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610 3rd Ave SE

Triplex · 3 units: 1 bed / 1 bath ×3 unit split estimated · 2,142 sq ft

Waseca, MN · View the listing ↗

Cash flows
6 photos
610 3rd Ave SE, photo 1
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610 3rd Ave SE, photo 2
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610 3rd Ave SE, photo 3
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610 3rd Ave SE, photo 4
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610 3rd Ave SE, photo 5
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610 3rd Ave SE, photo 6
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Photos courtesy of CENTURY 21 Atwood, via Realtor.com.

Asking price
$174,800
3 units · $58K per unit
Monthly cash flow
$722
at 20% down, 7%
Estimated rent
$3,075/mo
medium confidence
Break-even price
$310,369
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

The listing gives no rents, no unit mix, no utilities and no repair detail, so everything rests on our estimates. At $174,800 and about $1,025 per 1-bed, our model shows roughly $722/month cash flow and a 11.3% cap rate. That looks strong, but taxes and unit count are unverified because we couldn't match a county parcel. A 1887 house that looks like a single-family home from the street, with 2,142 sq ft, makes me doubt it is truly three units. Confirm unit count, legal status and the rent roll before you spend time on a showing. Then look hard at the roof, foundation and wiring.

Things to consider

  1. Confirm it is really a legal triplex Income and value depend on the unit count. If it is a duplex or single-family home, the rent estimate collapses.
  2. No rent roll or lease info Our rents are estimates. Actual rents, vacancy and tenant history decide the cash flow.Listing says: “This triplex offers strong income potential and endless possibilities for the right buyer.”
  3. Cash flow looks strong only on assumptions The $722/month figure uses unverified taxes and estimated rents. Higher taxes or lower rents shrink it quickly.
  4. Negotiating leverage after 137 days A long listing time suggests the seller may accept a lower price, especially if the condition or unit count is an issue.
  5. Old building, no interior photos An 1887 building may need major system and structural work. Budget for inspections before relying on the yield.

From the photos

Listing photo 1
1 of 6Check

Exterior looks like a single-family two-story house with one front door visible; it is not obvious that it holds three units.

Listing photo 1
2 of 6Concern

Wood or vinyl-type siding appears worn, with possible peeling paint and weathering in places.

Listing photo 2
3 of 6Check

Roof shingles appear dark and intact from the ground, but their age can't be judged.

Listing photo 3
4 of 6Check

Exterior wood stairs and a rear entrance appear on the side, which could be a separate unit entrance. Check condition.

Listing photo 3
5 of 6Plus

Detached single-car garage and a driveway appear to give off-street parking.

Listing photo 4
6 of 6Check

Large, mostly open back yard with a shed. No interior photos show kitchens, baths, mechanicals or panels.

Based on 5 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
$174,800
Cash to close
$40,204
Price per unit
$58,267
GRM
4.7

Each month

Cash flow
$722/mo
Cash-on-cash
21.5%
Cap rate
11.3%
DSCR
1.78×

Break-even

Price that breaks even
$310,369
Rent that breaks even
$2,138/mo

Long run

Year 30: property vs stocks
$1.85M vs $306K
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$3,075
Vacancy (6%)−$184
Collected$2,890
Property tax Listing−$104
Insurance Estimate−$297
Water, sewer, trash Estimate−$255
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$246
Capital reserve (9% of rent)−$277
Net operating income$1,652
Mortgage (principal + interest)−$930
Cash flow$722
Principal paid down (equity, not cash)$118

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$1,847,865
Your equity when you sell
$398,828

Sells for $424,285 (value up 3% a year), minus 6% selling cost ($25,457). Rent paid down $139,840 of loan.

Rental profits, invested at 7%
$1,449,036

$573,390 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$306,043
Cash to close, invested at 7%
$306,043

$40,204 put into an index fund instead of the down payment and closing costs.

The building comes out $1,541,822 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 $1.85M, stocks $306K. 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.

1 bed / 1 bath estimate $1,025/mo · range $900–$1,175

AddressRentBd / BaSq ftDistanceListedMatch
801 3rd Ave NE, Apt 1, Waseca 56093 off market $900 1 / 1 — 0.3 mi 2026-04-30 94%
121 N State St, # 121-7, Waseca 56093 off market $995 1 / 1 — 0.4 mi 2026-09-09 93%
121 N State St, Waseca 56093 off market $995 1 / 1 — 0.4 mi 2026-10-01 93%
121 N State St, Unit 7, Waseca 56093 $995 1 / 1 — 0.4 mi 2026-10-05 93%
208 14th Ave, Waseca 56093 off market $585 1 / 1 — 1.2 mi 2026-09-22 92%
610 3rd St SE, Unit 2, Waseca 56093 off market $665 1 / 1 700 0.0 mi 2024-09-20 84%
121 N State St, Unit 3, Waseca 56093 $800 0 / 1 — 0.4 mi 2026-10-05 84%
121 N State St, # 121-3, Waseca 56093 off market $800 0 / 1 — 0.4 mi 2026-09-17 84%
512 3rd St NE, Apt C, Waseca 56093 off market $915 2 / 1 — 0.5 mi 2024-11-14 84%
117 State St S, Waseca 56093 $699 1 / 1 600 0.4 mi 2025-03-05 82%

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

  • highTriplex claim is unverified; the house looks like a converted single-family home and no county record matched. Based on: data: county.living_units · AI review
  • highDescription gives no rents, occupancy, leases or expenses despite calling income potential 'strong'. Listing says: This triplex offers strong income potential and endless possibilities for the right buyer. · 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 610 3RD AVE SE
  • mediumTaxes are unknown, so the cash flow figure could be off. Based on: data: county.tax · AI review
  • mediumBuilt 1887, so expect old wiring, plumbing and foundation questions. Based on: data: listing.year_built · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 137 days on market
  • 137 days on market gives room to negotiate on price. Based on: data: listing.days_on_market · AI review
  • Large lot with a detached garage and a shed gives room for parking or storage income. Based on: photo 4 · AI review
  • The description invites updates, so the units may be dated, which means a rent upside after a refresh. Verify condition. Listing says: the chance to add your own updates and improvements · AI review

Questions for the agent

  • Is this legally three units? Is there a city rental license and how many units does it list?
  • What is the current rent roll, with lease dates and any month-to-month tenants?
  • Who pays heat, water and electric, and are there separate meters and furnaces?
  • What are the annual taxes and any special assessments?
  • How old are the roof, furnace(s), electrical panels and water heaters?
  • Why has it sat 137 days, and have there been price cuts or inspection issues?

Bottom line

The modeled numbers look good, but with no rents, no verified unit count and an 1887 build, treat the triplex claim as unproven until you see the rent roll and rental license. 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.$1,251
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$3,559
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. built 1887: +1 pt capital reserve8% / 9%

Price history Realtor.com

On the market since 2026-05-21 (137 days); down $50,000 (22.2%) from the first ask of $224,800; last sold for $78,000 on 2017-01-01; listed for rent at $650/mo on 2023-10-13.

DateEventPrice
Price changed$174,800
Price changed$184,800
Relisted$199,800
Removed—
Price changed$199,800
Listed$224,800
Removed—
Listed for rent$650/mo
Removed—
Listed for rent$615/mo
Removed—
Listed for rent$615/mo
Rental removed$450/mo
Rent changed$450/mo
Rent changed$600/mo
Listed for rent$550/mo
Sold public record$78,000
Sold$74,900
Relisted$74,900
Removed$74,900
Listed$74,900
Sold public record$59,000

From the listing Listing

Listed astriplex
Property tax, 2026$1,251
CountyWaseca
Parcel number172760920

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 Waseca on rental licensing before you buy.