5101 56th Ave N

Fourplex · 4 units: 2 bed / 1 bath ×4 unit split estimated · 3,472 sq ft

28 photos

Photos courtesy of BRIX Real Estate - Broker, via Realtor.com.

Asking price: $619,900
Monthly cash flow: −$321
Estimated rent: $6,000/mo
Break-even price: $559,676

Adjust the numbers See the full breakdown

From the listing

Terrific opportunity to own a 4-plex in an area where they rarely hit the market. This solid, turn-key building offers 4 identical units - each of which is 2 bedrooms, 1 bath, and 742 SF. This gem is located on a 13K SF lot - [yes....a lot that is over 13,000 SF] - and literally just steps to Twin Oaks Park. Recent updates include 4 brand new furnaces, 4 brand new hot water heaters, a new roof in 2023 and numerous appliances in various units. All units have their own furnace and central A/C unit [no window A/C units here] Add'l revenue streams include coin operated laundry and 2 garage stalls. There is ample off street parking in addn to the garages. Located on a bus line - this property is located 4/10 of a mile from Twin Lakes, and 8/10 of a mile from the MAC Wildlife Area. One unit is intentionally vacant for a potential owner occupant. Easy access to Highways 100, 694, and 94.

Listing courtesy of BRIX Real Estate - Broker (Clay Lowen). Description from Realtor.com, MLS #7121121. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1960 fourplex of four identical 2-bed/1-bath units at $619,900, which is about $155K a door. Our underwriting at the ask shows a 5.8% cap rate and roughly -$321 a month after 20% down, and break-even is near $560K, so it doesn't work at today's rates without a cut. The description gives no rents, no expenses, and no tax figure, and we couldn't match a county parcel, so everything hinges on the rent roll and the real tax bill. Recent mechanicals (new furnaces, water heaters, 2023 roof) are the real strength, and separate heat and A/C per unit keeps owner utility costs down. It's 62 days on market, so there's room to push on price. Get the rent roll, tax bill and rental license before spending time on a showing.

Things to consider

Price doesn't match the cash flow Our model shows negative monthly cash flow at the ask and a break-even near $560K. You would be paying about $60K over the number that works.
No rent roll Without in-place rents and the vacant unit's history, you can't tell whether our $1,500 estimate holds. Rents are the single biggest driver here.
Recent capital work lowers near-term repairs New furnaces, water heaters and a 2023 roof reduce big near-term capex. Verify permits and warranties.Listing says: “Recent updates include 4 brand new furnaces, 4 brand new hot water heaters”
Separate systems per unit shift utility costs to tenants Individual furnaces and A/C usually mean tenants pay their own heat and electric, so owner expenses stay lower. Confirm meters.Listing says: “All units have their own furnace and central A/C unit”
Taxes are unverified A $620K fourplex could carry a heavy non-homestead tax bill, which would push cash flow lower. The county parcel didn't match.
Ancillary income is small but real Coin laundry and garage rents can add a few hundred dollars a month, but only if they are documented in the books.Listing says: “Add'l revenue streams include coin operated laundry and 2 garage stalls.”

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

done4 new furnacesListing says: Recent updates include 4 brand new furnaces, 4 brand new hot water heaters
done4 new hot water heatersListing says: 4 brand new hot water heaters, a new roof in 2023
doneNew roof (2023)Listing says: a new roof in 2023 and numerous appliances in various units
doneAppliances replaced in various unitsListing says: numerous appliances in various units

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: $619,900
Cash to close: $142,577
Price per unit: $154,975
GRM: 8.6

Each month

Cash flow: −$321/mo
Cash-on-cash: −2.7%
Cap rate: 5.8%
DSCR: 0.90×

Break-even

Price that breaks even: $559,676
Rent that breaks even: $6,416/mo

Long run

Year 30: property vs stocks: $2.22M vs $1.15M
Cash flow turns positive: year 5

Monthly

Monthly breakdown

Rent	$6,000
Vacancy (6%)	−$360
Collected	$5,640
Property tax Listing	−$869
Insurance Estimate	−$372
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$540
Capital reserve (8% of rent)	−$480
Net operating income	$2,979
Mortgage (principal + interest)	−$3,299
Cash flow	−$321
Principal paid down (equity, not cash)	$420

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$2,219,903

Your equity when you sell: $1,414,380
Rental profits, invested at 7%: $805,522

Same money in stocks$1,148,350

Cash to close, invested at 7%: $1,085,332
Monthly shortfalls, invested: $63,018

The building comes out $1,071,553 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 $2.22M, stocks $1.15M. The property wins.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-06. The estimate is the median asking rent of every rental we found nearby (the count is shown for each); houses are left out. Asking rents from Realtor.com rental listings, not signed leases.

2 bed estimate $1,500/mo · range $1,425–$1,650 · 8 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
5101 56th Ave N Unit 3, Crystal	$1,400	2 / 1	742	0.0 mi	2026-09-08	Apartment
4539 58th Ave N, Brooklyn Center	$1,575	2 / 1.5	1,065	0.7 mi	2025-04-05	Apartment
5332 Hanson Ct N Apt 2, Crystal	$1,350	2 / 1	900	0.7 mi	—	Apartment
3413 53rd Ave N, Brooklyn Center	$1,479	2 / 1	950	1.0 mi	2026-04-21	Apartment
4199 46th Ave N, Robbinsdale	$1,625	2 / 1.5	1,000	1.1 mi	2024-06-11	Apartment
3401 47th Ave N, Brooklyn Center	$1,300	2 / 1	750	1.3 mi	2025-10-20	Apartment
6455 Zane Ave N, Brooklyn Park	$1,405	2 / 1	905	1.4 mi	2025-10-24	Apartment
3907 65th Ave N, Minneapolis	$1,325	2 / 1	850	1.4 mi	2026-04-03	Apartment

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: Realtor.com rental listings. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

highNo rents or income figures given; the 'turn-key' claim is unsupported by numbers Listing says: This solid, turn-key building offers 4 identical units · AI review
highUnderwriting shows negative cash flow at the asking price Based on: data: underwriting.cash_flow_monthly · 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 5101 56TH AVE N
mediumOne unit vacant; the seller frames it as being held for an owner-occupant, so occupancy and rent history are unclear Listing says: One unit is intentionally vacant for a potential owner occupant. · AI review
mediumTaxes are unknown, and we couldn't confirm the unit count with the county Based on: data: county.tax · AI review
lowLower-level units appear to be partly below grade with small windows; check egress and licensing Based on: photo 5 · AI review

Opportunities

Coin laundry and garage stalls add income beyond rent Listing says: Add'l revenue streams include coin operated laundry and 2 garage stalls. · AI review
Large lot with ample off-street parking helps retention Listing says: There is ample off street parking in addn to the garages. · AI review
No rent cap, so rents can follow the market Based on: data: underwriting.rent_rule · AI review
62 days on market gives room to negotiate toward the break-even price Based on: data: listing.days_on_market · AI review

Questions for the agent

Can you send the current rent roll, lease dates and trailing-12 income and expenses, including laundry and garage income?
What are the actual property taxes, and is there any special assessment?
Which unit is vacant, and how long has it been empty?
Are the units separately metered for gas and electric, and who pays water, sewer and trash?
Is the building licensed as a 4-unit rental in Crystal, and are the lower-level units legal with egress?
Who installed the new furnaces and water heaters, were permits pulled, and is the 2023 roof documented?

Bottom line

Updated mechanicals and a big lot are nice, but at about $620K it loses money monthly, so it only works if the price drops toward $560K or rents beat our estimates. 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.	$10,426
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,468
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. 8 bedrooms: +1 pt repairs for wear	9% / 8%

Price history Realtor.com

On the market since 2026-03-02 (217 days); down $45,100 (6.8%) from the first ask of $665,000; last sold for $565,000 on 2023-05-08.

Date	Event	Price
2026-09-23	Price changed	$619,900
2026-08-04	Listed	$634,000
2026-08-04	Removed	$649,000
2026-07-04	Removed	$635,000
2026-05-08	Price changed	$649,000
2026-03-02	Listed	$665,000
2023-05-08	Sold	$565,000
2000-08-08	Sold public record	$230,000
1997-11-05	Sold public record	$145,000
1995-08-28	Sold public record	$120,000

From the listing Listing

Listed as	four plex
Property tax, 2026	$10,426
County	Hennepin
Parcel number	0411821430066

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 Crystal on rental licensing before you buy.