2920 18th Ave NW

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 2,496 sq ft

Far off

19 photos

Photos, via Realtor.com.

Asking price: $384,000
Monthly cash flow: −$918
Estimated rent: $2,550/mo
Break-even price: $211,558

Adjust the numbers See the full breakdown

From the listing

First time ever offered for sale, this original-owner duplex presents a rare opportunity for both owner-occupants and investors alike. Built in 1977 and thoughtfully maintained through private ownership and management, the property reflects years of consistent care and pride of ownership. Each side-by-side unit offers approximately 1,200 square feet, with private exterior entrances and a detached single-car garage space, creating a desirable setup for tenants seeking privacy and convenience. The functional floor plan features the living room, dining area, and kitchen on the upper level, while the lower level includes two bedrooms, a full bath, and in-unit laundry. Separately metered utilities allow tenants to pay all utilities directly, simplifying management and reducing owner expenses. Flexible current lease terms provide options for future occupancy or investment strategy. Conveniently located in the NW Crescent Park neighborhood, it is on the bus line. This property offers strong rental appeal and long-term potential, with a proven layout that continues to attract reliable tenants.

Description from Realtor.com, MLS #7080386. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a clean, original-owner 1977 side-by-side duplex with two 2-bed units, tenants paying all utilities, and a garage per side. The price is the problem. At $384K, our numbers show about -$918/month and a 3.5% cap rate, and the break-even price is about $211.6K, so this doesn't work at today's rates unless the price drops a lot. Rent estimates are around $1,275 per unit, so $2,550 a month on a $384K price is thin. Listed 130 days, so there is room to negotiate. Before a showing, get the rent roll, lease terms and actual taxes, since we couldn't match a county parcel. Photos show dated but tidy interiors, so expect a light refresh rather than a gut job.

Things to consider

Price is far above what the rents support Our underwriting shows negative cash flow of about $918 a month and a 3.5% cap rate at asking. Break-even is about $172K lower.
Rent roll is missing With no stated rents, expected income rests on our estimate of about $1,275 per unit. Real rents and lease terms could differ.Listing says: “Flexible current lease terms provide options for future occupancy or investment strategy.”
Tenants pay all utilities Separate meters reduce owner costs and make expenses easy to predict, which helps net income.Listing says: “Separately metered utilities allow tenants to pay all utilities directly, simplifying management and reducing owner expenses.”
Long time on market 130 days suggests the market has pushed back on price. That gives you room to negotiate.
Dated interiors and unverified systems Original kitchens and baths and window AC units suggest updates will be needed to raise rents. System ages are unknown.From photo 4
Taxes and unit count unverified We could not match a county parcel, so the tax bill and legal unit status need checking before any offer.

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: $384,000
Cash to close: $88,320
Price per unit: $192,000
GRM: 12.5

Each month

Cash flow: −$918/mo
Cash-on-cash: −12.5%
Cap rate: 3.5%
DSCR: 0.55×

Break-even

Price that breaks even: $211,558
Rent that breaks even: $3,727/mo

Long run

Year 30: property vs stocks: $889K vs $1.33M
Cash flow turns positive: year 25

Monthly

Monthly breakdown

Rent	$2,550
Vacancy (6%)	−$153
Collected	$2,397
Property tax Listing	−$431
Insurance Estimate	−$202
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$204
Capital reserve (8% of rent)	−$204
Net operating income	$1,126
Mortgage (principal + interest)	−$2,044
Cash flow	−$918
Principal paid down (equity, not cash)	$260

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$889,286

Your equity when you sell: $876,145
Rental profits, invested at 7%: $13,142

Same money in stocks$1,330,156

Cash to close, invested at 7%: $672,314
Monthly shortfalls, invested: $657,842

Stocks come out $440,870 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 $889K, stocks $1.33M. 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 $1,275/mo · range $1,075–$1,475

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
3117 15th Ave NW, Rochester 55901 off market	$1,300	2 / 1	—	0.2 mi	2026-04-30	94%
1725 40th St NW, Rochester 55901 off market	$1,050	2 / 1	—	0.7 mi	2026-06-02	93%
4024 18th Ave NW, Rochester 55901 off market	$900	2 / 1	—	0.7 mi	2026-06-17	93%
1720-1722 41st St NW, Rochester 55901	$1,275	2 / 1	—	0.7 mi	2026-05-30	93%
2315 30th Ave NW, Rochester 55901	$1,205	2 / 1	—	1.0 mi	2026-07-08	93%
917 N Broadway Ave, Rochester 55906	$1,400	2 / 1	2,000	2.0 mi	2026-01-20	92%
1911 Viking Unit Building 8 Dr NW, Apt 35, Roch… off market	$1,300	2 / 1	—	1.2 mi	2025-12-12	92%
4717 14th Ave NW, Rochester 55901 off market	$950	2 / 1	—	1.2 mi	2026-05-08	92%
405 24th St NE, Rochester 55906 off market	$895	2 / 1	—	1.6 mi	2026-07-08	92%
1204 2nd Ave NW, Rochester 55901 off market	$1,500	2 / 1	—	1.8 mi	2026-01-14	91%

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

mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 2920 18TH AVE NW
mediumAsking is $172,442 above the price where cash flow breaks even ($211,558) at the default scenario. Based on: Derived: price $384,000 vs. break-even $211,558
mediumNo rents or lease details are given, so income is unverified. 'Flexible' lease terms may mean month-to-month. Listing says: Flexible current lease terms provide options for future occupancy or investment strategy. · AI review
mediumListing says bedrooms are on the lower level. Check that those windows meet egress rules and that both units are legal and licensed. Listing says: the lower level includes two bedrooms, a full bath, and in-unit laundry · AI review
mediumTaxes could not be verified. An investor may pay a non-homestead bill that is higher than what the seller pays. Based on: data: county.tax · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 130 days on market
Separately metered units with tenants paying all utilities keep owner expenses low and simplify management. Listing says: Separately metered utilities allow tenants to pay all utilities directly, simplifying management and reducing owner expenses. · AI review
Rochester has no rent cap, so rents can follow the market after a light refresh. Based on: data: underwriting.rent_rule · AI review
130 days on market gives room to negotiate toward a price the rents can support. Based on: data: listing.days_on_market · AI review

Questions for the agent

What are the current rents, lease end dates and security deposits for each unit? Are any month-to-month?
Can you share trailing-12 expenses and the actual property tax bill, including whether the seller has homestead status?
How old are the roof, furnace/boilers, water heaters and electrical panels? What is the heat type?
Are the lower-level bedroom windows egress-sized, and is the city rental license in place for two units?
Have there been any offers or price cuts in 130 days, and why hasn't it sold?
Is the single-car garage per unit, or is one garage shared? How is the garage assigned?

Bottom line

Well-kept, low-expense duplex, but at $384K it loses about $918 a month on our numbers, so it only works at a much lower price. 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.	$5,172
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,424
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. base rate	8% / 8%

Price history Realtor.com

On the market since 2026-05-28 (130 days); down $41,000 (9.6%) from the first ask of $425,000.

Date	Event	Price
2026-09-04	Price changed	$384,000
2026-06-25	Relisted	$399,000
2026-06-24	Removed	—
2026-05-28	Listed	$425,000

From the listing Listing

Listed as	duplex side x side
Property tax, 2026	$5,172
County	Olmsted
Parcel number	742242004854

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 Rochester on rental licensing before you buy.