324 S 4th Ave E
Ely, MN · View the listing ↗
Photos courtesy of Keller Williams Classic Realty Northwest, via Realtor.com.
Needs more info before these numbers mean much. No reliable rent estimate: too few comparable rentals close by, and no RentCast estimate.
No rent estimate yet, so the numbers can't be run. Run it yourself in the calculator →
First look
This is a 1898 building at $122,500 that the listing calls a triplex, but the description gives no rents, no lease status and no unit layout. It was also a day care on the main level, so it may not be set up as three rental units today. The numbers in FACTS are empty: no rent estimate, no underwriting, no county match, so nothing here shows the deal pencils. Heating, the electrical panel and how many kitchens and meters exist are the first things to check. Worth a showing only if the agent can show a rent roll and a legal three-unit setup, and 180 days on market gives room to negotiate.
Things to consider
- Unit count and legality unverified If the county or city doesn't show three licensed units, income and financing change. The main level was a day care.
- No rent information at all There are no stated rents and no rent estimate in FACTS, so cash flow can't be judged. Get the rent roll and trailing-12 expenses.
- Heat is a big unknown in Ely Northern Minnesota heating costs are high. If the owner pays heat on one system, it could take much of the income.
- Updates are listed with no dates Roof, siding, electrical and plumbing are major items, but ages and permits are not given.Listing says: “Updates include roof, siding, main level windows, electrical service, plumbing, etc.”
- Long time on market gives leverage It has been listed for 180 days at a low price. Expect room to negotiate, but find out why it hasn't sold.
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
- doneRoof updated (age not given)Listing says: Updates include roof, siding, main level windows, electrical service, plumbing, etc.
- doneSiding updated (age not given)Listing says: Updates include roof, siding, main level windows, electrical service, plumbing, etc.
- doneMain level windows updatedListing says: Updates include roof, siding, main level windows, electrical service, plumbing, etc.
- doneElectrical service updatedListing says: Updates include roof, siding, main level windows, electrical service, plumbing, etc.
- donePlumbing updatedListing says: Updates include roof, siding, main level windows, electrical service, plumbing, etc.
- neededUnfinished third-level attic needs work to become living spaceListing says: Third level attic offers even more potential living space with 7' ceilings in 3 large rooms!
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.
Red flags and opportunities
Watch for
- highUnit layout, rents and leases are not given. The 'triplex' status is unverified. Listing says: converted into triplex & later, main level housed a child day care · 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 324 4TH AVE E S
Opportunities
- Long time on market: room to negotiate. Based on: Listing data: 180 days on market, 2 price cuts
- Attic could add living space or a unit, if permitted and brought to code Listing says: Third level attic offers even more potential living space with 7' ceilings in 3 large rooms! · AI review
- Large lot with off-street parking and a fenced yard Listing says: 4 city lots, off-street parking, fully fenced yard. · AI review
Questions for the agent
- Is it licensed and legally permitted as a three-unit rental in Ely? Can you share the rental license?
- What are the current rents, lease status and unit layout? Can I see a rent roll?
- How many kitchens, meters and furnaces or boilers are there, and who pays heat?
- How old are the roof, electrical service and plumbing updates, and were they permitted?
- Was the main level converted back from day care use? What shape is it in?
- Why has it sat 180 days, and what are the taxes?
Bottom line
Cheap for a three-unit building, but with no rents, no verified unit count and an old, odd history, it's a pass until the numbers and legal status are shown. AI-assisted summary
What the records say
Where each number comes from
Price history Realtor.com
On the market since 2026-04-01 (187 days, relisted 1×).
| Date | Event | Price |
|---|---|---|
| Price changed | $122,500 | |
| Listed | $149,200 | |
| Removed | — | |
| Removed | — | |
| Listed | $159,500 | |
| Price changed | $168,500 | |
| Removed | — | |
| Listed | $184,000 | |
| Listed | $189,900 |
From the listing Listing
| Listed as | triplex |
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 Ely on rental licensing before you buy.