3221 Minnehaha Ave

Minneapolis, MN · Longfellow · Find the listing ↗

Far off

Asking price: $389,900
Monthly cash flow: −$1,000
Estimated rent: $2,700/mo
Break-even price: $202,010

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

2 bed / 1.5 bath (est.)$1,350 $1,150–$1,550
2 bed / 1.5 bath (est.)$1,350 $1,150–$1,550

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: $389,900
Monthly cash flow: −$1,000
Cash to close: $89,677
Cap rate: 3.3%
Cash-on-cash: −13.4%
DSCR: 0.52×
GRM: 12.0
Price per unit: $194,950
Price that breaks even: $202,010
Rent that breaks even: $3,982/mo
Cash flow turns positive: year 29
Year 30: property vs stocks: $891K vs $1.46M

Monthly breakdown

Rent	$2,700
Vacancy (6%)	−$162
Collected	$2,538
Property tax Public record	−$600
Insurance Estimate	−$201
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$216
Capital reserve (8% of rent)	−$216
Net operating income	$1,075
Mortgage (principal + interest)	−$2,075
Cash flow	−$1,000
Principal paid down (equity, not cash)	$264

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 $891K, stocks $1.46M. Stocks win.

How those totals add up

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$946,390
Minus 6% selling cost	−$56,783
Minus loan still owedTenants' rent paid down all $350,910 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	$889,606
If you put the same money in stocks
Cash to close ($50,687) invested at 7%	$385,842
Monthly shortfalls ($287,226 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,136,699
What you'd walk away with	$1,522,542
Building minus stocks	−$632,936

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$946,390
Minus 6% selling cost	−$56,783
Minus loan still owedTenants' rent paid down all $350,910 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	$889,606
If you put the same money in stocks
Cash to close ($50,687) invested at 7%	$385,842
Monthly shortfalls ($417,632 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,492,006
What you'd walk away with	$1,877,849
Building minus stocks	−$988,243

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$922,117
Minus 6% selling cost	−$55,327
Minus loan still owedTenants' rent paid down all $341,910 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	$866,790
If you put the same money in stocks
Cash to close ($49,387) invested at 7%	$375,946
Monthly shortfalls ($265,401 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,067,086
What you'd walk away with	$1,443,033
Building minus stocks	−$576,243

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$922,117
Minus 6% selling cost	−$55,327
Minus loan still owedTenants' rent paid down all $341,910 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	$866,790
If you put the same money in stocks
Cash to close ($49,387) invested at 7%	$375,946
Monthly shortfalls ($395,807 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,422,393
What you'd walk away with	$1,798,340
Building minus stocks	−$931,550

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$946,390
Minus 6% selling cost	−$56,783
Minus loan still owedTenants' rent paid down all $311,920 of principal by year 30	$0
Plus rental profits, invested at 7%$1,614 of profit by year 30, before investment growth	$1,649
What you'd walk away with	$891,256
If you put the same money in stocks
Cash to close ($89,677) invested at 7%	$682,644
Monthly shortfalls ($184,928 total by yr 30) investedThe money you'd have put into the building while it lost money	$776,450
What you'd walk away with	$1,459,094
Building minus stocks	−$567,838

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$946,390
Minus 6% selling cost	−$56,783
Minus loan still owedTenants' rent paid down all $311,920 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	$889,606
If you put the same money in stocks
Cash to close ($89,677) invested at 7%	$682,644
Monthly shortfalls ($313,721 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,130,107
What you'd walk away with	$1,812,751
Building minus stocks	−$923,145

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$922,117
Minus 6% selling cost	−$55,327
Minus loan still owedTenants' rent paid down all $303,920 of principal by year 30	$0
Plus rental profits, invested at 7%$3,449 of profit by year 30, before investment growth	$3,610
What you'd walk away with	$870,400
If you put the same money in stocks
Cash to close ($87,377) invested at 7%	$665,136
Monthly shortfalls ($167,603 total by yr 30) investedThe money you'd have put into the building while it lost money	$718,079
What you'd walk away with	$1,383,215
Building minus stocks	−$512,815

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$922,117
Minus 6% selling cost	−$55,327
Minus loan still owedTenants' rent paid down all $303,920 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	$866,790
If you put the same money in stocks
Cash to close ($87,377) invested at 7%	$665,136
Monthly shortfalls ($294,560 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,069,776
What you'd walk away with	$1,734,912
Building minus stocks	−$868,122

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$946,390
Minus 6% selling cost	−$56,783
Minus loan still owedTenants' rent paid down all $292,425 of principal by year 30	$0
Plus rental profits, invested at 7%$7,436 of profit by year 30, before investment growth	$8,101
What you'd walk away with	$897,707
If you put the same money in stocks
Cash to close ($109,172) invested at 7%	$831,045
Monthly shortfalls ($144,058 total by yr 30) investedThe money you'd have put into the building while it lost money	$635,881
What you'd walk away with	$1,466,927
Building minus stocks	−$569,220

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$946,390
Minus 6% selling cost	−$56,783
Minus loan still owedTenants' rent paid down all $292,425 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	$889,606
If you put the same money in stocks
Cash to close ($109,172) invested at 7%	$831,045
Monthly shortfalls ($267,028 total by yr 30) investedThe money you'd have put into the building while it lost money	$983,088
What you'd walk away with	$1,814,133
Building minus stocks	−$924,527

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$922,117
Minus 6% selling cost	−$55,327
Minus loan still owedTenants' rent paid down all $284,925 of principal by year 30	$0
Plus rental profits, invested at 7%$10,811 of profit by year 30, before investment growth	$12,078
What you'd walk away with	$878,868
If you put the same money in stocks
Cash to close ($106,372) invested at 7%	$809,731
Monthly shortfalls ($129,470 total by yr 30) investedThe money you'd have put into the building while it lost money	$583,299
What you'd walk away with	$1,393,029
Building minus stocks	−$514,161

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$922,117
Minus 6% selling cost	−$55,327
Minus loan still owedTenants' rent paid down all $284,925 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	$866,790
If you put the same money in stocks
Cash to close ($106,372) invested at 7%	$809,731
Monthly shortfalls ($249,065 total by yr 30) investedThe money you'd have put into the building while it lost money	$926,527
What you'd walk away with	$1,736,258
Building minus stocks	−$869,468

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

mediumAsking is $187,890 above the price where cash flow breaks even ($202,010) at the default scenario. Based on: Derived: price $389,900 vs. break-even $202,010
low$461 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 0102824140010: special assessments (current) = $460.96

Opportunities

The seller bought for $105,000 in Dec 2009, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 0102824140010: last sale 2009-12-01, $105,000
Long time on market: room to negotiate. Based on: Listing data: 141 days on market

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)	$7,203
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,407
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. base rate	8% / 8%

County record Public record

Recorded as	duplex
Living units	2
Year built	1950
Market value (2026)	$379,300
Property tax	$7,203
Special assessments	$461
Homestead	no
Last sale	2009-12-01 · $105,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

MN 55, about 330 m away.

Crime in Longfellow

690 incidents in the last 12 months (136 per 1,000 residents), −5% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).

Status history

2026-05-14New at $389,900