Complete

Duplex

2 units

3327 Oakland Ave, Minneapolis MN 55407

Eval #20261663 · 4/24/2026 · Evaluator: Luis Alcaraz (612-743-8228)

Executive summary

This 1937 duplex has 10 required TISH repair items concentrated in the mechanical systems and basement plumbing — but both interior living units passed all checks. The boiler is the single largest financial unknown: excessively corroded with exposed wires, it requires a licensed safety check and may need full replacement ($9K–$12K). With strategic pre-sale repairs, a seller credit for the boiler, and pricing targeted at cash investors or house-hackers, realistic net proceeds are $315,000–$328,000. Do not attempt to list at $349,000 without completing at minimum the electrical, smoke/CO, and plumbing compliance items.

Property snapshot

Owner: Carsar Addo
Building type: Duplex/Multiplex
Zoning: UN2
Open violations: Yes
Heating system: Pumped boiler
Heating age: Unknown — excessively corroded
Water heater: Gas, natural draft
Water heater age: 8 years or older
Electrical service: 60A
Energy score: 48 / 100
Wall insulation: Newspaper (3 inches)

Financial picture

Required repairs

$1,850–$3,750

Optional (high-ROI)

$1,100–$3,300

Net proceeds est.

$315,000–$328,000

Gross rent / mo

$3,200

NOI annual

$23,900

Cap rate

8.2%

Available rebates

$20,300

Required repairs (10)

Electrical panel — multiple violations

RRE

immediate

Blocks financing

Your electrical panel has missing covers, a loose wire at the water meter, and two missing grounding clamps. Any lender will flag this and it is a genuine safety hazard.

Missing knockouts, loose jumper wire at water meter, missing grounding clamps on both sides of water meter jumper, panels not fully indexed in both units.

Est. cost

$400–$800

Smoke + CO detectors — upper unit

RRE

immediate

Missing smoke detector on the second floor and missing CO detector in the upper unit. Easiest and cheapest fix on the list.

Missing smoke detector on second floor of upper unit. Missing CO detector in upper unit hallway.

Est. cost

$50–$150

Exterior backflow preventers

RRE

before listing

All outdoor faucets are missing backflow preventers — required by Minneapolis code to prevent contamination of the water supply.

Missing backflow preventers on all exterior faucets (sillcocks). One faucet also missing handle.

Est. cost

$100–$250

Abandoned drain/vent lines — basement bath

RRE

before closing

Old plumbing lines in the basement bathroom were abandoned but never properly sealed. Needs to be capped by a licensed plumber.

Abandoned waste and vent lines in basement bathroom not properly capped.

Est. cost

$150–$400

Non-operational electric baseboard heaters

RRE

before closing

The basement electric baseboard heaters do not work and need to be repaired or replaced.

Not operational electric baseboards in basement.

Est. cost

$200–$600

Laundry standpipe — improper installation

RRP

before closing

The washing machine drain is connected incorrectly — no P-trap means sewer gases can enter the home. Requires a plumbing permit to fix.

Improper standpipe, no water seal (P-trap) connected to main stack clean out. Plumbing permit required.

Est. cost

$300–$700

Basement bathroom fixtures — missing

RRP

before closing

The basement bathroom has incomplete fixtures. The cheapest fix is to cap and remove everything (no permit needed). Installing new fixtures requires a permit.

Missing plumbing fixtures in basement bathroom. Remove and cap (no permit) or install new fixtures (permit required).

Est. cost

$200–$450

Boiler safety check — both units

LIC

immediate

Blocks financing

The boiler is described as excessively corroded with missing components and exposed wires. A licensed Minneapolis heating contractor must evaluate it. This could require full replacement.

Excessively corroded boiler with missing components and exposed wires. Safety check by licensed Mpls heating contractor required. Some repairs may require mechanical permit.

Est. cost

$150–$350

Water heater safety checks — both units

LIC

before listing

Both water heaters are over 8 years old and flagged as corroded. A licensed plumber must evaluate each one — they may need replacement.

Corroded gas water heaters, 8+ years old. Safety check by licensed Mpls plumbing contractor required for both lower and upper unit.

Est. cost

$300–$500

Damaged first floor floorboards

RRE

before listing

Damaged and deteriorated floorboards visible in the first floor system from the basement. Visible structural damage is a red flag for buyers.

Damaged/deteriorated floor board(s) in first floor system. Seepage marks under bath area.

Est. cost

$200–$600

High-ROI optional repairs

Exterior paint, trim & stoop repair

4× ROI

Peeling paint, damaged trim, deteriorated stoop steps, and cracked stucco create strong negative first impressions. A fresh coat and stoop repair can add $5K–$10K in perceived value.

$800–$2,500

Deep clean + junk removal — both units

5× ROI

Inspector noted unsanitary conditions, excessive clutter, and animal waste in basement. Professional clean and haul-away directly impacts buyer confidence and photographs.

$300–$800

Skip these

Boiler full replacement (pre-sale)

Why skip: At $9K–$12K, replacing the boiler before sale exceeds your $5K budget. If the safety check shows it is functional, use a seller credit instead.

Instead: Offer $3,000–$5,000 seller credit at closing. Buyer can apply CEE rebate of up to $3,000 toward replacement.

Wall insulation upgrade

Why skip: Current depth is 3" vs recommended 3.5". Upgrade cost ($3,500–$6,500) far exceeds any realistic price gain for a duplex sale.

Instead: Disclose as-is. Buyer can access up to $4,500 CEE rebate for this improvement post-purchase.

Drainage and sidewalk repair

Why skip: B-rated informational items only — not city-enforced RRE items. Grade drainage and cracked sidewalks noted but not actionable for the sale.

Instead: Disclose and reflect in purchase price. Use seller credit if buyer negotiates.

Basement bathroom full fixture installation

Why skip: Installing new fixtures requires a permit and costs $1,500–$3,000. Capping only costs $200–$450 and satisfies the RRP requirement.

Instead: Cap only. Do not install new fixtures pre-sale.

Suggested seller credits

Boiler replacement allowance

$3,000–$5,000

Boiler is excessively corroded per TISH. If safety check confirms it is functional but aging, offer credit rather than replacing pre-sale. Buyer can access $3,000 CEE rebate for high-efficiency replacement.

Buyer rebate available: up to $3,000

Water heater replacement allowance

$1,500–$2,000

Both water heaters are 8+ years old and corroded. Credit is faster and cheaper than pre-sale replacement. Buyer may qualify for up to $2,000/unit CEE rebate for heat pump water heater upgrade.

Buyer rebate available: up to $2,000

Listing strategy

Recommended list price

$339,000

Financing feasibility

conventional

Price rationale: Listing at $339,000 rather than $349,000 creates competitive tension on a property with known issues. Pricing at or slightly below estimated value reduces buyer negotiating leverage while targeting the right buyer pool.
Target buyer: Cash investors and house-hackers — not first-time buyers or FHA/VA buyers
Timing: Complete all low-cost required repairs before listing photos. Do not list with visible compliance failures. Get boiler and water heater safety check letters in hand before going live.
Transparency: Attach this remediation summary to the TISH report at every showing. Buyers who feel informed negotiate less aggressively than buyers who discover problems mid-transaction.

Contractor scope of work

1Fill all missing knockouts in both service panels
2Secure and properly terminate loose jumper wire at water meter
3Install missing grounding clamp on house side of water meter jumper
4Install missing grounding clamp on street side of water meter jumper
5Fully index both 60A service panels (label all breakers)
6Inspect and repair/replace non-operational electric baseboard heaters in basement

Buyer-side risk profile

Boiler condition unknown until safety check

high

Excessively corroded with exposed wires and missing components. Could require $9K–$12K replacement. Seller safety check report is being obtained — request it before making an offer.

Open city violations transfer with ownership

high

Active enforcement violations from Minneapolis Regulatory Services survive ownership transfer. Call 311 or 612-673-3000 to get the full violation list before signing a purchase agreement.

Conventional financing only — no FHA/VA

medium

Open violations, corroded mechanicals, and multiple required repairs make FHA/VA financing extremely difficult. Budget for 20–25% down with conventional financing.

Water heaters at end of service life

medium

Both units are 8+ years old and flagged corroded. Budget $1,200–$2,000 per unit for near-term replacement. CEE rebates of up to $2,000/unit available for heat pump water heater upgrade.

Newspaper wall insulation (3 inches)

medium

1937 construction with only 3" of newspaper insulation. Energy score is 48/100. Exterior wall insulation upgrade ($3,500–$6,500) available with up to $4,500 CEE rebate.

Interior condition of both units is solid

low

Both living units passed all interior checks — kitchens, bathrooms, bedrooms, hallways, and stairwells all meet Minneapolis minimums. This is a meaningful positive.

Final recommendation

Spend $3,000–$4,500 of your $5,000 budget completing all low-cost required repairs: electrical panel, smoke/CO detectors, backflow preventers, plumbing caps, standpipe, baseboard heaters, and both safety checks. Get the boiler and water heater safety check letters in hand before listing photos. List at $339,000 targeting cash investors and house-hackers. Offer a $3,000–$5,000 seller credit for the boiler and a $1,500–$2,000 credit for water heaters at closing. Realistic net proceeds after repairs, credits, and selling costs: $315,000–$328,000. Attempting to list at $349,000 without addressing the mechanical issues will result in longer days on market, more aggressive buyer negotiations, and likely the same or worse net outcome.