429 2nd Ave E

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 1,784 sq ft

Cash flows

30 photos

Photos courtesy of RE/MAX Results, via Realtor.com.

Asking price: $319,990
Monthly cash flow: $145
Estimated rent: $3,200/mo
Break-even price: $347,264

Adjust the numbers See the full breakdown

From the listing

A rent check can help cover your mortgage at this Shakopee duplex, set a few blocks from downtown on a deep lot shaded by mature maples. A covered front porch faces the street, and a detached two-car garage opens onto the alley. The main level has two bedrooms, an eat-in kitchen with white cabinets and a stainless double sink, a full bath with a tub-shower and tile surround, and stacked laundry inside the unit. Upstairs, the second two-bedroom unit has white shaker cabinets, stone-look counters, a gas range, a private full bath, and a living room finished in warm knotty pine. Both units are vacant, freshly painted, and carpeted, and each has its own electric meter, which keeps utilities and rent easy to sort out. Live in one side and rent the other, or rent both. Two-bedroom rents nearby run around $1,500, so the second unit could cover a meaningful share of a monthly payment. Gravel parking sits beside the garage, and there is plenty of yard to work with. Downtown Shakopee shops and restaurants are an easy walk. Highway 169, Canterbury Park, and the Minnesota River are a short drive away.

Listing courtesy of RE/MAX Results (Taylor Doolittle). Description from Realtor.com, MLS #7149241. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a vacant 1885 Shakopee up/down asking $319,990, and our numbers show it works modestly: about $145/month cash flow and a 6.9% cap at the ask with 20% down. Break-even price is $347,264, so the ask sits about $27K below break-even, but the cushion is still thin if taxes or repairs run higher. Taxes are unverified because we couldn't match a county parcel, so pull the tax bill first. Kitchens and baths look dated but clean, and the listing's 'live in one side' pitch is the real use case here. Worth a showing only if you plan to owner-occupy or can negotiate down and confirm the roof, electrical and unit legality.

Things to consider

Cash flow is thin at the ask About $145/month at 20% down leaves little room for repairs, vacancy or higher taxes. A lower price or owner-occupancy is what makes it work.
Taxes and unit count are unverified We couldn't match a parcel, so the tax figure we use is an estimate. A higher non-homestead bill could turn cash flow negative.
Rents are untested Both units are vacant, so our $1,600 mid estimate per 2-bed is unproven. The listing's $1,500 comp is a claim, not a lease.Listing says: “Two-bedroom rents nearby run around $1,500”
1885 building with unknown systems Old wiring, plumbing, roof and foundation can cost more than cosmetic updates. Get a full inspection before relying on the numbers.
Separate meters help the owner Tenant-paid electric lowers operating costs, but confirm who pays heat and water.Listing says: “each has its own electric meter, which keeps utilities and rent easy to sort out”

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

doneFresh paint and new carpet in both unitsListing says: Both units are vacant, freshly painted, and carpeted

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: $319,990
Cash to close: $73,598
Price per unit: $159,995
GRM: 8.3

Each month

Cash flow: $145/mo
Cash-on-cash: 2.4%
Cap rate: 6.9%
DSCR: 1.09×

Break-even

Price that breaks even: $347,264
Rent that breaks even: $3,011/mo

Long run

Year 30: property vs stocks: $1.62M vs $560K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$3,200
Vacancy (6%)	−$192
Collected	$3,008
Property tax Listing	−$180
Insurance Estimate	−$206
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$256
Capital reserve (9% of rent)	−$288
Net operating income	$1,848
Mortgage (principal + interest)	−$1,703
Cash flow	$145
Principal paid down (equity, not cash)	$217

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$1,617,860

Your equity when you sell: $730,098
Rental profits, invested at 7%: $887,762

Same money in stocks$560,244

Cash to close, invested at 7%: $560,244

The building comes out $1,057,616 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 $1.62M, stocks $560K. The property wins.

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 $1,600/mo · range $1,475–$2,000 · 7 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
609 Market St S Apt 8, Shakopee	$1,500	2 / 1	900	0.4 mi	2026-08-10	Apartment
125 Scott St N, Shakopee	$1,995	2 / 2	1,082	0.5 mi	2026-09-01	Apartment
1245 Shakopee Ave E, Shakopee	$1,385	2 / 1	845	0.8 mi	2025-01-03	Apartment
700 Roundhouse St, Shakopee	$1,600	2 / 1	972	0.8 mi	2025-01-03	Apartment
1324 Eagle Creek Blvd, Shakopee	$1,305	2 / 1	950	0.8 mi	2025-02-15	Apartment
1224 Shakopee Ave E, Shakopee	$1,885	2 / 2	965	0.9 mi	2025-01-03	Apartment
1265 Marschall Rd, Shakopee	$1,370	2 / 2	1,250	1.3 mi	2025-02-28	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 429 2ND AVE E
mediumBuilt in 1885 with no roof, wiring, plumbing or foundation details given Based on: data: listing.year_built · AI review
mediumListing implies rent only covers part of a payment, so cash flow at the ask is razor thin Listing says: the second unit could cover a meaningful share of a monthly payment · AI review
lowBoth units vacant, so no rent history or proof of achievable rents Listing says: Both units are vacant, freshly painted, and carpeted · AI review

Opportunities

Separate electric meters mean tenants likely pay their own electric Listing says: each has its own electric meter, which keeps utilities and rent easy to sort out · AI review
House-hack: live in one unit and rent the other Listing says: Live in one side and rent the other, or rent both. · AI review
Detached garage and extra yard space could add rentable parking or storage income Listing says: a detached two-car garage opens onto the alley · AI review

Questions for the agent

What are the roof, furnace and water heater ages, and is there one furnace or two?
Is the second unit a legal, licensed rental in Shakopee, and is a rental license current?
What are the actual property taxes, and is the listed figure homestead?
Who pays gas and water, and are they separately metered?
Why has it been vacant, and were there prior tenants and rents?
Has the foundation or basement had any moisture or settling issues, given the 1885 build?

Bottom line

A clean, vacant 1885 up/down that cash flows only slightly at the ask, so it suits an owner-occupant or a lower offer, not a hands-off investor. 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.	$2,158
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,471
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 1885: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-06-26 (101 days); down $55,000 (14.7%) from the first ask of $374,990; last sold for $246,500 on 2020-12-22; listed for rent at $1,100/mo on 2020-10-31.

Date	Event	Price
2026-09-23	Listed	$319,990
2026-09-23	Removed	$344,990
2026-07-30	Price changed	$344,990
2026-07-08	Price changed	$359,990
2026-06-26	Listed	$374,990
2021-02-13	Removed	$225,000
2020-12-22	Sold public record	$246,500
2020-11-20	Removed	—
2020-10-31	Listed for rent	$1,100/mo
2020-06-25	Sold	$246,500
2012-10-19	Sold	$80,000
2012-09-01	Price changed	$94,900
2012-07-11	Listed	$109,000
2011-06-10	Removed	$139,900
2005-02-07	Sold public record	$195,000
2002-04-09	Listed	$139,900

From the listing Listing

Listed as	duplex up and down
Property tax, 2025	$2,158
County	Scott
Parcel number	270012030

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 Shakopee on rental licensing before you buy.