616 N Broad St

Duplex · 2 units: 2 bed / 1 bath ×2 · 2,358 sq ft

Overpriced

26 photos

Photos courtesy of True Real Estate - Broker, via Realtor.com.

Asking price: $250,000
Monthly cash flow: −$516
Estimated rent: $2,000/mo
Break-even price: $152,962

Adjust the numbers See the full breakdown

From the listing

Here's your opportunity to own a character-filled investment property with timeless curb appeal and solid updates. This spacious up/down duplex features an impressive original brick exterior, stunning woodwork, and architectural details that are hard to find-including a distinctive spire that makes this property an unforgettable local landmark. Each spacious unit offers 2 bedrooms, 1 bathroom, separate utilities, and its own washer and dryer, making management simple and convenient for both owner and tenants. Rich original woodwork, tall ceilings, and historic charm create inviting living spaces that tenants will appreciate. Outside, you'll find a large backyard and a rare triple detached garage, providing plenty of parking and storage. Major improvements have already been completed, including newer windows, roof, and gutters-all approximately four years old. The iconic spire was professionally painted at the same time, and the interior was refreshed with updated ceiling fans and light fixtures throughout. A walk-up attic provides exceptional storage and offers future potential. Whether you're looking to expand your investment portfolio or occupy one unit while generating rental income from the other, this well-maintained duplex blends historic character with practical updates and strong income-producing potential. Opportunities to own a property with this much charm, space, and architectural presence don't come along often.

Listing courtesy of True Real Estate - Broker (Michelle Starkey). Description from Realtor.com, MLS #267041113. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a charming 1884 brick up/down with two 2-bed/1-bath units, separate utilities and in-unit laundry, which keeps owner expenses simple. The numbers don't work at $250K: our model shows about -$516/mo at 20% down and a 3.9% cap rate, and break-even is near $153K. Our rent estimate is $1,000 mid for each unit, and the 'actual' figure of $1,250 per unit is still not enough to close that gap. The listing gives no rents, lease terms, taxes or expenses, and we couldn't match a county parcel, so get the rent roll and tax bill first. The photos show dated kitchens and a stone foundation, so a showing is only worth it if the seller will come down hard, or if you want to live in one unit.

Things to consider

Price is far above what the rents support At $250K the model loses about $516/mo and break-even is near $153K. Even at $1,250 per unit, the gap is large.
Income is unverified The description gives no rents or leases, so you cannot confirm the $1,250 per unit that would be needed for even modest returns.Listing says: “strong income-producing potential”
Separate utilities and in-unit laundry cut owner costs If tenants pay their own utilities, owner expenses stay mostly taxes, insurance and repairs, which makes the budget easier to predict.Listing says: “separate utilities, and its own washer and dryer”
Roof, windows and gutters were recently replaced These are big-ticket items that are already done, which lowers near-term capex risk.Listing says: “newer windows, roof, and gutters-all approximately four years old”
Taxes and unit count are unverified We couldn't match the county parcel, so taxes could be higher than assumed and the legal unit count and rental license need to be confirmed.
Stone foundation on a building from 1884 Old stone foundations can leak or shift. Get a structural inspection before relying on the numbers.From photo 8

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

doneNewer windows, roof and gutters, about four years oldListing says: Major improvements have already been completed, including newer windows, roof, and gutters-all approximately four years old.
doneSpire professionally paintedListing says: The iconic spire was professionally painted at the same time
doneUpdated ceiling fans and light fixturesListing says: the interior was refreshed with updated ceiling fans and light fixtures throughout

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: $250,000
Cash to close: $57,500
Price per unit: $125,000
GRM: 10.4

Each month

Cash flow: −$516/mo
Cash-on-cash: −10.8%
Cap rate: 3.9%
DSCR: 0.61×

Break-even

Price that breaks even: $152,962
Rent that breaks even: $2,671/mo

Long run

Year 30: property vs stocks: $594K vs $737K
Cash flow turns positive: year 21

Monthly

Monthly breakdown

Rent	$2,000
Vacancy (6%)	−$120
Collected	$1,880
Property tax Listing	−$277
Insurance Estimate	−$219
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$160
Capital reserve (9% of rent)	−$180
Net operating income	$814
Mortgage (principal + interest)	−$1,331
Cash flow	−$516
Principal paid down (equity, not cash)	$169

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$594,234

Your equity when you sell: $570,407
Rental profits, invested at 7%: $23,827

Same money in stocks$737,412

Cash to close, invested at 7%: $437,705
Monthly shortfalls, invested: $299,708

Stocks come out $143,178 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 $594K, stocks $737K. 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 $1,000/mo · range $950–$1,150 · 6 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
225 E Spring St, Mankato	$965	2 / 1	755	0.1 mi	2026-09-11	Apartment
535 N 4th St, Mankato	$935	2 / 1	750	0.1 mi	2026-06-03	Apartment
426 N 5th St Apt 1, Mankato	$875	2 / 1	672	0.2 mi	2025-07-24	Apartment
501 N 5th St Unit 1/2, Mankato	$1,070	2 / 1	896	0.2 mi	2026-06-15	Apartment
405 N 5th St, Mankato	$1,200	2 / 1	776	0.3 mi	2025-01-03	Apartment
630 Lyndale St, North Mankato	$895	2 / 1	551	0.5 mi	2026-06-26	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

highNo rents, lease terms or expenses given; income is unverified Listing says: strong income-producing potential · 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 616 BROAD ST N
mediumAsking is $97,038 above the price where cash flow breaks even ($152,962) at the default scenario. Based on: Derived: price $250,000 vs. break-even $152,962
medium61 days on market at a price our numbers say is too high Based on: data: listing.days_on_market · AI review
mediumListing says 3 beds / 2 baths total, which conflicts with 2 bed / 1 bath per unit; confirm the layout and legal unit count Based on: data: listing.beds · AI review
mediumStone foundation on an 1884 building needs a structural and moisture inspection Based on: photo 8 · AI review

Opportunities

Walk-up attic could add storage or possibly more living space, subject to code and egress Listing says: A walk-up attic provides exceptional storage and offers future potential. · AI review
Triple detached garage could bring garage rent or add value for tenants Listing says: a rare triple detached garage, providing plenty of parking and storage · AI review
House-hack option: live in one unit and rent the other Listing says: occupy one unit while generating rental income from the other · AI review
Mankato has no rent cap, so rents can follow the market after updates Based on: data: underwriting.rent_rule · AI review

Questions for the agent

What are the current rents, lease end dates and deposits for each unit? Are the leases month-to-month?
Can I see the last 12 months of expenses and the actual tax bill, including any special assessments?
Is the property licensed as a two-unit rental in Mankato, and when was the last inspection?
How old are the boilers or furnaces, water heaters and electrical panels, and are the units separately metered for gas and electric?
Why does the listing say 3 beds / 2 baths overall when each unit is described as 2 bed / 1 bath?
What is the seller's reasoning for the price after 61 days, and would they consider a cut?

Bottom line

Good-looking, well-updated brick duplex, but at $250K it loses money every month and only works near $153K or as a house-hack. 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.	$3,322
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,628
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 1884: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-08-05 (61 days); last sold for $197,500 on 2022-01-24.

Date	Event	Price
2026-08-05	Listed	$250,000
2022-01-24	Sold	$197,500
2021-11-30	Listed	$209,900
1986-06-01	Sold public record	$39,500

From the listing Listing

Listed as	multi-family
Property tax, 2026	$3,322
County	Blue Earth County
Parcel number	R01.09.07.409.017

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.