520 W State St

Triplex · 3 units: 2 bed / 1.5 bath ×3 unit split estimated · 3,600 sq ft

Cash flows

38 photos

Photos, via Realtor.com.

Asking price: $429,900
Monthly cash flow: $977
Estimated rent: $5,700/mo
Break-even price: $613,537

Adjust the numbers See the full breakdown

From the listing

Excellent investment opportunity in the heart of Belle Plaine! This well-designed triplex offers three separate rental units, making it a great addition to an investment portfolio or a potential owner-occupied property with income from the additional units. The upper-level unit features four bedrooms, two bathrooms, a kitchen, spacious living room, and its own laundry room. Two private decks provide additional outdoor living space and plenty of room to relax or entertain. The two lower-level units each offer one bedroom, a full kitchen, bathroom, living room, and in-unit laundry. Both units also include a private backyard patio, giving each tenant a dedicated outdoor space to enjoy. Conveniently located near downtown Belle Plaine, schools, parks, shopping, dining, and other community amenities. With three functional units, private laundry and outdoor space for each, an established rental history, this property offers immediate income potential and long-term versatility. Don't miss this opportunity to own a unique multi-unit property in a growing community!

Description from Realtor.com, MLS #7135782. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1979 triplex in Belle Plaine with a 4-bed/2-bath upper and two 1-bed lowers. Our rent estimate uses 2 bed / 1.5 bath for all three units, which doesn't match the real mix, so the 9.1% cap and +$977/mo cash flow at ask are shaky. The 1-beds will likely rent below that estimate and the 4-bed above it, so get the actual rent roll first. The description gives no rents, no lease terms, no utilities and no repair history, and taxes are unverified because we couldn't match a parcel. At 37 days on market it's worth a showing only if the real rents and taxes hold up. Check the heat first: baseboard electric heat is visible, so tenants may pay it, but confirm who pays.

Things to consider

Rent estimate doesn't match the unit mix Our model assumes three identical 2-beds. A 4-bed upper and two 1-bed lowers could total quite differently, so the +$977/mo cash flow is unreliable.
Taxes and unit count are unverified No county parcel match means taxes could be higher than assumed, especially at investor (non-homestead) rates. That directly hits cash flow.
Electric baseboard heat If tenants pay, it's fine for you, but high winter bills can hurt rentability and turnover. If the owner pays any of it, expenses jump.From photo 5
Dated but serviceable finishes Cabinets and counters look original, so rent growth from cosmetic updates is possible, but budget for it.From photo 3
Owner-occupy option Living in one unit may open lower-down-payment financing and reduce the risk of the investment case.Listing says: “a potential owner-occupied property with income from the additional units”

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.

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: $429,900
Cash to close: $98,877
Price per unit: $143,300
GRM: 6.3

Each month

Cash flow: $977/mo
Cash-on-cash: 11.9%
Cap rate: 9.1%
DSCR: 1.43×

Break-even

Price that breaks even: $613,537
Rent that breaks even: $4,447/mo

Long run

Year 30: property vs stocks: $3.36M vs $753K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$5,700
Vacancy (6%)	−$342
Collected	$5,358
Property tax Listing	−$566
Insurance Estimate	−$300
Water, sewer, trash Estimate	−$255
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$456
Capital reserve (8% of rent)	−$456
Net operating income	$3,266
Mortgage (principal + interest)	−$2,288
Cash flow	$977
Principal paid down (equity, not cash)	$291

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$3,358,000

Your equity when you sell: $980,871
Rental profits, invested at 7%: $2,377,129

Same money in stocks$752,677

Cash to close, invested at 7%: $752,677

The building comes out $2,605,323 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 $3.36M, stocks $753K. 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 / 1.5 bath estimate $1,900/mo · range $1,500–$2,275

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
929 Balsam St, Belle Plaine 56011 off market	$1,600	2 / 1.5	1,232	1.3 mi	2025-07-02	82%
116 E Church St, Belle Plaine 56011 off market	$1,250	3 / 1	—	0.4 mi	2026-01-19	81%
708 E Church St, Belle Plaine 56011 off market	$1,450	2 / 2	1,283	0.8 mi	2026-01-13	81%
1011 W Main St, Unit 1, Belle Plaine 56011	$1,650	2 / 1	1,000	0.4 mi	2026-06-23	80%
599 W 1st St, Chaska 55318 off market	$1,375	2 / 1	—	13.7 mi	2026-07-17	73%
300 Bradbury Way, Jordan 55352 off market	$1,750	2 / 1.5	1,200	7.6 mi	2025-09-02	73%
201 E 1st St, Jordan 55352 off market	$1,125	1 / 1	—	7.7 mi	2026-07-17	70%
205 Broadway St S, Jordan 55352 off market	$950	1 / 1	—	7.9 mi	2026-07-09	70%
815 W Main St, Belle Plaine 56011 off market	$2,471	1 / 1	738	0.3 mi	2025-01-03	69%
425 Hillside Dr, Jordan 55352 off market	$1,200	2 / 1	800	7.1 mi	2026-09-03	68%

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 520 STATE ST W
mediumNo rents, lease terms or income figures given despite 'established rental history' Listing says: an established rental history, this property offers immediate income potential · AI review
mediumOur rent estimate assumes three 2-bed/1.5-bath units, which doesn't match the stated 4-bed and two 1-bed layout Based on: data: rent_estimate · AI review
lowLower-level units sit partly below grade on a sloped lot; check for moisture and egress Based on: photo 2 · AI review

Opportunities

Owner-occupy one unit and rent the other two to offset the mortgage Listing says: a potential owner-occupied property with income from the additional units · AI review
Each unit has in-unit laundry and private outdoor space, which helps tenant appeal and retention Listing says: private laundry and outdoor space for each · AI review
No rent cap in this market, so rents can follow the market Based on: data: underwriting.rent_rule · AI review

Questions for the agent

What are the current rents, lease end dates and deposits for each unit?
Who pays heat, electric, water, sewer and trash? Are the units separately metered?
What are the real property taxes, and are there any special assessments?
How old are the roof, siding, windows and electric baseboard heaters?
Is the property licensed as a rental with the city, and are all three units legal?
Why has it sat for 37 days, and has the price changed?

Bottom line

A tidy-looking 1979 triplex that could work, but the rent estimate is off for this unit mix, so don't trust the cash flow until you see real rents, taxes and utility setup. 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.	$6,786
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$3,600
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$255
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 2026-08-29 (37 days); last sold for $325,152 on 2024-05-13.

Date	Event	Price
2026-08-29	Listed	$429,900
2024-05-13	Sold public record	$325,152
2022-03-07	Removed	—
2022-02-10	Listed	$257,000
2013-02-25	Sold public record	$148,121
2011-06-17	Removed	$135,000
1997-12-26	Sold public record	$126,500
1996-06-21	Sold public record	$126,500
1996-01-17	Listed	$135,000

From the listing Listing

Listed as	triplex
Property tax, 2026	$6,786
County	Scott
Parcel number	200011480

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 Belle Plaine on rental licensing before you buy.