303 N Broad St
Fourplex · 4 units: 2 bed / 1 bath and 1 bed / 1 bath ×3 · 4,911 sq ft
Mankato, MN · View the listing ↗
Photos courtesy of RE/MAX DYNAMIC AGENTS, via Realtor.com.
- Asking price
- $375,000 4 units · $94K per unit
- Monthly cash flow
- −$700 at 20% down, 7%
- Break-even price
- $243,537 where cash flow hits $0
First look
This is a 4-unit in downtown Mankato listed at $375K, with $3,075/month stated, or about $36,900 a year gross. Our underwriting at asking shows roughly -$700/month and a 4.15% cap rate, and break-even is near $243,500. That is a big gap, so the price needs to come down a lot or the numbers have to prove better than we assume. The stated rents are per-unit figures we don't have from the description, so ask for the rent roll, leases and 12 months of expenses first. Check the heat setup: photos show both radiators and electric baseboard, which could mean mixed systems and possibly owner-paid heat. At 171 days on market there's room to negotiate, but I'd only tour it at a price near break-even.
Things to consider
- Price is far above break-even Our numbers show about -$700/month at asking and a 4.15% cap rate. Even a large cut leaves little room for error.
- Rent is below market, but the upside is slow to realize Our estimates are above the stated rents. Two units open in August, so you could test market rents there, but the other two depend on lease timing.
- Unverified taxes and unit count We couldn't match a county record, so taxes and legal unit count are unconfirmed. Taxes are a big expense in the cash flow model.
- Old building with dated systems An 1885 build with mixed heat types suggests aging mechanicals. Only the roof is confirmed as updated.Listing says: “Newer roof (2019).”
- Tenants pay electric, but heat is unclear If heat is owner-paid, expenses rise and the deal weakens further.Listing says: “Tenants pay electric and Wi-Fi, helping offset owner expenses.”
- Long listing time 171 days on market suggests the price is too high and leaves leverage for a low 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.
Condition and repairs
- doneRoof replaced in 2019Listing says: Newer roof (2019).
- doneCosmetic updates in all unitsListing says: all units offer some cosmetic updates
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
- $375,000
- Cash to close
- $48,750
- Price per unit
- $93,750
- GRM
- 9.3
Each month
- Cash flow
- −$1,160/mo
- Cash-on-cash
- −28.6%
- Cap rate
- 4.1%
- DSCR
- 0.53×
Break-even
- Price that breaks even
- $197,887
- Rent that breaks even
- $4,882/mo
Long run
- Year 30: property vs stocks
- $872K vs $1.12M
- Cash flow turns positive
- year 24
The deal
- Price
- $375,000
- Cash to close
- $48,750
- Price per unit
- $93,750
- GRM
- 9.3
Each month
- Cash flow
- −$1,446/mo
- Cash-on-cash
- −35.6%
- Cap rate
- 3.2%
- DSCR
- 0.41×
Break-even
- Price that breaks even
- $154,297
- Rent that breaks even
- $5,484/mo
Long run
- Year 30: property vs stocks
- $856K vs $1.55M
- Cash flow turns positive
- not within 30 years
The deal
- Price
- $365,000
- Cash to close
- $47,450
- Price per unit
- $91,250
- GRM
- 9.0
Each month
- Cash flow
- −$1,095/mo
- Cash-on-cash
- −27.7%
- Cap rate
- 4.3%
- DSCR
- 0.54×
Break-even
- Price that breaks even
- $197,887
- Rent that breaks even
- $4,797/mo
Long run
- Year 30: property vs stocks
- $856K vs $1.05M
- Cash flow turns positive
- year 23
The deal
- Price
- $365,000
- Cash to close
- $47,450
- Price per unit
- $91,250
- GRM
- 9.0
Each month
- Cash flow
- −$1,380/mo
- Cash-on-cash
- −34.9%
- Cap rate
- 3.3%
- DSCR
- 0.42×
Break-even
- Price that breaks even
- $154,297
- Rent that breaks even
- $5,389/mo
Long run
- Year 30: property vs stocks
- $833K vs $1.47M
- Cash flow turns positive
- not within 30 years
The deal
- Price
- $375,000
- Cash to close
- $86,250
- Price per unit
- $93,750
- GRM
- 9.3
Each month
- Cash flow
- −$700/mo
- Cash-on-cash
- −9.7%
- Cap rate
- 4.1%
- DSCR
- 0.65×
Break-even
- Price that breaks even
- $243,537
- Rent that breaks even
- $4,284/mo
Long run
- Year 30: property vs stocks
- $909K vs $1.10M
- Cash flow turns positive
- year 19
The deal
- Price
- $375,000
- Cash to close
- $86,250
- Price per unit
- $93,750
- GRM
- 9.3
Each month
- Cash flow
- −$985/mo
- Cash-on-cash
- −13.7%
- Cap rate
- 3.2%
- DSCR
- 0.51×
Break-even
- Price that breaks even
- $189,891
- Rent that breaks even
- $4,812/mo
Long run
- Year 30: property vs stocks
- $856K vs $1.49M
- Cash flow turns positive
- not within 30 years
The deal
- Price
- $365,000
- Cash to close
- $83,950
- Price per unit
- $91,250
- GRM
- 9.0
Each month
- Cash flow
- −$646/mo
- Cash-on-cash
- −9.2%
- Cap rate
- 4.3%
- DSCR
- 0.67×
Break-even
- Price that breaks even
- $243,537
- Rent that breaks even
- $4,215/mo
Long run
- Year 30: property vs stocks
- $898K vs $1.03M
- Cash flow turns positive
- year 18
The deal
- Price
- $365,000
- Cash to close
- $83,950
- Price per unit
- $91,250
- GRM
- 9.0
Each month
- Cash flow
- −$932/mo
- Cash-on-cash
- −13.3%
- Cap rate
- 3.3%
- DSCR
- 0.52×
Break-even
- Price that breaks even
- $189,891
- Rent that breaks even
- $4,735/mo
Long run
- Year 30: property vs stocks
- $833K vs $1.41M
- Cash flow turns positive
- not within 30 years
The deal
- Price
- $375,000
- Cash to close
- $105,000
- Price per unit
- $93,750
- GRM
- 9.3
Each month
- Cash flow
- −$575/mo
- Cash-on-cash
- −6.6%
- Cap rate
- 4.1%
- DSCR
- 0.69×
Break-even
- Price that breaks even
- $259,773
- Rent that breaks even
- $4,122/mo
Long run
- Year 30: property vs stocks
- $940K vs $1.13M
- Cash flow turns positive
- year 17
The deal
- Price
- $375,000
- Cash to close
- $105,000
- Price per unit
- $93,750
- GRM
- 9.3
Each month
- Cash flow
- −$860/mo
- Cash-on-cash
- −9.8%
- Cap rate
- 3.2%
- DSCR
- 0.54×
Break-even
- Price that breaks even
- $202,551
- Rent that breaks even
- $4,630/mo
Long run
- Year 30: property vs stocks
- $856K vs $1.49M
- Cash flow turns positive
- year 29
The deal
- Price
- $365,000
- Cash to close
- $102,200
- Price per unit
- $91,250
- GRM
- 9.0
Each month
- Cash flow
- −$525/mo
- Cash-on-cash
- −6.2%
- Cap rate
- 4.3%
- DSCR
- 0.71×
Break-even
- Price that breaks even
- $259,773
- Rent that breaks even
- $4,057/mo
Long run
- Year 30: property vs stocks
- $932K vs $1.07M
- Cash flow turns positive
- year 15
The deal
- Price
- $365,000
- Cash to close
- $102,200
- Price per unit
- $91,250
- GRM
- 9.0
Each month
- Cash flow
- −$811/mo
- Cash-on-cash
- −9.5%
- Cap rate
- 3.3%
- DSCR
- 0.55×
Break-even
- Price that breaks even
- $202,551
- Rent that breaks even
- $4,558/mo
Long run
- Year 30: property vs stocks
- $835K vs $1.41M
- Cash flow turns positive
- year 28
Monthly
Monthly breakdown
| Rent | $3,375 |
| Vacancy (6%) | −$202 |
| Collected | $3,172 |
| Property tax Listing | −$460 |
| Insurance Estimate | −$443 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$270 |
| Capital reserve (9% of rent) | −$304 |
| Net operating income | $1,296 |
| Mortgage (principal + interest) | −$2,245 |
| PMI | −$211 |
| Cash flow | −$1,160 |
| Principal paid down (equity, not cash) | $286 |
| Rent | $3,375 |
| Vacancy (6%) | −$202 |
| Collected | $3,172 |
| Property tax Listing | −$460 |
| Insurance Estimate | −$443 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$270 |
| Capital reserve (9% of rent) | −$304 |
| Property management | −$286 |
| Net operating income | $1,011 |
| Mortgage (principal + interest) | −$2,245 |
| PMI | −$211 |
| Cash flow | −$1,446 |
| Principal paid down (equity, not cash) | $286 |
| Rent | $3,375 |
| Vacancy (6%) | −$202 |
| Collected | $3,172 |
| Property tax Listing | −$460 |
| Insurance Estimate | −$443 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$270 |
| Capital reserve (9% of rent) | −$304 |
| Net operating income | $1,296 |
| Mortgage (principal + interest) | −$2,186 |
| PMI | −$205 |
| Cash flow | −$1,095 |
| Principal paid down (equity, not cash) | $278 |
| Rent | $3,375 |
| Vacancy (6%) | −$202 |
| Collected | $3,172 |
| Property tax Listing | −$460 |
| Insurance Estimate | −$443 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$270 |
| Capital reserve (9% of rent) | −$304 |
| Property management | −$286 |
| Net operating income | $1,011 |
| Mortgage (principal + interest) | −$2,186 |
| PMI | −$205 |
| Cash flow | −$1,380 |
| Principal paid down (equity, not cash) | $278 |
| Rent | $3,375 |
| Vacancy (6%) | −$202 |
| Collected | $3,172 |
| Property tax Listing | −$460 |
| Insurance Estimate | −$443 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$270 |
| Capital reserve (9% of rent) | −$304 |
| Net operating income | $1,296 |
| Mortgage (principal + interest) | −$1,996 |
| Cash flow | −$700 |
| Principal paid down (equity, not cash) | $254 |
| Rent | $3,375 |
| Vacancy (6%) | −$202 |
| Collected | $3,172 |
| Property tax Listing | −$460 |
| Insurance Estimate | −$443 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$270 |
| Capital reserve (9% of rent) | −$304 |
| Property management | −$286 |
| Net operating income | $1,011 |
| Mortgage (principal + interest) | −$1,996 |
| Cash flow | −$985 |
| Principal paid down (equity, not cash) | $254 |
| Rent | $3,375 |
| Vacancy (6%) | −$202 |
| Collected | $3,172 |
| Property tax Listing | −$460 |
| Insurance Estimate | −$443 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$270 |
| Capital reserve (9% of rent) | −$304 |
| Net operating income | $1,296 |
| Mortgage (principal + interest) | −$1,943 |
| Cash flow | −$646 |
| Principal paid down (equity, not cash) | $247 |
| Rent | $3,375 |
| Vacancy (6%) | −$202 |
| Collected | $3,172 |
| Property tax Listing | −$460 |
| Insurance Estimate | −$443 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$270 |
| Capital reserve (9% of rent) | −$304 |
| Property management | −$286 |
| Net operating income | $1,011 |
| Mortgage (principal + interest) | −$1,943 |
| Cash flow | −$932 |
| Principal paid down (equity, not cash) | $247 |
| Rent | $3,375 |
| Vacancy (6%) | −$202 |
| Collected | $3,172 |
| Property tax Listing | −$460 |
| Insurance Estimate | −$443 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$270 |
| Capital reserve (9% of rent) | −$304 |
| Net operating income | $1,296 |
| Mortgage (principal + interest) | −$1,871 |
| Cash flow | −$575 |
| Principal paid down (equity, not cash) | $238 |
| Rent | $3,375 |
| Vacancy (6%) | −$202 |
| Collected | $3,172 |
| Property tax Listing | −$460 |
| Insurance Estimate | −$443 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$270 |
| Capital reserve (9% of rent) | −$304 |
| Property management | −$286 |
| Net operating income | $1,011 |
| Mortgage (principal + interest) | −$1,871 |
| Cash flow | −$860 |
| Principal paid down (equity, not cash) | $238 |
| Rent | $3,375 |
| Vacancy (6%) | −$202 |
| Collected | $3,172 |
| Property tax Listing | −$460 |
| Insurance Estimate | −$443 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$270 |
| Capital reserve (9% of rent) | −$304 |
| Net operating income | $1,296 |
| Mortgage (principal + interest) | −$1,821 |
| Cash flow | −$525 |
| Principal paid down (equity, not cash) | $232 |
| Rent | $3,375 |
| Vacancy (6%) | −$202 |
| Collected | $3,172 |
| Property tax Listing | −$460 |
| Insurance Estimate | −$443 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$270 |
| Capital reserve (9% of rent) | −$304 |
| Property management | −$286 |
| Net operating income | $1,011 |
| Mortgage (principal + interest) | −$1,821 |
| Cash flow | −$811 |
| Principal paid down (equity, not cash) | $232 |
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
- Your equity when you sell
- $855,610
- Rental profits, invested at 7%
- $16,639
Sells for $910,223 (value up 3% a year), minus 6% selling cost ($54,613). Rent paid down $337,500 of loan.
$14,728 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $371,097
- Monthly shortfalls, invested
- $753,840
$48,750 put into an index fund instead of the down payment and closing costs.
$159,679 you'd have paid in while the building lost money, invested instead.
Stocks come out $252,688 ahead after 30 years.
- Your equity when you sell
- $855,610
- Rental profits, invested at 7%
- $0
Sells for $910,223 (value up 3% a year), minus 6% selling cost ($54,613). Rent paid down $337,500 of loan.
$0 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $371,097
- Monthly shortfalls, invested
- $1,178,806
$48,750 put into an index fund instead of the down payment and closing costs.
$307,604 you'd have paid in while the building lost money, invested instead.
Stocks come out $694,294 ahead after 30 years.
- Your equity when you sell
- $832,794
- Rental profits, invested at 7%
- $23,196
Sells for $885,951 (value up 3% a year), minus 6% selling cost ($53,157). Rent paid down $328,500 of loan.
$19,968 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $361,202
- Monthly shortfalls, invested
- $690,783
$47,450 put into an index fund instead of the down payment and closing costs.
$143,094 you'd have paid in while the building lost money, invested instead.
Stocks come out $195,995 ahead after 30 years.
- Your equity when you sell
- $832,794
- Rental profits, invested at 7%
- $0
Sells for $885,951 (value up 3% a year), minus 6% selling cost ($53,157). Rent paid down $328,500 of loan.
$0 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $361,202
- Monthly shortfalls, invested
- $1,109,193
$47,450 put into an index fund instead of the down payment and closing costs.
$285,778 you'd have paid in while the building lost money, invested instead.
Stocks come out $637,601 ahead after 30 years.
- Your equity when you sell
- $855,610
- Rental profits, invested at 7%
- $53,660
Sells for $910,223 (value up 3% a year), minus 6% selling cost ($54,613). Rent paid down $300,000 of loan.
$42,103 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $656,557
- Monthly shortfalls, invested
- $442,792
$86,250 put into an index fund instead of the down payment and closing costs.
$87,114 you'd have paid in while the building lost money, invested instead.
Stocks come out $190,079 ahead after 30 years.
- Your equity when you sell
- $855,610
- Rental profits, invested at 7%
- $0
Sells for $910,223 (value up 3% a year), minus 6% selling cost ($54,613). Rent paid down $300,000 of loan.
$0 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $656,557
- Monthly shortfalls, invested
- $830,737
$86,250 put into an index fund instead of the down payment and closing costs.
$207,663 you'd have paid in while the building lost money, invested instead.
Stocks come out $631,684 ahead after 30 years.
- Your equity when you sell
- $832,794
- Rental profits, invested at 7%
- $65,491
Sells for $885,951 (value up 3% a year), minus 6% selling cost ($53,157). Rent paid down $292,000 of loan.
$49,947 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $639,049
- Monthly shortfalls, invested
- $394,291
$83,950 put into an index fund instead of the down payment and closing costs.
$75,798 you'd have paid in while the building lost money, invested instead.
Stocks come out $135,055 ahead after 30 years.
- Your equity when you sell
- $832,794
- Rental profits, invested at 7%
- $0
Sells for $885,951 (value up 3% a year), minus 6% selling cost ($53,157). Rent paid down $292,000 of loan.
$0 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $639,049
- Monthly shortfalls, invested
- $770,406
$83,950 put into an index fund instead of the down payment and closing costs.
$188,503 you'd have paid in while the building lost money, invested instead.
Stocks come out $576,661 ahead after 30 years.
- Your equity when you sell
- $855,610
- Rental profits, invested at 7%
- $83,947
Sells for $910,223 (value up 3% a year), minus 6% selling cost ($54,613). Rent paid down $281,250 of loan.
$61,590 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $799,287
- Monthly shortfalls, invested
- $331,677
$105,000 put into an index fund instead of the down payment and closing costs.
$61,693 you'd have paid in while the building lost money, invested instead.
Stocks come out $191,407 ahead after 30 years.
- Your equity when you sell
- $855,610
- Rental profits, invested at 7%
- $682
Sells for $910,223 (value up 3% a year), minus 6% selling cost ($54,613). Rent paid down $281,250 of loan.
$674 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $799,287
- Monthly shortfalls, invested
- $690,017
$105,000 put into an index fund instead of the down payment and closing costs.
$163,430 you'd have paid in while the building lost money, invested instead.
Stocks come out $633,012 ahead after 30 years.
- Your equity when you sell
- $832,794
- Rental profits, invested at 7%
- $98,889
Sells for $885,951 (value up 3% a year), minus 6% selling cost ($53,157). Rent paid down $273,750 of loan.
$70,530 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $777,972
- Monthly shortfalls, invested
- $290,059
$102,200 put into an index fund instead of the down payment and closing costs.
$52,670 you'd have paid in while the building lost money, invested instead.
Stocks come out $136,348 ahead after 30 years.
- Your equity when you sell
- $832,794
- Rental profits, invested at 7%
- $2,190
Sells for $885,951 (value up 3% a year), minus 6% selling cost ($53,157). Rent paid down $273,750 of loan.
$2,107 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $777,972
- Monthly shortfalls, invested
- $634,966
$102,200 put into an index fund instead of the down payment and closing costs.
$146,899 you'd have paid in while the building lost money, invested instead.
Stocks come out $577,954 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
Year 30 (loan paid off): property $872K, stocks $1.12M. Stocks win.
Year 30 (loan paid off): property $856K, stocks $1.55M. Stocks win.
Year 30 (loan paid off): property $856K, stocks $1.05M. Stocks win.
Year 30 (loan paid off): property $833K, stocks $1.47M. Stocks win.
Year 30 (loan paid off): property $909K, stocks $1.10M. Stocks win.
Year 30 (loan paid off): property $856K, stocks $1.49M. Stocks win.
Year 30 (loan paid off): property $898K, stocks $1.03M. Stocks win.
Year 30 (loan paid off): property $833K, stocks $1.41M. Stocks win.
Year 30 (loan paid off): property $940K, stocks $1.13M. Stocks win.
Year 30 (loan paid off): property $856K, stocks $1.49M. Stocks win.
Year 30 (loan paid off): property $932K, stocks $1.07M. Stocks win.
Year 30 (loan paid off): property $835K, stocks $1.41M. Stocks win.
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 $975/mo · range $925–$1,125 · 6 rentals within 0.75 mi
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 225 E Spring St, Mankato | $965 | 2 / 1 | 0.1 mi |
| 426 N 5th St Apt 1, Mankato | $875 | 2 / 1 | 0.2 mi |
| 405 N 5th St, Mankato | $1,200 | 2 / 1 | 0.2 mi |
| 501 N 5th St Unit 1/2, Mankato | $1,070 | 2 / 1 | 0.2 mi |
| 535 N 4th St, Mankato | $935 | 2 / 1 | 0.2 mi |
| 630 Lyndale St, North Mankato | $895 | 2 / 1 | 0.6 mi |
1 bed estimate $800/mo · range $625–$875 · 9 rentals within 0.75 mi
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 308 N Broad St, Mankato | $870 | 1 / 1 | 0.0 mi |
| 405 N 5th St, Mankato | $1,075 | 1 / 1 | 0.2 mi |
| 102 S 5th St, Mankato | $550 | 1 / 1 | 0.2 mi |
| 112 S 5th St Unit Upper, Mankato | $850 | 1 / 1 | 0.2 mi |
| 322 E Walnut St, Mankato | $774 | 1 / 1 | 0.2 mi |
| 109 Hanover St, Mankato | $680 | 1 / 1 | 0.4 mi |
| 517 S Broad St, Mankato | $490 | 1 / 1 | 0.5 mi |
| 325 Belgrade Ave, North Mankato | $775 | 1 / 1 | 0.6 mi |
| 107 E Liberty St, Mankato | $850 | 1 / 1 | 0.7 mi |
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
- highHeat type and who pays for it is not stated. Photos show radiators and electric baseboard, so systems may be mixed. Owner-paid heat would cut cash flow further. Listing says: Tenants pay electric and Wi-Fi, helping offset owner expenses. · 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 303 BROAD ST N
- mediumAsking is $131,463 above the price where cash flow breaks even ($243,537) at the default scenario. Based on: Derived: price $375,000 vs. break-even $243,537
- mediumBuilt in 1885, so check wiring, plumbing and foundation. Only the roof age is given. Based on: data: listing.year_built · AI review
- mediumTwo bottom units are coming open in August, so income is not secured and turnover/vacancy costs are near-term. Listing says: Bottom two units will be available in August. · AI review
- mediumLease status and terms are not given for any unit. The $3,075 total may be from a mix of leases, month-to-month, or projections. Listing says: generating $3,075/month in rental income · AI review
- lowPhoto 10 shows an old, very small kitchen with a basic sink and a two-door fridge/stove combo, which looks like a dated studio-style unit. Check that it is a legal, licensed unit. Based on: photo 10 · AI review
Opportunities
- Long time on market: room to negotiate. Based on: Listing data: 171 days on market
- Current rents are below market. Rents can reset to market at renewal. Based on: Listing rents vs. our market estimate: Unit 2: 1 bed / 1 bath $650 vs $800, Unit 3: 1 bed / 1 bath $675 vs $800, Unit 4: 1 bed / 1 bath $700 vs $800
- Rents are below market per our estimate. Resetting at renewal or turnover could add income, though the two vacating units are the easiest test. Based on: data: rent_estimate · AI review
- Owner-occupant option: live in one unit and offset the mortgage, which may open up different financing. Verify with a lender. Listing says: Owner occupants are welcome. · AI review
- 171 days on market suggests the seller may be flexible on price. Based on: data: listing.days_on_market · AI review
Questions for the agent
- Can I see the rent roll, current leases and 12 months of expenses?
- What is the heat source for each unit, and who pays for it?
- Are all four units licensed as rentals with the city of Mankato, and is the lower-level unit legal?
- What are the annual taxes and any special assessments?
- What are the ages of the boiler, water heater and electrical panels, and is the wiring original?
- Which units are vacating in August, and are those rents part of the $3,075?
Bottom line
At $375K this loses about $700 a month by our math; it only works near $243K, so it is worth a look only after a deep price cut. 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. | $5,520 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $5,311 |
| Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid | $340 |
| 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 1885: +1 pt capital reserve | 8% / 9% |
Price history Realtor.com
On the market since 2026-04-17 (171 days); down $15,000 (3.8%) from the first ask of $390,000; last sold for $330,000 on 2023-01-05.
| Date | Event | Price |
|---|---|---|
| Price changed | $375,000 | |
| Listed | $390,000 | |
| Sold public record | $330,000 | |
| Sold public record | $180,000 | |
| Sold public record | $97,000 | |
| Sold public record | $85,000 | |
| Sold public record | $85,000 |
From the listing Listing
| Listed as | multi-family |
| Property tax, 2026 | $5,520 |
| County | Blue Earth County |
| Parcel number | R010907456013 |
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.