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Greater Minnesota › Ely

Ely

Greater Minnesota city. Every 2–4 unit listing here, run through the same numbers at 20% down and 7%.

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Neighborhood profile

Listings we track
4
Median price per unit
$99K
Typical cash flow
−$445
median per month, 20% down
Rent rules
No cap
Rents can reset to market at renewal

Crime, rental-license and Census neighborhood figures are only available for St. Paul and Minneapolis so far.

Map

Top picks

Ranked on real rent estimates (nearby comparable rentals or our own research). Listings with a serious red flag are under Proceed with caution instead, however good the numbers look.

Duplex
−$445/mo cash flow
Far off · cap 3.7% · 20% down
$198,500
2 units2 bd1 ba1,636 sqft
218 N 1st Ave E, Ely
Rents: as stated in the listing

Ways to slice it

Best cash flow now

Monthly cash flow at 20% down.

  1. 218 N 1st Ave E −$445/mo

Best long-term

Year-30 wealth vs. the same money in stocks.

  1. 218 N 1st Ave E 0.70× stocks

Value-add

Under-rented, needs work, or room to negotiate.

Nothing flagged as value-add.

Proceed with caution

Decent numbers, serious flags.

Nothing here right now.

Needs more info

Left out of the rankings until a data problem is resolved.

  1. 324 S 4th Ave E No reliable rent estimate: too few comparable rentals close by, and no RentCast estimate.
  2. 429 S 4th Ave E No reliable rent estimate: too few comparable rentals close by, and no RentCast estimate.
  3. Fernberg Rd No reliable rent estimate: too few comparable rentals close by, and no RentCast estimate.

All listings

4 listings. Filter by price or units, or switch the down payment.

  1. 218 N 1st Ave E

    $198,500 · 2 units
    Far off
    Cash flow −$445/mo Cap 3.7% Break-even price $115K Yr 30 vs stocks 0.70× Positive in yr 24

    Cosmetically updated Ely duplex, but about $83K above where the rents break even, so it only works with a big price cut or much higher real rents.

  2. 324 S 4th Ave E

    $122,500 · 3 units
    Needs more info

    Cheap for a three-unit building, but with no rents, no verified unit count and an old, odd history, it's a pass until the numbers and legal status are shown.

    Needs more info: No reliable rent estimate: too few comparable rentals close by, and no RentCast estimate.

  3. 429 S 4th Ave E

    $215,000 · 3 units
    Needs more info

    Interesting 3-unit with big lots and parking, but with no rents or expenses given, it's unproven and looks dated.

    Needs more info: No reliable rent estimate: too few comparable rentals close by, and no RentCast estimate.

  4. Fernberg Rd

    $390,000 · 2 units
    Needs more info

    A lakefront land play with two dated cabins and a septic bill, not an income property at $390K.

    Needs more info: No reliable rent estimate: too few comparable rentals close by, and no RentCast estimate.

Monthly cash flow

−$500$0break-even218 N 1st Ave E−$445

What's changing

Nothing curated for this city yet.