232 E Broadway St

Fourplex · 4 units: 2 bed / 1 bath ×2 and 1 bed / 1 bath ×2 unit split estimated · 3,688 sq ft

Cash flows

29 photos

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

Asking price: $250,000
Monthly cash flow: $889
Estimated rent: $4,150/mo
Break-even price: $417,100

Adjust the numbers See the full breakdown

First look

Four units for $250K, fully occupied, with a rented garage. Our numbers show about $928/month cash flow and a 10.8% cap rate at asking, which looks strong. But the description gives no rents, no tax figure and no expenses, and the county parcel wasn't matched, so taxes and unit count are unverified. Our rents are estimates, not actuals. It has sat 70 days, which may mean the real numbers are weaker. Photos show dated finishes and window air conditioners. Get the rent roll, leases, a trailing-12 and the tax bill before spending time on a showing.

Things to consider

Income is unverified The cap rate is built on our rent estimates. Real rents from 10-year tenants could be well below market.
Taxes and unit count unconfirmed A wrong tax figure or an unlicensed unit can change cash flow and financing.
Dated interiors in some units Some kitchens look old, so budget for updates before expecting rent growth.From photo 9
Long-term tenants cut both ways They bring stability and low turnover, but may be paying below market rent.Listing says: “Two of the units have long-term tenants who have rented for over 10 years”
Garage income adds upside Separate garage rent boosts income, but confirm it's a real lease and not a tenant's included space.Listing says: “detached two-car garage that is also rented for additional income”

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: $250,000
Cash to close: $57,500
Price per unit: $62,500
GRM: 5.0

Each month

Cash flow: $889/mo
Cash-on-cash: 18.6%
Cap rate: 10.7%
DSCR: 1.67×

Break-even

Price that breaks even: $417,100
Rent that breaks even: $2,995/mo

Long run

Year 30: property vs stocks: $2.43M vs $438K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$4,150
Vacancy (6%)	−$249
Collected	$3,901
Property tax Listing	−$161
Insurance Estimate	−$415
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$332
Capital reserve (9% of rent)	−$374
Net operating income	$2,220
Mortgage (principal + interest)	−$1,331
Cash flow	$889
Principal paid down (equity, not cash)	$169

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$2,425,472

Your equity when you sell: $570,407
Rental profits, invested at 7%: $1,855,065

Same money in stocks$437,705

Cash to close, invested at 7%: $437,705

The building comes out $1,987,767 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 $2.43M, stocks $438K. 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 $1,100/mo · range $1,000–$1,225 · 19 rentals within 10 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
33 W Minnesota St, Saint Joseph	$1,100	2 / 1	—	6.4 mi	2026-09-25	Apartment
813 7th St S, Waite Park	$1,155	2 / 1	850	7.1 mi	2025-10-15	Apartment
601 7th St S, Waite Park	$850	2 / 1	804	7.2 mi	2025-12-17	Apartment
501 7th St S, Waite Park	$900	2 / 1	804	7.2 mi	2025-07-18	Apartment
408 Park Meadows Dr, Waite Park	$1,115	2 / 1	1,000	7.5 mi	2025-10-15	Apartment
490 3rd St S, Waite Park	$1,295	2 / 1.5	964	7.6 mi	2026-03-05	Apartment
38 Oxby Ln, Waite Park	$900	2 / 1	—	7.6 mi	2026-07-07	Apartment
340 2nd Ave S Apt 344, Waite Park	$1,095	2 / 1	—	7.7 mi	—	Apartment
157 10th Ave N, Waite Park	$950	2 / 1	—	7.8 mi	2026-09-29	Apartment
3346 W Saint Germain St, Saint Cloud	$995	2 / 1	953	8.2 mi	2024-04-16	Apartment

1 bed estimate $975/mo · range $850–$1,125 · 19 rentals within 10 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
100 River Oaks Dr, Cold Spring	$1,235	1 / 1	750	4.5 mi	2025-01-03	Apartment
690 Prosper Dr, Waite Park	$1,120	1 / 1	650	6.8 mi	2026-01-02	Apartment
511 7th St S, Waite Park	$750	1 / 1	660	7.2 mi	2025-10-28	Apartment
501 7th St S, Waite Park	$750	1 / 1	660	7.2 mi	2025-07-18	Apartment
2409 County Road 74, Saint Cloud	$1,060	1 / 1	851	7.3 mi	2025-09-25	Apartment
408 Park Meadows Dr, Waite Park	$995	1 / 1	800	7.5 mi	2025-10-15	Apartment
248 3rd St S, Waite Park	$950	1 / 1	758	7.6 mi	2025-12-12	Apartment
3700 W Saint Germain St, Saint Cloud	$1,025	1 / 1	711	7.9 mi	2025-01-03	Apartment
3600 W Saint Germain St, Saint Cloud	$1,270	1 / 1	880	8.0 mi	2024-04-12	Apartment
3403 22nd St S, Saint Cloud	$915	1 / 0	—	8.0 mi	2024-03-20	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

highNo rents, expenses or tax figures given, so the 12% cap rate rests entirely on our estimates. Based on: data: rent_estimate · 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 232 BROADWAY ST E
mediumFour units on a 1908 building with no county match. Confirm the unit count is legal and licensed. Based on: data: rule_flags · AI review
medium70 days on market for an apparently strong-income property. Ask why it hasn't sold. Based on: data: listing.days_on_market · AI review
lowPhoto 10 shows a unit with dated wood paneling and a drop ceiling; the area looks like a converted or irregular space, so check legal status and egress. Based on: photo 10 · AI review

Opportunities

Detached garage is rented for extra income; confirm the amount and that it's under a lease. Listing says: detached two-car garage that is also rented for additional income · AI review
Two long-term tenants suggest stability, though rents may be below market. Compare to our estimates. Listing says: Two of the units have long-term tenants who have rented for over 10 years · AI review

Questions for the agent

What are the current rents per unit, and are leases in place or month-to-month?
What are the annual taxes, and who pays heat, water, sewer and trash?
How is heat provided, and are there separate meters for each unit?
What are the long-term tenants paying, and when were rents last raised?
How much is the garage rented for, and to whom?
Why has it been on the market 70 days, and are there any recent price changes?

Bottom line

The estimated numbers look strong at $250K, but with no rents or expenses given, treat it as unproven until the rent roll and tax bill back it up. 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.	$1,932
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,974
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. built 1908: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-07-27 (70 days); last sold for $78,000 on 2010-08-02.

Date	Event	Price
2026-07-27	Listed	$250,000
2010-08-02	Sold public record	$78,000
2009-06-24	Removed	$109,900
2009-05-28	Removed	$109,900
2009-05-21	Listed	$109,900

From the listing Listing

Listed as	four plex
Property tax, 2025	$1,932
County	Stearns
Parcel number	76422400068

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 Rockville on rental licensing before you buy.