220 Sw Maple Ave

Fourplex · 4 units: 2 bed / 1 bath ×3 and 3 bed / 2 bath · 17,280 sq ft

Far off

66 photos

Photos courtesy of RE/MAX ADVANTAGE PLUS, via Realtor.com.

Asking price: $2,400,000
Monthly cash flow: −$12,241
Estimated rent: $4,750/mo
Break-even price: $100,174

Adjust the numbers See the full breakdown

From the listing

Rare opportunity to acquire a fully stabilized, newer-construction 16-unit portfolio delivering immediate cash flow and long-term upside. Built in 2021/2022, this package includes four 4-plexes (two two-story, one single-level, one bi-level) strategically positioned on 2.15 acres. This is true turnkey investing-all 16 units are fully leased with a proven rental history, minimizing lease-up risk and operational uncertainty from day one. Units are designed for durability and tenant retention, featuring modern, low-maintenance finishes including LVP flooring, stainless appliances, spacious kitchens with islands, in-unit laundry, and separate HVAC systems. Private patios/decks, strong natural light, and ample off-street parking enhance tenant appeal and support consistent occupancy. Investment Highlights: 17,208 finished sq ft, 16 units, 36 bedrooms, 20 bathrooms, Gross annual income: $243,000, Operating expenses: $61,692 Strong in-place cash flow with efficient expense ratio. Newer construction = reduced capital expenditure risk. With limited comparable inventory of newer multi-family assets, this portfolio offers a compelling blend of stability, efficiency, and scalability. Ideal for investors seeking immediate yield with long-term hold potential. Offered as a package. Full financials and rent roll available upon request.

Listing courtesy of RE/MAX ADVANTAGE PLUS (Eric Malmberg). Description from Realtor.com, MLS #7039821. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 16-unit, four-building package in Elysian, listed at $2.4M after 187 days. The seller claims $243,000 gross income and $61,692 in expenses, which is about $181K of NOI and a 7.5% cap rate. Our model is far off that, and so is the data behind it. FACTS only models four units, shows a 0.27% cap rate and negative cash flow, and couldn't match a county parcel, so taxes and unit count are unverified. The description says 36 bedrooms, 20 baths and 17,208 sq ft, but the listing data shows 8 beds and 5 baths, so the numbers don't line up. Don't take the listed income at face value. Get the rent roll, leases, trailing-12 and tax bill first, and only schedule a showing if the real NOI comes close to the claim.

Things to consider

Claimed NOI vs. our underwriting The seller's income and expense numbers imply a decent cap rate, but our model shows heavy negative cash flow at the asking price. The gap comes from taxes, insurance, reserves and the size of the debt service on $2.4M.
Unverified unit count and taxes There's no matched county parcel, so taxes, unit count and any special assessments are unknown. Taxes on a $2.4M package could be a large share of expenses.
Rents against market The one unit we can compare is estimated at about $1,150 for a 2-bed, with a 3-bed range of $1,000 to $1,625. If real rents are well above market, they may not hold at turnover.
Newer construction lowers repair risk Low near-term capex is real value in a 16-unit deal, but it only matters if the expenses are priced realistically.Listing says: “Newer construction = reduced capital expenditure risk.”
Long time on market 187 days suggests the market doesn't accept the price. You have room to negotiate, and pricing is likely to come down.

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.

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: $2,400,000
Cash to close: $552,000
Price per unit: $600,000
GRM: 42.1

Each month

Cash flow: −$12,241/mo
Cash-on-cash: −26.6%
Cap rate: 0.3%
DSCR: 0.04×

Break-even

Price that breaks even: $100,174
Rent that breaks even: $20,647/mo

Long run

Year 30: property vs stocks: $5.48M vs $18.12M
Cash flow turns positive: not within 30 years

Monthly

Monthly breakdown

Rent	$4,750
Vacancy (6%)	−$285
Collected	$4,465
Property tax Listing	−$2,064
Insurance Estimate	−$660
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$428
Capital reserve (8% of rent)	−$380
Net operating income	$533
Mortgage (principal + interest)	−$12,774
Cash flow	−$12,241
Principal paid down (equity, not cash)	$1,625

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$5,475,904

Your equity when you sell: $5,475,904
Rental profits, invested at 7%: $0

Same money in stocks$18,116,822

Cash to close, invested at 7%: $4,201,965
Monthly shortfalls, invested: $13,914,857

Stocks come out $12,640,918 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 $5.48M, stocks $18.12M. Stocks win.

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 $1,150/mo · range $1,025–$1,300

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
203 1st St N, Apt 3, Elysian 56028	$950	2 / 1	—	0.3 mi	2024-04-16	94%
201 E Paquin St, Waterville 56096 off market	$1,250	2 / 1	—	5.6 mi	2026-04-17	85%
400 11th Ave NE, Apt 107, Waseca 56093 off market	$1,200	2 / 1	17,406	11.5 mi	2026-08-30	82%
400 11th Ave NE, Apt 208, Waseca 56093 off market	$1,200	2 / 1	17,406	11.5 mi	2026-06-19	82%
400 11th Ave NE, Waseca 56093 off market	$775	2 / 2	17,406	11.4 mi	2026-08-07	78%
512 3rd St NE, Apt C, Waseca 56093 off market	$915	2 / 1	—	11.7 mi	2024-11-14	76%
429 Deldona Dr, Apt 2, Mankato 56001	$1,050	2 / 1	—	14.5 mi	2026-09-21	75%
428 Commodore Dr, Apt 7, Mankato 56001	$1,050	2 / 1	—	14.6 mi	2026-09-14	75%
419 Mallory-419 St N, Unit 2, Waterville 56096 off market	$1,100	2 / 1	700	5.1 mi	2026-08-11	69%
721 N Teal St, Janesville 56048 off market	$1,000	2 / 1	800	5.2 mi	2026-04-08	69%

3 bed / 2 bath estimate $1,300/mo · range $1,000–$1,625

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
203 1st St N, Apt 3, Elysian 56028	$950	2 / 1	—	0.3 mi	2024-04-16	79%
104 Frank A Ave NE, Unit 1, Elysian 56028 off market	$1,900	3 / 2	—	0.3 mi	2024-04-01	79%
400 11th Ave NE, Waseca 56093 off market	$775	2 / 2	17,406	11.4 mi	2026-08-07	73%
201 E Paquin St, Waterville 56096 off market	$1,250	2 / 1	—	5.6 mi	2026-04-17	71%
400 11th Ave NE, Apt 107, Waseca 56093 off market	$1,200	2 / 1	17,406	11.5 mi	2026-08-30	68%
400 11th Ave NE, Apt 208, Waseca 56093 off market	$1,200	2 / 1	17,406	11.5 mi	2026-06-19	68%
512 3rd St NE, Apt C, Waseca 56093 off market	$915	2 / 1	—	11.7 mi	2024-11-14	62%
Connie Ln E, Eagle Lake 56024 off market	$1,500	3 / 2	1,232	10.5 mi	2026-05-17	62%
616 2nd Ave NE, Waseca 56093 off market	$1,500	3 / 2	—	12.1 mi	2026-02-09	61%
429 Deldona Dr, Apt 2, Mankato 56001	$1,050	2 / 1	—	14.5 mi	2026-09-21	61%

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

highIncome and expenses are seller-stated and unverified. The expense ratio of about 25% looks low for newer rentals once taxes, insurance, reserves and management are included. Listing says: Gross annual income: $243,000, Operating expenses: $61,692 · AI review
highUnit count and bed/bath totals in the description don't match the listing data, which shows 8 beds and 5 baths. The 36 bedrooms and 20 baths need a unit-by-unit confirmation. Listing says: 16 units, 36 bedrooms, 20 bathrooms · 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 220 MAPLE AVE SW
mediumAsking is $2,299,826 above the price where cash flow breaks even ($100,174) at the default scenario. Based on: Derived: price $2,400,000 vs. break-even $100,174
mediumOur rent estimates are around $1,150 for a 2-bed. The claimed $243K works out to about $1,266 per unit per month across 16 units, so check what each unit actually pays. Based on: data: rent_estimate · AI review
mediumFinancials are not provided up front, and the seller says 'fully stabilized' without showing the rent roll. Listing says: Full financials and rent roll available upon request. · AI review
lowFour buildings of mixed designs on 2.15 acres sold only as a package. This limits financing options and the pool of buyers, and it may explain the 187 days on market. Listing says: Offered as a package. · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 187 days on market
Newer 2021/2022 construction should mean low near-term capital spending on roofs, mechanicals and finishes, if the condition holds up. Listing says: Built in 2021/2022 · AI review
Separate HVAC and in-unit laundry in each unit mean tenants likely pay their own utilities, and the units suit long-term renters. Listing says: in-unit laundry, and separate HVAC systems · AI review
187 days on market gives room to negotiate on price, and there's no rent cap in Elysian. Based on: data: listing.days_on_market · AI review

Questions for the agent

Can you send the full rent roll, leases and trailing-12 income and expense statements now?
Do the 16 units match the county's record, and what's the rental license and unit count per building?
What are the real property taxes, and are there any special assessments? Is the parcel one or four?
Who pays water, sewer, trash and common-area electric, and what does each cost per year?
Does the $61,692 expense figure include taxes, insurance, management and replacement reserves?
Why has it sat 187 days, and has the price been cut or any offers fallen through?

Bottom line

The claimed 7.5% cap rate needs proof, because our numbers show nowhere near it and the listing data doesn't match the description, so get the rent roll and tax bill before spending time on it. 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.	$24,772
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$7,920
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. 9 bedrooms: +1 pt repairs for wear	9% / 8%

Price history Realtor.com

On the market since 2026-10-03 (2 days).

Date	Event	Price
2026-10-03	Listed	$2,400,000
2026-04-01	Listed	$2,400,000

From the listing Listing

Listed as	multi-family
Property tax, 2026	$24,772
County	Le Sueur County
Parcel number	16.426.0030

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 Elysian on rental licensing before you buy.