3120 And 3122 Noble Dr

Duplex · 2 units: 2 bed / 1 bath ×2 · 1,716 sq ft

Far off

24 photos

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

Asking price: $529,800
Monthly cash flow: −$2,213
Estimated rent: $2,500/mo
Break-even price: $114,065

Adjust the numbers See the full breakdown

From the listing

Great opportunity for investment! Both units are have active leases. One story Twin Homes You asked-and here it is! Beautiful, brand-new one-level patio homes, ready for move-in today. These thoughtfully designed two-bedroom homes feature a well-planned open floor layout that combines comfort and functionality. Enter through the everyday entry from the attached garage, where a conveniently located closet keeps everything organized before stepping into the spacious kitchen and breakfast bar area. The inviting kitchen offers abundant counter space and includes a stainless steel Whirlpool appliance package. The breakfast bar comfortably seats four and flows seamlessly into the dinette and living areas, creating an ideal space for entertaining or everyday living. The living room feels bright and airy with 9-foot ceilings enhancing the open design. The home includes two bedrooms, including a private primary suite with a 3/4 en-suite bath and a generous walk-in closet. Features to love: Airy 9-foot ceilings, Quality Lindsay windows, Durable LVP flooring throughout for easy, maintenance, Concrete driveway, Insulated garage with floor drain. Eligible for a rental license, these homes offer flexibility for homeowners and investors alike. Looking to maximize your investment or retirement plan? Lease one side and live in the other. Call today to learn more about the comfort, value, and efficiency these new homes provide. Be sure to ask about the preferred lender credit and save cash today!

Listing courtesy of RE/MAX ADVANTAGE PLUS (Eric Malmberg). Description from Realtor.com, MLS #7039425. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a brand-new twin home in Mankato, two 2-bed/1-bath sides, both leased, asking $529,800. The numbers don't work at today's rates: our underwriting shows about -$2,213 a month and a 1.4% cap rate, and cash flow only breaks even near $114K. Even the stated-looking actual rents of $1,650 per side sit well above our $1,250 mid estimate, so verify them with signed leases. New construction means low repairs for years, which is the real appeal, but 237 days on market suggests the price is the problem. Ask for the leases, rent roll, tax figure and builder warranty before wasting a showing, and expect to negotiate hard.

Things to consider

Price is far above what rents support At ask, cash flow is about -$2,213 a month and cap rate 1.4%. Break-even is roughly $114K, so the gap is huge.
Rents are above our estimate Our data lists $1,650 per side versus a $1,250 mid estimate. If real, good, but even so the deal doesn't pencil.
Long time on market gives leverage 237 days listed means the seller may be flexible, and the price likely needs a big cut.
New construction keeps repairs low Roof, systems and finishes are new, so near-term capex should be small. Reserves can be lower early on.Listing says: “Beautiful, brand-new one-level patio homes, ready for move-in today.”
Taxes and unit records are unverified We couldn't match a county parcel, so tax and unit count could change the numbers.

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

doneBrand-new construction, move-in readyListing says: Beautiful, brand-new one-level patio homes, ready for move-in today.

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: $529,800
Cash to close: $121,854
Price per unit: $264,900
GRM: 17.7

Each month

Cash flow: −$2,213/mo
Cash-on-cash: −21.8%
Cap rate: 1.4%
DSCR: 0.22×

Break-even

Price that breaks even: $114,065
Rent that breaks even: $5,337/mo

Long run

Year 30: property vs stocks: $1.21M vs $3.25M
Cash flow turns positive: not within 30 years

Monthly

Monthly breakdown

Rent	$2,500
Vacancy (6%)	−$150
Collected	$2,350
Property tax Estimate	−$927
Insurance Estimate	−$186
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$200
Capital reserve (8% of rent)	−$200
Net operating income	$607
Mortgage (principal + interest)	−$2,820
Cash flow	−$2,213
Principal paid down (equity, not cash)	$359

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$1,208,806

Your equity when you sell: $1,208,806
Rental profits, invested at 7%: $0

Same money in stocks$3,249,983

Cash to close, invested at 7%: $927,584
Monthly shortfalls, invested: $2,322,399

Stocks come out $2,041,177 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 $1.21M, stocks $3.25M. 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 $1,250/mo · range $1,100–$1,575 · 7 rentals within 2.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
429 Deldona Dr Apt 2, Mankato	$1,050	2 / 1	—	2.2 mi	2026-09-21	Apartment
428 Commodore Dr Apt 7, Mankato	$1,050	2 / 1	—	2.2 mi	2026-09-14	Apartment
217 Thomas Dr E, Eagle Lake	$1,495	2 / 1.5	1,232	2.4 mi	2025-05-29	Apartment
701 S Victory Dr, Mankato	$1,199	2 / 1	—	2.4 mi	2026-08-10	Apartment
630 Maple Ln, Eagle Lake	$1,574	2 / 1.5	1,200	2.4 mi	2026-08-26	Apartment
50 Hilltop Ln, Mankato	$950	2 / 1	840	2.4 mi	2026-03-06	Apartment
920 Patriot Dr, Mankato	$1,205	2 / 1	957	2.5 mi	2026-05-15	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

mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 3120 AND 3122 NOBLE DR
mediumAsking is $415,735 above the price where cash flow breaks even ($114,065) at the default scenario. Based on: Derived: price $529,800 vs. break-even $114,065
mediumLease terms and rents are not given. 'Active leases' is all we get, with no amounts, end dates or deposits. Listing says: Both units are have active leases. · AI review
mediumTaxes on new construction are unverified and will likely reassess higher than any land-only bill. Based on: data: county.tax · AI review
lowListing data shows 4 beds and 4 baths, but the description says each side is 2 bed with a 3/4 bath. Confirm bath count and square footage. Based on: data: listing.baths · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 237 days on market
New build with low near-term repair costs; rental-license eligibility noted. Listing says: Eligible for a rental license, these homes offer flexibility for homeowners and investors alike. · AI review
House-hack option: live in one side and rent the other. Listing says: Lease one side and live in the other. · AI review
Seller offers a preferred lender credit that could be negotiated. Listing says: Be sure to ask about the preferred lender credit and save cash today! · AI review

Questions for the agent

What are the actual rents, lease end dates and deposits for each side? Can I see the signed leases?
What is the projected property tax bill on the completed buildings, and is the lot a single parcel or split?
Who built it, and what warranty transfers to a buyer?
Why has it sat 237 days, and has the price been cut?
What does the preferred lender credit amount to, and is it tied to a specific lender?
Are tenants paying all utilities, and are the units separately metered?

Bottom line

Nice new twin home with low maintenance, but at $529,800 the rents can't carry it and it only works at a far lower price. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Estimateestimate. No tax record found; 2.1% of price.	$11,126
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,229
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 2026-10-03 (2 days).

Date	Event	Price
2026-10-03	Removed	$264,900
2026-10-03	Removed	$529,800
2026-07-04	Removed	$264,900
2026-02-19	Listed	$264,900
2026-02-10	Listed	$529,800
2026-02-10	Removed	$264,900
2025-10-20	Listed	$264,900

From the listing Listing

Listed as	multi-family
Property tax, 2025	$482
County	Blue Earth County
Parcel number	R01.09.14.100.032

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.