450 Murray Ave
Fourplex · 4 units: 2 bed / 1 bath ×2 and 1 bed / 1 bath ×2 unit split estimated · 2,508 sq ft
Pine River, MN · View the listing ↗
Photos, via Realtor.com.
- Asking price
- $327,900 4 units · $82K per unit
- Monthly cash flow
- $856 at 20% down, 7%
- Estimated rent
- $4,750/mo medium confidence
- Break-even price
- $488,797 where cash flow hits $0
First look
Seller-reported rents are $3,250/month on three occupied units, with Unit 2 vacant. That's about $39,000 a year at $327,900, and our underwriting shows $856/month cash flow at a 9.5% cap rate with no rent cap. The numbers look decent, but taxes and unit count are unverified because the county parcel didn't match. Unit 1 at $1,700 is one lease through August 2027, and it's the only rent that's locked in. The photos look like a split-level house with a converted lower unit, not a purpose-built four-plex. Confirm that all four units are legal and licensed, get the real tax bill and the trailing-12 expenses, and ask why the vacant unit is empty. Worth a showing if the paperwork holds.
Things to consider
- Income is seller-reported Cash flow depends on $3,250/month holding up. Get leases, deposits and bank deposit proof before trusting it.Listing says: “Rental figures are seller-provided.”
- Taxes and unit count unverified The county parcel didn't match, so the real tax bill could shift the cash flow. Confirm legal use as four units.
- Vacant Unit 2 is an upside and a question Leasing it adds income, but it may need work or have a legal problem.Listing says: “Unit 2 is vacant and not included in those income figures”
- Rents sit below our estimates for some units Unit 3 and Unit 4 rents are under our mid estimates, which suggests upside if tenants turn over. Moving them takes time and turnover cost.
- Small-town, rural market Pine River has a thin tenant pool and slow resale. Vacancy could run longer than in a metro.
From the photos
Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.
Rents the listing states
- Unit 1: $1,700 (lease)Listing says: Unit 1: $1,700/month, leased through August 2027
- Unit 3: $700 (month-to-month)Listing says: Unit 3: $700/month, month-to-month
- Unit 4: $850 (month-to-month)Listing says: Unit 4: $850/month, month-to-month
- Unit 2: $0 (vacant)Listing says: Unit 2 is vacant and not included in those income figures
Condition and repairs
- doneNew deckListing says: new deck, new kitchen flooring, remote-controlled ceiling fans, and more than $15,000 in recent updates
- doneNew kitchen flooringListing says: new deck, new kitchen flooring, remote-controlled ceiling fans, and more than $15,000 in recent updates
- doneUpdated rental licenseListing says: The property also has an updated rental license and offers an established tenant base from day one
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
- $327,900
- Cash to close
- $42,627
- Price per unit
- $81,975
- GRM
- 5.8
Each month
- Cash flow
- $454/mo
- Cash-on-cash
- 12.8%
- Cap rate
- 9.5%
- DSCR
- 1.21×
Break-even
- Price that breaks even
- $397,175
- Rent that breaks even
- $4,168/mo
Long run
- Year 30: property vs stocks
- $2.41M vs $324K
- Cash flow turns positive
- year 1
The deal
- Price
- $327,900
- Cash to close
- $42,627
- Price per unit
- $81,975
- GRM
- 5.8
Each month
- Cash flow
- $52/mo
- Cash-on-cash
- 1.5%
- Cap rate
- 8.1%
- DSCR
- 1.02×
Break-even
- Price that breaks even
- $335,826
- Rent that breaks even
- $4,675/mo
Long run
- Year 30: property vs stocks
- $1.79M vs $324K
- Cash flow turns positive
- year 1
The deal
- Price
- $317,900
- Cash to close
- $41,327
- Price per unit
- $79,475
- GRM
- 5.6
Each month
- Cash flow
- $519/mo
- Cash-on-cash
- 15.1%
- Cap rate
- 9.8%
- DSCR
- 1.25×
Break-even
- Price that breaks even
- $397,175
- Rent that breaks even
- $4,084/mo
Long run
- Year 30: property vs stocks
- $2.46M vs $315K
- Cash flow turns positive
- year 1
The deal
- Price
- $317,900
- Cash to close
- $41,327
- Price per unit
- $79,475
- GRM
- 5.6
Each month
- Cash flow
- $117/mo
- Cash-on-cash
- 3.4%
- Cap rate
- 8.3%
- DSCR
- 1.06×
Break-even
- Price that breaks even
- $335,826
- Rent that breaks even
- $4,581/mo
Long run
- Year 30: property vs stocks
- $1.83M vs $315K
- Cash flow turns positive
- year 1
The deal
- Price
- $327,900
- Cash to close
- $75,417
- Price per unit
- $81,975
- GRM
- 5.8
Each month
- Cash flow
- $856/mo
- Cash-on-cash
- 13.6%
- Cap rate
- 9.5%
- DSCR
- 1.49×
Break-even
- Price that breaks even
- $488,797
- Rent that breaks even
- $3,652/mo
Long run
- Year 30: property vs stocks
- $2.72M vs $574K
- Cash flow turns positive
- year 1
The deal
- Price
- $327,900
- Cash to close
- $75,417
- Price per unit
- $81,975
- GRM
- 5.8
Each month
- Cash flow
- $455/mo
- Cash-on-cash
- 7.2%
- Cap rate
- 8.1%
- DSCR
- 1.26×
Break-even
- Price that breaks even
- $413,296
- Rent that breaks even
- $4,096/mo
Long run
- Year 30: property vs stocks
- $2.09M vs $574K
- Cash flow turns positive
- year 1
The deal
- Price
- $317,900
- Cash to close
- $73,117
- Price per unit
- $79,475
- GRM
- 5.6
Each month
- Cash flow
- $910/mo
- Cash-on-cash
- 14.9%
- Cap rate
- 9.8%
- DSCR
- 1.54×
Break-even
- Price that breaks even
- $488,797
- Rent that breaks even
- $3,584/mo
Long run
- Year 30: property vs stocks
- $2.75M vs $557K
- Cash flow turns positive
- year 1
The deal
- Price
- $317,900
- Cash to close
- $73,117
- Price per unit
- $79,475
- GRM
- 5.6
Each month
- Cash flow
- $508/mo
- Cash-on-cash
- 8.3%
- Cap rate
- 8.3%
- DSCR
- 1.30×
Break-even
- Price that breaks even
- $413,296
- Rent that breaks even
- $4,020/mo
Long run
- Year 30: property vs stocks
- $2.13M vs $557K
- Cash flow turns positive
- year 1
The deal
- Price
- $327,900
- Cash to close
- $91,812
- Price per unit
- $81,975
- GRM
- 5.8
Each month
- Cash flow
- $965/mo
- Cash-on-cash
- 12.6%
- Cap rate
- 9.5%
- DSCR
- 1.59×
Break-even
- Price that breaks even
- $521,384
- Rent that breaks even
- $3,512/mo
Long run
- Year 30: property vs stocks
- $2.84M vs $699K
- Cash flow turns positive
- year 1
The deal
- Price
- $327,900
- Cash to close
- $91,812
- Price per unit
- $81,975
- GRM
- 5.8
Each month
- Cash flow
- $564/mo
- Cash-on-cash
- 7.4%
- Cap rate
- 8.1%
- DSCR
- 1.34×
Break-even
- Price that breaks even
- $440,849
- Rent that breaks even
- $3,940/mo
Long run
- Year 30: property vs stocks
- $2.21M vs $699K
- Cash flow turns positive
- year 1
The deal
- Price
- $317,900
- Cash to close
- $89,012
- Price per unit
- $79,475
- GRM
- 5.6
Each month
- Cash flow
- $1,015/mo
- Cash-on-cash
- 13.7%
- Cap rate
- 9.8%
- DSCR
- 1.64×
Break-even
- Price that breaks even
- $521,384
- Rent that breaks even
- $3,448/mo
Long run
- Year 30: property vs stocks
- $2.87M vs $678K
- Cash flow turns positive
- year 1
The deal
- Price
- $317,900
- Cash to close
- $89,012
- Price per unit
- $79,475
- GRM
- 5.6
Each month
- Cash flow
- $613/mo
- Cash-on-cash
- 8.3%
- Cap rate
- 8.3%
- DSCR
- 1.39×
Break-even
- Price that breaks even
- $440,849
- Rent that breaks even
- $3,868/mo
Long run
- Year 30: property vs stocks
- $2.25M vs $678K
- Cash flow turns positive
- year 1
Monthly
Monthly breakdown
| Rent | $4,750 |
| Vacancy (6%) | −$285 |
| Collected | $4,465 |
| Property tax Listing | −$351 |
| Insurance Estimate | −$352 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$380 |
| Capital reserve (8% of rent) | −$380 |
| Net operating income | $2,602 |
| Mortgage (principal + interest) | −$1,963 |
| PMI | −$184 |
| Cash flow | $454 |
| Principal paid down (equity, not cash) | $250 |
| Rent | $4,750 |
| Vacancy (6%) | −$285 |
| Collected | $4,465 |
| Property tax Listing | −$351 |
| Insurance Estimate | −$352 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$380 |
| Capital reserve (8% of rent) | −$380 |
| Property management | −$402 |
| Net operating income | $2,200 |
| Mortgage (principal + interest) | −$1,963 |
| PMI | −$184 |
| Cash flow | $52 |
| Principal paid down (equity, not cash) | $250 |
| Rent | $4,750 |
| Vacancy (6%) | −$285 |
| Collected | $4,465 |
| Property tax Listing | −$351 |
| Insurance Estimate | −$352 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$380 |
| Capital reserve (8% of rent) | −$380 |
| Net operating income | $2,602 |
| Mortgage (principal + interest) | −$1,903 |
| PMI | −$179 |
| Cash flow | $519 |
| Principal paid down (equity, not cash) | $242 |
| Rent | $4,750 |
| Vacancy (6%) | −$285 |
| Collected | $4,465 |
| Property tax Listing | −$351 |
| Insurance Estimate | −$352 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$380 |
| Capital reserve (8% of rent) | −$380 |
| Property management | −$402 |
| Net operating income | $2,200 |
| Mortgage (principal + interest) | −$1,903 |
| PMI | −$179 |
| Cash flow | $117 |
| Principal paid down (equity, not cash) | $242 |
| Rent | $4,750 |
| Vacancy (6%) | −$285 |
| Collected | $4,465 |
| Property tax Listing | −$351 |
| Insurance Estimate | −$352 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$380 |
| Capital reserve (8% of rent) | −$380 |
| Net operating income | $2,602 |
| Mortgage (principal + interest) | −$1,745 |
| Cash flow | $856 |
| Principal paid down (equity, not cash) | $222 |
| Rent | $4,750 |
| Vacancy (6%) | −$285 |
| Collected | $4,465 |
| Property tax Listing | −$351 |
| Insurance Estimate | −$352 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$380 |
| Capital reserve (8% of rent) | −$380 |
| Property management | −$402 |
| Net operating income | $2,200 |
| Mortgage (principal + interest) | −$1,745 |
| Cash flow | $455 |
| Principal paid down (equity, not cash) | $222 |
| Rent | $4,750 |
| Vacancy (6%) | −$285 |
| Collected | $4,465 |
| Property tax Listing | −$351 |
| Insurance Estimate | −$352 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$380 |
| Capital reserve (8% of rent) | −$380 |
| Net operating income | $2,602 |
| Mortgage (principal + interest) | −$1,692 |
| Cash flow | $910 |
| Principal paid down (equity, not cash) | $215 |
| Rent | $4,750 |
| Vacancy (6%) | −$285 |
| Collected | $4,465 |
| Property tax Listing | −$351 |
| Insurance Estimate | −$352 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$380 |
| Capital reserve (8% of rent) | −$380 |
| Property management | −$402 |
| Net operating income | $2,200 |
| Mortgage (principal + interest) | −$1,692 |
| Cash flow | $508 |
| Principal paid down (equity, not cash) | $215 |
| Rent | $4,750 |
| Vacancy (6%) | −$285 |
| Collected | $4,465 |
| Property tax Listing | −$351 |
| Insurance Estimate | −$352 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$380 |
| Capital reserve (8% of rent) | −$380 |
| Net operating income | $2,602 |
| Mortgage (principal + interest) | −$1,636 |
| Cash flow | $965 |
| Principal paid down (equity, not cash) | $208 |
| Rent | $4,750 |
| Vacancy (6%) | −$285 |
| Collected | $4,465 |
| Property tax Listing | −$351 |
| Insurance Estimate | −$352 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$380 |
| Capital reserve (8% of rent) | −$380 |
| Property management | −$402 |
| Net operating income | $2,200 |
| Mortgage (principal + interest) | −$1,636 |
| Cash flow | $564 |
| Principal paid down (equity, not cash) | $208 |
| Rent | $4,750 |
| Vacancy (6%) | −$285 |
| Collected | $4,465 |
| Property tax Listing | −$351 |
| Insurance Estimate | −$352 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$380 |
| Capital reserve (8% of rent) | −$380 |
| Net operating income | $2,602 |
| Mortgage (principal + interest) | −$1,586 |
| Cash flow | $1,015 |
| Principal paid down (equity, not cash) | $202 |
| Rent | $4,750 |
| Vacancy (6%) | −$285 |
| Collected | $4,465 |
| Property tax Listing | −$351 |
| Insurance Estimate | −$352 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$380 |
| Capital reserve (8% of rent) | −$380 |
| Property management | −$402 |
| Net operating income | $2,200 |
| Mortgage (principal + interest) | −$1,586 |
| Cash flow | $613 |
| Principal paid down (equity, not cash) | $202 |
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
- $748,145
- Rental profits, invested at 7%
- $1,662,533
Sells for $795,899 (value up 3% a year), minus 6% selling cost ($47,754). Rent paid down $295,110 of loan.
$715,999 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $324,488
$42,627 put into an index fund instead of the down payment and closing costs.
The building comes out $2,086,190 ahead after 30 years.
- Your equity when you sell
- $748,145
- Rental profits, invested at 7%
- $1,037,456
Sells for $795,899 (value up 3% a year), minus 6% selling cost ($47,754). Rent paid down $295,110 of loan.
$486,581 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $324,488
$42,627 put into an index fund instead of the down payment and closing costs.
The building comes out $1,461,114 ahead after 30 years.
- Your equity when you sell
- $725,329
- Rental profits, invested at 7%
- $1,732,146
Sells for $771,627 (value up 3% a year), minus 6% selling cost ($46,298). Rent paid down $286,110 of loan.
$737,825 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $314,592
$41,327 put into an index fund instead of the down payment and closing costs.
The building comes out $2,142,883 ahead after 30 years.
- Your equity when you sell
- $725,329
- Rental profits, invested at 7%
- $1,107,069
Sells for $771,627 (value up 3% a year), minus 6% selling cost ($46,298). Rent paid down $286,110 of loan.
$508,407 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $314,592
$41,327 put into an index fund instead of the down payment and closing costs.
The building comes out $1,517,806 ahead after 30 years.
- Your equity when you sell
- $748,145
- Rental profits, invested at 7%
- $1,966,885
Sells for $795,899 (value up 3% a year), minus 6% selling cost ($47,754). Rent paid down $262,320 of loan.
$803,387 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $574,093
$75,417 put into an index fund instead of the down payment and closing costs.
The building comes out $2,140,937 ahead after 30 years.
- Your equity when you sell
- $748,145
- Rental profits, invested at 7%
- $1,341,808
Sells for $795,899 (value up 3% a year), minus 6% selling cost ($47,754). Rent paid down $262,320 of loan.
$573,969 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $574,093
$75,417 put into an index fund instead of the down payment and closing costs.
The building comes out $1,515,860 ahead after 30 years.
- Your equity when you sell
- $725,329
- Rental profits, invested at 7%
- $2,027,216
Sells for $771,627 (value up 3% a year), minus 6% selling cost ($46,298). Rent paid down $254,320 of loan.
$822,548 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $556,585
$73,117 put into an index fund instead of the down payment and closing costs.
The building comes out $2,195,960 ahead after 30 years.
- Your equity when you sell
- $725,329
- Rental profits, invested at 7%
- $1,402,139
Sells for $771,627 (value up 3% a year), minus 6% selling cost ($46,298). Rent paid down $254,320 of loan.
$593,130 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $556,585
$73,117 put into an index fund instead of the down payment and closing costs.
The building comes out $1,570,883 ahead after 30 years.
- Your equity when you sell
- $748,145
- Rental profits, invested at 7%
- $2,090,526
Sells for $795,899 (value up 3% a year), minus 6% selling cost ($47,754). Rent paid down $245,925 of loan.
$842,655 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $698,896
$91,812 put into an index fund instead of the down payment and closing costs.
The building comes out $2,139,775 ahead after 30 years.
- Your equity when you sell
- $748,145
- Rental profits, invested at 7%
- $1,465,449
Sells for $795,899 (value up 3% a year), minus 6% selling cost ($47,754). Rent paid down $245,925 of loan.
$613,237 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $698,896
$91,812 put into an index fund instead of the down payment and closing costs.
The building comes out $1,514,698 ahead after 30 years.
- Your equity when you sell
- $725,329
- Rental profits, invested at 7%
- $2,147,086
Sells for $771,627 (value up 3% a year), minus 6% selling cost ($46,298). Rent paid down $238,425 of loan.
$860,618 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $677,582
$89,012 put into an index fund instead of the down payment and closing costs.
The building comes out $2,194,834 ahead after 30 years.
- Your equity when you sell
- $725,329
- Rental profits, invested at 7%
- $1,522,010
Sells for $771,627 (value up 3% a year), minus 6% selling cost ($46,298). Rent paid down $238,425 of loan.
$631,200 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $677,582
$89,012 put into an index fund instead of the down payment and closing costs.
The building comes out $1,569,757 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 $2.41M, stocks $324K. The property wins.
Year 30 (loan paid off): property $1.79M, stocks $324K. The property wins.
Year 30 (loan paid off): property $2.46M, stocks $315K. The property wins.
Year 30 (loan paid off): property $1.83M, stocks $315K. The property wins.
Year 30 (loan paid off): property $2.72M, stocks $574K. The property wins.
Year 30 (loan paid off): property $2.09M, stocks $574K. The property wins.
Year 30 (loan paid off): property $2.75M, stocks $557K. The property wins.
Year 30 (loan paid off): property $2.13M, stocks $557K. The property wins.
Year 30 (loan paid off): property $2.84M, stocks $699K. The property wins.
Year 30 (loan paid off): property $2.21M, stocks $699K. The property wins.
Year 30 (loan paid off): property $2.87M, stocks $678K. The property wins.
Year 30 (loan paid off): property $2.25M, stocks $678K. 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 $1,150/mo · range $825–$1,475
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 300 Norway Ave, Pine River 56474 off market | $670 | 1 / 1 | 0.5 mi | 84% |
| 3800 Agate Ln, Pequot Lakes 56472 off market | $1,027 | 3 / 1 | 9.3 mi | 70% |
| 3626 Obsidian Ln, Pequot Lakes 56472 off market | $1,050 | 3 / 2 | 9.3 mi | 66% |
| 3657 Obsidian Ln, Pequot Lakes 56472 off market | $995 | 3 / 2 | 9.3 mi | 66% |
| 3761 Obsidian Ln, Lot B07, Pequot Lakes 56472 off market | $1,000 | 3 / 2 | 9.3 mi | 66% |
| 2751 76th St SW, Pequot Lakes 56472 off market | $765 | 1 / 1 | 13.8 mi | 65% |
| 30917 S Oak St, Pequot Lakes 56472 | $1,175 | 2 / 1 | 9.5 mi | 65% |
| 2476 76th St SW, Pequot Lakes 56472 off market | $995 | 2 / 1 | 13.5 mi | 61% |
| 3849 Ballards Blvd, Unit 1, Pequot Lakes 56472 off market | $1,750 | 3 / 2.5 | 10.5 mi | 60% |
| 520 2nd St SW, Pine River 56474 | $1,700 | 4 / 2 | 0.7 mi | 59% |
1 bed / 1 bath estimate $1,225/mo · range $850–$1,575
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 300 Norway Ave, Pine River 56474 off market | $670 | 1 / 1 | 0.5 mi | 93% |
| 2751 76th St SW, Pequot Lakes 56472 off market | $765 | 1 / 1 | 13.8 mi | 75% |
| 36377 White Pine Knl, Pequot Lakes 56472 off market | $1,900 | 1 / 1 | 4.4 mi | 67% |
| 3800 Agate Ln, Pequot Lakes 56472 off market | $1,027 | 3 / 1 | 9.3 mi | 61% |
| 520 2nd St SW, Pine River 56474 | $1,700 | 4 / 2 | 0.7 mi | 59% |
| 1633 24th Ave SW, Backus 56435 off market | $1,550 | 4 / 2 | 1.5 mi | 59% |
| 3626 Obsidian Ln, Pequot Lakes 56472 off market | $1,050 | 3 / 2 | 9.3 mi | 56% |
| 3657 Obsidian Ln, Pequot Lakes 56472 off market | $995 | 3 / 2 | 9.3 mi | 56% |
| 3761 Obsidian Ln, Lot B07, Pequot Lakes 56472 off market | $1,000 | 3 / 2 | 9.3 mi | 56% |
| 30917 S Oak St, Pequot Lakes 56472 | $1,175 | 2 / 1 | 9.5 mi | 56% |
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 450 MURRAY AVE
- mediumRents are seller-reported only and unverified; two of three occupied units are month-to-month. Listing says: Rental figures are seller-provided. · AI review
- mediumVacant unit's condition and reason for vacancy are unknown, and the unit is not generating income. Listing says: Unit 2 is vacant and not included in those income figures · AI review
- lowMonth-to-month tenants can leave quickly. Count on turnover soon after closing. Listing says: "$1,700/month, leased through August 2027; Unit 3: $700/month, month-to-month ; and Unit 4: $850/month, month-to-month. The property"
- lowUnit 4 and Unit 3 rents are low and may be tied to long-term tenants or a weak local market. Listing says: Unit 4: $850/month, month-to-month · AI review
- lowBaseboard heat in the small unit suggests separate electric heat or mixed systems; confirm who pays what. Based on: photo 10 · AI review
Opportunities
- Long time on market: room to negotiate. Based on: Listing data: 45 days on market, 2 price cuts
- Lease up the vacant Unit 2 for added income. Listing says: offering additional potential for the next owner · AI review
- Month-to-month units may be raised toward market, which is not capped here. Based on: data: underwriting.rent_rule · AI review
- Seller has been listed 45 days, giving room to negotiate. Based on: data: listing.days_on_market · AI review
Questions for the agent
- Is each of the four units legal and licensed, and does the rental license list four?
- What is the actual tax bill, and are there any special assessments?
- Why is Unit 2 vacant, and what condition is it in?
- Who pays heat, electric, water and trash in each unit, and how are they metered?
- Can you provide leases, the rent roll and 12 months of expenses?
- What are the ages of the roof, furnace or boiler, water heater and electrical panels?
Bottom line
Reasonable cash flow on paper, but verify rents, taxes and legal unit count before getting excited. 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. | $4,214 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $4,227 |
| 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. base rate | 8% / 8% |
Price history Realtor.com
On the market since 2026-04-27 (161 days); down $17,000 (4.9%) from the first ask of $344,900; last sold for $280,000 on 2021-08-23.
| Date | Event | Price |
|---|---|---|
| Price changed | $327,900 | |
| Listed | $334,900 | |
| Removed | $329,900 | |
| Price changed | $329,900 | |
| Price changed | $334,900 | |
| Removed | $344,900 | |
| Removed | $349,900 | |
| Relisted | $339,900 | |
| Removed | — | |
| Price changed | $339,900 | |
| Removed | — | |
| Listed | $344,900 | |
| Listed | $344,900 | |
| Sold | $280,000 | |
| Listed | $299,900 | |
| Sold public record | $135,000 | |
| Sold public record | $92,500 | |
| Sold public record | $92,500 |
From the listing Listing
| Listed as | four plex |
| Property tax, 2025 | $4,214 |
| County | Cass |
| Parcel number | 942313204 |
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 Pine River on rental licensing before you buy.