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49 91st Ln NE

Duplex · 2 units: 3 bed / 1 bath and 2 bed / 1 bath unit split estimated · 1,820 sq ft

Blaine, MN · View the listing ↗

Overpriced
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Photos courtesy of Keller Williams Classic Realty, via Realtor.com.

Asking price
$449,900
2 units · $225K per unit
Monthly cash flow
−$691
at 20% down, 7%
Estimated rent
$3,175/mo
medium confidence
Break-even price
$320,046
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a 1961 brick up/down in Blaine with a 3-bed upper and 2-bed lower per the listing, and it looks clean and well kept in the photos. The problem is price: at $449,900 our underwriting shows about -$691/month cash flow with a 4.5% cap rate, and break-even is near $320K, so the ask is roughly $130K too high for these rents. The description gives no rents, no lease terms, no tax figure and no utility split, so none of the income is verified. It has sat 77 days, which gives room to negotiate. Ask for the rent roll, tax bill and boiler details before a showing, and only go if the seller will come down toward break-even.

Things to consider

  1. Price is far above what the rents support Cash flow is negative at ask and break-even is about $130K lower. Any offer needs to close that gap.
  2. Rents and taxes are unverified Taxes and unit count could not be matched to a county record, so the numbers rest on our estimates.
  3. Kitchens and baths are dated but serviceable Updates look cosmetic, so rents may not rise much without more spending.From photo 4
  4. New boiler reduces a major near-term repair Heat is a big capital item. Get the install date and permit.Listing says: “a new boiler - making this property move-in ready and easy to maintain”
  5. Lower unit legality and egress A partly below-grade unit needs to be legal to rent at the stated bedroom count.From photo 2

From the photos

Listing photo 1
1 of 8Plus

Brick exterior with an asphalt shingle roof that appears in decent shape; the roof's age is not visible

Listing photo 4
2 of 8Concern

Upper kitchen has oak cabinets that appear original, with newer wood-look flooring and a stainless dishwasher; updates look cosmetic

Listing photo 9
3 of 8Concern

Lower kitchen has painted white cabinets, vinyl flooring and a stainless dishwasher; it looks tired but clean

Listing photo 3
4 of 8Plus

Baseboard hot-water heat is visible in both units, consistent with the new boiler claim

Listing photo 6
5 of 8Check

Wall-mounted AC unit in the living room, with no central air visible

Listing photo 8
6 of 8Plus

Two separate kitchens and two bathrooms are visible, which supports the two-unit setup

Listing photo 1
7 of 8Check

Detached garage with two visible doors and a long driveway; the listing says three-car

Listing photo 10
8 of 8Check

No photos of the boiler, electrical panel, water heater or basement

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

Condition and repairs

  • doneNew boilerListing says: a new boiler - making this property move-in ready and easy to maintain
  • doneAppliances, flooring, carpet, paint, lighting, plumbing fixtures and windows updatedListing says: Recent updates include appliances, flooring, carpet, paint, lighting, plumbing fixtures, windows

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
$449,900
Cash to close
$103,477
Price per unit
$224,950
GRM
11.8

Each month

Cash flow
−$691/mo
Cash-on-cash
−8.0%
Cap rate
4.5%
DSCR
0.71×

Break-even

Price that breaks even
$320,046
Rent that breaks even
$4,061/mo

Long run

Year 30: property vs stocks
$1.22M vs $1.11M
Cash flow turns positive
year 14

Monthly

Monthly breakdown

Rent$3,175
Vacancy (6%)−$190
Collected$2,984
Property tax Listing−$355
Insurance Estimate−$188
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$254
Capital reserve (8% of rent)−$254
Net operating income$1,703
Mortgage (principal + interest)−$2,395
Cash flow−$691
Principal paid down (equity, not cash)$305

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$1,217,914
Your equity when you sell
$1,026,503

Sells for $1,092,025 (value up 3% a year), minus 6% selling cost ($65,522). Rent paid down $359,920 of loan.

Rental profits, invested at 7%
$191,410

$131,804 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,114,936
Cash to close, invested at 7%
$787,693

$103,477 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$327,243

$58,902 you'd have paid in while the building lost money, invested instead.

The building comes out $102,978 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 $1.22M, stocks $1.11M. 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 $1,750/mo · range $1,400–$2,100

AddressRentBd / BaSq ftDistanceListedMatch
1121 1129 79th Ave NE, Spring Lake Park 55432 $1,375 3 / 1 1,050 2.1 mi 2026-04-03 87%
1121 79th Ave NE, Spring Lake Park 55432 off market $1,455 3 / 1 1,050 2.1 mi 2025-11-06 87%
7680 Silver Lake Rd, Mounds View 55112 off market $2,050 3 / 2 1,331 3.0 mi 2026-05-13 84%
9774 Magnolia St NW, Coon Rapids 55433 off market $2,100 3 / 1 1,775 1.1 mi 2026-08-20 83%
1619 73rd Ave NE, Fridley 55432 $1,395 2 / 1 2,100 3.0 mi 2026-10-05 83%
201 91st Ave NE, Blaine 55434 off market $2,200 3 / 1 1,600 0.2 mi 2026-02-13 82%
8390 Able St NE, Spring Lake Park 55432 off market $2,100 3 / 1 1,672 1.4 mi 2026-04-05 82%
476 75th Ave NE, Fridley 55432 off market $1,150 2 / 1 — 2.3 mi 2026-03-03 81%
415 74th Ave NE, Fridley 55432 $1,390 2 / 1 — 2.3 mi 2026-07-22 81%
660-685 106th Ln NW, Coon Rapids 55448 off market $1,645 2 / 1 1,313 2.0 mi 2026-04-02 81%

2 bed / 1 bath estimate $1,425/mo · range $1,175–$1,700

AddressRentBd / BaSq ftDistanceListedMatch
1619 73rd Ave NE, Fridley 55432 $1,395 2 / 1 2,100 3.0 mi 2026-10-05 92%
476 75th Ave NE, Fridley 55432 off market $1,150 2 / 1 — 2.3 mi 2026-03-03 91%
415 74th Ave NE, Fridley 55432 $1,390 2 / 1 — 2.3 mi 2026-07-22 90%
660-685 106th Ln NW, Coon Rapids 55448 off market $1,645 2 / 1 1,313 2.0 mi 2026-04-02 90%
10985 Drake St NW, Coon Rapids 55433 off market $2,007 2 / 1 1,350 2.9 mi 2025-12-02 89%
2070 Coon Rapids Blvd NW, Coon Rapids 55433 $1,399 2 / 1 — 3.2 mi 2026-05-20 89%
11728 3rd St NE, Blaine 55434 off market $1,050 2 / 1 — 3.2 mi 2026-01-14 89%
11754 3rd St NE, Blaine 55434 off market $1,050 2 / 1 — 3.3 mi 2026-07-22 89%
450 75th Ave NE, Fridley 55432 off market $1,185 2 / 1 1,250 2.3 mi 2026-01-31 89%
9240 University Ave NW, Minneapolis 55448 $1,430 2 / 1 990 0.2 mi 2026-09-29 89%

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

  • highPriced well above break-even; negative cash flow at ask Based on: data: underwriting.break_even_price · 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 49 91ST LN NE
  • mediumNo rents, lease status or occupancy stated, so income is unverified Listing says: Turnkey duplex in a fantastic location! · AI review
  • mediumLower unit is partly below grade; confirm egress and that it is a licensed, legal unit Based on: photo 2 · AI review
  • lowWall air conditioner and baseboard heat suggest no central air; one boiler may mean owner-paid heat Based on: photo 6 · AI review

Opportunities

  • 77 days on market gives room to negotiate toward break-even Based on: data: listing.days_on_market · AI review
  • No rent cap, so rents can follow the market Based on: data: underwriting.rent_rule · AI review
  • Detached three-car garage can support parking or garage rent Listing says: detached three-car garage · AI review

Questions for the agent

  • What are the current rents, lease end dates and security deposits for each unit?
  • What are the property taxes, and is the listed figure homestead or non-homestead?
  • Is there one boiler or two, and who pays heat, water and trash?
  • Is the lower unit licensed as a rental with Blaine, and does the bedroom have egress?
  • When was the boiler installed, and what were the permits and dates for the window and plumbing updates?
  • Why has it sat 77 days, and will the seller consider a price near $370K?

Bottom line

Clean, updated Blaine duplex, but at $449,900 it loses money each month and needs a price near $320K to work. 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.$4,262
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,255
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 2026-05-26 (132 days, relisted 1×); last sold for $415,000 on 2022-05-17; listed for rent at $1,850/mo on 2026-05-06.

DateEventPrice
Listed$449,900
Removed—
Listed for rent$1,850/mo
Sold$415,000
Listed$400,000

From the listing Listing

Listed asduplex up and down
Property tax, 2026$4,262
CountyAnoka
Parcel number313123220006

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 Blaine on rental licensing before you buy.