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625 Summer St NE

Duplex · 2 units: 3 bed / 2 bath ×2 unit split estimated · 3,806 sq ft

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

Overpriced
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Photos courtesy of NRT-Minnesota (CB Burnet), via Realtor.com.

Asking price
$599,900
2 units · $300K per unit
Monthly cash flow
−$1,014
at 20% down, 7%
Estimated rent
$4,350/mo
medium confidence · 11 rentals within 0.75 mi
Break-even price
$409,332
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a clean, well-prepped side-by-side in Northeast Minneapolis, but at $599,900 the numbers don't work. Our estimate is about $2,150 per unit, and underwriting shows roughly -$1,053 a month at 20% down with a 4.3% cap rate. Break-even is around $402K, so the ask is far above what the rents support. It only makes sense as an owner-occupant deal, where you live in one side and the other helps pay the bill. The listing gives no rents, no utility split and no roof or mechanical ages, so get those first. Photos show a dated but tidy interior, so it is worth a showing only if the price comes down a long way.

Things to consider

  1. Price is far above what rents support At about $2,150 per unit, cash flow is deeply negative and break-even is about $402K. An investor buying at ask loses money every month.
  2. Works best as an owner-occupied house hack Living in one side lowers your costs and could offer owner-occupant financing, but you would still carry a large payment with only one rent.Listing says: “Ideal for an owner-occupant looking to live in one side while generating rental income from the other”
  3. Taxes are heavy Non-homestead tax of $9,061 eats a big share of the income from two $2,150 rents. A homestead claim would change this if you live there.
  4. Rents and utilities are unknown With no rent roll or utility split, you cannot verify income. A single furnace area could mean the owner pays heat.
  5. Dated interior beyond the recent cosmetic work Bath and lower-level kitchen look original, so budget for updates before pushing rents toward the high estimate.From photo 6
  6. Fresh, clean inspection helps but is not a full inspection The Truth-in-Sale report is a city evaluation, not a full inspection. Still, a clean report lowers the risk of surprises.Listing says: “A clean Truth-in-Sale of Housing report with no required repairs”

From the photos

Listing photo 1
1 of 8Plus

Brick and stucco exterior looks tidy, with landscaping and a roof that appears intact from the ground; roof age is not visible

Listing photo 4
2 of 8Plus

Two separate front entrances confirm the side-by-side layout, with a detached 2-car garage and concrete driveway

Listing photo 6
3 of 8Concern

Bathroom appears original, with older tile, a cultured-marble vanity and an old light fixture; fixtures look newer

Listing photo 8
4 of 8Concern

Lower-level kitchenette has older cabinets, laminate counters and a gas range, so it appears dated though clean

Listing photo 7
5 of 8Check

Basement has wood paneling, drop ceilings and carpet; check for moisture and egress for any lower-level sleeping space

Listing photo 10
6 of 8Check

Furnace and gas water heater appear to be in the same mechanical area; ages are not legible, so confirm each unit has its own systems

Listing photo 9
7 of 8Check

Laundry with washer, dryer and a utility sink in an unfinished area; unclear whether it is shared or serves one unit

Listing photo 2
8 of 8Check

No photos of the main-floor kitchens, living areas, bedrooms or electrical panels

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

Condition and repairs

  • doneClean Truth-in-Sale of Housing report with no required repairsListing says: A clean Truth-in-Sale of Housing report with no required repairs
  • doneFresh paint, new lower-level carpet, new kitchen appliances in Unit 625Listing says: fresh paint throughout, new lower-level carpet, new kitchen appliances, a refinished bathtub, new toilets and more
  • doneHome and garage cleanout, trimmed trees, refreshed landscapingListing says: a complete home and garage cleanout, trimmed trees, and refreshed landscaping

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
$599,900
Cash to close
$137,977
Price per unit
$299,950
GRM
11.5

Each month

Cash flow
−$1,014/mo
Cash-on-cash
−8.8%
Cap rate
4.4%
DSCR
0.68×

Break-even

Price that breaks even
$409,332
Rent that breaks even
$5,650/mo

Long run

Year 30: property vs stocks
$1.55M vs $1.58M
Cash flow turns positive
year 16

Monthly

Monthly breakdown

Rent$4,350
Vacancy (6%)−$261
Collected$4,089
Property tax Public record−$755
Insurance Estimate−$229
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$348
Capital reserve (8% of rent)−$348
Net operating income$2,179
Mortgage (principal + interest)−$3,193
Cash flow−$1,014
Principal paid down (equity, not cash)$406

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$1,554,735
Your equity when you sell
$1,368,748

Sells for $1,456,115 (value up 3% a year), minus 6% selling cost ($87,367). Rent paid down $479,920 of loan.

Rental profits, invested at 7%
$185,987

$134,002 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,578,534
Cash to close, invested at 7%
$1,050,316

$137,977 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$528,217

$98,635 you'd have paid in while the building lost money, invested instead.

Stocks come out $23,799 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 $1.55M, stocks $1.58M. Stocks win.

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 $2,175/mo · range $1,900–$3,500 · 11 rentals within 0.75 mi

AddressRentBd / BaSq ftDistanceListedType
410 5th St NE, Minneapolis $1,650 3 / 1 — 0.2 mi 2026-09-25 Apartment
1226 Adams St NE, Minneapolis $2,049 3 / 1 1,750 0.2 mi 2026-07-08 Apartment
912 4th St NE Unit Upstairs, Minneapolis $1,900 3 / 1 1,250 0.3 mi 2026-06-03 Duplex triplex
912 4th St NE Unit Main, Minneapolis $2,100 3 / 1 1,120 0.3 mi 2026-03-04 Duplex triplex
1025 Main St NE, Minneapolis $3,391 3 / 2 1,007 0.5 mi 2026-01-30 Apartment
1622 Washington St NE, Minneapolis $1,795 3 / 1 1,200 0.5 mi 2026-09-21 Apartment
1322 Central Ave NE Unit 1, Minneapolis $1,800 3 / 1 1,150 0.6 mi 2026-09-10 Duplex triplex
1460 Van Buren St NE, Minneapolis $1,570 3 / 1.5 1,154 0.6 mi 2026-07-30 Apartment
1215 Marshall St NE, Minneapolis $3,300 3 / 2 1,382 0.6 mi 2026-02-02 Apartment
22 University Ave NE, Minneapolis $2,375 3 / 2 1,168 0.6 mi 2026-03-02 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

  • mediumAsking is $190,568 above the price where cash flow breaks even ($409,332) at the default scenario. Based on: Derived: price $599,900 vs. break-even $409,332
  • mediumListing is pitched at owner-occupants, and no rents or lease info are given Listing says: Ideal for an owner-occupant looking to live in one side while generating rental income from the other · AI review
  • mediumProperty taxes are high for the rents: $9,061 non-homestead Based on: data: county.tax · AI review
  • lowCosmetic prep (paint, carpet, appliances) may hide the age of the systems Listing says: Thoughtfully prepared for market with numerous recent improvements · AI review

Opportunities

  • Minneapolis has no rent cap, so rents can follow the market Based on: data: underwriting.rent_rule · AI review
  • Side-by-side layout with a lower-level kitchen offers flexibility, such as multigenerational living or an owner-occupied setup Listing says: offering the privacy and feel of two separate homes under one ownership · AI review
  • Rental license is active, with a recent ownership change on file Based on: data: city.rental_license · AI review

Questions for the agent

  • What are the current rents and lease terms for each side, and is either side vacant?
  • Who pays heat, water and electric, and are there separate meters? Is there one furnace per unit?
  • How old are the roof, furnaces, water heaters and electrical panels?
  • Is the lower-level kitchen in Unit 625 permitted and licensed as part of the unit, or as a separate living space?
  • Why is the ask $599,900 when the county values it at $477,100, and has there been any price flexibility?
  • Can I see the Truth-in-Sale report and the rental license inspection history?

Bottom line

Tidy, low-maintenance brick duplex, but $599,900 is far above what $2,150 rents can carry, so it only works as an owner-occupied buy 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)$9,061
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,752
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 rate8% / 8%

Price history Realtor.com

On the market since 2026-09-30 (5 days).

DateEventPrice
Listed$599,900

County record Public record

Recorded asduplex
Living units2
Year built1969
Market value (2026)$477,100
Property tax$9,061
Special assessmentsnone
Homesteadno
Last sale—

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 1451 m away.

Crime in St. Anthony East

98 incidents in the last 12 months (45 per 1,000 residents), +18% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).