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22 Ryan Pl

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

Circle Pines, MN · View the listing ↗

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Photos, via Realtor.com.

Asking price
$475,000
2 units · $238K per unit
Monthly cash flow
−$37
at 20% down, 7%
Estimated rent
$4,200/mo
medium confidence · 11 rentals within 5 mi
Break-even price
$468,020
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a 1986 side-by-side with two 3BR/2BA units, and the tenants pay all utilities, which keeps the owner's costs simple. The listing calls the rents strong but gives no numbers, so we can't check that against our $2,075 mid estimate per unit. At $475K our underwriting shows about -$76/month and a 6.2% cap rate, and break-even is near $461K, so the price looks roughly $14K too high. Get the rent roll, lease dates and tax bill first. It's only worth a showing if rents beat our estimate or the seller will drop the price. The photos show clean, basic interiors, but the yard has debris piles and the laundry room has exposed framing.

Things to consider

  1. Price vs. cash flow Our model shows negative monthly cash flow at asking with break-even around $461K. You would be paying more than the rents support.
  2. Rents are unverified The listing says strong rents but gives no figures. Our estimate is about $2,075 per unit, so the actual rent roll decides whether the deal works.Listing says: “Both units are occupied with strong current rents.”
  3. Tenant-paid utilities reduce owner expenses Owner costs are mostly taxes, insurance and repairs, which makes the budget predictable.Listing says: “Tenants pay ALL utilities-including heat, electric, water and trash”
  4. Taxes and unit count are unverified The parcel did not match county records, so the tax bill, which is a major expense, is unknown.
  5. Bundled sale with the neighboring duplex Being required to buy four units could change the price, financing and your risk.Listing says: “Property to be sold together with neighboring duplex at 9310/12 Ryan Place”
  6. Wear and deferred upkeep Six bedrooms with family tenants means wear, and the unfinished laundry area and yard debris suggest light maintenance.From photo 10

From the photos

Listing photo 3
1 of 7Check

Kitchen has oak cabinets, white appliances and tile floor. Looks dated but clean and serviceable, not recently renovated.

Listing photo 5
2 of 7Plus

Fresh-looking carpet on the stairs and upstairs hall, which suggests recent turnover cosmetic work.

Listing photo 10
3 of 7Concern

Laundry area has exposed ceiling framing and unfinished wiring/plumbing visible beside it. Looks unfinished.

Listing photo 1
4 of 7Concern

Yard has scrap lumber, a burn pile and a rough wood walkway. Cleanup needed.

Listing photo 1
5 of 7Check

Vinyl siding looks in decent shape with an asphalt shingle roof. Age of both is unknown.

Listing photo 9
6 of 7Plus

Back door opens off the kitchen/laundry hall with a forced-air floor vent, so the unit appears to have forced-air heat.

Listing photo 4
7 of 7Check

No photos of bathrooms, bedrooms, furnace, water heater or electrical panel, and none of the second unit.

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

Down payment %
Offer $
Management
Interest rate %
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
−$37/mo
Cash-on-cash
−0.4%
Cap rate
6.3%
DSCR
0.99×

Break-even

Price that breaks even
$468,020
Rent that breaks even
$4,248/mo

Long run

Year 30: property vs stocks
$2.02M vs $835K
Cash flow turns positive
year 2

Monthly

Monthly breakdown

Rent$4,200
Vacancy (6%)−$252
Collected$3,948
Property tax Listing−$535
Insurance Estimate−$190
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$336
Capital reserve (8% of rent)−$336
Net operating income$2,491
Mortgage (principal + interest)−$2,528
Cash flow−$37
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$2,023,667
Your equity when you sell
$1,083,773

Sells for $1,152,950 (value up 3% a year), minus 6% selling cost ($69,177). Rent paid down $380,000 of loan.

Rental profits, invested at 7%
$939,895

$474,311 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$834,810
Cash to close, invested at 7%
$831,639

$109,250 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$3,171

$446 you'd have paid in while the building lost money, invested instead.

The building comes out $1,188,857 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 $2.02M, stocks $835K. 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

AddressRentBd / BaSq ftDistanceListedType
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 3.2 mi 2025-04-08 Apartment
9436 Ulysses St NE, Blaine $2,495 3 / 2 1,418 3.3 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

  • highPrice is well above what the numbers support. Cash flow is negative at asking and break-even is about $51K lower. 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 22 RYAN PL
  • medium'Strong current rents' is unquantified. No rents, lease terms or lease end dates are given. Listing says: Both units are occupied with strong current rents. · AI review
  • mediumSale is tied to the neighboring duplex. That may force a larger purchase or complicate financing and pricing. Listing says: Property to be sold together with neighboring duplex at 9310/12 Ryan Place · AI review
  • lowYard shows scattered debris, a collapsed wood pile and a rough shed, which suggests tenants are not keeping the lot tidy. Based on: photo 1 · AI review

Opportunities

  • Tenants pay all utilities and handle lawn care and snow removal, so owner expenses are low. Listing says: Tenants pay ALL utilities-including heat, electric, water and trash-and also handle lawn care and snow removal · AI review
  • Attached garages and a large yard make the units attractive to families and support rent. Listing says: each with an attached 1-car garage, plus a large yard on a quiet cul-de-sac · AI review
  • Buying four units side by side could allow shared management and some scale. Listing says: a unique opportunity to acquire 4 rental units side-by-side in one location · AI review

Questions for the agent

  • What are the actual rents, lease end dates and deposits for each unit?
  • Is the neighboring duplex required to be bought together, and at what price?
  • What were the last 12 months of taxes, insurance and repairs?
  • How old are the roof, furnace, water heater and siding?
  • What is the exposed framing in the laundry area, and was work left unfinished?
  • Does the city require a rental license, and is it current?

Bottom line

Low-hassle tenant-paid-utilities duplex, but at $475K it loses money in our model, so it only works if actual rents beat our estimate or the price drops. 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.$6,420
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 rate8% / 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.

DateEventPrice
Price changed$475,000
Relisted$499,900
Removed$499,900
Relisted$499,900
Removed$499,900
Listed$499,900
Sold$268,500
Sold$165,000
Relisted$165,000
Removed$165,000
Listed$165,000
Sold$47,700
Relisted$159,900
Removed$179,900
Price changed$179,900
Listed$225,000

From the listing Listing

Listed asduplex side x side
Property tax, 2026$6,420
CountyAnoka
Parcel number263123430067

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.