815 2nd Ave NW

Duplex · 2 units: 3 bed / 2 bath and 2 bed / 2 bath unit split estimated · 2,398 sq ft

Cash flows

36 photos

Photos courtesy of Exp Realty - Broker, via Realtor.com.

Asking price: $284,500
Monthly cash flow: $289
Estimated rent: $3,325/mo
Break-even price: $338,717

Adjust the numbers See the full breakdown

From the listing

Opportunity awaits! This well-maintained duplex offers a fantastic opportunity to step into homeownership while also enjoying the benefits of an income-producing property. Whether you're looking to add to your investment portfolio or purchase your first property and offset your monthly expenses with rental income from the second unit, this one is worth a look. Both units feature nice updates throughout while maintaining a comfortable, welcoming feel. With two separate living spaces, this property offers flexibility for an owner-occupant or investor alike. Live in one unit and rent the other, or utilize both as rental opportunities-the choice is yours! If you've been looking for a smart way to get started in real estate ownership, this home offers an exciting combination of versatility, potential, and value. Schedule your showing and come see the possibilities this duplex has to offer!

Listing courtesy of Exp Realty - Broker (Lacie Nelson). Description from Realtor.com, MLS #7143175. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

The description has no rents, no utilities, no heat type and no repair history, so it's mostly marketing copy. Our model gets about $289/month cash flow and a 7.6% cap at the ask with 20% down, using estimated rents of roughly $1,800 and $1,525. That only holds if taxes and expenses are close to what we assumed, and the county record didn't match. First get the rent roll, tax bill, heat setup and the number of meters. The photos show dated but clean kitchens and baths, so it's worth a showing if the real rents come close to the estimates.

Things to consider

Income is unverified Cash flow of $289/month rests on our estimated rents. If actual rents run lower, the deal gets thin quickly.
Taxes and unit count are unverified The county parcel didn't match. Taxes are a big expense line, and a wrong assumption can erase the cash flow.
Systems on a 1900 building are unknown Heat, wiring, plumbing and roof can be big costs, and none are described or shown in the photos.
Owner-occupant angle may help financing Living in one unit can open lower down-payment loans and make the numbers easier. Investor numbers are tighter.Listing says: “Live in one unit and rent the other, or utilize both as rental opportunities”
Cosmetic condition looks dated, not neglected Dated oak kitchens and basic baths are usable now, but updates would cost money if you want to push rents up.From photo 6

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

doneBoth units described as having updates, though specifics (what, when) are not givenListing says: Both units feature nice updates throughout while maintaining a comfortable, welcoming feel.

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: $284,500
Cash to close: $65,435
Price per unit: $142,250
GRM: 7.1

Each month

Cash flow: $289/mo
Cash-on-cash: 5.3%
Cap rate: 7.6%
DSCR: 1.19×

Break-even

Price that breaks even: $338,717
Rent that breaks even: $2,950/mo

Long run

Year 30: property vs stocks: $1.67M vs $498K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$3,325
Vacancy (6%)	−$200
Collected	$3,126
Property tax Listing	−$308
Insurance Estimate	−$220
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$266
Capital reserve (9% of rent)	−$299
Net operating income	$1,803
Mortgage (principal + interest)	−$1,514
Cash flow	$289
Principal paid down (equity, not cash)	$193

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$1,667,192

Your equity when you sell: $649,123
Rental profits, invested at 7%: $1,018,069

Same money in stocks$498,108

Cash to close, invested at 7%: $498,108

The building comes out $1,169,084 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 $1.67M, stocks $498K. 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 / 2 bath estimate $1,800/mo · range $1,475–$2,100

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
9 1st St SW, Apt 1, Faribault 55021	$1,650	3 / 1	—	0.7 mi	2026-09-22	88%
209 8th St NW, Unit Lower, Faribault 55021 off market	$1,100	2 / 1	—	0.1 mi	2026-01-28	80%
956 6th Ave SW, Faribault 55021 off market	$1,250	2 / 1	—	1.4 mi	2022-11-21	78%
1469 S Trail Cir, Ste 110, Faribault 55021 off market	$2,000	3 / 2	1,655	1.9 mi	2026-06-26	75%
416 1st St SW, Faribault 55021 off market	$1,950	3 / 1.5	1,680	0.7 mi	2026-05-04	75%
31 3rd St NE, Apt 301, Faribault 55021 off market	$1,650	2 / 1	1,400	0.5 mi	2026-06-15	75%
31 3rd St NE, Apt 201, Faribault 55021 off market	$2,200	2 / 1	1,400	0.5 mi	2026-04-07	75%
26 6th St NW, Faribault 55021 off market	$1,450	3 / 1	—	0.2 mi	2024-04-24	75%
911 Willow St, Faribault 55021 off market	$1,995	3 / 2	1,450	1.3 mi	2026-03-22	74%
620 Prairie Ave Sw Unit B, Faribault 55021	$1,800	3 / 1.5	1,650	1.4 mi	2026-09-10	74%

2 bed / 2 bath estimate $1,525/mo · range $1,175–$1,850

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
209 8th St NW, Unit Lower, Faribault 55021 off market	$1,100	2 / 1	—	0.1 mi	2026-01-28	89%
956 6th Ave SW, Faribault 55021 off market	$1,250	2 / 1	—	1.4 mi	2022-11-21	87%
31 3rd St NE, Apt 301, Faribault 55021 off market	$1,650	2 / 1	1,400	0.5 mi	2026-06-15	85%
31 3rd St NE, Apt 201, Faribault 55021 off market	$2,200	2 / 1	1,400	0.5 mi	2026-04-07	85%
31 3rd St NE, Apt 203, Faribault 55021 off market	$1,650	2 / 1	1,200	0.5 mi	2026-06-24	83%
415 9th St NW, Apt 3, Faribault 55021	$1,275	2 / 1	1,092	0.2 mi	2026-10-05	82%
1711 Sw 2nd St, Apt 1, Faribault 55021 off market	$1,250	2 / 1	1,100	1.4 mi	2026-06-08	80%
209 8th St NW, Faribault 55021	$825	1 / 1	—	0.1 mi	2025-02-26	80%
1723 2nd St SW, Faribault 55021	$1,250	2 / 1	1,000	1.4 mi	2026-05-05	79%
1711 Sw 2nd St, Apt 2, Faribault 55021 off market	$1,250	2 / 1	1,000	1.4 mi	2026-05-14	79%

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

highNo rents, lease terms, or occupancy given. Income is entirely our estimate. Based on: data: rent_estimate · 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 815 2ND AVE NW
mediumVague 'nice updates' claim with no dates or specifics on roof, mechanicals, or electrical. Listing says: Both units feature nice updates throughout while maintaining a comfortable, welcoming feel. · AI review
medium1900 build with no heating, panel, or foundation information provided. Based on: data: listing.year_built · AI review

Opportunities

House-hack: live in one unit and rent the other, which may allow owner-occupant financing. Listing says: Live in one unit and rent the other, or utilize both as rental opportunities · AI review
Model shows positive cash flow and a 7.6% cap at asking price, with break-even price well above ask. Based on: data: underwriting · AI review

Questions for the agent

What are the current rents, lease types and end dates for each unit? Can I see the rent roll and leases?
Is each unit separately metered for gas, electric and water? What's the heat type and who pays?
What specifically was updated, and when: roof, furnace or boiler, water heater, electrical panel, windows?
What are the annual taxes, and is the property licensed as a rental in Faribault?
What's the actual bed/bath count per unit? Listing shows 5 bed / 4 bath total.
Why is the seller selling, and are any units vacant or owner-occupied?

Bottom line

Clean but dated duplex that pencils at the ask on estimated rents, but with no rents, systems or tax data given, you have to verify the income first. 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.	$3,690
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,639
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 1900: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-09-21 (14 days); last sold for $225,000 on 2022-10-12.

Date	Event	Price
2026-09-21	Listed	$284,500
2022-10-12	Sold public record	$225,000
2020-01-07	Sold	$188,000
2019-10-16	Listed	$199,900
2018-10-12	Sold	$140,000
2018-08-17	Listed	$140,000

From the listing Listing

Listed as	duplex side x side
Property tax, 2026	$3,690
County	Rice
Parcel number	1830450040

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 Faribault on rental licensing before you buy.