502 Vine Ave W

Fourplex · 4 units: 2 bed / 1 bath ×2 and 1 bed / 1 bath ×2 unit split estimated · 3,412 sq ft

Cash flows

45 photos

Photos, via Realtor.com.

Asking price: $379,900
Monthly cash flow: $1,020
Estimated rent: $5,500/mo
Break-even price: $571,560

Adjust the numbers See the full breakdown

First look

This is a 4-plex at $379,900 with a stated mix of two 2-beds and two 1-beds, and our underwriting shows about $1,020/month cash flow and a 9.6% cap rate at ask. That looks strong, but the rents are our estimates, not the seller's, and the estimate for a 1-bed ($1,375) is the same as for a 2-bed, which is suspicious. Taxes are also unverified because we couldn't match a county parcel. The photos show only one unit with dated wood paneling, original-style cabinets and a basic electric kitchen, and the listing says nothing about rents or leases. Get the rent roll, leases, trailing-12 expenses and the real tax bill before deciding. It is worth a showing only if actual rents are near our estimates.

Things to consider

Income is unverified The listing gives no rents, so the 9.6% cap rate rests entirely on our estimates. Actual rents could be lower.
Taxes and unit count unmatched to county records A higher tax bill or an unlicensed unit changes the numbers and the risk.
Dated interiors Original-looking finishes may hold rents down, but refreshing them costs money and time.From photo 4
Metering looks favorable Separate meters usually mean lower owner expenses, but 2 gas meters for 4 units means you should confirm who pays what.Listing says: “2 gas meters, 4 electric meters”
Building systems and basement units not documented The roof is described as good, but heat, panels and plumbing are unknown, and the lower units may be below grade.From photo 10

From the photos

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

Condition and repairs

doneRoof, siding and windows described as in good shapeListing says: Roof, siding and windows in good shape

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: $379,900
Cash to close: $87,377
Price per unit: $94,975
GRM: 5.8

Each month

Cash flow: $1,020/mo
Cash-on-cash: 14.0%
Cap rate: 9.6%
DSCR: 1.50×

Break-even

Price that breaks even: $571,560
Rent that breaks even: $4,192/mo

Long run

Year 30: property vs stocks: $3.19M vs $665K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$5,500
Vacancy (6%)	−$330
Collected	$5,170
Property tax Listing	−$477
Insurance Estimate	−$371
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$440
Capital reserve (8% of rent)	−$440
Net operating income	$3,042
Mortgage (principal + interest)	−$2,022
Cash flow	$1,020
Principal paid down (equity, not cash)	$257

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$3,191,842

Your equity when you sell: $866,790
Rental profits, invested at 7%: $2,325,052

Same money in stocks$665,136

Cash to close, invested at 7%: $665,136

The building comes out $2,526,706 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 $3.19M, stocks $665K. 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 $1,375/mo · range $1,325–$1,450

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
400 N Welco Dr, Apt M2, Montgomery 56069	$1,050	2 / 1	880	0.5 mi	2026-10-05	82%
400 N Welco Dr, Apt U3, Montgomery 56069 off market	$1,050	2 / 1	880	0.5 mi	2026-05-21	82%
400 N Welco Dr, Apt U1, Montgomery 56069 off market	$1,050	2 / 1	880	0.5 mi	2026-02-04	82%
400 N Welco Dr, Apt L1, Montgomery 56069 off market	$1,050	2 / 1	880	0.5 mi	2026-02-21	82%
321 1st Ave SE, Apt 14, Lonsdale 55046 off market	$1,175	2 / 1	—	8.3 mi	2026-07-28	81%
455 N Welco Dr, Apt T3, Montgomery 56069 off market	$975	2 / 1	720	0.5 mi	2026-07-25	80%
455 N Welco Dr, Apt T1, Montgomery 56069 off market	$975	2 / 1	720	0.5 mi	2026-04-10	80%
488 N Welco Dr, Apt 24, Montgomery 56069	$1,125	3 / 1	1,000	0.4 mi	2026-10-05	73%
321 1st Ave SE, Apt 9, Lonsdale 55046 off market	$950	1 / 1	—	8.3 mi	2026-09-30	72%
321 1st Ave SE, Apt 13, Lonsdale 55046	$975	1 / 1	—	8.3 mi	2026-10-05	72%

1 bed / 1 bath estimate $1,375/mo · range $1,300–$1,425

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
321 1st Ave SE, Apt 9, Lonsdale 55046 off market	$950	1 / 1	—	8.3 mi	2026-09-30	81%
321 1st Ave SE, Apt 13, Lonsdale 55046	$975	1 / 1	—	8.3 mi	2026-10-05	81%
321 1st Ave SE, Apt 16, Lonsdale 55046 off market	$925	1 / 1	—	8.3 mi	2026-02-20	81%
488 N Welco Dr, Apt 1, Montgomery 56069	$925	1 / 1	540	0.4 mi	2026-10-03	79%
488 N Welco Dr, Apt 22, Montgomery 56069 off market	$925	1 / 1	540	0.4 mi	2026-09-08	79%
488 N Welco Dr, Apt 2, Montgomery 56069 off market	$925	1 / 1	540	0.5 mi	2026-03-03	79%
400 N Welco Dr, Apt M2, Montgomery 56069	$1,050	2 / 1	880	0.5 mi	2026-10-05	72%
400 N Welco Dr, Apt U3, Montgomery 56069 off market	$1,050	2 / 1	880	0.5 mi	2026-05-21	72%
400 N Welco Dr, Apt L1, Montgomery 56069 off market	$1,050	2 / 1	880	0.5 mi	2026-02-21	72%
400 N Welco Dr, Apt U1, Montgomery 56069 off market	$1,050	2 / 1	880	0.5 mi	2026-02-04	72%

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

highNo rents, lease terms or occupancy given, so income is unverified Listing says: Wonderful 4-plex with strong previous ownership! · 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 502 VINE AVE W
mediumOur 1-bed rent estimate equals the 2-bed estimate, so it may be overstated; the 4-unit count is also unverified Based on: data: rent_estimate · AI review
mediumTaxes unknown; the real bill could cut cash flow noticeably Based on: data: county.tax · AI review

Opportunities

Separately metered units (2 gas, 4 electric) mean tenants can likely pay their own utilities Listing says: 2 gas meters, 4 electric meters · AI review
Dated finishes in the photographed unit leave room to add value with cosmetic updates Based on: photo 1 · AI review

Questions for the agent

Can I get the current rent roll, lease copies and the trailing-12 expenses?
Which units are occupied, and are any month-to-month?
What are the real property taxes, and is the property licensed as a 4-plex?
Who pays the gas, given 2 gas meters for 4 units?
How old are the roof, furnaces/water heaters and electrical panels?
Why is the seller selling, and has the price changed?

Bottom line

The numbers look strong on paper, but with no rents, taxes or leases verified, treat this as an unproven 4-plex until you see the rent roll. 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.	$5,722
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,453
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 2026-05-01 (157 days); down $20,000 (5.0%) from the first ask of $399,900.

Date	Event	Price
2026-09-09	Listed	$379,900
2026-09-09	Removed	$399,900
2026-05-01	Listed	$399,900

From the listing Listing

Listed as	four plex
Property tax, 2026	$5,722
County	Le Sueur
Parcel number	220094300

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 Montgomery on rental licensing before you buy.