423 1st St NW
Triplex · 3 units: 2 bed / 1 bath ×2 and 1 bed / 1 bath unit split estimated · 3,024 sq ft
Cass Lake, MN · View the listing ↗
Photos, via Realtor.com.
- Asking price
- $95,000 3 units · $32K per unit
- Monthly cash flow
- $2,043 at 20% down, 7%
- Estimated rent
- $4,175/mo medium confidence
- Break-even price
- $478,761 where cash flow hits $0
First look
At $95K for a 3,024 sq ft triplex, this looks too cheap, and 384 days on market says other buyers found the reason. The listing gives only a $1,975 gross rent total, with no per-unit rents, lease terms or expenses. Our $2,043/mo cash flow and 32% cap rate rest on our own rent estimates and unverified taxes, so don't trust them yet. The 1-bed estimate ($1,625) is higher than the 2-bed estimates ($1,275), which looks like a data glitch, so treat the rent estimates cautiously. Photos show baseboard electric heat, dated finishes and no basement, mechanical or panel shots. Worth a showing only if the agent produces a rent roll, tax bill and a clear reason for the price.
Things to consider
- Rents look too low to support the story $1,975 across three units means weak rents, vacancy or poor condition. Our cash flow depends on rents we can't confirm.Listing says: “Currently generating $1,975 per month in gross rent”
- Price under $100K signals hidden problems Major repairs, title issues or a condemned status can erase any cash flow. Find the reason first.
- Unverified unit count and taxes If it isn't a legal triplex, income and financing change. Taxes are unknown, which hits NOI directly.
- Long time on market gives leverage A year-plus listing suggests the seller may accept a low offer, but also that buyers walked away after looking.
- Dated interiors and exterior wear mean capex Kitchens, baths, roof and exterior look tired, so budget repairs and reserves before counting on the modeled returns.From photo 7
From the photos
Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.
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
- $95,000
- Cash to close
- $12,350
- Price per unit
- $31,667
- GRM
- 1.9
Each month
- Cash flow
- $1,926/mo
- Cash-on-cash
- 187.1%
- Cap rate
- 32.2%
- DSCR
- 4.09×
Break-even
- Price that breaks even
- $389,020
- Rent that breaks even
- $1,706/mo
Long run
- Year 30: property vs stocks
- $3.45M vs $94K
- Cash flow turns positive
- year 1
The deal
- Price
- $95,000
- Cash to close
- $12,350
- Price per unit
- $31,667
- GRM
- 1.9
Each month
- Cash flow
- $1,573/mo
- Cash-on-cash
- 152.8%
- Cap rate
- 27.7%
- DSCR
- 3.53×
Break-even
- Price that breaks even
- $335,097
- Rent that breaks even
- $1,913/mo
Long run
- Year 30: property vs stocks
- $2.90M vs $94K
- Cash flow turns positive
- year 1
The deal
- Price
- $85,000
- Cash to close
- $11,050
- Price per unit
- $28,333
- GRM
- 1.7
Each month
- Cash flow
- $1,991/mo
- Cash-on-cash
- 216.3%
- Cap rate
- 36.0%
- DSCR
- 4.58×
Break-even
- Price that breaks even
- $389,020
- Rent that breaks even
- $1,622/mo
Long run
- Year 30: property vs stocks
- $3.50M vs $84K
- Cash flow turns positive
- year 1
The deal
- Price
- $85,000
- Cash to close
- $11,050
- Price per unit
- $28,333
- GRM
- 1.7
Each month
- Cash flow
- $1,638/mo
- Cash-on-cash
- 177.9%
- Cap rate
- 31.0%
- DSCR
- 3.94×
Break-even
- Price that breaks even
- $335,097
- Rent that breaks even
- $1,819/mo
Long run
- Year 30: property vs stocks
- $2.95M vs $84K
- Cash flow turns positive
- year 1
The deal
- Price
- $95,000
- Cash to close
- $21,850
- Price per unit
- $31,667
- GRM
- 1.9
Each month
- Cash flow
- $2,043/mo
- Cash-on-cash
- 112.2%
- Cap rate
- 32.2%
- DSCR
- 5.04×
Break-even
- Price that breaks even
- $478,761
- Rent that breaks even
- $1,556/mo
Long run
- Year 30: property vs stocks
- $3.54M vs $166K
- Cash flow turns positive
- year 1
The deal
- Price
- $95,000
- Cash to close
- $21,850
- Price per unit
- $31,667
- GRM
- 1.9
Each month
- Cash flow
- $1,689/mo
- Cash-on-cash
- 92.8%
- Cap rate
- 27.7%
- DSCR
- 4.34×
Break-even
- Price that breaks even
- $412,399
- Rent that breaks even
- $1,746/mo
Long run
- Year 30: property vs stocks
- $2.99M vs $166K
- Cash flow turns positive
- year 1
The deal
- Price
- $85,000
- Cash to close
- $19,550
- Price per unit
- $28,333
- GRM
- 1.7
Each month
- Cash flow
- $2,096/mo
- Cash-on-cash
- 128.6%
- Cap rate
- 36.0%
- DSCR
- 5.63×
Break-even
- Price that breaks even
- $478,761
- Rent that breaks even
- $1,488/mo
Long run
- Year 30: property vs stocks
- $3.58M vs $149K
- Cash flow turns positive
- year 1
The deal
- Price
- $85,000
- Cash to close
- $19,550
- Price per unit
- $28,333
- GRM
- 1.7
Each month
- Cash flow
- $1,743/mo
- Cash-on-cash
- 107.0%
- Cap rate
- 31.0%
- DSCR
- 4.85×
Break-even
- Price that breaks even
- $412,399
- Rent that breaks even
- $1,669/mo
Long run
- Year 30: property vs stocks
- $3.03M vs $149K
- Cash flow turns positive
- year 1
The deal
- Price
- $95,000
- Cash to close
- $26,600
- Price per unit
- $31,667
- GRM
- 1.9
Each month
- Cash flow
- $2,074/mo
- Cash-on-cash
- 93.6%
- Cap rate
- 32.2%
- DSCR
- 5.38×
Break-even
- Price that breaks even
- $510,678
- Rent that breaks even
- $1,516/mo
Long run
- Year 30: property vs stocks
- $3.58M vs $202K
- Cash flow turns positive
- year 1
The deal
- Price
- $95,000
- Cash to close
- $26,600
- Price per unit
- $31,667
- GRM
- 1.9
Each month
- Cash flow
- $1,721/mo
- Cash-on-cash
- 77.6%
- Cap rate
- 27.7%
- DSCR
- 4.63×
Break-even
- Price that breaks even
- $439,892
- Rent that breaks even
- $1,700/mo
Long run
- Year 30: property vs stocks
- $3.03M vs $202K
- Cash flow turns positive
- year 1
The deal
- Price
- $85,000
- Cash to close
- $23,800
- Price per unit
- $28,333
- GRM
- 1.7
Each month
- Cash flow
- $2,124/mo
- Cash-on-cash
- 107.1%
- Cap rate
- 36.0%
- DSCR
- 6.01×
Break-even
- Price that breaks even
- $510,678
- Rent that breaks even
- $1,452/mo
Long run
- Year 30: property vs stocks
- $3.61M vs $181K
- Cash flow turns positive
- year 1
The deal
- Price
- $85,000
- Cash to close
- $23,800
- Price per unit
- $28,333
- GRM
- 1.7
Each month
- Cash flow
- $1,771/mo
- Cash-on-cash
- 89.3%
- Cap rate
- 31.0%
- DSCR
- 5.18×
Break-even
- Price that breaks even
- $439,892
- Rent that breaks even
- $1,629/mo
Long run
- Year 30: property vs stocks
- $3.06M vs $181K
- Cash flow turns positive
- year 1
Monthly
Monthly breakdown
| Rent | $4,175 |
| Vacancy (6%) | −$250 |
| Collected | $3,924 |
| Property tax Listing | −$105 |
| Insurance Estimate | −$288 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$334 |
| Capital reserve (8% of rent) | −$334 |
| Net operating income | $2,548 |
| Mortgage (principal + interest) | −$569 |
| PMI | −$53 |
| Cash flow | $1,926 |
| Principal paid down (equity, not cash) | $72 |
| Rent | $4,175 |
| Vacancy (6%) | −$250 |
| Collected | $3,924 |
| Property tax Listing | −$105 |
| Insurance Estimate | −$288 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$334 |
| Capital reserve (8% of rent) | −$334 |
| Property management | −$353 |
| Net operating income | $2,195 |
| Mortgage (principal + interest) | −$569 |
| PMI | −$53 |
| Cash flow | $1,573 |
| Principal paid down (equity, not cash) | $72 |
| Rent | $4,175 |
| Vacancy (6%) | −$250 |
| Collected | $3,924 |
| Property tax Listing | −$105 |
| Insurance Estimate | −$288 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$334 |
| Capital reserve (8% of rent) | −$334 |
| Net operating income | $2,548 |
| Mortgage (principal + interest) | −$509 |
| PMI | −$48 |
| Cash flow | $1,991 |
| Principal paid down (equity, not cash) | $65 |
| Rent | $4,175 |
| Vacancy (6%) | −$250 |
| Collected | $3,924 |
| Property tax Listing | −$105 |
| Insurance Estimate | −$288 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$334 |
| Capital reserve (8% of rent) | −$334 |
| Property management | −$353 |
| Net operating income | $2,195 |
| Mortgage (principal + interest) | −$509 |
| PMI | −$48 |
| Cash flow | $1,638 |
| Principal paid down (equity, not cash) | $65 |
| Rent | $4,175 |
| Vacancy (6%) | −$250 |
| Collected | $3,924 |
| Property tax Listing | −$105 |
| Insurance Estimate | −$288 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$334 |
| Capital reserve (8% of rent) | −$334 |
| Net operating income | $2,548 |
| Mortgage (principal + interest) | −$506 |
| Cash flow | $2,043 |
| Principal paid down (equity, not cash) | $64 |
| Rent | $4,175 |
| Vacancy (6%) | −$250 |
| Collected | $3,924 |
| Property tax Listing | −$105 |
| Insurance Estimate | −$288 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$334 |
| Capital reserve (8% of rent) | −$334 |
| Property management | −$353 |
| Net operating income | $2,195 |
| Mortgage (principal + interest) | −$506 |
| Cash flow | $1,689 |
| Principal paid down (equity, not cash) | $64 |
| Rent | $4,175 |
| Vacancy (6%) | −$250 |
| Collected | $3,924 |
| Property tax Listing | −$105 |
| Insurance Estimate | −$288 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$334 |
| Capital reserve (8% of rent) | −$334 |
| Net operating income | $2,548 |
| Mortgage (principal + interest) | −$452 |
| Cash flow | $2,096 |
| Principal paid down (equity, not cash) | $58 |
| Rent | $4,175 |
| Vacancy (6%) | −$250 |
| Collected | $3,924 |
| Property tax Listing | −$105 |
| Insurance Estimate | −$288 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$334 |
| Capital reserve (8% of rent) | −$334 |
| Property management | −$353 |
| Net operating income | $2,195 |
| Mortgage (principal + interest) | −$452 |
| Cash flow | $1,743 |
| Principal paid down (equity, not cash) | $58 |
| Rent | $4,175 |
| Vacancy (6%) | −$250 |
| Collected | $3,924 |
| Property tax Listing | −$105 |
| Insurance Estimate | −$288 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$334 |
| Capital reserve (8% of rent) | −$334 |
| Net operating income | $2,548 |
| Mortgage (principal + interest) | −$474 |
| Cash flow | $2,074 |
| Principal paid down (equity, not cash) | $60 |
| Rent | $4,175 |
| Vacancy (6%) | −$250 |
| Collected | $3,924 |
| Property tax Listing | −$105 |
| Insurance Estimate | −$288 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$334 |
| Capital reserve (8% of rent) | −$334 |
| Property management | −$353 |
| Net operating income | $2,195 |
| Mortgage (principal + interest) | −$474 |
| Cash flow | $1,721 |
| Principal paid down (equity, not cash) | $60 |
| Rent | $4,175 |
| Vacancy (6%) | −$250 |
| Collected | $3,924 |
| Property tax Listing | −$105 |
| Insurance Estimate | −$288 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$334 |
| Capital reserve (8% of rent) | −$334 |
| Net operating income | $2,548 |
| Mortgage (principal + interest) | −$424 |
| Cash flow | $2,124 |
| Principal paid down (equity, not cash) | $54 |
| Rent | $4,175 |
| Vacancy (6%) | −$250 |
| Collected | $3,924 |
| Property tax Listing | −$105 |
| Insurance Estimate | −$288 |
| Water, sewer, trash Estimate | −$255 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$334 |
| Capital reserve (8% of rent) | −$334 |
| Property management | −$353 |
| Net operating income | $2,195 |
| Mortgage (principal + interest) | −$424 |
| Cash flow | $1,771 |
| Principal paid down (equity, not cash) | $54 |
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
- Your equity when you sell
- $216,755
- Rental profits, invested at 7%
- $3,237,114
Sells for $230,590 (value up 3% a year), minus 6% selling cost ($13,835). Rent paid down $85,500 of loan.
$1,213,014 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $94,011
$12,350 put into an index fund instead of the down payment and closing costs.
The building comes out $3,359,858 ahead after 30 years.
- Your equity when you sell
- $216,755
- Rental profits, invested at 7%
- $2,687,704
Sells for $230,590 (value up 3% a year), minus 6% selling cost ($13,835). Rent paid down $85,500 of loan.
$1,011,368 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $94,011
$12,350 put into an index fund instead of the down payment and closing costs.
The building comes out $2,810,448 ahead after 30 years.
- Your equity when you sell
- $193,938
- Rental profits, invested at 7%
- $3,306,727
Sells for $206,317 (value up 3% a year), minus 6% selling cost ($12,379). Rent paid down $76,500 of loan.
$1,234,840 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $84,115
$11,050 put into an index fund instead of the down payment and closing costs.
The building comes out $3,416,550 ahead after 30 years.
- Your equity when you sell
- $193,938
- Rental profits, invested at 7%
- $2,757,317
Sells for $206,317 (value up 3% a year), minus 6% selling cost ($12,379). Rent paid down $76,500 of loan.
$1,033,194 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $84,115
$11,050 put into an index fund instead of the down payment and closing costs.
The building comes out $2,867,141 ahead after 30 years.
- Your equity when you sell
- $216,755
- Rental profits, invested at 7%
- $3,325,292
Sells for $230,590 (value up 3% a year), minus 6% selling cost ($13,835). Rent paid down $76,000 of loan.
$1,238,333 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $166,328
$21,850 put into an index fund instead of the down payment and closing costs.
The building comes out $3,375,718 ahead after 30 years.
- Your equity when you sell
- $216,755
- Rental profits, invested at 7%
- $2,775,882
Sells for $230,590 (value up 3% a year), minus 6% selling cost ($13,835). Rent paid down $76,000 of loan.
$1,036,686 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $166,328
$21,850 put into an index fund instead of the down payment and closing costs.
The building comes out $2,826,308 ahead after 30 years.
- Your equity when you sell
- $193,938
- Rental profits, invested at 7%
- $3,385,623
Sells for $206,317 (value up 3% a year), minus 6% selling cost ($12,379). Rent paid down $68,000 of loan.
$1,257,493 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $148,820
$19,550 put into an index fund instead of the down payment and closing costs.
The building comes out $3,430,741 ahead after 30 years.
- Your equity when you sell
- $193,938
- Rental profits, invested at 7%
- $2,836,213
Sells for $206,317 (value up 3% a year), minus 6% selling cost ($12,379). Rent paid down $68,000 of loan.
$1,055,847 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $148,820
$19,550 put into an index fund instead of the down payment and closing costs.
The building comes out $2,881,331 ahead after 30 years.
- Your equity when you sell
- $216,755
- Rental profits, invested at 7%
- $3,361,113
Sells for $230,590 (value up 3% a year), minus 6% selling cost ($13,835). Rent paid down $71,250 of loan.
$1,249,709 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $202,486
$26,600 put into an index fund instead of the down payment and closing costs.
The building comes out $3,375,382 ahead after 30 years.
- Your equity when you sell
- $216,755
- Rental profits, invested at 7%
- $2,811,704
Sells for $230,590 (value up 3% a year), minus 6% selling cost ($13,835). Rent paid down $71,250 of loan.
$1,048,063 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $202,486
$26,600 put into an index fund instead of the down payment and closing costs.
The building comes out $2,825,972 ahead after 30 years.
- Your equity when you sell
- $193,938
- Rental profits, invested at 7%
- $3,417,674
Sells for $206,317 (value up 3% a year), minus 6% selling cost ($12,379). Rent paid down $63,750 of loan.
$1,267,672 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $181,172
$23,800 put into an index fund instead of the down payment and closing costs.
The building comes out $3,430,440 ahead after 30 years.
- Your equity when you sell
- $193,938
- Rental profits, invested at 7%
- $2,868,264
Sells for $206,317 (value up 3% a year), minus 6% selling cost ($12,379). Rent paid down $63,750 of loan.
$1,066,026 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $181,172
$23,800 put into an index fund instead of the down payment and closing costs.
The building comes out $2,881,030 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
Year 30 (loan paid off): property $3.45M, stocks $94K. The property wins.
Year 30 (loan paid off): property $2.90M, stocks $94K. The property wins.
Year 30 (loan paid off): property $3.50M, stocks $84K. The property wins.
Year 30 (loan paid off): property $2.95M, stocks $84K. The property wins.
Year 30 (loan paid off): property $3.54M, stocks $166K. The property wins.
Year 30 (loan paid off): property $2.99M, stocks $166K. The property wins.
Year 30 (loan paid off): property $3.58M, stocks $149K. The property wins.
Year 30 (loan paid off): property $3.03M, stocks $149K. The property wins.
Year 30 (loan paid off): property $3.58M, stocks $202K. The property wins.
Year 30 (loan paid off): property $3.03M, stocks $202K. The property wins.
Year 30 (loan paid off): property $3.61M, stocks $181K. The property wins.
Year 30 (loan paid off): property $3.06M, stocks $181K. 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 $1,275/mo · range $1,050–$1,500
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 1101 Bemidji Ave NE, Bemidji 56601 | $950 | 2 / 1 | 14.4 mi | 75% |
| 403 Central Ave SE, Bemidji 56601 off market | $995 | 2 / 1 | 13.0 mi | 75% |
| 207 25th St NW, Bemidji 56601 off market | $995 | 2 / 1 | 15.0 mi | 75% |
| 1121 Bemidji Ave NW, Bemidji 56601 off market | $950 | 2 / 1 | 14.4 mi | 75% |
| 1005 Washington Ave S, Bemidji 56601 off market | $950 | 2 / 1 | 12.9 mi | 75% |
| 1021 Bemidji Ave N, Bemidji 56601 off market | $925 | 2 / 1 | 14.4 mi | 75% |
| 102 Rako St SW, Bemidji 56601 off market | $1,075 | 2 / 1 | 12.9 mi | 75% |
| 1108 Beltrami Ave NW, Bemidji 56601 | $1,200 | 2 / 1 | 14.5 mi | 66% |
| 1114 Minnesota Ave NW, Bemidji 56601 | $1,025 | 1 / 1 | 14.5 mi | 65% |
| 1632 Bemidji Ave N, Bemidji 56601 | $1,800 | 3 / 1 | 14.6 mi | 65% |
1 bed / 1 bath estimate $1,625/mo · range $1,525–$1,725
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 1114 Minnesota Ave NW, Bemidji 56601 | $1,025 | 1 / 1 | 14.5 mi | 75% |
| 522 3rd St SE, Bemidji 56601 off market | $850 | 1 / 1 | 13.0 mi | 75% |
| 51497 Wildwood Rd, Cass Lake 56633 off market | $750 | 1 / 1 | 4.6 mi | 72% |
| 1101 Bemidji Ave NE, Bemidji 56601 | $950 | 2 / 1 | 14.4 mi | 65% |
| 309 15th St NW, Bemidji 56601 | $750 | 0 / 1 | 14.7 mi | 65% |
| 207 25th St NW, Bemidji 56601 off market | $995 | 2 / 1 | 15.0 mi | 65% |
| 403 Central Ave SE, Bemidji 56601 off market | $995 | 2 / 1 | 13.0 mi | 65% |
| 1005 Washington Ave S, Bemidji 56601 off market | $950 | 2 / 1 | 12.9 mi | 65% |
| 1121 Bemidji Ave NW, Bemidji 56601 off market | $950 | 2 / 1 | 14.4 mi | 65% |
| 102 Rako St SW, Bemidji 56601 off market | $1,075 | 2 / 1 | 12.9 mi | 65% |
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
- highPriced under $100K: usually means major repairs, a fire or condemned building, a contract-for-deed or partial-interest sale, or a listing error. Find out why before anything else. Based on: Listing data: asking $95,000
- highStated gross rent of $1,975 for three units is only about $660 per unit, so rents are very low or units are vacant or partly occupied. Listing says: Currently generating $1,975 per month in gross rent · AI review
- highUnit count and taxes could not be verified against a county parcel. Confirm it is a legal triplex and get the real tax bill. Based on: data: listing.unit_count · 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 423 1ST ST NW
- mediumListing is marketing copy with no rent roll, lease terms, expenses or condition details. Listing says: This triplex offers immediate cash flow with proven rental history. · AI review
- lowBaseboard electric heat appears in the units. If tenants pay, fine; if the owner pays any common or vacant unit electric, costs rise. Based on: photo 4 · AI review
Opportunities
- Long time on market: room to negotiate. Based on: Listing data: 384 days on market
- Very low basis per unit and 384 days on market give room to negotiate hard, if inspection checks out. Based on: data: listing.days_on_market · AI review
- Our estimate is well above the stated total rent, so there may be upside if the units are in rentable shape and tenants can pay. Based on: data: rent_estimate · AI review
Questions for the agent
- Can you send the rent roll with per-unit rents, lease dates and deposits?
- Why is it priced under $100K and why has it sat for over a year?
- Are all three units legal and licensed, and is there a city rental license?
- What are the annual taxes, any special assessments, and trailing-12 expenses?
- Who pays heat, electric, water and trash, and are there separate meters?
- What are the roof, furnace or electrical and foundation conditions, and any past inspection reports?
Bottom line
Cheap for a reason, probably: get the rent roll, taxes and an inspection before believing the cash flow numbers. AI-assisted summary
What the records say
Where each number comes from
| Property tax / yr Listinglisting, tax year 2025. 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. | $1,264 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $3,456 |
| Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid | $255 |
| 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 rate | 8% / 8% |
Price history Realtor.com
On the market since 2025-09-15 (385 days, relisted 1×); down $50,000 (34.5%) from the first ask of $145,000.
| Date | Event | Price |
|---|---|---|
| Relisted | $95,000 | |
| Removed | — | |
| Price changed | $100,000 | |
| Price changed | $115,000 | |
| Price changed | $120,000 | |
| Price changed | $125,000 | |
| Price changed | $130,000 | |
| Price changed | $135,000 | |
| Listed | $145,000 | |
| Removed | — | |
| Relisted | $114,900 | |
| Removed | — | |
| Price changed | $119,900 | |
| Removed | — | |
| Price changed | $124,900 | |
| Price changed | $129,900 | |
| Listed | $139,900 |
From the listing Listing
| Listed as | triplex |
| Property tax, 2025 | $1,264 |
| County | Cass |
| Parcel number | 853441025 |
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 Cass Lake on rental licensing before you buy.