305 N Van Buren Ave

Fourplex · 4 units: 2 bed / 1 bath ×2 and 1 bed / 1 bath ×2 unit split estimated · 2,400 sq ft

Cash flows

6 photos

Photos, via Realtor.com.

Asking price: $290,000
Monthly cash flow: $420
Estimated rent: $3,800/mo
Break-even price: $368,849

Adjust the numbers See the full breakdown

From the listing

Excellent investment opportunity in Springfield, Minnesota! This well-maintained four-unit apartment building offers a strong combination of current rental income, multiple unit configurations, garage space, and significant potential for increased revenue. The property features two one-bedroom apartments and two two-bedroom apartments, with all four units currently occupied, providing an established income stream from day one. A major advantage of this property is the four detached garage stalls. With thoughtful restructuring of the garage spaces and a review of how the garage and rental spaces are utilized, there is substantial upside potential to increase monthly revenue. A new owner may have the opportunity to better allocate or separately rent garage space and make adjustments to the existing rental structure, creating additional income beyond what the current rates are. The property also includes coin-operated laundry, providing a convenient amenity for tenants and another source of potential income. Situated on a corner lot, the property offers good access, visibility, and off-street parking. This is an attractive opportunity for an investor looking for a property with existing occupancy and cash flow today, while still offering room to improve and increase revenue over time. The combination of four rental units, four detached garage stalls, on-site laundry, and potential for restructuring makes this a property with both stability and upside. Owner is a Minnesota licensed Real Estate agent.

Description from Realtor.com, MLS #7129280. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 4-unit, 1970 brick building in Springfield, MN at $290K, fully occupied, but the listing gives no rents, no expenses and no lease terms. Our estimate puts rents near $925-$975 a unit. That gives about $420/month cash flow and an 8.1% cap at asking with 20% down, but the taxes behind that are unverified because we couldn't match a county parcel. The 'upside' pitch about restructuring garages is a projection, not income. The photos show dated but livable interiors, and the baseboard electric/hot-water heat and wall AC need checking. Get the rent roll, leases, trailing-12 expenses and tax bill before a showing. At 48 days on market and with an owner-agent seller, it's worth a look if the real rents are near our estimates.

Things to consider

Rents are undisclosed Cash flow depends entirely on actual rents. Our $925-$975 estimates are not the seller's numbers.
Taxes and unit count are unverified We couldn't match a county parcel, so the tax in our cash flow is a guess. A higher bill would cut the $420/month quickly.
Garage upside depends on current lease terms If garages are already bundled into rents, separate rental may mean raising rents or losing tenants.Listing says: “four detached garage stalls”
Dated interiors mean capex over time Original-era kitchens, baths and wall AC units will need reserves and limit rent growth without updates.From photo 2
Price is near our break-even level Break-even is about $369K versus $290K ask, so there's some cushion if the rents hold up.

From the photos

Based on 6 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: $290,000
Cash to close: $66,700
Price per unit: $72,500
GRM: 6.4

Each month

Cash flow: $420/mo
Cash-on-cash: 7.6%
Cap rate: 8.1%
DSCR: 1.27×

Break-even

Price that breaks even: $368,849
Rent that breaks even: $3,262/mo

Long run

Year 30: property vs stocks: $1.87M vs $508K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$3,800
Vacancy (6%)	−$228
Collected	$3,572
Property tax Listing	−$251
Insurance Estimate	−$350
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$304
Capital reserve (8% of rent)	−$304
Net operating income	$1,963
Mortgage (principal + interest)	−$1,544
Cash flow	$420
Principal paid down (equity, not cash)	$196

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$1,873,603

Your equity when you sell: $661,672
Rental profits, invested at 7%: $1,211,931

Same money in stocks$507,737

Cash to close, invested at 7%: $507,737

The building comes out $1,365,866 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 $1.87M, stocks $508K. 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 $975/mo · range $825–$1,100

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
318 N Cass Ave, Springfield 56087	$825	3 / 1	—	0.1 mi	2025-05-20	70%
408 2nd Ave NW, Apt 4, Sleepy Eye 56085 off market	$700	2 / 1	884	12.9 mi	2026-03-31	66%
301 S Park Ave, Springfield 56087 off market	$1,050	3 / 1	1,008	0.6 mi	2026-04-24	61%
305 N Van Buren Ave, Apt 3, Springfield 56087 off market	$715	1 / 1	500	0.0 mi	2026-06-18	57%
200 10th Ave E, Lamberton 56152	$595	1 / 1	655	14.3 mi	2025-01-03	54%
902 S Douglas St, Apt 107, Lamberton 56152 off market	$585	1 / 1	626	14.5 mi	2023-10-31	54%
902 S Douglas St, Apt 103, Lamberton 56152 off market	$585	1 / 1	626	14.5 mi	2023-02-06	54%
422 1st Ave N, Sleepy Eye 56085 off market	$1,000	2 / 1	1,060	13.0 mi	2026-04-06	53%
506 Carleton Ave, Apt 1, Morgan 56266	$755	1 / 1	550	12.5 mi	2026-10-01	53%
520 Saint Johns St, Apt 6, Morgan 56266	$727	1 / 1	550	12.5 mi	2025-12-15	53%

1 bed / 1 bath estimate $925/mo · range $850–$975

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
305 N Van Buren Ave, Apt 3, Springfield 56087 off market	$715	1 / 1	500	0.0 mi	2026-06-18	67%
200 10th Ave E, Lamberton 56152	$595	1 / 1	655	14.3 mi	2025-01-03	64%
902 S Douglas St, Apt 107, Lamberton 56152 off market	$585	1 / 1	626	14.5 mi	2023-10-31	63%
902 S Douglas St, Apt 103, Lamberton 56152 off market	$585	1 / 1	626	14.5 mi	2023-02-06	63%
506 Carleton Ave, Apt 1, Morgan 56266	$755	1 / 1	550	12.5 mi	2026-10-01	63%
520 Saint Johns St, Apt 6, Morgan 56266	$727	1 / 1	550	12.5 mi	2025-12-15	63%
506 Carleton Ave, Morgan 56266 off market	$717	1 / 1	550	12.5 mi	2026-07-12	63%
520 Saint Johns St, Morgan 56266 off market	$677	1 / 1	550	12.5 mi	2026-07-12	63%
318 N Cass Ave, Springfield 56087	$825	3 / 1	—	0.1 mi	2025-05-20	61%
408 2nd Ave NW, Apt 4, Sleepy Eye 56085 off market	$700	2 / 1	884	12.9 mi	2026-03-31	56%

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

highNo rents, leases or expenses given; 'occupied' says nothing about rent level or lease terms Listing says: all four units currently occupied, providing an established income stream from day one · 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 305 VAN BUREN AVE N
mediumUpside is a projection, not income; garage rent and 'restructuring' may conflict with existing leases Listing says: there is substantial upside potential to increase monthly revenue · AI review
lowSeller is a licensed agent selling their own building; verify numbers independently Listing says: Owner is a Minnesota licensed Real Estate agent. · AI review
lowInteriors look original-era; kitchens and baths are dated and will need updating over time Based on: photo 2 · AI review

Opportunities

Four detached garage stalls could be rented separately for extra income, if not already included in leases Listing says: four detached garage stalls · AI review
Coin laundry is an existing income source; ask for its actual take Listing says: The property also includes coin-operated laundry · AI review
No rent cap in the area, so rents can move to market after turnover Based on: data: underwriting.rent_rule · AI review

Questions for the agent

What are the current rents per unit, lease end dates, and are any month-to-month?
Who pays heat, electric, water, trash and sewer? Are there separate meters?
Are the garage stalls currently rented or included in the unit rents?
What is the actual annual tax bill and the trailing-12 expenses, and how much does the laundry earn?
What is the age of the roof, boilers/heating system, water heaters and electrical panels?
Is the building licensed as four units with the city, and why is the owner selling?

Bottom line

A tidy-looking, fully occupied fourplex that could cash flow at $290K, but with no rents or expenses disclosed, none of the numbers are proven. 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.	$3,010
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,200
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. base rate	8% / 8%

Price history Realtor.com

On the market since 2026-08-18 (48 days); down $10,000 (3.3%) from the first ask of $300,000; last sold for $279,000 on 2024-10-07; listed for rent at $715/mo on 2025-05-20.

Date	Event	Price
2026-10-03	Price changed	$290,000
2026-08-18	Listed	$300,000
2025-06-19	Removed	—
2025-05-20	Listed for rent	$715/mo
2025-05-14	Removed	—
2025-04-14	Listed for rent	$715/mo
2025-03-31	Removed	—
2025-03-24	Listed for rent	$715/mo
2024-10-07	Sold public record	$279,000
1999-06-01	Sold public record	$80,000

From the listing Listing

Listed as	four plex
Property tax, 2025	$3,010
County	Brown
Parcel number	00331000406060

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 Springfield on rental licensing before you buy.