904 1st St SE

44 photos

Photos courtesy of National Realty Guild - Broker, via Realtor.com.

Asking price: $279,900
Monthly cash flow: −$140
Estimated rent: $2,700/mo
Break-even price: $253,585

Adjust the numbers See the full breakdown

From the listing

Come see this beautifully updated up/down duplex in a wonderful neighborhood, just a short walk from all the amenities Downtown Rochester has to offer! The main-level apartment features a 2-bedroom, 1-bath layout, a full unfinished basement with loads of storage space, and in-unit laundry. The upper-level apartment offers a 1-bedroom, 1-bath layout with an open floor plan and private laundry. Both units include one garage stall and off-street parking. /// The main-level resident has lived in the home for years and would love to stay long-term, while the upper unit is currently vacant and ready for an owner-occupant or a new tenant to provide additional cash flow. Perfectly located within walking distance of Mayo Clinic, Mayo Field, Riverfest, downtown activities, and river walking paths--this duplex is a must-see! /// Owner is the Listing Agent ///

Listing courtesy of National Realty Guild - Broker (Nathan Thorvilson). Description from Realtor.com, MLS #7073583. 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: $279,900
Cash to close: $64,377
Price per unit: $139,950
GRM: 8.6

Each month

Cash flow: −$140/mo
Cash-on-cash: −2.6%
Cap rate: 5.8%
DSCR: 0.91×

Break-even

Price that breaks even: $253,585
Rent that breaks even: $2,877/mo

Long run

Year 30: property vs stocks: $1.00M vs $517K
Cash flow turns positive: year 5

Monthly

Monthly breakdown

Rent	$2,700
Vacancy (6%)	−$162
Collected	$2,538
Property tax Listing	−$347
Insurance Estimate	−$206
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (7% of rent)	−$189
Capital reserve (8% of rent)	−$216
Net operating income	$1,350
Mortgage (principal + interest)	−$1,490
Cash flow	−$140
Principal paid down (equity, not cash)	$190

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	$679,391
Minus 6% selling cost	−$40,763
Minus loan still owedTenants' rent paid down all $251,910 of principal by year 30	$0
Plus rental profits, invested at 7%$147,584 of profit by year 30, before investment growth	$239,791
What you'd walk away with	$878,419
If you put the same money in stocks
Cash to close ($36,387) invested at 7%	$276,987
Monthly shortfalls ($25,991 total by yr 30) investedThe money you'd have put into the building while it lost money	$160,966
What you'd walk away with	$437,953
Building minus stocks	$440,466

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$679,391
Minus 6% selling cost	−$40,763
Minus loan still owedTenants' rent paid down all $251,910 of principal by year 30	$0
Plus rental profits, invested at 7%$56,968 of profit by year 30, before investment growth	$76,839
What you'd walk away with	$715,466
If you put the same money in stocks
Cash to close ($36,387) invested at 7%	$276,987
Monthly shortfalls ($65,781 total by yr 30) investedThe money you'd have put into the building while it lost money	$353,320
What you'd walk away with	$630,307
Building minus stocks	$85,159

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$655,118
Minus 6% selling cost	−$39,307
Minus loan still owedTenants' rent paid down all $242,910 of principal by year 30	$0
Plus rental profits, invested at 7%$163,454 of profit by year 30, before investment growth	$275,299
What you'd walk away with	$891,110
If you put the same money in stocks
Cash to close ($35,087) invested at 7%	$267,091
Monthly shortfalls ($20,035 total by yr 30) investedThe money you'd have put into the building while it lost money	$126,861
What you'd walk away with	$393,952
Building minus stocks	$497,158

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$655,118
Minus 6% selling cost	−$39,307
Minus loan still owedTenants' rent paid down all $242,910 of principal by year 30	$0
Plus rental profits, invested at 7%$67,494 of profit by year 30, before investment growth	$94,244
What you'd walk away with	$710,055
If you put the same money in stocks
Cash to close ($35,087) invested at 7%	$267,091
Monthly shortfalls ($54,481 total by yr 30) investedThe money you'd have put into the building while it lost money	$301,112
What you'd walk away with	$568,203
Building minus stocks	$141,852

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$679,391
Minus 6% selling cost	−$40,763
Minus loan still owedTenants' rent paid down all $223,920 of principal by year 30	$0
Plus rental profits, invested at 7%$200,232 of profit by year 30, before investment growth	$365,668
What you'd walk away with	$1,004,296
If you put the same money in stocks
Cash to close ($64,377) invested at 7%	$490,054
Monthly shortfalls ($4,043 total by yr 30) investedThe money you'd have put into the building while it lost money	$27,044
What you'd walk away with	$517,098
Building minus stocks	$487,198

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$679,391
Minus 6% selling cost	−$40,763
Minus loan still owedTenants' rent paid down all $223,920 of principal by year 30	$0
Plus rental profits, invested at 7%$93,240 of profit by year 30, before investment growth	$141,046
What you'd walk away with	$779,674
If you put the same money in stocks
Cash to close ($64,377) invested at 7%	$490,054
Monthly shortfalls ($27,457 total by yr 30) investedThe money you'd have put into the building while it lost money	$157,729
What you'd walk away with	$647,783
Building minus stocks	$131,891

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$655,118
Minus 6% selling cost	−$39,307
Minus loan still owedTenants' rent paid down all $215,920 of principal by year 30	$0
Plus rental profits, invested at 7%$217,148 of profit by year 30, before investment growth	$411,329
What you'd walk away with	$1,027,140
If you put the same money in stocks
Cash to close ($62,077) invested at 7%	$472,546
Monthly shortfalls ($1,798 total by yr 30) investedThe money you'd have put into the building while it lost money	$12,373
What you'd walk away with	$484,919
Building minus stocks	$542,221

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$655,118
Minus 6% selling cost	−$39,307
Minus loan still owedTenants' rent paid down all $215,920 of principal by year 30	$0
Plus rental profits, invested at 7%$105,593 of profit by year 30, before investment growth	$165,707
What you'd walk away with	$781,518
If you put the same money in stocks
Cash to close ($62,077) invested at 7%	$472,546
Monthly shortfalls ($20,649 total by yr 30) investedThe money you'd have put into the building while it lost money	$122,058
What you'd walk away with	$594,604
Building minus stocks	$186,914

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$679,391
Minus 6% selling cost	−$40,763
Minus loan still owedTenants' rent paid down all $209,925 of principal by year 30	$0
Plus rental profits, invested at 7%$230,396 of profit by year 30, before investment growth	$449,003
What you'd walk away with	$1,087,630
If you put the same money in stocks
Cash to close ($78,372) invested at 7%	$596,588
Monthly shortfalls ($688 total by yr 30) investedThe money you'd have put into the building while it lost money	$4,837
What you'd walk away with	$601,424
Building minus stocks	$486,206

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$679,391
Minus 6% selling cost	−$40,763
Minus loan still owedTenants' rent paid down all $209,925 of principal by year 30	$0
Plus rental profits, invested at 7%$115,415 of profit by year 30, before investment growth	$186,295
What you'd walk away with	$824,923
If you put the same money in stocks
Cash to close ($78,372) invested at 7%	$596,588
Monthly shortfalls ($16,113 total by yr 30) investedThe money you'd have put into the building while it lost money	$97,436
What you'd walk away with	$694,023
Building minus stocks	$130,900

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$655,118
Minus 6% selling cost	−$39,307
Minus loan still owedTenants' rent paid down all $202,425 of principal by year 30	$0
Plus rental profits, invested at 7%$247,672 of profit by year 30, before investment growth	$500,727
What you'd walk away with	$1,116,538
If you put the same money in stocks
Cash to close ($75,572) invested at 7%	$575,273
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	$575,273
Building minus stocks	$541,265

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$655,118
Minus 6% selling cost	−$39,307
Minus loan still owedTenants' rent paid down all $202,425 of principal by year 30	$0
Plus rental profits, invested at 7%$128,402 of profit by year 30, before investment growth	$214,871
What you'd walk away with	$830,682
If you put the same money in stocks
Cash to close ($75,572) invested at 7%	$575,273
Monthly shortfalls ($11,137 total by yr 30) investedThe money you'd have put into the building while it lost money	$69,451
What you'd walk away with	$644,724
Building minus stocks	$185,958

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 $1.00M, stocks $517K. 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 $1,350/mo · range $1,150–$1,550 · 16 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
517 5th Ave SE, Rochester	$1,350	2 / 1	1,074	0.4 mi	2026-07-31	Apartment
211 1st St NE, Rochester	$1,445	2 / 2	868	0.5 mi	2025-07-10	Apartment
322 6th St SE Apt 1, Rochester	$1,100	2 / 1	800	0.5 mi	—	Apartment
401 Broadway Ave N, Rochester	$1,771	2 / 1	768	0.7 mi	2025-04-30	Apartment
1614 8 1/2 St SE Apt C, Rochester	$1,100	2 / 1	795	0.8 mi	—	Duplex triplex
1609 10th St SE, Rochester	$945	2 / 1	800	0.9 mi	2026-06-15	Apartment
1532 10th St SE, Rochester	$945	2 / 1	750	0.9 mi	2026-01-16	Apartment
875 21st Ave SE, Rochester	$1,340	2 / 1	900	1.1 mi	2025-03-07	Apartment
1215 7th Ave SE, Rochester	$1,579	2 / 1	822	1.1 mi	2026-02-16	Apartment
718 5th St SW, Rochester	$1,300	2 / 1	1,211	1.2 mi	2024-09-11	Apartment

1 bed estimate $1,350/mo · range $1,025–$1,600 · 8 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
123 11th Ave SE Apt 5, Rochester	$885	1 / 1	800	0.1 mi	—	Apartment
519 E Center St, Rochester	$1,250	1 / 1	667	0.2 mi	2026-08-12	Apartment
211 1st St NE, Rochester	$1,345	1 / 1	602	0.5 mi	2025-07-10	Apartment
510 3rd Ave SE, Rochester	$1,102	1 / 1	655	0.5 mi	2026-09-24	Apartment
725 7th Ave SE Apt 2, Rochester	$825	1 / 1	838	0.5 mi	—	Apartment
425 Broadway Ave S, Rochester	$1,640	1 / 1	723	0.7 mi	2025-02-27	Apartment
401 Broadway Ave N, Rochester	$1,579	1 / 1	711	0.7 mi	2025-04-30	Apartment
400 1st Ave NW, Rochester	$1,297	1 / 1	—	0.7 mi	2025-04-08	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 904 1ST ST SE

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 145 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 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.	$4,167
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,473
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. built 1915: +1 pt capital reserve; "fully updated" in the description: -1 pts each	7% / 8%

Status history

2026-05-13New at $279,900

From the listing Listing

Listed as	duplex up and down
Property tax, 2026	$4,167
County	Olmsted
Parcel number	743634026535

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 Rochester on rental licensing before you buy.