1404 N 5th St

Duplex · 2 units: 2 bed / 1 bath and 1 bed / 1 bath unit split estimated · 1,557 sq ft

Overpriced

30 photos

Photos courtesy of NUSTAR REALTY MANKATO, via Realtor.com.

Asking price: $194,999
Monthly cash flow: −$242
Estimated rent: $1,950/mo
Break-even price: $149,491

Adjust the numbers See the full breakdown

First look

This is a 1886 up/down in Mankato asking $194,999, and at 20% down our numbers show about -$242 a month and a 4.9% cap rate. Our break-even price is around $149,491, so the ask is roughly $45K too high at today's rates. Rents aren't stated, and our estimates are $1,075 for the 2-bed and $875 for the 1-bed. Seller has done real work on the big systems (roof, furnace, water heater), which helps. But it's sold as-is, 79 days on market, and taxes are unverified. I'd get the rent roll, lease terms and tax bill before a showing, and only go see it if the price comes down hard.

Things to consider

Price versus rents Our estimates give negative cash flow at ask and a break-even near $149.5K. The numbers only work with a big price cut.
Rents are unknown The listing gives no current rents or leases, so income can't be verified. Our estimates are $1,075 for the 2-bed and $875 for the 1-bed.
As-is sale with dated interiors Seller won't fix inspection findings, and the kitchens and baths look old. Budget for updates and turnover.Listing says: “Property is sold as-is.”
Systems are newer Roof, furnace and water heater were replaced recently, which lowers the biggest near-term repair risks.Listing says: “New roof in June 2023, energy efficient furnace in 2022, & water heater in May 2024”
Taxes and unit count unverified We couldn't match a county parcel, so real taxes could change the cash flow either way.
Old stone foundation An 1886 building with a stone basement can have moisture or settling issues that are costly to fix.From photo 10

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 in June 2023
doneEnergy efficient furnaceListing says: energy efficient furnace in 2022
doneWater heaterListing says: water heater in May 2024
doneUpper unit stove and refrigeratorListing says: Upper unit stove & refrigerator, & lower unit bathtub recently replaced too
doneLower unit bathtubListing says: lower unit bathtub recently replaced too

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: $194,999
Cash to close: $44,850
Price per unit: $97,500
GRM: 8.3

Each month

Cash flow: −$242/mo
Cash-on-cash: −6.5%
Cap rate: 4.9%
DSCR: 0.77×

Break-even

Price that breaks even: $149,491
Rent that breaks even: $2,277/mo

Long run

Year 30: property vs stocks: $547K vs $442K
Cash flow turns positive: year 12

Monthly

Monthly breakdown

Rent	$1,950
Vacancy (6%)	−$117
Collected	$1,833
Property tax Listing	−$217
Insurance Estimate	−$201
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (10% of rent)	−$195
Capital reserve (10% of rent)	−$195
Net operating income	$796
Mortgage (principal + interest)	−$1,038
Cash flow	−$242
Principal paid down (equity, not cash)	$132

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$546,842

Your equity when you sell: $444,915
Rental profits, invested at 7%: $101,927

Same money in stocks$441,766

Cash to close, invested at 7%: $341,408
Monthly shortfalls, invested: $100,358

The building comes out $105,076 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 $547K, stocks $442K. 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 $1,075/mo · range $950–$1,150 · 10 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
535 N 4th St, Mankato	$935	2 / 1	750	0.7 mi	2026-06-03	Apartment
501 N 5th St Unit 1/2, Mankato	$1,070	2 / 1	896	0.7 mi	2026-06-15	Apartment
426 N 5th St Apt 1, Mankato	$875	2 / 1	672	0.8 mi	2025-07-24	Apartment
225 E Spring St, Mankato	$965	2 / 1	755	0.8 mi	2026-09-11	Apartment
405 N 5th St, Mankato	$1,200	2 / 1	776	0.8 mi	2025-01-03	Apartment
920 Patriot Dr, Mankato	$1,205	2 / 1	957	0.8 mi	2026-05-15	Apartment
630 Lyndale St, North Mankato	$895	2 / 1	551	1.0 mi	2026-06-26	Apartment
428 Commodore Dr Apt 7, Mankato	$1,050	2 / 1	—	1.2 mi	2026-09-14	Apartment
429 Deldona Dr Apt 2, Mankato	$1,050	2 / 1	—	1.3 mi	2026-09-21	Apartment
101 Parkway Ave, Mankato	$1,074	2 / 1	660	1.4 mi	2024-04-15	Apartment

1 bed estimate $875/mo · range $750–$1,100 · 15 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
405 N 5th St, Mankato	$1,075	1 / 1	576	0.8 mi	2025-01-03	Apartment
931 Madison Ave, Mankato	$1,150	1 / 1	650	0.8 mi	2026-07-02	Apartment
920 Patriot Dr, Mankato	$830	1 / 1	736	0.8 mi	2026-05-15	Apartment
308 N Broad St, Mankato	$870	1 / 1	509	0.9 mi	2026-09-26	Apartment
914 Lyndale St, North Mankato	$724	1 / 1	400	1.0 mi	2026-08-06	Apartment
102 S 5th St, Mankato	$550	1 / 1	132	1.1 mi	2026-05-28	Apartment
112 S 5th St Unit Upper, Mankato	$850	1 / 1	700	1.1 mi	2025-09-18	Apartment
322 E Walnut St, Mankato	$774	1 / 1	446	1.1 mi	2026-03-21	Apartment
109 Hanover St, Mankato	$680	1 / 1	350	1.2 mi	2026-07-18	Apartment
429 Deldona Dr Apt 4, Mankato	$925	1 / 1	1	1.3 mi	2026-09-14	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 well above what the rents support; break-even is about $52K below ask Based on: data: underwriting.break_even_price · AI review
highNegative cash flow at 20% down and asking price 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 1404 5TH ST N
mediumSold as-is: the seller won't fix what the inspection finds. Price that in. Listing says: "unit bathtub recently replaced too. Property is sold as-is ."
mediumStone foundation visible in basement on an 1886 building; needs inspection Based on: photo 10 · AI review
mediumDated kitchens and baths in both units suggest deferred maintenance beyond the listed updates Based on: photo 8 · AI review
low79 days on market suggests buyers are balking at the price Based on: data: listing.days_on_market · AI review

Opportunities

Major systems already replaced, which lowers near-term capital needs Listing says: New roof in June 2023, energy efficient furnace in 2022, & water heater in May 2024 · AI review
Coin-operated laundry in the basement can add small income Listing says: its own coin-operated laundry in the basement · AI review
Long time on market gives room to negotiate Based on: data: listing.days_on_market · AI review

Questions for the agent

What are the current rents, lease end dates and are tenants month-to-month?
What do the property taxes and any special assessments run per year?
Is the furnace serving both units, and are there separate meters for gas and electric?
Who pays water, sewer and trash, and what were the last 12 months of those bills?
Does the city rental license list two units, and is it current?
Why has it sat 79 days, and has the price changed?

Bottom line

Updated big systems, but at $195K the rents don't carry it; it works closer to $150K. 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.	$2,600
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,408
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. built 1886: +1 pt capital reserve; "as-is" in the description: +2 pts each	10% / 10%

Price history Realtor.com

On the market since 2026-07-18 (79 days); down $10,001 (4.9%) from the first ask of $205,000; last sold for $150,000 on 2023-05-16.

Date	Event	Price
2026-09-19	Price changed	$194,999
2026-07-18	Listed	$205,000
2023-05-16	Sold	$150,000
2023-04-17	Listed	$170,000
1993-09-30	Sold public record	$45,000
1983-04-01	Sold public record	$45,000

From the listing Listing

Listed as	duplex up and down
Property tax, 2026	$2,600
County	Blue Earth
Parcel number	R010908111018

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.