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5419 4th St NE

Fourplex · 4 units: 2 bed / 1 bath ×3 and 1 bed / 1 bath unit split estimated · 4,698 sq ft

Fridley, MN · View the listing ↗

Overpriced
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Photos courtesy of RE/MAX ADVANTAGE PLUS, via Realtor.com.

Asking price
$569,000
4 units · $142K per unit
Monthly cash flow
−$840
at 20% down, 7%
Estimated rent
$4,725/mo
medium confidence
Break-even price
$411,115
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a 1961 fourplex in Fridley (three 2-beds, one 1-bed) asking $569K, and at that price it doesn't work. Our underwriting at 20% down shows about -$840/month and a 4.6% cap rate, with a break-even price near $411K, so the ask is roughly $158K above what the rents support. The $76,200 projected gross is a projection, not income, and our rent estimates (about $4,700/month combined) come to roughly $56K a year, so the listing is claiming about $20K more. Get the actual rent roll, the solar income paperwork and the heating setup first. The one boiler and shared utilities could mean the owner pays heat. The building looks decently kept, but I'd only show it if the price comes down a lot or the rent roll proves out the projection.

Things to consider

  1. Price is far above what rents support Underwriting shows negative cash flow of about $840/month and a break-even price near $411K, so the ask needs a big cut to work at today's rates.
  2. Projected income vs our estimates Our rent estimates add up to roughly $56K a year, so the $76K projection looks high. Underwrite on actual leases only.Listing says: “Projected gross annual income $76,200”
  3. Solar income needs verification If the array is leased or its income is tied to the owner's meter, it may not transfer or may not be real net income.Listing says: “Has additional income from the installed Solar Energy Array”
  4. Heating and utility setup A central boiler can mean the owner pays heat, which would cut cash flow further than our estimate assumes.From photo 3
  5. Taxes and unit count unverified No county parcel match, and an investor's tax bill may be far above the seller's current one.

From the photos

Listing photo 1
1 of 7Check

Split-entry stucco and brick exterior appears in fair shape with a flat-looking low roofline; roof condition not visible

Listing photo 3
2 of 7Check

Boiler and tank water heater share the utility room, which appears to be a central system; boiler age is unknown

Listing photo 4
3 of 7Plus

Coin-op washer and dryer in a common laundry room, which appear to be in working order

Listing photo 9
4 of 7Plus

Unit kitchen has white cabinets, tile backsplash, stone-look counters and a gas range; the update appears cosmetic and fairly recent

Listing photo 10
5 of 7Plus

Luxury vinyl plank flooring throughout the unit looks durable and low-maintenance

Listing photo 6
6 of 7Concern

Common stairwell has worn carpet and basic finishes; baseboard hot-water heat visible

Listing photo 8
7 of 7Check

Only one unit's interior is shown; the other three units, the bathrooms, the electrical panel and the garage are not shown

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

Down payment %
Offer $
Management
Interest rate %
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
$569,000
Cash to close
$130,870
Price per unit
$142,250
GRM
10.0

Each month

Cash flow
−$840/mo
Cash-on-cash
−7.7%
Cap rate
4.6%
DSCR
0.72×

Break-even

Price that breaks even
$411,115
Rent that breaks even
$5,802/mo

Long run

Year 30: property vs stocks
$1.53M vs $1.39M
Cash flow turns positive
year 14

Monthly

Monthly breakdown

Rent$4,725
Vacancy (6%)−$284
Collected$4,442
Property tax Listing−$700
Insurance Estimate−$398
Water, sewer, trash Estimate−$340
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$378
Capital reserve (8% of rent)−$378
Net operating income$2,188
Mortgage (principal + interest)−$3,028
Cash flow−$840
Principal paid down (equity, not cash)$385

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$1,527,397
Your equity when you sell
$1,298,245

Sells for $1,381,112 (value up 3% a year), minus 6% selling cost ($82,867). Rent paid down $455,200 of loan.

Rental profits, invested at 7%
$229,152

$157,498 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,392,481
Cash to close, invested at 7%
$996,216

$130,870 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$396,265

$71,254 you'd have paid in while the building lost money, invested instead.

The building comes out $134,916 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 $1.53M, stocks $1.39M. 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 $1,225/mo · range $1,075–$1,400

AddressRentBd / BaSq ftDistanceListedMatch
6111 Star Ln NE, Fridley 55432 $1,390 2 / 1 — 0.9 mi 2025-12-06 93%
110 61st Ave NE, Fridley 55432 off market $1,490 2 / 1 — 0.9 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 93%
5960 Anna Ave NE, Apt 303, Fridley 55432 $1,290 2 / 1 — 1.0 mi 2026-05-30 93%
7206 Camden Ave N, Apt 113, Brooklyn Center 55430 off market $1,225 2 / 1 — 1.8 mi 2026-06-19 91%
1121 67th Ave N, Brooklyn Center 55430 off market $1,000 2 / 1 — 1.9 mi 2026-07-13 91%
7206 Camden Ave N, Apt 114, Brooklyn Center 55430 off market $1,275 2 / 1 — 1.8 mi 2026-02-25 91%
1301 67th Ave N, Brooklyn Center 55430 off market $1,000 2 / 1 — 1.9 mi 2026-03-25 91%
7218 Camden Ave N, Apt 129, Brooklyn Center 55430 off market $1,275 2 / 1 — 1.9 mi 2026-02-10 91%
1307 67th Ave N, Brooklyn Center 55430 off market $1,000 2 / 1 — 1.9 mi 2026-01-13 91%

1 bed / 1 bath estimate $1,050/mo · range $1,000–$1,125

AddressRentBd / BaSq ftDistanceListedMatch
4911 University Ave NE, Columbia Heights 55421 $950 1 / 1 — 0.6 mi 2025-01-07 93%
5960 Anna Ave NE, Apt 305, Fridley 55432 $1,090 1 / 1 — 1.0 mi 2026-05-30 93%
5960 Anna Ave NE, Apt 105, Fridley 55432 $1,080 1 / 1 — 1.0 mi 2026-07-29 93%
909 46 1/2 Ave NE, Hilltop 55421 off market $1,000 1 / 1 — 1.1 mi 2026-02-19 92%
907 46 1/2 Ave NE, Hilltop 55421 off market $1,000 1 / 1 — 1.1 mi 2026-02-19 92%
4630 Central Ave NE, Hilltop 55421 off market $950 1 / 1 — 1.1 mi 2026-02-19 92%
4347 University Ave NE, Columbia Heights 55421 off market $950 1 / 1 — 1.3 mi 2026-05-14 92%
6680 Lucia Ln NE, Fridley 55432 $1,125 1 / 1 — 1.8 mi 2025-07-24 91%
7212 Camden Ave N, Apt 218, Brooklyn Center 55430 off market $1,075 1 / 1 — 1.9 mi 2026-07-08 91%
7212 Camden Ave N, Apt 221, Brooklyn Center 55430 off market $1,075 1 / 1 — 1.9 mi 2026-06-29 91%

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

  • highProjected income is well above our rent estimates and is not a rent roll Listing says: Projected gross annual income $76,200 · 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 5419 4TH ST NE
  • lowHighway about 227 m away (I-694) may mean noise and affect rents and resale Based on: data: highway · AI review
  • lowSeller requires proof of funds before showings, so a rent roll may not be available early Listing says: Seller require Proof of Funds Letter prior to scheduling showings · AI review

Opportunities

  • Solar array adds income beyond rents; verify who owns it and what it produces Listing says: Has additional income from the installed Solar Energy Array · AI review
  • Coin-op laundry adds modest income Listing says: Shared Coin Op Laundry Room in Lower Level · AI review
  • Detached 4-car garage could be rented to tenants as an extra income source Listing says: There is a detached (4) Car Garage · AI review
  • No rent cap, so rents can follow the market Based on: data: underwriting.rent_rule · AI review

Questions for the agent

  • Can I see the current rent roll, lease dates and whether any tenants are month-to-month?
  • Who owns the solar array, is it owned or leased, and what did it earn in the last 12 months?
  • Who pays heat and water? Is there one boiler for all four units?
  • What are the trailing-12 expenses and the actual property tax bill?
  • Is the lower level unit legal and licensed with the city of Fridley?
  • What is the age of the roof, boiler, water heater and electrical panels?

Bottom line

A clean-looking Fridley fourplex, but $569K is about $158K over what the rents support, so negotiate hard or pass. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2025. 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.$8,394
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$4,774
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. base rate8% / 8%

Price history Realtor.com

On the market since 2026-09-29 (6 days); last sold for $658,000 on 2023-06-15; listed for rent at $1,295/mo on 2022-06-03.

DateEventPrice
Listed$569,000
Sold public record$658,000
Removed—
Rent changed$1,295/mo
Listed for rent$1,300/mo
Sold$429,000
Sold$265,000
Price changed$279,000
Listed$299,000
Sold public record$206,200

From the listing Listing

Listed asfour plex
Property tax, 2025$8,394
CountyAnoka
Parcel number233024340019

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 227 m away.