822 Penn Ave N

Duplex · 2 units: 3 bed / 2 bath and 6 bed / 2 bath · 3,600 sq ft

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

Cash flows

41 photos

Photos courtesy of Side by Side Realty, via Realtor.com.

Asking price: $379,000
Monthly cash flow: $600
Estimated rent: $4,825/mo
Break-even price: $491,764

Adjust the numbers See the full breakdown

From the listing

Welcome to 822 Penn Ave N, Minneapolis. A solid 1916 up/down duplex offering two large, separately metered units, with the upper unit already generating income. It features 9 bedrooms, 4 full baths, two living rooms, a dedicated office, in-unit laundry, and two decks, one screened for three-season use. The upper unit is a standout. It is currently tenant-occupied at $1,868/month but should rent for $2250 in the current market. The lower unit is currently vacant but previously received $2500/mo with 3 bedrooms, 1 bath, and a three-season porch. Tenants pay their own gas and electric, and two off-street parking spots add everyday convenience. Quick access to Highway 55 puts downtown, North Loop and Golden Valley within easy reach, with Theodore Wirth Park's trails nearby. Move into the lower unit and let the upper help cover the mortgage, or add a ready-to-go two-unit to your portfolio.

Listing courtesy of Side by Side Realty (Scott Hoefler). Description from Realtor.com, MLS #7150103. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

The listing's headline is 9 bedrooms, but the rent figures only make sense for a 3-bed lower and a larger upper, so confirm the real layout first. Stated income is $1,868 upstairs against a $2,250 hope, and the $2,500 lower rent is historical, not current. Our model shows about $600/mo cash flow and an 8.3% cap rate at asking, with break-even near $492K, so the price has room if rents hold. But the last sale was $640K in 2018 and the county values it at $361,500, which says something happened in between. Photos show decent cosmetic updates in a 1916 building with radiator heat. Check the upper lease, the heat setup and the wiring before booking a showing; it looks worth a look if those hold up.

Things to consider

Verify the real layout and bedroom count Rent depends on bedroom count and legal egress. If 9 beds is optimistic, the upper unit's rent upside shrinks.Listing says: “It features 9 bedrooms, 4 full baths, two living rooms, a dedicated office”
Upper rent is below market, but lease terms matter The gap to $2,250 is possible upside, but only if the tenant leaves or the lease allows an increase. An unknown lease end could lock in the lower rent.Listing says: “currently tenant-occupied at $1,868/month but should rent for $2250 in the current market”
Lower unit rent should be underwritten near our estimate Our estimate for a 3 bed/2 bath is about $2,025 mid, below the $2,500 claimed. Budget for lease-up time and the lower rent.
Price history and value gap Selling at $640K in 2018 and now listing at $379K against a $361.5K county value signals trouble in the past. Learn what happened before relying on the income.
Heavy non-homestead taxes and special assessments About $6,866 in tax plus $505 in assessments reduces cash flow, and our underwriting assumes the investor tax bill.
Old building systems are unseen A 1916 building with radiator heat needs boiler, wiring and roof checks; none are shown or described.Listing says: “A solid 1916 up/down duplex offering two large, separately metered units”

From the photos

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

Rents the listing states

Upper: $1,868Listing says: currently tenant-occupied at $1,868/month but should rent for $2250 in the current market
Lower: $0 (vacant)Listing says: The lower unit is currently vacant but previously received $2500/mo

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: $379,000
Cash to close: $87,170
Price per unit: $189,500
GRM: 6.5

Each month

Cash flow: $600/mo
Cash-on-cash: 8.3%
Cap rate: 8.3%
DSCR: 1.30×

Break-even

Price that breaks even: $491,764
Rent that breaks even: $4,035/mo

Long run

Year 30: property vs stocks: $2.55M vs $664K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$4,825
Vacancy (6%)	−$290
Collected	$4,536
Property tax Public record	−$572
Insurance Estimate	−$248
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$434
Capital reserve (9% of rent)	−$434
Net operating income	$2,617
Mortgage (principal + interest)	−$2,017
Cash flow	$600
Principal paid down (equity, not cash)	$257

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$2,552,845

Your equity when you sell: $864,736
Rental profits, invested at 7%: $1,688,108

Same money in stocks$663,560

Cash to close, invested at 7%: $663,560

The building comes out $1,889,285 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 $2.55M, stocks $664K. 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.

3 bed estimate $2,025/mo · range $1,875–$2,225 · 6 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
910 Oliver Ave N Apt 5, Minneapolis	$1,790	3 / 1	1,101	0.1 mi	2026-07-28	Apartment
2112 5th Ave N Unit 1, Minneapolis	$1,595	3 / 1	1,200	0.3 mi	—	Apartment
1611 Glenwood Ave Apt 1, Minneapolis	$1,995	3 / 2	918	0.5 mi	—	Apartment
1406 21st Ave N Unit 1, Minneapolis	$2,065	3 / 1	—	1.1 mi	2025-07-23	Duplex triplex
816 21st Ave N Apt 336, Minneapolis	$2,065	3 / 1	1,500	1.3 mi	2026-07-14	Apartment
816 21st Ave N Apt 107, Minneapolis	$1,788	3 / 1	1,500	1.3 mi	2026-07-14	Apartment

6 bed estimate $2,800/mo · range $2,350–$3,800 · 8 rentals within 3 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1030 Knox Ave N, Minneapolis	$2,450	5 / 1.5	1,500	0.3 mi	2026-01-31	Apartment
2411 Golden Valley Rd Unit 2, Minneapolis	$2,195	5 / 2	—	0.8 mi	2026-07-30	Multi family
2734 N 4th St Unit 1, Minneapolis	$3,200	5 / 3	3,000	1.9 mi	2026-01-16	Duplex triplex
412 4th St SE # 101-104, Minneapolis	$2,800	5 / 2.5	2,200	2.9 mi	2026-09-30	Apartment
301 5th Ave SE, Minneapolis	$3,695	6 / 3	2,500	2.9 mi	2026-09-26	Duplex triplex
415 4th St SE, Minneapolis	$4,000	8 / 3	—	2.9 mi	2024-04-15	Apartment
511 5th Ave SE, Minneapolis	$2,195	5 / 2	1,260	3.0 mi	2026-06-11	Apartment
511 5th Ave SE Unit 2, Minneapolis	$2,195	5 / 2	1,260	3.0 mi	—	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

mediumLower unit is vacant and its $2,500 rent is past, not current. The rent estimate for a 3 bed/2 bath is about $2,025, so $2,500 looks high. Listing says: previously received $2500/mo with 3 bedrooms, 1 bath, and a three-season porch · AI review
mediumSale price history: $640K in 2018, now listed at $379K, and county market value is $361.5K. Find out why (distress, condition, prior bad rents). Based on: data: county.last_sale_price · AI review
mediumUnit and bedroom count looks inflated. 9 beds across 2 units implies a very large upper, and bedroom legality (egress, closets) is unverified. Listing says: It features 9 bedrooms, 4 full baths, two living rooms, a dedicated office · AI review
low$505 in special assessments on the current tax bill (often street, sewer or code-enforcement charges). Ask what they're for, whether they continue, and whether the seller pays them off at closing. Public record: Hennepin County parcel 2102924230107: special assessments (current) = $504.75
lowTaxes are billed as non-homestead at about $6,866, a heavy load against the rents. Based on: data: county.tax · AI review

Opportunities

Upper rent is stated well below the agent's market figure, so there may be upside after the lease ends. Minneapolis has no rent cap. Listing says: should rent for $2250 in the current market · AI review
Lower unit is vacant, so you can set rent, show it freely or owner-occupy it. Listing says: Move into the lower unit and let the upper help cover the mortgage · AI review
Separate meters mean tenants carry their own utilities. Listing says: two large, separately metered units · AI review

Questions for the agent

What is the upper unit's lease status, end date and security deposit, and has the tenant been paid up?
Why has the lower unit been vacant, and what was the last tenant's actual rent and move-out date?
What is the real unit split in bedrooms and baths? Do all 9 bedrooms have egress and closets?
What are the $505 in special assessments for, and does the seller pay them at closing?
How old are the boiler(s), electrical panels and roof? Is there one boiler or two, and who pays heat?
Why did the price fall so far from the 2018 sale at $640K?

Bottom line

Priced at a discount to its history and the numbers look workable, but the 9-bedroom claim and the $2,500 lower rent need proof before you trust the income. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$6,866
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,970
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 1916: +1 pt capital reserve; 9 bedrooms: +1 pt repairs for wear	9% / 9%

Price history Realtor.com

On the market since 2026-09-29 (6 days); last sold for $640,000 on 2018-06-15; listed for rent at $1,499/mo on 2021-12-07.

Date	Event	Price
2026-09-29	Listed	$379,000
2022-02-22	Removed	—
2021-12-07	Listed for rent	$1,499/mo
2021-11-13	Removed	—
2021-10-17	Listed for rent	$1,499/mo
2021-10-16	Removed	—
2021-10-12	Rent changed	$1,499/mo
2021-09-24	Listed for rent	$1,550/mo
2018-06-15	Sold public record	$640,000
2016-10-07	Rental removed	$1,500/mo
2016-09-22	Rent changed	$1,500/mo
2016-09-14	Listed for rent	$1,595/mo
2016-03-29	Sold public record	$200,000
2012-01-10	Sold public record	$63,504
2007-08-13	Sold public record	$133,000
1986-03-01	Sold public record	$56,000

County record Public record

Recorded as	duplex
Living units	2
Year built	1916
Market value (2026)	$361,500
Property tax	$6,866
Special assessments	$505
Homestead	no
Last sale	2018-06-01 · $640,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 94, about 1502 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).