1604 Elliot Ave

Minneapolis, MN · Elliot Park · Listing office ↗ · Find the listing ↗

Far off

Asking price: $649,999
Monthly cash flow: −$1,681
Estimated rent: $4,500/mo
Break-even price: $334,150

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

5 bed / 2 bath (est.)$2,250 $1,900–$2,600
5 bed / 2 bath (est.)$2,250 $1,900–$2,600

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: $649,999
Monthly cash flow: −$1,681
Cash to close: $149,500
Cap rate: 3.3%
Cash-on-cash: −13.5%
DSCR: 0.51×
GRM: 12.0
Price per unit: $325,000
Price that breaks even: $334,150
Rent that breaks even: $6,712/mo
Cash flow turns positive: year 29
Year 30: property vs stocks: $1.49M vs $2.45M

Monthly breakdown

Rent	$4,500
Vacancy (6%)	−$270
Collected	$4,230
Property tax Estimate	−$1,137
Insurance Estimate	−$274
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$405
Capital reserve (9% of rent)	−$405
Net operating income	$1,778
Mortgage (principal + interest)	−$3,460
Cash flow	−$1,681
Principal paid down (equity, not cash)	$440

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 $1.49M, stocks $2.45M. Stocks win.

How those totals add up

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,577,718
Minus 6% selling cost	−$94,663
Minus loan still owedTenants' rent paid down all $584,999 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	$1,483,055
If you put the same money in stocks
Cash to close ($84,500) invested at 7%	$643,235
Monthly shortfalls ($483,051 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,909,573
What you'd walk away with	$2,552,807
Building minus stocks	−$1,069,752

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,577,718
Minus 6% selling cost	−$94,663
Minus loan still owedTenants' rent paid down all $584,999 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	$1,483,055
If you put the same money in stocks
Cash to close ($84,500) invested at 7%	$643,235
Monthly shortfalls ($700,395 total by yr 30) investedThe money you'd have put into the building while it lost money	$2,501,751
What you'd walk away with	$3,144,985
Building minus stocks	−$1,661,930

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,553,446
Minus 6% selling cost	−$93,207
Minus loan still owedTenants' rent paid down all $575,999 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	$1,460,239
If you put the same money in stocks
Cash to close ($83,200) invested at 7%	$633,339
Monthly shortfalls ($461,225 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,839,960
What you'd walk away with	$2,473,299
Building minus stocks	−$1,013,060

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,553,446
Minus 6% selling cost	−$93,207
Minus loan still owedTenants' rent paid down all $575,999 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	$1,460,239
If you put the same money in stocks
Cash to close ($83,200) invested at 7%	$633,339
Monthly shortfalls ($678,569 total by yr 30) investedThe money you'd have put into the building while it lost money	$2,432,138
What you'd walk away with	$3,065,477
Building minus stocks	−$1,605,238

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,577,718
Minus 6% selling cost	−$94,663
Minus loan still owedTenants' rent paid down all $519,999 of principal by year 30	$0
Plus rental profits, invested at 7%$2,549 of profit by year 30, before investment growth	$2,603
What you'd walk away with	$1,485,658
If you put the same money in stocks
Cash to close ($149,500) invested at 7%	$1,138,030
Monthly shortfalls ($312,370 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,308,857
What you'd walk away with	$2,446,887
Building minus stocks	−$961,229

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,577,718
Minus 6% selling cost	−$94,663
Minus loan still owedTenants' rent paid down all $519,999 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	$1,483,055
If you put the same money in stocks
Cash to close ($149,500) invested at 7%	$1,138,030
Monthly shortfalls ($527,164 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,898,432
What you'd walk away with	$3,036,463
Building minus stocks	−$1,553,408

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,553,446
Minus 6% selling cost	−$93,207
Minus loan still owedTenants' rent paid down all $511,999 of principal by year 30	$0
Plus rental profits, invested at 7%$4,245 of profit by year 30, before investment growth	$4,404
What you'd walk away with	$1,464,643
If you put the same money in stocks
Cash to close ($147,200) invested at 7%	$1,120,522
Monthly shortfalls ($294,905 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,250,327
What you'd walk away with	$2,370,849
Building minus stocks	−$906,206

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,553,446
Minus 6% selling cost	−$93,207
Minus loan still owedTenants' rent paid down all $511,999 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	$1,460,239
If you put the same money in stocks
Cash to close ($147,200) invested at 7%	$1,120,522
Monthly shortfalls ($508,004 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,838,101
What you'd walk away with	$2,958,623
Building minus stocks	−$1,498,384

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,577,718
Minus 6% selling cost	−$94,663
Minus loan still owedTenants' rent paid down all $487,499 of principal by year 30	$0
Plus rental profits, invested at 7%$11,975 of profit by year 30, before investment growth	$13,013
What you'd walk away with	$1,496,068
If you put the same money in stocks
Cash to close ($182,000) invested at 7%	$1,385,428
Monthly shortfalls ($243,955 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,074,172
What you'd walk away with	$2,459,600
Building minus stocks	−$963,532

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,577,718
Minus 6% selling cost	−$94,663
Minus loan still owedTenants' rent paid down all $487,499 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	$1,483,055
If you put the same money in stocks
Cash to close ($182,000) invested at 7%	$1,385,428
Monthly shortfalls ($449,324 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,653,337
What you'd walk away with	$3,038,765
Building minus stocks	−$1,555,710

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,553,446
Minus 6% selling cost	−$93,207
Minus loan still owedTenants' rent paid down all $479,999 of principal by year 30	$0
Plus rental profits, invested at 7%$15,096 of profit by year 30, before investment growth	$16,635
What you'd walk away with	$1,476,873
If you put the same money in stocks
Cash to close ($179,200) invested at 7%	$1,364,114
Monthly shortfalls ($229,113 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,021,233
What you'd walk away with	$2,385,347
Building minus stocks	−$908,474

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,553,446
Minus 6% selling cost	−$93,207
Minus loan still owedTenants' rent paid down all $479,999 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	$1,460,239
If you put the same money in stocks
Cash to close ($179,200) invested at 7%	$1,364,114
Monthly shortfalls ($431,361 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,596,777
What you'd walk away with	$2,960,891
Building minus stocks	−$1,500,652

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 1604 ELLIOT AVE
mediumAbout 104 m from I 94: traffic noise usually costs $50–100/month in rent. Based on: OpenStreetMap: nearest motorway (I 94) at 104 m
mediumAsking is $315,849 above the price where cash flow breaks even ($334,150) at the default scenario. Based on: Derived: price $649,999 vs. break-even $334,150

Opportunities

The seller bought for $1 in Jul 1992, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 2602924310083: last sale 1992-07-01, $1

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.	$13,650
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$3,288
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; 10 bedrooms: +1 pt repairs for wear	9% / 9%

County record Public record

Recorded as	duplex
Living units	2
Year built	1900
Market value (2026)	$547,400
Property tax	$8,641
Special assessments	none
Homestead	no
Last sale	1992-07-01 · $1

Source: Hennepin County parcel records.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

I 94, about 104 m away.

Crime in Elliot Park

592 incidents in the last 12 months (79 per 1,000 residents), +2% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).

Status history

2026-08-10Price increase at $649,999 (was $645,000) · from listing history
2025-09-11Price cut at $645,000 (was $699,900) · from listing history
2026-08-10New at $649,999