Cash flows10 days on market
3813 Restwood Rd, Lexington
Fourplex · 4 units: 2 bed / 1 bath ×4 unit split estimated · 3,328 sq ft · View the listing ↗
Photos, via Realtor.com.
+$967 monthly cash flow
After every cost, including reserves for vacancy and repairs, this fourplex puts about $967 a month in your pocket. That’s a 8.8% yearly return on the $132,250 you’d put in.
At $575,000, 20% down, 7.00% for 30 years, self-managed.
- Cash-on-cash return
- 8.8% Yearly cash flow ÷ cash in
- Cap rate
- 8.4% Return if you paid all cash
- Cash to close
- $132,250 Down payment + closing costs
- Break-even price
- $756,626 Most you can pay and still cash flow
Boardwalk’s take
AI-assisted · checked against public recordsA plain 1984 fourplex of 2-beds that could work if the real rents match our estimate, but nothing is documented yet, so get the rent roll before anything else.
This is a Lexington fourplex of four 2-bed/1-bath units at $575K, with one unit vacant, two on month-to-month and one leased to September 2027. The listing gives no rents, so the income is unproven. Our estimates run about $1,800 per unit and the underwriting looks positive at asking, but all of that rests on our rent guesses, not real leases. Get the rent roll, the trailing-12 expenses, and who pays heat and water first. The photos show a basic, dated-but-serviceable interior and a coin laundry. It is worth a showing if the real rents come in near the estimate.
Things to consider
- Rents are unverified Our $1,800 mid estimate drives the numbers, but the listing states none. Actual rents could be well below it.
- Lease status is mixed One vacant, two month-to-month, one leased. Expect turnover and lost rent early, and budget for making units ready to rent.Listing says: “one vacant unit, two units on month-to-month leases, and one unit leased through September 30, 2027”
- Break-even price is well above asking That gives some cushion, but it moves as rents and rates change and depends on our rent estimate.
- Unit systems are unknown The photos skip the roof, heating, water heaters and panels. At 1984 vintage, some may be near replacement.
- No rent cap Rents can be moved to market after closing, which helps if current tenants pay below it.
The listing, and how its numbers compare
MLS #7149029What the seller says
Fantastic investment opportunity to own a fourplex with a strong rental history! Each of the four units features 2 bedrooms, 1 bathroom, a kitchen, and comfortable living areas. Designated parking is available for each unit. The property offers a flexible rental situation with one vacant unit, two units on month-to-month leases, and one unit leased through September 30, 2027. Conveniently located with easy access to I-35W and nearby shopping, this property is a great opportunity for investors looking to expand their portfolio.
The seller’s numbers vs. ours (yearly)
| Line | Seller | Boardwalk |
|---|---|---|
| Gross income | $57,600 | — |
| Property tax | $8,971 (2026) | — |
| Insurance | $4,724 | — |
| Water and sewer | $1,500 | — |
| Trash | $781 | — |
| Heat (fuel) | $1,392 | — |
| Electric | $373 | — |
| Maintenance / repairs | $4,500 | — |
| Other / reserves, lawn, mgmt | $2,880 | — |
| Operating expenses | $29,621 | — |
| Net operating income | $28,279 | — |
Seller’s figures as stated in the listing. Ours include vacancy and reserves, and update with your edits.
The building
- Type
- Four Plex
- Year built
- 1984
- Living area
- 3,328 sq ft
- Exterior
- Vinyl
- Roof
- Asphalt Shingles
- Laundry
- Common Area
Systems and utilities
- Heating
- Baseboard, Hot Water · Natural Gas
- Water / sewer
- City Water · City Sewer
- Tenants pay
- Electricity
- Owner pays
- Fuel, Insurance, Lawn, Maintenance/Repair, Sewer, …
Parking and lot
- Parking
- Paved Lot
- Lot
- 0.34 acres · 75x200x75x200
- Zoning
- Residential-Multi-Family
Description and facts from Realtor.com. View on Realtor.com ↗
The model: change anything
Every input shows where it came from. Edit one and the whole page updates.
Each month
| Rent | $7,200 |
| Vacancy | −$432 |
| Property tax | −$748 |
| Insurance | −$369 |
| Water, sewer, trash | −$340 |
| Repairs and capital reserve | −$1,224 |
| Net operating income | $4,027 |
| Mortgage (principal + interest) | −$3,060 |
| Cash flow | $967 |
Detailed assumptions
30 years: this building vs. the same money in stocks
The building comes out $2.96M aheadYear 30 (loan paid off): this building $3,967,319, the same money in stocks $1,006,721.
Monthly cash flow, year 1 to year 30
See it as a line: this building vs. stocks, year by year
Rents +3% a year, costs +3.5%, value +3%, stocks 7%, 6% to sell. Future dollars: at 3% inflation, divide year-30 figures by about 2.4 for today’s buying power. Red bars are months you’d cover out of pocket.
Rent estimate and comparable rentals
2 bed: $1,800/mo · range $1,300–$2,025 · 6 rentals within 1.5 mi · low confidence
Median asking rent of nearby rentals with the same bedroom count (within 1.5 miles): for rent now or leased in the last 3 years (past rents brought to today at 3% a year), from Realtor.com rental listings. Range is the middle half of those rents. Asking rents, not signed leases. Rent rules: No rent cap.
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 3811 Restwood Rd Units 4 & 1, Circle Pines | $1,310asked $1,295 | 2 / 1 | 0.0 mi |
| 9001 Griggs Ave, Circle Pines | $1,950 | 2 / 2 | 0.1 mi |
| 8820-8822 Griggs Ave, Circle Pines | $1,795 | 2 / 1.5 | 0.1 mi |
| 33 Village Pkwy, Circle Pines | $1,795 | 2 / 2 | 0.5 mi |
| 820 Civic Heights Dr, Circle Pines | $1,295 | 2 / 1 | 1.3 mi |
| 5891 Rice Creek Pkwy, Shoreview | $2,225 | 2 / 2 | 1.5 mi |
Asking rents from Realtor.com listings, not signed leases.
What the photos show
AI review of 10 listing photosPhotos can hide as much as they show; an inspection is the real answer.
Red flags and opportunities
Serious changes whether this is a good buy and keeps it out of our top picks. Check means ask before an offer. Minor is worth knowing. Each one shows its source.
Watch for
- checkOnly one of four units has a lease past the near term, so income can change fast. Listing says: one vacant unit, two units on month-to-month leases, and one unit leased through September 30, 2027 · AI review
- checkNo rents, expenses or utility details are given, so income cannot be verified from the listing. Listing says: Fantastic investment opportunity to own a fourplex with a strong rental history! · AI review
- minorMonth-to-month tenants can leave quickly. Count on turnover soon after closing. Listing says: "situation with one vacant unit, two units on month-to-month leases, and one unit leased through September 30"
Opportunities
- Vacant unit can be rented at current market rent, and month-to-month units can be repriced with no rent cap. Based on: data: underwriting.rent_rule · AI review
- Designated parking for each unit and quick highway access support tenant demand. Listing says: Designated parking is available for each unit. · AI review
Questions for the agent
- Can I see the rent roll, current leases and trailing-12 expenses?
- What do the two month-to-month tenants pay, and how long have they been there?
- How long has the vacant unit been empty, and what was its last rent?
- Who pays heat, water, sewer and trash, and how is each unit metered?
- How old are the roof, boiler or furnaces, water heaters and electrical panels?
- Is the coin laundry income-producing, and what does it bring in?
What the records say
Price history · Realtor.com
On the market since 2026-10-23 (10 days); last sold for $532,000 on 2022-07-28.
| Date | Event | Price |
|---|---|---|
| Listed | $575,000 | |
| Sold | $532,000 | |
| Price changed | $550,000 | |
| Listed | $600,000 | |
| Sold | $370,000 | |
| Listed | $369,900 | |
| Sold public record | $333,000 | |
| Sold public record | $250,000 |
From the listing
| Listed as | Four plex |
| Property tax, 2026 | $8,971 |
| County | Anoka |
| Parcel number | 353123120014 |
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 Lexington on rental licensing before you buy.
Location
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Educational analysis, not financial, legal or real estate advice. AI-assisted first read of the listing description and photos, checked against public records. Verify with the agent, leases and an inspection. Prepared 2026-11-02.