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610 Se 3rd Ave

Triplex · 3 units: 1 bed / 1 bath ×3

Waseca, MN · View the listing ↗

Cash flows
6 photos
610 Se 3rd Ave, photo 1
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610 Se 3rd Ave, photo 2
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610 Se 3rd Ave, photo 3
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610 Se 3rd Ave, photo 4
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610 Se 3rd Ave, photo 5
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610 Se 3rd Ave, 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
$298
at 20% down, 7%
Estimated rent
$2,550/mo
high confidence
Break-even price
$230,722
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

A 1887 house in Waseca asking $174,800 that the listing calls a triplex, with no unit count, rents, lease terms or utilities in the description. Our underwriting shows about $298/mo cash flow and an 8.4% cap rate, but it rests on actual rents of $615 to $680 that the listing never states, and on taxes we couldn't verify because the address didn't match a county parcel. The photos show a modest two-story house that looks like a single-family footprint, so confirming three legal units is the first job. Get the rent roll, the rental license status and the tax bill before a showing. It's worth a look only if three licensed units check out.

Things to consider

  1. Confirm three legal units Income and value depend on it. A house this size may be licensed for fewer units, and a missing license could hurt financing and cash flow.
  2. Rents are below our estimate Our numbers use actual rents of $615 to $680 against a $850 mid estimate. Upside exists, but the actual rents are not stated in the listing and need to be verified.
  3. Cash flow depends on unverified taxes The parcel didn't match, so the tax figure may be off. A higher tax bill would cut the $298/mo cash flow quickly.
  4. Old building, no interior photos An 1887 house with three units can hide big costs in wiring, plumbing and heat. Budget for an inspection and reserves before relying on the cap rate.
  5. Negotiating room 137 days on market suggests the seller may accept a lower price. Our break-even is well above ask, but that depends on unverified inputs.

From the photos

Listing photo 1
1 of 7Check

Roof shingles appear dark and fairly uniform, but age can't be judged from the photos.

Listing photo 2
2 of 7Concern

Siding appears to be older painted lap siding with some dingy areas. Check paint and siding condition up close.

Listing photo 1
3 of 7Check

Exterior looks like one two-story house with one front entry. Where the three units sit isn't clear.

Listing photo 3
4 of 7Check

A wooden exterior stair on the side appears to lead to an upper entrance, which may be the separate access for an upper unit.

Listing photo 3
5 of 7Plus

Detached single-car garage with a driveway appears to be available for parking.

Listing photo 4
6 of 7Plus

Large, flat back yard with a shed. Space looks useful for tenants.

Listing photo 5
7 of 7Check

No interior photos: kitchens, baths, mechanicals and electrical panels are not shown.

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
5.7

Each month

Cash flow
$298/mo
Cash-on-cash
8.9%
Cap rate
8.4%
DSCR
1.32×

Break-even

Price that breaks even
$230,722
Rent that breaks even
$2,163/mo

Long run

Year 30: property vs stocks
$1.16M vs $319K
Cash flow turns positive
year 2

Monthly

Monthly breakdown

Rent$2,550
Vacancy (6%)−$153
Collected$2,397
Property tax Listing−$104
Insurance Estimate−$316
Water, sewer, trash Estimate−$255
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$204
Capital reserve (9% of rent)−$230
Net operating income$1,228
Mortgage (principal + interest)−$930
Cash flow$298
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$1,161,249
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%
$762,421

$326,849 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$319,417
Cash to close, invested at 7%
$306,043

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

Monthly shortfalls, invested
$13,374

$1,880 you'd have paid in while the building lost money, invested instead.

The building comes out $841,832 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 $1.16M, stocks $319K. 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 $850/mo · range $750–$975

AddressRentBd / BaSq ftDistanceListedMatch
610 3rd St SE, Unit 2, Waseca 56093 off market $665 1 / 1 700 0.0 mi 2024-09-20 100%
801 3rd Ave NE, Apt 1, Waseca 56093 off market $900 1 / 1 — 0.3 mi 2026-04-30 99%
117 State St S, Waseca 56093 $699 1 / 1 600 0.4 mi 2025-03-05 99%
121 N State St, Unit 7, Waseca 56093 $995 1 / 1 — 0.4 mi 2026-10-05 99%
121 N State St, # 121-7, Waseca 56093 off market $995 1 / 1 — 0.4 mi 2026-09-09 99%
121 N State St, Waseca 56093 off market $995 1 / 1 — 0.4 mi 2026-10-01 99%
509 4th St NE, Waseca 56093 $895 1 / 1 496 0.5 mi 2026-09-10 99%
N 2nd St, Waseca 56093 off market $850 1 / 1 600 0.8 mi 2026-07-07 98%
1101 2nd St NW, Apt 102, Waseca 56093 off market $850 1 / 1 650 1.0 mi 2024-04-06 98%
208 14th Ave NE, Apt 13, Waseca 56093 off market $745 1 / 1 550 1.1 mi 2026-05-09 98%

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

  • highUnit count isn't confirmed. The house looks small for three units, and the county record didn't match. Based on: data: county.living_units · 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
  • mediumDescription gives no rents, lease terms, utilities or square footage, so income can't be verified from the listing. Listing says: Each unit provides functional living space with the chance to add your own updates and improvements. · AI review
  • mediumBuilt in 1887. Systems, wiring, plumbing and foundation are likely old and unknown. Based on: data: listing.year_built · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 137 days on market
  • Current rents are below market. Rents can reset to market at renewal. Based on: Listing rents vs. our market estimate: Unit 1: 1 bed / 1 bath $680 vs $850, Unit 2: 1 bed / 1 bath $665 vs $850, Unit 3: 1 bed / 1 bath $615 vs $850
  • Large lot with a detached garage and shed gives room for parking or storage, and possibly added value. Based on: photo 4 · AI review
  • Seller language suggests updates are needed. That, plus 137 days on market, supports a lower offer. Listing says: renovate and increase value · AI review

Questions for the agent

  • How many legal units are there, and does Waseca have a rental license for each?
  • Can I see the rent roll, leases and whether anyone is month-to-month?
  • Who pays heat, electric, water and trash, and how many meters and furnaces are there?
  • What are the actual annual taxes and any special assessments?
  • What are the ages of the roof, furnaces, water heaters, electrical panels and the foundation condition?
  • Why has it sat 137 days, and have there been price cuts or offers?

Bottom line

The numbers look decent on paper, but until the unit count, rents and taxes are confirmed, treat this as an unverified 1887 house. 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$3,795
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 asmulti-family
Property tax, 2026$1,251
CountyWaseca County
Parcel number17-276-0920

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.