309 5th Ave NW

Fourplex · 4 units: 2 bed / 1 bath ×4 unit split estimated · 3,876 sq ft

19 photos

Photos, via Realtor.com.

Asking price: $649,900
Monthly cash flow: −$8
Estimated rent: $6,100/mo
Break-even price: $648,436

Adjust the numbers See the full breakdown

From the listing

Excellent investment opportunity in New Prague! This well-maintained 4-plex features four 2-bedroom, 1-bath units with strong rental history and recently renewed one-year leases, providing immediate and stable cash flow for the new owner. Each unit offers its own laundry room, deck or patio, and separately metered utilities. Major updates include newer roof, siding, and windows, helping minimize future maintenance expenses. The property also features a large parking lot and attractive outdoor living spaces for tenants. Whether you're a seasoned investor or looking to add your first multifamily property to your portfolio, this turnkey investment offers reliable income and long-term potential in the growing New Prague market. Schedule your showing today!

Description from Realtor.com, MLS #7087349. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

A 1976 four-plex of 2-bed/1-bath units in New Prague, asking $649,900 with 123 days on market. Our underwriting at 20% down shows about -$8/month cash flow and a 6.4% cap rate, using our $1,525 mid rent per unit, not actual rents. The listing gives no rent figures at all, so the rent roll and the new one-year leases are the first things to get. Photos show updated kitchens in some units and original-looking finishes in others, so the condition is uneven. It looks worth a showing only if actual rents are well above $1,525 and the tax bill checks out, since we couldn't match a county parcel.

Things to consider

Rents are unstated Our -$8/month cash flow uses estimated rents of $1,525 per unit. If actual rents are lower, cash flow drops further at this price.
Price vs. income Our break-even price is about $648K, essentially the asking price, but that depends on assumed rents and taxes. Verify both before relying on it.
Tax figure is unverified No county match means taxes could be higher or lower than assumed. Taxes are a major cost on a small building.
Heating appears electric baseboard Tenants pay it, but high winter bills can hurt retention. Confirm who pays what and the meter setup.From photo 10
Uneven unit condition Some units are updated and others look original, so renovation budgets and achievable rents vary by unit.From photo 9
Recently renewed leases Leases locked in now may be below market. Confirm the terms and rent levels.Listing says: “recently renewed one-year leases”

From the photos

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

Condition and repairs

doneNewer roof, siding and windowsListing says: Major updates include newer roof, siding, and windows, helping minimize future maintenance expenses.

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: $649,900
Cash to close: $149,477
Price per unit: $162,475
GRM: 8.9

Each month

Cash flow: −$8/mo
Cash-on-cash: −0.1%
Cap rate: 6.4%
DSCR: 1.00×

Break-even

Price that breaks even: $648,436
Rent that breaks even: $6,110/mo

Long run

Year 30: property vs stocks: $2.82M vs $1.14M
Cash flow turns positive: year 2

Monthly

Monthly breakdown

Rent	$6,100
Vacancy (6%)	−$366
Collected	$5,734
Property tax Listing	−$465
Insurance Estimate	−$381
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$549
Capital reserve (8% of rent)	−$488
Net operating income	$3,451
Mortgage (principal + interest)	−$3,459
Cash flow	−$8
Principal paid down (equity, not cash)	$440

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$2,816,262

Your equity when you sell: $1,482,829
Rental profits, invested at 7%: $1,333,432

Same money in stocks$1,138,522

Cash to close, invested at 7%: $1,137,857
Monthly shortfalls, invested: $665

The building comes out $1,677,740 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 $2.82M, stocks $1.14M. 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 $1,525/mo · range $1,350–$1,725

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
321 1st Ave SE, Apt 14, Lonsdale 55046 off market	$1,175	2 / 1	—	9.1 mi	2026-07-28	80%
1200 4th St NE, New Prague 56071	$1,465	2 / 1	800	1.2 mi	2025-01-03	79%
22621 Camber Ave, Jordan 55352 off market	$1,575	2 / 1	1,100	5.2 mi	2026-07-09	75%
205 Broadway St S, Jordan 55352 off market	$950	1 / 1	—	8.5 mi	2026-07-09	72%
201 E 1st St, Jordan 55352 off market	$1,125	1 / 1	—	8.6 mi	2026-07-17	71%
400 N Welco Dr, Apt M2, Montgomery 56069	$1,050	2 / 1	880	7.0 mi	2026-10-05	71%
400 N Welco Dr, Apt U3, Montgomery 56069 off market	$1,050	2 / 1	880	7.0 mi	2026-05-21	71%
400 N Welco Dr, Apt L1, Montgomery 56069 off market	$1,050	2 / 1	880	7.0 mi	2026-02-21	71%
400 N Welco Dr, Apt U1, Montgomery 56069 off market	$1,050	2 / 1	880	7.0 mi	2026-02-04	71%
321 1st Ave SE, Apt 13, Lonsdale 55046	$975	1 / 1	—	9.1 mi	2026-10-05	71%

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 or expenses given, and the listing calls the cash flow 'immediate and stable' without a number Listing says: providing immediate and stable cash flow for the new owner · 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 309 5TH AVE NW
mediumTaxes and unit count unverified; our cash flow rests on assumed taxes Based on: data: county.tax · AI review
medium'Newer' roof, siding and windows come with no years or permits Listing says: Major updates include newer roof, siding, and windows · AI review
low123 days on market suggests the price may be above what buyers will pay Based on: data: listing.days_on_market · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 123 days on market
Separately metered utilities keep owner expenses low, and a long listing gives room to negotiate Listing says: Each unit offers its own laundry room, deck or patio, and separately metered utilities. · AI review
Some units have dated finishes; refreshing them could support rents toward our high estimate Based on: photo 10 · AI review
No rent cap, so rents can follow the market after turnover Based on: data: underwriting.rent_rule · AI review

Questions for the agent

Can I see the rent roll, signed leases and the security deposits held?
What are the actual rents, and when does each lease end?
What are the trailing 12 months of taxes, insurance, water/sewer, trash and snow/lawn costs?
What years were the roof, siding and windows replaced, and who did the work?
How is heat provided in each unit (electric baseboard?) and who pays it?
Why has it sat for 123 days, and have there been price cuts or offers?

Bottom line

Clean, low-maintenance-looking four-plex, but with no rents in the listing and a $650K ask, the price only works if actual rents beat our $1,525 estimate. 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.	$5,580
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,569
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. 8 bedrooms: +1 pt repairs for wear	9% / 8%

Price history Realtor.com

On the market since 2026-06-04 (123 days); last sold for $525,000 on 2024-04-01.

Date	Event	Price
2026-06-25	Relisted	$649,900
2026-06-24	Removed	—
2026-06-04	Listed	$649,900
2024-04-01	Sold	$525,000
1998-08-17	Sold public record	$158,500

From the listing Listing

Listed as	four plex
Property tax, 2026	$5,580
County	Scott
Parcel number	240050210

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 New Prague on rental licensing before you buy.