2015 2nd Ave S

Minneapolis, MN · Whittier · View the listing ↗

44 photos

Photos, via Realtor.com.

Asking price: $449,900
Monthly cash flow: −$244
Estimated rent: $4,700/mo
Break-even price: $404,057

Adjust the numbers See the full breakdown

From the listing

Great opportunity to own a well positioned fourplex in South Minneapolis with several recent exterior improvements already completed. The property features new window sashes, a newer roof, and a freshly redone stucco exterior, providing an updated appearance while addressing important long-term maintenance items. The boiler was also just replaced in 2023 alleviating several major concerns for the new owner. The four-unit property offers multiple income-producing units, with one unit currently vacant, providing flexibility for an owner-occupant, immediate leasing opportunity, or the ability to make updates and boost rent before placing a new tenant. Conveniently located in South Minneapolis near neighborhood amenities, parks, shopping, dining, and transportation. A solid opportunity for investors looking to add a multifamily property with recent exterior improvements to their portfolio.

Description from Realtor.com, MLS #7151633. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

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: $449,900
Cash to close: $103,477
Price per unit: $112,475
GRM: 8.0

Each month

Cash flow: −$244/mo
Cash-on-cash: −2.8%
Cap rate: 5.7%
DSCR: 0.90×

Break-even

Price that breaks even: $404,057
Rent that breaks even: $5,017/mo

Long run

Year 30: property vs stocks: $1.57M vs $838K
Cash flow turns positive: year 6

Monthly

Monthly breakdown

Rent	$4,700
Vacancy (6%)	−$282
Collected	$4,418
Property tax Public record	−$684
Insurance Estimate	−$385
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$376
Capital reserve (9% of rent)	−$423
Net operating income	$2,151
Mortgage (principal + interest)	−$2,395
Cash flow	−$244
Principal paid down (equity, not cash)	$305

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

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,092,025
Minus 6% selling cost	−$65,522
Minus loan still owedTenants' rent paid down all $404,910 of principal by year 30	$0
Plus rental profits, invested at 7%$219,108 of profit by year 30, before investment growth	$351,865
What you'd walk away with	$1,378,369
If you put the same money in stocks
Cash to close ($58,487) invested at 7%	$445,218
Monthly shortfalls ($44,602 total by yr 30) investedThe money you'd have put into the building while it lost money	$273,787
What you'd walk away with	$719,005
Building minus stocks	$659,364

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,092,025
Minus 6% selling cost	−$65,522
Minus loan still owedTenants' rent paid down all $404,910 of principal by year 30	$0
Plus rental profits, invested at 7%$68,121 of profit by year 30, before investment growth	$88,335
What you'd walk away with	$1,114,839
If you put the same money in stocks
Cash to close ($58,487) invested at 7%	$445,218
Monthly shortfalls ($120,618 total by yr 30) investedThe money you'd have put into the building while it lost money	$628,754
What you'd walk away with	$1,073,972
Building minus stocks	$40,867

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,067,753
Minus 6% selling cost	−$64,065
Minus loan still owedTenants' rent paid down all $395,910 of principal by year 30	$0
Plus rental profits, invested at 7%$234,399 of profit by year 30, before investment growth	$384,936
What you'd walk away with	$1,388,624
If you put the same money in stocks
Cash to close ($57,187) invested at 7%	$435,322
Monthly shortfalls ($38,067 total by yr 30) investedThe money you'd have put into the building while it lost money	$237,245
What you'd walk away with	$672,567
Building minus stocks	$716,057

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,067,753
Minus 6% selling cost	−$64,065
Minus loan still owedTenants' rent paid down all $395,910 of principal by year 30	$0
Plus rental profits, invested at 7%$77,405 of profit by year 30, before investment growth	$102,677
What you'd walk away with	$1,106,365
If you put the same money in stocks
Cash to close ($57,187) invested at 7%	$435,322
Monthly shortfalls ($108,076 total by yr 30) investedThe money you'd have put into the building while it lost money	$573,483
What you'd walk away with	$1,008,805
Building minus stocks	$97,560

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,092,025
Minus 6% selling cost	−$65,522
Minus loan still owedTenants' rent paid down all $359,920 of principal by year 30	$0
Plus rental profits, invested at 7%$302,010 of profit by year 30, before investment growth	$546,122
What you'd walk away with	$1,572,626
If you put the same money in stocks
Cash to close ($103,477) invested at 7%	$787,693
Monthly shortfalls ($7,602 total by yr 30) investedThe money you'd have put into the building while it lost money	$50,454
What you'd walk away with	$838,148
Building minus stocks	$734,478

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,092,025
Minus 6% selling cost	−$65,522
Minus loan still owedTenants' rent paid down all $359,920 of principal by year 30	$0
Plus rental profits, invested at 7%$121,158 of profit by year 30, before investment growth	$176,985
What you'd walk away with	$1,203,488
If you put the same money in stocks
Cash to close ($103,477) invested at 7%	$787,693
Monthly shortfalls ($53,753 total by yr 30) investedThe money you'd have put into the building while it lost money	$299,814
What you'd walk away with	$1,087,507
Building minus stocks	$115,981

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,067,753
Minus 6% selling cost	−$64,065
Minus loan still owedTenants' rent paid down all $351,920 of principal by year 30	$0
Plus rental profits, invested at 7%$318,539 of profit by year 30, before investment growth	$589,568
What you'd walk away with	$1,593,255
If you put the same money in stocks
Cash to close ($101,177) invested at 7%	$770,185
Monthly shortfalls ($4,970 total by yr 30) investedThe money you'd have put into the building while it lost money	$33,569
What you'd walk away with	$803,754
Building minus stocks	$789,501

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,067,753
Minus 6% selling cost	−$64,065
Minus loan still owedTenants' rent paid down all $351,920 of principal by year 30	$0
Plus rental profits, invested at 7%$132,408 of profit by year 30, before investment growth	$197,921
What you'd walk away with	$1,201,608
If you put the same money in stocks
Cash to close ($101,177) invested at 7%	$770,185
Monthly shortfalls ($45,842 total by yr 30) investedThe money you'd have put into the building while it lost money	$260,419
What you'd walk away with	$1,030,604
Building minus stocks	$171,004

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,092,025
Minus 6% selling cost	−$65,522
Minus loan still owedTenants' rent paid down all $337,425 of principal by year 30	$0
Plus rental profits, invested at 7%$349,864 of profit by year 30, before investment growth	$676,330
What you'd walk away with	$1,702,834
If you put the same money in stocks
Cash to close ($125,972) invested at 7%	$958,931
Monthly shortfalls ($1,578 total by yr 30) investedThe money you'd have put into the building while it lost money	$11,018
What you'd walk away with	$969,949
Building minus stocks	$732,885

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,092,025
Minus 6% selling cost	−$65,522
Minus loan still owedTenants' rent paid down all $337,425 of principal by year 30	$0
Plus rental profits, invested at 7%$154,238 of profit by year 30, before investment growth	$240,683
What you'd walk away with	$1,267,187
If you put the same money in stocks
Cash to close ($125,972) invested at 7%	$958,931
Monthly shortfalls ($32,955 total by yr 30) investedThe money you'd have put into the building while it lost money	$193,869
What you'd walk away with	$1,152,800
Building minus stocks	$114,387

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,067,753
Minus 6% selling cost	−$64,065
Minus loan still owedTenants' rent paid down all $329,925 of principal by year 30	$0
Plus rental profits, invested at 7%$366,783 of profit by year 30, before investment growth	$725,666
What you'd walk away with	$1,729,353
If you put the same money in stocks
Cash to close ($123,172) invested at 7%	$937,617
Monthly shortfalls ($533 total by yr 30) investedThe money you'd have put into the building while it lost money	$3,794
What you'd walk away with	$941,410
Building minus stocks	$787,943

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,067,753
Minus 6% selling cost	−$64,065
Minus loan still owedTenants' rent paid down all $329,925 of principal by year 30	$0
Plus rental profits, invested at 7%$166,296 of profit by year 30, before investment growth	$265,548
What you'd walk away with	$1,269,235
If you put the same money in stocks
Cash to close ($123,172) invested at 7%	$937,617
Monthly shortfalls ($27,050 total by yr 30) investedThe money you'd have put into the building while it lost money	$162,173
What you'd walk away with	$1,099,790
Building minus stocks	$169,445

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 $1.57M, stocks $838K. The property wins.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-04. 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 $1,400/mo · range $1,275–$1,825 · 25 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1817 2nd Ave S, Minneapolis	$1,279	2 / 1	—	0.2 mi	2025-04-30	Apartment
214 19th St E, Minneapolis	$1,150	2 / 1	580	0.2 mi	2026-08-12	Apartment
1821 1st Ave S, Minneapolis	$1,295	2 / 1	680	0.2 mi	2024-04-15	Apartment
110 E 18th St, Minneapolis	$1,295	2 / 1	627	0.3 mi	2025-01-03	Apartment
2109 Blaisdell Ave Apt 404, Minneapolis	$1,745	2 / 1	908	0.3 mi	2026-06-02	Apartment
2109 Blaisdell Ave Apt 402, Minneapolis	$1,795	2 / 1	908	0.3 mi	2026-06-02	Apartment
2201 Blaisdell Ave, Minneapolis	$1,855	2 / 1	712	0.3 mi	2024-04-12	Apartment
1702 Nicollet Ave, Minneapolis	$1,895	2 / 1	790	0.3 mi	2024-04-26	Apartment
2448 1st Ave S Apt 7, Minneapolis	$1,495	2 / 1	675	0.3 mi	2026-07-29	Apartment
2421 Pillsbury Ave S, Minneapolis	$1,195	2 / 1	856	0.4 mi	2022-12-22	Apartment

1 bed estimate $1,100/mo · range $975–$1,275 · 25 rentals within 0.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1920 3rd Ave S, Minneapolis	$1,450	1 / 1	—	0.1 mi	2026-04-16	Apartment
1921 3rd Ave S, Minneapolis	$1,150	1 / 1	—	0.1 mi	2026-09-25	Apartment
1915 First Ave S, Minneapolis	$925	1 / 1	540	0.2 mi	2024-04-15	Apartment
1817 2nd Ave S, Minneapolis	$999	1 / 1	—	0.2 mi	2025-04-30	Apartment
214 19th St E, Minneapolis	$950	1 / 1	580	0.2 mi	2026-08-12	Apartment
220 19th St E, Minneapolis	$1,195	1 / 1	600	0.2 mi	2026-04-09	Apartment
22 E 22nd St, Minneapolis	$1,249	1 / 1	—	0.2 mi	2025-04-30	Apartment
1910 1st Ave S, Minneapolis	$975	1 / 1	575	0.2 mi	2024-04-17	Apartment
1900 1st Ave S, Minneapolis	$800	1 / 1	450	0.2 mi	2026-05-25	Apartment
1821 1st Ave S, Minneapolis	$999	1 / 1	560	0.2 mi	2024-04-15	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

No red flags in the available data. That isn't the same as none.

Opportunities

None found.

Questions for the agent

Can we see the current leases and a rent roll, with move-in dates?
What did water/sewer/trash, heat and electric cost the owner over the last 12 months?
How old are the roof, boiler or furnaces, water heaters and electrical panels?
Is the building licensed as a rental for this many units, and when was the last city inspection?
Any special assessments pending, and will the seller pay them off at closing?

Standard questions worth asking about any building.

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$8,204
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,617
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$340
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	8% / 9%

Status history

2026-10-01New at $449,900

County record Public record

Recorded as	apartment converted
Living units	—
Year built	1900
Market value (2026)	$432,000
Property tax	$8,204
Special assessments	none
Homestead	no
Last sale	2002-12-01 · $269,900

Source: Hennepin County parcel records.

City rental license

CHOWNEXMPT: 4 unit(s), Tier 1, status active, renews 2027-03-01.

Nearest highway

I 35W, about 295 m away.

Crime in Whittier

1,139 incidents in the last 12 months (76 per 1,000 residents), +1% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).