215 9th St NW

Triplex · 3 units: 2 bed / 1 bath ×3 unit split estimated · 2,160 sq ft

Cash flows

31 photos

Photos courtesy of Edina Realty, Inc, via Realtor.com.

Asking price: $265,000
Monthly cash flow: $232
Estimated rent: $3,300/mo
Break-even price: $308,632

Adjust the numbers See the full breakdown

First look

The description says almost nothing: no rents, no unit mix, no utilities, no repair list. Our numbers look fine at $265K, with about 7.4% cap and roughly $232/mo cash flow on estimated rents of $1,100 per 2-bed, but those rents are our estimates, not the seller's. The photos show a mix of fresh and dated work. One kitchen is clearly newer, while others have old tile walls, older appliances and basic carpet over vinyl plank. 'Newly remodeled' looks cosmetic in places, so find out what was actually replaced. Get the rent roll, leases and utility bills before a showing, and confirm it is a legal triplex since we couldn't match a county parcel.

Things to consider

Rents are unverified The cash flow depends on our estimated rents, not actual leases. If real rents are lower, the cap rate drops fast.
Unit count and taxes unconfirmed Without a county match, you can't be sure it's a legal triplex or what taxes will be. Both change value and cash flow.
Remodel quality is uneven Some units look new and others dated. Budget for updates in the weaker units and ask what work was permitted.Listing says: “Newly remodeled triplex in a prime Bemidji location.”
Heat and utility setup unknown Electric baseboard heat is a cost to someone. If the owner pays it, expenses are higher than modeled.From photo 5
Price versus break-even The break-even price is above asking, which gives some cushion if the numbers are accurate.

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

doneDescribed as newly remodeled; scope of work not givenListing says: Newly remodeled triplex in a prime Bemidji location.

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: $265,000
Cash to close: $60,950
Price per unit: $88,333
GRM: 6.7

Each month

Cash flow: $232/mo
Cash-on-cash: 4.6%
Cap rate: 7.4%
DSCR: 1.16×

Break-even

Price that breaks even: $308,632
Rent that breaks even: $3,002/mo

Long run

Year 30: property vs stocks: $1.48M vs $464K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$3,300
Vacancy (6%)	−$198
Collected	$3,102
Property tax Listing	−$346
Insurance Estimate	−$270
Water, sewer, trash Estimate	−$255
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$264
Capital reserve (8% of rent)	−$264
Net operating income	$1,643
Mortgage (principal + interest)	−$1,410
Cash flow	$232
Principal paid down (equity, not cash)	$179

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$1,475,253

Your equity when you sell: $604,632
Rental profits, invested at 7%: $870,622

Same money in stocks$463,967

Cash to close, invested at 7%: $463,967

The building comes out $1,011,286 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 $1.48M, stocks $464K. 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 $1,100/mo · range $1,025–$1,175

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
1101 Bemidji Ave NE, Bemidji 56601	$950	2 / 1	—	0.2 mi	2026-10-01	94%
1021 Bemidji Ave N, Bemidji 56601 off market	$925	2 / 1	—	0.2 mi	2026-03-04	94%
1121 Bemidji Ave NW, Bemidji 56601 off market	$950	2 / 1	—	0.2 mi	2026-03-14	94%
207 25th St NW, Bemidji 56601 off market	$995	2 / 1	—	1.1 mi	2026-06-12	92%
2419 Park Ave NW, Bemidji 56601 off market	$950	2 / 1	—	1.1 mi	2026-04-22	92%
2521 Minnesota Ave NW, Bemidji 56601 off market	$995	2 / 1	—	1.2 mi	2026-07-30	92%
403 Central Ave SE, Bemidji 56601 off market	$995	2 / 1	—	1.6 mi	2026-05-19	92%
102 Rako St SW, Bemidji 56601 off market	$1,075	2 / 1	—	2.0 mi	2026-02-17	91%
1005 Washington Ave S, Bemidji 56601 off market	$950	2 / 1	—	2.0 mi	2026-02-05	91%
1108 Beltrami Ave NW, Bemidji 56601	$1,200	2 / 1	1,064	0.2 mi	2026-09-01	88%

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

mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 215 9TH ST NW
mediumNo rents, leases or expenses given. 'Excellent rental income history' is unsupported until you see a rent roll. Listing says: Excellent rental income history. Call for details! · AI review
lowUnit finishes look uneven; some old tile walls and dated appliances despite 'newly remodeled' claim. Based on: photo 2 · AI review

Opportunities

Rents may have room if estimates hold; units that look dated could be refreshed to match the newer ones. Based on: data: rent_estimate · AI review
Underwriting shows positive cash flow at the asking price with no rent cap limiting increases. Based on: data: underwriting · AI review

Questions for the agent

Can I see the current rent roll, leases and 12 months of income and expenses?
What exactly was remodeled, when, and were permits pulled?
Is it a licensed three-unit rental, and what are the beds and baths in each unit?
Who pays heat, electric, water and trash, and how is heat metered (baseboard electric or a shared system)?
How old are the roof, electrical panels and water heaters?
What are the annual property taxes?

Bottom line

Numbers could work at $265K, but the listing gives no rents or details, so verify the unit count, rent roll and the real scope of the remodel before getting excited. 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.	$4,156
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$3,240
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. base rate	8% / 8%

Price history Realtor.com

On the market since 2026-09-24 (11 days); last sold for $102,500 on 2017-12-15.

Date	Event	Price
2026-09-24	Listed	$265,000
2026-03-18	Removed	—
2025-06-02	Listed	$170,000
2021-03-18	Removed	$139,000
2020-06-13	Removed	$139,000
2017-12-15	Sold	$102,500
2017-08-17	Price changed	$113,000
2016-07-27	Listed	$118,500
2015-05-20	Removed	$139,000
2015-03-01	Listed	$139,000
2015-02-28	Removed	$139,000
2014-02-27	Listed	$139,000
2011-06-01	Removed	$161,500
2009-10-30	Sold	$110,000
2009-07-27	Relisted	$123,000
2009-07-26	Removed	$129,900
2009-07-06	Listed	$129,900
2009-04-25	Removed	$135,000
2008-08-05	Listed	$135,000
2007-10-29	Listed	$161,500
2007-05-11	Sold public record	$130,000
2005-09-18	Removed	$159,900
2005-03-18	Listed	$159,900
2004-08-31	Sold	$145,000
2004-03-26	Listed	$149,900

From the listing Listing

Listed as	triplex
Property tax, 2025	$4,156
County	Beltrami
Parcel number	800122700

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 Bemidji on rental licensing before you buy.