11923-11931 Wintergreen St NW

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 2,016 sq ft

Overpriced

19 photos

Photos, via Realtor.com.

Asking price: $455,000
Monthly cash flow: −$802
Estimated rent: $3,100/mo
Break-even price: $304,279

Adjust the numbers See the full breakdown

First look

This is a side-by-side duplex in Coon Rapids, listed 339 days at $455K, and the numbers don't work. Our underwriting at asking shows about -$802/month with a 4.3% cap rate, and break-even sits near $304K. The description gives no rents, no lease terms, no taxes and no utility info, so you'd be guessing at income. Two PIDs and no matched county parcel mean you should confirm taxes and whether the two halves can be sold together. Photos show dated but clean 1986 finishes. Worth a showing only if the seller is far closer to $305K or can show rents well above our $1,550 estimates.

Things to consider

Price is well above what rents support At asking, our model shows negative cash flow of about $802 a month. Buying makes sense only far below asking.
Income is unverified The listing has no rents or lease terms. Our $1,550 per unit estimates are not actual income.Listing says: “Both units are occupied.”
Taxes and unit setup are unconfirmed We couldn't match a county parcel and there are two PIDs, so the real tax bill and sale structure are unknown.Listing says: “There are 2 PIDs for this property.”
Long time on market gives leverage Nearly a year of listing time suggests the market rejects this price.
Finishes are dated, so expect turnover costs Carpet, laminate and older cabinets will need work between tenants, which cuts into thin cash flow.From photo 4

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: $455,000
Cash to close: $104,650
Price per unit: $227,500
GRM: 12.2

Each month

Cash flow: −$802/mo
Cash-on-cash: −9.2%
Cap rate: 4.3%
DSCR: 0.67×

Break-even

Price that breaks even: $304,279
Rent that breaks even: $4,128/mo

Long run

Year 30: property vs stocks: $1.17M vs $1.23M
Cash flow turns positive: year 16

Monthly

Monthly breakdown

Rent	$3,100
Vacancy (6%)	−$186
Collected	$2,914
Property tax Listing	−$376
Insurance Estimate	−$192
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$248
Capital reserve (8% of rent)	−$248
Net operating income	$1,620
Mortgage (principal + interest)	−$2,422
Cash flow	−$802
Principal paid down (equity, not cash)	$308

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$1,168,218

Your equity when you sell: $1,038,140
Rental profits, invested at 7%: $130,078

Same money in stocks$1,226,174

Cash to close, invested at 7%: $796,622
Monthly shortfalls, invested: $429,551

Stocks come out $57,956 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 $1.17M, stocks $1.23M. Stocks win.

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 $1,550/mo · range $1,300–$1,800

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
11728 3rd St NE, Blaine 55434 off market	$1,050	2 / 1	—	1.5 mi	2026-01-14	92%
11754 3rd St NE, Blaine 55434 off market	$1,050	2 / 1	—	1.5 mi	2026-07-22	92%
2070 Coon Rapids Blvd NW, Coon Rapids 55433	$1,399	2 / 1	—	2.1 mi	2026-05-20	91%
10985 Drake St NW, Coon Rapids 55433 off market	$2,007	2 / 1	1,350	1.2 mi	2025-12-02	90%
660-685 106th Ln NW, Coon Rapids 55448 off market	$1,645	2 / 1	1,313	1.7 mi	2026-04-02	89%
10550-10590 Kumquat St NW, Coon Rapids 55448	$1,630	2 / 1	1,108	1.8 mi	2026-08-23	87%
2000 108th Ln NW, Apt 203, Coon Rapids 55433 off market	$1,395	2 / 1	1,000	1.8 mi	2026-08-07	85%
837 Northdale Blvd NW, Apt 1, Coon Rapids 55448 off market	$1,220	2 / 1	782	0.6 mi	2026-02-19	84%
10400 Jay St NW, Coon Rapids 55433	$1,440	2 / 1	936	2.1 mi	2025-04-04	84%
2400 109th Ave NW, Coon Rapids 55433	$1,365	2 / 1	864	2.1 mi	2025-04-02	83%

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

highPrice is far above what the rents support, even after 339 days on market. 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 11923-11931 WINTERGREEN ST NW
mediumAsking is $150,721 above the price where cash flow breaks even ($304,279) at the default scenario. Based on: Derived: price $455,000 vs. break-even $304,279
mediumTwo separate PIDs: confirm both halves convey together and get the tax bill for each. Listing says: There are 2 PIDs for this property. · AI review
mediumNo rents, lease terms or expenses given, so income can't be verified. Listing says: Both units are occupied. · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 339 days on market
Long time on market suggests the seller may accept a large cut. Based on: data: listing.days_on_market · AI review
No rent cap, so rents can be raised to market after leases end. Based on: data: underwriting.rent_rule · AI review

Questions for the agent

What are the current rents, lease end dates and deposits for each unit?
Can you provide the tax bills for both PIDs and the last 12 months of expenses?
Who pays heat, water, trash and electric?
Are the two units separately metered for gas and electric?
Why has it sat 339 days, and have there been offers or price cuts?
How old are the roof, furnaces, water heaters and siding?

Bottom line

Dated but decent-looking duplex priced roughly $151K above where it breaks even, so only worth pursuing at a much lower price. 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.	$4,518
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,304
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 2025-10-31 (339 days); down $10,000 (2.2%) from the first ask of $465,000; last sold for $405,000 on 2023-09-01.

Date	Event	Price
2026-07-01	Price changed	$455,000
2026-06-28	Removed	$469,000
2026-04-02	Price changed	$459,995
2025-10-31	Listed	$465,000
2023-09-01	Sold	$405,000

From the listing Listing

Listed as	duplex side x side
Property tax, 2025	$4,518
County	Anoka
Parcel number	113124420115

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 Coon Rapids on rental licensing before you buy.