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1033 3rd Ave SE

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 1,572 sq ft

Rochester, MN · View the listing ↗

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Photos courtesy of RE/MAX Results, via Realtor.com.

Asking price
$246,900
2 units · $123K per unit
Monthly cash flow
−$82
at 20% down, 7%
Estimated rent
$2,400/mo
medium confidence
Break-even price
$231,427
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a small 1941 up/down in Rochester at $246,900, and it runs slightly negative: our model shows about -$82/month cash flow at 20% down and a 6.0% cap rate, using estimated rents of about $1,200 per unit since the listing gives none. The big items are in good shape on paper (new roof in 2026, furnace 2021), and each unit has its own 100-amp panel, but taxes and unit count are unverified because we couldn't match a county parcel. The upstairs unit looks like a small attic apartment with a basic kitchen, so the $1,200 estimate may be generous for it. Get actual rents, leases, and the tax bill first. It's worth a showing only if the real rents come in above our estimate, and if the upstairs is a legal, licensed unit.

Things to consider

  1. Negative cash flow at asking Our model shows about -$82/month and a 6.0% cap at 20% down, so any vacancy or repair surprise makes it worse. Break-even price is about $231K, roughly $15K below asking, so there is no cushion.
  2. Income is estimated, not stated The listing gives no rents. The upstairs attic unit may rent below the $1,200 estimate, which would hurt returns.From photo 7
  3. Taxes and unit count unverified No parcel match means the tax bill, and whether it is legally a duplex, are unconfirmed. Non-homestead taxes could be higher than the seller's.
  4. New roof and furnace lower near-term capex These are two of the largest costs on an older building, so reserves can be lighter in the early years.Listing says: “new roof in 2026 and new furnace in 2021”
  5. House-hack fit Separate panels and a modest price make owner-occupancy financing a better fit than a pure investor purchase at today's rates.Listing says: “or try your hand at the "house hacking" strategy by living in one unit”

From the photos

Listing photo 2
1 of 7Plus

Main-floor kitchen has maple cabinets, dark laminate counters, white electric range and fridge. It appears serviceable but is not recent.

Listing photo 4
2 of 7Plus

Main-floor hardwood floors look in good shape, with newer windows visible.

Listing photo 7
3 of 7Concern

Upstairs kitchen is a small, dated strip with a compact fridge, a 4-burner range tucked under a sloped ceiling and a laminate counter.

Listing photo 9
4 of 7Concern

Upstairs bathroom has a pedestal sink and tub surround under a sloped ceiling. It appears basic and older.

Listing photo 1
5 of 7Plus

Two electric meters are visible on the side of the house, consistent with two separately metered units. Detached one-car garage and a concrete driveway.

Listing photo 1
6 of 7Check

Vinyl or aluminum siding and a shingle roof appear in decent condition. Verify the new roof.

Listing photo 10
7 of 7Check

No photos of the basement, furnace, water heater, or electrical panels, which matter for a 1941 house.

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

Condition and repairs

  • doneNew roofListing says: new roof in 2026 and new furnace in 2021
  • doneNew furnaceListing says: new roof in 2026 and new furnace in 2021
  • doneUpdated kitchen and bathroom in main-floor unitListing says: an updated kitchen with maple cabinets
  • doneNew carpet in upstairs bedroomListing says: new carpet in the bedroom and hardwood floors in the other living space

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

Down payment %
Offer $
Management
Interest rate %
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
$246,900
Cash to close
$56,787
Price per unit
$123,450
GRM
8.6

Each month

Cash flow
−$82/mo
Cash-on-cash
−1.7%
Cap rate
6.0%
DSCR
0.94×

Break-even

Price that breaks even
$231,427
Rent that breaks even
$2,506/mo

Long run

Year 30: property vs stocks
$943K vs $444K
Cash flow turns positive
year 4

Monthly

Monthly breakdown

Rent$2,400
Vacancy (6%)−$144
Collected$2,256
Property tax Listing−$228
Insurance Estimate−$183
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$192
Capital reserve (8% of rent)−$192
Net operating income$1,232
Mortgage (principal + interest)−$1,314
Cash flow−$82
Principal paid down (equity, not cash)$167

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$942,730
Your equity when you sell
$563,334

Sells for $599,291 (value up 3% a year), minus 6% selling cost ($35,957). Rent paid down $197,520 of loan.

Rental profits, invested at 7%
$379,396

$200,778 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$444,226
Cash to close, invested at 7%
$432,277

$56,787 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$11,949

$1,739 you'd have paid in while the building lost money, invested instead.

The building comes out $498,504 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 $943K, stocks $444K. The property wins.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-05. The estimate above is RentCast's, weighted toward the closest matches.

2 bed / 1 bath estimate $1,200/mo · range $950–$1,450

AddressRentBd / BaSq ftDistanceListedMatch
226 11th St SE, Rochester 55904 off market $1,000 2 / 1 — 0.1 mi 2026-05-30 94%
423 4th Ave SE, Rochester 55904 off market $900 2 / 1 1,200 0.6 mi 2026-01-03 93%
1348 5th Ave SE, Apt 3, Rochester 55904 off market $1,075 2 / 1 — 0.4 mi 2026-08-14 93%
1348 5th Ave SE, # A1348-03, Rochester 55904 off market $1,100 2 / 1 — 0.4 mi 2026-05-05 93%
619 14th Street Se / 1351 7th Ave SE, Rochester 55904 off market $1,700 2 / 1 — 0.5 mi 2026-02-07 93%
1239 3rd Ave SW, Rochester 55902 off market $950 2 / 1 — 0.5 mi 2026-02-09 93%
420 8th Ave SE, Rochester 55904 off market $875 2 / 1 — 0.7 mi 2026-04-28 93%
428 9th Ave SE, Rochester 55904 off market $1,095 2 / 1 — 0.7 mi 2026-06-11 93%
842 7th Ave SW, Rochester 55902 off market $1,600 2 / 1 — 0.7 mi 2026-03-18 93%
317 9th Ave SE, Rochester 55904 off market $1,300 2 / 1 — 0.8 mi 2026-05-05 93%

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: RentCast. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

  • mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 1033 3RD AVE SE
  • mediumUpstairs unit is small attic space; legality and rentability as a 2-bed is unclear. Description says the layout works as 2 beds or 1 bed plus living room. Listing says: a layout that can work as either two bedrooms or a bedroom plus living room · AI review
  • mediumNo rents, lease status, or expenses given, so income is entirely our estimate. Based on: data: rent_estimate · AI review
  • lowShared basement with the washer and dryer means shared laundry and possibly shared utilities or meters to sort out. Listing says: Both units have access to the shared basement with plenty of storage plus the washer and dryer. · AI review

Opportunities

  • House-hack: live in one unit and rent the other, with separate electrical panels. Listing says: Each unit has its own 100-amp electrical service panel · AI review
  • Big-ticket items done, so near-term capex should be light. Listing says: new roof in 2026 and new furnace in 2021 · AI review
  • No rent cap in Rochester, so rents can follow the market. Based on: data: underwriting.rent_rule · AI review

Questions for the agent

  • What are the current rents and lease terms for each unit, and is either month-to-month?
  • Is the upstairs a legal, licensed unit, and does the Rochester rental license list two units?
  • How are utilities metered? One furnace means who pays heat, and are there separate gas and water meters?
  • What are the annual taxes and is the property homestead now?
  • Who did the 2026 roof, and is there a permit and warranty?
  • Is the laundry shared or coin-operated, and is the upstairs bedroom egress compliant?

Bottom line

Fairly priced for what it is with a new roof and furnace, but cash flow is slightly negative and the small upstairs unit needs proof that it rents near or above our estimate. 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.$2,730
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,193
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 rate8% / 8%

Price history Realtor.com

On the market since 2026-09-24 (11 days); last sold for $50,000 on 2010-03-05.

DateEventPrice
Listed$246,900
Sold$50,000
Price changed$54,400
Price changed$54,400
Listed$59,400
Listed$59,400
Sold public record$89,900
Sold public record$57,000
Sold public record$52,500
Sold public record$52,300

From the listing Listing

Listed asduplex up and down
Property tax, 2026$2,730
CountyOlmsted
Parcel number640244021871

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.