10200 129th Ave N

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 1,878 sq ft

Overpriced

24 photos

Photos courtesy of NRT-Minnesota (CB Burnet), via Realtor.com.

Asking price: $378,000
Monthly cash flow: −$553
Estimated rent: $2,900/mo
Break-even price: $274,037

Adjust the numbers See the full breakdown

From the listing

Quiet cul-de-sac location with convenient access to Highway 169, parks, and trails. Excellent opportunity to own an income-producing duplex in highly sought-after Champlin. One unit has been nicely updated and offers a clean, inviting interior with 2 bedrooms, 1 bathroom, and a 1-car garage. The second unit provides a solid rental opportunity with the same functional 2-bedroom, 1-bath layout. Both units are leased through June 2027, providing immediate rental income and stability for an investor. Recent mechanical updates include newer furnaces and AC units, along with a newer refrigerator and washing machine in Unit 10204. Great opportunity for an investor looking for a well-located duplex with strong long-term potential.

Listing courtesy of NRT-Minnesota (CB Burnet) (John Schuster). Description from Realtor.com, MLS #7125826. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1978 split-level duplex in Champlin, two 2-bed/1-bath units, asking $378K. Our numbers don't work at that price: about -$553/month at 20% down, a 4.6% cap rate, and break-even near $274K. The listing gives no rents, taxes or expenses, so the first ask is the rent roll and the leases, since both units are leased through June 2027. Photos show dated but livable interiors, and the updates are mechanical (furnaces, AC) rather than cosmetic. Worth a showing only if the seller will come down hard or the real rents beat our $1,450 estimate by a wide margin.

Things to consider

Price is far above what the rents support Break-even is about $274K against a $378K ask, and cash flow is about -$553/month. You would need a large price cut to make it work.
No actual rents provided Our estimate is about $1,450 per unit, but real rents decide the deal. Get the leases before spending on inspections.Listing says: “Both units are leased through June 2027, providing immediate rental income and stability”
Unit condition is uneven One unit was updated and the other was not, so the weaker unit may rent lower or need work at turnover.Listing says: “The second unit provides a solid rental opportunity with the same functional 2-bedroom, 1-bath layout.”
Mechanical systems recently updated Newer furnaces and AC lower near-term capital costs, though roof and other items remain unknown.Listing says: “Recent mechanical updates include newer furnaces and AC units”
Taxes unverified Without a parcel match, the tax figure in our model is an estimate, and investor taxes can run higher than homestead bills.

From the photos

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

Condition and repairs

doneNewer furnaces and AC unitsListing says: Recent mechanical updates include newer furnaces and AC units
doneNewer refrigerator and washing machine in Unit 10204Listing says: a newer refrigerator and washing machine in Unit 10204
doneOne unit nicely updatedListing says: One unit has been nicely updated and offers a clean, inviting interior

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: $378,000
Cash to close: $86,940
Price per unit: $189,000
GRM: 10.9

Each month

Cash flow: −$553/mo
Cash-on-cash: −7.6%
Cap rate: 4.6%
DSCR: 0.72×

Break-even

Price that breaks even: $274,037
Rent that breaks even: $3,609/mo

Long run

Year 30: property vs stocks: $1.03M vs $916K
Cash flow turns positive: year 14

Monthly

Monthly breakdown

Rent	$2,900
Vacancy (6%)	−$174
Collected	$2,726
Property tax Listing	−$384
Insurance Estimate	−$189
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$232
Capital reserve (8% of rent)	−$232
Net operating income	$1,459
Mortgage (principal + interest)	−$2,012
Cash flow	−$553
Principal paid down (equity, not cash)	$256

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$1,030,957

Your equity when you sell: $862,455
Rental profits, invested at 7%: $168,502

Same money in stocks$916,062

Cash to close, invested at 7%: $661,809
Monthly shortfalls, invested: $254,252

The building comes out $114,895 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 $1.03M, stocks $916K. 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 $1,450/mo · range $1,375–$1,475 · 17 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
438 Independence Ave N, Champlin	$1,399	2 / 1	885	0.6 mi	2025-08-14	Apartment
438 Independence Ave N Apt 10, Champlin	$1,399	2 / 1	885	0.6 mi	—	Apartment
101 Dayton Rd, Champlin	$1,479	2 / 1	800	0.7 mi	2025-10-02	Apartment
1709 Ferry St S, Anoka	$1,359	2 / 1	850	0.9 mi	2026-01-05	Apartment
615 Bean St Apt 1, Anoka	$1,199	2 / 1	900	1.0 mi	—	Apartment
1845 S Ferry St Apt 208, Anoka	$1,350	2 / 1	950	1.0 mi	—	Apartment
615 Bean St, Anoka	$1,199	2 / 1	900	1.0 mi	2026-04-27	Apartment
1845 S Ferry St Apt 308, Anoka	$1,350	2 / 1	950	1.0 mi	—	Apartment
2520 Fairoak Ave, Anoka	$1,249	2 / 1	900	1.2 mi	2026-02-06	Apartment
2614 Cutters Grove Ave, Anoka	$1,350	2 / 1	864	1.2 mi	2025-04-16	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, taxes or expense figures given, so income can't be checked Listing says: Both units are leased through June 2027 · 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 10200 129TH AVE N
mediumTaxes and unit count not verified against a county parcel Based on: data: county.tax · AI review
mediumSecond unit described only as a 'solid rental opportunity', suggesting it is dated and not updated Listing says: The second unit provides a solid rental opportunity with the same functional 2-bedroom, 1-bath layout. · AI review
low49 days on market with no price history shown Based on: data: listing.days_on_market · AI review

Opportunities

Leases run to June 2027, giving stable income while you verify numbers Listing says: Both units are leased through June 2027, providing immediate rental income and stability · AI review
No rent cap, so rents can follow market after leases end Based on: data: underwriting.rent_rule · AI review
Each unit has garage access, which supports rent Based on: photo 10 · AI review

Questions for the agent

What are the actual rents, deposits, and lease start dates for each unit?
Who pays water, sewer, trash, gas and electric, and are the units separately metered?
What were last year's property taxes, and is the seller's bill homestead or not?
How old are the roof, siding and windows, and when were the furnaces and AC replaced?
Does the second unit have its own garage, and is there a city rental license in place?
Is there room on price, given 49 days on market?

Bottom line

Livable, leased duplex, but at $378K it loses money every month at our assumptions, so only the price or much higher rents can make it work. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2026. 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.	$4,612
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,270
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 2026-08-17 (49 days); down $12,000 (3.1%) from the first ask of $390,000; last sold for $79,900 on 1991-01-10.

Date	Event	Price
2026-09-03	Price changed	$378,000
2026-08-17	Listed	$390,000
1991-01-10	Sold public record	$79,900

From the listing Listing

Listed as	duplex side x side
Property tax, 2026	$4,612
County	Hennepin
Parcel number	2412022130041

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 Champlin on rental licensing before you buy.