Dooralytics
Back to Twin Cities suburbs

305-307 Reno St

Wayzata, MN · View the listing ↗

Overpriced

Photos, via Realtor.com.

Asking price
$799,900
2 units · $400K per unit
Monthly cash flow
−$1,605
at 20% down, 7%
Estimated rent
$4,850/mo
medium confidence · 15 rentals within 4.75 mi
Break-even price
$498,418
where cash flow hits $0

Adjust the numbers See the full breakdown

The numbers

Down payment %
Offer $
Management
Interest rate %
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 $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

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

AddressRentBd / BaSq ftDistanceListedType
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 each7% / 7%

Status history

  • New at $799,900

From the listing Listing

Listed asduplex side x side
Property tax, 2026$9,355
CountyHennepin
Parcel number0511722330022

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.