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314 7th St NE

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 1,902 sq ft

Little Falls, MN · View the listing ↗

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Photos, via Realtor.com.

Asking price
$229,900
2 units · $115K per unit
Monthly cash flow
−$84
at 20% down, 7%
Estimated rent
$2,350/mo
medium confidence
Break-even price
$214,133
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a 1951 duplex in Little Falls asking $229,900, and our underwriting has it slightly negative at about -$84/month with a 5.9% cap rate at 20% down. Break-even price is about $214K, so there's roughly $16K of room to negotiate. The description gives no rents, only that both tenants have leases until 2027, so the rent roll is the first thing to get. Three electric meters are mentioned, which could mean a hidden third unit or just a house meter, so confirm the legal unit count and rental license. The photos show a dated but livable building, and the basement and mechanicals need a close look. Worth a showing only if rents come in at or above our $1,175 per-unit estimate and the price comes down.

Things to consider

  1. Underwriting is slightly negative at asking Break-even is about $214K against a $229.9K ask, so cash flow depends on negotiating down or on rents beating our estimate.
  2. Rents are unknown Without the rent roll you can't verify income. Leases to 2027 could be good stability or below-market rents locked in.Listing says: “There are leases in place with both tenants until 2027.”
  3. Unit count and meter setup need confirming Three meters on a duplex could mean a legal third unit, a house meter, or an unpermitted setup. It affects licensing, insurance and value.Listing says: “This duplex has three electrical meters, making a triplex transformation a possibility.”
  4. Updates look partly cosmetic Kitchens and bedrooms appear dated, so budget for turnover costs and don't expect big rent increases without more work.From photo 3
  5. Taxes and county data are unverified The address didn't match a county parcel, so taxes, assessments and unit count could change the numbers. Investor taxes may also differ from the current bill.

From the photos

Listing photo 1
1 of 8Plus

Siding appears fairly recent paint and the vinyl windows look newer; exterior looks maintained.

Listing photo 3
2 of 8Concern

Kitchen appears dated: older white range and fridge, vinyl flooring, painted dark cabinets. Functional but not updated.

Listing photo 2
3 of 8Plus

Refinished hardwood floors look good in the living room.

Listing photo 5
4 of 8Check

Bathroom has a newer vanity and sink but old vinyl floor and a dated tub surround, so the remodel appears partial or cosmetic.

Listing photo 4
5 of 8Concern

Wood-paneled walls and carpet in a bedroom look dated and may need updating between tenants.

Listing photo 8
6 of 8Check

Unfinished basement with block walls, exposed joists and a washer and sink; no furnace, water heater or panel clearly visible. Check for moisture and the heating setup.

Listing photo 7
7 of 8Plus

Garage interior has a bare concrete floor and block walls with a basement-style window; appears usable for storage or parking.

Listing photo 1
8 of 8Check

No photos show the electrical panel, furnace, or the second unit's separate kitchen, so the layout and unit count can't be confirmed.

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

Condition and repairs

  • doneRefinished hardwood floorsListing says: Recently refinished hardwood floors, vinyl windows, New front door, security system, and remodeled bathroom.
  • doneVinyl windowsListing says: Recently refinished hardwood floors, vinyl windows, New front door, security system, and remodeled bathroom.
  • doneNew front doorListing says: Recently refinished hardwood floors, vinyl windows, New front door, security system, and remodeled bathroom.
  • doneRemodeled bathroomListing says: Recently refinished hardwood floors, vinyl windows, New front door, security system, and remodeled bathroom.

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

Down payment %
Offer $
Management
Interest rate %
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
$229,900
Cash to close
$52,877
Price per unit
$114,950
GRM
8.2

Each month

Cash flow
−$84/mo
Cash-on-cash
−1.9%
Cap rate
5.9%
DSCR
0.93×

Break-even

Price that breaks even
$214,133
Rent that breaks even
$2,458/mo

Long run

Year 30: property vs stocks
$860K vs $416K
Cash flow turns positive
year 4

Monthly

Monthly breakdown

Rent$2,350
Vacancy (6%)−$141
Collected$2,209
Property tax Listing−$274
Insurance Estimate−$190
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$188
Capital reserve (8% of rent)−$188
Net operating income$1,140
Mortgage (principal + interest)−$1,224
Cash flow−$84
Principal paid down (equity, not cash)$156

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$859,524
Your equity when you sell
$524,546

Sells for $558,028 (value up 3% a year), minus 6% selling cost ($33,482). Rent paid down $183,920 of loan.

Rental profits, invested at 7%
$334,979

$178,394 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$415,537
Cash to close, invested at 7%
$402,513

$52,877 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$13,023

$1,905 you'd have paid in while the building lost money, invested instead.

The building comes out $443,987 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 $860K, stocks $416K. 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 $1,175/mo · range $900–$1,450

AddressRentBd / BaSq ftDistanceListedMatch
603 3rd Ave NW, Little Falls 56345 $1,100 2 / 1 1,082 1.3 mi 2026-09-15 88%
401 3rd St NE, Little Falls 56345 off market $725 1 / 1 600 0.3 mi 2026-05-05 74%
216 5th St SW, Little Falls 56345 off market $950 2 / 1 850 1.2 mi 2026-08-18 71%
417 S Driftwood St, Apt 3, Royalton 56373 off market $925 2 / 1 800 10.9 mi 2026-08-18 70%
417 S Driftwood St, Apt 1, Royalton 56373 off market $940 2 / 1 800 10.9 mi 2024-12-13 70%
425 S Driftwood St, Apt 4, Royalton 56373 off market $925 2 / 1 800 10.9 mi 2026-06-16 70%
408 6th Ave NW, Little Falls 56345 off market $1,350 3 / 1 1,474 1.2 mi 2026-03-20 69%
403 1st Ave NE, Unit 1, Little Falls 56345 $1,600 3 / 2 1,000 0.3 mi 2025-01-15 60%
207 7th St NE, Little Falls 56345 off market $1,500 4 / 2 1,700 0.1 mi 2025-05-23 59%
310 3rd Ave NW, Pierz 56364 off market $900 3 / 2 1,000 11.6 mi 2025-10-04 57%

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

  • mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 314 7TH ST NE
  • mediumDescription gives no rents, so income is unverified Listing says: There are leases in place with both tenants until 2027. · AI review
  • mediumThree meters on a two-unit building; unit count and legality unclear Listing says: This duplex has three electrical meters, making a triplex transformation a possibility. · AI review
  • lowLong leases to 2027 may lock in below-market rents and limit your ability to renovate or owner-occupy Listing says: There are leases in place with both tenants until 2027. · AI review
  • lowExposed basement framing and old-looking mechanicals need inspection Based on: photo 8 · AI review

Opportunities

  • House hack or portfolio add with leases already in place Listing says: Whether you are looking to add to your portfolio or house hack, this is a spot for you! · AI review
  • Possible third unit given the extra meter, if legal and feasible Listing says: This duplex has three electrical meters, making a triplex transformation a possibility. · AI review
  • Large basement and a detached garage and shed offer storage or added value Based on: photo 7 · AI review

Questions for the agent

  • What are the current rents for each unit, and can you share the lease copies and deposits held?
  • Who pays heat, water and electric in each unit, and what is each unit's meter setup?
  • Where do the three electric meters go, and is the building licensed as a duplex?
  • How old are the furnace(s), water heater, roof and electrical panel?
  • Why has it been on the market 37 days, and has the price moved?
  • What are the real property taxes and trailing-12 expenses?

Bottom line

A tidy-enough 1951 duplex with leases in place, but at the asking price it runs slightly negative, so you want rents above our estimate or a price near $214K. 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.$3,284
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,276
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. base rate8% / 8%

Price history Realtor.com

On the market since 2026-08-29 (37 days); down $10,000 (4.2%) from the first ask of $239,900; last sold for $167,500 on 2021-06-10.

DateEventPrice
Price changed$229,900
Listed$239,900
Sold$167,500
Listed$169,900
Sold$90,000
Removed$99,900
Removed$99,900
Listed$99,900
Price changed$99,900
Removed$115,000
Listed$99,900
Listed$115,000
Removed$115,000
Listed$115,000
Removed$115,000
Sold public record$90,000
Removed$115,000
Price changed$115,000
Relisted$118,000
Removed$118,000
Removed$118,000
Relisted$118,000
Removed$118,000
Price changed$118,000
Listed$115,000

From the listing Listing

Listed asduplex up and down
Property tax, 2026$3,284
CountyMorrison
Parcel number480719000

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 Little Falls on rental licensing before you buy.