bill. Based on: data: county.tax · AI review
low87 days on market at $825K suggests the price is above what buyers will pay for the income. Based on: data: listing.days_on_market · AI review
lowFour separate gas water heaters in the basement mean separate systems to maintain and a question of who pays for what. Based on: photo 10 · AI review

Opportunities

Long-tenured tenants and very low vacancy history point to stable occupancy if the rents hold up. Listing says: exceedingly-low vacancy rate (less than 30 days of vacancy between all units in the past 16 years) · AI review
Private laundry in the units and storage rooms support rent and tenant retention. Listing says: Private laundry in 3 units and 1 in basement. · AI review
Minneapolis has no rent cap, so rents can follow the market if they are currently low. Based on: data: underwriting.rent_rule · AI review

Questions for the agent

Can I see the rent roll, lease copies and trailing-12 expenses?
Who pays heat, water, and electric, and is heat separate for each unit?
What is the real tax bill, and are there any assessments?
How old are the roof, the electrical panels and the heating system?
Why has it sat for 87 days, and is the seller open to a price cut?
Is the Tier 1 rental license current for four units?

Bottom line

Well-kept, stable-looking fourplex, but at $825K it loses about $1,575 a month on our numbers, so it only works at a much lower price. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2026. The tax the listing states. If the seller lives there it may be at the lower homestead rate; an investor owner pays the non-homestead rate, often 20–40% more on the owner's unit.	$11,187
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,939
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$340
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 1888: +1 pt capital reserve; 8 bedrooms: +1 pt repairs for wear	9% / 9%

Price history Realtor.com

On the market since 2026-07-10 (87 days); down $60,000 (6.8%) from the first ask of $885,000; last sold for $269,000 on 2011-06-21.

Date	Event	Price
2026-08-21	Price changed	$825,000
2026-07-10	Listed	$885,000
2011-06-21	Sold public record	$269,000
2011-06-13	Removed	$310,000
2011-06-01	Removed	$269,000
2011-04-14	Price changed	$269,000
2011-02-17	Listed	$297,000
2010-11-04	Price changed	$310,000
2010-09-09	Listed	$340,000

From the listing Listing

Listed as	four plex
Property tax, 2026	$11,187
County	Hennepin
Parcel number	1402924430038

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.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

I 35W, about 1209 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).