Where: 26xx Colfax Ave. North, in Minneapolis’ Camden neighborhood
When: originally on market March, ’08; canceled and re-listed — with a BIG price drop — today
What: 2,000 sq. ft . duplex (each unit 2 BR/1 BA)
How (much): $18,900; tax assessed value (’09): $178,800
Who: listed with RE/MAX Results

Can you afford a monthly payment of $113?

That’s what the mortgage on this duplex would come to. Split it with a renter, and your monthly payments (at least for principal and interest) would be less than your cell phone bill.

Before you start writing an offer, though, keep in mind a couple things: condition is virtually guaranteed to be a mess; the neighborhood is rough, and pocked with foreclosures; and the current tax bill ($3,200) — established when times were better — is locked in until 2011.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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