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904 S 3rd Ave

Duplex · 2 units: 2 bed / 1 bath ×2 · 1,931 sq ft

Virginia, MN · View the listing ↗

Cash flows
1 photos
904 S 3rd Ave, photo 1
1 / 1

Photos courtesy of PERRELLA & ASSOCIATES - Broker, via Realtor.com.

Asking price
$109,900
2 units · $55K per unit
Monthly cash flow
$285
at 20% down, 7%
Estimated rent
$1,950/mo
high confidence
Break-even price
$163,445
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

At $109,900 for two 2-beds, the numbers look strong on paper: our model shows about $285 a month in cash flow and a 9.5% cap rate at asking, with a break-even price near $163K. But no rents are stated and the county parcel didn't match, so taxes and unit count are unverified. That gap matters, because the cap rate depends on a tax figure we are guessing at. The description claims new electrical, plumbing and separate meters, which is a real plus if permitted and documented. It has sat 184 days, so ask why before getting excited. Worth a showing only if the rent roll, tax bill and rental license check out.

Things to consider

  1. Taxes and unit count are unverified The county parcel did not match, so the 9.5% cap rate may be off if taxes are higher. Verify the tax bill and the legal unit count.
  2. No actual rents given Our estimate is about $975 per unit, but without a rent roll the income is unproven. Check leases and deposits.
  3. Renovation claims need documentation New electrical and plumbing add value and cut risk, but only if permitted and done properly. Ask for permits and an inspection.Listing says: “new electrical and plumbing systems”
  4. Long time on market 184 days suggests pricing, condition or income issues. It also gives you negotiating room.
  5. Exterior and structure not described A 1910 build with worn-looking siding may need roof, siding or foundation work not covered by the interior renovation.From photo 1
  6. Cash flow has a cushion at asking Break-even price is near $163K versus $109.9K asking, so there is room for higher taxes or repairs before it stops working.

From the photos

Listing photo 1
1 of 6Concern

Front elevation shows a two-story house with mixed siding (red upper, light lower) that appears older and weathered.

Listing photo 1
2 of 6Plus

Two front doors under a shared porch roof appear to match a two-unit layout.

Listing photo 1
3 of 6Check

Roof and trim appear aged; the porch roofline and paint look worn. Roof age is unknown.

Listing photo 1
4 of 6Check

Satellite dishes are mounted on the exterior, suggesting current occupancy.

Listing photo 1
5 of 6Check

Only one exterior photo is shown. No kitchens, baths, panels, heating or basement to confirm the claimed renovation.

Listing photo 1
6 of 6Check

Foundation appears to be a painted or stuccoed base; no cracks are visible from this angle, but it needs a close look given the 1910 build.

Based on 1 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

Condition and repairs

  • doneInterior renovations including new electrical and plumbing systemsListing says: The interior of this property has undergone renovations, including new electrical and plumbing systems, hardwired smoke detectors, and separate meters.

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
$109,900
Cash to close
$25,277
Price per unit
$54,950
GRM
4.7

Each month

Cash flow
$285/mo
Cash-on-cash
13.5%
Cap rate
9.5%
DSCR
1.49×

Break-even

Price that breaks even
$163,445
Rent that breaks even
$1,580/mo

Long run

Year 30: property vs stocks
$883K vs $192K
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$1,950
Vacancy (6%)−$117
Collected$1,833
Property tax Estimate−$192
Insurance Estimate−$209
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$156
Capital reserve (9% of rent)−$176
Net operating income$870
Mortgage (principal + interest)−$585
Cash flow$285
Principal paid down (equity, not cash)$74

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$882,713
Your equity when you sell
$250,751

Sells for $266,756 (value up 3% a year), minus 6% selling cost ($16,005). Rent paid down $87,920 of loan.

Rental profits, invested at 7%
$631,962

$255,393 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$192,415
Cash to close, invested at 7%
$192,415

$25,277 put into an index fund instead of the down payment and closing costs.

The building comes out $690,298 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 $883K, stocks $192K. 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 $975/mo · range $875–$1,075

AddressRentBd / BaSq ftDistanceListedMatch
310 S 8th St, Virginia 55792 off market $1,000 2 / 1 — 0.1 mi 2025-04-01 94%
329 S 7th St, Virginia 55792 off market $1,100 2 / 1 — 0.2 mi 2025-09-16 94%
227 6th St S, Unit 2, Virginia 55792 off market $695 2 / 1 — 0.2 mi 2025-01-17 94%
707 S 5th Ave, Apt 3, Virginia 55792 $995 2 / 1 — 0.3 mi 2026-04-08 94%
610-1 7th St S, Virginia 55792 off market $1,000 2 / 1 — 0.3 mi 2026-09-15 94%
206 S 4th Ave E, Unit 104, Virginia 55792 $995 2 / 1 — 0.4 mi 2026-10-05 93%
206 S 4th Ave W, Unit 112, Virginia 55792 off market $995 2 / 1 — 0.4 mi 2026-09-02 93%
206 S 4th Ave W, Unit 305, Virginia 55792 off market $995 2 / 1 — 0.4 mi 2026-08-17 93%
206 S 4th Ave W, Unit 308, Virginia 55792 off market $995 2 / 1 — 0.4 mi 2026-07-24 93%
206 S 4th Ave E, Unit 108, Virginia 55792 off market $995 2 / 1 — 0.4 mi 2026-07-01 93%

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

  • mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 904 3RD AVE S
  • mediumTaxes and legal unit count are unverified, so the cap rate rests on estimates. Based on: data: county.tax · AI review
  • mediumRenovation scope is vague: no dates, permits or contractor details, and exterior is not mentioned. Listing says: The interior of this property has undergone renovations · AI review
  • mediumExterior shows mixed siding and an older, worn look, with no roof or foundation info given. Based on: photo 1 · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 184 days on market
  • Separate meters mean tenants likely pay their own utilities, keeping owner expenses low. Listing says: hardwired smoke detectors, and separate meters · AI review
  • 184 days on market gives room to negotiate below asking. Based on: data: listing.days_on_market · AI review
  • Licensed rentals reduce the risk of a compliance surprise. Listing says: The rental units are licensed with the city of Virginia. · AI review

Questions for the agent

  • What are the current rents, lease terms and tenant payment history?
  • Who did the electrical and plumbing work, and were permits pulled? Can you share them?
  • What are the annual property taxes and any special assessments?
  • How old are the roof, siding, windows and heating system, and who pays heat?
  • Why has it been on the market 184 days, and have there been price cuts or failed inspections?
  • Can I see the city rental license and the last inspection report?

Bottom line

Cheap duplex with a strong modeled return and updated systems, but rents, taxes and exterior condition are unverified, so confirm those before offering. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Estimateestimate. No tax record found; 2.1% of price.$2,308
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,511
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid$170
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 2026-04-04 (184 days); last sold for $37,000 on 2004-08-06.

DateEventPrice
Removed—
Listed$109,900
Sold public record$37,000
Sold public record$37,000
Sold public record$95,000

From the listing Listing

Listed asduplex

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 Virginia on rental licensing before you buy.