12 Ryan Pl

Duplex · 2 units: 3 bed / 2 bath ×2 · 1,920 sq ft

16 photos

Photos, via Realtor.com.

Asking price: $475,000
Monthly cash flow: −$10
Estimated rent: $4,200/mo
Break-even price: $473,062

Adjust the numbers See the full breakdown

First look

Two 3-bed/2-bath side-by-side units from 1986, with tenants paying all utilities, lawn and snow. That keeps owner costs low. But at $475K the numbers barely miss: our underwriting shows about -$49/mo cash flow and a 6.3% cap rate, and the break-even price is about $466K. Rent estimates are $2,075 per unit, and the listing gives no actual rent for the occupied side. Photos show dated but clean interiors, mostly original oak cabinets and vinyl floors. Get the lease and rent for the occupied unit, the real tax bill (we couldn't match the parcel), and why it's sold with the neighboring duplex. Worth a showing only if the price comes down modestly or the seller will trade on terms.

Things to consider

Asking price exceeds what the rents support Cash flow is slightly negative at ask and break-even is about $466K. You would be paying for the hope of higher rents or lower rates.
Actual rent on the occupied unit is unknown If it sits below the $2,075 estimate, income is overstated. Underwriting uses estimates, not the lease.Listing says: “One unit is occupied by a long-term tenant”
Tenant-paid utilities keep owner costs low Expenses are mainly taxes, insurance, repairs and vacancy. That helps net income, but taxes are unverified.Listing says: “Tenants pay ALL utilities-including heat, electric, water and trash”
Dated interiors and unknown mechanicals mean capex risk Original kitchens, vinyl floors and no photos of the furnace or roof mean you should budget for repairs and replacements.From photo 10
Bundled with the neighboring duplex It may bring leverage or limit your options. A four-unit package needs more cash and could affect financing.Listing says: “Property to be sold together with neighboring duplex at 9320/22 Ryan Place”

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: $475,000
Cash to close: $109,250
Price per unit: $237,500
GRM: 9.4

Each month

Cash flow: −$10/mo
Cash-on-cash: −0.1%
Cap rate: 6.4%
DSCR: 1.00×

Break-even

Price that breaks even: $473,062
Rent that breaks even: $4,213/mo

Long run

Year 30: property vs stocks: $2.07M vs $833K
Cash flow turns positive: year 2

Monthly

Monthly breakdown

Rent	$4,200
Vacancy (6%)	−$252
Collected	$3,948
Property tax Listing	−$508
Insurance Estimate	−$190
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$336
Capital reserve (8% of rent)	−$336
Net operating income	$2,518
Mortgage (principal + interest)	−$2,528
Cash flow	−$10
Principal paid down (equity, not cash)	$322

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$2,065,587

Your equity when you sell: $1,083,773
Rental profits, invested at 7%: $981,814

Same money in stocks$832,520

Cash to close, invested at 7%: $831,639
Monthly shortfalls, invested: $881

The building comes out $1,233,067 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 $2.07M, stocks $833K. 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.

3 bed estimate $2,100/mo · range $2,000–$2,450 · 11 rentals within 5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
9001 Griggs Ave, Circle Pines	$2,300	3 / 2	1,245	0.4 mi	2025-01-04	Apartment
33 Village Pkwy, Circle Pines	$2,155	3 / 1.5	1,200	0.4 mi	2025-09-22	Apartment
5891 Rice Creek Pkwy, Shoreview	$2,665	3 / 2.5	1,393	1.8 mi	2025-02-27	Apartment
2109 Hillview Rd Apt 2, Mounds View	$1,899	3 / 2	1,400	2.3 mi	2025-12-02	Apartment
2901 Mounds View Blvd, Mounds View	$1,965	3 / 2	1,194	3.1 mi	2025-04-08	Apartment
9436 Ulysses St NE, Blaine	$2,495	3 / 2	1,418	3.4 mi	2024-05-01	Apartment
9401 Polk St NE, Blaine	$1,999	3 / 2	1,316	3.6 mi	2026-01-16	Apartment
4889 Old Highway 8, Mounds View	$1,648	3 / 2	1,215	3.7 mi	2025-04-09	Apartment
705 Town Center Pkwy, Lino Lakes	$1,907	3 / 2	1,255	4.0 mi	2025-04-08	Apartment
1652 69th Ave NE, Fridley	$1,875	3 / 1.5	1,200	4.4 mi	2024-04-12	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

highPriced above break-even; negative cash flow at asking Based on: data: underwriting.cash_flow_monthly · 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 12 RYAN PL
mediumOccupied unit's rent and lease terms not given; 'long-term tenant' may mean below-market rent Listing says: One unit is occupied by a long-term tenant · AI review
mediumTaxes and unit count are unverified, so the expense side of the underwriting is a guess Based on: data: county.tax · AI review
lowSold with the neighboring duplex, so the seller may prefer a four-unit package; pricing and flexibility on a single duplex are unclear Listing says: Property to be sold together with neighboring duplex at 9320/22 Ryan Place · AI review

Opportunities

Vacant unit can be leased at market, with tenants paying all utilities Listing says: with the second unit currently available for owner occupant or lease · AI review
Tenants handle lawn and snow, keeping owner expenses low Listing says: also handle lawn care and snow removal, helping keep owner-paid operating expenses low · AI review
Buying all four units could allow scale, a single manager and negotiating leverage Listing says: a unique opportunity to acquire 4 rental units side-by-side in one location · AI review

Questions for the agent

What is the current rent and lease end date for the occupied unit, and what was the last increase?
What were last year's property taxes and insurance, and are there any assessments?
Is the neighboring duplex required to be bought together, or can this one sell alone?
What are the ages of the furnaces, water heaters and roof?
Is each unit separately metered for gas, electric and water, and is a rental license in place?
Why is the seller selling, and has the price been negotiable?

Bottom line

Low-expense, easy-to-run duplex, but $475K is slightly above what the rents support, so it needs a modestly lower price to 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.	$6,098
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,280
Water, sewer, trash / mo Listinglisting. tenants pay water	$0
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 2026-09-03 (32 days); down $24,900 (5.0%) from the first ask of $499,900; last sold for $268,500 on 2019-10-11.

Date	Event	Price
2026-09-25	Price changed	$475,000
2026-09-16	Relisted	$499,900
2026-09-15	Removed	$499,900
2026-09-14	Relisted	$499,900
2026-09-09	Removed	$499,900
2026-09-03	Listed	$499,900
2019-10-11	Sold	$268,500
2013-11-04	Sold	$165,000
2013-10-28	Relisted	$165,000
2013-09-18	Removed	$165,000
2013-09-13	Listed	$165,000
2010-05-11	Sold	$135,000
2010-01-23	Relisted	$159,900
2009-12-09	Removed	$179,900
2009-09-03	Price changed	$179,900
2009-02-10	Listed	$225,000

From the listing Listing

Listed as	duplex side x side
Property tax, 2026	$6,098
County	Anoka
Parcel number	263123430069

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 Circle Pines on rental licensing before you buy.