904 1st St SE

Duplex · 2 units: 2 bed / 1.5 bath and 1 bed / 1.5 bath unit split estimated · 1,792 sq ft

44 photos

Photos courtesy of National Realty Guild - Broker, via Realtor.com.

Asking price: $279,900
Monthly cash flow: −$199
Estimated rent: $2,625/mo
Break-even price: $242,452

Adjust the numbers See the full breakdown

From the listing

Come see this beautifully updated up/down duplex in a wonderful neighborhood, just a short walk from all the amenities Downtown Rochester has to offer! The main-level apartment features a 2-bedroom, 1-bath layout, a full unfinished basement with loads of storage space, and in-unit laundry. The upper-level apartment offers a 1-bedroom, 1-bath layout with an open floor plan and private laundry. Both units include one garage stall and off-street parking. /// The main-level resident has lived in the home for years and would love to stay long-term, while the upper unit is currently vacant and ready for an owner-occupant or a new tenant to provide additional cash flow. Perfectly located within walking distance of Mayo Clinic, Mayo Field, Riverfest, downtown activities, and river walking paths--this duplex is a must-see! /// Owner is the Listing Agent ///

Listing courtesy of National Realty Guild - Broker (Nathan Thorvilson). Description from Realtor.com, MLS #7073583. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1915 up/down duplex priced at $279,900, and our numbers don't work at the ask: about -$200 a month with a 5.5% cap rate, and break-even is near $242,500. It has sat 145 days, so there's room to push on price. The main unit has a long-term tenant, but the listing gives no rent, lease terms or expenses, and the upper unit is vacant, so income is unproven. The county parcel didn't match, so taxes and unit count are unverified. Start by getting the rent roll, the tax bill and the rental license status. Worth a showing only if the seller moves toward the low $240Ks.

Things to consider

Price is above what the numbers support Our underwriting shows negative monthly cash flow and a break-even price about $37K under the ask. You would be paying for the 'updated' label.
Income is unverified No rents are stated, and one unit is vacant. Underwrite from our estimates only until you see the rent roll and the lease.Listing says: “The main-level resident has lived in the home for years and would love to stay long-term”
Taxes and unit count are unconfirmed The county parcel didn't match, so the real tax bill could shift cash flow. An investor may also pay a non-homestead rate.
Long time on market gives you leverage 145 days suggests the market isn't accepting this price. Use it to negotiate.
Systems are unknown and unphotographed A 1915 building may have old wiring, plumbing or a stone foundation. Get an inspection before relying on the 'updated' claim.Listing says: “beautifully updated up/down duplex in a wonderful neighborhood”
Owner-occupant option widens the exit The vacant upper unit suits an owner who lives upstairs, which can improve financing and buyer demand.Listing says: “the upper unit is currently vacant and ready for an owner-occupant or a new tenant”

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

doneListing calls the duplex beautifully updated, but gives no specifics on what was updated or whenListing says: beautifully updated up/down duplex in a wonderful neighborhood

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: $279,900
Cash to close: $64,377
Price per unit: $139,950
GRM: 8.9

Each month

Cash flow: −$199/mo
Cash-on-cash: −3.7%
Cap rate: 5.5%
DSCR: 0.87×

Break-even

Price that breaks even: $242,452
Rent that breaks even: $2,877/mo

Long run

Year 30: property vs stocks: $936K vs $541K
Cash flow turns positive: year 7

Monthly

Monthly breakdown

Rent	$2,625
Vacancy (6%)	−$158
Collected	$2,468
Property tax Listing	−$347
Insurance Estimate	−$206
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (7% of rent)	−$184
Capital reserve (8% of rent)	−$210
Net operating income	$1,290
Mortgage (principal + interest)	−$1,490
Cash flow	−$199
Principal paid down (equity, not cash)	$190

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$935,791

Your equity when you sell: $638,628
Rental profits, invested at 7%: $297,163

Same money in stocks$540,756

Cash to close, invested at 7%: $490,054
Monthly shortfalls, invested: $50,702

The building comes out $395,035 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 $936K, stocks $541K. 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.

2 bed / 1.5 bath estimate $1,375/mo · range $1,100–$1,650

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
917 N Broadway Ave, Rochester 55906	$1,400	2 / 1	2,000	1.0 mi	2026-01-20	94%
317 9th Ave SE, Rochester 55904 off market	$1,300	2 / 1	—	0.2 mi	2026-05-05	91%
420 8th Ave SE, Rochester 55904 off market	$875	2 / 1	—	0.3 mi	2026-04-28	91%
428 9th Ave SE, Rochester 55904 off market	$1,095	2 / 1	—	0.3 mi	2026-06-11	91%
1550-1586 1/2 St SE, Rochester 55904 off market	$1,325	2 / 1.5	1,092	0.4 mi	2025-12-10	90%
226 11th St SE, Rochester 55904 off market	$1,000	2 / 1	—	1.0 mi	2026-05-30	90%
19 12th St NW, Rochester 55901 off market	$900	2 / 1	—	1.1 mi	2026-01-30	90%
1204 2nd Ave NW, Rochester 55901 off market	$1,500	2 / 1	—	1.2 mi	2026-01-14	90%
127 12th St NW, Rochester 55901 off market	$1,775	2 / 1	—	1.2 mi	2026-01-14	90%
842 7th Ave SW, Rochester 55902 off market	$1,600	2 / 1	—	1.2 mi	2026-03-18	90%

1 bed / 1.5 bath estimate $1,250/mo · range $1,025–$1,450

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
712 10th Ave SE, Rochester 55904 off market	$1,200	1 / 1	1,400	0.5 mi	2026-07-08	92%
815 9th Ave SE, Apt 6, Rochester 55904	$900	1 / 1	—	0.5 mi	2026-10-02	91%
815 9th Ave SE, Apt 1, Rochester 55904 off market	$900	1 / 1	—	0.5 mi	2026-08-26	91%
515 1st Ave SW, Rochester 55902	$1,695	1 / 1	—	0.8 mi	2025-04-02	90%
1209.5 13th Ave NE, Rochester 55906 off market	$950	1 / 1	—	0.9 mi	2026-04-02	90%
301 15th St NE, Rochester 55906	$1,155	1 / 1	—	1.1 mi	2026-07-21	90%
1511 3rd Ave NE, Rochester 55906 off market	$1,155	1 / 1	—	1.1 mi	2026-04-22	90%
211 15th St NE, Rochester 55906 off market	$1,025	1 / 1	—	1.1 mi	2025-12-05	90%
300 16th St NE, Rochester 55906 off market	$1,155	1 / 1	—	1.2 mi	2026-07-21	90%
802 2nd St NW, Rochester 55901 off market	$1,235	1 / 1	—	1.2 mi	2026-06-02	90%

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 904 1ST ST SE
mediumUpper unit is vacant, so the income shown for it is only an estimate Listing says: the upper unit is currently vacant and ready for an owner-occupant or a new tenant · AI review
mediumOwner is the listing agent, so the agent's answers come from the seller. Verify rents and expenses independently. Listing says: Owner is the Listing Agent · AI review
mediumNo rent, lease or expense figures in the listing, so the main unit's income is unknown Listing says: The main-level resident has lived in the home for years and would love to stay long-term · AI review
lowPhoto 8 shows a sloped plank ceiling and dated finishes in the bedroom, so interior condition is mixed despite the 'updated' claim Based on: photo 8 · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 145 days on market
Long-tenured main-level tenant could mean low turnover. Confirm the rent isn't far below market. Listing says: The main-level resident has lived in the home for years and would love to stay long-term · AI review
Vacant upper unit can be rented at today's market rent, or lived in by an owner-occupant to offset the mortgage Listing says: the upper unit is currently vacant and ready for an owner-occupant or a new tenant · AI review
Walkable location near Mayo Clinic supports rental demand Listing says: within walking distance of Mayo Clinic, Mayo Field, Riverfest, downtown activities · AI review
145 days on market suggests the seller may negotiate Based on: data: listing.days_on_market · AI review

Questions for the agent

What does the main-level tenant pay, and is there a written lease or is it month-to-month?
Why has the vacant upper unit sat empty, and what was the last rent?
What are the annual taxes, and how are the units metered for gas, electric and water?
What exactly was updated, and when (roof, wiring, plumbing, furnaces)?
Is the property licensed as a rental, and does the city list two units?
Are the laundry hookups and garage stalls separate for each unit?

Bottom line

Walkable to Mayo and nicely located, but at the ask it loses money on our numbers, so it needs a price cut and a verified rent roll. 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.	$4,167
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,473
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 1915: +1 pt capital reserve; "fully updated" in the description: -1 pts each	7% / 8%

Price history Realtor.com

On the market since 2026-05-13 (145 days); down $20,000 (6.7%) from the first ask of $299,900; last sold for $98,000 on 2010-12-27; listed for rent at $995/mo on 2016-08-02.

Date	Event	Price
2026-09-10	Price changed	$279,900
2026-08-24	Price changed	$294,900
2026-06-25	Relisted	$299,900
2026-06-24	Removed	—
2026-05-13	Listed	$299,900
2016-08-13	Rental removed	$995/mo
2016-08-02	Listed for rent	$995/mo
2012-03-21	Removed	$109,900
2010-12-27	Sold	$98,000
2010-07-12	Price changed	$109,900
2010-06-28	Price changed	$114,900
2010-06-07	Price changed	$119,900
2010-05-13	Price changed	$123,900
2010-05-03	Listed	$128,900
2010-04-26	Listed	$109,900

From the listing Listing

Listed as	duplex up and down
Property tax, 2026	$4,167
County	Olmsted
Parcel number	743634026535

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.