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623 Horace Ave N

Triplex · 3 units: 2 bed / 1 bath ×2 and 1 bed / 1 bath unit split estimated · 1,691 sq ft

Thief River Falls, MN · View the listing ↗

Cash flows
8 photos
623 Horace Ave N, photo 1
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623 Horace Ave N, photo 2
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623 Horace Ave N, photo 3
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623 Horace Ave N, photo 4
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623 Horace Ave N, photo 5
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623 Horace Ave N, photo 6
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623 Horace Ave N, photo 7
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623 Horace Ave N, photo 8
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Photos courtesy of USA Realty - Broker, via Realtor.com.

Asking price
$105,000
3 units · $35K per unit
Monthly cash flow
$423
at 20% down, 7%
Estimated rent
$2,350/mo
medium confidence
Break-even price
$184,518
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

The description is pure marketing: no rents, no unit mix, no utilities, no repairs. At $105K our model shows about $423/month cash flow and an 11.2% cap rate, but that uses our rent estimates and unverified taxes, so treat it as a best guess. The photos show one house with an old kitchen, a dated bath and a rough upstairs, and I can't confirm three units from them. Radiators point to a central boiler, which probably means the owner pays heat. Before a showing, confirm the unit count and rental license, and get the rent roll and 12 months of expenses.

Things to consider

  1. Unit count unverified Rent and value depend on three legal units. A converted single-family would change the numbers a lot.
  2. Rents are only our estimates The $423/month cash flow rests on estimated rents of about $775-$800 per unit. Actual rents could be lower.
  3. Interiors look dated Budget for updates and turnover costs. Older systems could eat into the modeled yield.From photo 5
  4. Heat is likely a shared boiler Radiators suggest central heat. If the owner pays, that is a real cost in a cold climate.From photo 7
  5. Small-town market Thief River Falls has a thin tenant pool, so vacancy can run longer than in a metro.

From the photos

Listing photo 5
1 of 7Concern

Kitchen appears dated: older white cabinets and an electric coil range, with newer vinyl plank flooring.

Listing photo 6
2 of 7Concern

Bathroom looks dated, with old vanity, wallpaper border and worn finishes.

Listing photo 7
3 of 7Concern

Upstairs room has worn green carpet, a sloped ceiling and a radiator. It looks like it needs refresh.

Listing photo 1
4 of 7Plus

Roof shingles and vinyl siding look reasonably serviceable from outside; the age isn't clear.

Listing photo 3
5 of 7Check

A window AC unit is visible, so there appears to be no central cooling.

Listing photo 4
6 of 7Plus

Detached single-door garage and a concrete pad give off-street parking.

Listing photo 5
7 of 7Check

Only one kitchen and a few entrances are shown. No photos of other units, basement, boiler or panel, so the unit count can't be confirmed.

Based on 8 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
$105,000
Cash to close
$24,150
Price per unit
$35,000
GRM
3.7

Each month

Cash flow
$423/mo
Cash-on-cash
21.0%
Cap rate
11.2%
DSCR
1.76×

Break-even

Price that breaks even
$184,518
Rent that breaks even
$1,800/mo

Long run

Year 30: property vs stocks
$1.06M vs $184K
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$2,350
Vacancy (6%)−$141
Collected$2,209
Property tax Listing−$226
Insurance Estimate−$286
Water, sewer, trash Estimate−$255
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$188
Capital reserve (9% of rent)−$212
Net operating income$982
Mortgage (principal + interest)−$559
Cash flow$423
Principal paid down (equity, not cash)$71

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$1,057,522
Your equity when you sell
$239,571

Sells for $254,863 (value up 3% a year), minus 6% selling cost ($15,292). Rent paid down $84,000 of loan.

Rental profits, invested at 7%
$817,951

$319,302 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$183,836
Cash to close, invested at 7%
$183,836

$24,150 put into an index fund instead of the down payment and closing costs.

The building comes out $873,686 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 $1.06M, stocks $184K. 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 $775/mo · range $725–$825

AddressRentBd / BaSq ftDistanceListedMatch
416 Main Ave N, Apt 5, Thief River Falls 56701 off market $750 2 / 1 — 0.2 mi 2025-01-23 94%
416 Main Ave N, Apt 6, Thief River Falls 56701 off market $745 2 / 1 — 0.2 mi 2026-06-03 94%
703 N State Ave, Thief River Falls 56701 $750 2 / 1 — 0.4 mi 2026-06-24 93%
711 N State Ave, Thief River Falls 56701 off market $750 2 / 1 — 0.4 mi 2026-08-13 93%
516 Kendall Ave S, Apt 1, Thief River Falls 56701 off market $875 2 / 1 — 0.8 mi 2026-03-03 93%
516 Kendall Ave S, Apt 4, Thief River Falls 56701 off market $875 2 / 1 — 0.8 mi 2026-02-10 93%
413 Merriam Ave S, Apt 1, Thief River Falls 56701 off market $825 2 / 1 — 0.9 mi 2026-04-08 93%
716 Crocker Ave S, Thief River Falls 56701 $725 2 / 1 — 1.0 mi 2026-09-21 93%
1238 Edgewood Dr, Thief River Falls 56701 off market $725 2 / 1 — 1.2 mi 2026-02-17 92%
1918 Greenwood Street East Thief River Fls, Thi… off market $800 2 / 1 — 1.8 mi 2026-07-12 91%

1 bed / 1 bath estimate $800/mo · range $725–$875

AddressRentBd / BaSq ftDistanceListedMatch
416 Main Ave N, Apt 4, Thief River Falls 56701 off market $625 1 / 1 — 0.2 mi 2024-08-28 94%
619 N State Ave, Thief River Falls 56701 off market $650 1 / 1 — 0.4 mi 2026-08-13 93%
550 W 8th St, Unit 21, Thief River Falls 56701 off market $650 1 / 1 — 0.5 mi 2026-07-21 93%
106 Wheatland Ests, Thief River Falls 56701 off market $895 1 / 1 — 0.5 mi 2024-04-15 93%
501 3rd St W, Unit 507, Thief River Falls 56701 off market $725 1 / 1 — 0.5 mi 2026-07-29 93%
413 Merriam Ave S, Unit 7, Thief River Falls 56701 off market $775 1 / 1 — 0.9 mi 2025-06-02 93%
320 Oak Ave N, Apt 225, Thief River Falls 56701 off market $650 1 / 1 — 0.9 mi 2024-11-18 93%
1308 Dale St Edgewood Dr, Unit 1238, Thief Rive… off market $810 1 / 1 — 1.3 mi 2026-04-27 92%
1308 Dale St, Apt 101, Thief River Falls 56701 off market $650 1 / 1 756 1.3 mi 2026-01-21 85%
1308 Dale St, Thief River Falls 56701 off market $660 1 / 1 756 1.3 mi 2025-09-15 85%

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 and no county record matched. Based on: data: rule_flags · AI review
  • highNo rents, leases or occupancy given, yet the listing touts cash flow. Listing says: offers outstanding cash flow potential · 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 623 HORACE AVE N
  • lowListed 56 days with no operating numbers. Ask why. Based on: data: listing.days_on_market · AI review

Opportunities

  • Price is low versus our break-even of about $184K, so there is room if rents and taxes check out. Based on: data: underwriting.break_even_price · AI review
  • Detached garage and a large lot could add parking or garage income. Based on: photo 4 · AI review

Questions for the agent

  • Is this legally a triplex? Is there a city rental license for three units?
  • What are the current rents, lease terms and tenant move-in dates?
  • Which utilities does the owner pay? How many meters and boilers are there?
  • What are the actual property taxes and any special assessments?
  • What are the roof, boiler and electrical ages?
  • Why has it sat 56 days?

Bottom line

Cheap price and a good modeled yield, but nothing is verified, and it looks like a tired converted house, so prove the unit count and rents first. 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.$2,714
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$3,435
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 1910: +1 pt capital reserve8% / 9%

Price history Realtor.com

On the market since 2026-08-10 (56 days); down $13,000 (11.0%) from the first ask of $118,000.

DateEventPrice
Price changed$105,000
Listed$118,000

From the listing Listing

Listed astriplex
Property tax, 2026$2,714
CountyPennington
Parcel number2501506200

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 Thief River Falls on rental licensing before you buy.