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802 Lehiller St

Duplex · 2 units: 4 bed / 2 bath and 3 bed / 1 bath

Mankato, MN · View the listing ↗

Cash flows
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Photos, via Realtor.com.

Asking price
$249,900
2 units · $125K per unit
Monthly cash flow
$497
at 20% down, 7%
Estimated rent
$3,225/mo
high confidence
Break-even price
$343,296
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This Mankato duplex asks $249,900 for a 4-bed/2-bath upper and a 3-bed/1-bath unit. Our underwriting shows about $497/mo cash flow at a roughly 8.8% cap rate. That leans on actual rents of $1,550 and $900, but the description states no rents, so treat those as unverified until you see leases. The county parcel match failed, so taxes are unknown and could move the numbers a lot. It has sat 116 days, so there's room to negotiate. Get the rent roll, tax bill and rental license first, then see it if those hold up.

Things to consider

  1. Taxes are unknown The county record didn't match, so the tax bill is missing from the cash flow. A non-owner-occupied reassessment could cut that $497/mo quickly.
  2. Rents are unverified but below market Our estimates are higher than the actual rents used. That's upside if tenants are real and rents can reset, but confirm what is actually collected.
  3. Big units mean heavy wear and utility questions A 4-bed and a 3-bed carry more wear and turnover cost. Who pays utilities could change net income.Listing says: “Unit 2 offers a comfortable 3-bedroom, 1-bathroom layout with its own private entrance”
  4. Systems are undisclosed A 1958 building could have older heating, wiring and roof. Reserves for these could eat the projected cash flow.
  5. Interior updates look cosmetic Flooring, counters and paint look fresh, but that doesn't tell you about mechanicals or moisture.From photo 5
  6. Long time on market 116 days gives leverage to negotiate, and the break-even price of $343,296 suggests the ask is not the limit if numbers verify.

From the photos

Listing photo 1
1 of 6Plus

Bedrooms have fairly clean carpet, textured ceilings and wood-trimmed windows with closets. Finishes look dated but serviceable.

Listing photo 5
2 of 6Check

Kitchen has oak cabinets, laminate-style counters and vinyl plank flooring. Cabinets look older; flooring and counters appear refreshed cosmetically.

Listing photo 4
3 of 6Plus

Bathroom has a fiberglass tub surround, newer-looking vanity and vinyl plank floor. Appears low-cost and recently updated.

Listing photo 7
4 of 6Plus

Laundry/utility room with washer and dryer and vinyl plank flooring. It appears to be in-unit laundry for one unit.

Listing photo 10
5 of 6Check

Living room has newer-looking vinyl plank, large windows and an entry door. The windows appear to be older single-pane-style frames; check type and condition.

Listing photo 1
6 of 6Check

No photos of exterior, roof, furnace, water heater, electrical panel, basement or Unit 2 are clearly identified. Systems and building condition can't be judged.

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

Condition and repairs

  • doneQuality updates cited, no specifics (new refrigerator named)Listing says: strong rental history and quality updates
  • doneNew refrigerator in Unit 1Listing says: a full appliance package including a washer, dryer, and a new refrigerator

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
$249,900
Cash to close
$57,477
Price per unit
$124,950
GRM
6.5

Each month

Cash flow
$497/mo
Cash-on-cash
10.4%
Cap rate
8.8%
DSCR
1.37×

Break-even

Price that breaks even
$343,296
Rent that breaks even
$2,588/mo

Long run

Year 30: property vs stocks
$1.80M vs $447K
Cash flow turns positive
year 2

Monthly

Monthly breakdown

Rent$3,225
Vacancy (6%)−$194
Collected$3,032
Property tax Listing−$267
Insurance Estimate−$192
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$258
Capital reserve (8% of rent)−$258
Net operating income$1,827
Mortgage (principal + interest)−$1,330
Cash flow$497
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$1,798,830
Your equity when you sell
$570,179

Sells for $606,573 (value up 3% a year), minus 6% selling cost ($36,394). Rent paid down $199,920 of loan.

Rental profits, invested at 7%
$1,228,652

$524,917 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$446,699
Cash to close, invested at 7%
$437,530

$57,477 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$9,169

$1,289 you'd have paid in while the building lost money, invested instead.

The building comes out $1,352,131 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 $1.80M, stocks $447K. 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.

4 bed / 2 bath estimate $1,875/mo · range $1,575–$2,175

AddressRentBd / BaSq ftDistanceListedMatch
224 James Ave, Mankato 56001 $1,979 4 / 2 1,700 1.8 mi 2026-03-03 96%
216 James Ave, Mankato 56001 $2,200 4 / 2 1,200 1.8 mi 2026-04-16 96%
324 James Ave, Mankato 56001 off market $1,829 4 / 2 1,500 1.8 mi 2025-02-13 96%
210 James Ave, Mankato 56001 off market $1,600 4 / 2 1,200 1.8 mi 2025-06-19 96%
526 S 2nd St, Apt 3, Mankato 56001 $1,980 4 / 2 — 1.9 mi 2026-10-01 96%
102 S 5th St, Apt 5, Mankato 56001 off market $1,695 4 / 2 — 2.3 mi 2026-05-06 95%
520 S 2nd St, Mankato 56001 $2,080 4 / 1 1,525 1.9 mi 2026-06-01 90%
529 S 5th St, Mankato 56001 off market $1,600 4 / 1 1,500 2.1 mi 2025-10-25 90%
532 W Wheeler Ave, North, Mankato 56003 off market $1,335 3 / 2 1,395 1.8 mi 2026-06-03 84%
526 S 2nd St, Apt 1, Mankato 56001 $2,475 5 / 2 — 1.9 mi 2022-11-15 84%

3 bed / 1 bath estimate $1,350/mo · range $1,150–$1,550

AddressRentBd / BaSq ftDistanceListedMatch
226 Marcy /Lower 3 Bed St, Unit Main, Mankato 56001 $1,485 3 / 1 1,402 0.9 mi 2025-03-25 98%
225/227/229 State St, Mankato 56001 off market $1,375 3 / 1 1,375 1.6 mi 2025-12-06 97%
121 Ahlstrom Rd, Apt 2, Mankato 56001 off market $1,137 3 / 1 700 1.8 mi 2026-06-04 96%
117 Cherry St, Mankato 56001 $1,640 3 / 1 950 1.9 mi 2026-06-20 96%
120 Locust St, Apt 5, Mankato 56001 off market $1,150 3 / 1 1,300 2.3 mi 2024-04-16 95%
325 E Plum St, Mankato 56001 off market $1,065 3 / 1 1,000 2.4 mi 2026-06-03 95%
604 N 2nd St, Apt 3, Mankato 56001 off market $1,100 3 / 1 900 2.6 mi 2023-02-21 95%
311 Bunting Bedroom 1 Ln, Unit 208, Mankato 56001 off market $1,500 3 / 1 879 2.8 mi 2026-06-02 94%
311 Bunting Ln, Unit 304C, Mankato 56001 off market $1,500 3 / 1 878 2.8 mi 2026-06-02 94%
311 Bunting Ln, Unit 3041, Mankato 56001 off market $1,500 3 / 1 870 2.8 mi 2026-06-02 94%

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

  • highTaxes unknown. No county parcel match, so tax bill and legal unit count are unverified. Based on: data: county.tax · 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 802 LEHILLER ST
  • mediumDescription gives no rents, lease terms or expenses despite calling it a strong rental history. Listing says: This duplex offers strong rental history and quality updates. · AI review
  • mediumFurnace, roof, electrical and water heater are never described. 1958 build. Based on: data: listing.year_built · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 116 days on market
  • Current rents are below market. Rents can reset to market at renewal. Based on: Listing rents vs. our market estimate: Unit 1: 4 bed / 2 bath $1,550 vs $1,875, Unit 2: 3 bed / 1 bath $900 vs $1,350
  • Rents below our estimates: Unit 2 at $900 actual vs $1,350 mid, Unit 1 at $1,550 vs $1,875. No rent cap, so rents can rise at renewal. Based on: data: rent_estimate · AI review
  • 116 days on market suggests room to negotiate on price. Based on: data: listing.days_on_market · AI review

Questions for the agent

  • Can I see the rent roll, leases and lease end dates for both units?
  • What were the last 12 months of taxes, insurance and utility costs?
  • Who pays heat, water and electric in each unit, and are they separately metered?
  • What are the ages of the furnace(s), roof, water heater and electrical panel?
  • Is the rental license current for two units, and is each bedroom legal with egress?
  • Why has it been listed 116 days, and has the price changed?

Bottom line

Numbers look decent on paper and rents have upside, but taxes, leases and systems are all unverified, so get the paperwork before spending time on it. 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.$3,200
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,300
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 2026-06-11 (116 days); last sold for $160,000 on 2022-02-14.

DateEventPrice
Relisted$249,900
Removed—
Listed$249,900
Sold$160,000
Sold$160,000
Price changed$160,000
Listed$167,000
Sold public record$50,000

From the listing Listing

Listed asmulti-family
Property tax, 2026$3,200
CountyBlue Earth County
Parcel numberR50.08.14.379.001

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.