404 Main St

Duplex · 2 units: 3 bed / 1 bath ×2 unit split estimated · 1,632 sq ft

Cash flows

8 photos

Photos courtesy of NRT-Minnesota (CB Burnet), via Realtor.com.

Asking price: $118,000
Monthly cash flow: $823
Estimated rent: $2,600/mo
Break-even price: $272,608

Adjust the numbers See the full breakdown

From the listing

Discover an outstanding opportunity with this up/down duplex located right on the edge of Downtown Austin. Situated just blocks away from the city's vibrant entertainment, restaurants, and cultural offerings, this property offers the quintessential Austin lifestyle. Both units feature spacious kitchens and living areas, ensuring comfortable and desirable living spaces for tenants. With such a prime location, you can expect high demand from renters who want to be in the heart of all that Austin has to offer. Investors and property owners will appreciate the ease of renting and the potential for steady rental income that this duplex presents. Don't miss the chance to own a piece of Austin's bustling downtown scene and make a sound investment in the heart of the city.

Listing courtesy of NRT-Minnesota (CB Burnet) (Mike Wilen). Description from Realtor.com, MLS #7004308. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

At $118K for a 6-bed, 2-unit building, our numbers look great on paper: about $823/mo cash flow and a 14.8% cap rate using $1,300 mid rents per 3-bed unit. Don't trust that yet. The description gives no rents, no leases, no tax figure and no utility info, and we couldn't match a county parcel, so taxes are a guess. At 276 days on market with an 1888 build date and dated interiors in the photos, ask what's wrong before you drive over. Verify taxes, unit count, heat and roof first. It's worth a showing only if the rent roll and inspection hold up.

Things to consider

Income is unverified The cash flow and cap rate come from our rent estimates, not actual rents. Get the rent roll and leases before trusting them.
Taxes and unit count unconfirmed No county parcel match means the tax figure is a guess, and an investor's non-homestead tax could be higher. Confirm the legal unit count as well.
Old building, unseen systems An 1888 build with radiator heat and no mechanical photos means boiler, wiring and plumbing are unknowns that could eat cash flow.From photo 5
Long time on market gives leverage 276 days suggests the seller may accept a lower offer, but also that buyers found issues.
Dated finishes may cap rent Drop ceilings and old built-ins may hold rents near the low end of our range, or call for updates.From photo 6

From the photos

Based on 7 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: $118,000
Cash to close: $27,140
Price per unit: $59,000
GRM: 3.8

Each month

Cash flow: $823/mo
Cash-on-cash: 36.4%
Cap rate: 14.8%
DSCR: 2.31×

Break-even

Price that breaks even: $272,608
Rent that breaks even: $1,531/mo

Long run

Year 30: property vs stocks: $1.76M vs $207K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$2,600
Vacancy (6%)	−$156
Collected	$2,444
Property tax Listing	−$119
Insurance Estimate	−$202
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$208
Capital reserve (9% of rent)	−$234
Net operating income	$1,451
Mortgage (principal + interest)	−$628
Cash flow	$823
Principal paid down (equity, not cash)	$80

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$1,763,500

Your equity when you sell: $269,232
Rental profits, invested at 7%: $1,494,268

Same money in stocks$206,597

Cash to close, invested at 7%: $206,597

The building comes out $1,556,903 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 $1.76M, stocks $207K. The property wins.

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.

3 bed / 1 bath estimate $1,300/mo · range $1,100–$1,500

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
502 19th St NW, Austin 55912 off market	$1,300	3 / 1	—	1.4 mi	2026-05-29	92%
2nd Dr NE, Austin 55912	$1,275	3 / 1.5	1,296	1.0 mi	2026-09-26	91%
201 Second St SE, Austin 55912 off market	$1,315	3 / 2	1,346	0.2 mi	2026-05-17	91%
3rd St SE, Austin 55912	$1,295	3 / 2	1,225	0.2 mi	2026-03-20	89%
408 3rd Ave SE, Austin 55912 off market	$1,275	3 / 2	1,225	0.2 mi	2026-07-10	89%
410 3rd Ave SE, Austin 55912 off market	$1,275	3 / 2	1,225	0.2 mi	2026-04-03	89%
806 15th St NE, Austin 55912 off market	$1,300	3 / 1	809	1.3 mi	2025-06-03	86%
201 2nd St SE, Austin 55912 off market	$1,190	3 / 2	1,002	0.2 mi	2026-01-15	86%
605 Main St N, Apt 7, Austin 55912 off market	$695	2 / 1	—	0.1 mi	2026-07-27	84%
712 4th St NW, Austin 55912	$1,600	3 / 1	1,600	0.7 mi	2023-01-03	84%

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

highDescription gives no rents, leases, occupancy, taxes or utility details, so income can't be verified. Based on: data: rent_estimate · 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 404 MAIN ST
mediumListed since January with no stated reason; something may be wrong with the building or the price. Based on: data: listing.days_on_market · AI review
mediumBuilt 1888 with radiator heat visible and drop-ceiling interiors; systems and wiring are likely old. Based on: photo 5 · AI review
mediumInterior finishes look dated, with drop ceilings and water-stained ceiling tile in one room. Based on: photo 7 · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 276 days on market
Low price per unit and a wide gap between our rent estimates and the ask supports strong cash flow if rents and expenses check out. Based on: data: underwriting.cap_rate · AI review
No rent cap, so rents can rise to market after a refresh. Based on: data: underwriting.rent_rule · AI review
Big yard with room for parking or a garage, which adds appeal for tenants. Based on: photo 2 · AI review

Questions for the agent

What are the current rents, lease terms and security deposits for each unit?
Who pays heat, water and electric, and are there separate meters and heating systems?
What are the annual taxes and any special assessments?
Why has it sat 276 days, and have there been price cuts or failed deals?
What are the ages of the roof, boiler or furnace, electrical panels and water heaters?
Is the unit licensed or rentable as a duplex in Austin, and is there off-street parking?

Bottom line

The numbers look too good for a 276-day listing with no rents or taxes disclosed, so verify income, taxes and building condition before getting excited. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2024. 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.	$1,424
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,429
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. built 1888: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-01-02 (276 days).

Date	Event	Price
2026-06-28	Removed	$118,000
2026-01-02	Listed	$118,000

From the listing Listing

Listed as	duplex other
Property tax, 2024	$1,424
County	Mower
Parcel number	1

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 Austin on rental licensing before you buy.