Minneapolis › Whittier

2317 Garfield Ave

Minneapolis, MN · Whittier · View the listing ↗

Overpriced

19 photos

Photos courtesy of Exp Realty - Broker, via Realtor.com.

Needs more info before these numbers mean much. The city's rental license covers 1 unit(s); this analysis counts 2.

Asking price: $396,000
Monthly cash flow: −$710
Estimated rent: $3,250/mo
Break-even price: $262,634

Adjust the numbers See the full breakdown

From the listing

UPTOWN TRIPLEX, Seller Financing with 10% Down @ only 5.9% on a CONTRACT for DEED - Looking for an investment property where the financing terms may be just as interesting as the property itself? 8.7% Cap & 19.3% CoC - 5+ Bedrooms, 3 Bathrooms, 3,056 SF - Available on a Contract for Deed at 5.9% with 10% Down, 7-Year Term with Option to Extend, $2,000 Monthly Payment (P&I) - Recent improvements: 2022 - Updated Kitchens, Bathrooms, Painting & Floors refinished , 2022 -Updated Electrical inside at installed 3 separate meters, 2022 - Updated Plumbing to Kitchens & Bathrooms, 2021 - Installed new Roof & Gutters, 2015 - Updated Hot Water Heater, 2006 - Modern Boiler that has been serviced regularly - Outside, there is a private fully fenced backyard, raised garden beds, fire pit, and 4 off-street parking spots - ARV = $525K to $575K+ Rent Potential: 1st Level = 2 Bed & 1 Bath - $1,650+ / Month - (Need to Add Walls and a Door) - or - Invest More and it could be a 3 Bed with Office & 2 Bath with Family Room in Lower Level - $2,150+ / month, 2nd Level = 2 Bed & 1 Bath - $1,700+ / Month, 3rd Level = 1 Bed & 1 Bath - $1,250+ / Month need to finish Kitchen and update the flooring - Laundry Income $50+ / Month = Total Gross Rent: $4,650+ - Location is less than 2 blocks to Bus line, SK Coffee, Learning Tower of Pizza, Wedge Coop, and only 5 blocks to Eat Street Restaurants - The opportunity isn't just in what you buy, it's in how you're able to buy it that really counts - Come check it out, you will be glad you did ;-)

Listing courtesy of Exp Realty - Broker (Martin Turner). Description from Realtor.com, MLS #7136071. 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: $396,000
Cash to close: $91,080
Price per unit: $198,000
GRM: 10.2

Each month

Cash flow: −$710/mo
Cash-on-cash: −9.4%
Cap rate: 4.2%
DSCR: 0.66×

Break-even

Price that breaks even: $262,634
Rent that breaks even: $4,172/mo

Long run

Year 30: property vs stocks: $987K vs $1.09M
Cash flow turns positive: year 18

Monthly

Monthly breakdown

Rent	$3,250
Vacancy (6%)	−$195
Collected	$3,055
Property tax Public record	−$650
Insurance Estimate	−$225
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$260
Capital reserve (9% of rent)	−$292
Net operating income	$1,398
Mortgage (principal + interest)	−$2,108
Cash flow	−$710
Principal paid down (equity, not cash)	$268

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	$961,196
Minus 6% selling cost	−$57,672
Minus loan still owedTenants' rent paid down all $356,400 of principal by year 30	$0
Plus rental profits, invested at 7%$28,397 of profit by year 30, before investment growth	$33,605
What you'd walk away with	$937,129
If you put the same money in stocks
Cash to close ($51,480) invested at 7%	$391,879
Monthly shortfalls ($148,311 total by yr 30) investedThe money you'd have put into the building while it lost money	$717,662
What you'd walk away with	$1,109,541
Building minus stocks	−$172,412

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$961,196
Minus 6% selling cost	−$57,672
Minus loan still owedTenants' rent paid down all $356,400 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	$903,524
If you put the same money in stocks
Cash to close ($51,480) invested at 7%	$391,879
Monthly shortfalls ($276,885 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,111,741
What you'd walk away with	$1,503,620
Building minus stocks	−$600,096

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$936,923
Minus 6% selling cost	−$56,215
Minus loan still owedTenants' rent paid down all $347,400 of principal by year 30	$0
Plus rental profits, invested at 7%$34,990 of profit by year 30, before investment growth	$42,444
What you'd walk away with	$923,151
If you put the same money in stocks
Cash to close ($50,180) invested at 7%	$381,983
Monthly shortfalls ($133,078 total by yr 30) investedThe money you'd have put into the building while it lost money	$656,887
What you'd walk away with	$1,038,870
Building minus stocks	−$115,719

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$936,923
Minus 6% selling cost	−$56,215
Minus loan still owedTenants' rent paid down all $347,400 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	$880,708
If you put the same money in stocks
Cash to close ($50,180) invested at 7%	$381,983
Monthly shortfalls ($255,059 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,042,128
What you'd walk away with	$1,424,111
Building minus stocks	−$543,403

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$961,196
Minus 6% selling cost	−$57,672
Minus loan still owedTenants' rent paid down all $316,800 of principal by year 30	$0
Plus rental profits, invested at 7%$63,063 of profit by year 30, before investment growth	$83,688
What you'd walk away with	$987,213
If you put the same money in stocks
Cash to close ($91,080) invested at 7%	$693,324
Monthly shortfalls ($77,440 total by yr 30) investedThe money you'd have put into the building while it lost money	$400,184
What you'd walk away with	$1,093,508
Building minus stocks	−$106,295

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$961,196
Minus 6% selling cost	−$57,672
Minus loan still owedTenants' rent paid down all $316,800 of principal by year 30	$0
Plus rental profits, invested at 7%$3,411 of profit by year 30, before investment growth	$3,567
What you'd walk away with	$907,091
If you put the same money in stocks
Cash to close ($91,080) invested at 7%	$693,324
Monthly shortfalls ($174,758 total by yr 30) investedThe money you'd have put into the building while it lost money	$747,747
What you'd walk away with	$1,441,071
Building minus stocks	−$533,980

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$936,923
Minus 6% selling cost	−$56,215
Minus loan still owedTenants' rent paid down all $308,800 of principal by year 30	$0
Plus rental profits, invested at 7%$71,917 of profit by year 30, before investment growth	$97,879
What you'd walk away with	$978,586
If you put the same money in stocks
Cash to close ($88,780) invested at 7%	$675,816
Monthly shortfalls ($67,133 total by yr 30) investedThe money you'd have put into the building while it lost money	$354,043
What you'd walk away with	$1,029,859
Building minus stocks	−$51,273

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$936,923
Minus 6% selling cost	−$56,215
Minus loan still owedTenants' rent paid down all $308,800 of principal by year 30	$0
Plus rental profits, invested at 7%$5,897 of profit by year 30, before investment growth	$6,319
What you'd walk away with	$887,027
If you put the same money in stocks
Cash to close ($88,780) invested at 7%	$675,816
Monthly shortfalls ($158,084 total by yr 30) investedThe money you'd have put into the building while it lost money	$690,167
What you'd walk away with	$1,365,983
Building minus stocks	−$478,956

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$961,196
Minus 6% selling cost	−$57,672
Minus loan still owedTenants' rent paid down all $297,000 of principal by year 30	$0
Plus rental profits, invested at 7%$86,226 of profit by year 30, before investment growth	$122,058
What you'd walk away with	$1,025,583
If you put the same money in stocks
Cash to close ($110,880) invested at 7%	$844,047
Monthly shortfalls ($53,180 total by yr 30) investedThe money you'd have put into the building while it lost money	$289,234
What you'd walk away with	$1,133,281
Building minus stocks	−$107,698

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$961,196
Minus 6% selling cost	−$57,672
Minus loan still owedTenants' rent paid down all $297,000 of principal by year 30	$0
Plus rental profits, invested at 7%$10,954 of profit by year 30, before investment growth	$12,224
What you'd walk away with	$915,748
If you put the same money in stocks
Cash to close ($110,880) invested at 7%	$844,047
Monthly shortfalls ($134,879 total by yr 30) investedThe money you'd have put into the building while it lost money	$607,084
What you'd walk away with	$1,451,131
Building minus stocks	−$535,383

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$936,923
Minus 6% selling cost	−$56,215
Minus loan still owedTenants' rent paid down all $289,500 of principal by year 30	$0
Plus rental profits, invested at 7%$96,063 of profit by year 30, before investment growth	$139,512
What you'd walk away with	$1,020,220
If you put the same money in stocks
Cash to close ($108,080) invested at 7%	$822,733
Monthly shortfalls ($45,054 total by yr 30) investedThe money you'd have put into the building while it lost money	$250,128
What you'd walk away with	$1,072,861
Building minus stocks	−$52,641

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$936,923
Minus 6% selling cost	−$56,215
Minus loan still owedTenants' rent paid down all $289,500 of principal by year 30	$0
Plus rental profits, invested at 7%$14,946 of profit by year 30, before investment growth	$17,105
What you'd walk away with	$897,813
If you put the same money in stocks
Cash to close ($108,080) invested at 7%	$822,733
Monthly shortfalls ($120,907 total by yr 30) investedThe money you'd have put into the building while it lost money	$555,405
What you'd walk away with	$1,378,137
Building minus stocks	−$480,324

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 $987K, stocks $1.09M. Stocks win.

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.

3 bed estimate $1,750/mo · range $1,600–$1,900 · 9 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2305 Garfield Ave Unit 201, Minneapolis	$2,300	3 / 1	970	0.0 mi	2022-05-23	Apartment
2415 Harriet Ave, Minneapolis	$1,695	3 / 1	1,010	0.1 mi	2026-08-24	Multi family
2200 Harriet Ave S, Minneapolis	$1,850	3 / 1	—	0.1 mi	2026-03-03	Apartment
400 W Franklin Ave Apt 2, Minneapolis	$1,495	3 / 2	1,450	0.3 mi	2026-09-22	Apartment
905 Franklin Ave W, Minneapolis	$1,745	3 / 1	1,200	0.3 mi	2025-05-08	Apartment
2550 Pillsbury Ave S, Minneapolis	$1,950	3 / 2	2,000	0.3 mi	2026-07-10	Apartment
711 W 28th St, Minneapolis	$1,595	3 / 1	1,000	0.6 mi	—	Apartment
307 15th St W, Minneapolis	$1,595	3 / 1	1,086	0.6 mi	2025-12-04	Apartment
200 E 27th St, Minneapolis	$1,835	3 / 1	1,400	0.7 mi	2026-09-15	Apartment

2 bed estimate $1,500/mo · range $1,300–$1,900 · 25 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2400 Harriet Ave, Minneapolis	$1,295	2 / 1	735	0.1 mi	2026-07-01	Apartment
2309 Lyndale Ave S, Minneapolis	$2,199	2 / 2	1,514	0.1 mi	2025-07-31	Apartment
2121 Garfield Ave, Minneapolis	$1,375	2 / 1	750	0.1 mi	2025-01-03	Apartment
2122 Grand Ave S, Minneapolis	$1,199	2 / 1	750	0.1 mi	2026-02-11	Apartment
2300 Pleasant Ave, Minneapolis	$1,300	2 / 1	800	0.1 mi	2025-04-01	Apartment
2101 Garfield Ave, Minneapolis	$1,300	2 / 1	670	0.2 mi	2025-01-03	Apartment
2002 Garfield Ave S, Minneapolis	$1,295	2 / 1	800	0.2 mi	2026-09-22	Apartment
2525 Harriet Ave, Minneapolis	$1,495	2 / 1	761	0.2 mi	2026-07-20	Apartment
2000 Lyndale Ave S, Minneapolis	$1,955	2 / 2	993	0.2 mi	2026-08-31	Apartment
305 W Franklin Ave, Minneapolis	$1,225	2 / 1	770	0.2 mi	2024-06-11	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

highThe city's rental license covers 1 unit(s); this analysis counts 2. Public record: Minneapolis Active Rental Licenses: 2317 GARFIELD AVE, units=1
highUnusual ownership (land trust, ground lease or co-op): resale price limits or lease terms can cap your upside. Listing says: "line, SK Coffee, Learning Tower of Pizza, Wedge Coop , and only 5 blocks to Eat Street"
mediumAsking is $133,366 above the price where cash flow breaks even ($262,634) at the default scenario. Based on: Derived: price $396,000 vs. break-even $262,634
low$202 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 3402924220169: special assessments (current) = $202.14

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)	$7,801
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,694
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 1909: +1 pt capital reserve	8% / 9%

Status history

2026-10-02New at $396,000

County record Public record

Recorded as	duplex
Living units	2
Year built	1909
Market value (2026)	$410,800
Property tax	$7,801
Special assessments	$202
Homestead	no
Last sale	2020-12-01 · $350,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 94;MN 55, about 551 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).