671 Spring St NE
Duplex · 2 units: 1 bed / 1 bath ×2 unit split estimated · 1,531 sq ft
Minneapolis, MN · St. Anthony East · View the listing ↗
Photos, via Realtor.com.
- Asking price
- $350,000 2 units · $175K per unit
- Monthly cash flow
- −$307 at 20% down, 7%
- Estimated rent
- $2,700/mo medium confidence
- Break-even price
- $292,403 where cash flow hits $0
First look
This is a Northeast Minneapolis duplex priced at $350K, and at 20% down our model shows about -$307/month and a 5.3% cap rate. Break-even price is about $292K, so the ask looks roughly $58K too high on these numbers. The $1,111.50 tax is a 4D program rate that steps up as restrictions expire, so don't underwrite it long term. The description never gives current rents or lease terms, so get the rent roll first. The 2026 electrical panels and water line are a good sign, but the kitchens and baths look dated, and 109 days on market gives you room to negotiate. Worth a showing only if the price comes down toward break-even.
Things to consider
- Price is above break-even Our model shows about -$307/month at ask. Break-even is near $292K, so it needs a meaningful cut to work.
- Tax bill will rise The low tax is temporary under 4D. Higher taxes in two years will hit cash flow, so underwrite a higher number.Listing says: “the City of Minneapolis 4D program delivers meaningful tax savings for the next two years”
- Rents are unknown Without the rent roll you can't verify the cash-flow claim. Our estimate is about $1,350 per 1-bed, so compare actual rents to that.
- Recent systems work reduces near-term risk New panels and a new water line remove two common big-ticket worries for a 1900 building. Ask for permits and invoices.Listing says: “Two new electrical panels in the basement, new water service line, freshly painted exterior (all updates in 2026)”
- Interiors look dated Kitchens and baths appear original or cosmetic, so budget for updates at turnover.From photo 5
- Long time on market 109 days and a seller who bought in 2001 for $143K give you room to negotiate.
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
- doneTwo new electrical panels in the basementListing says: Two new electrical panels in the basement, new water service line, freshly painted exterior (all updates in 2026)
- doneNew water service lineListing says: new water service line, freshly painted exterior (all updates in 2026)
- doneFreshly painted exteriorListing says: freshly painted exterior (all updates in 2026)
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
- $350,000
- Cash to close
- $45,500
- Price per unit
- $175,000
- GRM
- 10.8
Each month
- Cash flow
- −$736/mo
- Cash-on-cash
- −19.4%
- Cap rate
- 5.3%
- DSCR
- 0.68×
Break-even
- Price that breaks even
- $237,593
- Rent that breaks even
- $3,656/mo
Long run
- Year 30: property vs stocks
- $1.02M vs $635K
- Cash flow turns positive
- year 12
The deal
- Price
- $350,000
- Cash to close
- $45,500
- Price per unit
- $175,000
- GRM
- 10.8
Each month
- Cash flow
- −$965/mo
- Cash-on-cash
- −25.4%
- Cap rate
- 4.6%
- DSCR
- 0.58×
Break-even
- Price that breaks even
- $202,721
- Rent that breaks even
- $4,108/mo
Long run
- Year 30: property vs stocks
- $884K vs $851K
- Cash flow turns positive
- year 18
The deal
- Price
- $340,000
- Cash to close
- $44,200
- Price per unit
- $170,000
- GRM
- 10.5
Each month
- Cash flow
- −$671/mo
- Cash-on-cash
- −18.2%
- Cap rate
- 5.5%
- DSCR
- 0.70×
Break-even
- Price that breaks even
- $237,593
- Rent that breaks even
- $3,571/mo
Long run
- Year 30: property vs stocks
- $1.03M vs $584K
- Cash flow turns positive
- year 11
The deal
- Price
- $340,000
- Cash to close
- $44,200
- Price per unit
- $170,000
- GRM
- 10.5
Each month
- Cash flow
- −$899/mo
- Cash-on-cash
- −24.4%
- Cap rate
- 4.7%
- DSCR
- 0.60×
Break-even
- Price that breaks even
- $202,721
- Rent that breaks even
- $4,012/mo
Long run
- Year 30: property vs stocks
- $876K vs $786K
- Cash flow turns positive
- year 17
The deal
- Price
- $350,000
- Cash to close
- $80,500
- Price per unit
- $175,000
- GRM
- 10.8
Each month
- Cash flow
- −$307/mo
- Cash-on-cash
- −4.6%
- Cap rate
- 5.3%
- DSCR
- 0.84×
Break-even
- Price that breaks even
- $292,403
- Rent that breaks even
- $3,098/mo
Long run
- Year 30: property vs stocks
- $1.15M vs $702K
- Cash flow turns positive
- year 8
The deal
- Price
- $350,000
- Cash to close
- $80,500
- Price per unit
- $175,000
- GRM
- 10.8
Each month
- Cash flow
- −$535/mo
- Cash-on-cash
- −8.0%
- Cap rate
- 4.6%
- DSCR
- 0.71×
Break-even
- Price that breaks even
- $249,486
- Rent that breaks even
- $3,481/mo
Long run
- Year 30: property vs stocks
- $955K vs $863K
- Cash flow turns positive
- year 14
The deal
- Price
- $340,000
- Cash to close
- $78,200
- Price per unit
- $170,000
- GRM
- 10.5
Each month
- Cash flow
- −$253/mo
- Cash-on-cash
- −3.9%
- Cap rate
- 5.5%
- DSCR
- 0.86×
Break-even
- Price that breaks even
- $292,403
- Rent that breaks even
- $3,029/mo
Long run
- Year 30: property vs stocks
- $1.16M vs $660K
- Cash flow turns positive
- year 7
The deal
- Price
- $340,000
- Cash to close
- $78,200
- Price per unit
- $170,000
- GRM
- 10.5
Each month
- Cash flow
- −$482/mo
- Cash-on-cash
- −7.4%
- Cap rate
- 4.7%
- DSCR
- 0.73×
Break-even
- Price that breaks even
- $249,486
- Rent that breaks even
- $3,403/mo
Long run
- Year 30: property vs stocks
- $953K vs $806K
- Cash flow turns positive
- year 13
The deal
- Price
- $350,000
- Cash to close
- $98,000
- Price per unit
- $175,000
- GRM
- 10.8
Each month
- Cash flow
- −$190/mo
- Cash-on-cash
- −2.3%
- Cap rate
- 5.3%
- DSCR
- 0.89×
Break-even
- Price that breaks even
- $311,896
- Rent that breaks even
- $2,947/mo
Long run
- Year 30: property vs stocks
- $1.23M vs $786K
- Cash flow turns positive
- year 6
The deal
- Price
- $350,000
- Cash to close
- $98,000
- Price per unit
- $175,000
- GRM
- 10.8
Each month
- Cash flow
- −$419/mo
- Cash-on-cash
- −5.1%
- Cap rate
- 4.6%
- DSCR
- 0.76×
Break-even
- Price that breaks even
- $266,118
- Rent that breaks even
- $3,311/mo
Long run
- Year 30: property vs stocks
- $1.00M vs $914K
- Cash flow turns positive
- year 11
The deal
- Price
- $340,000
- Cash to close
- $95,200
- Price per unit
- $170,000
- GRM
- 10.5
Each month
- Cash flow
- −$140/mo
- Cash-on-cash
- −1.8%
- Cap rate
- 5.5%
- DSCR
- 0.92×
Break-even
- Price that breaks even
- $311,896
- Rent that breaks even
- $2,882/mo
Long run
- Year 30: property vs stocks
- $1.25M vs $748K
- Cash flow turns positive
- year 5
The deal
- Price
- $340,000
- Cash to close
- $95,200
- Price per unit
- $170,000
- GRM
- 10.5
Each month
- Cash flow
- −$369/mo
- Cash-on-cash
- −4.6%
- Cap rate
- 4.7%
- DSCR
- 0.78×
Break-even
- Price that breaks even
- $266,118
- Rent that breaks even
- $3,238/mo
Long run
- Year 30: property vs stocks
- $1.01M vs $860K
- Cash flow turns positive
- year 10
Monthly
Monthly breakdown
| Rent | $2,700 |
| Vacancy (6%) | −$162 |
| Collected | $2,538 |
| Property tax Public record | −$93 |
| Insurance Estimate | −$200 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$216 |
| Capital reserve (9% of rent) | −$243 |
| Net operating income | $1,556 |
| Mortgage (principal + interest) | −$2,096 |
| PMI | −$197 |
| Cash flow | −$736 |
| Principal paid down (equity, not cash) | $267 |
| Rent | $2,700 |
| Vacancy (6%) | −$162 |
| Collected | $2,538 |
| Property tax Public record | −$93 |
| Insurance Estimate | −$200 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$216 |
| Capital reserve (9% of rent) | −$243 |
| Property management | −$228 |
| Net operating income | $1,328 |
| Mortgage (principal + interest) | −$2,096 |
| PMI | −$197 |
| Cash flow | −$965 |
| Principal paid down (equity, not cash) | $267 |
| Rent | $2,700 |
| Vacancy (6%) | −$162 |
| Collected | $2,538 |
| Property tax Public record | −$93 |
| Insurance Estimate | −$200 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$216 |
| Capital reserve (9% of rent) | −$243 |
| Net operating income | $1,556 |
| Mortgage (principal + interest) | −$2,036 |
| PMI | −$191 |
| Cash flow | −$671 |
| Principal paid down (equity, not cash) | $259 |
| Rent | $2,700 |
| Vacancy (6%) | −$162 |
| Collected | $2,538 |
| Property tax Public record | −$93 |
| Insurance Estimate | −$200 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$216 |
| Capital reserve (9% of rent) | −$243 |
| Property management | −$228 |
| Net operating income | $1,328 |
| Mortgage (principal + interest) | −$2,036 |
| PMI | −$191 |
| Cash flow | −$899 |
| Principal paid down (equity, not cash) | $259 |
| Rent | $2,700 |
| Vacancy (6%) | −$162 |
| Collected | $2,538 |
| Property tax Public record | −$93 |
| Insurance Estimate | −$200 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$216 |
| Capital reserve (9% of rent) | −$243 |
| Net operating income | $1,556 |
| Mortgage (principal + interest) | −$1,863 |
| Cash flow | −$307 |
| Principal paid down (equity, not cash) | $237 |
| Rent | $2,700 |
| Vacancy (6%) | −$162 |
| Collected | $2,538 |
| Property tax Public record | −$93 |
| Insurance Estimate | −$200 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$216 |
| Capital reserve (9% of rent) | −$243 |
| Property management | −$228 |
| Net operating income | $1,328 |
| Mortgage (principal + interest) | −$1,863 |
| Cash flow | −$535 |
| Principal paid down (equity, not cash) | $237 |
| Rent | $2,700 |
| Vacancy (6%) | −$162 |
| Collected | $2,538 |
| Property tax Public record | −$93 |
| Insurance Estimate | −$200 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$216 |
| Capital reserve (9% of rent) | −$243 |
| Net operating income | $1,556 |
| Mortgage (principal + interest) | −$1,810 |
| Cash flow | −$253 |
| Principal paid down (equity, not cash) | $230 |
| Rent | $2,700 |
| Vacancy (6%) | −$162 |
| Collected | $2,538 |
| Property tax Public record | −$93 |
| Insurance Estimate | −$200 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$216 |
| Capital reserve (9% of rent) | −$243 |
| Property management | −$228 |
| Net operating income | $1,328 |
| Mortgage (principal + interest) | −$1,810 |
| Cash flow | −$482 |
| Principal paid down (equity, not cash) | $230 |
| Rent | $2,700 |
| Vacancy (6%) | −$162 |
| Collected | $2,538 |
| Property tax Public record | −$93 |
| Insurance Estimate | −$200 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$216 |
| Capital reserve (9% of rent) | −$243 |
| Net operating income | $1,556 |
| Mortgage (principal + interest) | −$1,746 |
| Cash flow | −$190 |
| Principal paid down (equity, not cash) | $222 |
| Rent | $2,700 |
| Vacancy (6%) | −$162 |
| Collected | $2,538 |
| Property tax Public record | −$93 |
| Insurance Estimate | −$200 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$216 |
| Capital reserve (9% of rent) | −$243 |
| Property management | −$228 |
| Net operating income | $1,328 |
| Mortgage (principal + interest) | −$1,746 |
| Cash flow | −$419 |
| Principal paid down (equity, not cash) | $222 |
| Rent | $2,700 |
| Vacancy (6%) | −$162 |
| Collected | $2,538 |
| Property tax Public record | −$93 |
| Insurance Estimate | −$200 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$216 |
| Capital reserve (9% of rent) | −$243 |
| Net operating income | $1,556 |
| Mortgage (principal + interest) | −$1,697 |
| Cash flow | −$140 |
| Principal paid down (equity, not cash) | $216 |
| Rent | $2,700 |
| Vacancy (6%) | −$162 |
| Collected | $2,538 |
| Property tax Public record | −$93 |
| Insurance Estimate | −$200 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$216 |
| Capital reserve (9% of rent) | −$243 |
| Property management | −$228 |
| Net operating income | $1,328 |
| Mortgage (principal + interest) | −$1,697 |
| Cash flow | −$369 |
| Principal paid down (equity, not cash) | $216 |
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
- Your equity when you sell
- $798,569
- Rental profits, invested at 7%
- $225,172
Sells for $849,542 (value up 3% a year), minus 6% selling cost ($50,973). Rent paid down $315,000 of loan.
$148,191 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $346,358
- Monthly shortfalls, invested
- $288,959
$45,500 put into an index fund instead of the down payment and closing costs.
$48,987 you'd have paid in while the building lost money, invested instead.
The building comes out $388,425 ahead after 30 years.
- Your equity when you sell
- $798,569
- Rental profits, invested at 7%
- $85,193
Sells for $849,542 (value up 3% a year), minus 6% selling cost ($50,973). Rent paid down $315,000 of loan.
$64,930 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $346,358
- Monthly shortfalls, invested
- $504,287
$45,500 put into an index fund instead of the down payment and closing costs.
$96,132 you'd have paid in while the building lost money, invested instead.
The building comes out $33,117 ahead after 30 years.
- Your equity when you sell
- $775,753
- Rental profits, invested at 7%
- $252,934
Sells for $825,269 (value up 3% a year), minus 6% selling cost ($49,516). Rent paid down $306,000 of loan.
$162,093 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $336,462
- Monthly shortfalls, invested
- $247,108
$44,200 put into an index fund instead of the down payment and closing costs.
$41,064 you'd have paid in while the building lost money, invested instead.
The building comes out $445,117 ahead after 30 years.
- Your equity when you sell
- $775,753
- Rental profits, invested at 7%
- $100,458
Sells for $825,269 (value up 3% a year), minus 6% selling cost ($49,516). Rent paid down $306,000 of loan.
$74,600 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $336,462
- Monthly shortfalls, invested
- $449,939
$44,200 put into an index fund instead of the down payment and closing costs.
$83,977 you'd have paid in while the building lost money, invested instead.
The building comes out $89,810 ahead after 30 years.
- Your equity when you sell
- $798,569
- Rental profits, invested at 7%
- $350,050
Sells for $849,542 (value up 3% a year), minus 6% selling cost ($50,973). Rent paid down $280,000 of loan.
$206,595 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $612,787
- Monthly shortfalls, invested
- $88,972
$80,500 put into an index fund instead of the down payment and closing costs.
$14,113 you'd have paid in while the building lost money, invested instead.
The building comes out $446,860 ahead after 30 years.
- Your equity when you sell
- $798,569
- Rental profits, invested at 7%
- $156,049
Sells for $849,542 (value up 3% a year), minus 6% selling cost ($50,973). Rent paid down $280,000 of loan.
$106,926 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $612,787
- Monthly shortfalls, invested
- $250,278
$80,500 put into an index fund instead of the down payment and closing costs.
$44,850 you'd have paid in while the building lost money, invested instead.
The building comes out $91,553 ahead after 30 years.
- Your equity when you sell
- $775,753
- Rental profits, invested at 7%
- $385,900
Sells for $825,269 (value up 3% a year), minus 6% selling cost ($49,516). Rent paid down $272,000 of loan.
$221,648 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $595,278
- Monthly shortfalls, invested
- $64,492
$78,200 put into an index fund instead of the down payment and closing costs.
$10,005 you'd have paid in while the building lost money, invested instead.
The building comes out $501,884 ahead after 30 years.
- Your equity when you sell
- $775,753
- Rental profits, invested at 7%
- $177,225
Sells for $825,269 (value up 3% a year), minus 6% selling cost ($49,516). Rent paid down $272,000 of loan.
$118,252 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $595,278
- Monthly shortfalls, invested
- $211,123
$78,200 put into an index fund instead of the down payment and closing costs.
$37,015 you'd have paid in while the building lost money, invested instead.
The building comes out $146,577 ahead after 30 years.
- Your equity when you sell
- $798,569
- Rental profits, invested at 7%
- $432,635
Sells for $849,542 (value up 3% a year), minus 6% selling cost ($50,973). Rent paid down $262,500 of loan.
$240,365 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $746,001
- Monthly shortfalls, invested
- $39,584
$98,000 put into an index fund instead of the down payment and closing costs.
$5,969 you'd have paid in while the building lost money, invested instead.
The building comes out $445,620 ahead after 30 years.
- Your equity when you sell
- $798,569
- Rental profits, invested at 7%
- $205,265
Sells for $849,542 (value up 3% a year), minus 6% selling cost ($50,973). Rent paid down $262,500 of loan.
$132,568 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $746,001
- Monthly shortfalls, invested
- $167,520
$98,000 put into an index fund instead of the down payment and closing costs.
$28,578 you'd have paid in while the building lost money, invested instead.
The building comes out $90,314 ahead after 30 years.
- Your equity when you sell
- $775,753
- Rental profits, invested at 7%
- $473,346
Sells for $825,269 (value up 3% a year), minus 6% selling cost ($49,516). Rent paid down $255,000 of loan.
$255,857 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $724,687
- Monthly shortfalls, invested
- $23,734
$95,200 put into an index fund instead of the down payment and closing costs.
$3,498 you'd have paid in while the building lost money, invested instead.
The building comes out $500,679 ahead after 30 years.
- Your equity when you sell
- $775,753
- Rental profits, invested at 7%
- $230,075
Sells for $825,269 (value up 3% a year), minus 6% selling cost ($49,516). Rent paid down $255,000 of loan.
$144,611 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $724,687
- Monthly shortfalls, invested
- $135,770
$95,200 put into an index fund instead of the down payment and closing costs.
$22,658 you'd have paid in while the building lost money, invested instead.
The building comes out $145,372 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
Year 30 (loan paid off): property $1.02M, stocks $635K. The property wins.
Year 30 (loan paid off): property $884K, stocks $851K. The property wins.
Year 30 (loan paid off): property $1.03M, stocks $584K. The property wins.
Year 30 (loan paid off): property $876K, stocks $786K. The property wins.
Year 30 (loan paid off): property $1.15M, stocks $702K. The property wins.
Year 30 (loan paid off): property $955K, stocks $863K. The property wins.
Year 30 (loan paid off): property $1.16M, stocks $660K. The property wins.
Year 30 (loan paid off): property $953K, stocks $806K. The property wins.
Year 30 (loan paid off): property $1.23M, stocks $786K. The property wins.
Year 30 (loan paid off): property $1.00M, stocks $914K. The property wins.
Year 30 (loan paid off): property $1.25M, stocks $748K. The property wins.
Year 30 (loan paid off): property $1.01M, stocks $860K. 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.
1 bed / 1 bath estimate $1,350/mo · range $1,175–$1,525
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 847 Summer St NE, Minneapolis 55413 off market | $1,150 | 1 / 1 | 0.3 mi | 94% |
| 843 Summer St NE, Minneapolis 55413 off market | $1,150 | 1 / 1 | 0.3 mi | 94% |
| 45 University Ave SE, Unit 402, Minneapolis 55414 off market | $1,300 | 1 / 1 | 0.5 mi | 93% |
| 314 13th Ave NE, Minneapolis 55413 off market | $1,360 | 1 / 1 | 0.6 mi | 93% |
| 621 5th Ave SE, Minneapolis 55414 | $975 | 1 / 1 | 0.6 mi | 93% |
| 327 University Ave SE, Minneapolis 55414 off market | $990 | 1 / 1 | 0.7 mi | 93% |
| 515 5th St SE, Apt 4, Minneapolis 55414 off market | $1,395 | 1 / 1 | 0.7 mi | 93% |
| 520 Se 5th St, Minneapolis 55414 off market | $1,295 | 1 / 1 | 0.7 mi | 93% |
| 438 University Ave NE, Apt 2, Minneapolis 55413 off market | $1,450 | 1 / 1 | 0.3 mi | 91% |
| 136 14th Ave NE, Minneapolis 55413 off market | $1,599 | 1 / 1 | 0.8 mi | 90% |
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
- highTaxes are temporarily low under the 4D program and will rise when it expires. Underwriting on today's bill overstates cash flow. Listing says: the City of Minneapolis 4D program delivers meaningful tax savings for the next two years · AI review
- highThe description claims cash flow but gives no rents or lease terms. Our model shows negative cash flow at ask. Based on: data: underwriting.cash_flow_monthly · AI review
- mediumThe attic bedroom is non-conforming, so it should not count as a legal bedroom or support higher rent. Listing says: non-conforming 2nd bedroom in the attic · AI review
- mediumThe price is well above break-even, so the deal doesn't work at today's rates without a cut. Based on: data: underwriting.break_even_price · AI review
Opportunities
- The seller bought for $143,275 in Apr 2001, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 1402924420072: last sale 2001-04-01, $143,275
- Long time on market: room to negotiate. Based on: Listing data: 109 days on market
- Owner-occupant could live in one unit and rent the other, which cuts the cost of ownership. Listing says: Owner-occupants can offset their mortgage by renting one unit · AI review
- Minneapolis has no rent cap, so rents can move toward market after any turnover or refresh. Based on: data: underwriting.rent_rule · AI review
- The seller has held the property since 2001 at a much lower price and it has sat for 109 days, which supports a lower offer. Based on: data: listing.days_on_market · AI review
Questions for the agent
- What are the current rents, lease end dates, and are the leases written or month-to-month?
- What will taxes be after the 4D program ends, and what are the program's restrictions and rent limits?
- Who pays heat and water, and are there separate meters for gas and electric?
- Is the attic bedroom finished, permitted, and is it part of the upper unit?
- How old are the furnace and water heater, and what is the roof's age?
- Why has it sat 109 days, and has there been a price cut or any offers?
Bottom line
Fresh electrical and water work is a plus, but at $350K with temporary tax savings and no stated rents, it needs a lower price to make sense. AI-assisted summary
What the records say
Where each number comes from
| Property tax / yr Public recordHennepin County record, current payable year (non-homestead) | $1,112 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $2,401 |
| 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 2026-06-18 (109 days); down $10,000 (2.8%) from the first ask of $360,000; last sold for $143,500 on 2001-05-09.
| Date | Event | Price |
|---|---|---|
| Price changed | $350,000 | |
| Relisted | $360,000 | |
| Removed | — | |
| Listed | $360,000 | |
| Sold public record | $143,500 | |
| Sold public record | $65,000 | |
| Sold public record | $45,000 |
County record Public record
| Recorded as | duplex |
| Living units | 2 |
| Year built | 1900 |
| Market value (2026) | $287,200 |
| Property tax | $1,112 |
| Special assessments | none |
| Homestead | no |
| Last sale | 2001-04-01 · $143,275 |
Source: Hennepin County parcel records.
City rental license
CHOWNEXMPT: 2 unit(s), Tier 1, status active, renews 2027-03-01.
Nearest highway
I 35W, about 1220 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).