5433/5435 Penn Ave S

Duplex · 2 units: 3 bed / 1.5 bath and 2 bed / 1.5 bath unit split estimated · 2,101 sq ft

Minneapolis, MN · Armatage · View the listing ↗

31 photos

Photos, via Realtor.com.

Asking price: $495,000
Monthly cash flow: −$249
Estimated rent: $4,550/mo
Break-even price: $448,288

Adjust the numbers See the full breakdown

From the listing

Don't miss this well-maintained side-by-side duplex, perfect for owner-occupants or investors alike! Each main level features two bedrooms, one bathroom, a bright kitchen, and a dining area that opens to a spacious living room. Unit 5433 offers an unfinished basement with mechanicals, laundry, a one-car attached garage, and newly roughed-in plumbing ready for a second bathroom. Unit 5435 is fully finished in the lower level, featuring a third bedroom, a 3/4 bathroom, laundry room, and a one-car attached garage. Both units include forced-air heating with individual furnaces, central air conditioning, a newer sewer liner, and a newer roof. Located just steps from some of the neighborhood's favorite spots - Colita, Book Club, Red Wagon Pizza, Settergren's Hardware, and the vibrant new Saturday Dumpling - this property combines comfort, convenience, and community charm. Measurements are approximate.

Description from Realtor.com, MLS #7051467. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1947 side-by-side duplex in Armatage, Minneapolis, asking $495K, and it has sat 141 days. The description gives no rents, no lease status and no expenses, but our site now estimates about $4,525/month total ($2,675 for the 3 bed / 1.5 bath and $1,850 for the 2 bed / 1.5 bath). At 20% down and 7.0%, self-managed at asking, that works out to a 5.7% cap rate and about -$268/month, with break-even near $445K, about $50K below asking, and about $114K cash to close. Each unit has its own furnace, central air and garage, which keeps utilities simple and appeals to tenants, but the units are different: 5435 has a finished lower level with a third bedroom, and 5433 has an unfinished basement. Photos show tidy hardwood floors and a newer-looking roof, but nothing of the kitchens beyond one shot, baths, furnaces or panels. Get the rent roll, tax bill and utility costs before a showing, and walk it only if actual rents can plausibly carry that price at today's rates.

Things to consider

Rents are estimates only With no stated rents in the listing, our estimates of about $4,525/month total give a 5.7% cap rate and about -$268/month at current rates, so the income doesn't support $495K unless actual rents beat the estimates.
Taxes and unit count unverified We couldn't match a county parcel, so taxes, rental license and legal unit status are open. Investor tax can run well above homestead tax.
Units are unequal 5435 has a finished lower level with a third bedroom and bath, so it should rent higher than 5433. Verify that the extra space is legal.Listing says: “Unit 5435 is fully finished in the lower level”
Separate systems help cash flow Individual furnaces and A/C mean tenants can likely pay their own heat and electric, lowering owner expenses and shortening the expense list.Listing says: “individual furnaces, central air conditioning”
141 days on market Long listing time suggests the price is above what buyers will pay, so there is room to negotiate toward the roughly $445K break-even.

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

doneNewer roofListing says: a newer sewer liner, and a newer roof
doneSewer linerListing says: a newer sewer liner, and a newer roof
doneRough-in plumbing for a second bathroom in 5433's basement (not finished)Listing says: newly roughed-in plumbing ready for a second bathroom

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: $495,000
Cash to close: $113,850
Price per unit: $247,500
GRM: 9.1

Each month

Cash flow: −$249/mo
Cash-on-cash: −2.6%
Cap rate: 5.8%
DSCR: 0.91×

Break-even

Price that breaks even: $448,288
Rent that breaks even: $4,869/mo

Long run

Year 30: property vs stocks: $1.79M vs $914K
Cash flow turns positive: year 5

Monthly

Monthly breakdown

Rent	$4,550
Vacancy (6%)	−$273
Collected	$4,277
Property tax Listing	−$739
Insurance Estimate	−$194
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$364
Capital reserve (8% of rent)	−$364
Net operating income	$2,386
Mortgage (principal + interest)	−$2,635
Cash flow	−$249
Principal paid down (equity, not cash)	$335

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$1,794,912

Your equity when you sell: $1,129,405
Rental profits, invested at 7%: $665,506

Same money in stocks$914,272

Cash to close, invested at 7%: $866,655
Monthly shortfalls, invested: $47,617

The building comes out $880,640 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 $1.79M, stocks $914K. The property wins.

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.

3 bed estimate $2,675/mo · range $2,675–$2,675 · 6 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
5515 Oliver Ave S, Minneapolis	$4,200	3 / 1	—	0.1 mi	2026-08-01	Duplex triplex
5005 Oliver Ave S Unit 2, Minneapolis	$2,850	3 / —	3,864	0.6 mi	2026-10-02	Duplex triplex
6200 Penn Ave S, Richfield	$4,286	3 / 2	1,796	1.0 mi	2024-04-12	Apartment
5320 Lyndale Ave S, Minneapolis	$1,999	3 / 2	1,281	1.0 mi	2026-02-19	Apartment
4412 Washburn Ave S # 2, Minneapolis	$2,950	3 / 2	1,500	1.4 mi	—	Apartment
6400 Barrie Rd, Edina	$2,790	3 / 2	1,360	1.4 mi	2024-04-12	Apartment

2 bed estimate $1,875/mo · range $1,525–$2,800 · 14 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
5517 Oliver Ave S, Minneapolis	$3,800	2 / 1	—	0.1 mi	2026-08-01	Duplex triplex
5625 Xerxes Ave S, Minneapolis	$1,460	2 / 1.5	905	0.5 mi	2025-01-03	Apartment
6200 Penn Ave S, Richfield	$2,820	2 / 2	1,168	1.0 mi	2024-04-12	Apartment
6300 York Ave S, Edina	$1,525	2 / 1.5	1,100	1.2 mi	2026-02-06	Apartment
6400 Queen Ave S, Richfield	$1,295	2 / 1	866	1.3 mi	2026-09-28	Apartment
6445 Queen Ave S, Richfield	$1,355	2 / 1	—	1.3 mi	2025-03-01	Apartment
4610 Bryant Ave S, Minneapolis	$1,365	2 / 1	1,000	1.3 mi	2025-04-24	Apartment
2400 W 66th St, Richfield	$2,491	2 / 2	1,183	1.4 mi	2026-03-27	Apartment
6455 York Ave S, Edina	$1,999	2 / 2	1,261	1.4 mi	2026-05-18	Apartment
2618 W 44th St, Minneapolis	$3,500	2 / 2	1,084	1.4 mi	2025-01-03	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, lease status or occupancy given, so income is unknown Listing says: perfect for owner-occupants or investors alike · AI review
mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 5433/5435 PENN AVE S
mediumPhotos show furnished living areas, so at least one unit looks occupied or staged; confirm tenancy and lease terms Based on: photo 6 · AI review
mediumLower level bedroom and bath in 5435 must be legal with egress and permits; confirm Listing says: featuring a third bedroom, a 3/4 bathroom, laundry room · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 144 days on market
Finish 5433's basement; plumbing is already roughed in for a bath, which could add a bedroom and rent Listing says: unfinished basement with mechanicals, laundry · AI review
Separate furnaces, A/C, laundry and garages per unit make it appealing to tenants and easy to split utilities Listing says: Both units include forced-air heating with individual furnaces, central air conditioning · AI review

Questions for the agent

What are the current rents, lease end dates and deposits for each unit?
Are the units occupied, and will they be delivered vacant or with tenants?
What do taxes, insurance and the tenants' utility setup look like? Who pays water, sewer and trash?
How old are the roof, furnaces, water heaters and electrical panels, and was the sewer liner permitted?
Is the finished lower level in 5435 permitted with egress, and is the property licensed as a rental?
Why has it sat 141 days, and have there been price cuts or offers?

Bottom line

A nicely laid-out side-by-side with separate systems and garages, but at $495K it runs about -$268/month at 7.0%, and break-even is closer to $445K. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2025. 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.	$8,871
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,325
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 2026-05-14 (144 days); down $20,000 (3.9%) from the first ask of $515,000; last sold for $426,000 on 2021-02-03.

Date	Event	Price
2026-09-14	Price changed	$495,000
2026-05-14	Listed	$515,000
2021-02-03	Sold public record	$426,000
2020-10-01	Sold	$426,000

From the listing Listing

Listed as	duplex side x side
Property tax, 2025	$8,871
County	Hennepin
Parcel number	2102824220088

As the listing states it (NorthstarMLS, via Realtor.com). We don't have county records here yet; check the tax, homestead status and special assessments with the county.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

MN 62, about 1454 m away.

Crime in Armatage

44 incidents in the last 12 months (8 per 1,000 residents), −41% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).