196 W Main St

Far off

39 photos

Photos courtesy of True Real Estate - Broker, via Realtor.com.

Asking price: $404,900
Monthly cash flow: −$914
Estimated rent: $2,450/mo
Break-even price: $233,102

Adjust the numbers See the full breakdown

From the listing

Excellent opportunity to own a versatile investment property situated along quaint Main Street in Downtown Elysian. This uniqueproperty offers the potential for several income-producing options, including a commercial space, two residential rental units, a shed/shop building and asmaller scale barn. The upper level (Unit A) of the main structure features a beautiful 2-bedroom, 1-bath apartment complete with in-unit laundry andprivate parking. Unit C has been fully renovated into an attractive office space complete with a half bath, laundry hookups, and its own private MainStreet entrance. Unit B is a executively polished 2-bedroom, 1.5-bath main level apartment. It boasts generous ceiling height, a large spacious livingarea and superior style kitchen. Additional highlights contain two spacious outbuildings, including a 20x48 metal building (with power and heat) and an18x35 barn with cold storage. This is not your average income generating property! Pairing all the charm and character that it offers with the fact that ithas been well maintained, you are sure to be proud to make it yours!

Listing courtesy of True Real Estate - Broker (Michelle Starkey). Description from Realtor.com, MLS #267041166. 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: $404,900
Cash to close: $93,127
Price per unit: $202,450
GRM: 13.8

Each month

Cash flow: −$914/mo
Cash-on-cash: −11.8%
Cap rate: 3.7%
DSCR: 0.58×

Break-even

Price that breaks even: $233,102
Rent that breaks even: $3,593/mo

Long run

Year 30: property vs stocks: $956K vs $1.32M
Cash flow turns positive: year 22

Monthly

Monthly breakdown

Rent	$2,450
Vacancy (6%)	−$147
Collected	$2,303
Property tax Listing	−$298
Insurance Estimate	−$192
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (7% of rent)	−$172
Capital reserve (7% of rent)	−$172
Net operating income	$1,241
Mortgage (principal + interest)	−$2,155
Cash flow	−$914
Principal paid down (equity, not cash)	$274

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	$982,799
Minus 6% selling cost	−$58,968
Minus loan still owedTenants' rent paid down all $364,410 of principal by year 30	$0
Plus rental profits, invested at 7%$6,841 of profit by year 30, before investment growth	$7,293
What you'd walk away with	$931,124
If you put the same money in stocks
Cash to close ($52,637) invested at 7%	$400,686
Monthly shortfalls ($217,201 total by yr 30) investedThe money you'd have put into the building while it lost money	$962,313
What you'd walk away with	$1,363,000
Building minus stocks	−$431,876

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$982,799
Minus 6% selling cost	−$58,968
Minus loan still owedTenants' rent paid down all $364,410 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$923,831
If you put the same money in stocks
Cash to close ($52,637) invested at 7%	$400,686
Monthly shortfalls ($328,691 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,277,428
What you'd walk away with	$1,678,115
Building minus stocks	−$754,284

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$958,526
Minus 6% selling cost	−$57,512
Minus loan still owedTenants' rent paid down all $355,410 of principal by year 30	$0
Plus rental profits, invested at 7%$10,187 of profit by year 30, before investment growth	$11,101
What you'd walk away with	$912,116
If you put the same money in stocks
Cash to close ($51,337) invested at 7%	$390,790
Monthly shortfalls ($198,721 total by yr 30) investedThe money you'd have put into the building while it lost money	$896,509
What you'd walk away with	$1,287,299
Building minus stocks	−$375,183

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$958,526
Minus 6% selling cost	−$57,512
Minus loan still owedTenants' rent paid down all $355,410 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$901,014
If you put the same money in stocks
Cash to close ($51,337) invested at 7%	$390,790
Monthly shortfalls ($306,866 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,207,815
What you'd walk away with	$1,598,606
Building minus stocks	−$697,592

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$982,799
Minus 6% selling cost	−$58,968
Minus loan still owedTenants' rent paid down all $323,920 of principal by year 30	$0
Plus rental profits, invested at 7%$27,437 of profit by year 30, before investment growth	$32,472
What you'd walk away with	$956,302
If you put the same money in stocks
Cash to close ($93,127) invested at 7%	$708,906
Monthly shortfalls ($129,887 total by yr 30) investedThe money you'd have put into the building while it lost money	$611,670
What you'd walk away with	$1,320,577
Building minus stocks	−$364,275

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$982,799
Minus 6% selling cost	−$58,968
Minus loan still owedTenants' rent paid down all $323,920 of principal by year 30	$0
Plus rental profits, invested at 7%$296 of profit by year 30, before investment growth	$296
What you'd walk away with	$924,126
If you put the same money in stocks
Cash to close ($93,127) invested at 7%	$708,906
Monthly shortfalls ($221,077 total by yr 30) investedThe money you'd have put into the building while it lost money	$901,902
What you'd walk away with	$1,610,809
Building minus stocks	−$686,683

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$958,526
Minus 6% selling cost	−$57,512
Minus loan still owedTenants' rent paid down all $315,920 of principal by year 30	$0
Plus rental profits, invested at 7%$33,267 of profit by year 30, before investment growth	$40,273
What you'd walk away with	$941,287
If you put the same money in stocks
Cash to close ($90,827) invested at 7%	$691,398
Monthly shortfalls ($116,557 total by yr 30) investedThe money you'd have put into the building while it lost money	$559,140
What you'd walk away with	$1,250,538
Building minus stocks	−$309,251

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$958,526
Minus 6% selling cost	−$57,512
Minus loan still owedTenants' rent paid down all $315,920 of principal by year 30	$0
Plus rental profits, invested at 7%$1,216 of profit by year 30, before investment growth	$1,236
What you'd walk away with	$902,251
If you put the same money in stocks
Cash to close ($90,827) invested at 7%	$691,398
Monthly shortfalls ($202,838 total by yr 30) investedThe money you'd have put into the building while it lost money	$842,512
What you'd walk away with	$1,533,910
Building minus stocks	−$631,659

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$982,799
Minus 6% selling cost	−$58,968
Minus loan still owedTenants' rent paid down all $303,675 of principal by year 30	$0
Plus rental profits, invested at 7%$43,446 of profit by year 30, before investment growth	$54,573
What you'd walk away with	$978,403
If you put the same money in stocks
Cash to close ($113,372) invested at 7%	$863,017
Monthly shortfalls ($97,408 total by yr 30) investedThe money you'd have put into the building while it lost money	$481,096
What you'd walk away with	$1,344,112
Building minus stocks	−$365,709

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$982,799
Minus 6% selling cost	−$58,968
Minus loan still owedTenants' rent paid down all $303,675 of principal by year 30	$0
Plus rental profits, invested at 7%$3,796 of profit by year 30, before investment growth	$3,975
What you'd walk away with	$927,805
If you put the same money in stocks
Cash to close ($113,372) invested at 7%	$863,017
Monthly shortfalls ($176,089 total by yr 30) investedThe money you'd have put into the building while it lost money	$752,906
What you'd walk away with	$1,615,922
Building minus stocks	−$688,117

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$958,526
Minus 6% selling cost	−$57,512
Minus loan still owedTenants' rent paid down all $296,175 of principal by year 30	$0
Plus rental profits, invested at 7%$50,394 of profit by year 30, before investment growth	$64,785
What you'd walk away with	$965,799
If you put the same money in stocks
Cash to close ($110,572) invested at 7%	$841,702
Monthly shortfalls ($86,393 total by yr 30) investedThe money you'd have put into the building while it lost money	$434,748
What you'd walk away with	$1,276,450
Building minus stocks	−$310,651

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$958,526
Minus 6% selling cost	−$57,512
Minus loan still owedTenants' rent paid down all $296,175 of principal by year 30	$0
Plus rental profits, invested at 7%$6,191 of profit by year 30, before investment growth	$6,633
What you'd walk away with	$907,648
If you put the same money in stocks
Cash to close ($110,572) invested at 7%	$841,702
Monthly shortfalls ($160,521 total by yr 30) investedThe money you'd have put into the building while it lost money	$699,004
What you'd walk away with	$1,540,706
Building minus stocks	−$633,058

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 $956K, stocks $1.32M. 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.

2 bed estimate $1,225/mo · range $1,000–$1,425 · 465 rentals across Greater Minnesota

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
203 1st St N Apt 3, Elysian	$950	2 / 1	—	0.1 mi	2024-04-16	Apartment
103 1/2 3rd St S, Waterville	$1,200	2 / 1	800	5.7 mi	2026-05-27	Apartment
115-121 N Main St, Janesville	$900	2 / 1	900	5.9 mi	2026-08-25	Apartment
110 W Front St, Janesville	$1,000	2 / 1	924	6.0 mi	2026-08-19	Apartment
630 Maple Ln, Eagle Lake	$1,574	2 / 1.5	1,200	10.3 mi	2026-08-26	Apartment
217 Thomas Dr E, Eagle Lake	$1,495	2 / 1.5	1,232	10.3 mi	2025-05-29	Apartment
200 19th Ave NW, Waseca	$1,800	2 / 2	882	11.0 mi	2026-02-27	Apartment
109 7th St NW, Waseca	$1,015	2 / 1	800	11.6 mi	2026-06-27	Apartment
509 4th St NE, Waseca	$995	2 / 1	603	11.8 mi	2026-09-10	Apartment
208 N State St Unit 6, Waseca	$1,195	2 / 1	1,000	11.8 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 196 MAIN ST W
mediumAsking is $171,798 above the price where cash flow breaks even ($233,102) at the default scenario. Based on: Derived: price $404,900 vs. break-even $233,102

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.	$3,572
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,300
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

2026-08-11New at $404,900

From the listing Listing

Listed as	multi-family
Property tax, 2026	$3,572
County	Le Sueur County
Parcel number	16.410.0730

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 Elysian on rental licensing before you buy.