2126 3rd Ave E
Hibbing, MN · View the listing ↗
Photos courtesy of NRT-Minnesota (CB Burnet), via Realtor.com.
Needs more info before these numbers mean much. No reliable rent estimate: too few comparable rentals close by, and no RentCast estimate.
No rent estimate yet, so the numbers can't be run. Run it yourself in the calculator →
First look
This is an 8-unit building in Hibbing at $365K, about $45.6K per unit, with 3,352 sq ft total. That works out to roughly 420 sq ft per unit, so these are tiny apartments or efficiencies. The listing gives no rents, no expenses and no taxes, and FACTS has no rent estimates or underwriting, so the numbers can't be checked yet. Photos show a worn 1910 building with exterior wood stairs, window AC units and old finishes, plus a possible separate rear structure. Ask for the rent roll, trailing-12 expenses and a full unit count before spending time on a showing. Whether it pencils depends entirely on rents and on how many units are legal.
Things to consider
- No income data Without rents and expenses you can't tell whether $365K works at today's rates. Rents in a small market like Hibbing may be low relative to the price.Listing says: “7/8 are currently occupied.”
- Legal unit count and licensing Eight units in roughly 3,352 sq ft is dense. If any unit isn't legal, income and insurability drop.
- Metering and heat Individual meters are stated only for the main building. Owner-paid heat or shared meters at the rear would cut cash flow.Listing says: “Main building has individual meters.”
- Exterior stairs and rear building condition Wood or steel stair towers and an older rear structure can mean large repair and code costs.From photo 5
- Financing and taxes unverified Eight units usually means commercial financing with higher rates and down payments, and the tax bill is unknown.
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.
Red flags and opportunities
Watch for
- highEight units in about 3,352 sq ft means very small units. Confirm each is legal, licensed and has proper egress and fire separation. Based on: data: listing.sqft · AI review
- highNo rents or income figures are given, so there is nothing to underwrite. Listing says: 7/8 are currently occupied. · 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 2126 3RD AVE E
- mediumOnly the main building is said to have individual meters. The rear structure may share meters or have different utility setups. Listing says: Main building has individual meters. · AI review
- mediumBeyond 8-plexes, buildings this size face higher fire, egress and insurance scrutiny. Many lenders treat 5+ units as commercial loans. Listing says: Investment opportunity for (8)-unit rental property. · AI review
- mediumNo county parcel match and no tax data, so the tax bill and the legal unit count are unknown. Based on: data: county.tax · AI review
Opportunities
- Per-unit price is low and individual meters in the main building mean tenants likely pay their own electric, keeping owner expenses down. Listing says: Main building has individual meters. · AI review
- One vacant unit gives a chance to renovate and set a market rent right away. Listing says: 7/8 are currently occupied. · AI review
- Walkable location near the college and downtown supports steady tenant demand. Listing says: Walkable to downtown, city parks, Hibbing Community College, library, and restaurants. · AI review
Questions for the agent
- Can I see the rent roll, lease dates and trailing-12 expenses?
- Is each of the 8 units licensed by the city, and is there a recent rental inspection report?
- How are the rear units metered and heated, and who pays heat and water?
- What are the heat type and boiler or furnace ages, and is the roof's age known?
- What are the real estate taxes, and are there any special assessments?
- How long has the vacant unit been empty, and why?
Bottom line
A cheap-per-door 8-unit with no rents, no expenses and tiny units, so don't get excited until the rent roll and licensing check out. AI-assisted summary
What the records say
Where each number comes from
Price history Realtor.com
On the market since 2026-09-14 (21 days); last sold for $319,000 on 2025-09-11.
| Date | Event | Price |
|---|---|---|
| Listed | $365,000 | |
| Sold public record | $319,000 | |
| Sold public record | $200,000 | |
| Sold public record | $52,500 | |
| Sold public record | $40,000 | |
| Sold | $92,000 | |
| Sold public record | $92,000 | |
| Removed | $99,900 | |
| Listed | $99,900 | |
| Removed | $115,900 | |
| Price changed | $115,900 | |
| Relisted | $119,900 | |
| Removed | $119,900 | |
| Listed | $119,900 | |
| Sold public record | $85,000 | |
| Sold public record | $85,000 | |
| Sold public record | $250,000 |
From the listing Listing
| Listed as | apartments |
| Property tax, 2026 | $4,578 |
| County | St. Louis |
| Parcel number | 140007002650 |
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 Hibbing on rental licensing before you buy.