196 W Main St

Duplex · 2 units: 2 bed / 1 bath ×2

Far off

39 photos

Photos courtesy of True Real Estate - Broker, via Realtor.com.

Asking price: $404,900
Monthly cash flow: −$914
Estimated rent: $2,450/mo
Break-even price: $233,102

Adjust the numbers See the full breakdown

From the listing

Excellent opportunity to own a versatile investment property situated along quaint Main Street in Downtown Elysian. This uniqueproperty offers the potential for several income-producing options, including a commercial space, two residential rental units, a shed/shop building and asmaller scale barn. The upper level (Unit A) of the main structure features a beautiful 2-bedroom, 1-bath apartment complete with in-unit laundry andprivate parking. Unit C has been fully renovated into an attractive office space complete with a half bath, laundry hookups, and its own private MainStreet entrance. Unit B is a executively polished 2-bedroom, 1.5-bath main level apartment. It boasts generous ceiling height, a large spacious livingarea and superior style kitchen. Additional highlights contain two spacious outbuildings, including a 20x48 metal building (with power and heat) and an18x35 barn with cold storage. This is not your average income generating property! Pairing all the charm and character that it offers with the fact that ithas been well maintained, you are sure to be proud to make it yours!

Listing courtesy of True Real Estate - Broker (Michelle Starkey). Description from Realtor.com, MLS #267041166. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a mixed-use building in a small town: two apartments plus a commercial/office unit, not a clean duplex. Our model counts only two 2-bed units at about $1,225 each, and it shows roughly -$914/month at the $404,900 ask, with break-even near $233K. The office space, outbuildings and any rent on them aren't in our numbers, so ask what Unit C and the metal building actually earn. The listing gives no rents, no taxes and no expenses. Get the rent roll, leases and 12 months of expenses before a showing, and confirm how the property is zoned and taxed. At this price it only works if the commercial income is real and documented.

Things to consider

Price is far above what the rents support Our model shows about -$914/month at ask and a break-even price near $233K. The gap is too wide to close with small rent bumps.
Commercial unit income is unproven Office space in a small town can sit empty for long stretches. A vacant Unit C adds cost without income.Listing says: “Unit C has been fully renovated into an attractive office space”
Unit count and taxes unverified We couldn't match a county parcel. Taxes on mixed-use property can be higher than on residential, and that drives cash flow.
Outbuildings add value only if they earn Extra buildings mean more upkeep and insurance. They help only if rented or truly needed.Listing says: “two spacious outbuildings”
Rents estimated, not stated Our $1,225 per 2-bed is an estimate for Elysian. Real rents could be higher or lower.

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: $404,900
Cash to close: $93,127
Price per unit: $202,450
GRM: 13.8

Each month

Cash flow: −$914/mo
Cash-on-cash: −11.8%
Cap rate: 3.7%
DSCR: 0.58×

Break-even

Price that breaks even: $233,102
Rent that breaks even: $3,593/mo

Long run

Year 30: property vs stocks: $956K vs $1.26M
Cash flow turns positive: year 22

Monthly

Monthly breakdown

Rent	$2,450
Vacancy (6%)	−$147
Collected	$2,303
Property tax Listing	−$298
Insurance Estimate	−$192
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (7% of rent)	−$172
Capital reserve (7% of rent)	−$172
Net operating income	$1,241
Mortgage (principal + interest)	−$2,155
Cash flow	−$914
Principal paid down (equity, not cash)	$274

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$956,302

Your equity when you sell: $923,831
Rental profits, invested at 7%: $32,472

Same money in stocks$1,259,110

Cash to close, invested at 7%: $708,906
Monthly shortfalls, invested: $550,203

Stocks come out $302,808 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 $956K, stocks $1.26M. 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 $1,225/mo · range $1,025–$1,425

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
203 1st St N, Apt 3, Elysian 56028	$950	2 / 1	—	0.1 mi	2024-04-16	100%
419 Mallory-419 St N, Unit 2, Waterville 56096 off market	$1,100	2 / 1	700	5.1 mi	2026-08-11	90%
721 N Teal St, Janesville 56048 off market	$1,000	2 / 1	800	5.4 mi	2026-04-08	89%
201 E Paquin St, Waterville 56096 off market	$1,250	2 / 1	—	5.6 mi	2026-04-17	89%
103 1/2 3rd St S, Waterville 56096	$1,200	2 / 1	800	5.7 mi	2026-05-27	89%
115-121 N Main St, Janesville 56048	$900	2 / 1	900	5.9 mi	2026-08-25	88%
110 W Front St, Janesville 56048	$1,000	2 / 1	924	6.0 mi	2026-08-19	88%
413 Lilac Ln, Madison Lake 56063 off market	$1,395	2 / 1	1,050	6.6 mi	2026-05-12	87%
123 2nd St S, Unit 2, Waterville 56096 off market	$1,500	2 / 2	1,350	5.6 mi	2025-11-16	82%
123 S 2nd St, Unit 2, Waterville 56096 off market	$1,500	2 / 2	1,350	5.6 mi	2025-10-31	82%

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

highNo rents, occupancy or expenses are given, so income can't be checked against the asking price. Listing says: offers the potential for several income-producing options · 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 196 MAIN ST W
mediumAsking is $171,798 above the price where cash flow breaks even ($233,102) at the default scenario. Based on: Derived: price $404,900 vs. break-even $233,102
mediumMixed commercial/residential use can mean different taxes, financing and insurance. Unit count is unverified. Based on: data: rule_flags · AI review
mediumOffice unit has only laundry hookups and a half bath. Its rent depends on finding a commercial tenant. Listing says: Unit C has been fully renovated into an attractive office space · AI review

Opportunities

Outbuildings could earn extra income as storage or shop rent. Listing says: a 20x48 metal building (with power and heat) · AI review
The cold-storage barn is another possible rental or storage income stream. Listing says: an18x35 barn with cold storage · AI review

Questions for the agent

What are the current rents and lease terms for Units A, B and C? Can I see the rent roll?
Is Unit C leased? If so, to whom, at what rent, and on what lease type (NNN, gross)?
What are the last two years of taxes, insurance, utilities and repairs? Which utilities does the owner pay?
How is the property zoned and taxed? Is the apartment use fully permitted and licensed?
Do the outbuildings produce income? Are they included in the price?
Why has it been listed 55 days, and has the price changed?

Bottom line

Interesting mixed-use package, but at $404,900 the residential rents don't carry it, so it depends on proven commercial and outbuilding income. 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.	$3,572
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,300
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. "fully renovated" in the description: -1 pts each	7% / 7%

Price history Realtor.com

On the market since 2026-06-24 (103 days, relisted 1×); last sold for $160,000 on 2019-11-14.

Date	Event	Price
2026-08-11	Listed	$404,900
2026-06-24	Removed	—
2019-11-14	Sold public record	$160,000
2011-03-17	Sold public record	$145,000
2001-02-01	Sold public record	$84,500

From the listing Listing

Listed as	multi-family
Property tax, 2026	$3,572
County	Le Sueur County
Parcel number	16.410.0730

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 Elysian on rental licensing before you buy.