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5424 32nd Ave S

Triplex · 3 units: 3 bed / 2 bath ×3 unit split estimated · 5,400 sq ft

Minneapolis, MN · Wenonah · View the listing ↗

Far off
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Photos, via Realtor.com.

Asking price
$900,000
3 units · $300K per unit
Monthly cash flow
−$2,213
at 20% down, 7%
Estimated rent
$5,700/mo
medium confidence
Break-even price
$484,181
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

The listing claims $7,500 a month across three 3-bed/2-bath units, which is $2,500 each. Our estimate is about $1,900 each, so the claim is roughly $600 a unit above what we think the market pays. Even so, the numbers don't work at $900K: cap rate is 3.4% and cash flow is about -$2,213 a month at 20% down. A 2022 build should keep repairs low, and the photos show clean, fresh finishes. Before a showing, get the leases and proof of payment for the $7,500. Also confirm whether the three units are legally separate parcels, since the listing says each has its own PID. It is only worth a visit if the rents are verified, and even then the price looks well too high.

Things to consider

  1. Rent claim is far above our estimate At $1,900 per unit instead of $2,500, income falls by about $1,800 a month. That changes the whole deal.Listing says: “all three units currently rented for a total monthly income of $7,500”
  2. Price versus break-even Cash flow is negative at asking and the price needs to fall a long way to work. Rates and the tax bill are the main drags.
  3. Seller's basis is low The seller bought land or the earlier building for $130K in 2021, so there is room to negotiate. Build cost, not the old price, drives their floor.
  4. Property taxes are high Non-homestead taxes of about $13.9K a year are a large fixed cost, and a sale could reset the value higher.
  5. New build lowers repair risk Newer systems and finishes mean fewer surprises in the first years. Still verify warranties and inspection.From photo 1
  6. Separate PIDs could help an exit Selling units individually might expand the buyer pool, but only if legal and zoning allow it.Listing says: “Each unit has its own PID number for a chance to sell each unit individually.”

From the photos

Listing photo 1
1 of 7Plus

Exterior appears to be new fiber-cement or similar siding with newer windows, consistent with a 2022 build.

Listing photo 4
2 of 7Concern

Kitchens appear new, with white cabinets, stainless appliances and laminate-looking counters. The listing says granite, but the counters in the photos look like laminate.

Listing photo 2
3 of 7Plus

Vinyl plank flooring and carpet appear new and in good condition. Finishes look builder-grade rather than high-end.

Listing photo 7
4 of 7Plus

Bathroom has a tiled shower with a glass door, appearing new and clean.

Listing photo 8
5 of 7Plus

In-unit washer and dryer in a closet, a plus for tenants and rent.

Listing photo 1
6 of 7Check

Outdoor condensers are visible along the side wall, suggesting central AC and possibly separate systems per unit.

Listing photo 1
7 of 7Check

No photos of the furnace, water heater, electrical panel, or other units, and all interiors look like the same unit. Parking is not shown.

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

Condition and repairs

  • doneBuilt in 2022 with modern finishes and low-maintenance constructionListing says: built in 2022, is located in the heart of South Minneapolis

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

Down payment %
Offer $
Management
Interest rate %
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
$900,000
Cash to close
$207,000
Price per unit
$300,000
GRM
13.2

Each month

Cash flow
−$2,213/mo
Cash-on-cash
−12.8%
Cap rate
3.4%
DSCR
0.54×

Break-even

Price that breaks even
$484,181
Rent that breaks even
$8,574/mo

Long run

Year 30: property vs stocks
$2.08M vs $3.19M
Cash flow turns positive
year 26

Monthly

Monthly breakdown

Rent$5,700
Vacancy (6%)−$342
Collected$5,358
Property tax Public record−$1,159
Insurance Estimate−$338
Water, sewer, trash Estimate−$255
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (9% of rent)−$513
Capital reserve (8% of rent)−$456
Net operating income$2,577
Mortgage (principal + interest)−$4,790
Cash flow−$2,213
Principal paid down (equity, not cash)$609

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$2,078,127
Your equity when you sell
$2,053,464

Sells for $2,184,536 (value up 3% a year), minus 6% selling cost ($131,072). Rent paid down $720,000 of loan.

Rental profits, invested at 7%
$24,663

$22,500 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$3,188,528
Cash to close, invested at 7%
$1,575,737

$207,000 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$1,612,791

$363,735 you'd have paid in while the building lost money, invested instead.

Stocks come out $1,110,401 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 $2.08M, stocks $3.19M. 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 / 2 bath estimate $1,900/mo · range $1,425–$2,350

AddressRentBd / BaSq ftDistanceListedMatch
5406 Nokomis Ave, Minneapolis 55417 off market $2,450 3 / 2 — 0.1 mi 2026-06-19 94%
3832 20th Ave S, Minneapolis 55407 off market $1,595 3 / 1 — 2.2 mi 2025-09-04 86%
3620 42nd St E, Minneapolis 55406 $1,220 2 / 2 — 1.6 mi 2026-09-29 82%
5704 Chicago Ave, Minneapolis 55417 off market $1,860 2 / 2 — 1.9 mi 2026-08-19 82%
5444 Shoreview Ave, Minneapolis 55417 off market $1,895 3 / 2 — 0.6 mi 2026-05-07 79%
5305 13th Ave S, Minneapolis 55417 off market $2,000 3 / 2 — 1.5 mi 2026-08-29 78%
4642 Bloomington Ave S, Minneapolis 55407 $1,695 2 / 1 — 1.6 mi 2026-08-04 77%
4228 42nd Ave S, Minneapolis 55406 off market $2,900 3 / 2 — 1.6 mi 2026-08-04 77%
3900 Minnehaha Ave S, Minneapolis 55406 $1,900 2 / 1 — 1.9 mi 2026-09-29 77%
885 Saint Paul Ave, Apt 5, Saint Paul 55116 $1,300 2 / 1 — 2.1 mi 2026-10-01 77%

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

  • highClaimed $7,500 total rent is about 50% above our estimate of roughly $4,950 for three units. No per-unit rents, lease terms or dates given. Listing says: all three units currently rented for a total monthly income of $7,500 · AI review
  • mediumAsking is $415,819 above the price where cash flow breaks even ($484,181) at the default scenario. Based on: Derived: price $900,000 vs. break-even $484,181
  • mediumTax bill of $13,914 a year is heavy and eats a large share of income at this price. Based on: data: county.tax · AI review
  • medium85 days on market at $900K suggests buyers are balking at the price. Based on: data: listing.days_on_market · AI review
  • lowRental license on file is under a different address (5422), so confirm the license covers this building. Based on: data: city.rental_license · AI review

Opportunities

  • The seller bought for $130,000 in Jun 2021, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 1902823220051: last sale 2021-06-01, $130,000
  • Separate PIDs per unit may allow selling units individually, or exit flexibility. Verify legal status and whether it is a real condo or townhome split. Listing says: Each unit has its own PID number for a chance to sell each unit individually. · AI review
  • New construction should mean low near-term repairs and capex, and no special assessments. Based on: data: county.special_assessments · AI review

Questions for the agent

  • Can I see the leases, rent roll and proof of rent payments for each unit?
  • Are tenants on a lease or month-to-month, and when do the leases end?
  • Which utilities does the owner pay, and what were the trailing-12 expenses?
  • Why were the units priced at $2,500 each when similar 3-beds nearby rent for less?
  • Are the separate PIDs legally separate, and what would a unit sale cost in association or title fees?
  • What is the heating setup, one furnace per unit or shared, and who pays?

Bottom line

A newer, clean triplex, but $900K is about $416K above break-even and the $7,500 rent claim needs hard proof. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$13,914
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$4,050
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid$255
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. 9 bedrooms: +1 pt repairs for wear9% / 8%

Price history Realtor.com

On the market since 2026-07-09 (88 days); last sold for $130,000 on 2021-06-09.

DateEventPrice
Listed$900,000
Sold$130,000
Price changed$139,900
Price changed$160,000
Listed$190,000
Sold$75,000
Relisted$75,000
Removed$75,000
Removed$75,000
Relisted$75,000
Removed$75,000
Relisted$75,000
Removed$75,000
Price changed$75,000
Price changed$64,900
Listed$75,000
Listed$74,900
Removed$75,000
Price changed$75,000
Price changed$85,000
Listed$95,000

County record Public record

Recorded astriplex
Living units3
Year built2022
Market value (2026)$735,500
Property tax$13,914
Special assessmentsnone
Homesteadno
Last sale2021-06-01 · $130,000

Source: Hennepin County parcel records.

City rental license

CHOWNEXMPT: 3 unit(s), Tier 1, status active, renews 2027-03-01.

Nearest highway

MN 62, about 782 m away.

Crime in Wenonah

133 incidents in the last 12 months (30 per 1,000 residents), −1% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).