Minneapolis › Corcoran

3200 23rd Ave S

Minneapolis, MN · Corcoran · Find the listing ↗

Far off

Asking price: $459,990
Monthly cash flow: −$1,046
Estimated rent: $3,300/mo
Break-even price: $263,400

Adjust these numbers in the calculator See the full breakdown

The numbers

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

3 bed / 1.5 bath (est.)$1,650 $1,400–$1,900
3 bed / 1.5 bath (est.)$1,650 $1,400–$1,900

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: $459,990
Monthly cash flow: −$1,046
Cash to close: $105,798
Cap rate: 3.7%
Cash-on-cash: −11.9%
DSCR: 0.57×
GRM: 11.6
Price per unit: $229,995
Price that breaks even: $263,400
Rent that breaks even: $4,659/mo
Cash flow turns positive: year 24
Year 30: property vs stocks: $1.07M vs $1.53M

Monthly breakdown

Rent	$3,300
Vacancy (6%)	−$198
Collected	$3,102
Property tax Public record	−$684
Insurance Estimate	−$225
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$264
Capital reserve (9% of rent)	−$297
Net operating income	$1,402
Mortgage (principal + interest)	−$2,448
Cash flow	−$1,046
Principal paid down (equity, not cash)	$312

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 $1.07M, stocks $1.53M. Stocks win.

How those totals add up

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,116,516
Minus 6% selling cost	−$66,991
Minus loan still owedTenants' rent paid down all $413,991 of principal by year 30	$0
Plus rental profits, invested at 7%$2,710 of profit by year 30, before investment growth	$2,784
What you'd walk away with	$1,052,309
If you put the same money in stocks
Cash to close ($59,799) invested at 7%	$455,203
Monthly shortfalls ($261,630 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,129,118
What you'd walk away with	$1,584,321
Building minus stocks	−$532,012

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,116,516
Minus 6% selling cost	−$66,991
Minus loan still owedTenants' rent paid down all $413,991 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	$1,049,525
If you put the same money in stocks
Cash to close ($59,799) invested at 7%	$455,203
Monthly shortfalls ($418,305 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,560,598
What you'd walk away with	$2,015,801
Building minus stocks	−$966,276

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,092,244
Minus 6% selling cost	−$65,535
Minus loan still owedTenants' rent paid down all $404,991 of principal by year 30	$0
Plus rental profits, invested at 7%$4,866 of profit by year 30, before investment growth	$5,094
What you'd walk away with	$1,031,803
If you put the same money in stocks
Cash to close ($58,499) invested at 7%	$445,307
Monthly shortfalls ($241,960 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,061,815
What you'd walk away with	$1,507,122
Building minus stocks	−$475,319

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,092,244
Minus 6% selling cost	−$65,535
Minus loan still owedTenants' rent paid down all $404,991 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	$1,026,709
If you put the same money in stocks
Cash to close ($58,499) invested at 7%	$445,307
Monthly shortfalls ($396,480 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,490,985
What you'd walk away with	$1,936,292
Building minus stocks	−$909,583

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,116,516
Minus 6% selling cost	−$66,991
Minus loan still owedTenants' rent paid down all $367,992 of principal by year 30	$0
Plus rental profits, invested at 7%$20,873 of profit by year 30, before investment growth	$23,955
What you'd walk away with	$1,073,481
If you put the same money in stocks
Cash to close ($105,798) invested at 7%	$805,359
Monthly shortfalls ($157,202 total by yr 30) investedThe money you'd have put into the building while it lost money	$723,333
What you'd walk away with	$1,528,693
Building minus stocks	−$455,212

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,116,516
Minus 6% selling cost	−$66,991
Minus loan still owedTenants' rent paid down all $367,992 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	$1,049,525
If you put the same money in stocks
Cash to close ($105,798) invested at 7%	$805,359
Monthly shortfalls ($295,714 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,133,642
What you'd walk away with	$1,939,001
Building minus stocks	−$889,476

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,092,244
Minus 6% selling cost	−$65,535
Minus loan still owedTenants' rent paid down all $359,992 of principal by year 30	$0
Plus rental profits, invested at 7%$25,894 of profit by year 30, before investment growth	$30,365
What you'd walk away with	$1,057,075
If you put the same money in stocks
Cash to close ($103,498) invested at 7%	$787,851
Monthly shortfalls ($143,062 total by yr 30) investedThe money you'd have put into the building while it lost money	$669,413
What you'd walk away with	$1,457,264
Building minus stocks	−$400,189

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,092,244
Minus 6% selling cost	−$65,535
Minus loan still owedTenants' rent paid down all $359,992 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	$1,026,709
If you put the same money in stocks
Cash to close ($103,498) invested at 7%	$787,851
Monthly shortfalls ($276,553 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,073,311
What you'd walk away with	$1,861,162
Building minus stocks	−$834,453

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,116,516
Minus 6% selling cost	−$66,991
Minus loan still owedTenants' rent paid down all $344,992 of principal by year 30	$0
Plus rental profits, invested at 7%$36,836 of profit by year 30, before investment growth	$45,031
What you'd walk away with	$1,094,557
If you put the same money in stocks
Cash to close ($128,797) invested at 7%	$980,437
Monthly shortfalls ($118,079 total by yr 30) investedThe money you'd have put into the building while it lost money	$570,961
What you'd walk away with	$1,551,398
Building minus stocks	−$456,841

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,116,516
Minus 6% selling cost	−$66,991
Minus loan still owedTenants' rent paid down all $344,992 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	$1,049,525
If you put the same money in stocks
Cash to close ($128,797) invested at 7%	$980,437
Monthly shortfalls ($240,628 total by yr 30) investedThe money you'd have put into the building while it lost money	$960,194
What you'd walk away with	$1,940,631
Building minus stocks	−$891,106

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,092,244
Minus 6% selling cost	−$65,535
Minus loan still owedTenants' rent paid down all $337,492 of principal by year 30	$0
Plus rental profits, invested at 7%$43,069 of profit by year 30, before investment growth	$53,787
What you'd walk away with	$1,080,496
If you put the same money in stocks
Cash to close ($125,997) invested at 7%	$959,123
Monthly shortfalls ($106,349 total by yr 30) investedThe money you'd have put into the building while it lost money	$523,156
What you'd walk away with	$1,482,279
Building minus stocks	−$401,783

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,092,244
Minus 6% selling cost	−$65,535
Minus loan still owedTenants' rent paid down all $337,492 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	$1,026,709
If you put the same money in stocks
Cash to close ($125,997) invested at 7%	$959,123
Monthly shortfalls ($222,665 total by yr 30) investedThe money you'd have put into the building while it lost money	$903,633
What you'd walk away with	$1,862,756
Building minus stocks	−$836,047

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

mediumRental license Tier 2: the city has flagged more violations than typical; expect more frequent inspections and repair orders. Public record: Minneapolis Active Rental Licenses: 3200 23RD AVE S, grade/tier=Tier 2, status=Active
mediumAsking is $196,590 above the price where cash flow breaks even ($263,400) at the default scenario. Based on: Derived: price $459,990 vs. break-even $263,400
low$286 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 0102824240055: special assessments (current) = $286.48

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)	$8,210
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,699
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 reserve	8% / 9%

County record Public record

Recorded as	duplex
Living units	2
Year built	1900
Market value (2026)	$432,300
Property tax	$8,210
Special assessments	$286
Homestead	no
Last sale	2022-06-01 · $473,800

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

MN 55, about 242 m away.

Crime in Corcoran

278 incidents in the last 12 months (62 per 1,000 residents), −3% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).

Status history

2026-07-22Price cut at $459,990 (was $499,000) · from listing history
2026-07-22New at $459,990