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812 7th St SE

Duplex · 2 units: 4 bed / 2 bath and 7 bed / 2 bath · 3,686 sq ft

Minneapolis, MN · Marcy Holmes · View the listing ↗

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

Asking price
$700,000
2 units · $350K per unit
Monthly cash flow
−$964
at 20% down, 7%
Estimated rent
$5,275/mo
low confidence · 16 rentals within 0.75 mi
Break-even price
$518,953
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a $700K student-area duplex that loses about $964 a month at asking with 20% down, and the cap rate is only 4.7%. Our break-even price is about $519K, so the ask is roughly $181K over what the rents support. The seller paid $602K in April 2023, and the county values it at $551,600. It has sat 101 days, so there is room to negotiate. The 4-bed and 7-bed layouts mean heavy wear and high turnover, and no rents are stated. The 7 bedrooms and 2 baths in the upper unit is the first thing I'd verify: count the legal bedrooms and ask about egress, then confirm the rental license. Only worth a showing if the price drops a lot.

Things to consider

  1. Price versus rents At asking with 20% down, the deal loses about $964 a month and has a 4.7% cap rate. Only a large price cut changes that.
  2. Rent estimates are modest for this many bedrooms Our estimates are about $2,225 for the 4-bed and $3,050 for the 7-bed. Actual rents depend on whether tenants rent by the room or by the unit.
  3. Rental license and legal bedroom count No license is on file, and the bedroom count drives rent. Illegal bedrooms or an unlicensed rental could cut income or force costly fixes.
  4. Heavy wear from 11 bedrooms Student-type occupancy means frequent turnover, higher repairs and more vacancy risk in summer. Budget reserves above normal.Listing says: “both designed for comfortable living and strong rental potential”
  5. Negotiating room 101 days on market and a price well above the 2023 sale suggest the seller may need to cut.
  6. Highway noise I-35W is close, which can reduce rents by $50-100 a month. Listen for noise during a showing.

From the photos

Listing photo 1
1 of 7Check

Exterior has newer-looking vinyl siding and trim. Stone foundation visible at the base; have it inspected for cracks and moisture.

Listing photo 6
2 of 7Plus

Kitchen has white cabinets, granite-look counters and vinyl plank flooring. Appliances are basic white and look budget grade. The updates appear cosmetic and fairly recent.

Listing photo 8
3 of 7Plus

In-unit stacked washer/dryer in the kitchen is a plus for renters. Exposed gas and vent piping is visible along the walls and ceiling.

Listing photo 5
4 of 7Plus

Living room has new vinyl plank flooring, fresh paint and a fireplace. It appears clean and rent-ready.

Listing photo 10
5 of 7Check

Bathroom has a new vanity and tub surround with a basic finish. A second bath has a tiled walk-in shower and glass-block window, which looks older and less updated.

Listing photo 3
6 of 7Check

Photos show only one unit's interior. No upper-unit, basement, boiler/furnace, water heater or electrical panel photos, so mechanicals are unknown.

Listing photo 9
7 of 7Check

Exposed duct registers and forced-air vents are visible, which fits the county's forced-air heat record. Confirm whether each unit has its own furnace.

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

Condition and repairs

  • doneFull renovation in 2023: new flooring, vinyl and upgraded windowsListing says: Completely renovated in 2023 with new flooring, vinyl, and upgraded windows.

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
$700,000
Cash to close
$161,000
Price per unit
$350,000
GRM
11.1

Each month

Cash flow
−$964/mo
Cash-on-cash
−7.2%
Cap rate
4.7%
DSCR
0.74×

Break-even

Price that breaks even
$518,953
Rent that breaks even
$6,510/mo

Long run

Year 30: property vs stocks
$1.96M vs $1.64M
Cash flow turns positive
year 13

Monthly

Monthly breakdown

Rent$5,275
Vacancy (6%)−$316
Collected$4,958
Property tax Public record−$873
Insurance Estimate−$249
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$422
Capital reserve (8% of rent)−$422
Net operating income$2,762
Mortgage (principal + interest)−$3,726
Cash flow−$964
Principal paid down (equity, not cash)$474

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$1,962,596
Your equity when you sell
$1,597,139

Sells for $1,699,084 (value up 3% a year), minus 6% selling cost ($101,945). Rent paid down $560,000 of loan.

Rental profits, invested at 7%
$365,458

$242,714 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,642,336
Cash to close, invested at 7%
$1,225,573

$161,000 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$416,763

$72,757 you'd have paid in while the building lost money, invested instead.

The building comes out $320,260 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 $1.96M, stocks $1.64M. The property wins.

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 $2,225/mo · range $2,150–$2,900 · 16 rentals within 0.75 mi

AddressRentBd / BaSq ftDistanceListedType
812 4th St SE, Minneapolis $2,000 4 / 2 — 0.2 mi 2026-01-13 Apartment
806 4th St SE, Minneapolis $2,200 4 / 2 — 0.2 mi 2026-01-13 Apartment
800 4th St SE, Minneapolis $2,200 4 / 2 — 0.2 mi 2025-02-21 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
1014 4th St SE, Minneapolis $3,300 4 / 2 1,900 0.3 mi 2026-09-25 Apartment
408-410 8th St SE, Minneapolis $2,650 4 / 2 1,800 0.3 mi 2026-09-30 Duplex triplex
1221-23 8th St SE, Minneapolis $2,300 4 / 2 — 0.3 mi 2026-01-12 Apartment
1000 University Ave SE, Minneapolis $3,050 4 / 2 1,451 0.3 mi 2025-05-02 Apartment
1231 8th St SE, Minneapolis $3,000 4 / 2 — 0.4 mi 2025-05-13 Apartment

7 bed estimate $3,050/mo · range $2,550–$3,050 · 25 rentals within 0.5 mi

AddressRentBd / BaSq ftDistanceListedType
524 8th Ave SE, Minneapolis $2,500 6 / 2 — 0.1 mi 2026-09-25 Apartment
513 8th Ave SE, Minneapolis $2,700 6 / 2 — 0.1 mi 2026-02-17 Apartment
513 8th Ave SE, Minneapolis $2,500 5 / 2 — 0.1 mi 2026-02-17 Apartment
1015 7th St SE, Minneapolis $3,650 5 / 2.5 2,000 0.2 mi 2026-09-26 Apartment
608 8th St SE, Minneapolis $2,500 5 / 2 — 0.2 mi 2025-05-13 Apartment
621 11th Ave SE, Minneapolis $4,800 6 / 2 2,400 0.2 mi 2026-09-26 Apartment
628-30 11th Ave SE, Minneapolis $3,250 5 / 2 — 0.2 mi 2025-10-09 Apartment
620 11th Ave SE, Minneapolis $3,200 5 / 2 — 0.2 mi 2026-09-25 Apartment
1106 7th St SE, Minneapolis $5,600 7 / 2 1,800 0.2 mi 2026-09-25 Apartment
1106 7th St SE, Minneapolis $4,800 6 / 2 — 0.2 mi 2026-09-25 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

  • highSeven bedrooms and only 2 baths in one unit is a lot of occupants per bath. Check the bedrooms are legal, with egress and closets. Listing says: the upper unit includes 7 bedrooms and 2 bathrooms · AI review
  • highPriced far above what the rents support. The ask is about $196K over our break-even price. Based on: data: underwriting.break_even_price · 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 812 7TH ST S E
  • mediumAbout 67 m from I 35W: traffic noise usually costs $50–100/month in rent. Based on: OpenStreetMap: nearest motorway (I 35W) at 67 m
  • mediumSeller paid $602K in 2023 and is asking $700K. The county values it at $551,600. Based on: data: county.last_sale_price · AI review
  • mediumTax bill is high at non-homestead rates ($10,475), about 1.5% of the price. Based on: data: county.tax · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 101 days on market
  • Strong student demand next to the U of M, and Minneapolis has no rent cap, so rents can follow the market. Listing says: just steps from the University of Minnesota's East Bank campus · AI review
  • Off-street parking in back is rare in this area and helps rents. Listing says: off-street parking in back-an invaluable bonus in this high-demand area · AI review
  • Renovated in 2023, so near-term capital needs may be lower than for a typical 1900 building. Verify what was actually done. Listing says: Completely renovated in 2023 · AI review

Questions for the agent

  • What are the current rents, lease terms and lease end dates? Please share the rent roll and trailing-12 expenses.
  • Is the building licensed as a rental in Minneapolis, and when was the last inspection?
  • How many bedrooms in each unit meet egress and closet rules? Is the 7-bed layout legal?
  • What exactly was done in the 2023 renovation? Were permits pulled, and what about the roof, boiler or furnace, wiring and plumbing?
  • Who pays heat, water and electric, and is each unit separately metered?
  • Why has it sat for 101 days, and has the price been cut?

Bottom line

A well-located, freshly updated student duplex, but $700K is about $181K more than the rents support, so it only works after a big price cut. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$10,475
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,994
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; 11 bedrooms: +1 pt repairs for wear; "completely renovated" in the description: -1 pts each8% / 8%

Price history Realtor.com

On the market since 2026-06-26 (101 days); listed for rent at $2,300/mo on 2026-05-19.

DateEventPrice
Removed—
Removed$725,000
Listed$700,000
Rent changed$2,300/mo
Rent changed$3,300/mo
Rent changed$3,475/mo
Listed for rent$2,350/mo
Listed for rent$3,350/mo
Removed—
Price changed$649,900
Relisted$694,900
Removed—
Price changed$694,900
Listed$726,200
Removed—
Rent changed$3,250/mo
Listed for rent$5,375/mo
Removed—
Listed for rent$5,600/mo
Removed$465,000
Listed$465,000
Removed$465,000
Listed$465,000
Removed$425,000
Listed$425,000

County record Public record

Recorded asduplex
Living units2
Year built1900
Market value (2026)$551,600
Property tax$10,475
Special assessmentsnone
Homesteadno
Last sale2023-04-01 · $602,000

Source: Hennepin County parcel records.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

I 35W, about 67 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).