1126 2nd St SE
Triplex · 3 units: 2 bed / 1.5 bath ×3 unit split estimated · 3,377 sq ft
Wadena, MN · View the listing ↗
Photos courtesy of Centennial Realty, via Realtor.com.
- Asking price
- $374,500 3 units · $125K per unit
- Monthly cash flow
- −$622 at 20% down, 7%
- Estimated rent
- $3,075/mo medium confidence
- Break-even price
- $257,595 where cash flow hits $0
First look
This Wadena triplex looks clean and updated, but the price doesn't fit the rents. At $374,500 our underwriting shows about -$622 a month and a 4.4% cap rate, with break-even near $257,600. The listing says all three units are rented but gives no rents or lease terms, so ask for the rent roll first. Mid-estimate rent is about $1,025 per unit, and a small-town market won't carry the ask. Also confirm taxes and the unit count, since we couldn't match a county parcel. Worth a showing only if the price comes down a long way or the rents are far above our estimate.
Things to consider
- Price is far above what the rents support Our model shows negative cash flow of about $622 a month at asking. Break-even is roughly $117K lower.
- Rents and leases are unknown Without a rent roll you can't verify income. Rents above our $1,025 mid estimate would be needed to make the numbers work.Listing says: “All 3 units are currently rented for immediate income potential”
- Taxes and unit count are unverified No county parcel match means the tax bill could differ from our assumptions, and non-homestead tax is usually higher.
- Heating may be electric baseboard If the owner pays heat, expenses climb. If tenants pay, high bills can hurt retention.From photo 3
- Unit quality is uneven The upper unit looks updated, but the lower unit looks older. That could limit what it rents for.From photo 9
- Expansion potential on the lot Utility stubs for two more units could add value, but it would need permits, zoning approval and capital.Listing says: “you could expand and tie in 2 additional units on this large lot”
From the photos
Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.
Condition and repairs
- doneElectrical, plumbing and water pipes redone in the last several yearsListing says: electrical, plumbing and water pipes have been redone in the last several years
- doneMoved to a new block foundation and fully renovated in 1995Listing says: The home was moved to a new block foundation and totally renovated in 1995.
- donePaint, flooring, fixtures, decking, railings, appliances and mechanicals updatedListing says: many updates and replacements consisting of paint, flooring, fixtures, decking, railings, appliances, mechanicals
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
- $374,500
- Cash to close
- $48,685
- Price per unit
- $124,833
- GRM
- 10.1
Each month
- Cash flow
- −$1,082/mo
- Cash-on-cash
- −26.7%
- Cap rate
- 4.4%
- DSCR
- 0.56×
Break-even
- Price that breaks even
- $209,310
- Rent that breaks even
- $4,480/mo
Long run
- Year 30: property vs stocks
- $904K vs $986K
- Cash flow turns positive
- year 21
The deal
- Price
- $374,500
- Cash to close
- $48,685
- Price per unit
- $124,833
- GRM
- 10.1
Each month
- Cash flow
- −$1,342/mo
- Cash-on-cash
- −33.1%
- Cap rate
- 3.6%
- DSCR
- 0.45×
Break-even
- Price that breaks even
- $169,595
- Rent that breaks even
- $5,033/mo
Long run
- Year 30: property vs stocks
- $855K vs $1.34M
- Cash flow turns positive
- year 30
The deal
- Price
- $364,500
- Cash to close
- $47,385
- Price per unit
- $121,500
- GRM
- 9.9
Each month
- Cash flow
- −$1,017/mo
- Cash-on-cash
- −25.7%
- Cap rate
- 4.5%
- DSCR
- 0.57×
Break-even
- Price that breaks even
- $209,310
- Rent that breaks even
- $4,395/mo
Long run
- Year 30: property vs stocks
- $892K vs $918K
- Cash flow turns positive
- year 20
The deal
- Price
- $364,500
- Cash to close
- $47,385
- Price per unit
- $121,500
- GRM
- 9.9
Each month
- Cash flow
- −$1,277/mo
- Cash-on-cash
- −32.3%
- Cap rate
- 3.7%
- DSCR
- 0.47×
Break-even
- Price that breaks even
- $169,595
- Rent that breaks even
- $4,938/mo
Long run
- Year 30: property vs stocks
- $833K vs $1.26M
- Cash flow turns positive
- year 29
The deal
- Price
- $374,500
- Cash to close
- $86,135
- Price per unit
- $124,833
- GRM
- 10.1
Each month
- Cash flow
- −$622/mo
- Cash-on-cash
- −8.7%
- Cap rate
- 4.4%
- DSCR
- 0.69×
Break-even
- Price that breaks even
- $257,595
- Rent that breaks even
- $3,883/mo
Long run
- Year 30: property vs stocks
- $962K vs $982K
- Cash flow turns positive
- year 16
The deal
- Price
- $374,500
- Cash to close
- $86,135
- Price per unit
- $124,833
- GRM
- 10.1
Each month
- Cash flow
- −$882/mo
- Cash-on-cash
- −12.3%
- Cap rate
- 3.6%
- DSCR
- 0.56×
Break-even
- Price that breaks even
- $208,717
- Rent that breaks even
- $4,362/mo
Long run
- Year 30: property vs stocks
- $866K vs $1.29M
- Cash flow turns positive
- year 25
The deal
- Price
- $364,500
- Cash to close
- $83,835
- Price per unit
- $121,500
- GRM
- 9.9
Each month
- Cash flow
- −$569/mo
- Cash-on-cash
- −8.1%
- Cap rate
- 4.5%
- DSCR
- 0.71×
Break-even
- Price that breaks even
- $257,595
- Rent that breaks even
- $3,814/mo
Long run
- Year 30: property vs stocks
- $956K vs $921K
- Cash flow turns positive
- year 15
The deal
- Price
- $364,500
- Cash to close
- $83,835
- Price per unit
- $121,500
- GRM
- 9.9
Each month
- Cash flow
- −$829/mo
- Cash-on-cash
- −11.9%
- Cap rate
- 3.7%
- DSCR
- 0.57×
Break-even
- Price that breaks even
- $208,717
- Rent that breaks even
- $4,285/mo
Long run
- Year 30: property vs stocks
- $848K vs $1.22M
- Cash flow turns positive
- year 24
The deal
- Price
- $374,500
- Cash to close
- $104,860
- Price per unit
- $124,833
- GRM
- 10.1
Each month
- Cash flow
- −$498/mo
- Cash-on-cash
- −5.7%
- Cap rate
- 4.4%
- DSCR
- 0.73×
Break-even
- Price that breaks even
- $274,768
- Rent that breaks even
- $3,721/mo
Long run
- Year 30: property vs stocks
- $1.00M vs $1.03M
- Cash flow turns positive
- year 13
The deal
- Price
- $374,500
- Cash to close
- $104,860
- Price per unit
- $124,833
- GRM
- 10.1
Each month
- Cash flow
- −$758/mo
- Cash-on-cash
- −8.7%
- Cap rate
- 3.6%
- DSCR
- 0.59×
Break-even
- Price that breaks even
- $222,632
- Rent that breaks even
- $4,181/mo
Long run
- Year 30: property vs stocks
- $879K vs $1.30M
- Cash flow turns positive
- year 23
The deal
- Price
- $364,500
- Cash to close
- $102,060
- Price per unit
- $121,500
- GRM
- 9.9
Each month
- Cash flow
- −$448/mo
- Cash-on-cash
- −5.3%
- Cap rate
- 4.5%
- DSCR
- 0.75×
Break-even
- Price that breaks even
- $274,768
- Rent that breaks even
- $3,656/mo
Long run
- Year 30: property vs stocks
- $1.00M vs $969K
- Cash flow turns positive
- year 12
The deal
- Price
- $364,500
- Cash to close
- $102,060
- Price per unit
- $121,500
- GRM
- 9.9
Each month
- Cash flow
- −$708/mo
- Cash-on-cash
- −8.3%
- Cap rate
- 3.7%
- DSCR
- 0.61×
Break-even
- Price that breaks even
- $222,632
- Rent that breaks even
- $4,108/mo
Long run
- Year 30: property vs stocks
- $863K vs $1.23M
- Cash flow turns positive
- year 21
Monthly
Monthly breakdown
| Rent | $3,075 |
| Vacancy (6%) | −$184 |
| Collected | $2,890 |
| Property tax Listing | −$357 |
| Insurance Estimate | −$325 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$246 |
| Capital reserve (9% of rent) | −$277 |
| Net operating income | $1,371 |
| Mortgage (principal + interest) | −$2,242 |
| PMI | −$211 |
| Cash flow | −$1,082 |
| Principal paid down (equity, not cash) | $285 |
| Rent | $3,075 |
| Vacancy (6%) | −$184 |
| Collected | $2,890 |
| Property tax Listing | −$357 |
| Insurance Estimate | −$325 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$246 |
| Capital reserve (9% of rent) | −$277 |
| Property management | −$260 |
| Net operating income | $1,111 |
| Mortgage (principal + interest) | −$2,242 |
| PMI | −$211 |
| Cash flow | −$1,342 |
| Principal paid down (equity, not cash) | $285 |
| Rent | $3,075 |
| Vacancy (6%) | −$184 |
| Collected | $2,890 |
| Property tax Listing | −$357 |
| Insurance Estimate | −$325 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$246 |
| Capital reserve (9% of rent) | −$277 |
| Net operating income | $1,371 |
| Mortgage (principal + interest) | −$2,183 |
| PMI | −$205 |
| Cash flow | −$1,017 |
| Principal paid down (equity, not cash) | $278 |
| Rent | $3,075 |
| Vacancy (6%) | −$184 |
| Collected | $2,890 |
| Property tax Listing | −$357 |
| Insurance Estimate | −$325 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$246 |
| Capital reserve (9% of rent) | −$277 |
| Property management | −$260 |
| Net operating income | $1,111 |
| Mortgage (principal + interest) | −$2,183 |
| PMI | −$205 |
| Cash flow | −$1,277 |
| Principal paid down (equity, not cash) | $278 |
| Rent | $3,075 |
| Vacancy (6%) | −$184 |
| Collected | $2,890 |
| Property tax Listing | −$357 |
| Insurance Estimate | −$325 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$246 |
| Capital reserve (9% of rent) | −$277 |
| Net operating income | $1,371 |
| Mortgage (principal + interest) | −$1,993 |
| Cash flow | −$622 |
| Principal paid down (equity, not cash) | $254 |
| Rent | $3,075 |
| Vacancy (6%) | −$184 |
| Collected | $2,890 |
| Property tax Listing | −$357 |
| Insurance Estimate | −$325 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$246 |
| Capital reserve (9% of rent) | −$277 |
| Property management | −$260 |
| Net operating income | $1,111 |
| Mortgage (principal + interest) | −$1,993 |
| Cash flow | −$882 |
| Principal paid down (equity, not cash) | $254 |
| Rent | $3,075 |
| Vacancy (6%) | −$184 |
| Collected | $2,890 |
| Property tax Listing | −$357 |
| Insurance Estimate | −$325 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$246 |
| Capital reserve (9% of rent) | −$277 |
| Net operating income | $1,371 |
| Mortgage (principal + interest) | −$1,940 |
| Cash flow | −$569 |
| Principal paid down (equity, not cash) | $247 |
| Rent | $3,075 |
| Vacancy (6%) | −$184 |
| Collected | $2,890 |
| Property tax Listing | −$357 |
| Insurance Estimate | −$325 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$246 |
| Capital reserve (9% of rent) | −$277 |
| Property management | −$260 |
| Net operating income | $1,111 |
| Mortgage (principal + interest) | −$1,940 |
| Cash flow | −$829 |
| Principal paid down (equity, not cash) | $247 |
| Rent | $3,075 |
| Vacancy (6%) | −$184 |
| Collected | $2,890 |
| Property tax Listing | −$357 |
| Insurance Estimate | −$325 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$246 |
| Capital reserve (9% of rent) | −$277 |
| Net operating income | $1,371 |
| Mortgage (principal + interest) | −$1,869 |
| Cash flow | −$498 |
| Principal paid down (equity, not cash) | $238 |
| Rent | $3,075 |
| Vacancy (6%) | −$184 |
| Collected | $2,890 |
| Property tax Listing | −$357 |
| Insurance Estimate | −$325 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$246 |
| Capital reserve (9% of rent) | −$277 |
| Property management | −$260 |
| Net operating income | $1,111 |
| Mortgage (principal + interest) | −$1,869 |
| Cash flow | −$758 |
| Principal paid down (equity, not cash) | $238 |
| Rent | $3,075 |
| Vacancy (6%) | −$184 |
| Collected | $2,890 |
| Property tax Listing | −$357 |
| Insurance Estimate | −$325 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$246 |
| Capital reserve (9% of rent) | −$277 |
| Net operating income | $1,371 |
| Mortgage (principal + interest) | −$1,819 |
| Cash flow | −$448 |
| Principal paid down (equity, not cash) | $231 |
| Rent | $3,075 |
| Vacancy (6%) | −$184 |
| Collected | $2,890 |
| Property tax Listing | −$357 |
| Insurance Estimate | −$325 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$246 |
| Capital reserve (9% of rent) | −$277 |
| Property management | −$260 |
| Net operating income | $1,111 |
| Mortgage (principal + interest) | −$1,819 |
| Cash flow | −$708 |
| Principal paid down (equity, not cash) | $231 |
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
- $854,469
- Rental profits, invested at 7%
- $49,337
Sells for $909,010 (value up 3% a year), minus 6% selling cost ($54,541). Rent paid down $337,050 of loan.
$40,006 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $370,603
- Monthly shortfalls, invested
- $615,503
$48,685 put into an index fund instead of the down payment and closing costs.
$123,064 you'd have paid in while the building lost money, invested instead.
Stocks come out $82,299 ahead after 30 years.
- Your equity when you sell
- $854,469
- Rental profits, invested at 7%
- $256
Sells for $909,010 (value up 3% a year), minus 6% selling cost ($54,541). Rent paid down $337,050 of loan.
$256 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $370,603
- Monthly shortfalls, invested
- $971,077
$48,685 put into an index fund instead of the down payment and closing costs.
$231,832 you'd have paid in while the building lost money, invested instead.
Stocks come out $486,954 ahead after 30 years.
- Your equity when you sell
- $831,653
- Rental profits, invested at 7%
- $60,518
Sells for $884,737 (value up 3% a year), minus 6% selling cost ($53,084). Rent paid down $328,050 of loan.
$47,829 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $360,707
- Monthly shortfalls, invested
- $557,071
$47,385 put into an index fund instead of the down payment and closing costs.
$109,061 you'd have paid in while the building lost money, invested instead.
Stocks come out $25,607 ahead after 30 years.
- Your equity when you sell
- $831,653
- Rental profits, invested at 7%
- $1,333
Sells for $884,737 (value up 3% a year), minus 6% selling cost ($53,084). Rent paid down $328,050 of loan.
$1,310 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $360,707
- Monthly shortfalls, invested
- $902,541
$47,385 put into an index fund instead of the down payment and closing costs.
$211,060 you'd have paid in while the building lost money, invested instead.
Stocks come out $430,262 ahead after 30 years.
- Your equity when you sell
- $854,469
- Rental profits, invested at 7%
- $107,680
Sells for $909,010 (value up 3% a year), minus 6% selling cost ($54,541). Rent paid down $299,600 of loan.
$77,872 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $655,682
- Monthly shortfalls, invested
- $326,241
$86,135 put into an index fund instead of the down payment and closing costs.
$61,123 you'd have paid in while the building lost money, invested instead.
Stocks come out $19,773 ahead after 30 years.
- Your equity when you sell
- $854,469
- Rental profits, invested at 7%
- $11,244
Sells for $909,010 (value up 3% a year), minus 6% selling cost ($54,541). Rent paid down $299,600 of loan.
$10,154 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $655,682
- Monthly shortfalls, invested
- $634,460
$86,135 put into an index fund instead of the down payment and closing costs.
$141,923 you'd have paid in while the building lost money, invested instead.
Stocks come out $424,429 ahead after 30 years.
- Your equity when you sell
- $831,653
- Rental profits, invested at 7%
- $124,658
Sells for $884,737 (value up 3% a year), minus 6% selling cost ($53,084). Rent paid down $291,600 of loan.
$87,789 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $638,173
- Monthly shortfalls, invested
- $282,887
$83,835 put into an index fund instead of the down payment and closing costs.
$51,879 you'd have paid in while the building lost money, invested instead.
The building comes out $35,250 ahead after 30 years.
- Your equity when you sell
- $831,653
- Rental profits, invested at 7%
- $16,185
Sells for $884,737 (value up 3% a year), minus 6% selling cost ($53,084). Rent paid down $291,600 of loan.
$14,234 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $638,173
- Monthly shortfalls, invested
- $579,069
$83,835 put into an index fund instead of the down payment and closing costs.
$126,842 you'd have paid in while the building lost money, invested instead.
Stocks come out $369,405 ahead after 30 years.
- Your equity when you sell
- $854,469
- Rental profits, invested at 7%
- $150,335
Sells for $909,010 (value up 3% a year), minus 6% selling cost ($54,541). Rent paid down $280,875 of loan.
$102,097 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $798,221
- Monthly shortfalls, invested
- $227,683
$104,860 put into an index fund instead of the down payment and closing costs.
$40,499 you'd have paid in while the building lost money, invested instead.
Stocks come out $21,100 ahead after 30 years.
- Your equity when you sell
- $854,469
- Rental profits, invested at 7%
- $24,465
Sells for $909,010 (value up 3% a year), minus 6% selling cost ($54,541). Rent paid down $280,875 of loan.
$20,770 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $798,221
- Monthly shortfalls, invested
- $506,469
$104,860 put into an index fund instead of the down payment and closing costs.
$107,690 you'd have paid in while the building lost money, invested instead.
Stocks come out $425,755 ahead after 30 years.
- Your equity when you sell
- $831,653
- Rental profits, invested at 7%
- $170,837
Sells for $884,737 (value up 3% a year), minus 6% selling cost ($53,084). Rent paid down $273,375 of loan.
$112,918 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $776,907
- Monthly shortfalls, invested
- $191,625
$102,060 put into an index fund instead of the down payment and closing costs.
$33,357 you'd have paid in while the building lost money, invested instead.
The building comes out $33,958 ahead after 30 years.
- Your equity when you sell
- $831,653
- Rental profits, invested at 7%
- $31,725
Sells for $884,737 (value up 3% a year), minus 6% selling cost ($53,084). Rent paid down $273,375 of loan.
$26,206 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $776,907
- Monthly shortfalls, invested
- $457,168
$102,060 put into an index fund instead of the down payment and closing costs.
$95,163 you'd have paid in while the building lost money, invested instead.
Stocks come out $370,697 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 $904K, stocks $986K. Stocks win.
Year 30 (loan paid off): property $855K, stocks $1.34M. Stocks win.
Year 30 (loan paid off): property $892K, stocks $918K. Stocks win.
Year 30 (loan paid off): property $833K, stocks $1.26M. Stocks win.
Year 30 (loan paid off): property $962K, stocks $982K. Stocks win.
Year 30 (loan paid off): property $866K, stocks $1.29M. Stocks win.
Year 30 (loan paid off): property $956K, stocks $921K. The property wins.
Year 30 (loan paid off): property $848K, stocks $1.22M. Stocks win.
Year 30 (loan paid off): property $1.00M, stocks $1.03M. Stocks win.
Year 30 (loan paid off): property $879K, stocks $1.30M. Stocks win.
Year 30 (loan paid off): property $1.00M, stocks $969K. The property wins.
Year 30 (loan paid off): property $863K, stocks $1.23M. Stocks win.
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.
2 bed / 1.5 bath estimate $1,025/mo · range $700–$1,350
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 106-122 5th St SW, Wadena 56482 off market | $900 | 2 / 1 | 0.8 mi | 90% |
| 502-516 King Ave SW, Wadena 56482 off market | $1,700 | 3 / 1.5 | 0.4 mi | 84% |
| 219 1st St NE, Wadena 56482 off market | $1,100 | 2 / 1 | 0.9 mi | 76% |
| 407 E Gilman St, Apt 303, New York Mills 56567 off market | $865 | 2 / 1 | 12.6 mi | 73% |
| 90 Miller St, Apt 207, New York Mills 56567 off market | $750 | 2 / 1 | 12.9 mi | 73% |
| 101 Thompson St, Verndale 56481 off market | $688 | 1 / 1 | 6.3 mi | 72% |
| 302 Cedar Ave NW, Wadena 56482 off market | $650 | 0 / 1 | 1.0 mi | 71% |
| 15484 U S, # 10, Verndale 56481 off market | $1,650 | 3 / 2 | 4.9 mi | 65% |
| 411 E Gilman St, Apt 108, New York Mills 56567 off market | $965 | 3 / 1 | 12.5 mi | 63% |
| 407 E Gilman St, Apt 202, New York Mills 56567 off market | $925 | 3 / 1 | 12.6 mi | 63% |
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
- highNo rents or lease terms given for a fully rented building Listing says: All 3 units are currently rented for immediate income potential · 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 1126 2ND ST SE
- mediumAsking is $116,905 above the price where cash flow breaks even ($257,595) at the default scenario. Based on: Derived: price $374,500 vs. break-even $257,595
- mediumMoved house on a new foundation in 1995; the 1891 structure itself is old Listing says: The home was moved to a new block foundation and totally renovated in 1995. · AI review
- mediumLower-level unit appears to be below grade; confirm legal status and egress Based on: photo 9 · AI review
Opportunities
- Pipes are set up to tie in two more units on the large lot Listing says: you could expand and tie in 2 additional units on this large lot · AI review
- No rent cap, so rents can follow the market Based on: data: underwriting.rent_rule · AI review
Questions for the agent
- What are the current rents, lease end dates and deposits for each unit?
- Who pays heat, electric and water, and are there separate meters?
- What are the annual taxes and any special assessments, and is the unit count licensed with the city?
- What is the age of the roof, boilers or baseboard heat system, and the electrical panels?
- Is the lower unit legal with proper egress, and does it meet rental license rules?
- Why is the price this high relative to the area, and is there room to negotiate?
Bottom line
Clean, updated triplex, but at $374,500 it loses money at today's rates unless the actual rents are well above our estimate. 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. | $4,282 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $3,899 |
| Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid | $255 |
| 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 1891: +1 pt capital reserve | 8% / 9% |
Price history Realtor.com
On the market since 2026-09-10 (25 days); last sold for $309,000 on 2025-03-21.
| Date | Event | Price |
|---|---|---|
| Listed | $374,500 | |
| Sold public record | $309,000 | |
| Removed | — | |
| Listed | $249,900 | |
| Removed | — | |
| Removed | — | |
| Listed | $249,900 | |
| Listed | $249,900 | |
| Sold | $60,000 | |
| Listed | $60,000 | |
| Sold | $60,000 | |
| Listed | $60,000 | |
| Removed | $60,000 | |
| Listed | $60,000 |
From the listing Listing
| Listed as | triplex |
| Property tax, 2026 | $4,282 |
| County | Wadena |
| Parcel number | 225400040 |
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 Wadena on rental licensing before you buy.