1219 E Main St

1 units · 1 units: 4 bed / 1.5 bath · 2,152 sq ft

Overpriced

33 photos

Photos, via Realtor.com.

Asking price: $265,000
Monthly cash flow: −$382
Estimated rent: $1,900/mo
Break-even price: $193,208

Adjust the numbers See the full breakdown

From the listing

Centrally located rental property on Hilltop Mankato with a 5 un-related license. Just blocks from Bethany, Mankato Clinic/Mayo and just a few miles to MSU. This home has 4 bedroom, 3 baths, and a detached garage with plenty of off-street parking. Currently rented through July 2027, this property has been well maintained. Lower level was completely renovated, and the entire lower level of completely rewired. Hardwired smoke alarms were added throughout. Sump pump for nice dry basement. Main level has 2 bedrooms, 1 full bath, living/dining and kitchen space. One main level bedroom has own private entrance from outside. Lower level has another 2 nice sized bedrooms, along with two bathrooms (one with shower/sink and other with toilet/sink). Laundry area also downstairs with 2nd living room area. Outside space has covered patio, and detached garage (part used for owner storage). New roof spring 2026. Solid rental history, with potential for rent increases in future. If you're looking to start or build your portfolio, this is a great property to add. Schedule your showing today.

Description from Realtor.com, MLS #267041099. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is really a single house rented to a group under a 5 unrelated-person license, not a classic 2–4 unit building. Our rent estimate shows one 4-bed unit at $1,900 mid against an actual of $1,940, so the rent matches the market. At the ask, though, cash flow is about -$382/mo and the cap rate is 4.66%. Break-even price is about $193K, roughly $72K below the $265K ask. Before a showing, confirm the rental license is transferable, get the lease and per-tenant rent roll, and pull the real tax bill, since we couldn't match a county parcel. It's worth a look only if the price comes down a lot.

Things to consider

Price is well above what the rent supports Cash flow is about -$382/mo and the cap rate is 4.66% at ask. Break-even is near $193K, so a large cut is needed.
The income depends on the 5-unrelated license If the license can't transfer or is limited, the rent for a 4-bed house could fall well below the current setup. Verify with the city before offering.Listing says: “Centrally located rental property on Hilltop Mankato with a 5 un-related license.”
Rent is already at market The actual $1,940 sits right at our $1,900 mid estimate. There is little upside from raising rents.
Lease runs through July 2027 That gives income stability for about a year, but you inherit the current tenants and terms. Get the lease.Listing says: “Currently rented through July 2027, this property has been well maintained.”
Taxes and unit count are unverified No county parcel match, so the tax bill, which can be higher for investors, is a guess in the numbers.

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

doneNew roofListing says: New roof spring 2026.
doneLower level fully renovated and rewired, with hardwired smoke alarmsListing says: Lower level was completely renovated, and the entire lower level of completely rewired.
doneSump pump installed in basementListing says: Sump pump for nice dry basement.

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: $265,000
Cash to close: $60,950
Price per unit: $265,000
GRM: 11.6

Each month

Cash flow: −$382/mo
Cash-on-cash: −7.5%
Cap rate: 4.7%
DSCR: 0.73×

Break-even

Price that breaks even: $193,208
Rent that breaks even: $2,378/mo

Long run

Year 30: property vs stocks: $732K vs $633K
Cash flow turns positive: year 13

Monthly

Monthly breakdown

Rent	$1,900
Vacancy (6%)	−$114
Collected	$1,786
Property tax Listing	−$227
Insurance Estimate	−$120
Water, sewer, trash Estimate	−$85
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (7% of rent)	−$133
Capital reserve (7% of rent)	−$133
Net operating income	$1,028
Mortgage (principal + interest)	−$1,410
Cash flow	−$382
Principal paid down (equity, not cash)	$179

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$732,007

Your equity when you sell: $604,632
Rental profits, invested at 7%: $127,376

Same money in stocks$633,095

Cash to close, invested at 7%: $463,967
Monthly shortfalls, invested: $169,128

The building comes out $98,912 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 $732K, stocks $633K. 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.

4 bed / 1.5 bath estimate $1,900/mo · range $1,625–$2,175

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
224 James Ave, Mankato 56001	$1,979	4 / 2	1,700	1.3 mi	2026-03-03	91%
102 S 5th St, Apt 5, Mankato 56001 off market	$1,695	4 / 2	—	0.7 mi	2026-05-06	91%
526 S 2nd St, Apt 3, Mankato 56001	$1,980	4 / 2	—	1.1 mi	2026-10-01	90%
529 S 5th St, Mankato 56001 off market	$1,600	4 / 1	1,500	0.9 mi	2025-10-25	89%
520 S 2nd St, Mankato 56001	$2,080	4 / 1	1,525	1.1 mi	2026-06-01	89%
324 James Ave, Mankato 56001 off market	$1,829	4 / 2	1,500	1.4 mi	2025-02-13	88%
216 James Ave, Mankato 56001	$2,200	4 / 2	1,200	1.3 mi	2026-04-16	85%
210 James Ave, Mankato 56001 off market	$1,600	4 / 2	1,200	1.3 mi	2025-06-19	85%
120 Locust St, Apt 7, Mankato 56001	$1,148	3 / 2	—	0.7 mi	2024-05-02	81%
513 S Skylark Trl, Mankato 56001 off market	$1,685	3 / 1.5	1,485	1.3 mi	2026-04-08	81%

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

highRental license is for 5 unrelated occupants, not a unit-count license; confirm transferability and the cap on occupants Listing says: Centrally located rental property on Hilltop Mankato with a 5 un-related license. · 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 1219 MAIN ST E
lowplaceholder Based on: data: listing · AI review

Opportunities

Roof is new, so a major capital expense is off the table near term Listing says: New roof spring 2026. · AI review
Rent increases are possible and no rent cap applies Based on: data: underwriting.rent_rule · AI review

Questions for the agent

Is the 5 unrelated-occupant rental license transferable to a new owner, and when does it expire?
Can you share the lease(s) and a per-tenant rent roll? Is it one lease or several?
Who pays utilities (heat, water, electric, trash), and what were the trailing-12 bills?
What are the actual property taxes and any special assessments?
Are the lower-level bedrooms legal, with egress windows, and were permits pulled for the rewiring?
Why has it sat 62 days, and is the seller open to a price cut?

Bottom line

A well-kept student-style rental with a new roof, but at $265K it loses about $380 a month and only works near $193K. 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.	$2,722
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$1,438
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$85
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. "completely renovated" in the description: -1 pts each	7% / 7%

Price history Realtor.com

On the market since 2026-08-04 (62 days); last sold for $173,000 on 2020-12-30.

Date	Event	Price
2026-08-04	Listed	$265,000
2025-12-04	Removed	$269,000
2025-10-29	Price changed	$269,000
2025-08-11	Price changed	$279,000
2025-08-04	Listed	$289,000
2020-12-30	Sold	$173,000

From the listing Listing

Listed as	multi-family
Property tax, 2026	$2,722
County	Blue Earth County
Parcel number	R01.09.17.155.022

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 Mankato on rental licensing before you buy.