218 N 1st Ave E

Duplex · 2 units: 1 bed / 1 bath and 1 bed / 0.5 bath · 1,636 sq ft

Far off

49 photos

Photos courtesy of Bear Island Realty, via Realtor.com.

Asking price: $198,500
Monthly cash flow: −$445
Estimated rent: $1,550/mo
Break-even price: $114,985

Adjust the numbers See the full breakdown

From the listing

Investment opportunity in the heart of Ely! Turnkey dual-income potential. This beautifully maintained duplex features two freshly updated, independent living spaces with modern conveniences throughout. Main Level Unit offers 1+ bedrooms, an updated full bath, and a bright, spacious kitchen with a dedicated dining area. Enjoy single-level convenience complete with a large mudroom and main-floor laundry. Upper-Level Unit is a freshly renovated 1-bedroom apartment featuring an open-concept kitchen, dining, and living area, plus an oversized bathroom with built-in laundry. Enjoy peace of mind with a fully compliant sewer lateral already completed. Separate laundry setups and strong functional layouts make this a low-maintenance, high-demand addition to any portfolio.

Listing courtesy of Bear Island Realty (Anna Yahnke). Description from Realtor.com, MLS #6128015. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a small Ely duplex asking $198,500 with 1-bed units our estimate puts at $700 and $850, or about $1,550 a month combined. At the default scenario cash flow is about -$445 a month and the cap rate is 3.7%, so it doesn't work at this price. Break-even is near $115K, which shows how far apart the ask and the rents are. The description says 'turnkey' but gives no rents, lease terms, taxes or utility split, so ask for the rent roll, tax bill and heat setup first. The photos show cosmetic updates that look decent, but the age of the roof, heat and electrical is unknown. Only worth a showing if the seller moves a lot on price or the real rents beat our estimates.

Things to consider

Price is far above what the rents support Cash flow is about -$445 a month and cap rate 3.7% at asking. Break-even is about $115K, so a deal needs a deep cut or proven higher rents.
Income is unproven No rents or leases are stated, so our estimates of $700 and $850 are the only figures. Rent roll and bank deposits matter more than the 'turnkey' pitch.Listing says: “Turnkey dual-income potential.”
Unit count and taxes are unverified With no parcel match, the tax bill could differ from what we modeled, and the legal unit count is unconfirmed.
Building systems are unknown on a 1920 house Roof, heat, wiring and plumbing age drive repair reserves. The roof looks aged in the photos.From photo 2
Update quality looks cosmetic Budget for wear on entry-level finishes, and check that work was permitted.Listing says: “freshly updated, independent living spaces with modern conveniences throughout”
Sewer lateral is done A compliant lateral removes a known cost and a possible closing hurdle. Ask for the paperwork.Listing says: “fully compliant sewer lateral already completed”

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

doneSewer lateral compliance work completedListing says: fully compliant sewer lateral already completed
doneBoth units freshly updated/renovatedListing says: two freshly updated, independent living spaces with modern conveniences throughout

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: $198,500
Cash to close: $45,655
Price per unit: $99,250
GRM: 10.7

Each month

Cash flow: −$445/mo
Cash-on-cash: −11.7%
Cap rate: 3.7%
DSCR: 0.58×

Break-even

Price that breaks even: $114,985
Rent that breaks even: $2,120/mo

Long run

Year 30: property vs stocks: $462K vs $657K
Cash flow turns positive: year 24

Monthly

Monthly breakdown

Rent	$1,550
Vacancy (6%)	−$93
Collected	$1,457
Property tax Listing	−$183
Insurance Estimate	−$184
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$124
Capital reserve (8% of rent)	−$124
Net operating income	$612
Mortgage (principal + interest)	−$1,057
Cash flow	−$445
Principal paid down (equity, not cash)	$134

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$461,673

Your equity when you sell: $452,903
Rental profits, invested at 7%: $8,770

Same money in stocks$656,894

Cash to close, invested at 7%: $347,538
Monthly shortfalls, invested: $309,357

Stocks come out $195,221 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 $462K, stocks $657K. Stocks win.

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 218 1ST AVE E N
mediumAsking is $83,515 above the price where cash flow breaks even ($114,985) at the default scenario. Based on: Derived: price $198,500 vs. break-even $114,985
mediumUnit count and taxes are unverified; no county parcel match. Confirm it is legally a duplex and rental-licensed. Based on: data: rule_flags · AI review
medium'Turnkey' and 'low-maintenance' claims come with no rents, leases or expense figures. Nothing in the listing supports the income. Listing says: Turnkey dual-income potential. · AI review
mediumBuilt 1920, and the description says nothing about the roof, heat, wiring or foundation. The roof shingles look aged in the photos. Based on: photo 2 · AI review
lowThe main unit is '1+ bedrooms'. The extra room may not be a legal bedroom (egress, closet), so don't count it as one. Listing says: Main Level Unit offers 1+ bedrooms · AI review

Opportunities

Separate laundry setups in each unit support tenant appeal and avoid shared-laundry hassles. Listing says: Separate laundry setups and strong functional layouts · AI review
Recent renovations may mean little near-term capex if the systems check out. Listing says: freshly renovated 1-bedroom apartment featuring an open-concept kitchen, dining, and living area · AI review
No rent cap in Ely, so rents can follow the market. Based on: data: underwriting.rent_rule · AI review

Questions for the agent

What are the current rents, lease terms and tenant move-in dates for each unit?
What are the annual taxes, and is this assessed as a duplex or a single-family?
Who pays heat, electric, water and trash, and are there separate meters?
What are the ages of the roof, furnace or boiler, water heaters and electrical panels?
Is the main unit's extra room a legal bedroom, and is the rental license current?
Why is the seller asking this price, and has it been appraised or had a prior offer?

Bottom line

Cosmetically updated Ely duplex, but about $83K above where the rents break even, so it only works with a big price cut or much higher real rents. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2026. 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.	$2,195
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,209
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$170
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 2026-09-17 (18 days); last sold for $90,000 on 2024-09-12.

Date	Event	Price
2026-09-17	Listed	$198,500
2024-09-12	Sold	$90,000
2024-08-09	Listed	$89,000

From the listing Listing

Listed as	duplex
Property tax, 2026	$2,195
County	St. Louis County
Parcel number	030-0280-00080

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 Ely on rental licensing before you buy.