5936 Washburn Ave S

Duplex · 2 units: 3 bed / 1 bath ×2 unit split estimated · 2,220 sq ft

Minneapolis, MN · Armatage · View the listing ↗

58 photos

Photos, via Realtor.com.

Asking price: $510,000
Monthly cash flow: −$159
Estimated rent: $4,600/mo
Break-even price: $480,155

Adjust the numbers See the full breakdown

First look

This is a clean, vacant 3-bed/3-bed Minneapolis duplex, and the photos back up the 'updated' claim. The price is the problem. At $510K, our underwriting shows about -$159/month cash flow at 20% down and a 6.0% cap rate, and break-even is near $480K. The seller's $2,000 per unit is an estimate, not a rent, and our mid estimate is $2,300, so the rents are plausible but unproven. The 2020 sale at $387K means the seller is asking $123K more. Check the basement mechanicals, the separate meters, and the taxes, which are non-homestead at about $8,378. Worth a showing only if there's room to come down toward $480K.

Things to consider

Price doesn't pencil at ask Cash flow is about -$159/month and break-even is near $480K. You would need a lower price or higher rents to make it work.
Rents are estimates, not income The $2,000 per unit is the seller's guess. Our mid estimate is $2,300 but the low end is $1,900, so underwrite near the low end until you see leases.Listing says: “Each unit it estimated to rent for $2,000/month”
Big jump from the last sale Sold at $387K in 2020 and now asked at $510K. Updates explain part of it, but confirm the work cost and whether it was permitted.
Investor tax bill is high Taxes are $8,378 on a non-homestead basis, a big expense against rents of roughly $4,000 to $4,600 a month.
Systems look maintained but ages are unknown Two furnaces, a water heater and a panel are visible. Replacement costs could erase a thin margin.From photo 6
Vacant and turn-key means fast lease-up No tenants to work around, so you can start collecting rent quickly. Three-bedroom units tend to rent well in this area.Listing says: “This turn-key property is in excellent condition and ready for a rental investor or owner-occupant.”

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

doneBoth kitchens and bathrooms updatedListing says: Wonderfully updated duplex offering beautiful kitchens and bathrooms in both units.
doneNewer AC units on both levelsListing says: newer AC units on both levels for year-round comfort

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: $510,000
Cash to close: $117,300
Price per unit: $255,000
GRM: 9.2

Each month

Cash flow: −$159/mo
Cash-on-cash: −1.6%
Cap rate: 6.0%
DSCR: 0.94×

Break-even

Price that breaks even: $480,155
Rent that breaks even: $4,799/mo

Long run

Year 30: property vs stocks: $1.98M vs $915K
Cash flow turns positive: year 4

Monthly

Monthly breakdown

Rent	$4,600
Vacancy (6%)	−$276
Collected	$4,324
Property tax Public record	−$698
Insurance Estimate	−$196
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (7% of rent)	−$322
Capital reserve (7% of rent)	−$322
Net operating income	$2,556
Mortgage (principal + interest)	−$2,714
Cash flow	−$159
Principal paid down (equity, not cash)	$345

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$1,980,071

Your equity when you sell: $1,163,630
Rental profits, invested at 7%: $816,441

Same money in stocks$914,590

Cash to close, invested at 7%: $892,918
Monthly shortfalls, invested: $21,672

The building comes out $1,065,481 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 $1.98M, stocks $915K. 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 $2,300/mo · range $1,900–$2,700

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
5846 Washburn Ave S, Unit Upper, Minneapolis 55410 off market	$1,700	3 / 1	1,500	0.1 mi	2026-08-21	92%
4433 Vincent Ave S, Unit 2, Minneapolis 55410 off market	$2,950	3 / 1	1,750	1.9 mi	2026-06-28	92%
3613 W 54th St, Edina 55410 off market	$2,200	3 / 1.5	1,600	0.8 mi	2026-05-24	90%
6317 Xerxes Ave S, Richfield 55423 off market	$2,225	3 / 2	1,750	0.5 mi	2026-04-24	89%
5331 Penn Ave S, Minneapolis 55419 off market	$1,850	3 / 1	1,300	0.9 mi	2026-02-19	89%
5932 Washburn Ave S, Unit 1, Minneapolis 55410 off market	$1,695	3 / 1	1,100	0.0 mi	2026-04-12	88%
4957 Abbott Ave S, Minneapolis 55410 off market	$2,500	2 / 1	2,317	1.2 mi	2026-07-22	88%
59064 Washburn Ave S, Unit 5906, Minneapolis 55410 off market	$1,790	3 / 1	1,110	1.0 mi	2026-05-28	87%
4225 Valley View Rd, Edina 55424	$2,350	3 / 2	1,500	0.9 mi	2026-10-04	86%
4705 France Ave S, Minneapolis 55410 off market	$2,800	3 / 2	1,600	1.7 mi	2026-05-27	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

highPrice is $123K above the 2020 sale and cash flow is negative at ask Based on: data: underwriting.cash_flow_monthly · AI review
mediumBoth units vacant, so there is no rent history and the seller's number is only an estimate Listing says: Both units are currently vacant. · AI review
low45 days on market with no stated rents suggests buyers are balking at price Based on: data: listing.days_on_market · AI review

Opportunities

Basement could be finished for extra space, though it would need egress and permits to count as living area Listing says: The basement offers great potential to add finished square footage and increase living space. · AI review
No rent cap in Minneapolis, so rents can follow the market Based on: data: underwriting.rent_rule · AI review
Our mid rent estimate of $2,300 is above the seller's $2,000, which is upside if it holds Based on: data: rent_estimate · AI review

Questions for the agent

Are the gas and electric separately metered for each unit, and who pays heat? There appear to be two furnaces.
What is the age of the roof, furnaces, water heaters and electrical panels?
Why are both units vacant, and what did the last tenants pay?
Is the rental license current for both units? Records show it under 5938 Washburn.
Were the updates done with permits, and by whom?
Is the seller open to a price near $480K given 45 days on market?

Bottom line

Nicely updated and move-in ready, but at $510K it loses money at today's rates, so it only works nearer $480K. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$8,378
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,355
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. "fully updated" in the description: -1 pts each	7% / 7%

Price history Realtor.com

On the market since 2026-08-21 (45 days); down $15,000 (2.9%) from the first ask of $525,000; last sold for $387,000 on 2020-01-22.

Date	Event	Price
2026-09-08	Price changed	$510,000
2026-08-21	Listed	$525,000
2020-01-22	Sold	$387,000
2019-12-12	Listed	$360,000
2018-11-13	Sold public record	$310,000
2004-12-27	Sold public record	$300,000
1995-06-06	Sold public record	$100,000
1992-10-21	Sold public record	$94,775

County record Public record

Recorded as	duplex
Living units	2
Year built	1961
Market value (2026)	$442,900
Property tax	$8,378
Special assessments	none
Homestead	no
Last sale	2020-01-01 · $387,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

MN 62, about 468 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).