516 8th Ave NE

Duplex · 2 units: 3 bed ×2 · 2,310 sq ft

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

Overpriced

44 photos

Photos courtesy of Compass, via Realtor.com.

Asking price: $479,500
Monthly cash flow: −$714
Estimated rent: $3,750/mo
Break-even price: $345,400

Adjust the numbers See the full breakdown

From the listing

Classic Northeast Minneapolis up/down duplex on a quiet, tree-lined street, beautifully blending timeless original character with thoughtful modern updates. Both units are filled with natural light throughout the day and showcase the craftsmanship of the home's original millwork, solid wood doors, hardwood floors, and stained glass windows. Fresh paint throughout was carefully selected to complement the original woodwork rather than compete with it, with a rich, deep green palette creating a sophisticated contrast against its warmth and a cohesive, inviting feel from room to room. The upper unit is vacant and move-in ready, offering 3 bedrooms with flexibility for a home office, a bright living room with a stunning stained glass bay, and a beautifully updated kitchen featuring brand-new stainless steel appliances, new stone countertops, new flooring, and a new backsplash. A covered back deck provides additional outdoor living space, and a huge walk-up attic offers excellent potential for future expansion (buyer to verify). The main-level unit also features 3 bedrooms, with room for a home office or flex space, along with inviting living and dining rooms and a screened porch. It is currently leased at $2,160/month, providing rental income. Both the front and rear entryways have been freshly painted and finished with new carpeting, creating a welcoming transition into each level. The basement offers abundant storage, a separate, fully finished bathroom, and a laundry area, plus the potential to finish additional space for even more living area. Outside, a large fenced backyard offers plenty of room to entertain, relax, garden, or enjoy the outdoors, with a shed for extra storage. A private driveway adds convenient off-street parking. Additional highlights include maintenance-free siding and separately metered units. With its original architectural character, abundant natural light, extensive updates, flexible spaces, and excellent outdoor amenities, this duplex offers a distinctive opportunity for an investor or owner-occupant in Northeast Minneapolis. Don't miss it!

Listing courtesy of Compass (Geoffrey Serdar). Description from Realtor.com, MLS #7151604. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a clean, updated 1904 up/down in NE Minneapolis, but the numbers don't work at $479,500. Our underwriting shows about -$714/month and a 4.6% cap rate, and break-even is near $345,400. The only stated rent is $2,160 on the main level, which is well above our $1,875 mid estimate for a 3-bed, so confirm it with the lease and proof of payment. The upper is vacant and we estimate it near $1,875, so total rent is roughly $3,750 against a price that needs far more. It sold for $330K in 2021 and is up about $150K since. Worth a showing only if the price drops hard, and get the lease, the tenant's history and the mechanicals checked first.

Things to consider

Price doesn't match the income At ask the model loses about $714 a month, and break-even price is about $134K lower. Any offer needs to be built from verified rents, not the listing price.
Main-level rent looks high $2,160 is well above our $1,875 mid estimate for a 3-bed. If it is real, it helps. If it is a one-off or below-market-term lease, the income is overstated.Listing says: “It is currently leased at $2,160/month, providing rental income.”
Upper unit is vacant You carry vacancy and lease-up risk right away. Rent for the upper is likely near our $1,875 mid, not the main-level figure.Listing says: “The upper unit is vacant and move-in ready”
Big jump since 2021 sale The seller paid $330K and is asking $479,500, with cosmetic updates. Tax is $8,114 non-homestead, which weighs on cash flow.
Old building, unknown systems A 1904 build needs a full inspection of foundation, roof, wiring and heat before you trust the numbers.

From the photos

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

Rents the listing states

Main level: $2,160Listing says: It is currently leased at $2,160/month, providing rental income.

Condition and repairs

doneUpper kitchen: new stainless appliances, stone counters, flooring, backsplashListing says: brand-new stainless steel appliances, new stone countertops, new flooring, and a new backsplash
doneFresh paint throughout and new entry carpetingListing says: Both the front and rear entryways have been freshly painted and finished with new carpeting

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: $479,500
Cash to close: $110,285
Price per unit: $239,750
GRM: 10.7

Each month

Cash flow: −$714/mo
Cash-on-cash: −7.8%
Cap rate: 4.6%
DSCR: 0.72×

Break-even

Price that breaks even: $345,400
Rent that breaks even: $4,653/mo

Long run

Year 30: property vs stocks: $1.29M vs $1.18M
Cash flow turns positive: year 14

Monthly

Monthly breakdown

Rent	$3,750
Vacancy (6%)	−$225
Collected	$3,525
Property tax Public record	−$676
Insurance Estimate	−$218
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (7% of rent)	−$262
Capital reserve (8% of rent)	−$300
Net operating income	$1,838
Mortgage (principal + interest)	−$2,552
Cash flow	−$714
Principal paid down (equity, not cash)	$325

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$1,292,808

Your equity when you sell: $1,094,040
Rental profits, invested at 7%: $198,768

Same money in stocks$1,175,116

Cash to close, invested at 7%: $839,518
Monthly shortfalls, invested: $335,598

The building comes out $117,692 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 $1.29M, stocks $1.18M. The property wins.

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 bath estimate $1,875/mo · range $1,625–$2,150

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
1226 Adams St NE, Minneapolis 55413	$2,049	3 / 1	1,750	0.2 mi	2026-07-08	94%
410 5th St NE, Minneapolis 55413	$1,650	3 / 1	—	0.3 mi	2026-09-25	94%
601 Main St NE, Apt 3, Minneapolis 55413 off market	$1,795	3 / 1	—	0.4 mi	2026-07-21	93%
1326 Monroe St NE, Unit 2, Minneapolis 55413 off market	$1,970	3 / 1	—	0.4 mi	2026-05-24	93%
414 8th St SE, Minneapolis 55414 off market	$1,500	3 / 1	—	0.8 mi	2026-02-16	93%
430 8th St SE, Minneapolis 55414	$1,400	3 / 1	—	0.9 mi	2025-10-09	93%
742 Buchanan St NE, Minneapolis 55413	$1,700	3 / 1	—	0.9 mi	2026-04-02	93%
650 Pierce St NE, Unit 2, Minneapolis 55413 off market	$1,850	3 / 2	2,000	0.8 mi	2026-04-27	91%
610 Van Buren St NE, Unit 2, Minneapolis 55413 off market	$2,400	3 / 1	1,400	0.5 mi	2022-05-29	90%
700 University Ave NE, Unit 1, Minneapolis 55413 off market	$1,695	3 / 1	1,300	0.2 mi	2026-03-17	89%

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

mediumDescription gives no roof, boiler/furnace, water heater or electrical panel details for a 1904 building. Updates look cosmetic. Listing says: thoughtful modern updates · AI review
mediumPrice is up about $150K from the 2021 sale, and the update list is mostly cosmetic. Based on: data: county.last_sale_price · AI review
lowBasement bath and laundry are shared or unclear, so utilities and laundry access need confirming. Only one bath is stated outside the basement. Listing says: a separate, fully finished bathroom, and a laundry area · AI review

Opportunities

Huge walk-up attic could add space or a unit, if zoning and egress allow. Buyer must verify. Listing says: a huge walk-up attic offers excellent potential for future expansion (buyer to verify) · AI review
Separately metered units mean tenants pay their own utilities. Listing says: separately metered units · AI review
No rent cap in Minneapolis, so rents can follow the market. Based on: data: underwriting.rent_rule · AI review

Questions for the agent

Can I see the main-level lease, the start date, and proof the $2,160 is being paid?
How old are the roof, furnace(s), water heaters and electrical panels, and is there one furnace or two?
Is the basement bath and laundry shared, or assigned to one unit?
What have the last 12 months of taxes, insurance and repairs cost?
Why is the upper vacant, and what rent does the seller expect for it?
Is the attic permitted or usable space, and has anyone checked egress?

Bottom line

Pretty, well-kept duplex, but at $479,500 it loses over $700 a month in our model and only works at a much lower price. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$8,114
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,615
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. built 1904: +1 pt capital reserve; "fully updated" in the description: -1 pts each	7% / 8%

Price history Realtor.com

On the market since 2026-09-28 (7 days); last sold for $330,000 on 2021-11-03.

Date	Event	Price
2026-09-28	Listed	$479,500
2021-11-03	Sold	$330,000
2021-07-29	Listed	$299,000

County record Public record

Recorded as	duplex
Living units	2
Year built	1904
Market value (2026)	$427,300
Property tax	$8,114
Special assessments	none
Homestead	no
Last sale	2021-11-01 · $330,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 35W, about 1566 m away.

Crime in St. Anthony West

170 incidents in the last 12 months (65 per 1,000 residents), +31% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).