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820 18th Ave N

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 2,208 sq ft

Minneapolis, MN · Near - North · View the listing ↗

Cash flows
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Photos, via Realtor.com.

Asking price
$285,000
2 units · $142K per unit
Monthly cash flow
$580
at 20% down, 7%
Estimated rent
$3,650/mo
medium confidence · 19 rentals within 1.5 mi
Break-even price
$393,994
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a renovated Near North duplex, asking $285K after the seller paid $150K in 2022, so the price is nearly double what they paid. Both units are vacant, and the listing gives no tenant rents. The $1,600 lower rent is a 'market rent' claim and our estimate is $1,825 per 2-bed unit. Our underwriting shows about +$580/month at the ask with an 8.8% cap rate, and break-even is near $394K. At today's rates it cash flows at this price. Photos show clean cosmetic updates, so check what's behind them: gravity heat, panel, plumbing, and foundation on a 1900 house. Worth a showing, as long as the systems check out.

Things to consider

  1. Price vs. the numbers Underwriting at ask is positive cash flow and break-even is about $109K above the asking price, so the numbers leave room even after paying for the renovation.
  2. Rents are unproven The $1,600 is a seller 'market rent' and our estimate is $1,825 per unit, so verify against actual leases before relying on our figures.Listing says: “Unit 1 (Lower): Vacant now. In-unit W/D. Market rent $1,600/mo.”
  3. Sale history The seller bought at $150K in 2022 and the county values it at $169K; ask what was spent and whether the price is supported by comparable sales.
  4. Systems behind cosmetic work A 1900 building can hide old wiring, plumbing and heat; a new kitchen and LVP don't tell you the roof, panel or boiler condition.From photo 10
  5. Non-homestead taxes Listed tax is not homestead, but taxes could still rise after sale if the county reassesses at the purchase price.
  6. Rental license is active A Tier 1 license for 2 units is a good sign for legality; confirm it transfers or needs a new application.

From the photos

Listing photo 1
1 of 8Plus

Kitchen appears recently updated with stainless appliances, stone-look counters and LVP flooring, but the cabinets and finishes look budget-grade cosmetic.

Listing photo 3
2 of 8Check

Bathroom has new tile surround and a small vanity; the window and fixtures look basic. The shower appears to have no tub.

Listing photo 4
3 of 8Check

Vinyl siding on a 1900 house with a stone retaining wall and steps; siding appears dated but intact.

Listing photo 4
4 of 8Check

Upper-level deck/balcony with dark railing appears older; check the structure and whether it is the 'new deck' mentioned.

Listing photo 10
5 of 8Check

Windows in the kitchen and bedroom appear to be newer double-hung units, but older windows may remain elsewhere.

Listing photo 10
6 of 8Concern

Ceiling in the bedroom is drop-in tile panels, suggesting an old ceiling covered up; check for hidden damage.

Listing photo 8
7 of 8Check

A floor vent and ceiling vents suggest forced-air ducts here, which conflicts with the county's gravity heat entry; confirm the heating system.

Listing photo 1
8 of 8Check

No photos of the basement, mechanicals, panel, roof or the upper unit's living area.

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

Condition and repairs

  • doneNew windows in unit 1 onlyListing says: New windows unit 1, updated bathrooms, stainless steel appliances, and LVP flooring
  • doneNew deckListing says: New deck, freshly poured concrete driveway, 1-car detached garage
  • doneNew concrete drivewayListing says: freshly poured concrete driveway
  • doneUpdated bathrooms, appliances and flooringListing says: updated bathrooms, stainless steel appliances, and LVP flooring turnkey and move-in ready

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
$285,000
Cash to close
$65,550
Price per unit
$142,500
GRM
6.5

Each month

Cash flow
$580/mo
Cash-on-cash
10.6%
Cap rate
8.8%
DSCR
1.38×

Break-even

Price that breaks even
$393,994
Rent that breaks even
$2,897/mo

Long run

Year 30: property vs stocks
$2.13M vs $499K
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$3,650
Vacancy (6%)−$219
Collected$3,431
Property tax Public record−$268
Insurance Estimate−$216
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$292
Capital reserve (9% of rent)−$328
Net operating income$2,097
Mortgage (principal + interest)−$1,517
Cash flow$580
Principal paid down (equity, not cash)$193

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$2,127,001
Your equity when you sell
$650,264

Sells for $691,770 (value up 3% a year), minus 6% selling cost ($41,506). Rent paid down $228,000 of loan.

Rental profits, invested at 7%
$1,476,737

$616,456 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$498,983
Cash to close, invested at 7%
$498,983

$65,550 put into an index fund instead of the down payment and closing costs.

The building comes out $1,628,018 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 $2.13M, stocks $499K. 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.

2 bed estimate $1,825/mo · range $1,600–$2,450 · 19 rentals within 1.5 mi

AddressRentBd / BaSq ftDistanceListedType
816 21st Ave N Apt 337, Minneapolis $1,788 2 / 1 1,000 0.2 mi 2026-07-14 Apartment
415 23rd Ave N Apt 4, Minneapolis $1,415 2 / 1 850 0.4 mi — Apartment
2222 Girard Ave N, Minneapolis $1,500 2 / 1 1,736 0.5 mi 2026-07-10 Duplex triplex
421 N 26th Ave Unit 1, Minneapolis $1,500 2 / 1 300 0.6 mi 2026-09-21 Apartment
2000 W Broadway Ave, Minneapolis $1,350 2 / 1 902 0.8 mi 2026-01-02 Apartment
815 N 2nd St, Minneapolis $2,313 2 / 1 784 0.8 mi 2024-04-12 Apartment
756 N 4th St, Minneapolis $1,717 2 / 1 924 0.9 mi 2025-05-02 Apartment
730 Washington Ave N Unit 245, Minneapolis $2,750 2 / 1 1,095 0.9 mi 2026-06-25 Apartment
80 Broadway St NE, Minneapolis $2,429 2 / 1 737 1.1 mi 2026-01-30 Apartment
2323 26th Ave N, Minneapolis $1,717 2 / 1 1,052 1.1 mi 2026-05-04 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

  • highAsking price is far above the 2022 sale price and county value; the numbers don't work at ask Based on: data: county.last_sale_price · AI review
  • mediumWindows replaced in unit 1 only; unit 2 windows are likely older Listing says: New windows unit 1, updated bathrooms, stainless steel appliances, and LVP flooring · AI review
  • mediumGravity heat on a 1900 building is very old; furnace age and condition unknown Based on: data: county.heat_type · AI review
  • mediumListed 55 days; both units vacant, so no rent history is proven Listing says: Unit 2 (Upper): Vacant now. Previously rented at $1,470/mo. · AI review

Opportunities

  • Minneapolis has no rent cap, so rents can follow the market after turnover Based on: data: underwriting.rent_rule · AI review
  • House-hack option: live in one unit and rent the other Listing says: Live in one unit, rent the other, or lease both for a combined market rent of $3,070/month. · AI review
  • Both units vacant, so you can set rents and screen tenants fresh Listing says: Unit 1 (Lower): Vacant now. · AI review
  • Detached garage and new driveway add parking appeal Listing says: freshly poured concrete driveway, 1-car detached garage, plus ample street parking · AI review

Questions for the agent

  • What did the seller pay for the renovation, and were permits pulled?
  • What is the furnace/heating system, its age, and who pays for heat in each unit?
  • Why is unit 2 vacant and who was the $1,470 tenant? Any rent roll or lease history?
  • Is there separate metering for electric and gas, and what is the panel size and wiring type?
  • Are the upper windows original, and what's the roof age?
  • Is the price negotiable given 55 days on market and the 2022 purchase at $150K?

Bottom line

Clean cosmetic flip priced well above what it sold for in 2022, but about $580/month positive at ask, so it can work if the systems and rents hold up. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$3,215
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,587
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 2026-08-08 (58 days); down $10,000 (3.4%) from the first ask of $295,000; last sold for $150,000 on 2022-09-06.

DateEventPrice
Price changed$285,000
Price changed$290,000
Listed$295,000
Sold$150,000
Listed$150,000

County record Public record

Recorded asduplex
Living units2
Year built1900
Market value (2026)$169,300
Property tax$3,215
Special assessmentsnone
Homesteadno
Last sale2022-09-01 · $150,000

Source: Hennepin County parcel records.

City rental license

CHOWN: 2 unit(s), Tier 1, status active, renews 2027-03-01.

Nearest highway

None, about 527 m away.

Crime in Near - North

497 incidents in the last 12 months (73 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).