2328 1st Ave

Triplex · 3 units: 1 bed / 1.5 bath ×3 unit split estimated · 4,000 sq ft

Cash flows

3 photos

Photos, via Realtor.com.

Asking price: $75,000
Monthly cash flow: $2,228
Estimated rent: $4,275/mo
Break-even price: $493,698

Adjust the numbers See the full breakdown

First look

This looks like a commercial-style building at $75K, not a turnkey triplex. The description pitches it as retail/office space that could be converted to a 4th apartment, alongside three 1-bedroom units. Our model shows a 42% cap rate and $2,228/mo cash flow, but it uses estimated rents of $1,425 per 1-bed in Hibbing and has no county record behind it. Treat those numbers as unreliable until you see a real rent roll. The photo shows a blank concrete block side wall with a lot of damage, boarded or covered openings and overgrown lot edges. It has been listed 354 days. Before a showing, find out why it hasn't sold, whether the three apartments are legal and occupied, and whether the building is habitable.

Things to consider

Income is unverified There are no stated rents and no county record. Our cash flow figure rests on estimates, so real returns could be far lower.
Why it is so cheap Sub-$100K pricing and nearly a year on market often mean major repairs, condition problems or title issues. Find out before spending on inspections.
Mixed commercial and residential use Legal unit count, zoning, insurance and lender appetite can all differ from a standard triplex. A 4th apartment would need permits.Listing says: “retail/office or even converting this space for a 4th apartment”
Exterior condition Damaged block and covered windows suggest deferred maintenance. Budget for repairs before relying on rents.From photo 1
Occupancy and tenants Tenants may be present, so rents could be low, month-to-month or unpaid. Ask for leases and an estoppel.Listing says: “Tenants may be present during showing.”

From the photos

Based on 1 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: $75,000
Cash to close: $17,250
Price per unit: $25,000
GRM: 1.5

Each month

Cash flow: $2,228/mo
Cash-on-cash: 155.0%
Cap rate: 42.0%
DSCR: 6.58×

Break-even

Price that breaks even: $493,698
Rent that breaks even: $1,418/mo

Long run

Year 30: property vs stocks: $3.74M vs $131K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$4,275
Vacancy (6%)	−$257
Collected	$4,018
Property tax Listing	−$84
Insurance Estimate	−$308
Water, sewer, trash Estimate	−$255
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$342
Capital reserve (8% of rent)	−$342
Net operating income	$2,628
Mortgage (principal + interest)	−$399
Cash flow	$2,228
Principal paid down (equity, not cash)	$51

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$3,740,876

Your equity when you sell: $171,122
Rental profits, invested at 7%: $3,569,754

Same money in stocks$131,311

Cash to close, invested at 7%: $131,311

The building comes out $3,609,565 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 $3.74M, stocks $131K. 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.

1 bed / 1.5 bath estimate $1,425/mo · range $1,225–$1,625

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
1114 E 22nd St, Hibbing 55746 off market	$900	2 / 1	—	0.7 mi	2026-06-02	81%
2316 2nd Ave W, Apt 4, Hibbing 55746 off market	$900	1 / 1	500	0.1 mi	2024-12-29	77%
2023 7th Ave E, Hibbing 55746 off market	$940	1 / 1	546	0.4 mi	2025-10-01	76%
600 E 40th St, Hibbing 55746	$995	1 / 1	599	1.5 mi	2025-04-16	75%
2918 4th Ave W, Unit Main, Hibbing 55746 off market	$1,300	3 / 2	—	0.5 mi	2026-06-17	72%
409 N 1st St, Unit 4, Keewatin 55753	$850	1 / 1	—	6.5 mi	2025-10-20	68%
2113 5th Ave E, Hibbing 55746	$430	0 / 1	—	0.3 mi	2026-10-04	67%
100 Southview Dr, Hibbing 55746	$990	2 / 1	792	1.1 mi	2026-10-04	67%
1626 5th Ave E, Hibbing 55746	$1,100	2 / 1	—	0.6 mi	2026-10-04	67%
3505 9th Ave W, Hibbing 55746	$748	2 / 1	627	1.1 mi	2024-11-16	66%

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

highPriced under $100K: usually means major repairs, a fire or condemned building, a contract-for-deed or partial-interest sale, or a listing error. Find out why before anything else. Based on: Listing data: asking $75,000
highNo rents, leases or expenses given, so income is entirely unverified Listing says: Tenants may be present during showing. · AI review
highOur rent estimates of $1,425 per 1-bed look high for a $75K building in Hibbing; the 42% cap rate is not credible 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 2328 1ST AVE
mediumCommercial-style block building mixed with apartments; zoning, licensing and financing for the mixed use are unclear Listing says: retail/office or even converting this space for a 4th apartment · AI review
mediumExterior wall in the photo shows pitted, damaged block and covered openings Based on: photo 1 · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 354 days on market
Very low price per unit if the apartments are legal, occupied and sound Based on: data: listing.price · AI review
Commercial space could be rented or converted to a 4th unit, though conversion needs permits and cost checks Listing says: converting this space for a 4th apartment · AI review

Questions for the agent

Why is it priced at $75K and why has it sat for almost a year?
What are the current rents, lease terms and tenant move-in dates for each apartment?
Is the building zoned for the commercial and residential mix, and does the city have rental licenses on the apartments?
What are the heating type, who pays utilities, and the trailing 12-month expenses?
What are the property taxes and any special assessments?
What is the condition of the roof, the block walls and the mechanicals, and are there any open code orders?

Bottom line

A $75K mixed-use building that could pay well if the three apartments are real and rented, but the listing gives no rents and the photo shows rough exterior, so treat the model's returns as fiction until verified. 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.	$1,002
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$3,700
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$255
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 2025-10-14 (356 days); down $74,000 (49.7%) from the first ask of $149,000; last sold for $90,000 on 2023-01-18.

Date	Event	Price
2026-09-16	Price changed	$75,000
2026-07-30	Price changed	$100,000
2025-12-04	Price changed	$125,000
2025-10-16	Listed	$149,000
2025-10-14	Listed	$149,000
2023-01-18	Sold public record	$90,000
2018-04-04	Sold public record	$30,000
2012-12-18	Sold public record	$30,000
2004-09-20	Sold public record	$140,000

From the listing Listing

Listed as	apartments
Property tax, 2025	$1,002
County	St. Louis
Parcel number	140009003190

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 Hibbing on rental licensing before you buy.