1311 Summit Ave
Fourplex · 4 units: 3 bed / 2 bath ×3 and 2 bed / 2 bath unit split estimated · 6,892 sq ft
Detroit Lakes, MN · View the listing ↗
Photos, via Realtor.com.
- Asking price
- $950,000 4 units · $238K per unit
- Monthly cash flow
- −$1,206 at 20% down, 7%
- Estimated rent
- $7,025/mo medium confidence
- Break-even price
- $723,418 where cash flow hits $0
First look
This is a $950K four-plex with no rent roll, no stated rents and no tax data, so the numbers rest on our estimates. At the ask, our underwriting shows about -$1,206/month cash flow and a 4.9% cap rate, and break-even price is about $723K, roughly $227K below ask. The 5-bed/3-bath furnished unit is a short-term or furnished-rental setup, and the 2-bed goes vacant at month end, so actual income is unclear. The location near the beach and trail is appealing, but 128 days on market says buyers aren't paying this price. Ask for the rent roll, leases, trailing-12 expenses and tax bill before a showing. Only tour it if the seller will talk near break-even.
Things to consider
- Price is far above what the income supports Our underwriting shows negative cash flow at ask and a break-even price about $227K lower. You would be paying for hope, not income.
- No rent roll or verified income The listing says rental performance is strong but gives no numbers. Without leases, income is a guess.Listing says: “The property continues to benefit from strong rental performance and has established itself as a reliable source of income.”
- Furnished unit and vacancy affect real income A furnished 5-bed may rent differently from a standard lease, and a 2-bed vacating means immediate lost rent and turnover cost.Listing says: “The 2-bed unit will be vacant and available at the end of the month.”
- Unit count and taxes unverified No county parcel match means the legal unit count, tax bill and assessments need checking, and they drive value and expenses.
- Negotiating leverage from time on market 128 days suggests the market doesn't accept this price. An offer near break-even is more realistic.
- Renovations are cosmetic in the photos Systems like heat, electrical and roof matter more than finishes on a 1949 building and are not shown.From photo 8
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
- doneKitchen remodels, bathroom updates, new lighting, flooring and insulation on multiple unitsListing says: Extensive renovations have been completed on multiple units in recent years
- doneModern appliances and updated flooringListing says: featuring modern appliances, updated flooring, kitchen remodels, bathroom updates, new lighting, and thoughtful insulation improvements
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
- $950,000
- Cash to close
- $123,500
- Price per unit
- $237,500
- GRM
- 11.3
Each month
- Cash flow
- −$2,372/mo
- Cash-on-cash
- −23.1%
- Cap rate
- 4.9%
- DSCR
- 0.62×
Break-even
- Price that breaks even
- $587,817
- Rent that breaks even
- $10,106/mo
Long run
- Year 30: property vs stocks
- $2.52M vs $2.06M
- Cash flow turns positive
- year 16
The deal
- Price
- $950,000
- Cash to close
- $123,500
- Price per unit
- $237,500
- GRM
- 11.3
Each month
- Cash flow
- −$2,967/mo
- Cash-on-cash
- −28.8%
- Cap rate
- 4.1%
- DSCR
- 0.52×
Break-even
- Price that breaks even
- $497,085
- Rent that breaks even
- $11,353/mo
Long run
- Year 30: property vs stocks
- $2.26M vs $2.73M
- Cash flow turns positive
- year 22
The deal
- Price
- $940,000
- Cash to close
- $122,200
- Price per unit
- $235,000
- GRM
- 11.2
Each month
- Cash flow
- −$2,307/mo
- Cash-on-cash
- −22.7%
- Cap rate
- 4.9%
- DSCR
- 0.63×
Break-even
- Price that breaks even
- $587,817
- Rent that breaks even
- $10,021/mo
Long run
- Year 30: property vs stocks
- $2.51M vs $2.00M
- Cash flow turns positive
- year 15
The deal
- Price
- $940,000
- Cash to close
- $122,200
- Price per unit
- $235,000
- GRM
- 11.2
Each month
- Cash flow
- −$2,901/mo
- Cash-on-cash
- −28.5%
- Cap rate
- 4.2%
- DSCR
- 0.53×
Break-even
- Price that breaks even
- $497,085
- Rent that breaks even
- $11,258/mo
Long run
- Year 30: property vs stocks
- $2.25M vs $2.65M
- Cash flow turns positive
- year 22
The deal
- Price
- $950,000
- Cash to close
- $218,500
- Price per unit
- $237,500
- GRM
- 11.3
Each month
- Cash flow
- −$1,206/mo
- Cash-on-cash
- −6.6%
- Cap rate
- 4.9%
- DSCR
- 0.76×
Break-even
- Price that breaks even
- $723,418
- Rent that breaks even
- $8,591/mo
Long run
- Year 30: property vs stocks
- $2.76M vs $2.14M
- Cash flow turns positive
- year 11
The deal
- Price
- $950,000
- Cash to close
- $218,500
- Price per unit
- $237,500
- GRM
- 11.3
Each month
- Cash flow
- −$1,800/mo
- Cash-on-cash
- −9.9%
- Cap rate
- 4.1%
- DSCR
- 0.64×
Break-even
- Price that breaks even
- $611,755
- Rent that breaks even
- $9,652/mo
Long run
- Year 30: property vs stocks
- $2.38M vs $2.69M
- Cash flow turns positive
- year 18
The deal
- Price
- $940,000
- Cash to close
- $216,200
- Price per unit
- $235,000
- GRM
- 11.2
Each month
- Cash flow
- −$1,153/mo
- Cash-on-cash
- −6.4%
- Cap rate
- 4.9%
- DSCR
- 0.77×
Break-even
- Price that breaks even
- $723,418
- Rent that breaks even
- $8,522/mo
Long run
- Year 30: property vs stocks
- $2.77M vs $2.09M
- Cash flow turns positive
- year 11
The deal
- Price
- $940,000
- Cash to close
- $216,200
- Price per unit
- $235,000
- GRM
- 11.2
Each month
- Cash flow
- −$1,747/mo
- Cash-on-cash
- −9.7%
- Cap rate
- 4.2%
- DSCR
- 0.65×
Break-even
- Price that breaks even
- $611,755
- Rent that breaks even
- $9,574/mo
Long run
- Year 30: property vs stocks
- $2.37M vs $2.62M
- Cash flow turns positive
- year 17
The deal
- Price
- $950,000
- Cash to close
- $266,000
- Price per unit
- $237,500
- GRM
- 11.3
Each month
- Cash flow
- −$890/mo
- Cash-on-cash
- −4.0%
- Cap rate
- 4.9%
- DSCR
- 0.81×
Break-even
- Price that breaks even
- $771,646
- Rent that breaks even
- $8,181/mo
Long run
- Year 30: property vs stocks
- $2.93M vs $2.32M
- Cash flow turns positive
- year 9
The deal
- Price
- $950,000
- Cash to close
- $266,000
- Price per unit
- $237,500
- GRM
- 11.3
Each month
- Cash flow
- −$1,484/mo
- Cash-on-cash
- −6.7%
- Cap rate
- 4.1%
- DSCR
- 0.69×
Break-even
- Price that breaks even
- $652,539
- Rent that breaks even
- $9,191/mo
Long run
- Year 30: property vs stocks
- $2.47M vs $2.78M
- Cash flow turns positive
- year 15
The deal
- Price
- $940,000
- Cash to close
- $263,200
- Price per unit
- $235,000
- GRM
- 11.2
Each month
- Cash flow
- −$840/mo
- Cash-on-cash
- −3.8%
- Cap rate
- 4.9%
- DSCR
- 0.82×
Break-even
- Price that breaks even
- $771,646
- Rent that breaks even
- $8,116/mo
Long run
- Year 30: property vs stocks
- $2.94M vs $2.27M
- Cash flow turns positive
- year 9
The deal
- Price
- $940,000
- Cash to close
- $263,200
- Price per unit
- $235,000
- GRM
- 11.2
Each month
- Cash flow
- −$1,434/mo
- Cash-on-cash
- −6.5%
- Cap rate
- 4.2%
- DSCR
- 0.69×
Break-even
- Price that breaks even
- $652,539
- Rent that breaks even
- $9,118/mo
Long run
- Year 30: property vs stocks
- $2.47M vs $2.72M
- Cash flow turns positive
- year 15
Monthly
Monthly breakdown
| Rent | $7,025 |
| Vacancy (6%) | −$422 |
| Collected | $6,604 |
| Property tax Listing | −$715 |
| Insurance Estimate | −$444 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$632 |
| Capital reserve (8% of rent) | −$562 |
| Net operating income | $3,850 |
| Mortgage (principal + interest) | −$5,688 |
| PMI | −$534 |
| Cash flow | −$2,372 |
| Principal paid down (equity, not cash) | $724 |
| Rent | $7,025 |
| Vacancy (6%) | −$422 |
| Collected | $6,604 |
| Property tax Listing | −$715 |
| Insurance Estimate | −$444 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$632 |
| Capital reserve (8% of rent) | −$562 |
| Property management | −$594 |
| Net operating income | $3,256 |
| Mortgage (principal + interest) | −$5,688 |
| PMI | −$534 |
| Cash flow | −$2,967 |
| Principal paid down (equity, not cash) | $724 |
| Rent | $7,025 |
| Vacancy (6%) | −$422 |
| Collected | $6,604 |
| Property tax Listing | −$715 |
| Insurance Estimate | −$444 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$632 |
| Capital reserve (8% of rent) | −$562 |
| Net operating income | $3,850 |
| Mortgage (principal + interest) | −$5,628 |
| PMI | −$529 |
| Cash flow | −$2,307 |
| Principal paid down (equity, not cash) | $716 |
| Rent | $7,025 |
| Vacancy (6%) | −$422 |
| Collected | $6,604 |
| Property tax Listing | −$715 |
| Insurance Estimate | −$444 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$632 |
| Capital reserve (8% of rent) | −$562 |
| Property management | −$594 |
| Net operating income | $3,256 |
| Mortgage (principal + interest) | −$5,628 |
| PMI | −$529 |
| Cash flow | −$2,901 |
| Principal paid down (equity, not cash) | $716 |
| Rent | $7,025 |
| Vacancy (6%) | −$422 |
| Collected | $6,604 |
| Property tax Listing | −$715 |
| Insurance Estimate | −$444 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$632 |
| Capital reserve (8% of rent) | −$562 |
| Net operating income | $3,850 |
| Mortgage (principal + interest) | −$5,056 |
| Cash flow | −$1,206 |
| Principal paid down (equity, not cash) | $643 |
| Rent | $7,025 |
| Vacancy (6%) | −$422 |
| Collected | $6,604 |
| Property tax Listing | −$715 |
| Insurance Estimate | −$444 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$632 |
| Capital reserve (8% of rent) | −$562 |
| Property management | −$594 |
| Net operating income | $3,256 |
| Mortgage (principal + interest) | −$5,056 |
| Cash flow | −$1,800 |
| Principal paid down (equity, not cash) | $643 |
| Rent | $7,025 |
| Vacancy (6%) | −$422 |
| Collected | $6,604 |
| Property tax Listing | −$715 |
| Insurance Estimate | −$444 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$632 |
| Capital reserve (8% of rent) | −$562 |
| Net operating income | $3,850 |
| Mortgage (principal + interest) | −$5,003 |
| Cash flow | −$1,153 |
| Principal paid down (equity, not cash) | $637 |
| Rent | $7,025 |
| Vacancy (6%) | −$422 |
| Collected | $6,604 |
| Property tax Listing | −$715 |
| Insurance Estimate | −$444 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$632 |
| Capital reserve (8% of rent) | −$562 |
| Property management | −$594 |
| Net operating income | $3,256 |
| Mortgage (principal + interest) | −$5,003 |
| Cash flow | −$1,747 |
| Principal paid down (equity, not cash) | $637 |
| Rent | $7,025 |
| Vacancy (6%) | −$422 |
| Collected | $6,604 |
| Property tax Listing | −$715 |
| Insurance Estimate | −$444 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$632 |
| Capital reserve (8% of rent) | −$562 |
| Net operating income | $3,850 |
| Mortgage (principal + interest) | −$4,740 |
| Cash flow | −$890 |
| Principal paid down (equity, not cash) | $603 |
| Rent | $7,025 |
| Vacancy (6%) | −$422 |
| Collected | $6,604 |
| Property tax Listing | −$715 |
| Insurance Estimate | −$444 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$632 |
| Capital reserve (8% of rent) | −$562 |
| Property management | −$594 |
| Net operating income | $3,256 |
| Mortgage (principal + interest) | −$4,740 |
| Cash flow | −$1,484 |
| Principal paid down (equity, not cash) | $603 |
| Rent | $7,025 |
| Vacancy (6%) | −$422 |
| Collected | $6,604 |
| Property tax Listing | −$715 |
| Insurance Estimate | −$444 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$632 |
| Capital reserve (8% of rent) | −$562 |
| Net operating income | $3,850 |
| Mortgage (principal + interest) | −$4,690 |
| Cash flow | −$840 |
| Principal paid down (equity, not cash) | $597 |
| Rent | $7,025 |
| Vacancy (6%) | −$422 |
| Collected | $6,604 |
| Property tax Listing | −$715 |
| Insurance Estimate | −$444 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$632 |
| Capital reserve (8% of rent) | −$562 |
| Property management | −$594 |
| Net operating income | $3,256 |
| Mortgage (principal + interest) | −$4,690 |
| Cash flow | −$1,434 |
| Principal paid down (equity, not cash) | $597 |
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
- $2,167,545
- Rental profits, invested at 7%
- $350,875
Sells for $2,305,899 (value up 3% a year), minus 6% selling cost ($138,354). Rent paid down $855,000 of loan.
$252,252 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $940,113
- Monthly shortfalls, invested
- $1,118,488
$123,500 put into an index fund instead of the down payment and closing costs.
$203,241 you'd have paid in while the building lost money, invested instead.
The building comes out $459,819 ahead after 30 years.
- Your equity when you sell
- $2,167,545
- Rental profits, invested at 7%
- $93,013
Sells for $2,305,899 (value up 3% a year), minus 6% selling cost ($138,354). Rent paid down $855,000 of loan.
$78,171 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $940,113
- Monthly shortfalls, invested
- $1,785,081
$123,500 put into an index fund instead of the down payment and closing costs.
$368,457 you'd have paid in while the building lost money, invested instead.
Stocks come out $464,637 ahead after 30 years.
- Your equity when you sell
- $2,144,729
- Rental profits, invested at 7%
- $369,928
Sells for $2,281,627 (value up 3% a year), minus 6% selling cost ($136,898). Rent paid down $846,000 of loan.
$263,391 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $930,218
- Monthly shortfalls, invested
- $1,067,928
$122,200 put into an index fund instead of the down payment and closing costs.
$192,554 you'd have paid in while the building lost money, invested instead.
The building comes out $516,512 ahead after 30 years.
- Your equity when you sell
- $2,144,729
- Rental profits, invested at 7%
- $101,620
Sells for $2,281,627 (value up 3% a year), minus 6% selling cost ($136,898). Rent paid down $846,000 of loan.
$84,637 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $930,218
- Monthly shortfalls, invested
- $1,724,075
$122,200 put into an index fund instead of the down payment and closing costs.
$353,098 you'd have paid in while the building lost money, invested instead.
Stocks come out $407,943 ahead after 30 years.
- Your equity when you sell
- $2,167,545
- Rental profits, invested at 7%
- $595,630
Sells for $2,305,899 (value up 3% a year), minus 6% selling cost ($138,354). Rent paid down $760,000 of loan.
$384,278 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,663,278
- Monthly shortfalls, invested
- $481,468
$218,500 put into an index fund instead of the down payment and closing costs.
$82,083 you'd have paid in while the building lost money, invested instead.
The building comes out $618,430 ahead after 30 years.
- Your equity when you sell
- $2,167,545
- Rental profits, invested at 7%
- $213,940
Sells for $2,305,899 (value up 3% a year), minus 6% selling cost ($138,354). Rent paid down $760,000 of loan.
$161,758 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,663,278
- Monthly shortfalls, invested
- $1,024,234
$218,500 put into an index fund instead of the down payment and closing costs.
$198,860 you'd have paid in while the building lost money, invested instead.
Stocks come out $306,026 ahead after 30 years.
- Your equity when you sell
- $2,144,729
- Rental profits, invested at 7%
- $621,813
Sells for $2,281,627 (value up 3% a year), minus 6% selling cost ($136,898). Rent paid down $752,000 of loan.
$397,052 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,645,770
- Monthly shortfalls, invested
- $447,320
$216,200 put into an index fund instead of the down payment and closing costs.
$75,696 you'd have paid in while the building lost money, invested instead.
The building comes out $673,453 ahead after 30 years.
- Your equity when you sell
- $2,144,729
- Rental profits, invested at 7%
- $227,392
Sells for $2,281,627 (value up 3% a year), minus 6% selling cost ($136,898). Rent paid down $752,000 of loan.
$170,305 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,645,770
- Monthly shortfalls, invested
- $977,355
$216,200 put into an index fund instead of the down payment and closing costs.
$188,247 you'd have paid in while the building lost money, invested instead.
Stocks come out $251,003 ahead after 30 years.
- Your equity when you sell
- $2,167,545
- Rental profits, invested at 7%
- $762,994
Sells for $2,305,899 (value up 3% a year), minus 6% selling cost ($138,354). Rent paid down $712,500 of loan.
$463,148 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $2,024,860
- Monthly shortfalls, invested
- $290,615
$266,000 put into an index fund instead of the down payment and closing costs.
$47,186 you'd have paid in while the building lost money, invested instead.
The building comes out $615,064 ahead after 30 years.
- Your equity when you sell
- $2,167,545
- Rental profits, invested at 7%
- $303,772
Sells for $2,305,899 (value up 3% a year), minus 6% selling cost ($138,354). Rent paid down $712,500 of loan.
$216,480 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $2,024,860
- Monthly shortfalls, invested
- $755,849
$266,000 put into an index fund instead of the down payment and closing costs.
$139,816 you'd have paid in while the building lost money, invested instead.
Stocks come out $309,392 ahead after 30 years.
- Your equity when you sell
- $2,144,729
- Rental profits, invested at 7%
- $792,337
Sells for $2,281,627 (value up 3% a year), minus 6% selling cost ($136,898). Rent paid down $705,000 of loan.
$476,321 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $2,003,546
- Monthly shortfalls, invested
- $263,398
$263,200 put into an index fund instead of the down payment and closing costs.
$42,396 you'd have paid in while the building lost money, invested instead.
The building comes out $670,123 ahead after 30 years.
- Your equity when you sell
- $2,144,729
- Rental profits, invested at 7%
- $320,471
Sells for $2,281,627 (value up 3% a year), minus 6% selling cost ($136,898). Rent paid down $705,000 of loan.
$226,060 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $2,003,546
- Monthly shortfalls, invested
- $715,987
$263,200 put into an index fund instead of the down payment and closing costs.
$131,433 you'd have paid in while the building lost money, invested instead.
Stocks come out $254,333 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 $2.52M, stocks $2.06M. The property wins.
Year 30 (loan paid off): property $2.26M, stocks $2.73M. Stocks win.
Year 30 (loan paid off): property $2.51M, stocks $2.00M. The property wins.
Year 30 (loan paid off): property $2.25M, stocks $2.65M. Stocks win.
Year 30 (loan paid off): property $2.76M, stocks $2.14M. The property wins.
Year 30 (loan paid off): property $2.38M, stocks $2.69M. Stocks win.
Year 30 (loan paid off): property $2.77M, stocks $2.09M. The property wins.
Year 30 (loan paid off): property $2.37M, stocks $2.62M. Stocks win.
Year 30 (loan paid off): property $2.93M, stocks $2.32M. The property wins.
Year 30 (loan paid off): property $2.47M, stocks $2.78M. Stocks win.
Year 30 (loan paid off): property $2.94M, stocks $2.27M. The property wins.
Year 30 (loan paid off): property $2.47M, stocks $2.72M. 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.
3 bed / 2 bath estimate $1,775/mo · range $1,600–$1,950
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 1215 Long Ave, Detroit Lakes 56501 off market | $865 | 2 / 2 | 0.9 mi | 83% |
| 550 1st St, Apt 204, Audubon 56511 off market | $1,250 | 3 / 1.5 | 7.1 mi | 81% |
| 1327 Madison Ave, Detroit Lakes 56501 | $1,200 | 2 / 1 | 0.7 mi | 79% |
| 1210 Jackson Ave, Detroit Lakes 56501 | $845 | 2 / 1 | 0.8 mi | 79% |
| 601 Main St W, Detroit Lakes 56501 off market | $1,100 | 2 / 1 | 0.8 mi | 78% |
| 804 Central St E, Detroit Lakes 56501 off market | $1,100 | 2 / 1 | 1.3 mi | 78% |
| 1107 W River Rd, Apt 205, Detroit Lakes 56501 off market | $1,175 | 3 / 2 | 1.5 mi | 77% |
| 1220 8th St SE, Detroit Lakes 56501 off market | $1,200 | 3 / 1 | 1.4 mi | 72% |
| 843 Washington Ave, Detroit Lakes 56501 off market | $1,425 | 2 / 2 | 0.7 mi | 70% |
| 201 Holmes St E, Apt 402, Detroit Lakes 56501 off market | $1,375 | 2 / 2 | 0.7 mi | 70% |
2 bed / 2 bath estimate $1,700/mo · range $1,500–$1,925
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 1215 Long Ave, Detroit Lakes 56501 off market | $865 | 2 / 2 | 0.9 mi | 93% |
| 1327 Madison Ave, Detroit Lakes 56501 | $1,200 | 2 / 1 | 0.7 mi | 88% |
| 1210 Jackson Ave, Detroit Lakes 56501 | $845 | 2 / 1 | 0.8 mi | 88% |
| 601 Main St W, Detroit Lakes 56501 off market | $1,100 | 2 / 1 | 0.8 mi | 88% |
| 804 Central St E, Detroit Lakes 56501 off market | $1,100 | 2 / 1 | 1.3 mi | 87% |
| 843 Washington Ave, Detroit Lakes 56501 off market | $1,425 | 2 / 2 | 0.7 mi | 79% |
| 201 Holmes St E, Apt 402, Detroit Lakes 56501 off market | $1,375 | 2 / 2 | 0.7 mi | 79% |
| 201 Holmes St E, Apt 302, Detroit Lakes 56501 off market | $1,375 | 2 / 2 | 0.7 mi | 79% |
| 1304 Roosevelt Ave, Detroit Lakes 56501 off market | $875 | 1 / 1 | 0.5 mi | 79% |
| 201 Holmes St E, Apt 201, Detroit Lakes 56501 off market | $1,300 | 2 / 2 | 0.7 mi | 79% |
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
- highUnderwriting at ask is deeply negative; price is far above what rents support Based on: data: underwriting.cash_flow_monthly · 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 1311 SUMMIT AVE
- mediumOnly some units were renovated; the rest may be dated Listing says: Extensive renovations have been completed on multiple units in recent years · AI review
- mediumOne unit is furnished, which suggests short-term or furnished rental income that may not carry over to a long-term tenant Listing says: The 5-bed/3-bath unit is fully furnished and turnkey for immediate occupancy. · AI review
- mediumVacant unit at month end means income drops right away Listing says: The 2-bed unit will be vacant and available at the end of the month. · AI review
- mediumUnit count, taxes and assessments are unverified Based on: data: county.tax · AI review
Opportunities
- Long time on market: room to negotiate. Based on: Listing data: 128 days on market
- No rent cap, so rents can follow the market after a refresh Based on: data: underwriting.rent_rule · AI review
- Location near the beach, trail and fairgrounds supports tenant demand Listing says: within the 1st block of the Detroit Lake City Beach and The Heartland State Trail · AI review
Questions for the agent
- Can I see the rent roll, leases and trailing-12 income and expenses?
- How is the furnished 5-bed unit rented today, and what does it earn?
- How many units does the city license, and is the rental license current?
- Who pays heat, water, electric and trash, and how many meters and furnaces are there?
- What are annual taxes, and are there any special assessments?
- Why is the 2-bed vacating, and why has it sat 128 days with no price movement?
Bottom line
Pretty location, but at $950K the numbers lose over $1,200 a month, and the deal only works well below ask. AI-assisted summary
What the records say
Where each number comes from
| Property tax / yr Listinglisting, tax year 2025. 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. | $8,584 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $5,323 |
| Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid | $340 |
| 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. 11 bedrooms: +1 pt repairs for wear | 9% / 8% |
Price history Realtor.com
On the market since 2026-05-30 (128 days); last sold for $625,000 on 2024-02-02.
| Date | Event | Price |
|---|---|---|
| Relisted | $950,000 | |
| Removed | — | |
| Listed | $950,000 | |
| Sold | $625,000 | |
| Sold public record | $650,000 | |
| Removed | — | |
| Relisted | $749,000 | |
| Removed | — | |
| Removed | — | |
| Price changed | $749,000 | |
| Price changed | $749,000 | |
| Relisted | $850,000 | |
| Removed | — | |
| Relisted | $850,000 | |
| Price changed | $850,000 | |
| Removed | — | |
| Price changed | $989,000 | |
| Listed | $1,100,000 | |
| Listed | $1,100,000 | |
| Sold public record | $361,000 | |
| Removed | $379,000 | |
| Listed | $379,000 | |
| Sold public record | $190,000 |
From the listing Listing
| Listed as | four plex |
| Property tax, 2025 | $8,584 |
| County | Becker |
| Parcel number | 491535000 |
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 Detroit Lakes on rental licensing before you buy.