1038 W 3rd Ave
Duplex · 2 units: 1 bed / 1 bath and 2 bed / 1 bath · 1,890 sq ft
Grand Marais, MN · View the listing ↗
Photos, via Realtor.com.
- Asking price
- $489,000 2 units · $244K per unit
- Monthly cash flow
- −$397 at 20% down, 7%
- Estimated rent
- $3,825/mo low confidence
- Break-even price
- $414,497 where cash flow hits $0
First look
This is a 2019 up/down duplex in Grand Marais, priced at $489K, and the numbers don't work at the ask. Our underwriting shows about -$397/month cash flow at 20% down and a 5.4% cap rate, with a break-even price near $414K. Estimated rents total roughly $3,825 combined, which looks thin against this price. It's newer construction, so big repairs should be low, but the listing gives no rents, no lease info and no tax figure. Get the rent roll, utility setup and real tax bill first. It's worth a showing only if the seller will come down toward the break-even price, and 120 days on market suggests there may be room.
Things to consider
- Price is well above what rents support At the ask, cash flow is negative and the cap rate is only 5.4%. Break-even is about $414K, so the gap is significant.
- Rents are unknown The listing states no rents or leases. Our estimates range widely on the 2-bed, so actual income could miss.
- Heating setup may leave the owner paying heat One boiler appears to serve the building. If the owner pays heat in a cold climate, expenses jump and net income drops.From photo 7
- Taxes are unverified The parcel didn't match county records, and an investor's non-homestead tax can be much higher than the seller's bill.
From the photos
Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.
AI-assisted first read of the listing description and photos (Claude), checked against public records. Every rent and repair above quotes the listing; verify with the agent, leases and an inspection.
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
- $489,000
- Cash to close
- $63,570
- Price per unit
- $244,500
- GRM
- 10.7
Each month
- Cash flow
- −$997/mo
- Cash-on-cash
- −18.8%
- Cap rate
- 5.4%
- DSCR
- 0.69×
Break-even
- Price that breaks even
- $336,802
- Rent that breaks even
- $5,103/mo
Long run
- Year 30: property vs stocks
- $1.45M vs $864K
- Cash flow turns positive
- year 12
The deal
- Price
- $489,000
- Cash to close
- $63,570
- Price per unit
- $244,500
- GRM
- 10.7
Each month
- Cash flow
- −$1,321/mo
- Cash-on-cash
- −24.9%
- Cap rate
- 4.6%
- DSCR
- 0.59×
Break-even
- Price that breaks even
- $287,399
- Rent that breaks even
- $5,724/mo
Long run
- Year 30: property vs stocks
- $1.24M vs $1.16M
- Cash flow turns positive
- year 18
The deal
- Price
- $479,000
- Cash to close
- $62,270
- Price per unit
- $239,500
- GRM
- 10.4
Each month
- Cash flow
- −$931/mo
- Cash-on-cash
- −17.9%
- Cap rate
- 5.5%
- DSCR
- 0.70×
Break-even
- Price that breaks even
- $336,802
- Rent that breaks even
- $5,019/mo
Long run
- Year 30: property vs stocks
- $1.46M vs $813K
- Cash flow turns positive
- year 11
The deal
- Price
- $479,000
- Cash to close
- $62,270
- Price per unit
- $239,500
- GRM
- 10.4
Each month
- Cash flow
- −$1,255/mo
- Cash-on-cash
- −24.2%
- Cap rate
- 4.7%
- DSCR
- 0.60×
Break-even
- Price that breaks even
- $287,399
- Rent that breaks even
- $5,630/mo
Long run
- Year 30: property vs stocks
- $1.24M vs $1.10M
- Cash flow turns positive
- year 17
The deal
- Price
- $489,000
- Cash to close
- $112,470
- Price per unit
- $244,500
- GRM
- 10.7
Each month
- Cash flow
- −$397/mo
- Cash-on-cash
- −4.2%
- Cap rate
- 5.4%
- DSCR
- 0.85×
Break-even
- Price that breaks even
- $414,497
- Rent that breaks even
- $4,333/mo
Long run
- Year 30: property vs stocks
- $1.63M vs $964K
- Cash flow turns positive
- year 7
The deal
- Price
- $489,000
- Cash to close
- $112,470
- Price per unit
- $244,500
- GRM
- 10.7
Each month
- Cash flow
- −$720/mo
- Cash-on-cash
- −7.7%
- Cap rate
- 4.6%
- DSCR
- 0.72×
Break-even
- Price that breaks even
- $353,698
- Rent that breaks even
- $4,861/mo
Long run
- Year 30: property vs stocks
- $1.35M vs $1.18M
- Cash flow turns positive
- year 13
The deal
- Price
- $479,000
- Cash to close
- $110,170
- Price per unit
- $239,500
- GRM
- 10.4
Each month
- Cash flow
- −$343/mo
- Cash-on-cash
- −3.7%
- Cap rate
- 5.5%
- DSCR
- 0.87×
Break-even
- Price that breaks even
- $414,497
- Rent that breaks even
- $4,265/mo
Long run
- Year 30: property vs stocks
- $1.65M vs $923K
- Cash flow turns positive
- year 7
The deal
- Price
- $479,000
- Cash to close
- $110,170
- Price per unit
- $239,500
- GRM
- 10.4
Each month
- Cash flow
- −$667/mo
- Cash-on-cash
- −7.3%
- Cap rate
- 4.7%
- DSCR
- 0.74×
Break-even
- Price that breaks even
- $353,698
- Rent that breaks even
- $4,784/mo
Long run
- Year 30: property vs stocks
- $1.35M vs $1.13M
- Cash flow turns positive
- year 13
The deal
- Price
- $489,000
- Cash to close
- $136,920
- Price per unit
- $244,500
- GRM
- 10.7
Each month
- Cash flow
- −$234/mo
- Cash-on-cash
- −2.0%
- Cap rate
- 5.4%
- DSCR
- 0.90×
Break-even
- Price that breaks even
- $442,130
- Rent that breaks even
- $4,125/mo
Long run
- Year 30: property vs stocks
- $1.75M vs $1.09M
- Cash flow turns positive
- year 5
The deal
- Price
- $489,000
- Cash to close
- $136,920
- Price per unit
- $244,500
- GRM
- 10.7
Each month
- Cash flow
- −$557/mo
- Cash-on-cash
- −4.9%
- Cap rate
- 4.6%
- DSCR
- 0.77×
Break-even
- Price that breaks even
- $377,278
- Rent that breaks even
- $4,627/mo
Long run
- Year 30: property vs stocks
- $1.42M vs $1.26M
- Cash flow turns positive
- year 11
The deal
- Price
- $479,000
- Cash to close
- $134,120
- Price per unit
- $239,500
- GRM
- 10.4
Each month
- Cash flow
- −$184/mo
- Cash-on-cash
- −1.6%
- Cap rate
- 5.5%
- DSCR
- 0.92×
Break-even
- Price that breaks even
- $442,130
- Rent that breaks even
- $4,061/mo
Long run
- Year 30: property vs stocks
- $1.77M vs $1.05M
- Cash flow turns positive
- year 4
The deal
- Price
- $479,000
- Cash to close
- $134,120
- Price per unit
- $239,500
- GRM
- 10.4
Each month
- Cash flow
- −$508/mo
- Cash-on-cash
- −4.5%
- Cap rate
- 4.7%
- DSCR
- 0.79×
Break-even
- Price that breaks even
- $377,278
- Rent that breaks even
- $4,555/mo
Long run
- Year 30: property vs stocks
- $1.42M vs $1.20M
- Cash flow turns positive
- year 10
Monthly
Monthly breakdown
| Rent | $3,825 |
| Vacancy (6%) | −$230 |
| Collected | $3,596 |
| Property tax Listing | −$358 |
| Insurance Estimate | −$189 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$306 |
| Capital reserve (8% of rent) | −$306 |
| Net operating income | $2,206 |
| Mortgage (principal + interest) | −$2,928 |
| PMI | −$275 |
| Cash flow | −$997 |
| Principal paid down (equity, not cash) | $373 |
| Rent | $3,825 |
| Vacancy (6%) | −$230 |
| Collected | $3,596 |
| Property tax Listing | −$358 |
| Insurance Estimate | −$189 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$306 |
| Capital reserve (8% of rent) | −$306 |
| Property management | −$324 |
| Net operating income | $1,883 |
| Mortgage (principal + interest) | −$2,928 |
| PMI | −$275 |
| Cash flow | −$1,321 |
| Principal paid down (equity, not cash) | $373 |
| Rent | $3,825 |
| Vacancy (6%) | −$230 |
| Collected | $3,596 |
| Property tax Listing | −$358 |
| Insurance Estimate | −$189 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$306 |
| Capital reserve (8% of rent) | −$306 |
| Net operating income | $2,206 |
| Mortgage (principal + interest) | −$2,868 |
| PMI | −$269 |
| Cash flow | −$931 |
| Principal paid down (equity, not cash) | $365 |
| Rent | $3,825 |
| Vacancy (6%) | −$230 |
| Collected | $3,596 |
| Property tax Listing | −$358 |
| Insurance Estimate | −$189 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$306 |
| Capital reserve (8% of rent) | −$306 |
| Property management | −$324 |
| Net operating income | $1,883 |
| Mortgage (principal + interest) | −$2,868 |
| PMI | −$269 |
| Cash flow | −$1,255 |
| Principal paid down (equity, not cash) | $365 |
| Rent | $3,825 |
| Vacancy (6%) | −$230 |
| Collected | $3,596 |
| Property tax Listing | −$358 |
| Insurance Estimate | −$189 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$306 |
| Capital reserve (8% of rent) | −$306 |
| Net operating income | $2,206 |
| Mortgage (principal + interest) | −$2,603 |
| Cash flow | −$397 |
| Principal paid down (equity, not cash) | $331 |
| Rent | $3,825 |
| Vacancy (6%) | −$230 |
| Collected | $3,596 |
| Property tax Listing | −$358 |
| Insurance Estimate | −$189 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$306 |
| Capital reserve (8% of rent) | −$306 |
| Property management | −$324 |
| Net operating income | $1,883 |
| Mortgage (principal + interest) | −$2,603 |
| Cash flow | −$720 |
| Principal paid down (equity, not cash) | $331 |
| Rent | $3,825 |
| Vacancy (6%) | −$230 |
| Collected | $3,596 |
| Property tax Listing | −$358 |
| Insurance Estimate | −$189 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$306 |
| Capital reserve (8% of rent) | −$306 |
| Net operating income | $2,206 |
| Mortgage (principal + interest) | −$2,549 |
| Cash flow | −$343 |
| Principal paid down (equity, not cash) | $324 |
| Rent | $3,825 |
| Vacancy (6%) | −$230 |
| Collected | $3,596 |
| Property tax Listing | −$358 |
| Insurance Estimate | −$189 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$306 |
| Capital reserve (8% of rent) | −$306 |
| Property management | −$324 |
| Net operating income | $1,883 |
| Mortgage (principal + interest) | −$2,549 |
| Cash flow | −$667 |
| Principal paid down (equity, not cash) | $324 |
| Rent | $3,825 |
| Vacancy (6%) | −$230 |
| Collected | $3,596 |
| Property tax Listing | −$358 |
| Insurance Estimate | −$189 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$306 |
| Capital reserve (8% of rent) | −$306 |
| Net operating income | $2,206 |
| Mortgage (principal + interest) | −$2,440 |
| Cash flow | −$234 |
| Principal paid down (equity, not cash) | $310 |
| Rent | $3,825 |
| Vacancy (6%) | −$230 |
| Collected | $3,596 |
| Property tax Listing | −$358 |
| Insurance Estimate | −$189 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$306 |
| Capital reserve (8% of rent) | −$306 |
| Property management | −$324 |
| Net operating income | $1,883 |
| Mortgage (principal + interest) | −$2,440 |
| Cash flow | −$557 |
| Principal paid down (equity, not cash) | $310 |
| Rent | $3,825 |
| Vacancy (6%) | −$230 |
| Collected | $3,596 |
| Property tax Listing | −$358 |
| Insurance Estimate | −$189 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$306 |
| Capital reserve (8% of rent) | −$306 |
| Net operating income | $2,206 |
| Mortgage (principal + interest) | −$2,390 |
| Cash flow | −$184 |
| Principal paid down (equity, not cash) | $304 |
| Rent | $3,825 |
| Vacancy (6%) | −$230 |
| Collected | $3,596 |
| Property tax Listing | −$358 |
| Insurance Estimate | −$189 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$306 |
| Capital reserve (8% of rent) | −$306 |
| Property management | −$324 |
| Net operating income | $1,883 |
| Mortgage (principal + interest) | −$2,390 |
| Cash flow | −$508 |
| Principal paid down (equity, not cash) | $304 |
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
- Your equity when you sell
- $1,115,715
- Rental profits, invested at 7%
- $335,675
Sells for $1,186,931 (value up 3% a year), minus 6% selling cost ($71,216). Rent paid down $440,100 of loan.
$218,200 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $483,911
- Monthly shortfalls, invested
- $379,718
$63,570 put into an index fund instead of the down payment and closing costs.
$63,749 you'd have paid in while the building lost money, invested instead.
The building comes out $587,762 ahead after 30 years.
- Your equity when you sell
- $1,115,715
- Rental profits, invested at 7%
- $129,243
Sells for $1,186,931 (value up 3% a year), minus 6% selling cost ($71,216). Rent paid down $440,100 of loan.
$97,422 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $483,911
- Monthly shortfalls, invested
- $676,637
$63,570 put into an index fund instead of the down payment and closing costs.
$127,713 you'd have paid in while the building lost money, invested instead.
The building comes out $84,410 ahead after 30 years.
- Your equity when you sell
- $1,092,899
- Rental profits, invested at 7%
- $364,481
Sells for $1,162,659 (value up 3% a year), minus 6% selling cost ($69,760). Rent paid down $431,100 of loan.
$232,391 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $474,015
- Monthly shortfalls, invested
- $338,911
$62,270 put into an index fund instead of the down payment and closing costs.
$56,114 you'd have paid in while the building lost money, invested instead.
The building comes out $644,454 ahead after 30 years.
- Your equity when you sell
- $1,092,899
- Rental profits, invested at 7%
- $145,226
Sells for $1,162,659 (value up 3% a year), minus 6% selling cost ($69,760). Rent paid down $431,100 of loan.
$107,390 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $474,015
- Monthly shortfalls, invested
- $623,007
$62,270 put into an index fund instead of the down payment and closing costs.
$115,855 you'd have paid in while the building lost money, invested instead.
The building comes out $141,103 ahead after 30 years.
- Your equity when you sell
- $1,115,715
- Rental profits, invested at 7%
- $517,754
Sells for $1,186,931 (value up 3% a year), minus 6% selling cost ($71,216). Rent paid down $391,200 of loan.
$301,687 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $856,150
- Monthly shortfalls, invested
- $107,914
$112,470 put into an index fund instead of the down payment and closing costs.
$16,913 you'd have paid in while the building lost money, invested instead.
The building comes out $669,404 ahead after 30 years.
- Your equity when you sell
- $1,115,715
- Rental profits, invested at 7%
- $233,509
Sells for $1,186,931 (value up 3% a year), minus 6% selling cost ($71,216). Rent paid down $391,200 of loan.
$158,037 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $856,150
- Monthly shortfalls, invested
- $327,021
$112,470 put into an index fund instead of the down payment and closing costs.
$58,005 you'd have paid in while the building lost money, invested instead.
The building comes out $166,053 ahead after 30 years.
- Your equity when you sell
- $1,092,899
- Rental profits, invested at 7%
- $554,911
Sells for $1,162,659 (value up 3% a year), minus 6% selling cost ($69,760). Rent paid down $383,200 of loan.
$317,015 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $838,642
- Monthly shortfalls, invested
- $84,740
$110,170 put into an index fund instead of the down payment and closing costs.
$13,081 you'd have paid in while the building lost money, invested instead.
The building comes out $724,428 ahead after 30 years.
- Your equity when you sell
- $1,092,899
- Rental profits, invested at 7%
- $255,224
Sells for $1,162,659 (value up 3% a year), minus 6% selling cost ($69,760). Rent paid down $383,200 of loan.
$169,533 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $838,642
- Monthly shortfalls, invested
- $288,405
$110,170 put into an index fund instead of the down payment and closing costs.
$50,340 you'd have paid in while the building lost money, invested instead.
The building comes out $221,076 ahead after 30 years.
- Your equity when you sell
- $1,115,715
- Rental profits, invested at 7%
- $638,809
Sells for $1,186,931 (value up 3% a year), minus 6% selling cost ($71,216). Rent paid down $366,750 of loan.
$349,991 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,042,270
- Monthly shortfalls, invested
- $44,583
$136,920 put into an index fund instead of the down payment and closing costs.
$6,657 you'd have paid in while the building lost money, invested instead.
The building comes out $667,672 ahead after 30 years.
- Your equity when you sell
- $1,115,715
- Rental profits, invested at 7%
- $305,869
Sells for $1,186,931 (value up 3% a year), minus 6% selling cost ($71,216). Rent paid down $366,750 of loan.
$194,914 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,042,270
- Monthly shortfalls, invested
- $214,994
$136,920 put into an index fund instead of the down payment and closing costs.
$36,322 you'd have paid in while the building lost money, invested instead.
The building comes out $164,321 ahead after 30 years.
- Your equity when you sell
- $1,092,899
- Rental profits, invested at 7%
- $680,500
Sells for $1,162,659 (value up 3% a year), minus 6% selling cost ($69,760). Rent paid down $359,250 of loan.
$365,657 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,020,956
- Monthly shortfalls, invested
- $29,713
$134,120 put into an index fund instead of the down payment and closing costs.
$4,360 you'd have paid in while the building lost money, invested instead.
The building comes out $722,731 ahead after 30 years.
- Your equity when you sell
- $1,092,899
- Rental profits, invested at 7%
- $331,391
Sells for $1,162,659 (value up 3% a year), minus 6% selling cost ($69,760). Rent paid down $359,250 of loan.
$207,141 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,020,956
- Monthly shortfalls, invested
- $183,955
$134,120 put into an index fund instead of the down payment and closing costs.
$30,586 you'd have paid in while the building lost money, invested instead.
The building comes out $219,379 ahead after 30 years.
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
Year 30 (loan paid off): property $1.45M, stocks $864K. The property wins.
Year 30 (loan paid off): property $1.24M, stocks $1.16M. The property wins.
Year 30 (loan paid off): property $1.46M, stocks $813K. The property wins.
Year 30 (loan paid off): property $1.24M, stocks $1.10M. The property wins.
Year 30 (loan paid off): property $1.63M, stocks $964K. The property wins.
Year 30 (loan paid off): property $1.35M, stocks $1.18M. The property wins.
Year 30 (loan paid off): property $1.65M, stocks $923K. The property wins.
Year 30 (loan paid off): property $1.35M, stocks $1.13M. The property wins.
Year 30 (loan paid off): property $1.75M, stocks $1.09M. The property wins.
Year 30 (loan paid off): property $1.42M, stocks $1.26M. The property wins.
Year 30 (loan paid off): property $1.77M, stocks $1.05M. The property wins.
Year 30 (loan paid off): property $1.42M, stocks $1.20M. The property wins.
Comparable rentals
Nearby rentals RentCast matched to each unit type, as of 2026-10-05. The estimate above is RentCast's, weighted toward the closest matches.
1 bed / 1 bath estimate $1,700/mo · range $1,700–$1,700
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 1501 W Hwy, 61, Grand Marais 55604 | $1,850 | 1 / 1 | 1.1 mi | 92% |
| 801 W 5th St, Grand Marais 55604 off market | $1,258 | 2 / 1 | 0.5 mi | 84% |
| 861 5th Ave W, Grand Marais 55604 | $1,455 | 1 / 1 | 0.3 mi | 83% |
| 801 W 5th St, Unit A12, Grand Marais 55604 off market | $1,511 | 2 / 1 | 0.6 mi | 75% |
| 1501 W Hwy, 61 # 305, Grand Marais 55604 off market | $1,745 | 1 / 1 | 1.1 mi | 70% |
| 1501 W Hwy, 61 # 303, Grand Marais 55604 off market | $1,720 | 1 / 1 | 1.1 mi | 70% |
| 1501 W Hwy, 61 # 205, Grand Marais 55604 off market | $1,700 | 1 / 1 | 1.1 mi | 70% |
| 1501 W Hwy, 61 # 203, Grand Marais 55604 off market | $1,700 | 1 / 1 | 1.1 mi | 70% |
| 1501 W Hwy, 61 # 105, Grand Marais 55604 off market | $1,770 | 1 / 1 | 1.1 mi | 70% |
| 1501 W Hwy, 61 # 309, Grand Marais 55604 off market | $1,695 | 1 / 1 | 1.1 mi | 70% |
2 bed / 1 bath estimate $2,125/mo · range $1,775–$2,475
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 801 W 5th St, Grand Marais 55604 off market | $1,258 | 2 / 1 | 0.5 mi | 93% |
| 801 W 5th St, Unit A12, Grand Marais 55604 off market | $1,511 | 2 / 1 | 0.6 mi | 85% |
| 1501 W Hwy, 61, Grand Marais 55604 | $1,850 | 1 / 1 | 1.1 mi | 83% |
| 801 W 5th St, Unit B7, Grand Marais 55604 off market | $1,576 | 3 / 1 | 0.5 mi | 77% |
| 861 5th Ave W, Grand Marais 55604 | $1,455 | 1 / 1 | 0.3 mi | 73% |
| 1501 W Hwy, 61 # 111, Grand Marais 55604 off market | $2,245 | 2 / 1 | 1.1 mi | 71% |
| 1501 W Hwy, 61 # 211, Grand Marais 55604 off market | $2,215 | 2 / 1 | 1.1 mi | 71% |
| 1501 W Hwy, 61 # 301, Grand Marais 55604 off market | $2,220 | 2 / 1 | 1.1 mi | 71% |
| 1501 W Hwy, 61 # 101, Grand Marais 55604 off market | $2,245 | 2 / 1 | 1.1 mi | 71% |
| 1501 W Hwy, 61 # 311, Grand Marais 55604 off market | $2,220 | 2 / 1 | 1.1 mi | 71% |
On the maps, this property and comparable rentals. Comparable rentals and rent estimate: RentCast. Rents are asking rents from listings; check them against the actual leases.
Red flags and opportunities
Watch for
- highPriced about $75K above our break-even price; negative cash flow at the ask Based on: data: underwriting.break_even_price · AI review
- mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 1038 3RD AVE W
- mediumRural resort-area market with a thin tenant pool and possible seasonal vacancy Based on: data: area.name · AI review
- mediumListing is pitched as a home that could convert to owner-occupied, so the rental income may be unproven Listing says: the home could be converted to a four bedroom two bath home · AI review
- mediumTaxes and rental licensing can't be verified, so expenses are uncertain Based on: data: county.tax · AI review
Opportunities
- Long time on market: room to negotiate. Based on: Listing data: 120 days on market
- Flexible layout: could be converted to a single four-bedroom home, widening the buyer pool at resale Listing says: With mild alterations, the home could be converted to a four bedroom two bath home. · AI review
- Upper 2-bed rent range has upside in our estimate Based on: data: rent_estimate · AI review
- Newer 2019 build, so major systems and roof should be young Based on: data: listing.year_built · AI review
Questions for the agent
- Are both units rented now? What are the rents, lease terms and lease end dates?
- Who pays heat, electric, water and sewer? Are the units separately metered?
- What are the actual property taxes, and what would the bill be for a non-homestead investor?
- Is the heat one boiler for both units or separate zones? What does the heating cost per year?
- Is the unit legally licensed as a duplex in Grand Marais? Is short-term rental allowed or not?
- Why was the price reduced, and has the seller considered offers?
Bottom line
A newer, low-maintenance duplex, but at $489K it loses money every month, so it only works at a much lower price. AI-assisted summary
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. | $4,296 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $2,272 |
| 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% |
Price history Realtor.com
On the market since 2026-06-07 (120 days); down $38,500 (7.3%) from the first ask of $527,500.
| Date | Event | Price |
|---|---|---|
| Price changed | $489,000 | |
| Price changed | $499,000 | |
| Listed | $527,500 |
From the listing Listing
| Listed as | duplex |
| Property tax, 2026 | $4,296 |
| County | Cook County |
| Parcel number | 80-060-09=0609 |
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 Grand Marais on rental licensing before you buy.