Menu
Back to Greater Minnesota
Greater Minnesota › Halstad

20 5th St E

Triplex · 3 units: 2 bed / 2 bath ×3 unit split estimated · 3,087 sq ft

Halstad, MN · View the listing ↗

Cash flows
26 photos
20 5th St E, photo 1
1 / 26
20 5th St E, photo 2
2 / 26
20 5th St E, photo 3
3 / 26
20 5th St E, photo 4
4 / 26
20 5th St E, photo 5
5 / 26
20 5th St E, photo 6
6 / 26
20 5th St E, photo 7
7 / 26
20 5th St E, photo 8
8 / 26
20 5th St E, photo 9
9 / 26
20 5th St E, photo 10
10 / 26
20 5th St E, photo 11
11 / 26
20 5th St E, photo 12
12 / 26
20 5th St E, photo 13
13 / 26
20 5th St E, photo 14
14 / 26
20 5th St E, photo 15
15 / 26
20 5th St E, photo 16
16 / 26
20 5th St E, photo 17
17 / 26
20 5th St E, photo 18
18 / 26
20 5th St E, photo 19
19 / 26
20 5th St E, photo 20
20 / 26
20 5th St E, photo 21
21 / 26
20 5th St E, photo 22
22 / 26
20 5th St E, photo 23
23 / 26
20 5th St E, photo 24
24 / 26
20 5th St E, photo 25
25 / 26
20 5th St E, photo 26
26 / 26

Photos courtesy of Dakota Plains Realty - Broker, via Realtor.com.

Asking price
$82,900
3 units · $28K per unit
Monthly cash flow
$1,029
at 20% down, 7%
Estimated rent
$3,000/mo
medium confidence
Break-even price
$276,305
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

On paper this looks great: $82,900 for three 2-bed/2-bath units, with our model showing about $1,029/month cash flow and a 21% cap rate. That is too good to trust yet. Halstad is a very small market with thin demand, our rents ($1,000 mid) are estimates with no actual rent roll, and taxes and unit count are unverified because we couldn't match a county parcel. The photos show worn but livable units with new carpet and flooring, electric baseboard heat and window AC units, but the siding is peeling and the home has been listed 146 days. Check the unit count and legal status, tax bill, vacancy and who would rent here before spending on a showing. It's worth a look only if those hold up.

Things to consider

  1. Cash flow depends on unverified rents The $1,029/month result uses our estimated $1,000 rents, not actual leases, in a very small rental market.
  2. Why is it so cheap? Sub-$100K priced triplexes often have hidden issues like structural, legal or occupancy problems. Find out before anything else.
  3. Sold as-is with needed remodeling The seller won't fix inspection findings, so repair costs come out of your return.Listing says: “Property is being sold AS-IS”
  4. Electric baseboard heat and window AC Tenant electric bills may be high, which can hurt retention and rents. If the owner pays any of it, cash flow drops quickly.From photo 3
  5. Taxes and unit count unverified We couldn't match a county parcel, so the tax bill and legal unit count could differ from the underwriting.
  6. Exterior maintenance looks deferred Peeling siding paint can hint at moisture or neglect and may mean more exterior costs.From photo 9

From the photos

Listing photo 1
1 of 7Check

Interior looks dated but clean: new-looking gray carpet, older wood trim and textured ceilings.

Listing photo 3
2 of 7Concern

Window AC units and electric baseboard heaters appear to be the only heat and cooling; winter heating costs could be high for tenants.

Listing photo 4
3 of 7Concern

Kitchen is older with a basic electric range, laminate counters and worn cabinets; a countertop piece looks loose or unfinished.

Listing photo 5
4 of 7Plus

Laundry washer and dryer appear present in the unit, supporting in-unit laundry.

Listing photo 7
5 of 7Concern

Bathroom appears unfinished or mid-repair, with loose material in the tub and exposed wall areas.

Listing photo 9
6 of 7Concern

Exterior siding shows heavy paint peeling or staining on the side wall.

Listing photo 10
7 of 7Check

Photos show only one unit's interior and no roof, panel, furnace or basement; the other units' condition is unknown.

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

Condition and repairs

  • neededRemodeling and updates needed throughoutListing says: priced well below assessed value to account for needed remodeling and updates
  • neededSold as-isListing says: Property is being sold AS-IS

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

Down payment %
Offer $
Management
Interest rate %
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
$82,900
Cash to close
$19,067
Price per unit
$27,633
GRM
2.3

Each month

Cash flow
$1,029/mo
Cash-on-cash
64.8%
Cap rate
21.3%
DSCR
3.33×

Break-even

Price that breaks even
$276,305
Rent that breaks even
$1,609/mo

Long run

Year 30: property vs stocks
$1.91M vs $145K
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$3,000
Vacancy (6%)−$180
Collected$2,820
Property tax Estimate−$145
Insurance Estimate−$289
Water, sewer, trash Estimate−$255
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (10% of rent)−$300
Capital reserve (10% of rent)−$300
Net operating income$1,471
Mortgage (principal + interest)−$441
Cash flow$1,029
Principal paid down (equity, not cash)$56

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$1,907,525
Your equity when you sell
$189,147

Sells for $201,220 (value up 3% a year), minus 6% selling cost ($12,073). Rent paid down $66,320 of loan.

Rental profits, invested at 7%
$1,718,379

$644,342 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$145,143
Cash to close, invested at 7%
$145,143

$19,067 put into an index fund instead of the down payment and closing costs.

The building comes out $1,762,382 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 $1.91M, stocks $145K. 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.

2 bed / 2 bath estimate $1,000/mo · range $875–$1,125

AddressRentBd / BaSq ftDistanceListedMatch
340 Rice St, Hendrum 56550 off market $600 2 / 1 — 6.0 mi 2025-12-13 80%
300 4th St E, Halstad 56548 off market $649 1 / 1 — 0.1 mi 2026-07-12 80%
228 2nd Ave W, Halstad 56516 $745 1 / 1 — 0.2 mi 2026-07-09 79%
502 2nd Ave SW, Hillsboro, ND 58045 off market $600 2 / 1 — 11.9 mi 2026-04-10 71%
404 5th Ave W, Apt 3, Ada 56510 $629 2 / 1 — 14.6 mi 2025-08-04 70%
376 4th St E, Unit 11, Halstad 56548 off market $724 2 / 1 750 0.2 mi 2025-12-11 63%
346 Main St W, Apt 301, Hendrum 56550 $973 2 / 1 812 5.9 mi 2026-10-05 54%
346 Main St W, # 102, Hendrum 56550 $973 2 / 1 789 5.9 mi 2026-10-05 54%
376 4th St E, Unit 10, Halstad 56548 $679 1 / 1 600 0.2 mi 2026-06-16 52%
376 4th St E, Unit 6, Halstad 56548 $679 1 / 1 600 0.2 mi 2026-06-16 52%

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 under $100K: usually means major repairs, a fire or condemned building, a contract-for-deed or partial-interest sale, or a listing error. Find out why before anything else. Based on: Listing data: asking $82,900
  • highNo rents, occupancy, tax or expense data given. The cash flow figure rests entirely on our rent estimates. Based on: data: underwriting · 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 20 5TH ST E
  • mediumSold as-is: the seller won't fix what the inspection finds. Price that in. Listing says: "rental income after improvements. Property is being sold AS-IS and priced well below assessed value to account"
  • mediumDescription says 2 baths per unit, but the footprint is about 3,087 sq ft for three units (~1,000 each). Two baths each is doubtful; confirm the real layout. Listing says: each offering 2 bedrooms, 2 bathrooms, and in-unit laundry · AI review
  • mediumPeeling paint and worn siding on the exterior suggests deferred maintenance; the bathroom also looks unfinished. Based on: photo 9 · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 146 days on market
  • Price per unit is very low; if the units are legal and rentable, cash flow could be strong even after repairs. Based on: data: underwriting · AI review
  • Flooring and carpet look new in several units, which may reduce cosmetic work. Based on: photo 2 · AI review

Questions for the agent

  • Why is it priced this low, and is any unit vacant or occupied now? Ask for the rent roll and leases.
  • Is it legally three units, and does Halstad require a rental license or inspection?
  • What are the annual taxes and any special assessments?
  • Who pays utilities, and how are the units metered? Electric baseboard heat can mean high tenant bills.
  • How old are the roof, siding, windows and electrical panel, and has the foundation or drainage been checked?
  • Does each unit really have two baths? Ask for a floor plan.

Bottom line

The cheap price and big cash flow number look too good: verify unit count, legality, rents and taxes before getting excited. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Estimateestimate. No tax record found; 2.1% of price.$1,741
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$3,472
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. "as-is" in the description: +2 pts each10% / 10%

Price history Realtor.com

On the market since 2026-05-12 (146 days); down $7,000 (7.8%) from the first ask of $89,900.

DateEventPrice
Price changed$82,900
Price changed$84,900
Listed$89,900
Removed$89,900
Listed$89,900

From the listing Listing

Listed astriplex
Property tax, 2025$3,446
CountyNorman
Parcel number283537000

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 Halstad on rental licensing before you buy.