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808 9th Ave SE

Duplex · 2 units: 3 bed / 1 bath ×2 unit split estimated · 2,079 sq ft

Minneapolis, MN · Marcy Holmes · View the listing ↗

Overpriced
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Photos, via Realtor.com.

Asking price
$397,500
2 units · $199K per unit
Monthly cash flow
−$587
at 20% down, 7%
Estimated rent
$3,100/mo
medium confidence
Break-even price
$287,210
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a fully leased duplex near the U of M, and the description gives only a combined $3,325/month, with no per-unit rents or lease terms. Our estimate is about $3,100 combined, so the stated income looks a bit high. At $397,500 the numbers still don't work: our underwriting shows about -$587/month at 20% down and a 4.6% cap rate. The break-even price is about $287K, roughly $110K below ask. It sold for $395K in 2022, so the seller is asking about what they paid, and the county values it at $294,500. Ask for the rent roll, lease end dates and a trailing-12 of expenses before a showing. Student-area leases often turn over together in summer. It's only worth seeing if the seller will move well toward the high $200Ks.

Things to consider

  1. Price doesn't pencil Underwriting shows negative cash flow of about $587/month and a break-even near $287K. The deal only works at a much lower price.
  2. Stated income needs verification A combined $3,325 is above our $3,100 estimate, and without unit-level rents or lease terms you can't confirm it or check turnover timing.Listing says: “Both units are leased with a current gross rental income of $3,325 per month”
  3. Seller paid about this price in 2022 Little appreciation at ask, and the county values it far below ask, so appraisal and resale could be tight.
  4. Freeway noise nearby Being about 66 m from I-35W may cap rents and affect vacancy on the near-side unit.
  5. Dated interiors and window A/C Updates could support higher rents, but they cost money up front and cut into the thin returns.From photo 5

From the photos

Listing photo 1
1 of 8Plus

Vinyl-sided split-level building appears in decent exterior shape. Building looks like a 1980s design.

Listing photo 5
2 of 8Concern

Kitchen looks dated, with older white cabinets, laminate counters and a vinyl floor. Appears original, which fits the cosmetic upside.

Listing photo 2
3 of 8Check

Another unit's living area has been updated, with newer flooring and kitchen cabinets. Condition may differ between the units.

Listing photo 9
4 of 8Concern

Window A/C units appear in several openings, so cooling is likely window units, not central air.

Listing photo 9
5 of 8Plus

Two electric meters are visible on the side wall, which suggests separate metering for the two units.

Listing photo 7
6 of 8Plus

Off-street surface parking lot with wheel stops and a shared dumpster.

Listing photo 6
7 of 8Plus

Entry steps and railing look new, which is a recent update.

Listing photo 1
8 of 8Check

No photos of the roof, mechanicals, panel, bathrooms or basement. Request them.

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

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
$397,500
Cash to close
$91,425
Price per unit
$198,750
GRM
10.7

Each month

Cash flow
−$587/mo
Cash-on-cash
−7.7%
Cap rate
4.6%
DSCR
0.72×

Break-even

Price that breaks even
$287,210
Rent that breaks even
$3,853/mo

Long run

Year 30: property vs stocks
$1.08M vs $969K
Cash flow turns positive
year 14

Monthly

Monthly breakdown

Rent$3,100
Vacancy (6%)−$186
Collected$2,914
Property tax Public record−$466
Insurance Estimate−$193
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$248
Capital reserve (8% of rent)−$248
Net operating income$1,529
Mortgage (principal + interest)−$2,116
Cash flow−$587
Principal paid down (equity, not cash)$269

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$1,077,714
Your equity when you sell
$906,947

Sells for $964,837 (value up 3% a year), minus 6% selling cost ($57,890). Rent paid down $318,000 of loan.

Rental profits, invested at 7%
$170,768

$116,722 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$968,967
Cash to close, invested at 7%
$695,950

$91,425 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$273,016

$48,838 you'd have paid in while the building lost money, invested instead.

The building comes out $108,747 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 $1.08M, stocks $969K. 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.

3 bed / 1 bath estimate $1,550/mo · range $1,400–$1,725

AddressRentBd / BaSq ftDistanceListedMatch
629 6th St SE, Minneapolis 55414 off market $2,050 3 / 1 1,900 0.3 mi 2025-10-10 97%
1006 12th Ave SE, Minneapolis 55414 $1,640 3 / 2 2,000 0.2 mi 2026-09-04 94%
1008 12th Ave SE, Minneapolis 55414 off market $1,575 3 / 2 2,000 0.2 mi 2026-01-09 94%
1062 11th Ave SE, Minneapolis 55414 $1,600 3 / 1 — 0.2 mi 2026-04-15 94%
806-08 5th St SE, Minneapolis 55414 $1,750 3 / 1 — 0.3 mi 2026-05-20 94%
1109 13th Ave SE, Minneapolis 55414 $1,500 3 / 1 — 0.3 mi 2025-10-09 94%
430 8th St SE, Minneapolis 55414 $1,400 3 / 1 — 0.4 mi 2025-10-09 94%
1107 4th St SE, Minneapolis 55414 $1,600 3 / 1 — 0.4 mi 2026-05-20 93%
414 8th St SE, Minneapolis 55414 off market $1,500 3 / 1 — 0.4 mi 2026-02-16 93%
516 5th St SE, Minneapolis 55414 $1,700 3 / 1 — 0.4 mi 2026-06-24 93%

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

  • highPrice is far above what the numbers support. Break-even is about $80K under ask. Based on: data: underwriting · AI review
  • mediumAbout 66 m from I 35W: traffic noise usually costs $50–100/month in rent. Based on: OpenStreetMap: nearest motorway (I 35W) at 66 m
  • mediumAsking about the same as the 2022 purchase price, and well above county market value. Based on: data: county.market_value · AI review
  • mediumOnly a combined rent figure is given, with no per-unit rents, lease terms or expense history. Listing says: Both units are leased with a current gross rental income of $3,325 per month · AI review
  • lowCosmetic upside means the finishes are dated. Budget for updates. Listing says: Future upside exists through cosmetic updates and potential rent growth · AI review

Opportunities

  • No rent cap in Minneapolis, so rents can follow the market after updates. Based on: data: underwriting.rent_rule · AI review
  • Strong student rental demand near the University of Minnesota, transit and shopping. Listing says: Conveniently located near the University of Minnesota, public transportation, restaurants, and shopping. · AI review
  • Active Tier 1 rental license for 2 units reduces licensing risk. Based on: data: city.rental_license · AI review

Questions for the agent

  • Can you send the rent roll with each unit's rent, lease start and end dates, and deposits?
  • What are the trailing-12 expenses, including utilities, repairs, and vacancy?
  • Who pays electric, water, trash and snow? Is there individual metering?
  • Does the rental license transfer with the sale? Any open violations or inspection orders?
  • What are the roof, windows and A/C ages? Is baseboard electric heat costly for tenants?
  • Why is the asking price near the 2022 sale price, and is the seller open to offers?

Bottom line

Likely solid student rental income, but at $397,500 it loses money at 20% down and needs a price near $287K to break even. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$5,592
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,320
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 2026-08-03 (63 days); down $12,400 (3.0%) from the first ask of $409,900; last sold for $395,000 on 2022-03-07; listed for rent at $1,600/mo on 2026-03-15.

DateEventPrice
Listed$397,500
Removed$409,900
Listed$409,900
Removed—
Listed for rent$1,600/mo
Listed for rent$1,600/mo
Removed—
Listed for rent$1,700/mo
Sold$395,000
Listed$385,000
Sold public record$125,000

County record Public record

Recorded asduplex
Living units2
Year built1989
Market value (2026)$294,500
Property tax$5,592
Special assessmentsnone
Homesteadno
Last sale2022-03-01 · $395,000

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 66 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).