429 S 4th Ave E
Ely, MN · View the listing ↗
Photos courtesy of Grand Properties, 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
A 1900 triplex in Ely at $215K, about $82/sq ft, with no rents stated and no rent estimates or underwriting in FACTS, so I can't check cash flow. The 'rare cash flowing' line is a claim, not a number. The photos show dated interiors, original-looking finishes and aging siding, so expect a cosmetic and maintenance budget. Get the rent roll, utility bills, and the heat setup first. Baseboard heat shows in several photos, which could mean separate electric meters, but confirm. The county parcel didn't match, so verify the unit count and legal status of the efficiency before a showing.
Things to consider
- Income is unverified Without rents we can't test cash flow at $215K. Ask for the rent roll and leases before spending time.Listing says: “a rare cash flowing rental property in the amazing town of Ely”
- Dated interiors mean a reserve budget Kitchens, baths and finishes look original, so expect turnover costs and updates before raising rents.From photo 5
- Exterior and foundation upkeep Weathered siding and a stone foundation on a 1900 building could mean paint, repair and moisture costs.From photo 2
- Heat and utility setup unknown Who pays heat can swing net income by hundreds a month. Baseboards suggest electric or zoned heat, so check the meters.From photo 8
- Layout flexibility is a real upside The 3-bed, efficiency and 4+ bed split is varied, and the attic offers added space if done legally.Listing says: “easily customizable to combine the entire 1st level or add a bedroom to the efficiency”
- Unit count unverified Taxes, licensing and insurance depend on the legal unit count, and the parcel did not match.
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.
Red flags and opportunities
Watch for
- highNo rents, expenses or lease terms given; 'cash flowing' is unsupported Listing says: a rare cash flowing rental property in the amazing town of Ely · 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 429 4TH AVE E S
- mediumSiding shows peeling paint and weathering on the side wall; stone foundation on a 1900 building needs inspection Based on: photo 2 · AI review
- mediumUnit count and legal status unverified; county parcel not matched Based on: data: rule_flags · AI review
- lowAttic bedroom potential is only speculation; may lack egress or permits Listing says: it has the potential to be 2 extra bedrooms and has amazing views · AI review
Opportunities
- Large attic could add bedrooms or storage, if code-compliant Listing says: a huge attic space that could be storage or it has the potential to be 2 extra bedrooms · AI review
- Combine the first-floor units or add a bedroom to the efficiency to fit demand Listing says: easily customizable to combine the entire 1st level or add a bedroom to the efficiency · AI review
- Three lots with off-street parking and in-unit or separate laundry help rentability Listing says: each with their own off street parking spots, kitchens, bathrooms · AI review
Questions for the agent
- What are the current rents, lease types and end dates for each unit?
- Who pays heat and electric, and are there separate meters for each unit?
- What type of heat is it, and how old are the boilers or baseboard systems and the roof?
- Is the efficiency a legal, licensed unit, and what does the city require for the rental license?
- What are the actual taxes and trailing 12 months of expenses?
- Why is the owner selling after 30 years, and has there been any water or foundation trouble?
Bottom line
Interesting 3-unit with big lots and parking, but with no rents or expenses given, it's unproven and looks dated. AI-assisted summary
What the records say
Where each number comes from
Price history Realtor.com
On the market since 2026-05-01 (157 days); down $41,000 (16.0%) from the first ask of $256,000; last sold for $58,500 on 2001-03-26.
| Date | Event | Price |
|---|---|---|
| Price changed | $215,000 | |
| Price changed | $230,000 | |
| Listed | $246,000 | |
| Removed | $246,000 | |
| Removed | — | |
| Price changed | $246,000 | |
| Price changed | $246,000 | |
| Listed | $256,000 | |
| Sold public record | $58,500 |
From the listing Listing
| Listed as | triplex |
| Property tax, 2025 | $3,902 |
| County | St. Louis County |
| Parcel number | 030035000470 |
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.