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309 Washington Ave S

Duplex · 2 units: 2 bed / 1.5 bath ×2 unit split estimated · 2,125 sq ft

Edina, MN · View the listing ↗

Far off
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Photos courtesy of RE/MAX ADVANTAGE PLUS, via Realtor.com.

Asking price
$499,900
2 units · $250K per unit
Monthly cash flow
−$1,064
at 20% down, 7%
Estimated rent
$3,350/mo
medium confidence
Break-even price
$299,938
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a clean, recently updated side-by-side in Edina, but the price is the problem. At $499,900 our numbers show about -$1,064 a month and a 3.8% cap rate, and break-even is near $300K. Our rent estimates are $1,675 per side, and the listing gives no actual rents. Nothing in the listing explains a price this far above what rents support. Ask for the rent roll, leases and real tax bill first, since the county record didn't match. It's only worth a showing if you're an owner-occupier who values the location, or if the seller will come down hard after 135 days on market.

Things to consider

  1. Price is out of line with rents Our estimate is $1,675 per unit, and asking is about $200K above break-even. At today's rates you'd be feeding this property every month.
  2. Taxes and unit count are unverified The county record didn't match, so tax, assessments and legal unit status are unknown. Edina taxes on a $500K value could be heavy.
  3. Big recent exterior work lowers near-term capex A new roof and siding in 2025 remove two major costs. Interiors and Unit 309's mechanicals are less certain.Listing says: “a brand-new roof and siding completed in 2025”
  4. 135 days on market gives leverage A long listing suggests the market disagrees with the price. Expect room to negotiate.
  5. Kitchens look dated Updating them could support higher rents, but the cost must fit within the gap to break-even.From photo 5

From the photos

Listing photo 1
1 of 7Plus

Exterior shows light gray vinyl siding and an asphalt shingle roof that appear new, consistent with the 2025 work.

Listing photo 2
2 of 7Plus

Two entrances and two sets of meters on the front and side walls, consistent with a two-unit side-by-side.

Listing photo 5
3 of 7Concern

Kitchen has white cabinets, laminate counters and vinyl floor that appear dated, though serviceable. No rent-boosting update yet.

Listing photo 3
4 of 7Plus

Hardwood floors in the living room and bedroom look in good shape.

Listing photo 7
5 of 7Check

Both bathrooms have tub/shower surrounds and vanities that appear older but clean, with glass-block windows.

Listing photo 8
6 of 7Check

The basement laundry area has a utility sink, washer and dryer, and exposed ductwork. No furnace, water heater or electrical panel is shown.

Listing photo 1
7 of 7Check

Detached garages are visible on neighboring sides, but it's unclear whether either belongs to this property.

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

Condition and repairs

  • doneBrand-new roof and sidingListing says: a brand-new roof and siding completed in 2025
  • doneUnit 311 furnace and central airListing says: Unit 311 features a newer furnace and central air system installed in 2019
  • doneDouble-pane tilt-in windowsListing says: Double-pane windows throughout tilt inward for easy cleaning and enhanced energy efficiency

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
$499,900
Cash to close
$114,977
Price per unit
$249,950
GRM
12.4

Each month

Cash flow
−$1,064/mo
Cash-on-cash
−11.1%
Cap rate
3.8%
DSCR
0.60×

Break-even

Price that breaks even
$299,938
Rent that breaks even
$4,714/mo

Long run

Year 30: property vs stocks
$1.20M vs $1.56M
Cash flow turns positive
year 21

Monthly

Monthly breakdown

Rent$3,350
Vacancy (6%)−$201
Collected$3,149
Property tax Listing−$592
Insurance Estimate−$194
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$268
Capital reserve (8% of rent)−$268
Net operating income$1,596
Mortgage (principal + interest)−$2,661
Cash flow−$1,064
Principal paid down (equity, not cash)$339

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$1,195,843
Your equity when you sell
$1,140,586

Sells for $1,213,389 (value up 3% a year), minus 6% selling cost ($72,803). Rent paid down $399,920 of loan.

Rental profits, invested at 7%
$55,257

$45,179 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,556,876
Cash to close, invested at 7%
$875,234

$114,977 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$681,642

$141,006 you'd have paid in while the building lost money, invested instead.

Stocks come out $361,033 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 $1.20M, stocks $1.56M. 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 / 1.5 bath estimate $1,675/mo · range $1,375–$1,975

AddressRentBd / BaSq ftDistanceListedMatch
601 N Van Buren Trl, Hopkins 55343 $2,239 2 / 1.5 1,300 0.9 mi 2024-04-12 89%
8300 31st St W, Unit 304, Saint Louis Park 55426 off market $1,399 2 / 1 — 2.0 mi 2026-09-09 89%
8300 31st St W, Unit 303, Saint Louis Park 55426 off market $1,250 2 / 1 — 2.0 mi 2026-07-08 89%
8300 31st St W, Unit 201, Saint Louis Park 55426 off market $1,399 2 / 2 — 2.0 mi 2026-06-01 89%
3063 Virginia Ave S, Apt 6, Saint Louis Park 55426 off market $1,249 2 / 1 — 2.1 mi 2026-09-28 88%
1505 5th St N, Apt 202, Hopkins 55305 off market $1,745 2 / 2 1,252 1.4 mi 2026-01-07 86%
400-500 Cambridge St, Hopkins 55343 $1,750 2 / 2 1,135 1.0 mi 2025-09-26 85%
33 6th Ave N, Hopkins 55343 $1,425 2 / 1 1,000 0.5 mi 2025-01-03 84%
3125 Virginia Ave S, Saint Louis Park 55426 off market $1,299 2 / 1 1,150 2.0 mi 2026-06-05 84%
439 Blake Rd N, Hopkins 55343 $1,200 2 / 1 1,010 1.2 mi 2026-07-17 83%

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

  • highPrice is far above what rents support; the deal loses money every month at asking. Based on: data: underwriting.cash_flow_monthly · 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 309 WASHINGTON AVE S
  • mediumAsking is $199,962 above the price where cash flow breaks even ($299,938) at the default scenario. Based on: Derived: price $499,900 vs. break-even $299,938
  • mediumOnly Unit 311's furnace and AC age is given. Unit 309's heating and cooling are unknown. Listing says: Unit 311 features a newer furnace and central air system installed in 2019 · AI review
  • mediumNo rents, lease status or occupancy are stated. Photos show lived-in units, so tenants or owners may be in place. Listing says: Ideal for investors or owner-occupants · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 135 days on market
  • Unit 311 might gain a third bedroom with an egress window, which could lift its rent. Verify permits and cost. Listing says: Unit 311 may accommodate a future third bedroom with the addition of an egress window · AI review
  • Unfinished basement space could add finished area, but it needs permits and legal egress. Listing says: The unfinished basement space offers potential for additional finished square footage · AI review
  • No rent cap in Edina, so rents can move with the market. Based on: data: underwriting.rent_rule · AI review

Questions for the agent

  • What are the current rents, lease end dates and security deposits for each unit?
  • Are the units occupied, and would the seller deliver one vacant for an owner-occupant?
  • What are the actual property taxes, and are there special assessments?
  • How old are the furnace and AC in Unit 309, and the water heaters?
  • Is each unit separately metered for gas and electric, and who pays water?
  • Why has it sat 135 days, and have there been price cuts or offers?

Bottom line

Nice, updated duplex, but at $499,900 it loses about $1,064 a month on our numbers, so it only works at a far lower price or as an owner-occupant buy. 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.$7,108
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,331
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 rate8% / 8%

Price history Realtor.com

On the market since 2026-05-23 (135 days); down $80,100 (13.8%) from the first ask of $580,000; last sold for $455,000 on 2024-05-16; listed for rent at $1,300/mo on 2018-09-04.

DateEventPrice
Price changed$499,900
Price changed$515,000
Price changed$525,000
Price changed$550,000
Listed$580,000
Sold$455,000
Rental removed$1,300/mo
Listed for rent$1,300/mo
Sold public record$308,000
Sold public record$203,000

From the listing Listing

Listed asduplex side x side
Property tax, 2026$7,108
CountyHennepin
Parcel number3011721220068

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 Edina on rental licensing before you buy.