403 2nd St

Cash flows

11 photos

Photos courtesy of NRT-Minnesota (CB Burnet), via Realtor.com.

Asking price: $310,000
Monthly cash flow: $231
Estimated rent: $3,800/mo
Break-even price: $353,378

Adjust the numbers See the full breakdown

From the listing

Capitalize on Southern Minnesota's growing healthcare and housing demand with this rare multi-unit investment opportunity in the heart of Austin. Centrally located and positioned for long-term appreciation, this property offers strong in-place cash flow, value-add potential, and flexibility in one of the region's most stable rental markets. Unit 1: 1 Bed / 1 Bath / Bonus Room / $650 month. Unit 2: 1 Bed / 1 Bath / Bonus Room / $650 month. Unit 3: 1 Bed / 1 Bath / Bonus Room / $650 month. Unit 4: 1 Bed / 1 Bath / Bonus Room / $650 month. Unit 5: 2 Bed / 1 Bath / Bonus Room / $750 month. An insulated top-floor attic, considered Unit 6, is already prepared for finishing and presents excellent future upside with the potential for an additional unit or expanded living space, subject to city approval. Owner currently pays all utilities. Conveniently located just minutes from downtown Austin, major employers, parks, shopping, and healthcare facilities, this property benefits from a strong rental location with continued demand growth. Whether expanding an investment portfolio or entering the multifamily market, this Austin asset presents an attractive combination of current income, expansion potential, and long-term value.

Listing courtesy of NRT-Minnesota (CB Burnet) (Mike Wilen). Description from Realtor.com, MLS #7004305. 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: $310,000
Cash to close: $71,300
Price per unit: $77,500
GRM: 6.8

Each month

Cash flow: $231/mo
Cash-on-cash: 3.9%
Cap rate: 7.3%
DSCR: 1.14×

Break-even

Price that breaks even: $353,378
Rent that breaks even: $3,496/mo

Long run

Year 30: property vs stocks: $1.67M vs $543K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$3,800
Vacancy (6%)	−$228
Collected	$3,572
Property tax Listing	−$189
Insurance Estimate	−$418
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$342
Capital reserve (9% of rent)	−$342
Net operating income	$1,881
Mortgage (principal + interest)	−$1,650
Cash flow	$231
Principal paid down (equity, not cash)	$210

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	$752,451
Minus 6% selling cost	−$45,147
Minus loan still owedTenants' rent paid down all $279,000 of principal by year 30	$0
Plus rental profits, invested at 7%$351,783 of profit by year 30, before investment growth	$698,900
What you'd walk away with	$1,406,204
If you put the same money in stocks
Cash to close ($40,300) invested at 7%	$306,774
Monthly shortfalls ($3,524 total by yr 30) investedThe money you'd have put into the building while it lost money	$24,031
What you'd walk away with	$330,805
Building minus stocks	$1,075,399

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$752,451
Minus 6% selling cost	−$45,147
Minus loan still owedTenants' rent paid down all $279,000 of principal by year 30	$0
Plus rental profits, invested at 7%$187,046 of profit by year 30, before investment growth	$316,432
What you'd walk away with	$1,023,736
If you put the same money in stocks
Cash to close ($40,300) invested at 7%	$306,774
Monthly shortfalls ($22,322 total by yr 30) investedThe money you'd have put into the building while it lost money	$141,625
What you'd walk away with	$448,399
Building minus stocks	$575,337

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$728,179
Minus 6% selling cost	−$43,691
Minus loan still owedTenants' rent paid down all $270,000 of principal by year 30	$0
Plus rental profits, invested at 7%$371,489 of profit by year 30, before investment growth	$754,294
What you'd walk away with	$1,438,782
If you put the same money in stocks
Cash to close ($39,000) invested at 7%	$296,878
Monthly shortfalls ($1,405 total by yr 30) investedThe money you'd have put into the building while it lost money	$9,813
What you'd walk away with	$306,691
Building minus stocks	$1,132,091

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$728,179
Minus 6% selling cost	−$43,691
Minus loan still owedTenants' rent paid down all $270,000 of principal by year 30	$0
Plus rental profits, invested at 7%$203,934 of profit by year 30, before investment growth	$356,544
What you'd walk away with	$1,041,032
If you put the same money in stocks
Cash to close ($39,000) invested at 7%	$296,878
Monthly shortfalls ($17,385 total by yr 30) investedThe money you'd have put into the building while it lost money	$112,123
What you'd walk away with	$409,001
Building minus stocks	$632,031

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$752,451
Minus 6% selling cost	−$45,147
Minus loan still owedTenants' rent paid down all $248,000 of principal by year 30	$0
Plus rental profits, invested at 7%$430,876 of profit by year 30, before investment growth	$962,606
What you'd walk away with	$1,669,910
If you put the same money in stocks
Cash to close ($71,300) invested at 7%	$542,754
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	$542,754
Building minus stocks	$1,127,156

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$752,451
Minus 6% selling cost	−$45,147
Minus loan still owedTenants' rent paid down all $248,000 of principal by year 30	$0
Plus rental profits, invested at 7%$249,087 of profit by year 30, before investment growth	$474,628
What you'd walk away with	$1,181,932
If you put the same money in stocks
Cash to close ($71,300) invested at 7%	$542,754
Monthly shortfalls ($1,746 total by yr 30) investedThe money you'd have put into the building while it lost money	$12,083
What you'd walk away with	$554,837
Building minus stocks	$627,095

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$728,179
Minus 6% selling cost	−$43,691
Minus loan still owedTenants' rent paid down all $240,000 of principal by year 30	$0
Plus rental profits, invested at 7%$450,037 of profit by year 30, before investment growth	$1,022,937
What you'd walk away with	$1,707,425
If you put the same money in stocks
Cash to close ($69,000) invested at 7%	$525,246
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	$525,246
Building minus stocks	$1,182,179

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$728,179
Minus 6% selling cost	−$43,691
Minus loan still owedTenants' rent paid down all $240,000 of principal by year 30	$0
Plus rental profits, invested at 7%$266,951 of profit by year 30, before investment growth	$526,067
What you'd walk away with	$1,210,555
If you put the same money in stocks
Cash to close ($69,000) invested at 7%	$525,246
Monthly shortfalls ($449 total by yr 30) investedThe money you'd have put into the building while it lost money	$3,191
What you'd walk away with	$528,437
Building minus stocks	$682,118

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$752,451
Minus 6% selling cost	−$45,147
Minus loan still owedTenants' rent paid down all $232,500 of principal by year 30	$0
Plus rental profits, invested at 7%$468,000 of profit by year 30, before investment growth	$1,079,497
What you'd walk away with	$1,786,802
If you put the same money in stocks
Cash to close ($86,800) invested at 7%	$660,744
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	$660,744
Building minus stocks	$1,126,058

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$752,451
Minus 6% selling cost	−$45,147
Minus loan still owedTenants' rent paid down all $232,500 of principal by year 30	$0
Plus rental profits, invested at 7%$284,465 of profit by year 30, before investment growth	$579,436
What you'd walk away with	$1,286,740
If you put the same money in stocks
Cash to close ($86,800) invested at 7%	$660,744
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	$660,744
Building minus stocks	$625,996

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$728,179
Minus 6% selling cost	−$43,691
Minus loan still owedTenants' rent paid down all $225,000 of principal by year 30	$0
Plus rental profits, invested at 7%$485,963 of profit by year 30, before investment growth	$1,136,058
What you'd walk away with	$1,820,546
If you put the same money in stocks
Cash to close ($84,000) invested at 7%	$639,429
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	$639,429
Building minus stocks	$1,181,117

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$728,179
Minus 6% selling cost	−$43,691
Minus loan still owedTenants' rent paid down all $225,000 of principal by year 30	$0
Plus rental profits, invested at 7%$302,429 of profit by year 30, before investment growth	$635,996
What you'd walk away with	$1,320,484
If you put the same money in stocks
Cash to close ($84,000) invested at 7%	$639,429
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	$639,429
Building minus stocks	$681,055

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 $543K. 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 $950/mo · range $950–$950 · 5 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
711 1st Dr NW Apt B, Austin	$975	2 / 1	702	0.2 mi	—	Apartment
1010 5th St NW, Austin	$950	2 / 1	1,200	0.5 mi	2023-04-01	Apartment
200 11th Ave NW Apt 303, Austin	$950	2 / 1	800	0.6 mi	—	Apartment
202 11th Ave NW Apt 402, Austin	$950	2 / 1	800	0.6 mi	—	Apartment
204 11th Ave NW Apt 901, Austin	$950	2 / 1	800	0.6 mi	—	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 403 2ND ST

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 276 days on market

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 2024. 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.	$2,272
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$5,014
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$340
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 bedrooms: +1 pt repairs for wear	9% / 9%

Status history

2026-01-02New at $310,000

From the listing Listing

Listed as	four plex
Property tax, 2024	$2,272
County	Mower
Parcel number	341851030

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 Austin on rental licensing before you buy.