1013 9th St NE

Duplex · 2 units: 2 bed / 1 bath and 1 bed / 1 bath · 1,400 sq ft

Overpriced

17 photos

Photos courtesy of Infinity Real Estate - Broker, via Realtor.com.

Asking price: $275,000
Monthly cash flow: −$310
Estimated rent: $2,450/mo
Break-even price: $216,662

Adjust the numbers See the full breakdown

First look

This is a purpose-built side-by-side duplex, a 2-bed and a 1-bed, built in 1954 and asking $275K. At 20% down our numbers show about -$291/month cash flow and a 5.1% cap rate, so it doesn't work at the ask. Break-even price is about $220,326, roughly $55K below asking, and it has sat 98 days, so there is room to push. The listing says 'great cashflow' but gives no rents, no taxes and no lease terms, and the county parcel didn't match, so none of that is verified. Get the rent roll, leases and tax bill before a showing. It's worth seeing only if the seller will come down toward the break-even price.

Things to consider

Price is well above what the numbers support Cash flow is negative at the ask, and break-even is about $55K lower. Offer accordingly or pass.
Rents are unknown, so income is unverified The listing praises cash flow but gives no figures. Our rent estimates are for a 2-bed and a 1-bed, but real leases matter more.Listing says: “Great rental history and cashflow here!”
Taxes and unit count are unverified Without a parcel match, taxes could be higher than assumed, especially if you pay the non-homestead rate.
Long time on market gives negotiating room 98 days suggests the price is not meeting the market. Sellers in this position often move on price.
Dated interiors mean update costs before rent growth Kitchens, baths and floors look original or older. Budget for turnover repairs and upgrades.From photo 6
Tenant-paid utilities help operating costs The owner only covers lawn, snow and garbage, so expenses are light. Confirm meter setup in each unit.Listing says: “Utilities are paid by the tenants except lawn, snow & garbage.”

From the photos

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

AI-assisted first read of the listing description and photos (Claude), checked against public records. Every rent and repair above quotes the listing; verify with the agent, leases and an inspection.

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: $275,000
Cash to close: $63,250
Price per unit: $137,500
GRM: 9.4

Each month

Cash flow: −$310/mo
Cash-on-cash: −5.9%
Cap rate: 5.0%
DSCR: 0.79×

Break-even

Price that breaks even: $216,662
Rent that breaks even: $2,848/mo

Long run

Year 30: property vs stocks: $808K vs $597K
Cash flow turns positive: year 11

Monthly

Monthly breakdown

Rent	$2,450
Vacancy (6%)	−$147
Collected	$2,303
Property tax Listing	−$349
Insurance Estimate	−$179
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$196
Capital reserve (8% of rent)	−$196
Net operating income	$1,153
Mortgage (principal + interest)	−$1,464
Cash flow	−$310
Principal paid down (equity, not cash)	$186

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

If you buy this building$808,311

Your equity when you sell: $627,447
Rental profits, invested at 7%: $180,864

Same money in stocks$597,487

Cash to close, invested at 7%: $481,475
Monthly shortfalls, invested: $116,011

The building comes out $210,824 ahead after 30 years.

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 $808K, stocks $597K. The property wins.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-06. 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.

2 bed estimate $1,225/mo · range $1,150–$1,850 · 7 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
115 16th St NE Unit B, Rochester	$2,000	2 / 1	1,227	0.7 mi	—	Apartment
401 Broadway Ave N, Rochester	$1,771	2 / 1	768	0.8 mi	2025-04-30	Apartment
204 13th St NW, Rochester	$1,170	2 / 1	705	0.9 mi	2025-07-17	Apartment
517 5th Ave SE, Rochester	$1,350	2 / 1	1,074	1.1 mi	2026-07-31	Apartment
322 6th St SE Apt 1, Rochester	$1,100	2 / 1	800	1.2 mi	—	Apartment
537 Northern Hills Dr NE, Rochester	$1,145	2 / 1	711	1.2 mi	2025-11-04	Apartment
1614 8 1/2 St SE Apt C, Rochester	$1,100	2 / 1	795	1.4 mi	—	Duplex triplex

1 bed estimate $1,225/mo · range $1,025–$1,700 · 20 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
301 15th St NE, Rochester	$1,155	1 / 1	—	0.5 mi	2026-07-21	Apartment
1510 3rd Ave NE, Rochester	$1,155	1 / 1	—	0.6 mi	2026-09-09	Apartment
28 7th St NE, Rochester	$1,655	1 / 1	656	0.6 mi	2025-03-14	Apartment
115 16th St NE Unit C, Rochester	$1,650	1 / 1	920	0.7 mi	—	Apartment
519 E Center St, Rochester	$1,250	1 / 1	667	0.7 mi	2026-08-12	Apartment
211 1st St NE, Rochester	$1,345	1 / 1	602	0.8 mi	2025-07-10	Apartment
123 11th Ave SE Apt 5, Rochester	$885	1 / 1	800	0.8 mi	—	Apartment
401 Broadway Ave N, Rochester	$1,579	1 / 1	711	0.8 mi	2025-04-30	Apartment
400 1st Ave NW, Rochester	$1,297	1 / 1	—	0.8 mi	2025-04-08	Apartment
204 13th St NW, Rochester	$970	1 / 1	512	0.9 mi	2025-07-17	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

highNo rents or lease details given despite 'great cashflow' claim; numbers are unsupported Listing says: Great rental history and cashflow here! · AI review
highNegative cash flow at asking price; price is well above break-even Based on: data: underwriting.break_even_price · AI review
mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 1013 9TH ST NE
lowKitchens and baths look dated, and the second kitchen has worn finishes Based on: photo 9 · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 98 days on market
Garage could be rented separately for extra income, though the listing gives no figure Listing says: 1 car garage as well for possible additional rental income! · AI review
Tenants pay nearly all utilities, which keeps owner operating costs low Listing says: Utilities are paid by the tenants except lawn, snow & garbage. · AI review
Owner-occupy option: live in one unit and rent the other to lower the carrying cost Listing says: Great investment or owner occupy! · AI review

Questions for the agent

What are the current rents and lease end dates for each unit, and can I see the rent roll?
What are the annual property taxes, and is the 2-unit status registered with the county and city?
Does the city require a rental license, and is it current?
Who has the garage, and is it rented separately?
What are the furnace, water heater and roof ages, and are the units separately metered for gas and electric?
Why has it sat 98 days, and has the price been cut or any offers made?

Bottom line

A plain 1954 duplex that loses money at $275K with 20% down; it only works near $220K, and the 'great cashflow' claim comes with no numbers. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2025. The tax the listing states. If the seller lives there it may be at the lower homestead rate; an investor owner pays the non-homestead rate, often 20–40% more on the owner's unit.	$4,184
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,150
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%

Price history Realtor.com

On the market since 2026-06-29 (98 days); last sold for $190,000 on 2019-08-28.

Date	Event	Price
2026-06-29	Listed	$275,000
2019-08-28	Sold public record	$190,000
2019-08-19	Sold	$190,000
2019-06-19	Price changed	$199,900
2019-05-30	Listed	$209,900

From the listing Listing

Listed as	duplex side x side
Property tax, 2025	$4,184
County	Olmsted
Parcel number	743621021432

As the listing states it (NorthstarMLS, via Realtor.com). We don't have county records here yet; check the tax, homestead status and special assessments with the county.

Crime, rental-license and vacant-building records are only available for St. Paul and Minneapolis so far. Check with Rochester on rental licensing before you buy.