813 4th Ave NW

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 2,772 sq ft

Overpriced

39 photos

Photos, via Realtor.com.

Asking price: $349,500
Monthly cash flow: −$712
Estimated rent: $2,550/mo
Break-even price: $215,770

Adjust the numbers See the full breakdown

From the listing

Super duplex close to downtown and Mayo complex! 3 bedroom 1 bath in main unit and 1 bedroom 1 bath lower. Flexible configuration. Current owners lived in main and rented lower. Perfect for buyer looking to offset payment with additional income. Do you work in Rochester but commute from out of area? Live in the 1 bedroom and rent out the 3 bed or vise versa! Need all 4 bedrooms? Just unlock the door in foyer! The heated, 26x40 garage has 2 separate stalls plus an all-purpose room for any number of uses. The overhead doors are 9'x 7'& 9'x 9'. A stairway leads up to added storage area. The 2 tier deck, storage shed and playhouse complete the backyard. 3 electric meters separate the units and garage. Lots of updates over the years and still room to put your stamp on it. Rental certificate current through July 2027. Move-in ready!

Description from Realtor.com, MLS #7151504. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is an owner-occupant duplex: a 3-bed main unit and a 1-bed lower unit, 7 days on market at $349,500. At that price our underwriting shows about -$712/month and a 3.9% cap rate, and break-even is near $215,770, so as a pure rental it doesn't work at today's rates. Our rent estimate is a generic $1,275 per unit, but a 3-bed upstairs and a 1-bed downstairs should rent differently, so get real comps for each. The listing gives no rents, no tax bill and no utility details, and the parcel didn't match, so verify taxes and the legal unit count first. It only makes sense if you'd live in one unit and the price comes down. Otherwise I'd pass or make a much lower offer.

Things to consider

The price is far above what the rents support Our underwriting shows negative cash flow and a break-even near $215,770. A rental buyer would need a big price drop.
The best fit is a house-hack The seller pitches living in one unit to offset the payment. Your own housing cost is part of the math, so that changes the equation compared with a pure investment.Listing says: “Perfect for buyer looking to offset payment with additional income.”
The unit configuration needs verification A shared foyer with a lockable door means legal separation, egress and licensing matter for insurance and rental permits.Listing says: “Need all 4 bedrooms? Just unlock the door in foyer!”
Rents are unproven and our estimate is generic The 3-bed and 1-bed should rent at different levels than our $1,275 per unit estimate. Get actual rents or local comps before you underwrite.
The garage and separate meters add value The heated garage with a flex room can bring extra income or save you money, and separate electric meters keep tenant utilities off the owner.Listing says: “3 electric meters separate the units and garage.”

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

doneLots of updates over the years, but the seller says there is still room to add your own touchesListing says: Lots of updates over the years and still room to put your stamp on it.

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: $349,500
Cash to close: $80,385
Price per unit: $174,750
GRM: 11.4

Each month

Cash flow: −$712/mo
Cash-on-cash: −10.6%
Cap rate: 3.9%
DSCR: 0.62×

Break-even

Price that breaks even: $215,770
Rent that breaks even: $3,463/mo

Long run

Year 30: property vs stocks: $842K vs $1.06M
Cash flow turns positive: year 20

Monthly

Monthly breakdown

Rent	$2,550
Vacancy (6%)	−$153
Collected	$2,397
Property tax Listing	−$403
Insurance Estimate	−$208
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$204
Capital reserve (8% of rent)	−$204
Net operating income	$1,148
Mortgage (principal + interest)	−$1,860
Cash flow	−$712
Principal paid down (equity, not cash)	$237

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$841,792

Your equity when you sell: $797,428
Rental profits, invested at 7%: $44,363

Same money in stocks$1,055,899

Cash to close, invested at 7%: $611,911
Monthly shortfalls, invested: $443,987

Stocks come out $214,107 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 $842K, stocks $1.06M. Stocks win.

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 bath estimate $1,275/mo · range $1,025–$1,550

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
1204 2nd Ave NW, Rochester 55901 off market	$1,500	2 / 1	—	0.3 mi	2026-01-14	94%
127 12th St NW, Rochester 55901 off market	$1,775	2 / 1	—	0.3 mi	2026-01-14	94%
19 12th St NW, Rochester 55901 off market	$900	2 / 1	—	0.3 mi	2026-01-30	93%
917 N Broadway Ave, Rochester 55906	$1,400	2 / 1	2,000	0.3 mi	2026-01-20	93%
1117 1st St NW, Rochester 55901	$995	2 / 1	—	0.7 mi	2026-09-22	93%
1015 W Center St, Rochester 55902 off market	$950	2 / 1	—	0.7 mi	2026-08-06	93%
1911 Viking Unit Building 8 Dr NW, Apt 35, Roch… off market	$1,300	2 / 1	—	0.9 mi	2025-12-12	93%
317 9th Ave SE, Rochester 55904 off market	$1,300	2 / 1	—	1.2 mi	2026-05-05	92%
420 8th Ave SE, Rochester 55904 off market	$875	2 / 1	—	1.2 mi	2026-04-28	92%
428 9th Ave SE, Rochester 55904 off market	$1,095	2 / 1	—	1.3 mi	2026-06-11	92%

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

mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 813 4TH AVE NW
mediumAsking is $133,730 above the price where cash flow breaks even ($215,770) at the default scenario. Based on: Derived: price $349,500 vs. break-even $215,770
mediumThe lower unit is connected to the main unit by a door in the foyer. Confirm it is a legally separate unit with its own egress. Listing says: Need all 4 bedrooms? Just unlock the door in foyer! · AI review
mediumThe listing is pitched at owner-occupants and gives no rent history. Income is unproven. Listing says: Current owners lived in main and rented lower. · AI review
mediumTaxes, unit count and special assessments are unverified because the parcel didn't match. Based on: data: county.tax · AI review

Opportunities

House-hack: live in one unit and rent the other to offset the payment. Listing says: Perfect for buyer looking to offset payment with additional income. · AI review
A heated 26x40 garage with two stalls and a flex room could earn extra rent as storage or workshop space. It has its own electric meter. Listing says: The heated, 26x40 garage has 2 separate stalls plus an all-purpose room · AI review
The area near Mayo gives access to a steady medical-worker tenant pool. Listing says: Super duplex close to downtown and Mayo complex! · AI review

Questions for the agent

Can I see the rental certificate and the rental history for the lower unit, including rents and vacancy?
What are the real property taxes, and are there any special assessments?
Who pays heat and water? Is there one furnace and one water heater, or separate systems?
What are the ages of the roof, furnace, water heater and electrical panels?
Is the lower unit legally a separate unit with proper egress, and does the foyer door lock from both sides?
What do the three electric meters cover, and what do the garage's operating costs run?

Bottom line

A well-kept owner-occupant duplex, but at $349,500 the rental numbers lose money every month, so it only works as a house-hack at a lower price. 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.	$4,834
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,493
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 2026-09-28 (7 days); last sold for $136,000 on 2011-10-14.

Date	Event	Price
2026-09-28	Listed	$349,500
2011-10-14	Sold	$136,000
2011-07-15	Listed	$134,900
2005-06-09	Sold public record	$112,000
1994-05-01	Sold public record	$61,000

From the listing Listing

Listed as	duplex up and down
Property tax, 2026	$4,834
County	Olmsted
Parcel number	743513015636

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 Rochester on rental licensing before you buy.