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727 Madison St NE

Duplex · 2 units: 3 bed / 1.5 bath ×2 unit split estimated · 3,444 sq ft

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

Far off
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Photos courtesy of Edina Realty, Inc., via Realtor.com.

Asking price
$649,900
2 units · $325K per unit
Monthly cash flow
−$1,763
at 20% down, 7%
Estimated rent
$3,800/mo
medium confidence · 10 rentals within 0.75 mi
Break-even price
$318,729
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a big, character-heavy 1900 duplex, but the price doesn't work as a rental. Our rent estimates of about $1,900 per unit give a 3.1% cap rate and roughly -$1,763 a month at asking, and break-even is near $319K against a $649,900 ask. The listing reads like an owner-occupant pitch: a nearly 2,500 sq ft upper unit, a second laundry room and balconies on all three levels. Check the rental license, whether the upper unit could be rented at a realistic price, and the heat (hot water radiators, probably one boiler, with no boiler photo). Not worth a showing unless the seller is far below ask or you plan to live in one unit.

Things to consider

  1. Price is far above what rents support At about $1,900 per unit, the property loses roughly $1,763 a month at asking. Break-even is about $319K, so the gap is huge.
  2. Rental license is missing An unlicensed duplex can mean inspection issues or a delay before you can legally rent it. Verify before offering.
  3. Taxes will rise for an investor The current bill is homestead-based. Non-homestead rates on a $570K value would raise expenses and hurt cash flow further.
  4. Heat and systems are unverified Hot water heat likely means a shared boiler and a possible owner-paid gas bill. Age of the boiler, wiring and plumbing is not stated.
  5. Seller has room to come down Bought for $259K in 2002 and listed only four days, so expect a negotiation if the seller is motivated, though a fresh listing may not move yet.

From the photos

Listing photo 4
1 of 8Concern

Kitchen has maple cabinets, laminate counters, white appliances and new vinyl plank flooring. It appears to be a 1990s-2000s remodel with a fresh floor, not a full update.

Listing photo 4
2 of 8Check

Cast-iron radiators are visible in the kitchen and bathrooms, which points to a hot water boiler system. The boiler itself isn't shown.

Listing photo 1
3 of 8Check

Stucco exterior with a covered front porch and what appears to be a newer asphalt shingle roof. Stucco needs a moisture check.

Listing photo 10
4 of 8Check

Basement has painted masonry walls, a utility sink and a washer and dryer. Old newspaper appears to be stuck to the wall behind the counter, so foundation and moisture condition are unknown.

Listing photo 8
5 of 8Plus

Wood trim, stair railing and a clawfoot tub give real character. The bathrooms appear clean and in decent shape.

Listing photo 7
6 of 8Plus

The bathroom has a tiled tub surround, a new-looking vanity and a radiator with a bench cover. It appears updated and serviceable.

Listing photo 2
7 of 8Check

A forced-air style vent in the entry suggests a possible second heating or cooling system. Confirm what heats each unit.

Listing photo 9
8 of 8Check

No photos of the boiler, electrical panel, water heater or the upper unit's bedrooms. The set is thin for judging a 3,400 sq ft building.

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

Condition and repairs

  • doneFresh paint, new luxury vinyl in main-level kitchen and bathListing says: brand-new luxury vinyl flooring in the kitchen and bathroom
  • doneNew carpeting and vinyl flooring in upper unitListing says: brand-new carpeting and new luxury vinyl flooring in the kitchen and second laundry room

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
$649,900
Cash to close
$149,477
Price per unit
$324,950
GRM
14.3

Each month

Cash flow
−$1,763/mo
Cash-on-cash
−14.2%
Cap rate
3.1%
DSCR
0.49×

Break-even

Price that breaks even
$318,729
Rent that breaks even
$6,089/mo

Long run

Year 30: property vs stocks
$1.48M vs $2.53M
Cash flow turns positive
year 29

Monthly

Monthly breakdown

Rent$3,800
Vacancy (6%)−$228
Collected$3,572
Property tax Listing−$756
Insurance Estimate−$244
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$304
Capital reserve (9% of rent)−$342
Net operating income$1,696
Mortgage (principal + interest)−$3,459
Cash flow−$1,763
Principal paid down (equity, not cash)$440

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$1,484,226
Your equity when you sell
$1,482,829

Sells for $1,577,478 (value up 3% a year), minus 6% selling cost ($94,649). Rent paid down $519,920 of loan.

Rental profits, invested at 7%
$1,397

$1,386 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$2,534,651
Cash to close, invested at 7%
$1,137,857

$149,477 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$1,396,794

$337,870 you'd have paid in while the building lost money, invested instead.

Stocks come out $1,050,425 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 $1.48M, stocks $2.53M. 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 $1,900/mo · range $1,725–$2,200 · 10 rentals within 0.75 mi

AddressRentBd / BaSq ftDistanceListedType
1226 Adams St NE, Minneapolis $2,049 3 / 1 1,750 0.2 mi 2026-07-08 Apartment
410 5th St NE, Minneapolis $1,650 3 / 1 — 0.3 mi 2026-09-25 Apartment
1322 Central Ave NE Unit 1, Minneapolis $1,800 3 / 1 1,150 0.4 mi 2026-09-10 Duplex triplex
912 4th St NE Unit Upstairs, Minneapolis $1,900 3 / 1 1,250 0.4 mi 2026-06-03 Duplex triplex
912 4th St NE Unit Main, Minneapolis $2,100 3 / 1 1,120 0.4 mi 2026-03-04 Duplex triplex
1460 Van Buren St NE, Minneapolis $1,570 3 / 1.5 1,154 0.5 mi 2026-07-30 Apartment
1622 Washington St NE, Minneapolis $1,795 3 / 1 1,200 0.5 mi 2026-09-21 Apartment
742 Buchanan St NE, Minneapolis $1,700 3 / 1 — 0.7 mi 2026-04-02 Apartment
22 University Ave NE, Minneapolis $2,375 3 / 2 1,168 0.7 mi 2026-03-02 Apartment
430 8th St SE, Minneapolis $1,400 3 / 1 — 0.7 mi 2025-10-09 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

  • highRent upside is limited. The upper unit is huge, but the market may not pay a premium for that much space. Listing says: nearly 2,500 square feet of living space-a rare find in a duplex · AI review
  • mediumNo rental license on file in the city's data. Ask whether the building is licensed as a rental and when it was last inspected. Public record: Minneapolis Active Rental Licenses: no record for 727 MADISON ST N E
  • mediumAsking is $331,171 above the price where cash flow breaks even ($318,729) at the default scenario. Based on: Derived: price $649,900 vs. break-even $318,729
  • mediumListed tax is a homestead bill. An investor pays the higher non-homestead rate, so real taxes will be higher. Based on: data: county.homestead · AI review
  • mediumHot water radiator heat is likely a single boiler for both units. Owner may pay heat, and age and condition are unknown. Based on: data: county.heat_type · AI review
  • lowMany updates look cosmetic (paint, flooring), which says nothing about systems. Listing says: fresh paint, beautiful hardwood floors and numerous updates throughout · AI review

Opportunities

  • The seller bought for $259,000 in Sep 2002, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 1402924420023: last sale 2002-09-01, $259,000
  • Owner-occupy one unit and rent the other. This is the only way the numbers could make sense at this price. Based on: data: county.homestead · AI review
  • Minneapolis has no rent cap, so rents can move with the market. Based on: data: underwriting.rent_rule · AI review
  • A 2002 purchase at $259K leaves the seller a lot of room to negotiate. Based on: data: county.last_sale_price · AI review

Questions for the agent

  • Is the building licensed as a rental, and when was it last inspected?
  • Is there one boiler or two? How old, and who pays for heat?
  • Are the units separately metered for gas and electric?
  • What are the current rents, or is the property vacant or owner-occupied?
  • Is the second laundry room usable by the main unit, or only the upper unit?
  • Is the upper unit's 2,500 sq ft permitted and finished, with legal bedrooms?

Bottom line

Pretty and spacious, but at $649,900 it loses about $1,800 a month as a rental, so it only works if you live in it or the price drops hard. 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.$9,068
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,927
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 reserve8% / 9%

Price history Realtor.com

On the market since 2026-10-01 (4 days); last sold for $259,000 on 2002-11-05.

DateEventPrice
Listed$649,900
Sold public record$259,000
Sold$259,000
Listed$279,000

County record Public record

Recorded asduplex
Living units2
Year built1900
Market value (2026)$569,900
Property tax$9,068
Special assessmentsnone
Homesteadno
Last sale2002-09-01 · $259,000

Source: Hennepin County parcel records.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

I 35W, about 1157 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).