417 N Washington St

Far off

19 photos

Photos courtesy of Raven Realty, LLC - Broker, via Realtor.com.

Asking price: $385,000
Monthly cash flow: −$928
Estimated rent: $2,400/mo
Break-even price: $210,603

Adjust the numbers See the full breakdown

From the listing

Discover this corner lot duplex that has been cherished by the same owner for the past 40 years. Located just a few blocks from the serene lakefront and the bustling downtown area. This property presents a rare opportunity for those looking for a home with potential in a prime location. Set up as a duplex, this residence offers flexibility for buyers. It has 4 bedrooms and 2.5 bathrooms. You can continue to utilize it as a multi-family investment or easily convert it into a spacious single-family home to suit your lifestyle. With generous square footage, both units feature comfortable living spaces, sizable bedrooms, and lots of natural light. The four car garage offers ample storage space. This property is a solid structure waiting for your creative vision to make it your own. The backyard invites outdoor enjoyment and provides plenty of space for gardening or entertaining. Embrace the chance to design your own oasis in a location that is both tranquil and convenient. Don't miss out on this opportunity to own a piece of property in Lake City that holds a rich history and is ready for a new chapter!

Listing courtesy of Raven Realty, LLC - Broker (Josh Warnecke). Description from Realtor.com, MLS #7084884. 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: $385,000
Cash to close: $88,550
Price per unit: $192,500
GRM: 13.4

Each month

Cash flow: −$928/mo
Cash-on-cash: −12.6%
Cap rate: 3.5%
DSCR: 0.55×

Break-even

Price that breaks even: $210,603
Rent that breaks even: $3,590/mo

Long run

Year 30: property vs stocks: $893K vs $1.34M
Cash flow turns positive: year 25

Monthly

Monthly breakdown

Rent	$2,400
Vacancy (6%)	−$144
Collected	$2,256
Property tax Listing	−$317
Insurance Estimate	−$204
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$192
Capital reserve (8% of rent)	−$192
Net operating income	$1,121
Mortgage (principal + interest)	−$2,049
Cash flow	−$928
Principal paid down (equity, not cash)	$261

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	$934,496
Minus 6% selling cost	−$56,070
Minus loan still owedTenants' rent paid down all $346,500 of principal by year 30	$0
Plus rental profits, invested at 7%$950 of profit by year 30, before investment growth	$958
What you'd walk away with	$879,384
If you put the same money in stocks
Cash to close ($50,050) invested at 7%	$380,993
Monthly shortfalls ($237,784 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,006,643
What you'd walk away with	$1,387,636
Building minus stocks	−$508,252

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$934,496
Minus 6% selling cost	−$56,070
Minus loan still owedTenants' rent paid down all $346,500 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	$878,426
If you put the same money in stocks
Cash to close ($50,050) invested at 7%	$380,993
Monthly shortfalls ($352,751 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,321,513
What you'd walk away with	$1,702,507
Building minus stocks	−$824,081

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$910,223
Minus 6% selling cost	−$54,613
Minus loan still owedTenants' rent paid down all $337,500 of principal by year 30	$0
Plus rental profits, invested at 7%$2,524 of profit by year 30, before investment growth	$2,602
What you'd walk away with	$858,212
If you put the same money in stocks
Cash to close ($48,750) invested at 7%	$371,097
Monthly shortfalls ($217,532 total by yr 30) investedThe money you'd have put into the building while it lost money	$938,674
What you'd walk away with	$1,309,772
Building minus stocks	−$451,560

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$910,223
Minus 6% selling cost	−$54,613
Minus loan still owedTenants' rent paid down all $337,500 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	$855,610
If you put the same money in stocks
Cash to close ($48,750) invested at 7%	$371,097
Monthly shortfalls ($330,925 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,251,900
What you'd walk away with	$1,622,998
Building minus stocks	−$767,388

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$934,496
Minus 6% selling cost	−$56,070
Minus loan still owedTenants' rent paid down all $308,000 of principal by year 30	$0
Plus rental profits, invested at 7%$13,041 of profit by year 30, before investment growth	$14,588
What you'd walk away with	$893,014
If you put the same money in stocks
Cash to close ($88,550) invested at 7%	$674,065
Monthly shortfalls ($147,269 total by yr 30) investedThe money you'd have put into the building while it lost money	$662,922
What you'd walk away with	$1,336,987
Building minus stocks	−$443,973

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$934,496
Minus 6% selling cost	−$56,070
Minus loan still owedTenants' rent paid down all $308,000 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	$878,426
If you put the same money in stocks
Cash to close ($88,550) invested at 7%	$674,065
Monthly shortfalls ($250,145 total by yr 30) investedThe money you'd have put into the building while it lost money	$964,162
What you'd walk away with	$1,638,228
Building minus stocks	−$759,802

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$910,223
Minus 6% selling cost	−$54,613
Minus loan still owedTenants' rent paid down all $300,000 of principal by year 30	$0
Plus rental profits, invested at 7%$17,373 of profit by year 30, before investment growth	$19,907
What you'd walk away with	$875,517
If you put the same money in stocks
Cash to close ($86,250) invested at 7%	$656,557
Monthly shortfalls ($132,441 total by yr 30) investedThe money you'd have put into the building while it lost money	$607,910
What you'd walk away with	$1,264,467
Building minus stocks	−$388,950

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$910,223
Minus 6% selling cost	−$54,613
Minus loan still owedTenants' rent paid down all $300,000 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	$855,610
If you put the same money in stocks
Cash to close ($86,250) invested at 7%	$656,557
Monthly shortfalls ($230,984 total by yr 30) investedThe money you'd have put into the building while it lost money	$903,831
What you'd walk away with	$1,560,388
Building minus stocks	−$704,778

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$934,496
Minus 6% selling cost	−$56,070
Minus loan still owedTenants' rent paid down all $288,750 of principal by year 30	$0
Plus rental profits, invested at 7%$24,615 of profit by year 30, before investment growth	$29,232
What you'd walk away with	$907,659
If you put the same money in stocks
Cash to close ($107,800) invested at 7%	$820,601
Monthly shortfalls ($112,738 total by yr 30) investedThe money you'd have put into the building while it lost money	$532,395
What you'd walk away with	$1,352,996
Building minus stocks	−$445,337

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$934,496
Minus 6% selling cost	−$56,070
Minus loan still owedTenants' rent paid down all $288,750 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	$878,426
If you put the same money in stocks
Cash to close ($107,800) invested at 7%	$820,601
Monthly shortfalls ($204,040 total by yr 30) investedThe money you'd have put into the building while it lost money	$818,991
What you'd walk away with	$1,639,592
Building minus stocks	−$761,166

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$910,223
Minus 6% selling cost	−$54,613
Minus loan still owedTenants' rent paid down all $281,250 of principal by year 30	$0
Plus rental profits, invested at 7%$30,188 of profit by year 30, before investment growth	$36,744
What you'd walk away with	$892,354
If you put the same money in stocks
Cash to close ($105,000) invested at 7%	$799,287
Monthly shortfalls ($100,348 total by yr 30) investedThe money you'd have put into the building while it lost money	$483,346
What you'd walk away with	$1,282,632
Building minus stocks	−$390,278

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$910,223
Minus 6% selling cost	−$54,613
Minus loan still owedTenants' rent paid down all $281,250 of principal by year 30	$0
Plus rental profits, invested at 7%$300 of profit by year 30, before investment growth	$300
What you'd walk away with	$855,910
If you put the same money in stocks
Cash to close ($105,000) invested at 7%	$799,287
Monthly shortfalls ($186,376 total by yr 30) investedThe money you'd have put into the building while it lost money	$762,730
What you'd walk away with	$1,562,017
Building minus stocks	−$706,107

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 $893K, stocks $1.34M. 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 $1,200/mo · range $975–$1,400 · 465 rentals across Greater Minnesota

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1040 Bush St Apt 1, Red Wing	$1,300	2 / 1	1,088	14.6 mi	2026-07-05	Duplex triplex
480 8th St W Unit 103, Red Wing	$1,650	2 / 1	560	14.8 mi	2026-09-04	Apartment
314 W 4th St Apt 203, Red Wing	$1,799	2 / 2	868	15.1 mi	—	Apartment
821 W 5th St Apt 4, Red Wing	$1,350	2 / 1	950	15.2 mi	2026-09-07	Apartment
222 Bush St, Red Wing	$1,690	2 / 1	963	15.2 mi	2026-08-01	Apartment
725 Featherstone Rd, Red Wing	$1,030	2 / 1	930	15.7 mi	2026-06-24	Apartment
2000 Old West Main St, Red Wing	$1,695	2 / 1	1,082	16.2 mi	2025-10-24	Apartment
2000 Old W Main St Apt 360, Red Wing	$1,495	2 / 2	1,082	16.2 mi	2026-04-30	Apartment
6717 Gaillardia Dr NW, Rochester	$1,370	2 / 2	1,008	27.1 mi	2025-01-25	Apartment
6520 Clarkia Dr NW, Rochester	$1,750	2 / 2	1,008	27.3 mi	2025-04-02	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 417 WASHINGTON ST N
mediumAsking is $174,397 above the price where cash flow breaks even ($210,603) at the default scenario. Based on: Derived: price $385,000 vs. break-even $210,603

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 123 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 2025. 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.	$3,800
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,453
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. base rate	8% / 8%

Status history

2026-06-04New at $385,000

From the listing Listing

Listed as	duplex up and down
Property tax, 2025	$3,800
County	Wabasha
Parcel number	R220032800

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 Lake City on rental licensing before you buy.