417 N Washington St

Duplex · 2 units: 2 bed / 1.5 bath ×2 unit split estimated · 2,612 sq ft

19 photos

Photos courtesy of Raven Realty, LLC - Broker, via Realtor.com.

Asking price: $385,000
Monthly cash flow: −$31
Estimated rent: $3,550/mo
Break-even price: $379,135

Adjust the numbers See the full breakdown

From the listing

Discover this corner lot duplex that has been cherished by the same owner for the past 40 years. Located just a few blocks from the serene lakefront and the bustling downtown area. This property presents a rare opportunity for those looking for a home with potential in a prime location. Set up as a duplex, this residence offers flexibility for buyers. It has 4 bedrooms and 2.5 bathrooms. You can continue to utilize it as a multi-family investment or easily convert it into a spacious single-family home to suit your lifestyle. With generous square footage, both units feature comfortable living spaces, sizable bedrooms, and lots of natural light. The four car garage offers ample storage space. This property is a solid structure waiting for your creative vision to make it your own. The backyard invites outdoor enjoyment and provides plenty of space for gardening or entertaining. Embrace the chance to design your own oasis in a location that is both tranquil and convenient. Don't miss out on this opportunity to own a piece of property in Lake City that holds a rich history and is ready for a new chapter!

Listing courtesy of Raven Realty, LLC - Broker (Josh Warnecke). Description from Realtor.com, MLS #7084884. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1921 corner-lot duplex with the same owner for 40 years, and the photos show original, dated interiors. At $385K, our model has it at about -$31/month cash flow with a 6.3% cap rate, so it doesn't work as a rental at today's rates unless you negotiate down. It has been listed 123 days, which gives you room. The description gives no rents, no tenant status, no utilities and no heat type, and we couldn't match a county parcel, so taxes and unit count are unverified. Check the rental setup, legal unit status and the basement bath before a showing. It's only worth seeing if you can get well under break-even near $379K, or if you want to live in it or convert it.

Things to consider

Numbers don't work at asking Cash flow is slightly negative at $385K and break-even is about $379K. Any renovation cost needs an even lower price.
Dated interiors mean capex before rent upside Original kitchen and finishes will need money before rents reach the higher end of the estimate. Budget for the work and for turnover.From photo 5
Rental status and unit count unverified Without a rent roll or parcel match, income and legality are guesses. Confirm two licensed units before relying on any numbers.
Negotiating leverage from time on market At 123 days, the seller may accept a meaningful cut. That is the main path to a workable deal.
Estimated rents are wide and unconfirmed The range is $1,275 to $2,250 per unit, so results depend heavily on where actual rents land in a small lake town.

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

neededProperty needs updating; sold as a project with 'creative vision' requiredListing says: This property is a solid structure waiting for your creative vision to make it your own.

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: $385,000
Cash to close: $88,550
Price per unit: $192,500
GRM: 9.0

Each month

Cash flow: −$31/mo
Cash-on-cash: −0.4%
Cap rate: 6.3%
DSCR: 0.98×

Break-even

Price that breaks even: $379,135
Rent that breaks even: $3,590/mo

Long run

Year 30: property vs stocks: $1.63M vs $677K
Cash flow turns positive: year 2

Monthly

Monthly breakdown

Rent	$3,550
Vacancy (6%)	−$213
Collected	$3,337
Property tax Listing	−$317
Insurance Estimate	−$204
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$284
Capital reserve (8% of rent)	−$284
Net operating income	$2,018
Mortgage (principal + interest)	−$2,049
Cash flow	−$31
Principal paid down (equity, not cash)	$261

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$1,628,038

Your equity when you sell: $878,426
Rental profits, invested at 7%: $749,612

Same money in stocks$676,730

Cash to close, invested at 7%: $674,065
Monthly shortfalls, invested: $2,665

The building comes out $951,308 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 $1.63M, stocks $677K. 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.

2 bed / 1.5 bath estimate $1,775/mo · range $1,275–$2,250

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
1005 W Marion St, Lake City 55041	$955	1 / 1	—	0.8 mi	2025-10-17	81%
101 S Washington St, Unit 308, Lake City 55041	$2,500	2 / 2	1,367	0.3 mi	2026-10-05	72%
410 W Lyon Ave, Lake City 55041 off market	$1,300	2 / 1	850	0.4 mi	2026-03-18	67%
213 N Park St, Unit B, Lake City 55041 off market	$2,100	3 / 2	1,638	0.2 mi	2026-07-29	65%
213 N Park St, Unit 1, Lake City 55041 off market	$2,100	3 / 2	1,600	0.2 mi	2025-07-14	64%
521 Main St, Plum City, WI 54761 off market	$1,050	2 / 1	1,000	13.0 mi	2026-09-29	64%
1422 Bush St, Unit Lower, Red Wing 55066 off market	$1,500	3 / 1	—	14.4 mi	2022-06-02	63%
480 8th St W, Unit 103, Red Wing 55066	$1,650	2 / 1	560	14.9 mi	2026-09-04	60%
202 5th St, Red Wing 55066 off market	$1,150	2 / 1	—	14.9 mi	2026-07-21	58%
202 4th St, Red Wing 55066 off market	$1,150	2 / 1	—	15.0 mi	2026-07-21	58%

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

highNo rents, lease terms or occupancy given. The listing pitches it as convertible to single-family, which may mean it is vacant or owner-occupied. Listing says: easily convert it into a spacious single-family home to suit your lifestyle · 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 417 WASHINGTON ST N
mediumBasement bath and finished basement rooms look old and unfinished. They may not be legal living space. Based on: photo 8 · AI review
mediumUnderwriting is slightly negative at the asking price. Based on: data: underwriting.cash_flow_monthly · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 123 days on market
Long time on market gives room to negotiate toward break-even or below. Based on: data: listing.days_on_market · AI review
Updating the dated kitchen and interiors could support rents toward the mid or high estimate. Based on: photo 5 · AI review
Large four-car garage could be rented out for storage or parking. Listing says: The four car garage offers ample storage space. · AI review
Lake view and walkable location help demand. Listing says: Located just a few blocks from the serene lakefront and the bustling downtown area. · AI review

Questions for the agent

Is the property occupied now? What are the rents, lease terms and security deposits?
Is it a legally licensed two-unit property in Lake City, and how are the units split?
Who pays heat, water and electric, and are there separate meters and furnaces?
What are the real property taxes for an investor?
What is the age of the roof, furnace, water heater and electrical panel?
Why has it been on the market 123 days, and have there been price cuts or offers?

Bottom line

A dated 1921 duplex with no rent info that loses a little money at asking, so only worth pursuing well under $379K. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2025. 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.	$3,800
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,453
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 2026-06-04 (123 days, relisted 1×); down $89,900 (18.9%) from the first ask of $474,900.

Date	Event	Price
2026-09-07	Price changed	$385,000
2026-07-11	Relisted	$449,900
2026-06-24	Removed	—
2026-06-04	Listed	$474,900

From the listing Listing

Listed as	duplex up and down
Property tax, 2025	$3,800
County	Wabasha
Parcel number	R220032800

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 Lake City on rental licensing before you buy.