3229 Penn Ave N

Minneapolis, MN · Cleveland · Listing office ↗ · Find the listing ↗

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

Asking price: $350,000
Monthly cash flow: −$323
Estimated rent: $3,300/mo
Break-even price: $289,287

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 bath (est.)$1,650 $1,400–$1,900
3 bed / 1 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: $350,000
Monthly cash flow: −$323
Cash to close: $80,500
Cap rate: 5.3%
Cash-on-cash: −4.8%
DSCR: 0.83×
GRM: 8.8
Price per unit: $175,000
Price that breaks even: $289,287
Rent that breaks even: $3,714/mo
Cash flow turns positive: year 9
Year 30: property vs stocks: $1.09M vs $715K

Monthly breakdown

Rent	$3,300
Vacancy (6%)	−$198
Collected	$3,102
Property tax Estimate	−$613
Insurance Estimate	−$192
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$264
Capital reserve (8% of rent)	−$264
Net operating income	$1,540
Mortgage (principal + interest)	−$1,863
Cash flow	−$323
Principal paid down (equity, not cash)	$237

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 $1.09M, stocks $715K. The property wins.

How those totals add up

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$849,542
Minus 6% selling cost	−$50,973
Minus loan still owedTenants' rent paid down all $315,000 of principal by year 30	$0
Plus rental profits, invested at 7%$118,992 of profit by year 30, before investment growth	$176,062
What you'd walk away with	$974,632
If you put the same money in stocks
Cash to close ($45,500) invested at 7%	$346,358
Monthly shortfalls ($54,100 total by yr 30) investedThe money you'd have put into the building while it lost money	$312,753
What you'd walk away with	$659,110
Building minus stocks	$315,522

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$849,542
Minus 6% selling cost	−$50,973
Minus loan still owedTenants' rent paid down all $315,000 of principal by year 30	$0
Plus rental profits, invested at 7%$29,074 of profit by year 30, before investment growth	$34,966
What you'd walk away with	$833,535
If you put the same money in stocks
Cash to close ($45,500) invested at 7%	$346,358
Monthly shortfalls ($123,568 total by yr 30) investedThe money you'd have put into the building while it lost money	$605,920
What you'd walk away with	$952,278
Building minus stocks	−$118,743

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$825,269
Minus 6% selling cost	−$49,516
Minus loan still owedTenants' rent paid down all $306,000 of principal by year 30	$0
Plus rental profits, invested at 7%$132,131 of profit by year 30, before investment growth	$201,187
What you'd walk away with	$976,941
If you put the same money in stocks
Cash to close ($44,200) invested at 7%	$336,462
Monthly shortfalls ($45,414 total by yr 30) investedThe money you'd have put into the building while it lost money	$268,265
What you'd walk away with	$604,726
Building minus stocks	$372,215

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$825,269
Minus 6% selling cost	−$49,516
Minus loan still owedTenants' rent paid down all $306,000 of principal by year 30	$0
Plus rental profits, invested at 7%$36,151 of profit by year 30, before investment growth	$44,694
What you'd walk away with	$820,447
If you put the same money in stocks
Cash to close ($44,200) invested at 7%	$336,462
Monthly shortfalls ($108,819 total by yr 30) investedThe money you'd have put into the building while it lost money	$546,036
What you'd walk away with	$882,497
Building minus stocks	−$62,050

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$849,542
Minus 6% selling cost	−$50,973
Minus loan still owedTenants' rent paid down all $280,000 of principal by year 30	$0
Plus rental profits, invested at 7%$174,682 of profit by year 30, before investment growth	$290,516
What you'd walk away with	$1,089,085
If you put the same money in stocks
Cash to close ($80,500) invested at 7%	$612,787
Monthly shortfalls ($16,512 total by yr 30) investedThe money you'd have put into the building while it lost money	$102,342
What you'd walk away with	$715,128
Building minus stocks	$373,957

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$849,542
Minus 6% selling cost	−$50,973
Minus loan still owedTenants' rent paid down all $280,000 of principal by year 30	$0
Plus rental profits, invested at 7%$61,656 of profit by year 30, before investment growth	$83,307
What you'd walk away with	$881,876
If you put the same money in stocks
Cash to close ($80,500) invested at 7%	$612,787
Monthly shortfalls ($62,872 total by yr 30) investedThe money you'd have put into the building while it lost money	$329,397
What you'd walk away with	$942,183
Building minus stocks	−$60,307

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$825,269
Minus 6% selling cost	−$49,516
Minus loan still owedTenants' rent paid down all $272,000 of principal by year 30	$0
Plus rental profits, invested at 7%$189,215 of profit by year 30, before investment growth	$323,951
What you'd walk away with	$1,099,704
If you put the same money in stocks
Cash to close ($78,200) invested at 7%	$595,278
Monthly shortfalls ($11,884 total by yr 30) investedThe money you'd have put into the building while it lost money	$75,445
What you'd walk away with	$670,724
Building minus stocks	$428,980

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$825,269
Minus 6% selling cost	−$49,516
Minus loan still owedTenants' rent paid down all $272,000 of principal by year 30	$0
Plus rental profits, invested at 7%$70,992 of profit by year 30, before investment growth	$98,726
What you'd walk away with	$874,479
If you put the same money in stocks
Cash to close ($78,200) invested at 7%	$595,278
Monthly shortfalls ($53,047 total by yr 30) investedThe money you'd have put into the building while it lost money	$284,484
What you'd walk away with	$879,763
Building minus stocks	−$5,284

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$849,542
Minus 6% selling cost	−$50,973
Minus loan still owedTenants' rent paid down all $262,500 of principal by year 30	$0
Plus rental profits, invested at 7%$207,437 of profit by year 30, before investment growth	$368,202
What you'd walk away with	$1,166,771
If you put the same money in stocks
Cash to close ($98,000) invested at 7%	$746,001
Monthly shortfalls ($7,353 total by yr 30) investedThe money you'd have put into the building while it lost money	$48,053
What you'd walk away with	$794,054
Building minus stocks	$372,717

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$849,542
Minus 6% selling cost	−$50,973
Minus loan still owedTenants' rent paid down all $262,500 of principal by year 30	$0
Plus rental profits, invested at 7%$83,047 of profit by year 30, before investment growth	$119,670
What you'd walk away with	$918,239
If you put the same money in stocks
Cash to close ($98,000) invested at 7%	$746,001
Monthly shortfalls ($42,348 total by yr 30) investedThe money you'd have put into the building while it lost money	$233,785
What you'd walk away with	$979,786
Building minus stocks	−$61,547

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$825,269
Minus 6% selling cost	−$49,516
Minus loan still owedTenants' rent paid down all $255,000 of principal by year 30	$0
Plus rental profits, invested at 7%$222,570 of profit by year 30, before investment growth	$406,963
What you'd walk away with	$1,182,717
If you put the same money in stocks
Cash to close ($95,200) invested at 7%	$724,687
Monthly shortfalls ($4,523 total by yr 30) investedThe money you'd have put into the building while it lost money	$30,254
What you'd walk away with	$754,941
Building minus stocks	$427,776

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$825,269
Minus 6% selling cost	−$49,516
Minus loan still owedTenants' rent paid down all $255,000 of principal by year 30	$0
Plus rental profits, invested at 7%$93,375 of profit by year 30, before investment growth	$138,608
What you'd walk away with	$914,361
If you put the same money in stocks
Cash to close ($95,200) invested at 7%	$724,687
Monthly shortfalls ($34,713 total by yr 30) investedThe money you'd have put into the building while it lost money	$196,163
What you'd walk away with	$920,850
Building minus stocks	−$6,489

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

highThe city's rental license covers 1 unit(s); this analysis counts 2. Public record: Minneapolis Active Rental Licenses: 3229 PENN AVE N, units=1

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 Estimateestimate. No tax record found; 2.1% of price.	$7,350
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,302
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	1963
Market value (2026)	$282,500
Property tax	$4,040
Special assessments	none
Homestead	no
Last sale	2023-07-01 · $325,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 94, about 2035 m away.

Crime in Cleveland

108 incidents in the last 12 months (34 per 1,000 residents), −33% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).

Status history

2026-09-17New at $350,000