525 Nelson St NE
Warroad, 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 an 18-unit, 1983 building in Warroad priced at $795K, about $44K per door, with stated rents of only $600-$800. If the average is around $700, gross rent is roughly $151K a year before the owner pays boiler heat on a single system, plus common areas, taxes and insurance. Nothing in FACTS shows taxes, unit count or an underwriting, so the numbers are unverified. Photos show dated, worn interiors, carpet throughout, and window A/C units. Get the rent roll, trailing-12 expenses and heat bills before a showing, since heat could eat a big share of income. RUBS is a pitch, not income. It's worth a look only if the actual rents and expenses support the price.
Things to consider
- Owner-paid heat on 18 units Heat on a single boiler in a cold climate can take a large part of $600-$800 rents. Get actual bills before trusting any cash flow.Listing says: “Owner pays boiler heat, electric metered to tenants.”
- Rent level versus price Rents of $600-$800 across 18 units may not support $795K at today's rates. A rent roll is needed for real income.Listing says: “with rents ranging from $600-$800”
- Unverified taxes and unit count No county match means taxes and legal unit count are unknown, which can change net income a lot.
- Dated interiors and turnover costs Original-looking kitchens, carpet and baths mean repair and capex reserves will be higher than for updated buildings.From photo 1
- RUBS is upside, not income Billing tenants for heat needs lease changes and may face tenant pushback or rules. Don't count it in your offer.Listing says: “There would also be value in implementing a Ratio Utility Billing System (RUBS) program to absorb heat cost.”
- Balcony condition Every unit has a balcony or patio, so deck and railing repairs could multiply across the building.From photo 7
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
- Range across units: $700Listing says: with rents ranging from $600-$800
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 for all 18 units from the boiler system, which is a large uncapped expense Listing says: Owner pays boiler heat, electric metered to tenants. · AI review
- highRents of $600-$800 look thin against a $795K price; the range is a spread, not a rent roll Listing says: with rents ranging from $600-$800 · 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 525 NELSON ST NE
- mediumProjected utility bill-backs (RUBS) are not income yet, and in St. Paul they may count toward the 3% cap. Listing says: "There would also be value in implementing a Ratio Utility Billing System (RUBS) program to absorb heat cost. Detached"
- mediumInteriors look original and worn, with old carpet, laminate counters and wall A/C units Based on: photo 1 · AI review
- mediumWood balcony deck looks weathered and the railing is rusty Based on: photo 7 · AI review
Opportunities
- Long time on market: room to negotiate. Based on: Listing data: 90 days on market, 1 price cuts
- Utility bill-back could offset heat cost, but only if leases and local rules allow it Listing says: There would also be value in implementing a Ratio Utility Billing System (RUBS) program to absorb heat cost. · AI review
- Detached 8-stall garage could bring extra rent Listing says: Detached garage has 8 stalls. · AI review
Questions for the agent
- Can I get the full rent roll with unit sizes, lease dates and current vacancy?
- What were last year's heating costs, taxes, insurance and total operating expenses?
- What are the age and condition of the boiler, roof and balconies?
- Are the garage stalls rented, and for how much?
- Is the unit count exactly 18, and how many are 1-, 2- and 3-bedrooms?
- Why has it sat 90 days, and has the price been cut?
Bottom line
An 18-unit building with low rents, owner-paid heat and dated interiors; only worth pursuing if the real rent roll and expenses beat the $795K ask. 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×); down $90,000 (10.2%) from the first ask of $885,000.
| Date | Event | Price |
|---|---|---|
| Listed | $795,000 | |
| Removed | — | |
| Price changed | $805,000 | |
| Listed | $885,000 |
From the listing Listing
| Listed as | multi family |
| Property tax, 2026 | $14,208 |
| County | Roseau |
| Parcel number | 560156100 |
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 Warroad on rental licensing before you buy.