219 3rd Ave

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 1,620 sq ft

Cash flows

33 photos

Photos courtesy of Grand Properties, via Realtor.com.

Asking price: $190,000
Monthly cash flow: $1,295
Estimated rent: $3,650/mo
Break-even price: $433,309

Adjust the numbers See the full breakdown

From the listing

Whether you're owner-occupying or buying an investment property, this is a unique opportunity that only comes around once in a while. This cash-flowing duplex is set on three city lots and has a massive three-stall garage for storage or more income potential! There are two units: Upstairs is a two-bedroom, one-bath with a big kitchen and a shared living room/dining area. The main floor is two-bedroom with a full bath and an eat-in kitchen. Currently the rents are $950 (up) and $1,000 (main), which is well under market rent for this area, especially when you consider that the solar panels supplement the majority of electricity the tenants use. The owner pays a flat $180 for sewer and water and the tenants pay the rest. There is an extra bathroom and kitchen area in the basement as well.

Listing courtesy of Grand Properties (Joseph Tome). Description from Realtor.com, MLS #7130322. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a two-unit place in Bovey at $190K with stated rents of $950 and $1,000, while our estimate for each 2-bed is about $1,825. That gap is huge, and it drives the 14.6% cap rate and $1,295/month cash flow, so treat those numbers with suspicion until you see leases and real rents. The listing says 1989 build, but the photos show a much older-looking house with stone basement walls, so the year built and the unit count both need checking. The basement 'extra bathroom and kitchen' looks like an unpermitted third living space, which could be a liability or an upside. Ask for the rent roll, tax bill, and solar arrangement first, then get a showing only if the numbers hold up.

Things to consider

Rents are well below our estimate A $1,700 gap in total rent is the whole thesis here. It might be real upside or a sign the units are in poor shape, so verify what the units can actually rent for.Listing says: “which is well under market rent for this area”
Taxes and unit count unverified No county parcel match means our cash flow uses assumed taxes. A big tax bill could cut the 14.6% cap rate hard.
Solar offset to tenants' electricity If the panels are leased or financed, that is a cost or lien that could transfer. If owned, ask who gets credits and what happens to them in a sale.Listing says: “the solar panels supplement the majority of electricity the tenants use”
Condition looks dated and worn Worn stairs, drop ceilings and old fixtures mean budget for updates and higher repairs before raising rents.From photo 2
Basement kitchen and bath It might be added income, but if it is unpermitted it can bring code, insurance and licensing trouble.Listing says: “There is an extra bathroom and kitchen area in the basement as well.”
Garage adds income or storage potential A three-stall garage could rent out separately in a small town, adding cash flow that is not in our numbers.Listing says: “a massive three-stall garage for storage or more income potential”

From the photos

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

Rents the listing states

Upstairs: $950Listing says: Currently the rents are $950 (up) and $1,000 (main)
Main floor: $1,000Listing says: Currently the rents are $950 (up) and $1,000 (main)

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: $190,000
Cash to close: $43,700
Price per unit: $95,000
GRM: 4.3

Each month

Cash flow: $1,295/mo
Cash-on-cash: 35.6%
Cap rate: 14.6%
DSCR: 2.28×

Break-even

Price that breaks even: $433,309
Rent that breaks even: $1,990/mo

Long run

Year 30: property vs stocks: $2.82M vs $333K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$3,650
Vacancy (6%)	−$219
Collected	$3,431
Property tax Listing	−$127
Insurance Estimate	−$184
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$292
Capital reserve (8% of rent)	−$292
Net operating income	$2,306
Mortgage (principal + interest)	−$1,011
Cash flow	$1,295
Principal paid down (equity, not cash)	$129

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$2,824,786

Your equity when you sell: $433,509
Rental profits, invested at 7%: $2,391,277

Same money in stocks$332,656

Cash to close, invested at 7%: $332,656

The building comes out $2,492,130 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 $2.82M, stocks $333K. 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 $1,825/mo · range $1,525–$2,100

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
101 8th Ave, Bovey 55709 off market	$1,205	2 / 1	869	0.4 mi	2026-05-28	88%
315 2nd St, Unit B, Bovey 55709 off market	$1,200	3 / 1	895	0.1 mi	2025-05-23	80%
501 River Rd, Grand Rapids 55744	$1,283	2 / 1	860	6.5 mi	2026-10-05	79%
2199 Sw 8th St, # 222, Grand Rapids 55744	$1,825	2 / 1	1,046	8.4 mi	2026-10-05	79%
2199 Sw 8th St, # 322, Grand Rapids 55744 off market	$1,825	2 / 1	1,046	8.4 mi	2026-09-28	79%
2199 Sw 8th St, # 422, Grand Rapids 55744	$1,875	2 / 1	1,046	8.4 mi	2026-10-05	79%
2199 Sw 8th St, # 224, Grand Rapids 55744	$1,895	2 / 1	1,031	8.4 mi	2026-10-05	79%
2199 Sw 8th St, # 433, Grand Rapids 55744 off market	$1,975	2 / 1.5	1,182	8.4 mi	2026-09-21	78%
2199 Sw 8th St, # 233, Grand Rapids 55744	$1,950	2 / 1.5	1,182	8.4 mi	2026-10-05	78%
2199 Sw 8th St, # 333, Grand Rapids 55744	$1,950	2 / 1.5	1,182	8.4 mi	2026-10-05	78%

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 219 3RD AVE
mediumBasement has a kitchen and bath, possibly an unpermitted extra living area; legality and insurance unclear Listing says: There is an extra bathroom and kitchen area in the basement as well. · AI review
mediumListing says 1989 build but photos show an old house with stone basement walls; year built looks questionable, so verify age and foundation Based on: photo 10 · AI review
mediumInterior finishes look worn and dated, with a bare stained stair and cheap panel walls; the unit condition is poor Based on: photo 2 · AI review
mediumSolar panels are cited as a rent selling point, but ownership, lease or loan status is unknown Listing says: the solar panels supplement the majority of electricity the tenants use · AI review

Opportunities

Stated rents are far under our estimate, so there may be room to raise rents after turnover, with no rent cap Listing says: which is well under market rent for this area · AI review
Large three-stall garage could be rented for storage or extra income Listing says: a massive three-stall garage for storage or more income potential · AI review
Three city lots leave room for parking or other use Listing says: set on three city lots · AI review

Questions for the agent

Can I see leases, lease end dates, and proof of rent payments for both units?
Who owns the solar panels, and is there a loan, lease or PPA attached? What do the tenants actually pay for electricity?
Is the basement kitchen and bath permitted, and is anyone living there?
What is the real year built, and what are the actual property taxes and heat type? Who pays heat?
How old are the roof, furnace(s), water heater and electrical panel?
Is the $180 flat water and sewer charge the full bill, and what are the garage and parcel details?

Bottom line

Rents are low, but so is the price, and the cash flow only holds if the rents and taxes are real; the house looks older and rougher than the 1989 claim. 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.	$1,524
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,205
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 2026-06-28 (99 days, relisted 1×); last sold for $120,000 on 2024-08-16.

Date	Event	Price
2026-08-19	Listed	$190,000
2026-06-28	Removed	$175,000
2024-08-16	Sold	$120,000

From the listing Listing

Listed as	duplex up and down
Property tax, 2026	$1,524
County	Itasca
Parcel number	864100780

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 Bovey on rental licensing before you buy.