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904 9th Ave SE

Duplex · 2 units: 3 bed / 1 bath ×2 · 2,376 sq ft

Minneapolis, MN · Marcy Holmes · View the listing ↗

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

Asking price
$384,900
2 units · $192K per unit
Monthly cash flow
−$609
at 20% down, 7%
Estimated rent
$3,050/mo
high confidence
Break-even price
$270,462
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

Two 3-bed/1-bath units in Marcy Holmes, near the U of M, asking $384,900 with no rents stated. Our rent estimates are about $1,525 per unit, and at the asking price that works out to roughly -$609 a month and a 4.5% cap rate. Break-even price is about $270K, so the ask is around $115K too high at today's rates. The listing is 123 days old, so there is room to negotiate. Get the actual rent roll, lease dates, and electric costs first. The photos show a clean but dated interior, so it may be worth a showing only if the price comes down a lot.

Things to consider

  1. Price is well above what the rents support Cash flow is about -$609/month at the ask, and break-even is about $270K. You would need a large price cut or higher rents to make it work.
  2. Rents are not stated Without a rent roll you can't verify income. Our estimate of $1,525 per unit is only a model.Listing says: “Both Units are 3 Bedroom, 1 Bathroom, with a Kitchen, Dining, and Living Room.”
  3. Updates look mostly cosmetic New carpet, paint and vanities help rentability but say nothing about the roof, plumbing or electrical systems. Budget for a full inspection.From photo 5
  4. Electric heat and wall AC units Who pays utilities affects expenses and rent. Electric heat can be costly if the owner pays any of it.
  5. Near I-35W Traffic noise can reduce rent by $50-100 a month, though the location near campus may offset it.
  6. Long time on market gives negotiating leverage At 123 days, the seller may take a lower offer, which is what this deal needs.

From the photos

Listing photo 5
1 of 7Concern

Upper unit kitchen has original-looking oak-trim white cabinets, laminate counters, and older vinyl flooring. It is clean but dated.

Listing photo 9
2 of 7Plus

The bathroom has a newer vanity and faucet but a standard fiberglass tub surround. The update appears cosmetic.

Listing photo 3
3 of 7Check

A wall-mounted AC unit is in the living room. There appears to be no central air, so confirm what cooling each unit has.

Listing photo 2
4 of 7Concern

Vinyl siding looks in decent shape. The entry steps and railing look worn and a little rickety.

Listing photo 4
5 of 7Plus

Carpet and paint appear clean and neutral, so the unit looks ready to rent.

Listing photo 1
6 of 7Check

Exterior shows one shared front entry (904/906) and a small yard with fencing; parking is not visible.

Listing photo 10
7 of 7Check

No photos of the lower unit, furnace or boiler, electrical panel, water heater or roof.

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

Condition and repairs

  • doneLower level fully renovated: new kitchen cabinetry, vinyl plank flooring, bathroom vanity, carpetListing says: The Lower Level has Been Completely Renovated, Including New Kitchen Cabinetry, New Vinyl Plank Flooring, New Bathroom Vanity, New Carpet, and a New A/C Unit.
  • doneUpper level carpet (4 years ago), paint, bathroom vanity, kitchen flooringListing says: The Updates on the Upper Level Include New Carpeting 4 Years Ago, New Paint, New Bathroom Vanity, and New Kitchen Flooring.

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
$384,900
Cash to close
$88,527
Price per unit
$192,450
GRM
10.5

Each month

Cash flow
−$609/mo
Cash-on-cash
−8.3%
Cap rate
4.5%
DSCR
0.70×

Break-even

Price that breaks even
$270,462
Rent that breaks even
$3,811/mo

Long run

Year 30: property vs stocks
$1.01M vs $979K
Cash flow turns positive
year 15

Monthly

Monthly breakdown

Rent$3,050
Vacancy (6%)−$183
Collected$2,867
Property tax Public record−$571
Insurance Estimate−$200
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (7% of rent)−$214
Capital reserve (7% of rent)−$214
Net operating income$1,440
Mortgage (principal + interest)−$2,049
Cash flow−$609
Principal paid down (equity, not cash)$261

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$1,008,151
Your equity when you sell
$878,198

Sells for $934,253 (value up 3% a year), minus 6% selling cost ($56,055). Rent paid down $307,920 of loan.

Rental profits, invested at 7%
$129,953

$91,842 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$978,967
Cash to close, invested at 7%
$673,890

$88,527 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$305,077

$56,105 you'd have paid in while the building lost money, invested instead.

The building comes out $29,184 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 $1.01M, stocks $979K. The property wins.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-06. The estimate above is RentCast's, weighted toward the closest matches.

3 bed / 1 bath estimate $1,525/mo · range $1,375–$1,675

AddressRentBd / BaSq ftDistanceListedMatch
1062 11th Ave SE, Minneapolis 55414 $1,600 3 / 1 — 0.2 mi 2026-04-15 94%
1109 13th Ave SE, Minneapolis 55414 $1,500 3 / 1 — 0.3 mi 2025-10-09 94%
806-08 5th St SE, Minneapolis 55414 $1,750 3 / 1 — 0.3 mi 2026-05-20 94%
430 8th St SE, Minneapolis 55414 $1,400 3 / 1 — 0.4 mi 2025-10-09 94%
414 8th St SE, Minneapolis 55414 off market $1,500 3 / 1 — 0.4 mi 2026-02-16 93%
1107 4th St SE, Minneapolis 55414 $1,600 3 / 1 — 0.4 mi 2026-05-20 93%
1006 12th Ave SE, Minneapolis 55414 $1,640 3 / 2 2,000 0.2 mi 2026-09-04 91%
1008 12th Ave SE, Minneapolis 55414 off market $1,575 3 / 2 2,000 0.2 mi 2026-01-09 91%
1095 15th Ave SE, Minneapolis 55414 $1,500 3 / 1 3,982 0.4 mi 2025-05-13 90%
516 5th Ave SE, Unit 1, Minneapolis 55414 off market $1,950 3 / 1 1,344 0.4 mi 2026-03-04 89%

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

  • highPriced about $100K above our break-even; negative cash flow at the ask Based on: data: underwriting · AI review
  • mediumAbout 105 m from I 35W: traffic noise usually costs $50–100/month in rent. Based on: OpenStreetMap: nearest motorway (I 35W) at 105 m
  • mediumSeller paid $363K in 2021 and is asking about $22K more with no rents shown Based on: data: county.last_sale_price · AI review
  • mediumElectric heat can mean high winter bills; confirm who pays and whether units are separately metered Based on: data: county.heat_type · AI review
  • lowCabinets, appliances and flooring appear original (1990) in the upper unit kitchen; the update is mostly cosmetic Based on: photo 5 · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 123 days on market, 2 price cuts
  • Minneapolis has no rent cap, so rents can follow the market. Near the university, student demand may support rents above our estimate. Listing says: Very Close to the University of MN! · AI review
  • 123 days on market suggests the seller may accept a lower price Based on: data: listing.days_on_market · AI review

Questions for the agent

  • What are the current rents, lease end dates and security deposits for each unit?
  • Who pays electric, water and trash, and are there separate electric meters?
  • Are the units rented by the room to students, or on a single lease?
  • How old are the roof, the vinyl siding and the wall AC units, and what does the heat system look like?
  • Why has it sat 123 days, and have there been any price cuts or offers?
  • Can I see the last 12 months of expenses, including taxes, insurance and repairs?

Bottom line

Clean, newer-ish duplex in a good student location, but about $115K too expensive for the rents it likely supports. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$6,852
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,394
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. "completely renovated" in the description: -1 pts each7% / 7%

Price history Realtor.com

On the market since 2025-09-17 (383 days, relisted 1×); last sold for $363,000 on 2021-10-07; listed for rent at $1,850/mo on 2025-09-12.

DateEventPrice
Removed$424,900
Removed$429,900
Removed$434,900
Relisted$384,900
Removed—
Removed$384,900
Listed$384,900
Removed—
Price changed$384,900
Price changed$389,900
Listed$399,900
Removed—
Listed for rent$1,850/mo
Removed—
Listed for rent$1,700/mo
Sold$363,000
Price changed$375,000
Price changed$385,000
Listed$395,000
Sold public record$300,000
Sold public record$550,000
Sold public record$275,000
Sold public record$210,000
Sold public record$125,000

County record Public record

Recorded asduplex
Living units2
Year built1990
Market value (2026)$360,800
Property tax$6,852
Special assessmentsnone
Homesteadno
Last sale2021-10-01 · $363,000

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 105 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).