226 3rd Ave NE

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 1,500 sq ft

Overpriced

54 photos

Photos courtesy of Premier Real Estate Services, via Realtor.com.

Asking price: $176,750
Monthly cash flow: −$226
Estimated rent: $1,850/mo
Break-even price: $134,298

Adjust the numbers See the full breakdown

From the listing

Great equity-building opportunity for an owner-occupant or investor! This updated, licensed duplex features separate meters and main-level laundry in unit, offering the flexibility to live in one level while generating rental income from the other. Each level includes 2 bedrooms and 1 full bathroom, providing comfortable and functional living spaces. The home has been freshly painted inside and out, with the main level featuring updated vinyl plank flooring. Parking is a standout feature, with a 2-stall detached garage and an 18' x 24' concrete parking slab. The lower level was recently rented for $1,250, and the upper level for $850.

Listing courtesy of Premier Real Estate Services (Jeremy Forsell). Description from Realtor.com, MLS #7142047. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 2-unit, 2-bed/1-bath-each duplex in Saint Cloud at $176,750, and at today's rates it doesn't cash flow. Our underwriting at asking shows about -$226 a month with 20% down and a 4.9% cap rate, and the break-even price is near $134K. The listing's rents of $1,250 and $850 add up to $2,100, but the $1,250 lower unit is well above our $925 mid estimate for a 2-bed, so confirm it with a signed lease before you trust it. The photos show a cosmetically refreshed main level and a dated upper unit with baseboard electric heat, and the county record didn't match, so taxes are unknown. Verify taxes, the rental license, and the real rents first. It's worth a showing only if the seller comes down toward the break-even price or the owner-occupant math works for you.

Things to consider

Doesn't cash flow at asking Our underwriting shows about -$226 a month and a break-even price near $134K, so the seller's price needs a big cut or you need a low-rate owner-occupant loan.
The lower rent looks high At $1,250 versus our $925 mid estimate, any shortfall at turnover hurts cash flow. Underwrite near market rents, not the stated ones.Listing says: “The lower level was recently rented for $1,250”
Taxes and unit count are unverified No county match means the tax bill could differ from what we assumed, and the investor (non-homestead) rate is usually higher.
House-hacking can change the math Living in one unit lowers your down payment and the interest rate, and the other unit's rent covers part of the payment.Listing says: “offering the flexibility to live in one level while generating rental income from the other”
Old building with unseen systems An 1890 stucco house needs a close look at the wiring, plumbing, foundation and stucco. None of it is shown in the photos.

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

Lower: $1,250Listing says: The lower level was recently rented for $1,250
Upper: $850Listing says: and the upper level for $850

Condition and repairs

doneInterior and exterior repaintListing says: The home has been freshly painted inside and out
doneMain level vinyl plank flooringListing says: the main level featuring updated vinyl plank flooring

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: $176,750
Cash to close: $40,652
Price per unit: $88,375
GRM: 8.0

Each month

Cash flow: −$226/mo
Cash-on-cash: −6.7%
Cap rate: 4.9%
DSCR: 0.76×

Break-even

Price that breaks even: $134,298
Rent that breaks even: $2,143/mo

Long run

Year 30: property vs stocks: $482K vs $408K
Cash flow turns positive: year 13

Monthly

Monthly breakdown

Rent	$1,850
Vacancy (6%)	−$111
Collected	$1,739
Property tax Listing	−$280
Insurance Estimate	−$199
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$148
Capital reserve (9% of rent)	−$166
Net operating income	$715
Mortgage (principal + interest)	−$941
Cash flow	−$226
Principal paid down (equity, not cash)	$120

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$481,785

Your equity when you sell: $403,278
Rental profits, invested at 7%: $78,507

Same money in stocks$407,818

Cash to close, invested at 7%: $309,457
Monthly shortfalls, invested: $98,360

The building comes out $73,967 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 $482K, stocks $408K. The property wins.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-06. The estimate is the median asking rent of every rental we found nearby (the count is shown for each); houses are left out. Asking rents from Realtor.com rental listings, not signed leases.

2 bed estimate $925/mo · range $850–$1,025 · 6 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
226 3rd Ave NE Unit 2, Saint Cloud	$892	2 / 1	850	0.0 mi	2026-10-02	Apartment
28 3rd Ave NE, Saint Cloud	$975	2 / 1	800	0.2 mi	2025-09-26	Apartment
421 8th Ave N, Saint Cloud	$875	2 / 1	—	0.5 mi	2026-01-09	Apartment
650 1st St SE, Saint Cloud	$975	2 / 1	—	0.6 mi	2026-09-22	Apartment
616 10th Ave N, Saint Cloud	$795	2 / 1	725	0.7 mi	2026-02-05	Apartment
333 4th Ave S, Saint Cloud	$800	2 / 1	—	0.7 mi	2026-08-18	Apartment

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: Realtor.com rental listings. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

highNegative cash flow at asking price with 20% down. Based on: data: underwriting.cash_flow_monthly · 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 226 3RD AVE NE
mediumLower rent is far above our estimate for a 2-bed; it may not be a true or lasting rent. Listing says: The lower level was recently rented for $1,250 · AI review
lowBaseboard electric heat appears in the upper unit. If separately metered, tenants pay; the cost drives turnover and rent resistance. Based on: photo 9 · AI review

Opportunities

Owner-occupy one level and rent the other to offset the cost. Listing says: offering the flexibility to live in one level while generating rental income from the other · AI review
Upper unit looks dated; a kitchen and flooring refresh could lift the $850 rent toward our $900 mid estimate. Based on: photo 8 · AI review
Strong parking: 2-stall garage plus a large concrete slab, rare for a small rental. Listing says: a 2-stall detached garage and an 18' x 24' concrete parking slab · AI review

Questions for the agent

Can I see signed leases, move-in dates and security deposits for both units?
Is the lower unit really at $1,250, and is it a new tenant at that rate?
Does the city show a current rental license for two units, and when does it expire?
What are the annual taxes, and is the listed bill a homestead figure?
What are the heating sources and who pays for each unit's gas and electric?
What is the age of the roof, electrical panels and water heaters?

Bottom line

A tidy-looking duplex that loses money at asking and only works with a lower price or owner-occupancy, so verify the $1,250 rent first. 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.	$3,364
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,392
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. built 1890: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-09-10 (25 days); last sold for $90,000 on 2020-08-28.

Date	Event	Price
2026-09-27	Removed	$179,900
2026-09-10	Listed	$176,750
2020-08-28	Sold	$90,000
2020-07-22	Listed	$89,900

From the listing Listing

Listed as	duplex up and down
Property tax, 2026	$3,364
County	Benton
Parcel number	170082800

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 Saint Cloud on rental licensing before you buy.