Minneapolis › Hiawatha

4230 39th Ave S

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

Far off

Asking price: $449,000
Monthly cash flow: −$1,338
Estimated rent: $2,700/mo
Break-even price: $197,700

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: $449,000
Monthly cash flow: −$1,338
Cash to close: $103,270
Cap rate: 2.8%
Cash-on-cash: −15.5%
DSCR: 0.44×
GRM: 13.9
Price per unit: $224,500
Price that breaks even: $197,700
Rent that breaks even: $4,415/mo
Cash flow turns positive: not within 30 years
Year 30: property vs stocks: $1.02M vs $1.96M

Monthly breakdown

Rent	$2,700
Vacancy (6%)	−$162
Collected	$2,538
Property tax Public record	−$622
Insurance Estimate	−$202
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	$1,052
Mortgage (principal + interest)	−$2,390
Cash flow	−$1,338
Principal paid down (equity, not cash)	$304

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 $1.02M, stocks $1.96M. Stocks win.

How those totals add up

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,089,841
Minus 6% selling cost	−$65,390
Minus loan still owedTenants' rent paid down all $404,100 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	$1,024,450
If you put the same money in stocks
Cash to close ($58,370) invested at 7%	$444,327
Monthly shortfalls ($430,424 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,585,900
What you'd walk away with	$2,030,227
Building minus stocks	−$1,005,777

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,089,841
Minus 6% selling cost	−$65,390
Minus loan still owedTenants' rent paid down all $404,100 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	$1,024,450
If you put the same money in stocks
Cash to close ($58,370) invested at 7%	$444,327
Monthly shortfalls ($560,831 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,941,207
What you'd walk away with	$2,385,534
Building minus stocks	−$1,361,084

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,065,568
Minus 6% selling cost	−$63,934
Minus loan still owedTenants' rent paid down all $395,100 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	$1,001,634
If you put the same money in stocks
Cash to close ($57,070) invested at 7%	$434,431
Monthly shortfalls ($408,599 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,516,287
What you'd walk away with	$1,950,718
Building minus stocks	−$949,084

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,065,568
Minus 6% selling cost	−$63,934
Minus loan still owedTenants' rent paid down all $395,100 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	$1,001,634
If you put the same money in stocks
Cash to close ($57,070) invested at 7%	$434,431
Monthly shortfalls ($539,005 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,871,594
What you'd walk away with	$2,306,025
Building minus stocks	−$1,304,391

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,089,841
Minus 6% selling cost	−$65,390
Minus loan still owedTenants' rent paid down all $359,200 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	$1,024,450
If you put the same money in stocks
Cash to close ($103,270) invested at 7%	$786,118
Monthly shortfalls ($310,762 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,169,145
What you'd walk away with	$1,955,263
Building minus stocks	−$930,813

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,089,841
Minus 6% selling cost	−$65,390
Minus loan still owedTenants' rent paid down all $359,200 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	$1,024,450
If you put the same money in stocks
Cash to close ($103,270) invested at 7%	$786,118
Monthly shortfalls ($441,168 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,524,452
What you'd walk away with	$2,310,570
Building minus stocks	−$1,286,120

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,065,568
Minus 6% selling cost	−$63,934
Minus loan still owedTenants' rent paid down all $351,200 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	$1,001,634
If you put the same money in stocks
Cash to close ($100,970) invested at 7%	$768,609
Monthly shortfalls ($291,601 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,108,814
What you'd walk away with	$1,877,423
Building minus stocks	−$875,789

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,065,568
Minus 6% selling cost	−$63,934
Minus loan still owedTenants' rent paid down all $351,200 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	$1,001,634
If you put the same money in stocks
Cash to close ($100,970) invested at 7%	$768,609
Monthly shortfalls ($422,007 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,464,121
What you'd walk away with	$2,232,730
Building minus stocks	−$1,231,096

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,089,841
Minus 6% selling cost	−$65,390
Minus loan still owedTenants' rent paid down all $336,750 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	$1,024,450
If you put the same money in stocks
Cash to close ($125,720) invested at 7%	$957,013
Monthly shortfalls ($256,992 total by yr 30) investedThe money you'd have put into the building while it lost money	$999,841
What you'd walk away with	$1,956,853
Building minus stocks	−$932,403

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,089,841
Minus 6% selling cost	−$65,390
Minus loan still owedTenants' rent paid down all $336,750 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	$1,024,450
If you put the same money in stocks
Cash to close ($125,720) invested at 7%	$957,013
Monthly shortfalls ($387,398 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,355,148
What you'd walk away with	$2,312,160
Building minus stocks	−$1,287,710

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,065,568
Minus 6% selling cost	−$63,934
Minus loan still owedTenants' rent paid down all $329,250 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	$1,001,634
If you put the same money in stocks
Cash to close ($122,920) invested at 7%	$935,698
Monthly shortfalls ($239,029 total by yr 30) investedThe money you'd have put into the building while it lost money	$943,280
What you'd walk away with	$1,878,979
Building minus stocks	−$877,345

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,065,568
Minus 6% selling cost	−$63,934
Minus loan still owedTenants' rent paid down all $329,250 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	$1,001,634
If you put the same money in stocks
Cash to close ($122,920) invested at 7%	$935,698
Monthly shortfalls ($369,435 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,298,587
What you'd walk away with	$2,234,285
Building minus stocks	−$1,232,651

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 $251,300 above the price where cash flow breaks even ($197,700) at the default scenario. Based on: Derived: price $449,000 vs. break-even $197,700

Opportunities

The seller bought for $102,000 in May 1996, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 0702823420143: last sale 1996-05-01, $102,000

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)	$7,464
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,421
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	1925
Market value (2026)	$393,000
Property tax	$7,464
Special assessments	none
Homestead	no
Last sale	1996-05-01 · $102,000

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

MN 55, about 422 m away.

Crime in Hiawatha

368 incidents in the last 12 months (59 per 1,000 residents), −12% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).

Status history

2026-09-04New at $449,000