202 N Cass Ave

Fourplex · 4 units: 2 bed / 1 bath ×4 unit split estimated · 4,900 sq ft

Cash flows

27 photos

Photos courtesy of KERKHOFF AUCTION and REAL - Broker, via Realtor.com.

Asking price: $252,000
Monthly cash flow: $1,406
Estimated rent: $4,900/mo
Break-even price: $516,166

Adjust the numbers See the full breakdown

First look

This is a 1940 brick four-unit that looks like a converted public building, priced at $252K, or about $63K a door. Our model shows $1,406/month cash flow and a 13.1% cap rate with 20% down, but that rests on estimated rents of about $1,225 per unit and unverified taxes, since we couldn't match a county parcel. The listing gives no rents, no expenses and no ages for the roof or furnaces, so none of this is confirmed. It has sat 69 days despite 'waiting list' language, which is worth asking about. Get the rent roll, leases, tax bill and utility history first. If those hold up it's worth a showing.

Things to consider

Income is entirely unverified The model assumes about $1,225 per unit, but the listing gives no actual rents. Cash flow swings widely if real rents are lower or leases are informal.
Taxes and unit count are unconfirmed No parcel match means real taxes, assessments and legal unit count are unknown. A non-homestead tax bill could cut cash flow noticeably.
Shared spaces mean owner costs Common hallways, lighting and a laundry room usually mean owner-paid common electric and possibly water. Those cut into the 13.1% cap rate.From photo 4
Building systems are claimed but not shown 'Newer' roof and furnaces have no dates. A 1940 masonry building can hide costly roof, plumbing or electrical work.Listing says: “Property is well maintained including newer roof and furnaces.”
Dated interiors but livable Kitchens and baths look 1980s-era. That fits mid-market rents now, and updates could add rent at turnover but cost money.From photo 7
Slow sale despite demand claims 69 days on market and a 'waiting list' don't fit together without a reason such as price, condition or lease terms.

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

doneNewer roofListing says: Property is well maintained including newer roof and furnaces.
doneNewer furnacesListing says: Property is well maintained including newer roof and furnaces.

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: $252,000
Cash to close: $57,960
Price per unit: $63,000
GRM: 4.3

Each month

Cash flow: $1,406/mo
Cash-on-cash: 29.1%
Cap rate: 13.1%
DSCR: 2.05×

Break-even

Price that breaks even: $516,166
Rent that breaks even: $3,074/mo

Long run

Year 30: property vs stocks: $3.23M vs $441K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$4,900
Vacancy (6%)	−$294
Collected	$4,606
Property tax Listing	−$224
Insurance Estimate	−$402
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$441
Capital reserve (8% of rent)	−$392
Net operating income	$2,747
Mortgage (principal + interest)	−$1,341
Cash flow	$1,406
Principal paid down (equity, not cash)	$171

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$3,233,505

Your equity when you sell: $574,970
Rental profits, invested at 7%: $2,658,535

Same money in stocks$441,206

Cash to close, invested at 7%: $441,206

The building comes out $2,792,299 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 $3.23M, stocks $441K. 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 / 1 bath estimate $1,225/mo · range $1,100–$1,350

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
318 N Cass Ave, Springfield 56087	$825	3 / 1	—	0.1 mi	2025-05-20	70%
408 2nd Ave NW, Apt 4, Sleepy Eye 56085 off market	$700	2 / 1	884	13.0 mi	2026-03-31	61%
301 S Park Ave, Springfield 56087 off market	$1,050	3 / 1	1,008	0.5 mi	2026-04-24	57%
305 N Van Buren Ave, Apt 3, Springfield 56087 off market	$715	1 / 1	500	0.1 mi	2026-06-18	55%
200 10th Ave E, Lamberton 56152	$595	1 / 1	655	14.2 mi	2025-01-03	51%
902 S Douglas St, Apt 107, Lamberton 56152 off market	$585	1 / 1	626	14.4 mi	2023-10-31	51%
902 S Douglas St, Apt 103, Lamberton 56152 off market	$585	1 / 1	626	14.4 mi	2023-02-06	51%
506 Carleton Ave, Apt 1, Morgan 56266	$755	1 / 1	550	12.6 mi	2026-10-01	50%
520 Saint Johns St, Apt 6, Morgan 56266	$727	1 / 1	550	12.6 mi	2025-12-15	50%
506 Carleton Ave, Morgan 56266 off market	$717	1 / 1	550	12.6 mi	2026-07-12	50%

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, expenses or lease terms given, so income is unverified Listing says: All units are currently leased with waiting list. · 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 202 CASS AVE N
mediumTaxes and unit count could not be verified against a county record Based on: data: county.tax · AI review
mediumCommon areas and shared laundry suggest owner-paid common electric, water and maintenance, which the listing doesn't mention Based on: photo 3 · AI review
low69 days on market is slow for a property described as having a waiting list Based on: data: listing.days_on_market · AI review

Opportunities

Garages could carry separate rental income Listing says: Four-unit Apartment complex for sale with garages situated on a desirable corner lot · AI review
Kitchens and baths look dated, so updates could support higher rents at turnover Based on: photo 7 · AI review
Coin-op or shared laundry may add income Based on: photo 3 · AI review

Questions for the agent

Can I see the rent roll, lease dates and security deposits for all four units?
What are the last 12 months of taxes, insurance, water/sewer, trash, common electric and repairs?
Who pays heat and electric in each unit, and are the furnaces separate per unit?
How old are the roof and furnaces, and are there permits?
How many garages are there, are they included in rent, and who uses them?
Why has it been on the market 69 days, and what is the building's history and prior use?

Bottom line

Cheap per door and the model cash flow looks strong, but with no rents, expenses or parcel match, the numbers are unproven until you see the rent roll. 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.	$2,684
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,825
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. 8 bedrooms: +1 pt repairs for wear	9% / 8%

Price history Realtor.com

On the market since 2026-07-28 (69 days).

Date	Event	Price
2026-07-28	Listed	$252,000

From the listing Listing

Listed as	apartments
Property tax, 2025	$2,684
County	Brown
Parcel number	00331000905050

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 Springfield on rental licensing before you buy.