606 20th Ave S

Duplex · 2 units: 3 bed / 1 bath and 2 bed / 1 bath unit split estimated · 2,052 sq ft

Minneapolis, MN · Cedar Riverside · View the listing ↗

Cash flows

13 photos

Photos courtesy of Keller Williams Realty, via Realtor.com.

Asking price: $368,000
Monthly cash flow: $26
Estimated rent: $3,550/mo
Break-even price: $372,821

Adjust the numbers See the full breakdown

From the listing

This duplex sits right across from Augsburg University, just a few blocks from Carlson and the U of M's West Bank campus. If you work at Fairview, the walk doesn't get an easier. Basically, it's a location that guarantees steady rental interest. Live in one unit and rent the other to offset the mortgage, or rent both out to tenants who'd rather walk to class or work than deal with parking. Each unit features its own private porch and hardwood floors. The building backs up to a community park. The big-ticket items are already done; new roof, new siding, hardwood floors throughout. All that's left are just your personal touches. Downtown Minneapolis and the Mississippi River are just minutes away, and there's a good stretch of restaurants within walking distance too

Listing courtesy of Keller Williams Realty (Kari Lundin). Description from Realtor.com, MLS #7138382. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1900 Cedar-Riverside duplex across from Augsburg, priced at $368K. Our underwriting at asking shows about +$65 a month and a 6.6% cap rate, and break-even is near $380K. The location should keep rental demand steady, and the price roughly works at today's rates, with very thin cash flow. The listing gives no rents, no lease terms and no utility details, so ask for the rent roll first. The county lists a Tier 1 short-term rental license on unit 101, so find out how the units are actually being used. 'Big-ticket items are done' is a claim, so ask for dates and permits. It's worth a showing, but don't expect much cushion.

Things to consider

Price is roughly in line with what the rents support At ask we show about +$65 a month and a 6.6% cap rate. Break-even is around $380K, so the price is slightly below break-even and the margin is thin.
Income is unverified There are no rents or lease terms, so you can't confirm what the building earns. Our estimates are about $1,800 for a 3-bed and $1,800 for a 2-bed.
Short-term rental license on file A short-term license suggests a different use than standard leases. It affects licensing, income stability and what you can legally do.
Heating and utilities are unclear Records say forced air but photos show radiators and baseboard heat. Who pays heat is a big swing in expenses.
Big-ticket claims need proof New roof and siding are valuable if true. Ask for dates and permits before counting on them in reserves.Listing says: “The big-ticket items are already done; new roof, new siding, hardwood floors throughout.”
Seller has lots of room on price They bought in 2003 for about $175K, so they can take a lower offer and still profit.

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

doneNew roofListing says: The big-ticket items are already done; new roof, new siding, hardwood floors throughout.
doneNew sidingListing says: The big-ticket items are already done; new roof, new siding, hardwood floors throughout.

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: $368,000
Cash to close: $84,640
Price per unit: $184,000
GRM: 8.6

Each month

Cash flow: $26/mo
Cash-on-cash: 0.4%
Cap rate: 6.5%
DSCR: 1.01×

Break-even

Price that breaks even: $372,821
Rent that breaks even: $3,517/mo

Long run

Year 30: property vs stocks: $1.64M vs $644K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$3,550
Vacancy (6%)	−$213
Collected	$3,337
Property tax Listing	−$307
Insurance Estimate	−$212
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$284
Capital reserve (9% of rent)	−$320
Net operating income	$1,984
Mortgage (principal + interest)	−$1,959
Cash flow	$26
Principal paid down (equity, not cash)	$249

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$1,637,045

Your equity when you sell: $839,639
Rental profits, invested at 7%: $797,407

Same money in stocks$644,301

Cash to close, invested at 7%: $644,301

The building comes out $992,744 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 $1.64M, stocks $644K. 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 $1,775/mo · range $1,675–$1,950 · 19 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2500 17th Ave S Unit 2, Minneapolis	$1,200	3 / 1	—	0.8 mi	2026-06-05	Apartment
735 E 16th St, Minneapolis	$1,466	3 / 1	1,296	0.9 mi	2026-03-11	Apartment
1506 Park Ave S Unit 3, Minneapolis	$1,745	3 / 1	1,200	1.0 mi	—	Apartment
808-810 University Ave SE, Minneapolis	$1,600	3 / 1	—	1.0 mi	2025-03-21	Apartment
912 E 25th St Apt 2, Minneapolis	$1,695	3 / 1	1,014	1.0 mi	—	Apartment
912 E 25th St Apt 3, Minneapolis	$1,675	3 / 1	1,014	1.0 mi	—	Apartment
2742 18th Ave S, Minneapolis	$1,850	3 / 1	1,270	1.1 mi	2026-09-08	Apartment
1107 4th St SE, Minneapolis	$1,600	3 / 1	—	1.1 mi	2026-05-20	Apartment
718 University Ave SE, Minneapolis	$1,599	3 / 1	1,000	1.1 mi	2026-09-03	Apartment
417 11th Ave SE, Minneapolis	$1,250	3 / 1	—	1.1 mi	2025-04-29	Apartment

2 bed estimate $1,775/mo · range $1,575–$1,950 · 7 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1901 Minnehaha Ave, Minneapolis	$1,500	2 / 1	840	0.2 mi	2026-01-18	Apartment
2220 E Franklin Ave, Minneapolis	$1,783	2 / 1.5	900	0.3 mi	2024-04-12	Apartment
2520 S 8th St, Minneapolis	$1,737	2 / 1	692	0.5 mi	2026-05-21	Apartment
2220 Snelling Ave, Minneapolis	$1,904	2 / 2	911	0.5 mi	2026-05-26	Apartment
1800 Washington Ave S, Minneapolis	$1,955	2 / 2	786	0.5 mi	2024-06-11	Apartment
1111 Washington Ave S, Minneapolis	$2,334	2 / 2	1,033	0.7 mi	2026-06-25	Apartment
811 28th Ave S, Minneapolis	$1,400	2 / 1	—	0.7 mi	2026-05-20	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

mediumRental license on file is a short-term license, not a long-term one. Confirm legal use and how the units have been rented. Based on: data: city.rental_license · AI review
mediumNo rents, leases or occupancy details in the listing, so income is unverified. Listing says: Live in one unit and rent the other to offset the mortgage, or rent both out · AI review
mediumListing claims big items are done but gives no dates, permits or heating details. Photos show window AC units and baseboard/radiator heat, while county records say forced air. Based on: data: county.heat_type · AI review

Opportunities

The seller bought for $175,591 in Feb 2003, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 2502924320512: last sale 2003-02-01, $175,591
Walkable to Augsburg, the U of M West Bank and Fairview, which supports steady tenant demand and student/staff rentals. Listing says: it's a location that guarantees steady rental interest · AI review
Minneapolis has no rent cap, so rents can follow the market. Based on: data: underwriting.rent_rule · AI review
Long-held by the seller at a low basis, which leaves room to negotiate. Based on: data: county.last_sale_price · AI review

Questions for the agent

What are the current rents and lease end dates for each unit, and can I see the rent roll?
Who pays heat, water and electric, and how is each unit metered and heated?
When were the roof and siding replaced, and were permits pulled?
Is the short-term license in use, and is the building licensed for long-term rental?
What is the electrical panel type and amperage in each unit?
Why has it sat 29 days, and will the seller consider a lower price?

Bottom line

Good location, and at $368K it roughly breaks even at about +$65 a month on our numbers, so it works only if the rents hold up. 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.	$3,686
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,544
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 1900: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-07-17 (80 days); down $7,000 (1.9%) from the first ask of $375,000; last sold for $175,591 on 2004-01-13.

Date	Event	Price
2026-09-03	Listed	$368,000
2026-09-03	Removed	$375,000
2026-07-17	Listed	$375,000
2004-01-13	Sold public record	$175,591

County record Public record

Recorded as	duplex
Living units	2
Year built	1900
Market value (2026)	$259,200
Property tax	$3,687
Special assessments	none
Homestead	no
Last sale	2003-02-01 · $175,591

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 94, about 254 m away.

Crime in Cedar Riverside

378 incidents in the last 12 months (42 per 1,000 residents), +7% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).