Minneapolis › Fulton

4909 Xerxes Ave S

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 2,604 sq ft

Minneapolis, MN · Fulton · View the listing ↗

Far off

44 photos

Photos, via Realtor.com.

Asking price: $699,900
Monthly cash flow: −$2,170
Estimated rent: $3,800/mo
Break-even price: $292,259

Adjust the numbers See the full breakdown

First look

This is a nicely kept 1927 Tudor duplex in Fulton, but the numbers don't work at $699,900. Our model shows about -$2,170 a month and a 2.7% cap rate, with rents estimated near $1,900 per unit and taxes of $11,691 at the non-homestead rate. The description gives no rents, lease terms or expenses, even though it brags about 'strong rental history,' so ask for the rent roll first. It has been listed 78 days, which gives room to negotiate, but even a big cut leaves a gap against the $292K break-even. Only worth a showing if the owner shows rents far above our estimate or you plan to live in one unit.

Things to consider

Price is far above what the rents support Rent estimates near $1,900 per unit against a $699,900 price and $11,691 tax produce heavy monthly losses. Only much higher actual rents or a big price drop changes that.
Rent history is claimed but not shown Without the rent roll you can't tell if income beats our estimate. Verify with leases and bank deposits.Listing says: “long lasting ownership and strong rental history”
Non-homestead taxes weigh on returns The county lists this as non-homestead at about $11.7K a year, a large share of likely rent.
Old building systems need inspection 1927 construction with a hot-water radiator system means checking the boiler, wiring and plumbing before budgeting reserves.
Long time on market gives negotiating room At 78 days, the seller may accept a much lower offer, though the gap to break-even is large.

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: $699,900
Cash to close: $160,977
Price per unit: $349,950
GRM: 15.3

Each month

Cash flow: −$2,170/mo
Cash-on-cash: −16.2%
Cap rate: 2.7%
DSCR: 0.42×

Break-even

Price that breaks even: $292,259
Rent that breaks even: $6,582/mo

Long run

Year 30: property vs stocks: $1.60M vs $3.16M
Cash flow turns positive: not within 30 years

Monthly

Monthly breakdown

Rent	$3,800
Vacancy (6%)	−$228
Collected	$3,572
Property tax Public record	−$974
Insurance Estimate	−$204
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$304
Capital reserve (8% of rent)	−$304
Net operating income	$1,556
Mortgage (principal + interest)	−$3,725
Cash flow	−$2,170
Principal paid down (equity, not cash)	$474

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$1,596,911

Your equity when you sell: $1,596,911
Rental profits, invested at 7%: $0

Same money in stocks$3,158,068

Cash to close, invested at 7%: $1,225,398
Monthly shortfalls, invested: $1,932,670

Stocks come out $1,561,157 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 $1.60M, stocks $3.16M. 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 $1,900/mo · range $1,575–$3,550 · 8 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
4312 Linden Hills Blvd, Minneapolis	$1,625	2 / 1	840	0.8 mi	2026-09-03	Apartment
4271 Sheridan Ave S, Minneapolis	$1,495	2 / 1	700	0.8 mi	2024-10-19	Apartment
3711 Colgate Ave Unit 2, Minneapolis	$4,840	2 / —	1,658	0.8 mi	2026-08-20	Duplex triplex
4005 W 44th St Apt C, Edina	$1,950	2 / 1	1,392	0.9 mi	2026-06-06	Multi family
5625 Xerxes Ave S, Minneapolis	$1,460	2 / 1.5	905	0.9 mi	2025-01-03	Apartment
5517 Oliver Ave S, Minneapolis	$3,800	2 / 1	—	1.0 mi	2026-08-01	Duplex triplex
3917 France Aves # 3919, Minneapolis	$1,999	2 / 1	1,000	1.3 mi	—	Duplex triplex
4610 Bryant Ave S, Minneapolis	$1,365	2 / 1	1,000	1.4 mi	2025-04-24	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, leases or expenses given despite touting rental history Listing says: long lasting ownership and strong rental history · AI review
mediumAsking is $407,641 above the price where cash flow breaks even ($292,259) at the default scenario. Based on: Derived: price $699,900 vs. break-even $292,259
mediumLikely a single boiler and radiators serve both units, so the owner may pay heat Based on: data: county.heat_type · AI review
mediumReal estate tax bill is heavy relative to what these rents support Based on: data: county.tax · AI review

Opportunities

78 days on market suggests room to negotiate hard Based on: data: listing.days_on_market · AI review
Minneapolis has no rent cap, so rents can follow the market after a refresh Based on: data: underwriting.rent_rule · AI review
3-car garage could bring in extra garage rent Listing says: Wonderful duplex with a 3 car garage near shops and restaurants! · AI review

Questions for the agent

What are the current rents, lease end dates and deposits for each unit?
Can I see trailing-12 expenses, including heat, water and trash?
Is there one boiler or two, and how old is it?
What are the ages of the roof, electrical panel and water heater?
Who uses the shared laundry and the 3-car garage, and are they included in rent?
Why has it sat 78 days, and has the price changed?

Bottom line

Charming and well located, but at $699,900 it loses about $2,200 a month in our model, so it only works at a far lower price or with proven high rents. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$11,691
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,451
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 2026-04-14 (174 days); down $50,000 (6.7%) from the first ask of $749,900.

Date	Event	Price
2026-07-16	Listed	$699,900
2026-07-16	Removed	$749,900
2026-04-14	Listed	$749,900
2009-08-12	Removed	$539,000
2008-03-07	Listed	$539,000

County record Public record

Recorded as	duplex
Living units	2
Year built	1927
Market value (2026)	$618,000
Property tax	$11,691
Special assessments	none
Homestead	no
Last sale	—

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

MN 62, about 2562 m away.

Crime in Fulton

69 incidents in the last 12 months (11 per 1,000 residents), −14% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).