1028 S Cedar Ave

45 photos

Photos courtesy of RE/MAX Advantage Plus, via Realtor.com.

Asking price: $255,000
Monthly cash flow: −$66
Estimated rent: $2,725/mo
Break-even price: $242,608

Adjust the numbers See the full breakdown

From the listing

Looking for a way to own a home while generating rental income? Welcome to 1028 S Cedar Ave in Owatonna! This side-by-side duplex offers a great opportunity for both owner occupants and investors. Unit 1 features 2 bedrooms and 2 bathrooms, with the upstairs recently fully renovated. Unit 2 offers 3 bedrooms and 2 bathrooms with plenty of living space throughout. The property is currently owner occupied on one side with a tenant in the other, making it a great option to live in one unit while generating rental income from the other, or rent out both units as an investment property. Each unit has separate utilities, laundry, and additional basement space. Outside, you'll find a large yard and detached 2-car garage. Conveniently located close to every day essentials and downtown Owatonna, this property offers plenty of flexibility for its next owner. Schedule your showing today!

Listing courtesy of RE/MAX Advantage Plus (David Bauer). Description from Realtor.com, MLS #7142534. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

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: $255,000
Cash to close: $58,650
Price per unit: $127,500
GRM: 7.8

Each month

Cash flow: −$66/mo
Cash-on-cash: −1.3%
Cap rate: 6.1%
DSCR: 0.95×

Break-even

Price that breaks even: $242,608
Rent that breaks even: $2,808/mo

Long run

Year 30: property vs stocks: $981K vs $455K
Cash flow turns positive: year 3

Monthly

Monthly breakdown

Rent	$2,725
Vacancy (6%)	−$164
Collected	$2,562
Property tax Listing	−$400
Insurance Estimate	−$231
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (7% of rent)	−$191
Capital reserve (8% of rent)	−$218
Net operating income	$1,291
Mortgage (principal + interest)	−$1,357
Cash flow	−$66
Principal paid down (equity, not cash)	$173

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

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$618,952
Minus 6% selling cost	−$37,137
Minus loan still owedTenants' rent paid down all $229,500 of principal by year 30	$0
Plus rental profits, invested at 7%$156,410 of profit by year 30, before investment growth	$266,250
What you'd walk away with	$848,065
If you put the same money in stocks
Cash to close ($33,150) invested at 7%	$252,346
Monthly shortfalls ($17,620 total by yr 30) investedThe money you'd have put into the building while it lost money	$112,160
What you'd walk away with	$364,506
Building minus stocks	$483,559

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$618,952
Minus 6% selling cost	−$37,137
Minus loan still owedTenants' rent paid down all $229,500 of principal by year 30	$0
Plus rental profits, invested at 7%$59,361 of profit by year 30, before investment growth	$82,388
What you'd walk away with	$664,203
If you put the same money in stocks
Cash to close ($33,150) invested at 7%	$252,346
Monthly shortfalls ($52,184 total by yr 30) investedThe money you'd have put into the building while it lost money	$286,895
What you'd walk away with	$539,241
Building minus stocks	$124,962

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$594,679
Minus 6% selling cost	−$35,681
Minus loan still owedTenants' rent paid down all $220,500 of principal by year 30	$0
Plus rental profits, invested at 7%$173,536 of profit by year 30, before investment growth	$307,510
What you'd walk away with	$866,509
If you put the same money in stocks
Cash to close ($31,850) invested at 7%	$242,450
Monthly shortfalls ($12,920 total by yr 30) investedThe money you'd have put into the building while it lost money	$83,807
What you'd walk away with	$326,257
Building minus stocks	$540,252

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$594,679
Minus 6% selling cost	−$35,681
Minus loan still owedTenants' rent paid down all $220,500 of principal by year 30	$0
Plus rental profits, invested at 7%$70,793 of profit by year 30, before investment growth	$102,270
What you'd walk away with	$661,269
If you put the same money in stocks
Cash to close ($31,850) invested at 7%	$242,450
Monthly shortfalls ($41,791 total by yr 30) investedThe money you'd have put into the building while it lost money	$237,164
What you'd walk away with	$479,614
Building minus stocks	$181,655

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$618,952
Minus 6% selling cost	−$37,137
Minus loan still owedTenants' rent paid down all $204,000 of principal by year 30	$0
Plus rental profits, invested at 7%$207,920 of profit by year 30, before investment growth	$398,923
What you'd walk away with	$980,738
If you put the same money in stocks
Cash to close ($58,650) invested at 7%	$446,459
Monthly shortfalls ($1,170 total by yr 30) investedThe money you'd have put into the building while it lost money	$8,146
What you'd walk away with	$454,605
Building minus stocks	$526,133

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$618,952
Minus 6% selling cost	−$37,137
Minus loan still owedTenants' rent paid down all $204,000 of principal by year 30	$0
Plus rental profits, invested at 7%$94,847 of profit by year 30, before investment growth	$148,321
What you'd walk away with	$730,135
If you put the same money in stocks
Cash to close ($58,650) invested at 7%	$446,459
Monthly shortfalls ($19,711 total by yr 30) investedThe money you'd have put into the building while it lost money	$116,140
What you'd walk away with	$562,599
Building minus stocks	$167,536

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$594,679
Minus 6% selling cost	−$35,681
Minus loan still owedTenants' rent paid down all $196,000 of principal by year 30	$0
Plus rental profits, invested at 7%$226,064 of profit by year 30, before investment growth	$452,195
What you'd walk away with	$1,011,193
If you put the same money in stocks
Cash to close ($56,350) invested at 7%	$428,951
Monthly shortfalls ($153 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,087
What you'd walk away with	$430,037
Building minus stocks	$581,156

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$594,679
Minus 6% selling cost	−$35,681
Minus loan still owedTenants' rent paid down all $196,000 of principal by year 30	$0
Plus rental profits, invested at 7%$107,981 of profit by year 30, before investment growth	$175,895
What you'd walk away with	$734,893
If you put the same money in stocks
Cash to close ($56,350) invested at 7%	$428,951
Monthly shortfalls ($13,683 total by yr 30) investedThe money you'd have put into the building while it lost money	$83,383
What you'd walk away with	$512,334
Building minus stocks	$222,559

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$618,952
Minus 6% selling cost	−$37,137
Minus loan still owedTenants' rent paid down all $191,250 of principal by year 30	$0
Plus rental profits, invested at 7%$237,287 of profit by year 30, before investment growth	$486,930
What you'd walk away with	$1,068,745
If you put the same money in stocks
Cash to close ($71,400) invested at 7%	$543,515
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$543,515
Building minus stocks	$525,230

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$618,952
Minus 6% selling cost	−$37,137
Minus loan still owedTenants' rent paid down all $191,250 of principal by year 30	$0
Plus rental profits, invested at 7%$116,283 of profit by year 30, before investment growth	$194,310
What you'd walk away with	$776,124
If you put the same money in stocks
Cash to close ($71,400) invested at 7%	$543,515
Monthly shortfalls ($10,609 total by yr 30) investedThe money you'd have put into the building while it lost money	$65,976
What you'd walk away with	$609,491
Building minus stocks	$166,633

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$594,679
Minus 6% selling cost	−$35,681
Minus loan still owedTenants' rent paid down all $183,750 of principal by year 30	$0
Plus rental profits, invested at 7%$255,251 of profit by year 30, before investment growth	$543,490
What you'd walk away with	$1,102,489
If you put the same money in stocks
Cash to close ($68,600) invested at 7%	$522,201
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$522,201
Building minus stocks	$580,288

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$594,679
Minus 6% selling cost	−$35,681
Minus loan still owedTenants' rent paid down all $183,750 of principal by year 30	$0
Plus rental profits, invested at 7%$130,167 of profit by year 30, before investment growth	$226,856
What you'd walk away with	$785,854
If you put the same money in stocks
Cash to close ($68,600) invested at 7%	$522,201
Monthly shortfalls ($6,530 total by yr 30) investedThe money you'd have put into the building while it lost money	$41,962
What you'd walk away with	$564,163
Building minus stocks	$221,691

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 $981K, stocks $455K. The property wins.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-04. The estimate is the median asking rent of every rental we found nearby (the count is shown for each); houses are left out. Asking rents from Realtor.com rental listings, not signed leases.

2 bed estimate $1,225/mo · range $1,200–$1,350 · 7 rentals within 1.25 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1999 Hartle Ave, Owatonna	$1,200	2 / 1	—	0.8 mi	2026-08-31	Apartment
2019 Hartle Ave, Owatonna	$1,200	2 / 1	960	0.8 mi	2026-07-02	Apartment
227 S Chambers Ave, Owatonna	$1,175	2 / 1	—	0.9 mi	2026-09-29	Apartment
660 Mound St, Owatonna	$1,295	2 / 1	918	0.9 mi	2026-07-21	Apartment
329 State Ave Apt A, Owatonna	$1,395	2 / 1	900	1.0 mi	2026-08-18	Duplex triplex
614 W Bridge St, Owatonna	$1,325	2 / 1	754	1.0 mi	2025-01-03	Apartment
910 E Rice Lake-Rhs 910 St # 2, Owatonna	$1,150	2 / 1	650	1.1 mi	—	Duplex triplex

3 bed estimate $1,500/mo · range $1,300–$1,725 · 141 rentals across Greater Minnesota

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
9 1st St SW Apt 1, Faribault	$1,650	3 / 1	—	15.0 mi	2026-09-22	Apartment
1400 Heritage Dr, Northfield	$2,300	3 / 2	1,340	25.1 mi	2025-01-03	Apartment
203 31st St SW, Austin	$1,270	3 / 2	1,096	30.1 mi	2025-01-03	Apartment
1105 3rd St NW, Austin	$1,300	3 / 1	950	30.1 mi	2025-07-30	Apartment
2nd Dr NE, Austin	$1,275	3 / 1.5	1,296	30.2 mi	2026-09-26	Apartment
3rd St SE, Austin	$1,295	3 / 2	1,225	31.0 mi	2026-03-20	Apartment
488 N Welco Dr Apt 24, Montgomery	$1,125	3 / 1	1,000	31.2 mi	—	Apartment
630 Maple Ln, Eagle Lake	$1,495	3 / 1.5	1,200	32.7 mi	2026-08-26	Apartment
217 Thomas Dr E, Eagle Lake	$1,495	3 / 2	1,232	32.7 mi	2025-05-29	Apartment
96 Valley Ln, Eagle Lake	$1,400	3 / 1.5	1,100	33.0 mi	2026-06-03	Apartment

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: Realtor.com rental listings. 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 1028 CEDAR AVE S

Opportunities

None found.

Questions for the agent

Can we see the current leases and a rent roll, with move-in dates?
What did water/sewer/trash, heat and electric cost the owner over the last 12 months?
How old are the roof, boiler or furnaces, water heaters and electrical panels?
Is the building licensed as a rental for this many units, and when was the last city inspection?
Any special assessments pending, and will the seller pay them off at closing?

Standard questions worth asking about any building.

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.	$4,802
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,776
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; "fully renovated" in the description: -1 pts each	7% / 8%

Status history

2026-09-18New at $255,000

From the listing Listing

Listed as	duplex side x side
Property tax, 2026	$4,802
County	Steele
Parcel number	170161229

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 Owatonna on rental licensing before you buy.