5347 4th St NE

Triplex · 3 units: 2 bed / 1 bath and 1 bed / 1 bath ×2 unit split estimated · 2,670 sq ft

Overpriced

44 photos

Photos courtesy of Labelle Real Estate Group Inc - Broker, via Realtor.com.

Asking price: $469,900
Monthly cash flow: −$766
Estimated rent: $3,650/mo
Break-even price: $325,925

Adjust the numbers See the full breakdown

From the listing

Turn-key triplex investment opportunity with strong, consistent rental income. Each unit offers a private exterior entrance for added tenant appeal. Unit #2 features 2 beds, 1 bath with in-unit laundry, while Units #1 & #3 1 bed, 1 bath and each unit includes their own washers and dryers in a shared laundry space. Well-maintained property with a roof under 10 years old and solid overall condition. Detached 2-car garage adds value, tenant parking and/or storage. Located in a high-demand rental area near highways, parks, shopping, and dining. Leases in place will transfer with sale. 24-hour notice required for showings. Quick closing available.

Listing courtesy of Labelle Real Estate Group Inc - Broker (Amy Tyler (Foss)). Description from Realtor.com, MLS #7054412. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is listed as a turn-key triplex, but the description gives no rents, no tenant details and no expenses, so the income is unproven. Our numbers show about -$766/mo at the $469,900 ask, a 4.4% cap rate and a break-even price near $325,900. That is a big gap, and 171 days on market says buyers see it too. The photos show dated, original-looking 1960 interiors, and the property has not matched to a county parcel, so taxes and unit count are unverified. Ask for the rent roll, leases and trailing-12 expenses first. Only consider a showing if the price comes down a long way.

Things to consider

Price is far above what the numbers support The model shows negative cash flow of $766/mo at ask and a break-even price about $144K lower. Rates and rents would both have to move a lot to fix that.
Rents and leases are unknown Without actual rents or lease terms, you can't check the income. Leases that transfer are only as good as their terms and rent levels.Listing says: “Leases in place will transfer with sale.”
Unit count and licensing are unverified Taxes, rental license and legal unit count didn't match a county record. A lower-level unit without proper egress or licensing could cost you rent or force changes.
Dated interiors mean capital needs Original kitchens and baths and older windows suggest reserves for turnover and updates, even if the roof is under 10 years old.From photo 3
Long time on market gives leverage At 171 days, the seller may accept a substantially lower offer, especially with a quick closing offered.Listing says: “Quick closing available.”

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 under 10 years oldListing says: a roof under 10 years old and solid overall condition

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: $469,900
Cash to close: $108,077
Price per unit: $156,633
GRM: 10.7

Each month

Cash flow: −$766/mo
Cash-on-cash: −8.5%
Cap rate: 4.4%
DSCR: 0.69×

Break-even

Price that breaks even: $325,925
Rent that breaks even: $4,632/mo

Long run

Year 30: property vs stocks: $1.22M vs $1.21M
Cash flow turns positive: year 15

Monthly

Monthly breakdown

Rent	$3,650
Vacancy (6%)	−$219
Collected	$3,431
Property tax Listing	−$517
Insurance Estimate	−$281
Water, sewer, trash Estimate	−$255
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$292
Capital reserve (8% of rent)	−$292
Net operating income	$1,735
Mortgage (principal + interest)	−$2,501
Cash flow	−$766
Principal paid down (equity, not cash)	$318

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$1,223,960

Your equity when you sell: $1,072,137
Rental profits, invested at 7%: $151,824

Same money in stocks$1,213,592

Cash to close, invested at 7%: $822,710
Monthly shortfalls, invested: $390,882

The building comes out $10,368 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 $1.22M, stocks $1.21M. 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 $1,300/mo · range $1,200–$1,425

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
6061 2nd St NE, Fridley 55432 off market	$1,275	2 / 1	650	0.9 mi	2026-04-18	94%
5851 2nd St NE, Fridley 55432 off market	$1,267	2 / 1	697	0.7 mi	2025-09-09	93%
5830 2nd St NE, Apt 4, Fridley 55432 off market	$1,350	2 / 1	700	0.7 mi	2026-02-09	93%
6111 Star Ln NE, Fridley 55432	$1,390	2 / 1	—	1.0 mi	2025-12-06	93%
110 61st Ave NE, Fridley 55432 off market	$1,490	2 / 1	—	1.0 mi	2025-10-24	93%
179 Charles St NE, Apt 6, Fridley 55432 off market	$1,175	2 / 1	—	1.0 mi	2026-03-27	92%
5960 Anna Ave NE, Apt 303, Fridley 55432	$1,290	2 / 1	—	1.0 mi	2026-05-30	92%
5430 7th St NE, Fridley 55421 off market	$1,125	2 / 1	750	0.2 mi	2025-07-22	92%
5460 7th St NE, Fridley 55421	$1,150	2 / 1	775	0.2 mi	2025-07-01	92%
6551 E River Rd, Apt 301, Fridley 55432 off market	$1,150	2 / 1	700	1.7 mi	2026-09-25	91%

1 bed / 1 bath estimate $1,175/mo · range $1,025–$1,325

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
5950 E River Rd, Fridley 55432	$1,050	1 / 1	535	0.9 mi	2026-06-05	98%
191 Island Park Dr NE, Fridley 55432	$1,050	1 / 1	500	1.0 mi	2026-06-05	98%
5980 Anna Ave NE, Unit 307, Minneapolis 55432 off market	$1,175	1 / 1	550	1.0 mi	2026-07-16	97%
5980 Anna Ave NE, Apt 104, Minneapolis 55432 off market	$1,100	1 / 1	550	1.1 mi	2026-01-10	97%
6530 University Ave NE, Fridley 55432	$1,422	1 / 1	497	1.4 mi	2025-09-29	97%
5290 3rd St NE, Fridley 55421	$1,085	1 / 1	600	0.2 mi	2024-04-12	97%
5121 University Ave NE, Apt 101, Minneapolis 55421 off market	$915	1 / 1	600	0.3 mi	2026-02-25	96%
5121 University Ave NE, Apt 204, Minneapolis 55421 off market	$900	1 / 1	600	0.3 mi	2026-02-25	96%
190 Island Park Dr NE, Fridley 55432 off market	$1,050	1 / 1	600	0.9 mi	2025-12-27	95%
995 Lynde Dr NE, Fridley 55432	$1,295	1 / 1	635	0.8 mi	2025-06-24	94%

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

highIncome claim has no numbers behind it Listing says: Turn-key triplex investment opportunity with strong, consistent rental income. · 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 5347 4TH ST NE
mediumAsking is $143,975 above the price where cash flow breaks even ($325,925) at the default scenario. Based on: Derived: price $469,900 vs. break-even $325,925
mediumListing facts show 4 beds and 3 baths, which doesn't match the stated 2+1+1 unit mix Based on: data: listing.beds · AI review
mediumUnit count and taxes are unverified, and the rental license can't be confirmed Based on: data: city.rental_license · AI review
lowShared laundry space for two units while the third has in-unit laundry; check how the laundry is set up and who pays for it Listing says: each unit includes their own washers and dryers in a shared laundry space · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 171 days on market
Long listing time and a price well above break-even give room to negotiate hard Based on: data: listing.days_on_market · AI review
Detached garage adds parking or storage income potential Listing says: Detached 2-car garage adds value, tenant parking and/or storage. · AI review
Kitchens and baths look original; a refresh could support rents nearer the estimate high end Based on: photo 3 · AI review

Questions for the agent

Can I see the rent roll, signed leases and security deposits for all three units?
What are the trailing-12 expenses: taxes, insurance, utilities, repairs?
Who pays heat, water and electric, and are there separate meters?
How old is the roof, and what are the boiler or heating system and water heater ages?
Is the property licensed as a three-unit rental in Fridley, and is the lower-level unit legal with egress?
Why has it sat since April, and has the price been cut?

Bottom line

At $469,900 this triplex loses money in our model and needs roughly $144K off to break even, so verify the rents and unit count before spending time on it. 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.	$6,200
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$3,368
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 2026-04-17 (171 days); down $30,100 (6.0%) from the first ask of $500,000; last sold for $450,000 on 2025-01-31.

Date	Event	Price
2026-10-02	Price changed	$469,900
2026-08-17	Price changed	$489,900
2026-04-17	Listed	$500,000
2025-01-31	Sold	$450,000
2024-12-20	Price changed	$459,900
2024-11-22	Price changed	$444,900
2024-10-23	Listed	$449,900

From the listing Listing

Listed as	triplex
Property tax, 2026	$6,200
County	Anoka
Parcel number	233024340055

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 Fridley on rental licensing before you buy.

Nearest highway

I 694, about 328 m away.