305-307 Reno St

Overpriced

32 photos

Photos, via Realtor.com.

Asking price: $799,900
Monthly cash flow: −$1,605
Estimated rent: $4,850/mo
Break-even price: $498,418

Adjust the numbers See the full breakdown

From the listing

Location, Location, Location! This duplex is nestled in the heart of Wayzata Proper! Do not miss out on this gorgeous neighborhood within 2-5 minutes walking to everything downtown Wayzata has to offer! Walk to the restaurants, beach, dock, etc. Great opportunity with an assumable 2.875% VA mortgage! Perfect owner occupant property or finish updating for a turn key operation! Unit 305 has been fully renovated with new kitchen, baths, windows, refinished hardwoods! Unit 307 could use some minor project completions. Tandem garage offers 600 sq feet of parking and storage. Brand new top of the line roof with lifetime warranty. Truly a coveted lot. Newer water heaters, stainless steel appliances, quartz, spiral staircases. Each unit has its own laundry! Land value alone is supported in this neighborhood with homes valued at $2M+

Description from Realtor.com, MLS #7152586. 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: $799,900
Cash to close: $183,977
Price per unit: $399,950
GRM: 13.7

Each month

Cash flow: −$1,605/mo
Cash-on-cash: −10.5%
Cap rate: 4.0%
DSCR: 0.62×

Break-even

Price that breaks even: $498,418
Rent that breaks even: $6,856/mo

Long run

Year 30: property vs stocks: $1.97M vs $2.36M
Cash flow turns positive: year 19

Monthly

Monthly breakdown

Rent	$4,850
Vacancy (6%)	−$291
Collected	$4,559
Property tax Listing	−$780
Insurance Estimate	−$218
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (7% of rent)	−$340
Capital reserve (7% of rent)	−$340
Net operating income	$2,653
Mortgage (principal + interest)	−$4,257
Cash flow	−$1,605
Principal paid down (equity, not cash)	$542

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	$1,941,567
Minus 6% selling cost	−$116,494
Minus loan still owedTenants' rent paid down all $719,910 of principal by year 30	$0
Plus rental profits, invested at 7%$49,389 of profit by year 30, before investment growth	$57,157
What you'd walk away with	$1,882,230
If you put the same money in stocks
Cash to close ($103,987) invested at 7%	$791,576
Monthly shortfalls ($340,345 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,612,105
What you'd walk away with	$2,403,680
Building minus stocks	−$521,450

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,941,567
Minus 6% selling cost	−$116,494
Minus loan still owedTenants' rent paid down all $719,910 of principal by year 30	$0
Plus rental profits, invested at 7%$707 of profit by year 30, before investment growth	$707
What you'd walk away with	$1,825,780
If you put the same money in stocks
Cash to close ($103,987) invested at 7%	$791,576
Monthly shortfalls ($525,911 total by yr 30) investedThe money you'd have put into the building while it lost money	$2,193,891
What you'd walk away with	$2,985,467
Building minus stocks	−$1,159,687

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,917,295
Minus 6% selling cost	−$115,038
Minus loan still owedTenants' rent paid down all $710,910 of principal by year 30	$0
Plus rental profits, invested at 7%$55,138 of profit by year 30, before investment growth	$64,529
What you'd walk away with	$1,866,786
If you put the same money in stocks
Cash to close ($102,687) invested at 7%	$781,680
Monthly shortfalls ($324,268 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,549,864
What you'd walk away with	$2,331,543
Building minus stocks	−$464,757

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,917,295
Minus 6% selling cost	−$115,038
Minus loan still owedTenants' rent paid down all $710,910 of principal by year 30	$0
Plus rental profits, invested at 7%$1,426 of profit by year 30, before investment growth	$1,426
What you'd walk away with	$1,803,683
If you put the same money in stocks
Cash to close ($102,687) invested at 7%	$781,680
Monthly shortfalls ($504,804 total by yr 30) investedThe money you'd have put into the building while it lost money	$2,124,997
What you'd walk away with	$2,906,676
Building minus stocks	−$1,102,993

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,941,567
Minus 6% selling cost	−$116,494
Minus loan still owedTenants' rent paid down all $639,920 of principal by year 30	$0
Plus rental profits, invested at 7%$112,442 of profit by year 30, before investment growth	$144,555
What you'd walk away with	$1,969,629
If you put the same money in stocks
Cash to close ($183,977) invested at 7%	$1,400,480
Monthly shortfalls ($190,218 total by yr 30) investedThe money you'd have put into the building while it lost money	$957,049
What you'd walk away with	$2,357,528
Building minus stocks	−$387,899

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,941,567
Minus 6% selling cost	−$116,494
Minus loan still owedTenants' rent paid down all $639,920 of principal by year 30	$0
Plus rental profits, invested at 7%$20,765 of profit by year 30, before investment growth	$22,756
What you'd walk away with	$1,847,829
If you put the same money in stocks
Cash to close ($183,977) invested at 7%	$1,400,480
Monthly shortfalls ($332,788 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,473,485
What you'd walk away with	$2,873,965
Building minus stocks	−$1,026,136

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,917,295
Minus 6% selling cost	−$115,038
Minus loan still owedTenants' rent paid down all $631,920 of principal by year 30	$0
Plus rental profits, invested at 7%$120,184 of profit by year 30, before investment growth	$156,154
What you'd walk away with	$1,958,411
If you put the same money in stocks
Cash to close ($181,677) invested at 7%	$1,382,972
Monthly shortfalls ($178,799 total by yr 30) investedThe money you'd have put into the building while it lost money	$908,316
What you'd walk away with	$2,291,288
Building minus stocks	−$332,877

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,917,295
Minus 6% selling cost	−$115,038
Minus loan still owedTenants' rent paid down all $631,920 of principal by year 30	$0
Plus rental profits, invested at 7%$24,521 of profit by year 30, before investment growth	$27,217
What you'd walk away with	$1,829,474
If you put the same money in stocks
Cash to close ($181,677) invested at 7%	$1,382,972
Monthly shortfalls ($317,383 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,417,616
What you'd walk away with	$2,800,587
Building minus stocks	−$971,113

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,941,567
Minus 6% selling cost	−$116,494
Minus loan still owedTenants' rent paid down all $599,925 of principal by year 30	$0
Plus rental profits, invested at 7%$154,674 of profit by year 30, before investment growth	$210,694
What you'd walk away with	$2,035,768
If you put the same money in stocks
Cash to close ($223,972) invested at 7%	$1,704,932
Monthly shortfalls ($136,658 total by yr 30) investedThe money you'd have put into the building while it lost money	$721,569
What you'd walk away with	$2,426,501
Building minus stocks	−$390,733

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,941,567
Minus 6% selling cost	−$116,494
Minus loan still owedTenants' rent paid down all $599,925 of principal by year 30	$0
Plus rental profits, invested at 7%$42,129 of profit by year 30, before investment growth	$48,967
What you'd walk away with	$1,874,040
If you put the same money in stocks
Cash to close ($223,972) invested at 7%	$1,704,932
Monthly shortfalls ($258,361 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,198,078
What you'd walk away with	$2,903,010
Building minus stocks	−$1,028,970

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,917,295
Minus 6% selling cost	−$115,038
Minus loan still owedTenants' rent paid down all $592,425 of principal by year 30	$0
Plus rental profits, invested at 7%$163,627 of profit by year 30, before investment growth	$225,667
What you'd walk away with	$2,027,924
If you put the same money in stocks
Cash to close ($221,172) invested at 7%	$1,683,618
Monthly shortfalls ($127,648 total by yr 30) investedThe money you'd have put into the building while it lost money	$679,981
What you'd walk away with	$2,363,599
Building minus stocks	−$335,675

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,917,295
Minus 6% selling cost	−$115,038
Minus loan still owedTenants' rent paid down all $592,425 of principal by year 30	$0
Plus rental profits, invested at 7%$46,919 of profit by year 30, before investment growth	$55,110
What you'd walk away with	$1,857,367
If you put the same money in stocks
Cash to close ($221,172) invested at 7%	$1,683,618
Monthly shortfalls ($245,188 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,147,661
What you'd walk away with	$2,831,279
Building minus stocks	−$973,912

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 $1.97M, stocks $2.36M. Stocks win.

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.

3 bed estimate $2,425/mo · range $2,025–$3,575 · 15 rentals within 4.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
501 Carlson Pkwy, Minnetonka	$3,576	3 / 2	1,457	1.8 mi	2024-06-11	Apartment
17830 Valley Cove Ct, Minnetonka	$3,500	3 / 2	2,129	2.1 mi	2026-09-18	Multi family
15215 18th Ave N, Plymouth	$1,925	3 / 2	1,350	2.6 mi	2025-12-30	Apartment
15100 18th Ave N, Plymouth	$2,480	3 / 2	1,250	2.6 mi	2025-01-03	Apartment
12300 Marion Ln W, Minnetonka	$1,802	3 / 2	1,505	3.2 mi	2024-06-11	Apartment
12817 15th Ave N Unit 2, Plymouth	$1,995	3 / 2	1,500	3.4 mi	—	Apartment
11816 Wayzata Blvd, Minnetonka	$3,557	3 / 2	1,664	3.5 mi	2025-02-05	Apartment
3060 Harbor Ln N, Plymouth	$3,995	3 / 2	1,544	3.8 mi	2026-04-07	Apartment
1020 W Medicine Lake Dr, Plymouth	$2,409	3 / 2	1,471	4.1 mi	2024-04-12	Apartment
18900 Stratford Rd, Minnetonka	$1,946	3 / 1.5	1,350	4.1 mi	2024-04-12	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 305-307 RENO ST
mediumAsking is $301,482 above the price where cash flow breaks even ($498,418) at the default scenario. Based on: Derived: price $799,900 vs. break-even $498,418

Opportunities

Possibly assumable loan at an old, low rate. FHA/VA assumptions come with owner-occupancy rules; ask the agent. Listing says: "restaurants, beach, dock, etc. Great opportunity with an assumable 2.875% VA mortgage! Perfect owner occupant property or"

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.	$9,355
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,612
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. "fully renovated" in the description: -1 pts each	7% / 7%

Status history

2026-09-30New at $799,900

From the listing Listing

Listed as	duplex side x side
Property tax, 2026	$9,355
County	Hennepin
Parcel number	0511722330022

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 Wayzata on rental licensing before you buy.