506 3rd Ave NE
Roseau, MN · View the listing ↗
Photos, 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
This is a 12-unit, 1967 brick building in Roseau at $505K, about $42K per door, with rents of only $510 to $600. At those rents, gross income is roughly $80K a year at best (12 units at about $555 average is near $6,700 a month), and the owner pays boiler heat on top of taxes, insurance, water and repairs. That likely leaves very little for debt service at today's rates, so I'd run the numbers before a showing. We have no tax, rent estimate or underwriting data, so ask for the rent roll, trailing-12 expenses, the heating bill and the tax statement first. The photos show a flat roof and dated finishes, and the RUBS idea is a projection, not income.
Things to consider
- Owner-paid heat against tiny rents A single boiler for 12 units at $510-$600 each can take a big part of income. Get 12 months of gas bills before anything else.Listing says: “boiler heat (paid by landlord)”
- Income looks thin for the price Roughly $80K gross at most, before taxes, insurance, heat, water, repairs and vacancy. Debt service at current rates may not be covered.Listing says: “Rents range from $510 to $600 with tenant responsible for electric.”
- RUBS is not income It is a projection that depends on lease terms and tenant ability to pay. Don't underwrite it.Listing says: “Overall performance could increase by implementing a Ratio Utility Billing System (RUBS) program”
- Unverified taxes and unit count With no parcel match, taxes and licensing are unknown, so expenses may be understated.
- Flat roof and aging 1967 systems Roof, boiler and electrical replacement on 12 units can be expensive. Inspect before pricing.From photo 1
- Long time on market 90 days suggests buyers are balking at the price, which gives room to negotiate.
From the photos
Based on 9 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.
Rents the listing states
- All units (range low): $510Listing says: Rents range from $510 to $600 with tenant responsible for electric.
- All units (range high): $600Listing says: Rents range from $510 to $600 with tenant responsible for electric.
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
- highOwner pays heat on a single-boiler building with rents of only $510-$600. Heat could eat a large share of income. Listing says: boiler heat (paid by landlord) · 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 506 3RD AVE NE
- mediumProjected utility bill-backs (RUBS) are not income yet, and in St. Paul they may count toward the 3% cap. Listing says: "electric. Overall performance could increase by implementing a Ratio Utility Billing System (RUBS) program to absorb some of the"
- mediumFlat roof on a 1967 building. Roof age is unknown, so ask for it and get a moisture inspection. Based on: photo 1 · AI review
- lowWindow AC units and a portable AC visible suggest no central cooling. Original-era systems are likely, with capex ahead. Based on: photo 3 · AI review
Opportunities
- Long time on market: room to negotiate. Based on: Listing data: 90 days on market
- RUBS could shift some heat cost to tenants, but it's a projection, and with rents this low tenants may not absorb it. Check local rules and lease terms. Listing says: Overall performance could increase by implementing a Ratio Utility Billing System (RUBS) program · AI review
- 90 days on market gives room to negotiate on price. Based on: data: listing.days_on_market · AI review
- Rents of $510-$600 may have room to rise in a small market, if the units can support it. Verify against local comps. Listing says: Rents range from $510 to $600 with tenant responsible for electric. · AI review
Questions for the agent
- Can I see the rent roll with lease dates and trailing-12 income and expenses, including actual heating bills?
- How old are the roof and the boiler, and is it one boiler for the whole building?
- What are the annual property taxes and any special assessments?
- What's the vacancy for the last two years, and which units are vacant now?
- Is the on-site laundry owned or leased, and what does it bring in?
- Are the units separately metered for electric, and what is the panel and wiring situation?
Bottom line
Cheap-looking per door but with $510-$600 rents and owner-paid heat, $505K probably doesn't pencil at current rates without a big price cut. AI-assisted summary
What the records say
Where each number comes from
Price history Realtor.com
On the market since 2025-07-25 (437 days, relisted 1×).
| Date | Event | Price |
|---|---|---|
| Listed | $505,000 | |
| Removed | — | |
| Listed | $505,000 |
From the listing Listing
| Listed as | multi family |
| Property tax, 2026 | $7,434 |
| County | Roseau |
| Parcel number | 540239200 |
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 Roseau on rental licensing before you buy.