5024 N 6th St

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 2,164 sq ft

Minneapolis, MN · Lind - Bohanon · View the listing ↗

25 photos

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

Asking price: $274,900
Monthly cash flow: −$116
Estimated rent: $2,950/mo
Break-even price: $253,080

Adjust the numbers See the full breakdown

From the listing

Fantastic opportunity to own a side-by-side duplex at an attractive price point! This 4-bedroom, 2-bath property features two separate 2-bedroom, 1-bath units, offering a great option for an owner-occupant, investor, or multi-generational living. The larger 5024 unit features an additional family room/bump-out, providing valuable extra living space. Both units offer central air, private basement laundry, and their own separate living spaces. Additional highlights include hardwood floors, replacement-style windows, a detached 2-car garage, and several mechanical and exterior improvements. Convenient Minneapolis location with easy access to I-94 and downtown. Property is being sold AS-IS and offers an excellent opportunity for the next owner to make improvements, add their own finishing touches, and build equity.

Listing courtesy of RE/MAX ADVANTAGE PLUS (Dan Frank). Description from Realtor.com, MLS #7154908. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a side-by-side duplex with two 2-bed/1-bath units, priced at $274,900 and listed only 3 days. Our underwriting at asking shows about -$116/month cash flow with 20% down and a 5.9% cap rate, so it doesn't work at today's rates unless the price drops toward roughly $253K. No rents are stated, and the description doesn't say if either unit is occupied, so get the rent roll first. The photos show dated, original-looking interiors, which means you'd budget for updates and probably can't push rents fast. The tax bill is homestead ($4,931), so expect a higher non-homestead bill as an investor. Worth a showing only if the seller will come down and the mechanicals check out.

Things to consider

Numbers don't work at asking Negative cash flow at 20% down and a break-even price of about $253K mean you'd need a lower price or higher rents to pencil.
No rents or occupancy given Without a rent roll you can't verify income, and our $1,475 per unit estimate is only a model.
Rental licensing is unverified No license is on file, so you could face inspection, repair orders or delays before renting legally.
Dated interiors and as-is sale Budget for kitchen, bath, flooring and system updates yourself, since the seller won't fix anything.Listing says: “Property is being sold AS-IS and offers an excellent opportunity for the next owner to make improvements”
Investor tax bill likely higher The $4,931 tax is a homestead figure; a non-homestead bill would cut cash flow further.
Highway proximity I-94 is about 200 m away, which may mean noise and could limit rent growth.

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

neededSold as-is; seller offers no repairs, buyer improvements expectedListing says: Property is being sold AS-IS and offers an excellent opportunity for the next owner to make improvements
doneUnspecified mechanical and exterior improvements already made; details not givenListing says: several mechanical and exterior improvements

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: $274,900
Cash to close: $63,227
Price per unit: $137,450
GRM: 7.8

Each month

Cash flow: −$116/mo
Cash-on-cash: −2.2%
Cap rate: 5.9%
DSCR: 0.92×

Break-even

Price that breaks even: $253,080
Rent that breaks even: $3,107/mo

Long run

Year 30: property vs stocks: $1.01M vs $501K
Cash flow turns positive: year 5

Monthly

Monthly breakdown

Rent	$2,950
Vacancy (6%)	−$177
Collected	$2,773
Property tax Listing	−$411
Insurance Estimate	−$195
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (10% of rent)	−$295
Capital reserve (10% of rent)	−$295
Net operating income	$1,347
Mortgage (principal + interest)	−$1,463
Cash flow	−$116
Principal paid down (equity, not cash)	$186

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$1,006,780

Your equity when you sell: $627,219
Rental profits, invested at 7%: $379,561

Same money in stocks$501,097

Cash to close, invested at 7%: $481,300
Monthly shortfalls, invested: $19,796

The building comes out $505,683 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 $1.01M, stocks $501K. The property wins.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-06. The estimate above is RentCast's, weighted toward the closest matches.

2 bed / 1 bath estimate $1,475/mo · range $1,275–$1,675

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
1421 44th Ave N, Minneapolis 55412 off market	$1,685	2 / 1	—	1.0 mi	2026-06-10	93%
4209 Bryant Ave N, Unit 2, Minneapolis 55412 off market	$1,400	2 / 1	—	1.0 mi	2026-01-07	92%
3841 Thomas Ave N, Apt 1, Minneapolis 55412 off market	$1,150	2 / 1	—	2.0 mi	2026-02-23	91%
1501 N 44th Ave, Unit 1503, Minneapolis 55412 off market	$1,500	2 / 1	1,144	1.0 mi	2026-06-22	87%
4201 3rd St NE, Columbia Heights 55421 off market	$995	2 / 1	950	1.2 mi	2026-02-09	85%
4255 Main St NE, Apt 3, Columbia Heights 55421 off market	$1,095	2 / 1	900	1.0 mi	2026-02-19	85%
4255 Main St NE, Apt 4, Columbia Heights 55421 off market	$1,095	2 / 1	900	1.0 mi	2026-02-14	85%
5451 5th St NE, Fridley 55421	$1,235	2 / 1	950	2.0 mi	2025-07-22	84%
3753 Girard Ave N, Minneapolis 55412 off market	$1,450	2 / 1	900	1.7 mi	2026-04-23	84%
4333 Fremont Ave N, Apt 4, Minneapolis 55412 off market	$1,225	2 / 1	800	1.0 mi	2026-09-29	84%

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

highCash flow is negative at asking and break-even price is well below the list price Based on: data: underwriting.break_even_price · AI review
mediumNo rental license on file in the city's data. Ask whether the building is licensed as a rental and when it was last inspected. Public record: Minneapolis Active Rental Licenses: no record for 5024 6TH ST N
mediumSold as-is: the seller won't fix what the inspection finds. Price that in. Listing says: "to I-94 and downtown. Property is being sold AS-IS and offers an excellent opportunity for the next"
mediumDescription says 'replacement-style windows' and 'several' improvements without dates or specifics; roof, furnace and electrical ages unknown Listing says: several mechanical and exterior improvements · AI review
mediumTaxes shown are homestead; an investor will likely pay a higher non-homestead rate Based on: data: county.homestead · AI review
mediumInteriors look original and heavily lived in, so turnover and update costs are likely Based on: photo 6 · AI review
lowSite is about 200 m from I-94, so expect noise, which can affect rents and tenant demand Based on: data: highway.distance_m · AI review

Opportunities

Our rent estimate is about $1,475 per 2-bed unit; if current rents are below that, there's upside after a refresh (no rent cap in Minneapolis) Based on: data: rent_estimate · AI review
Larger unit has a family room bump-out that adds living space and could support a higher rent Listing says: The larger 5024 unit features an additional family room/bump-out · AI review
Central air and private basement laundry in each unit, plus a detached 2-car garage, are good rental amenities Listing says: Both units offer central air, private basement laundry · AI review

Questions for the agent

What are the current rents and lease terms for each unit, and is either vacant?
Is the building licensed as a rental in Minneapolis, and when was the last inspection?
How old are the roof, furnace(s), water heaters and electrical panels, and what were the 'mechanical and exterior improvements'?
Are the furnaces, water heaters and electric meters separate for each unit, and who pays which utilities?
Why is the seller selling as-is, and is there room on price given the numbers?
Is the 5024 bump-out permitted, and does it have its own heat?

Bottom line

A plain 2x 2-bed duplex that loses money at $274,900; it only works if the price falls toward $253K and the systems check out. 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.	$4,931
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,341
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. "as-is" in the description: +2 pts each	10% / 10%

Price history Realtor.com

On the market since 2026-10-04 (2 days).

Date	Event	Price
2026-10-04	Listed	$274,900

County record Public record

Recorded as	duplex
Living units	2
Year built	1948
Market value (2026)	$333,500
Property tax	$4,931
Special assessments	none
Homestead	no
Last sale	—

Source: Hennepin County parcel records.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

I 94, about 207 m away.

Crime in Lind - Bohanon

201 incidents in the last 12 months (39 per 1,000 residents), +9% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).