Minneapolis › Fulton

5001 Thomas Ave S

Duplex · 2 units: 1 bed / 1 bath ×2 unit split estimated · 1,730 sq ft

Minneapolis, MN · Fulton · View the listing ↗

Overpriced

12 photos

Photos courtesy of RE/MAX ADVANTAGE PLUS, via Realtor.com.

Asking price: $459,900
Monthly cash flow: −$957
Estimated rent: $3,400/mo
Break-even price: $280,090

Adjust the numbers See the full breakdown

From the listing

A standout opportunity in sought-after Southwest Minneapolis, this duplex offers both flexibility and strong investment appeal. Ideally located just minutes from Lake Harriet, Bde Maka Ska, scenic trails, and neighborhood parks, the property combines location with livability. Inside, you'll find hardwood floors, sun-filled living spaces, a bright kitchen with adjoining dining area, and a cozy sunroom in each unit. Both units include 1 bedroom and 1 bath, along with access to shared basement laundry and ample storage. Separate garages and driveways provide added convenience, making this an excellent option for owner-occupants or investors looking to rent out one or both units short- or long-term.

Listing courtesy of RE/MAX ADVANTAGE PLUS (Jason Walgrave). Description from Realtor.com, MLS #7052362. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a priced-for-owner-occupant duplex, not a rental play. Two 1-bed/1-bath units at our $1,700 estimates can't carry $459,900. Our underwriting shows about -$957 a month and a 3.9% cap rate, so the numbers fail at today's rates. The listing gives no rents, no lease terms and no expenses, so ask for the rent roll first. It has sat 174 days and sold for $474,500 in 2023, so the seller may be flexible. Only schedule a showing if you plan to live in one unit and can buy far below ask.

Things to consider

Price far above what rents support At about $1,700 per unit, rent can't cover the mortgage, taxes and insurance. Cash flow is negative and break-even price is around $280K.
Non-homestead tax bill An investor pays the higher rate, which takes a large share of a small rent roll.
Only works as owner-occupied or at a deep discount The description itself pitches owner-occupants. A live-in buyer with low-down financing compares differently than an investor.Listing says: “making this an excellent option for owner-occupants or investors”
Shared basement and systems Shared laundry and storage mean tenant friction. Possible single heat source could shift utility costs to the owner.From photo 9
Unverified rents and lease status With no rents stated, current income and any lease protections are unknown. Short-term rental talk needs a check on city rules.Listing says: “short- or long-term”
Seller's price history A 2023 purchase at $474,500 means the seller may be anchored to that number. Time on market is your leverage.

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: $459,900
Cash to close: $105,777
Price per unit: $229,950
GRM: 11.3

Each month

Cash flow: −$957/mo
Cash-on-cash: −10.9%
Cap rate: 3.9%
DSCR: 0.61×

Break-even

Price that breaks even: $280,090
Rent that breaks even: $4,627/mo

Long run

Year 30: property vs stocks: $1.10M vs $1.42M
Cash flow turns positive: year 21

Monthly

Monthly breakdown

Rent	$3,400
Vacancy (6%)	−$204
Collected	$3,196
Property tax Public record	−$745
Insurance Estimate	−$186
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$272
Capital reserve (8% of rent)	−$272
Net operating income	$1,491
Mortgage (principal + interest)	−$2,448
Cash flow	−$957
Principal paid down (equity, not cash)	$311

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$1,098,127

Your equity when you sell: $1,049,320
Rental profits, invested at 7%: $48,807

Same money in stocks$1,416,710

Cash to close, invested at 7%: $805,202
Monthly shortfalls, invested: $611,508

Stocks come out $318,583 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 $1.10M, stocks $1.42M. 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.

1 bed / 1 bath estimate $1,700/mo · range $1,050–$2,350

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
2800 W 44th St, Unit 112, Minneapolis 55410 off market	$1,300	1 / 1	—	0.8 mi	2026-09-28	93%
2714 W 43rd St, Minneapolis 55410 off market	$1,105	1 / 1	—	0.9 mi	2026-03-28	93%
4537 France Ave S, Minneapolis 55410 off market	$1,100	1 / 1	—	0.9 mi	2026-05-20	93%
4621 Nicollet Ave S, Minneapolis 55419 off market	$1,100	1 / 1	—	1.8 mi	2026-04-28	91%
4901 France Ave S, Minneapolis 55410	$2,795	1 / 1	989	0.8 mi	2026-03-18	89%
2810 W 43rd St, Minneapolis 55410	$2,895	1 / 1	855	0.9 mi	2025-04-26	87%
3740 Bryant Ave S, Minneapolis 55409 off market	$1,395	1 / 1	950	1.9 mi	2026-05-04	86%
2300 W 50th St, Unit 11, Minneapolis 55410 off market	$1,000	1 / 1	750	0.2 mi	2026-07-18	86%
5705 Lyndale Ave S, Apt 1, Minneapolis 55419 off market	$960	1 / 1	900	1.5 mi	2026-01-19	86%
2727 W 43rd St, Minneapolis 55410	$1,695	1 / 1	800	0.8 mi	2026-09-11	86%

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

highNo rents or income figures given, so the 'strong investment appeal' claim can't be checked. Listing says: this duplex offers both flexibility and strong investment appeal · AI review
mediumAsking is $179,810 above the price where cash flow breaks even ($280,090) at the default scenario. Based on: Derived: price $459,900 vs. break-even $280,090
mediumTaxes are non-homestead at about $8,942, heavy for two 1-bedroom units. Based on: data: county.tax · AI review
mediumThe seller bought in 2023 at $474,500 and is asking close to that. Little sign of a price reset. Based on: data: county.last_sale_price · AI review
mediumBoth units appear to share one basement with a single laundry area and one furnace, so utilities and heat may not be separated. Based on: photo 9 · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 177 days on market
Owner-occupying one unit would cut the cost of carrying it, with the other rented out. Listing says: making this an excellent option for owner-occupants or investors · AI review
Rental license is active and lists 2 units, so the legal setup looks in place. Minneapolis has no rent cap. Based on: data: city.rental_license · AI review

Questions for the agent

What are the current rents, lease end dates and security deposits for each unit?
Who pays heat, water, gas and electric, and are there separate meters for each unit?
Is there one furnace or two? How old are the furnace, water heater and roof?
Why has it been listed since April, and have there been price cuts or offers?
Can you share trailing-12 expenses and the tax bill?
Is the shared basement laundry coin-operated, and who has storage access?

Bottom line

Nice-looking duplex in a great location, but $459,900 for two 1-beds renting around $1,700 each is too high for an investor. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$8,942
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,232
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 2026-04-11 (177 days); down $25,100 (5.2%) from the first ask of $485,000; last sold for $474,500 on 2023-11-01; listed for rent at $1,449/mo on 2024-01-09.

Date	Event	Price
2026-08-31	Price changed	$459,900
2026-08-08	Price changed	$475,000
2026-06-28	Removed	$479,900
2026-06-28	Removed	$499,900
2026-04-11	Listed	$485,000
2024-01-23	Removed	—
2024-01-09	Rent changed	$1,449/mo
2023-11-29	Rent changed	$1,599/mo
2023-11-13	Rent changed	$1,675/mo
2023-11-06	Rent changed	$1,749/mo
2023-11-01	Sold public record	$474,500
2023-10-23	Rent changed	$1,799/mo
2023-10-13	Rent changed	$1,849/mo
2023-10-01	Listed for rent	$1,899/mo
2023-09-29	Sold	$474,500
2020-10-23	Sold	$400,000
2020-10-09	Listed	$399,900
2013-03-01	Sold	$285,000
2013-01-25	Listed	$289,000
2011-06-29	Sold	$265,225
2011-05-26	Listed	$257,500
1999-10-06	Sold public record	$160,000
1986-10-01	Sold public record	$85,000

County record Public record

Recorded as	duplex
Living units	2
Year built	1941
Market value (2026)	$472,700
Property tax	$8,942
Special assessments	none
Homestead	no
Last sale	2023-09-01 · $474,500

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

MN 62, about 2384 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).