806 6th St SE

Duplex · 2 units: 4 bed / 1.5 bath ×2 unit split estimated · 3,336 sq ft

Minneapolis, MN · Marcy Holmes · View the listing ↗

Far off

36 photos

Photos courtesy of Exp Realty - Broker, via Realtor.com.

Asking price: $599,900
Monthly cash flow: −$1,295
Estimated rent: $4,350/mo
Break-even price: $356,543

Adjust the numbers See the full breakdown

From the listing

Don't miss this turnkey income-producing opportunity in the heart of Dinkytown, steps from the University of Minnesota campus. 806 and 810 6th Street SE are available together as a bundled package - including a shared 20-space parking lot - for a combined purchase price of $1,550,000. When fully occupied these investments have potential to produce combined annual gross income of $171,000 with additional income opportunity with parking and coin-op laundry. This is a cash-flowing asset in a market that virtually never sleeps. 806 6th Street SE is currently operating as a duplex with a clear path to triplex conversion - a value-add play that savvy investors will immediately recognize. Paired with 810 6th Street SE operating as a triplex, this package offers both immediate income stability and long-term growth potential in one of Minneapolis's most recession-resistant rental corridors. Please note that the sale of 806 will occur concurrently with 810 6th Street SE (MLS 7068805)

Listing courtesy of Exp Realty - Broker (Marissa Winegarden). Description from Realtor.com, MLS #7068739. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a bundled sale: 806 and 810 6th St SE together for $1,550,000, but FACTS shows $599,900 for 806 alone. Get clarity on what is actually being bought and at what price. On our numbers 806 loses about $1,295 a month at ask with a 3.8% cap rate, and breaks even near $357K. The 'turnkey' and 'cash-flowing' claims don't match that. The listing gives no rents, no rent roll and no expenses, and the $171,000 combined income is a 'potential' figure, not actual. The interiors look freshly refreshed, but the package is priced well past what the rents support. Worth a showing only if you can get real rents and the lot terms, and the price comes down hard.

Things to consider

Price versus cash flow Our underwriting shows negative cash flow of about $1,295 a month at ask and break-even near $357K. A buyer would need a big price cut.
Bundle structure The deal depends on buying both properties and the lot together, which changes financing, price and risk. Confirm what 806 costs on its own.Listing says: “the sale of 806 will occur concurrently with 810 6th Street SE”
No actual rents The income quoted is potential for both buildings. Without a rent roll you can't verify value.Listing says: “potential to produce combined annual gross income of $171,000”
High property tax Non-homestead tax of about $11,243 is a large drag on a $592K assessed property.
Interstate noise Being close to I-35W can reduce rents and tenant appeal.
Triplex conversion Conversion would need permits, licensing and capital. Don't count it in your price.Listing says: “a clear path to triplex conversion”

From the photos

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

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

Each month

Cash flow: −$1,295/mo
Cash-on-cash: −11.3%
Cap rate: 3.8%
DSCR: 0.59×

Break-even

Price that breaks even: $356,543
Rent that breaks even: $6,054/mo

Long run

Year 30: property vs stocks: $1.42M vs $1.90M
Cash flow turns positive: year 22

Monthly

Monthly breakdown

Rent	$4,350
Vacancy (6%)	−$261
Collected	$4,089
Property tax Public record	−$937
Insurance Estimate	−$241
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$392
Capital reserve (9% of rent)	−$392
Net operating income	$1,898
Mortgage (principal + interest)	−$3,193
Cash flow	−$1,295
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$1,421,581

Your equity when you sell: $1,368,748
Rental profits, invested at 7%: $52,833

Same money in stocks$1,900,283

Cash to close, invested at 7%: $1,050,316
Monthly shortfalls, invested: $849,966

Stocks come out $478,702 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 $1.42M, stocks $1.90M. 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.

4 bed estimate $2,175/mo · range $2,025–$2,900 · 16 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
513 8th Ave SE, Minneapolis	$2,000	4 / 1	—	0.1 mi	2026-02-17	Apartment
800 4th St SE, Minneapolis	$2,200	4 / 2	—	0.1 mi	2025-02-21	Apartment
806 4th St SE, Minneapolis	$2,200	4 / 2	—	0.1 mi	2026-01-13	Apartment
812 4th St SE, Minneapolis	$2,000	4 / 2	—	0.1 mi	2026-01-13	Apartment
711 4th St SE, Minneapolis	$2,900	4 / 2	—	0.2 mi	2024-06-11	Apartment
401 7th Ave SE, Minneapolis	$1,975	4 / 2	—	0.2 mi	2026-05-15	Apartment
628 4th St SE, Minneapolis	$2,000	4 / 1	—	0.2 mi	2025-01-25	Apartment
1103 5th St SE, Minneapolis	$2,000	4 / 1	—	0.2 mi	2025-05-13	Apartment
1014 4th St SE, Minneapolis	$3,300	4 / 2	1,900	0.2 mi	2026-09-25	Apartment
808-810 University Ave SE, Minneapolis	$2,100	4 / 1	—	0.2 mi	2025-03-21	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

highBundled sale with 810 6th St SE; price and terms unclear versus the $599,900 list price Listing says: available together as a bundled package - including a shared 20-space parking lot - for a combined purchase price of $1,550,000 · AI review
highIncome figure is a potential, not actual rents Listing says: potential to produce combined annual gross income of $171,000 · AI review
mediumAbout 77 m from I 35W: traffic noise usually costs $50–100/month in rent. Based on: OpenStreetMap: nearest motorway (I 35W) at 77 m
mediumAsking is $243,357 above the price where cash flow breaks even ($356,543) at the default scenario. Based on: Derived: price $599,900 vs. break-even $356,543
mediumTriplex conversion is a pitch, not a permitted unit; city license lists only 2 units Listing says: a clear path to triplex conversion · AI review
mediumAsking price well above recent sale history and break-even Based on: data: underwriting.break_even_price · AI review
lowStudent-area rentals can be seasonal and hard-worn; 8 bedrooms in 2 units Based on: data: listing.beds · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 147 days on market
Parking and coin-op laundry could add income, but only if the lot transfers with the sale Listing says: additional income opportunity with parking and coin-op laundry · AI review
No rent cap in Minneapolis, so rents can follow the market Based on: data: underwriting.rent_rule · AI review
Walkable to the University of Minnesota, which supports steady demand Listing says: steps from the University of Minnesota campus · AI review
147 days on market gives room to negotiate Based on: data: listing.days_on_market · AI review

Questions for the agent

Is 806 sold separately at $599,900 or only in the $1,550,000 bundle, and how is the price split?
Can I get the current rent roll, lease dates and trailing-12 expenses for both buildings?
Who owns and maintains the shared 20-space lot, and is there a recorded easement or parking agreement?
Would a third unit be legal under zoning, egress and licensing, and what would conversion cost?
Which utilities does the owner pay? Is there one boiler or separate heat per unit?
Why has it been listed for 147 days, and have there been offers or price cuts?

Bottom line

Fresh interiors, but at ask it loses about $1,295 a month and the listing shows no actual rents, so only worth pursuing at a far 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)	$11,243
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,897
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 1902: +1 pt capital reserve; 8 bedrooms: +1 pt repairs for wear	9% / 9%

Price history Realtor.com

On the market since 2026-05-11 (147 days); last sold for $580,000 on 2021-08-12; listed for rent at $2,300/mo on 2015-04-17.

Date	Event	Price
2026-05-11	Listed	$599,900
2021-08-12	Sold public record	$580,000
2021-08-10	Listed	$635,000
2021-08-09	Sold	$580,000
2021-06-04	Listed	$635,000
2021-02-13	Removed	$510,000
2019-02-07	Removed	$1,229,000
2019-01-02	Removed	$510,000
2018-12-19	Removed	—
2018-06-06	Relisted	$510,000
2018-06-04	Removed	—
2018-01-24	Relisted	$510,000
2018-01-23	Removed	—
2017-12-08	Relisted	$510,000
2017-12-04	Removed	$510,000
2017-11-27	Listed	$510,000
2017-07-31	Removed	$1,229,000
2017-04-14	Listed	$1,229,000
2017-04-03	Removed	$1,229,000
2017-01-04	Listed	$1,229,000
2015-11-04	Removed	$1,249,000
2015-09-28	Listed	$1,249,000
2015-05-09	Rental removed	$2,300/mo
2015-04-17	Listed for rent	$2,300/mo
2013-04-03	Sold public record	$925,000

County record Public record

Recorded as	duplex
Living units	2
Year built	1902
Market value (2026)	$592,000
Property tax	$11,243
Special assessments	none
Homestead	no
Last sale	2021-08-01 · $580,000

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 77 m away.

Crime in Marcy Holmes

866 incidents in the last 12 months (57 per 1,000 residents), +35% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).