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Minneapolis › Audubon Park

2623 Polk St NE

Minneapolis, MN · Audubon Park · Find the listing ↗

Far off
Asking price
$409,900
2 units · $205K per unit
Monthly cash flow
−$1,493
at 20% down, 7%
Estimated rent
$2,400/mo
rough estimate
Break-even price
$129,326
where cash flow hits $0

Adjust these numbers in the calculator See the full breakdown

The numbers

Down payment %
Offer
Management
Interest rate %

Default: 20% down (no PMI), offer at asking, self-managed, 7.00% for 30 years, buyer pays closing costs (3%).

Estimated rent per unit Estimate

  • 2 bed / 1 bath (est.)$1,350 $1,150–$1,550
  • 1 bed / 1 bath (est.)$1,050 $900–$1,200

Rough screening estimate from bedroom count only ($750 + $300 per bedroom, ±15%). Not comparable-rental data; a RentCast estimate replaces it for the top candidates. Confidence: low.

Rent rules: No rent cap.

Price
$409,900
Monthly cash flow
−$1,493
Cash to close
$94,277
Cap rate
2.0%
Cash-on-cash
−19.0%
DSCR
0.32×
GRM
14.2
Price per unit
$204,950
Price that breaks even
$129,326
Rent that breaks even
$4,339/mo
Cash flow turns positive
not within 30 years
Year 30: property vs stocks
$935K vs $2.23M

Monthly breakdown

Rent$2,400
Vacancy (6%)−$144
Collected$2,256
Property tax Estimate−$717
Insurance Estimate−$212
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$192
Capital reserve (9% of rent)−$216
Net operating income$688
Mortgage (principal + interest)−$2,182
Cash flow−$1,493
Principal paid down (equity, not cash)$278

Cash flow each year

Rents +3%/yr, costs +3.5%/yr. Red bars are months you'd cover out of pocket.

30 years: this property vs. the same money in stocks

This propertyStocks at 7%

Year 30 (loan paid off): property $935K, stocks $2.23M. Stocks win.

How those totals add up

Year 30
If you buy this building
Sale priceValue grows 3% a year from the price$994,935
Minus 6% selling cost−$59,696
Minus loan still owedTenants' rent paid down all $327,920 of principal by year 30$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth$0
What you'd walk away with$935,239
If you put the same money in stocks
Cash to close ($94,277) invested at 7%$717,661
Monthly shortfalls ($448,749 total by yr 30) investedThe money you'd have put into the building while it lost money$1,509,074
What you'd walk away with$2,226,735
Building minus stocks−$1,291,496

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.

Red flags and opportunities

Watch for

  • 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 2623 POLK ST N E
  • mediumBought for $200,000 in Jun 2025; asking is 105% more 16 months later. Ask what was done to justify the jump. Public record: Hennepin County parcel 1202924230079: last sale 2025-06-01, $200,000
  • mediumAsking is $280,574 above the price where cash flow breaks even ($129,326) at the default scenario. Based on: Derived: price $409,900 vs. break-even $129,326
  • low$220 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 1202924230079: special assessments (current) = $219.83

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 56 days on market, 3 price cuts

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 Estimateestimate. No tax record found; 2.1% of price.$8,608
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,548
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%

County record Public record

Recorded asduplex
Living units2
Year built1900
Market value (2026)$328,600
Property tax$4,848
Special assessments$220
Homesteadno
Last sale2025-06-01 · $200,000

Source: Hennepin County parcel records.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

I 35W, about 1692 m away.

Crime in Audubon Park

161 incidents in the last 12 months (30 per 1,000 residents), +17% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).

Status history