305-307 Reno St
Duplex · 2 units: 3 bed / 2 bath ×2 unit split estimated · 3,246 sq ft
Wayzata, MN · View the listing ↗
Photos, via Realtor.com.
- Asking price
- $799,900 2 units · $400K per unit
- Monthly cash flow
- −$1,445 at 20% down, 7%
- Break-even price
- $528,480 where cash flow hits $0
First look
This is a land play more than a rental. At $799,900 the estimated rents of about $2,500 per unit give a 4.2% cap rate and roughly -$1,485 a month at the default scenario, and the break-even price is about $521K. The one thing that could change the math is the 2.875% VA loan, so ask for the balance, whether it is assumable, and whether VA entitlement and owner-occupancy rules would work for you. The photos show one unit with a fresh kitchen and baths, and the other unit is described as needing finishing. The description gives no rents, taxes or lease terms. It is worth a call, not a showing, until you know the loan balance and what a Wayzata buyer would pay in taxes.
Things to consider
- Price is far above what the rents support Rent estimates around $2,500 per unit don't carry a $799,900 price. You would be paying for the land, not the income.
- The assumable VA loan is the real story A 2.875% rate could cut the payment a lot, but you would need the cash to bridge the balance. VA rules on occupancy and entitlement may limit who can take it.Listing says: “Great opportunity with an assumable 2.875% VA mortgage!”
- Taxes are unverified The address didn't match a county record. Wayzata taxes on an investor-owned duplex could be high and would worsen cash flow.
- One unit still needs work Rents and renovation cost for 307 are unknown. Budget the work before you count it as income.Listing says: “Unit 307 could use some minor project completions.”
- Owner-occupancy is the most realistic fit Living in one unit and renting the other cuts the monthly gap, and it is the path the listing itself suggests.Listing says: “Perfect owner occupant property or finish updating for a turn key operation!”
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
- neededUnit 307 minor project completionsListing says: Unit 307 could use some minor project completions.
- doneUnit 305 full renovation: kitchen, baths, windows, hardwoodsListing says: Unit 305 has been fully renovated with new kitchen, baths, windows, refinished hardwoods!
- doneNew roof with lifetime warrantyListing says: Brand new top of the line roof with lifetime warranty.
- doneNewer water heatersListing says: Newer water heaters, stainless steel appliances, quartz, spiral staircases.
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
- $799,900
- Cash to close
- $103,987
- Price per unit
- $399,950
- GRM
- 13.2
Each month
- Cash flow
- −$2,427/mo
- Cash-on-cash
- −28.0%
- Cap rate
- 4.2%
- DSCR
- 0.54×
Break-even
- Price that breaks even
- $429,419
- Rent that breaks even
- $8,083/mo
Long run
- Year 30: property vs stocks
- $1.93M vs $2.20M
- Cash flow turns positive
- year 21
The deal
- Price
- $799,900
- Cash to close
- $103,987
- Price per unit
- $399,950
- GRM
- 13.2
Each month
- Cash flow
- −$2,854/mo
- Cash-on-cash
- −32.9%
- Cap rate
- 3.6%
- DSCR
- 0.46×
Break-even
- Price that breaks even
- $364,196
- Rent that breaks even
- $9,039/mo
Long run
- Year 30: property vs stocks
- $1.83M vs $2.77M
- Cash flow turns positive
- year 27
The deal
- Price
- $789,900
- Cash to close
- $102,687
- Price per unit
- $394,950
- GRM
- 13.0
Each month
- Cash flow
- −$2,361/mo
- Cash-on-cash
- −27.6%
- Cap rate
- 4.3%
- DSCR
- 0.54×
Break-even
- Price that breaks even
- $429,419
- Rent that breaks even
- $8,002/mo
Long run
- Year 30: property vs stocks
- $1.92M vs $2.13M
- Cash flow turns positive
- year 21
The deal
- Price
- $789,900
- Cash to close
- $102,687
- Price per unit
- $394,950
- GRM
- 13.0
Each month
- Cash flow
- −$2,788/mo
- Cash-on-cash
- −32.6%
- Cap rate
- 3.6%
- DSCR
- 0.46×
Break-even
- Price that breaks even
- $364,196
- Rent that breaks even
- $8,948/mo
Long run
- Year 30: property vs stocks
- $1.82M vs $2.70M
- Cash flow turns positive
- year 27
The deal
- Price
- $799,900
- Cash to close
- $183,977
- Price per unit
- $399,950
- GRM
- 13.2
Each month
- Cash flow
- −$1,445/mo
- Cash-on-cash
- −9.4%
- Cap rate
- 4.2%
- DSCR
- 0.66×
Break-even
- Price that breaks even
- $528,480
- Rent that breaks even
- $6,856/mo
Long run
- Year 30: property vs stocks
- $2.05M vs $2.18M
- Cash flow turns positive
- year 17
The deal
- Price
- $799,900
- Cash to close
- $183,977
- Price per unit
- $399,950
- GRM
- 13.2
Each month
- Cash flow
- −$1,872/mo
- Cash-on-cash
- −12.2%
- Cap rate
- 3.6%
- DSCR
- 0.56×
Break-even
- Price that breaks even
- $448,210
- Rent that breaks even
- $7,666/mo
Long run
- Year 30: property vs stocks
- $1.88M vs $2.68M
- Cash flow turns positive
- year 23
The deal
- Price
- $789,900
- Cash to close
- $181,677
- Price per unit
- $394,950
- GRM
- 13.0
Each month
- Cash flow
- −$1,391/mo
- Cash-on-cash
- −9.2%
- Cap rate
- 4.3%
- DSCR
- 0.67×
Break-even
- Price that breaks even
- $528,480
- Rent that breaks even
- $6,789/mo
Long run
- Year 30: property vs stocks
- $2.04M vs $2.12M
- Cash flow turns positive
- year 16
The deal
- Price
- $789,900
- Cash to close
- $181,677
- Price per unit
- $394,950
- GRM
- 13.0
Each month
- Cash flow
- −$1,819/mo
- Cash-on-cash
- −12.0%
- Cap rate
- 3.6%
- DSCR
- 0.57×
Break-even
- Price that breaks even
- $448,210
- Rent that breaks even
- $7,592/mo
Long run
- Year 30: property vs stocks
- $1.86M vs $2.61M
- Cash flow turns positive
- year 23
The deal
- Price
- $799,900
- Cash to close
- $223,972
- Price per unit
- $399,950
- GRM
- 13.2
Each month
- Cash flow
- −$1,179/mo
- Cash-on-cash
- −6.3%
- Cap rate
- 4.2%
- DSCR
- 0.70×
Break-even
- Price that breaks even
- $563,712
- Rent that breaks even
- $6,523/mo
Long run
- Year 30: property vs stocks
- $2.13M vs $2.27M
- Cash flow turns positive
- year 14
The deal
- Price
- $799,900
- Cash to close
- $223,972
- Price per unit
- $399,950
- GRM
- 13.2
Each month
- Cash flow
- −$1,606/mo
- Cash-on-cash
- −8.6%
- Cap rate
- 3.6%
- DSCR
- 0.60×
Break-even
- Price that breaks even
- $478,091
- Rent that breaks even
- $7,295/mo
Long run
- Year 30: property vs stocks
- $1.92M vs $2.72M
- Cash flow turns positive
- year 21
The deal
- Price
- $789,900
- Cash to close
- $221,172
- Price per unit
- $394,950
- GRM
- 13.0
Each month
- Cash flow
- −$1,129/mo
- Cash-on-cash
- −6.1%
- Cap rate
- 4.3%
- DSCR
- 0.71×
Break-even
- Price that breaks even
- $563,712
- Rent that breaks even
- $6,461/mo
Long run
- Year 30: property vs stocks
- $2.13M vs $2.21M
- Cash flow turns positive
- year 14
The deal
- Price
- $789,900
- Cash to close
- $221,172
- Price per unit
- $394,950
- GRM
- 13.0
Each month
- Cash flow
- −$1,556/mo
- Cash-on-cash
- −8.4%
- Cap rate
- 3.6%
- DSCR
- 0.61×
Break-even
- Price that breaks even
- $478,091
- Rent that breaks even
- $7,225/mo
Long run
- Year 30: property vs stocks
- $1.90M vs $2.65M
- Cash flow turns positive
- year 20
Monthly
Monthly breakdown
| Rent | $5,050 |
| Vacancy (6%) | −$303 |
| Collected | $4,747 |
| Property tax Listing | −$780 |
| Insurance Estimate | −$218 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$354 |
| Capital reserve (7% of rent) | −$354 |
| Net operating income | $2,813 |
| Mortgage (principal + interest) | −$4,790 |
| PMI | −$450 |
| Cash flow | −$2,427 |
| Principal paid down (equity, not cash) | $609 |
| Rent | $5,050 |
| Vacancy (6%) | −$303 |
| Collected | $4,747 |
| Property tax Listing | −$780 |
| Insurance Estimate | −$218 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$354 |
| Capital reserve (7% of rent) | −$354 |
| Property management | −$427 |
| Net operating income | $2,386 |
| Mortgage (principal + interest) | −$4,790 |
| PMI | −$450 |
| Cash flow | −$2,854 |
| Principal paid down (equity, not cash) | $609 |
| Rent | $5,050 |
| Vacancy (6%) | −$303 |
| Collected | $4,747 |
| Property tax Listing | −$780 |
| Insurance Estimate | −$218 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$354 |
| Capital reserve (7% of rent) | −$354 |
| Net operating income | $2,813 |
| Mortgage (principal + interest) | −$4,730 |
| PMI | −$444 |
| Cash flow | −$2,361 |
| Principal paid down (equity, not cash) | $602 |
| Rent | $5,050 |
| Vacancy (6%) | −$303 |
| Collected | $4,747 |
| Property tax Listing | −$780 |
| Insurance Estimate | −$218 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$354 |
| Capital reserve (7% of rent) | −$354 |
| Property management | −$427 |
| Net operating income | $2,386 |
| Mortgage (principal + interest) | −$4,730 |
| PMI | −$444 |
| Cash flow | −$2,788 |
| Principal paid down (equity, not cash) | $602 |
| Rent | $5,050 |
| Vacancy (6%) | −$303 |
| Collected | $4,747 |
| Property tax Listing | −$780 |
| Insurance Estimate | −$218 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$354 |
| Capital reserve (7% of rent) | −$354 |
| Net operating income | $2,813 |
| Mortgage (principal + interest) | −$4,257 |
| Cash flow | −$1,445 |
| Principal paid down (equity, not cash) | $542 |
| Rent | $5,050 |
| Vacancy (6%) | −$303 |
| Collected | $4,747 |
| Property tax Listing | −$780 |
| Insurance Estimate | −$218 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$354 |
| Capital reserve (7% of rent) | −$354 |
| Property management | −$427 |
| Net operating income | $2,386 |
| Mortgage (principal + interest) | −$4,257 |
| Cash flow | −$1,872 |
| Principal paid down (equity, not cash) | $542 |
| Rent | $5,050 |
| Vacancy (6%) | −$303 |
| Collected | $4,747 |
| Property tax Listing | −$780 |
| Insurance Estimate | −$218 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$354 |
| Capital reserve (7% of rent) | −$354 |
| Net operating income | $2,813 |
| Mortgage (principal + interest) | −$4,204 |
| Cash flow | −$1,391 |
| Principal paid down (equity, not cash) | $535 |
| Rent | $5,050 |
| Vacancy (6%) | −$303 |
| Collected | $4,747 |
| Property tax Listing | −$780 |
| Insurance Estimate | −$218 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$354 |
| Capital reserve (7% of rent) | −$354 |
| Property management | −$427 |
| Net operating income | $2,386 |
| Mortgage (principal + interest) | −$4,204 |
| Cash flow | −$1,819 |
| Principal paid down (equity, not cash) | $535 |
| Rent | $5,050 |
| Vacancy (6%) | −$303 |
| Collected | $4,747 |
| Property tax Listing | −$780 |
| Insurance Estimate | −$218 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$354 |
| Capital reserve (7% of rent) | −$354 |
| Net operating income | $2,813 |
| Mortgage (principal + interest) | −$3,991 |
| Cash flow | −$1,179 |
| Principal paid down (equity, not cash) | $508 |
| Rent | $5,050 |
| Vacancy (6%) | −$303 |
| Collected | $4,747 |
| Property tax Listing | −$780 |
| Insurance Estimate | −$218 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$354 |
| Capital reserve (7% of rent) | −$354 |
| Property management | −$427 |
| Net operating income | $2,386 |
| Mortgage (principal + interest) | −$3,991 |
| Cash flow | −$1,606 |
| Principal paid down (equity, not cash) | $508 |
| Rent | $5,050 |
| Vacancy (6%) | −$303 |
| Collected | $4,747 |
| Property tax Listing | −$780 |
| Insurance Estimate | −$218 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$354 |
| Capital reserve (7% of rent) | −$354 |
| Net operating income | $2,813 |
| Mortgage (principal + interest) | −$3,941 |
| Cash flow | −$1,129 |
| Principal paid down (equity, not cash) | $501 |
| Rent | $5,050 |
| Vacancy (6%) | −$303 |
| Collected | $4,747 |
| Property tax Listing | −$780 |
| Insurance Estimate | −$218 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$354 |
| Capital reserve (7% of rent) | −$354 |
| Property management | −$427 |
| Net operating income | $2,386 |
| Mortgage (principal + interest) | −$3,941 |
| Cash flow | −$1,556 |
| Principal paid down (equity, not cash) | $501 |
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
- $1,825,073
- Rental profits, invested at 7%
- $104,210
Sells for $1,941,567 (value up 3% a year), minus 6% selling cost ($116,494). Rent paid down $719,910 of loan.
$85,270 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $791,576
- Monthly shortfalls, invested
- $1,410,278
$103,987 put into an index fund instead of the down payment and closing costs.
$284,881 you'd have paid in while the building lost money, invested instead.
Stocks come out $272,571 ahead after 30 years.
- Your equity when you sell
- $1,825,073
- Rental profits, invested at 7%
- $9,868
Sells for $1,941,567 (value up 3% a year), minus 6% selling cost ($116,494). Rent paid down $719,910 of loan.
$9,425 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $791,576
- Monthly shortfalls, invested
- $1,980,492
$103,987 put into an index fund instead of the down payment and closing costs.
$452,944 you'd have paid in while the building lost money, invested instead.
Stocks come out $937,126 ahead after 30 years.
- Your equity when you sell
- $1,802,257
- Rental profits, invested at 7%
- $114,138
Sells for $1,917,295 (value up 3% a year), minus 6% selling cost ($115,038). Rent paid down $710,910 of loan.
$92,456 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $781,680
- Monthly shortfalls, invested
- $1,350,593
$102,687 put into an index fund instead of the down payment and closing costs.
$270,241 you'd have paid in while the building lost money, invested instead.
Stocks come out $215,877 ahead after 30 years.
- Your equity when you sell
- $1,802,257
- Rental profits, invested at 7%
- $13,058
Sells for $1,917,295 (value up 3% a year), minus 6% selling cost ($115,038). Rent paid down $710,910 of loan.
$12,299 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $781,680
- Monthly shortfalls, invested
- $1,914,069
$102,687 put into an index fund instead of the down payment and closing costs.
$433,992 you'd have paid in while the building lost money, invested instead.
Stocks come out $880,433 ahead after 30 years.
- Your equity when you sell
- $1,825,073
- Rental profits, invested at 7%
- $220,795
Sells for $1,941,567 (value up 3% a year), minus 6% selling cost ($116,494). Rent paid down $639,920 of loan.
$162,615 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,400,480
- Monthly shortfalls, invested
- $784,409
$183,977 put into an index fund instead of the down payment and closing costs.
$149,046 you'd have paid in while the building lost money, invested instead.
Stocks come out $139,020 ahead after 30 years.
- Your equity when you sell
- $1,825,073
- Rental profits, invested at 7%
- $53,334
Sells for $1,941,567 (value up 3% a year), minus 6% selling cost ($116,494). Rent paid down $639,920 of loan.
$45,840 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,400,480
- Monthly shortfalls, invested
- $1,281,503
$183,977 put into an index fund instead of the down payment and closing costs.
$276,178 you'd have paid in while the building lost money, invested instead.
Stocks come out $803,575 ahead after 30 years.
- Your equity when you sell
- $1,802,257
- Rental profits, invested at 7%
- $236,250
Sells for $1,917,295 (value up 3% a year), minus 6% selling cost ($115,038). Rent paid down $631,920 of loan.
$171,965 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,382,972
- Monthly shortfalls, invested
- $739,532
$181,677 put into an index fund instead of the down payment and closing costs.
$139,235 you'd have paid in while the building lost money, invested instead.
Stocks come out $83,997 ahead after 30 years.
- Your equity when you sell
- $1,802,257
- Rental profits, invested at 7%
- $59,887
Sells for $1,917,295 (value up 3% a year), minus 6% selling cost ($115,038). Rent paid down $631,920 of loan.
$50,949 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,382,972
- Monthly shortfalls, invested
- $1,227,725
$181,677 put into an index fund instead of the down payment and closing costs.
$262,127 you'd have paid in while the building lost money, invested instead.
Stocks come out $748,553 ahead after 30 years.
- Your equity when you sell
- $1,825,073
- Rental profits, invested at 7%
- $305,633
Sells for $1,941,567 (value up 3% a year), minus 6% selling cost ($116,494). Rent paid down $599,925 of loan.
$212,144 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,704,932
- Monthly shortfalls, invested
- $567,628
$223,972 put into an index fund instead of the down payment and closing costs.
$102,783 you'd have paid in while the building lost money, invested instead.
Stocks come out $141,854 ahead after 30 years.
- Your equity when you sell
- $1,825,073
- Rental profits, invested at 7%
- $92,289
Sells for $1,941,567 (value up 3% a year), minus 6% selling cost ($116,494). Rent paid down $599,925 of loan.
$74,912 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,704,932
- Monthly shortfalls, invested
- $1,018,840
$223,972 put into an index fund instead of the down payment and closing costs.
$209,459 you'd have paid in while the building lost money, invested instead.
Stocks come out $806,410 ahead after 30 years.
- Your equity when you sell
- $1,802,257
- Rental profits, invested at 7%
- $324,099
Sells for $1,917,295 (value up 3% a year), minus 6% selling cost ($115,038). Rent paid down $592,425 of loan.
$222,324 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,683,618
- Monthly shortfalls, invested
- $529,534
$221,172 put into an index fund instead of the down payment and closing costs.
$94,999 you'd have paid in while the building lost money, invested instead.
Stocks come out $86,796 ahead after 30 years.
- Your equity when you sell
- $1,802,257
- Rental profits, invested at 7%
- $101,371
Sells for $1,917,295 (value up 3% a year), minus 6% selling cost ($115,038). Rent paid down $592,425 of loan.
$81,311 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,683,618
- Monthly shortfalls, invested
- $971,361
$221,172 put into an index fund instead of the down payment and closing costs.
$197,895 you'd have paid in while the building lost money, invested instead.
Stocks come out $751,351 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 $1.93M, stocks $2.20M. Stocks win.
Year 30 (loan paid off): property $1.83M, stocks $2.77M. Stocks win.
Year 30 (loan paid off): property $1.92M, stocks $2.13M. Stocks win.
Year 30 (loan paid off): property $1.82M, stocks $2.70M. Stocks win.
Year 30 (loan paid off): property $2.05M, stocks $2.18M. Stocks win.
Year 30 (loan paid off): property $1.88M, stocks $2.68M. Stocks win.
Year 30 (loan paid off): property $2.04M, stocks $2.12M. Stocks win.
Year 30 (loan paid off): property $1.86M, stocks $2.61M. Stocks win.
Year 30 (loan paid off): property $2.13M, stocks $2.27M. Stocks win.
Year 30 (loan paid off): property $1.92M, stocks $2.72M. Stocks win.
Year 30 (loan paid off): property $2.13M, stocks $2.21M. Stocks win.
Year 30 (loan paid off): property $1.90M, stocks $2.65M. 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.
3 bed estimate $2,525/mo · range $2,100–$3,775 · 14 rentals within 4.75 mi
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 501 Carlson Pkwy, Minnetonka | $3,576 | 3 / 2 | 1.8 mi |
| 17830 Valley Cove Ct, Minnetonka | $3,500 | 3 / 2 | 2.1 mi |
| 15215 18th Ave N, Plymouth | $1,925 | 3 / 2 | 2.6 mi |
| 15100 18th Ave N, Plymouth | $2,480 | 3 / 2 | 2.6 mi |
| 12300 Marion Ln W, Minnetonka | $1,802 | 3 / 2 | 3.2 mi |
| 12817 15th Ave N Unit 2, Plymouth | $1,995 | 3 / 2 | 3.4 mi |
| 11816 Wayzata Blvd, Minnetonka | $3,557 | 3 / 2 | 3.5 mi |
| 3060 Harbor Ln N, Plymouth | $3,995 | 3 / 2 | 3.8 mi |
| 1020 W Medicine Lake Dr, Plymouth | $2,409 | 3 / 2 | 4.1 mi |
| 18900 Stratford Rd, Minnetonka | $1,946 | 3 / 1.5 | 4.1 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
- mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 305-307 RENO ST
- mediumAsking is $271,420 above the price where cash flow breaks even ($528,480) at the default scenario. Based on: Derived: price $799,900 vs. break-even $528,480
- mediumUnit 307 is not finished and its scope is vague. 'Minor' may not be minor. Listing says: Unit 307 could use some minor project completions. · AI review
Opportunities
- Possibly assumable loan at an old, low rate. FHA/VA assumptions come with owner-occupancy rules; ask the agent. Listing says: "restaurants, beach, dock, etc. Great opportunity with an assumable 2.875% VA mortgage! Perfect owner occupant property or"
- Assumable 2.875% VA loan could cut financing cost sharply versus today's rates, if you qualify. Listing says: Great opportunity with an assumable 2.875% VA mortgage! · AI review
- Owner-occupy one unit and rent the other, or finish 307 and rent both. Listing says: Perfect owner occupant property or finish updating for a turn key operation! · AI review
- Walkable downtown Wayzata location supports demand and long-term land value. Listing says: within 2-5 minutes walking to everything downtown Wayzata has to offer! · AI review
- Separate laundry in each unit helps rentability. Listing says: Each unit has its own laundry! · AI review
Questions for the agent
- What is the VA loan balance, and what cash do I need to cover the gap between it and the price? Is the lender willing to approve an assumption?
- What are the real property taxes, and is there a homestead discount that would reset for an investor?
- Is the duplex licensed or legally permitted as a rental in Wayzata? Is anyone living there now, and at what rent?
- What work is left in Unit 307, and what is the cost estimate?
- Are heat and utilities separately metered? Who pays what today?
- What are the age and condition of the baseboard heat, electrical panels and windows in 307?
Bottom line
A pricey land-value bet that loses about $1,500 a month at asking, and only the low-rate VA loan assumption could make it work. 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. | $9,355 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $2,612 |
| 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 2026-09-30 (5 days); last sold for $643,000 on 2020-10-15.
| Date | Event | Price |
|---|---|---|
| Listed | $799,900 | |
| Sold | $643,000 | |
| Listed | $669,900 | |
| Sold public record | $150,000 |
From the listing Listing
| Listed as | duplex side x side |
| Property tax, 2026 | $9,355 |
| County | Hennepin |
| Parcel number | 0511722330022 |
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 Wayzata on rental licensing before you buy.