121 1st St W

Triplex · 3 units: 1 bed / 1 bath ×3 unit split estimated · 2,322 sq ft

Cash flows

31 photos

Photos, via Realtor.com.

Asking price: $329,900
Monthly cash flow: $686
Estimated rent: $4,200/mo
Break-even price: $458,743

Adjust the numbers See the full breakdown

From the listing

Welcome to this fantastic investment opportunity in the heart of Maple Lake - where small-town living meets convenience and community charm. This well-maintained triplex features three beautifully updated units, with the potential to add a fourth unit in the basement for even greater income potential. Located in a desirable neighborhood close to local shopping, restaurants, parks, and schools, this property also puts you just minutes from all of the year-round festivities and community events that make Maple Lake such a special place to call home. Each unit has been thoughtfully renovated to offer modern updates while still maintaining a warm and inviting feel. With strong rental demand in the area and flexible opportunities for investors or owner-occupants alike, this property is a rare chance to enjoy steady income potential in a welcoming small-town setting.

Description from Realtor.com, MLS #7072871. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a small-town triplex in Maple Lake at $329,900, with 137 days on the market. Our underwriting shows about $686 a month in cash flow and an 8.9% cap rate at the asking price, but that rests on rent estimates of $1,400 per 1-bed unit. The description gives no rents, no lease terms, no utilities and no unit mix, and the county parcel didn't match, so taxes are unverified. Photos show three different interiors with a cosmetic refresh, window AC units and mixed heat types. Ask for the rent roll, tax bill and utility costs first. Then confirm the unit count and the rental license before booking a showing.

Things to consider

Income is unverified The cash flow figure rests on our rent estimates, not actual rents. Get the rent roll and leases before trusting it.
Taxes and unit count are unconfirmed No county parcel match means taxes could be higher than assumed, and the rental legality of three units is unverified.
Unit condition varies Some units look refreshed and others dated, with drop ceilings and window AC. Budget for updates and uneven rents.From photo 10
Basement unit is speculative Converting needs egress, permits and cost. Don't pay for it in the price.Listing says: “with the potential to add a fourth unit in the basement”
Long days on market 137 days suggests the price may be above what buyers will pay. Use it to negotiate.

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: $329,900
Cash to close: $75,877
Price per unit: $109,967
GRM: 6.5

Each month

Cash flow: $686/mo
Cash-on-cash: 10.8%
Cap rate: 8.9%
DSCR: 1.39×

Break-even

Price that breaks even: $458,743
Rent that breaks even: $3,343/mo

Long run

Year 30: property vs stocks: $2.48M vs $578K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$4,200
Vacancy (6%)	−$252
Collected	$3,948
Property tax Listing	−$330
Insurance Estimate	−$273
Water, sewer, trash Estimate	−$255
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (7% of rent)	−$294
Capital reserve (7% of rent)	−$294
Net operating income	$2,442
Mortgage (principal + interest)	−$1,756
Cash flow	$686
Principal paid down (equity, not cash)	$223

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

If you buy this building$2,475,753

Your equity when you sell: $752,709
Rental profits, invested at 7%: $1,723,044

Same money in stocks$577,595

Cash to close, invested at 7%: $577,595

The building comes out $1,898,158 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

This propertyStocks at 7%

Year 30 (loan paid off): property $2.48M, stocks $578K. 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 $1,400/mo · range $1,250–$1,575

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
916 6th Ave NE, Buffalo 55313 off market	$1,400	1 / 1	912	7.3 mi	2026-05-11	74%
1506 Anderson Ave, Buffalo 55313	$930	1 / 1	800	7.0 mi	2025-06-30	74%
914 6th Ave, Apt NE8, Buffalo 55313 off market	$1,500	1 / 1	850	7.3 mi	2026-08-26	74%
914 6th Ave, Apt NE3, Buffalo 55313 off market	$1,400	1 / 1	850	7.3 mi	2026-08-26	74%
913 6th Ave NE, Buffalo 55313 off market	$1,100	1 / 1	800	7.2 mi	2026-06-23	73%
913 6th Ave NE, Apt 105, Buffalo 55313 off market	$1,100	1 / 1	800	7.2 mi	2026-07-23	73%
913 6th Ave NE, Apt 206, Buffalo 55313 off market	$1,100	1 / 1	800	7.2 mi	2026-07-23	73%
911 6th Ave NE, Apt 205, Buffalo 55313 off market	$1,100	1 / 1	800	7.3 mi	2026-07-23	73%
911 6th Ave NE, Apt 306, Buffalo 55313 off market	$1,100	1 / 1	800	7.3 mi	2026-07-08	73%
407 9th St NE, Buffalo 55313 off market	$1,185	1 / 1	750	7.2 mi	2025-12-22	73%

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, leases or occupancy are given. The income side is unsupported. Listing says: steady income potential in a welcoming small-town setting · 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 121 1ST ST W
mediumBasement fourth unit is only potential. Egress, permits and zoning are unknown, so it adds no value now. Listing says: with the potential to add a fourth unit in the basement · AI review
mediumPhotos show baseboard heat, a radiator cover and window AC units. That suggests mixed or aging heating and cooling. Heat type and who pays are not stated. Based on: photo 9 · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 137 days on market
Long time on market gives room to negotiate, and the break-even price is well above ask. Based on: data: underwriting.break_even_price · AI review
No rent cap, so rents can be reset to market at turnover. 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?
Which utilities does the owner pay, and what were the last 12 months of bills?
What is the heat source for each unit, and how old are the boilers or baseboards?
What are the annual property taxes, and are there any special assessments?
Is the basement unit legal, with egress and permits, or is it only an idea?
Why has it been on the market 137 days, and have there been price changes or offers?

Bottom line

The numbers look decent on paper, but with no rents, expenses or verified taxes in the listing, treat the 9% cap rate as a guess until you see the rent roll. 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.	$3,960
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$3,280
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. "fully renovated" in the description: -1 pts each	7% / 7%

Price history Realtor.com

On the market since 2026-05-21 (137 days); down $69,100 (17.3%) from the first ask of $399,000; last sold for $267,500 on 2024-11-08.

Date	Event	Price
2026-09-16	Price changed	$329,900
2026-08-24	Price changed	$349,900
2026-07-07	Price changed	$365,000
2026-06-09	Price changed	$379,000
2026-05-21	Listed	$399,000
2024-11-08	Sold	$267,500
2024-09-28	Price changed	$275,000
2024-09-05	Price changed	$325,000
2024-07-29	Listed	$330,000

From the listing Listing

Listed as	triplex
Property tax, 2026	$3,960
County	Wright
Parcel number	110010007011

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 Maple Lake on rental licensing before you buy.