4517 Aldrich Ave S

Duplex · 2 units: 3 bed / 1.5 bath ×2 unit split estimated · 3,060 sq ft

Minneapolis, MN · East Harriet · View the listing ↗

Overpriced

61 photos

Photos courtesy of Keller Williams Realty, via Realtor.com.

Needs more info before these numbers mean much. The city's rental license covers 1 unit(s); this analysis counts 2.

Asking price: $750,000
Monthly cash flow: −$1,553
Estimated rent: $5,050/mo
Break-even price: $458,188

Adjust the numbers See the full breakdown

From the listing

A rare opportunity in one of South Minneapolis's most sought-after neighborhoods! This classic up/down duplex sits on a beautiful tree-lined streets, just blocks from Lake Harriet, Linden Hills, and the shops and restaurants along 46th and 50th Street. Both units offer 3 bedrooms and 1 bathroom, with hardwood floors throughout, rich wood trim, built-in cabinetry, and thoughtful details in every room. Each unit features a cozy living room centered around a fireplace and framed by large windows that fill the space with natural light. A large basement offers additional opportunities and already has a bathroom. With separate units up and down, this property offers flexibility for an owner-occupant or an investor. Move-in ready and full of character in a walkable, established neighborhood. This is East Harriet living at its best.

Listing courtesy of Keller Williams Realty (Maia Hope Poling). Description from Realtor.com, MLS #7146953. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a nice-looking 1924 stucco duplex in East Harriet, but at $750K it doesn't pencil as a rental. Our estimate is about $2,525 per 3-bed unit, which gives a cap rate near 3.9% and roughly -$1,553/mo cash flow with 20% down. Break-even is around $458K, so the ask is far above what rents support. The listing gives no rents, no lease status and no repair history, and it pitches the place to owner-occupants as much as investors. Check the rental license first (it covers 1 unit), then get the rent roll and heating and roof details. Only worth a showing if you plan to live in one unit or the price drops a lot.

Things to consider

Numbers don't work at asking Cash flow is about -$1,553/mo with 20% down and the cap rate is around 3.9%. You'd need a price near $458K to break even.
Rental license covers one unit An unlicensed second unit can limit rent, financing or insurance. Confirm both units can legally be rented.
Property taxes will likely rise for an investor The current bill is on a homestead basis. A non-homestead rate would cut cash flow further.
Heat is likely a shared owner expense Hot-water heat with radiators typically means one boiler. If the owner pays gas, that comes out of rent.
Dated kitchens may need updating to reach top rents Our $2,525 estimate may require some refresh, and the kitchen shown looks older.From photo 9

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

doneListing calls the property move-in ready; no repairs statedListing says: Move-in ready and full of character in a walkable, established neighborhood.

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: $750,000
Cash to close: $172,500
Price per unit: $375,000
GRM: 12.4

Each month

Cash flow: −$1,553/mo
Cash-on-cash: −10.8%
Cap rate: 3.9%
DSCR: 0.61×

Break-even

Price that breaks even: $458,188
Rent that breaks even: $7,041/mo

Long run

Year 30: property vs stocks: $1.81M vs $2.28M
Cash flow turns positive: year 20

Monthly

Monthly breakdown

Rent	$5,050
Vacancy (6%)	−$303
Collected	$4,747
Property tax Listing	−$1,057
Insurance Estimate	−$214
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$404
Capital reserve (8% of rent)	−$404
Net operating income	$2,439
Mortgage (principal + interest)	−$3,992
Cash flow	−$1,553
Principal paid down (equity, not cash)	$508

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$1,810,617

Your equity when you sell: $1,711,220
Rental profits, invested at 7%: $99,397

Same money in stocks$2,282,174

Cash to close, invested at 7%: $1,313,114
Monthly shortfalls, invested: $969,060

Stocks come out $471,557 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 $1.81M, stocks $2.28M. Stocks win.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-05. The estimate above is RentCast's, weighted toward the closest matches.

3 bed / 1.5 bath estimate $2,525/mo · range $2,025–$3,025

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
3525 Hennepin Ave S, Minneapolis 55408 off market	$1,495	3 / 1	—	1.3 mi	2026-06-15	90%
3552 Irving Ave S, Unit 2, Minneapolis 55408 off market	$2,900	3 / 2	—	1.4 mi	2026-04-23	90%
4433 Vincent Ave S, Unit 2, Minneapolis 55410 off market	$2,950	3 / 1	1,750	1.3 mi	2026-06-28	85%
3552 Irving Ave S, Minneapolis 55408	$2,795	3 / 2	1,660	1.4 mi	2026-09-25	85%
3552 Irving Ave S, Unit 1, Minneapolis 55408	$2,795	3 / 2	1,660	1.4 mi	2026-10-04	85%
3516 Aldrich Ave S, Unit 2, Minneapolis 55408 off market	$2,050	3 / 1	1,560	1.3 mi	2026-09-30	84%
5320 Lyndale Ave S, Minneapolis 55419	$1,999	3 / 2	1,281	1.0 mi	2026-02-19	82%
3952 Oakland Ave, Apt 2, Minneapolis 55407 off market	$2,200	3 / 2	1,300	1.3 mi	2026-04-06	82%
4412 Portland Ave S, Minneapolis 55407 off market	$2,000	3 / 1	1,200	1.0 mi	2026-07-11	82%
3634 Harriet Ave, Apt 1, Minneapolis 55409 off market	$1,495	3 / 1	1,200	1.1 mi	2026-01-23	81%

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: RentCast. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

highThe city's rental license covers 1 unit(s); this analysis counts 2. Public record: Minneapolis Active Rental Licenses: 4517 ALDRICH AVE S, units=1
highPrice is far above what rents support; the deal is deeply negative at asking Based on: data: underwriting.break_even_price · AI review
mediumAsking is $291,812 above the price where cash flow breaks even ($458,188) at the default scenario. Based on: Derived: price $750,000 vs. break-even $458,188
mediumListing is pitched at owner-occupants, and the county shows homestead tax; investor tax bill will likely be higher Based on: data: county.homestead · AI review
mediumNo rents, lease status or expenses given Listing says: this property offers flexibility for an owner-occupant or an investor · AI review

Opportunities

No rent cap in Minneapolis, so rents can follow the market Based on: data: underwriting.rent_rule · AI review
Large basement with a bathroom could add usable space or storage, if legal and dry Listing says: A large basement offers additional opportunities and already has a bathroom. · AI review
Desirable location near Lake Harriet and Linden Hills supports tenant demand Listing says: just blocks from Lake Harriet, Linden Hills, and the shops and restaurants · AI review

Questions for the agent

Is the building currently owner-occupied, and are both units available for rent or vacant at closing?
What are the current rents and lease terms, if any?
Why does the rental license list only 1 unit, and is the second unit licensed?
How old are the roof, boiler, water heaters and electrical panels, and what do heat and water cost per year?
Are there separate meters for gas and electric in each unit?
What was the basis for the $750K price versus the $475K 2015 sale?

Bottom line

Lovely building in a great location, but at $750K the rents cover roughly three-fifths of what the price needs, so it only works as an owner-occupant buy. 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.	$12,679
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,565
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 2026-09-22 (13 days); last sold for $475,000 on 2015-09-29.

Date	Event	Price
2026-09-22	Listed	$750,000
2015-09-29	Sold	$475,000
2015-06-25	Price changed	$484,900
2015-05-28	Listed	$499,900
2012-03-16	Removed	$212,900
1996-11-14	Sold public record	$192,000
1995-07-24	Listed	$212,900

County record Public record

Recorded as	duplex
Living units	2
Year built	1924
Market value (2026)	$760,100
Property tax	$12,679
Special assessments	none
Homestead	no
Last sale	2015-09-01 · $475,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 35W, about 1123 m away.

Crime in East Harriet

159 incidents in the last 12 months (44 per 1,000 residents), +25% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).