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849 11 1/2 St SW

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 1,560 sq ft

Rochester, MN · View the listing ↗

Far off
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Photos courtesy of Edina Realty, Inc., via Realtor.com.

Asking price
$400,000
2 units · $200K per unit
Monthly cash flow
−$1,218
at 20% down, 7%
Estimated rent
$2,350/mo
medium confidence
Break-even price
$171,163
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a 1958 side-by-side brick duplex with two 2-bed/1-bath units, asking $400,000. Our rent estimate is about $1,175 per unit, or roughly $2,350 a month combined, and that gives a 2.7% cap rate and about -$1,218 a month at the default scenario. Break-even is near $171K, so the ask is more than double what the rents support. The listing gives no rents, taxes or expenses, and county records didn't match, so get the rent roll, the tax bill and the rental license first. One unit is only 'pending' rental. I'd skip a showing unless the price drops sharply or the actual rents are far above our estimate.

Things to consider

  1. Price is far above what the rents support At about $2,350 a month in estimated rent, cash flow is deeply negative at $400K. Break-even is about $171K.
  2. Income is unproven One unit is rented and one is pending, and no rents are stated. You'd be underwriting on estimates.Listing says: “one unit is rented, while the other is pending”
  3. Taxes and unit count unverified County records didn't match, so the real tax bill could widen the gap. Verify before any offer.
  4. Dated interiors will need cash over time Kitchens and baths look original, so expect updates to hold rents at market and to attract tenants.From photo 10
  5. Strong location for tenant demand Proximity to the hospitals and downtown supports occupancy, which helps, but not enough to offset the price.Listing says: “just a short distance from St. Mary's, Mayo, and downtown”

From the photos

Listing photo 1
1 of 7Check

Brick exterior looks sound and low-maintenance; the roof appears older asphalt shingle, so age is worth confirming.

Listing photo 2
2 of 7Plus

Rear shows two entrances with steps and railings, which supports two separate units; outdoor AC condensers appear to be visible, suggesting separate cooling.

Listing photo 10
3 of 7Concern

Kitchen has dated wood cabinets, laminate counters and older appliances; it appears original or very old and not renovated.

Listing photo 4
4 of 7Plus

Bathroom has dated tile and a tub surround, but it appears clean and serviceable with no obvious water damage.

Listing photo 3
5 of 7Concern

Carpet in the living areas and bedrooms looks worn in places; budget for replacement at turnover.

Listing photo 6
6 of 7Check

Baseboard heat appears visible in a bedroom, so heating may be electric baseboard; confirm the system and cost per unit.

Listing photo 1
7 of 7Check

No photos of basement, mechanicals, electrical panel, roof or garage, so the key systems are unseen.

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

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
$400,000
Cash to close
$92,000
Price per unit
$200,000
GRM
14.2

Each month

Cash flow
−$1,218/mo
Cash-on-cash
−15.9%
Cap rate
2.7%
DSCR
0.43×

Break-even

Price that breaks even
$171,163
Rent that breaks even
$3,911/mo

Long run

Year 30: property vs stocks
$913K vs $1.78M
Cash flow turns positive
not within 30 years

Monthly

Monthly breakdown

Rent$2,350
Vacancy (6%)−$141
Collected$2,209
Property tax Listing−$510
Insurance Estimate−$182
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$188
Capital reserve (8% of rent)−$188
Net operating income$911
Mortgage (principal + interest)−$2,129
Cash flow−$1,218
Principal paid down (equity, not cash)$271

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$912,651
Your equity when you sell
$912,651

Sells for $970,905 (value up 3% a year), minus 6% selling cost ($58,254). Rent paid down $320,000 of loan.

Rental profits, invested at 7%
$0

$0 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,781,423
Cash to close, invested at 7%
$700,327

$92,000 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$1,081,095

$291,113 you'd have paid in while the building lost money, invested instead.

Stocks come out $868,772 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 $913K, stocks $1.78M. 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 $1,175/mo · range $900–$1,425

AddressRentBd / BaSq ftDistanceListedMatch
842 7th Ave SW, Rochester 55902 off market $1,600 2 / 1 — 0.4 mi 2026-03-18 93%
1239 3rd Ave SW, Rochester 55902 off market $950 2 / 1 — 0.5 mi 2026-02-09 93%
226 11th St SE, Rochester 55904 off market $1,000 2 / 1 — 0.8 mi 2026-05-30 93%
423 4th Ave SE, Rochester 55904 off market $900 2 / 1 1,200 1.2 mi 2026-01-03 93%
1348 5th Ave SE, Apt 3, Rochester 55904 off market $1,075 2 / 1 — 1.1 mi 2026-08-14 92%
1348 5th Ave SE, # A1348-03, Rochester 55904 off market $1,100 2 / 1 — 1.1 mi 2026-05-05 92%
1015 W Center St, Rochester 55902 off market $950 2 / 1 — 1.1 mi 2026-08-06 92%
1117 1st St NW, Rochester 55901 $995 2 / 1 — 1.1 mi 2026-09-22 92%
619 14th Street Se / 1351 7th Ave SE, Rochester 55904 off market $1,700 2 / 1 — 1.1 mi 2026-02-07 92%
420 8th Ave SE, Rochester 55904 off market $875 2 / 1 — 1.4 mi 2026-04-28 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 849 11 1/2 ST SW
  • mediumAsking is $228,837 above the price where cash flow breaks even ($171,163) at the default scenario. Based on: Derived: price $400,000 vs. break-even $171,163
  • mediumOnly one unit is currently rented; the second is not yet leased, so income is unproven. Listing says: one unit is rented, while the other is pending · AI review
  • mediumNo taxes, rents or expenses given, and county parcel match failed, so the true tax bill is unknown. Based on: data: county.tax · AI review
  • lowShared garage and likely shared systems could complicate splitting costs and tenant responsibilities. Listing says: Separate entrances and a shared 2 car garage. · AI review

Opportunities

  • One-level units with basements and separate entrances; basements may add storage or value if usable. Listing says: Each unit has 2 bedrooms, 1 full bath, kitchen, living room, and basement. · AI review
  • Close to hospital employers (St. Mary's, Mayo) and downtown, which supports tenant demand. Listing says: just a short distance from St. Mary's, Mayo, and downtown · AI review
  • No rent cap, so rents can follow the market after any refresh. Based on: data: underwriting.rent_rule · AI review

Questions for the agent

  • What are the actual rent and lease terms for the rented unit, and what is the pending unit's expected rent and start date?
  • What are the annual property taxes, and is the listed figure for a homestead?
  • Do the units have separate meters and furnaces, and who pays what utility?
  • How old are the roof, furnaces, water heaters and electrical panels?
  • Can I see the rental certificate and any inspection reports?
  • Why is it priced at $400K, and have there been any offers or price changes?

Bottom line

Tidy brick side-by-side in a good rental location, but $400K is far above what two 2-beds can support, so it only works at a much 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.$6,114
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,190
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 2026-09-10 (25 days); last sold for $104,900 on 1997-10-30.

DateEventPrice
Listed$400,000
Sold public record$104,900

From the listing Listing

Listed asduplex side x side
Property tax, 2026$6,114
CountyOlmsted
Parcel number640233001754

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.