Menu
Back to Twin Cities suburbs
Twin Cities suburbs › Circle Pines

3811 Restwood Rd

Fourplex · 4 units: 2 bed / 1 bath ×4 unit split estimated · 3,328 sq ft

Circle Pines, MN · View the listing ↗

Cash flows
12 photos
3811 Restwood Rd, photo 1
1 / 12
3811 Restwood Rd, photo 2
2 / 12
3811 Restwood Rd, photo 3
3 / 12
3811 Restwood Rd, photo 4
4 / 12
3811 Restwood Rd, photo 5
5 / 12
3811 Restwood Rd, photo 6
6 / 12
3811 Restwood Rd, photo 7
7 / 12
3811 Restwood Rd, photo 8
8 / 12
3811 Restwood Rd, photo 9
9 / 12
3811 Restwood Rd, photo 10
10 / 12
3811 Restwood Rd, photo 11
11 / 12
3811 Restwood Rd, photo 12
12 / 12

Photos courtesy of COUNSELOR REALTY - Broker, via Realtor.com.

Asking price
$595,000
4 units · $149K per unit
Monthly cash flow
$658
at 20% down, 7%
Estimated rent
$6,900/mo
medium confidence
Break-even price
$718,564
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

Four 2-bed/1-bath units in a 1984 building at $595K, and our underwriting shows about $658/mo cash flow at ask with a 7.7% cap. That leans on our rent estimates (about $1,725 per unit) because the listing gives no actual rents, and taxes are unverified since the parcel didn't match. The FHA assumption is the headline, but it carries owner-occupancy rules, so ask for the balance, rate and lender's assumption terms before counting on it. The photos show one unit with updated kitchen and flooring, and the description says the rest match. Wall air conditioners and a shared boiler are the things to check. 137 days on market gives you room to negotiate. Get the rent roll and heating bills before a showing.

Things to consider

  1. FHA assumption may not be usable by an investor The low rate is valuable, but FHA assumptions generally require owner occupancy, and you must qualify. Without it, financing is at today's rates and the cash flow estimate drops.Listing says: “this huge low interest rate assumable FHA loan with just about 23 years left on it”
  2. Rents are estimates, not actuals Cash flow of about $658/mo depends on roughly $1,725 per unit. If real rents are lower, the deal weakens quickly.
  3. Owner-paid heat from a single boiler Heat for four units is a large expense and a single point of failure. Boiler age and utility bills matter.Listing says: “A common boiler keeps this entire building cozy during the winter.”
  4. Updates reduce near-term capex New siding, windows, flooring and kitchens mean fewer immediate repairs. Still verify roof, plumbing and electrical, which were not mentioned.Listing says: “Nicely updated siding and windows.”
  5. Negotiating room 137 days on market and a price above our break-even of about $719K shows the ask isn't the limit, but verify taxes before offering.

From the photos

Listing photo 5
1 of 7Plus

Kitchen appears recently updated: white shaker cabinets, tile backsplash, laminate-style plank flooring, black appliances including a dishwasher.

Listing photo 1
2 of 7Plus

Vinyl siding and newer-looking windows on the front; the exterior appears in good condition.

Listing photo 7
3 of 7Check

Bedrooms use wall-mounted air conditioners and baseboard hot-water heat appears present; no central air visible.

Listing photo 1
4 of 7Check

Asphalt lot not visible; the front shows a street and grass yard. Confirm the off-street parking described.

Listing photo 10
5 of 7Check

Rear of the building has a large yard, some brush and debris piled at one side, and an electric meter bank on the back wall.

Listing photo 2
6 of 7Check

Photos show only one unit's interior. No bathrooms, boiler room, panel or other units shown.

Listing photo 1
7 of 7Check

Two-story building with a single front entry door suggests a shared entrance and common hallway.

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

Condition and repairs

  • doneSiding and windows updatedListing says: Nicely updated siding and windows.
  • doneFlooring, kitchens and paint updated inside the unitsListing says: Inside the units have updated flooring, kitchens and paint.

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
$595,000
Cash to close
$136,850
Price per unit
$148,750
GRM
7.2

Each month

Cash flow
$658/mo
Cash-on-cash
5.8%
Cap rate
7.7%
DSCR
1.21×

Break-even

Price that breaks even
$718,564
Rent that breaks even
$6,046/mo

Long run

Year 30: property vs stocks
$3.58M vs $1.04M
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$6,900
Vacancy (6%)−$414
Collected$6,486
Property tax Listing−$719
Insurance Estimate−$369
Water, sewer, trash Estimate−$340
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (9% of rent)−$621
Capital reserve (8% of rent)−$552
Net operating income$3,824
Mortgage (principal + interest)−$3,167
Cash flow$658
Principal paid down (equity, not cash)$403

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$3,579,788
Your equity when you sell
$1,357,568

Sells for $1,444,221 (value up 3% a year), minus 6% selling cost ($86,653). Rent paid down $476,000 of loan.

Rental profits, invested at 7%
$2,222,221

$971,072 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,041,737
Cash to close, invested at 7%
$1,041,737

$136,850 put into an index fund instead of the down payment and closing costs.

The building comes out $2,538,051 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 $3.58M, stocks $1.04M. 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 $1,725/mo · range $1,550–$1,900

AddressRentBd / BaSq ftDistanceListedMatch
1619 73rd Ave NE, Fridley 55432 $1,395 2 / 1 2,100 3.8 mi 2026-10-05 86%
3811 Restwood Rd, Units 4 & 1, Circle Pines 55014 off market $1,295 2 / 1 900 0.0 mi 2025-12-15 83%
3811 Restwood Rd, Apt 1, Circle Pines 55014 off market $1,295 2 / 1 900 0.0 mi 2025-12-15 83%
8820-8822 Griggs Ave, Circle Pines 55014 $1,795 2 / 1.5 1,232 0.1 mi 2026-09-07 82%
96 South Dr, Circle Pines 55014 off market $1,625 2 / 1 978 1.4 mi 2026-07-14 81%
9460-9462 Griggs Ave, Lexington 55014 off market $1,695 2 / 1.5 1,010 0.6 mi 2026-08-06 80%
10124 Lever St NW, Circle Pines 55014 $1,325 2 / 1 800 1.5 mi 2025-01-03 80%
2426 County Rd, I, Arden Hills 55112 off market $1,250 2 / 1 850 2.5 mi 2026-04-25 78%
2426 County Rd, I, Mounds View 55112 off market $1,250 2 / 1 850 2.5 mi 2026-04-06 78%
1619 73rd Ave NE, Apt 206, Fridley 55432 $1,295 2 / 1 1,030 3.8 mi 2026-10-04 78%

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 3811 RESTWOOD RD
  • mediumOne common boiler means the owner likely pays heat for all four units, and one failure affects every unit. Listing says: A common boiler keeps this entire building cozy during the winter. · AI review
  • mediumNo actual rents or leases given; income rests entirely on our estimates. Based on: data: rent_estimate · AI review
  • mediumTaxes and unit count unverified, so expenses could be off. Based on: data: county.tax · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 137 days on market, 1 price cuts
  • Possibly assumable loan at an old, low rate. FHA/VA assumptions come with owner-occupancy rules; ask the agent. Listing says: "an owner occupant this huge low interest rate assumable FHA loan with just about 23 years left"
  • Assumable low-rate FHA loan with about 23 years left could cut financing costs, if you qualify and meet occupancy rules. Listing says: this huge low interest rate assumable FHA loan with just about 23 years left on it · AI review
  • Units already updated, so little rehab is likely to be needed before renting. Listing says: Inside the units have updated flooring, kitchens and paint. · AI review

Questions for the agent

  • What are the current rents, lease end dates and are any tenants month-to-month?
  • What are the FHA loan balance, rate and the lender's assumption requirements? Can an investor assume it, or must the buyer live there?
  • What do heat (boiler), water, sewer and trash cost per year, and who pays each?
  • How old is the boiler and the roof, and what is the electrical panel type?
  • What were the property taxes last year and are there any special assessments?
  • Why has it sat since May, and have there been price changes or offers?

Bottom line

Updated four-plex that looks decent on our estimates, but the rents and taxes are unverified and the FHA assumption likely needs owner occupancy, so get the rent roll and loan terms first. 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.$8,630
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$4,432
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 wear9% / 8%

Price history Realtor.com

On the market since 2026-05-21 (137 days); last sold for $525,000 on 2020-01-21; listed for rent at $1,195/mo on 2019-04-27.

DateEventPrice
Relisted$595,000
Removed$595,000
Removed$625,000
Relisted$595,000
Removed$595,000
Removed—
Listed$595,000
Sold$525,000
Price changed$525,000
Listed$569,900
Removed—
Listed for rent$1,195/mo
Removed—
Listed for rent$1,195/mo
Rental removed$900/mo
Listed for rent$900/mo
Sold public record$327,900
Sold public record$250,000
Sold public record$165,000

From the listing Listing

Listed asfour plex
Property tax, 2026$8,630
CountyAnoka
Parcel number353123120015

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 Circle Pines on rental licensing before you buy.