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914 1/2 3rd Ave NE

Triplex · 3 units: 2 bed / 1 bath ×3 unit split estimated · 3,228 sq ft

Buffalo, MN · View the listing ↗

Overpriced
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Photos courtesy of Edina Realty, Inc., via Realtor.com.

Asking price
$625,000
3 units · $208K per unit
Monthly cash flow
−$1,226
at 20% down, 7%
Estimated rent
$4,275/mo
low confidence · 9 rentals within 9.75 mi
Break-even price
$394,573
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a newer (2005) slab-on-grade townhome-style triplex with three 2-bed/1-bath units, and the photos show clean, simple, low-maintenance finishes. The price is the problem. At $625K, our numbers show about -$1,226/month and a 4.0% cap rate, and break-even is near $395K, so the ask is far past what $1,400-ish rents support. The listing gives no rents, no leases and no expenses, and it has sat 146 days, so there is room to negotiate. Before a showing, get the rent roll, trailing-12 expenses and the tax bill, and confirm the county treats this as three units. Only worth seeing if the seller will move a long way down.

Things to consider

  1. Price doesn't match income At about $1,425 per unit in estimated rent, the $625K ask runs a deep monthly loss at current rates. A price near $395K is where it breaks even.
  2. Income is undocumented With no rent roll or occupancy, any return is a guess. Our rent estimates are not actual leases.
  3. Unit count and taxes unverified No parcel match means taxes, assessments and legal status are unknown. Taxes could shift the numbers a lot.
  4. Newer, simple construction should keep repairs lower A 2005 build with slab-on-grade and attached garages usually means fewer big-ticket surprises than a century-old duplex, but age of mechanicals still matters.Listing says: “three thoughtfully designed units, each with 2 bedrooms, 1 bathroom, attached 1-stall garage”
  5. Long listing time gives negotiating leverage 146 days on market means the market has resisted this price. Use that, plus the rent roll, to push the offer toward what the income supports.

From the photos

Listing photo 5
1 of 7Check

Interior finishes appear to be original 2005 builder-grade oak cabinets and laminate counters, with newer-looking vinyl plank flooring; functional but dated, with little rent upside from cosmetics alone.

Listing photo 6
2 of 7Plus

Open kitchen, living and dining layout with a dishwasher and stainless appliances looks clean and move-in ready.

Listing photo 2
3 of 7Plus

Paver patio with sliding door and gravel side beds looks tidy and low-maintenance.

Listing photo 10
4 of 7Check

Utility room shows a forced-air furnace with an Armstrong label, a water softener and an in-unit washer and dryer. The furnace looks like a separate system for this unit, so tenants likely pay heat, but confirm age and whether each unit has its own.

Listing photo 7
5 of 7Plus

Electrical panel appears to be a modern breaker panel inside a bedroom, not fuses.

Listing photo 1
6 of 7Check

Vinyl siding and ground-level air conditioner condensers appear in decent shape, but the roof isn't shown.

Listing photo 3
7 of 7Check

Photos appear to show only one unit. No exterior front view, garages, roof or other units are shown, so unit count and condition of the other two are unverified.

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
$625,000
Cash to close
$143,750
Price per unit
$208,333
GRM
12.2

Each month

Cash flow
−$1,226/mo
Cash-on-cash
−10.2%
Cap rate
4.0%
DSCR
0.63×

Break-even

Price that breaks even
$394,573
Rent that breaks even
$5,847/mo

Long run

Year 30: property vs stocks
$1.54M vs $1.82M
Cash flow turns positive
year 19

Monthly

Monthly breakdown

Rent$4,275
Vacancy (6%)−$257
Collected$4,018
Property tax Listing−$627
Insurance Estimate−$292
Water, sewer, trash Estimate−$255
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$342
Capital reserve (8% of rent)−$342
Net operating income$2,100
Mortgage (principal + interest)−$3,327
Cash flow−$1,226
Principal paid down (equity, not cash)$423

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$1,536,750
Your equity when you sell
$1,426,017

Sells for $1,517,039 (value up 3% a year), minus 6% selling cost ($91,022). Rent paid down $500,000 of loan.

Rental profits, invested at 7%
$110,733

$85,987 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,822,696
Cash to close, invested at 7%
$1,094,262

$143,750 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$728,434

$144,535 you'd have paid in while the building lost money, invested instead.

Stocks come out $285,946 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 $1.54M, stocks $1.82M. Stocks win.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-06. The estimate is the median asking rent of every rental we found nearby (the count is shown for each); houses are left out. Asking rents from Realtor.com rental listings, not signed leases.

2 bed estimate $1,425/mo · range $1,250–$1,825 · 9 rentals within 9.75 mi

AddressRentBd / BaSq ftDistanceListedType
911 6th Ave NE, Buffalo $1,369 2 / 2 990 0.1 mi 2026-08-31 Apartment
1506 Anderson Ave, Buffalo $1,020 2 / 1.5 1,025 0.8 mi 2025-06-30 Apartment
1255 Edmonson Ave NE, Monticello $1,690 2 / 2 1,174 8.3 mi 2025-04-29 Apartment
2205 Meadow Oak Ave, Monticello $1,825 2 / 2 1,056 8.8 mi 2024-06-11 Apartment
725 Minnesota St, Monticello $1,345 2 / 2 908 8.8 mi 2024-04-12 Apartment
708 7th St NW, Monticello $1,404 2 / 1 1,000 8.9 mi 2025-04-03 Apartment
212 Locust St, Monticello $1,790 2 / 2 970 9.2 mi 2025-05-06 Apartment
8330 Cedar St Apt 3, Rockford $900 2 / — 680 9.2 mi 2026-09-09 Multi family
8070 State Highway 55, Rockford $1,350 2 / 2 1,100 9.7 mi 2025-01-03 Apartment

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: Realtor.com rental listings. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

  • highNo rents, leases or occupancy stated, so income is entirely unverified Listing says: investors seeking stable income potential in a growing community · AI review
  • highPrice is about $241K above break-even at default assumptions Based on: data: underwriting.break_even_price · 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 914 1/2 3RD AVE NE
  • mediumAsking is $230,427 above the price where cash flow breaks even ($394,573) at the default scenario. Based on: Derived: price $625,000 vs. break-even $394,573
  • mediumAddress is '914 1/2' and doesn't match a county parcel; confirm the legal unit count, tax and rental licensing Based on: data: county.living_units · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 146 days on market
  • 146 days on market suggests room to negotiate hard Based on: data: listing.days_on_market · AI review
  • Slab-on-grade, one-level units with attached garages should appeal to tenants and keep upkeep low Listing says: desirable slab-on-grade construction for easy maintenance and accessibility · AI review
  • Patios on the end units add tenant appeal Listing says: End units enjoy patios, adding outdoor living appeal for tenants and owners alike. · AI review

Questions for the agent

  • What are the current rents, lease end dates and deposits for each unit?
  • Who pays heat, water, sewer, trash and electric, and are the units separately metered?
  • Can you share trailing-12 expenses and the latest property tax statement?
  • How old are the furnaces, water heaters and roof?
  • Is the property licensed as a three-unit rental, and why has it sat for 146 days with no price change?
  • Is it one parcel, or does the '1/2' address mean shared ownership or association obligations?

Bottom line

Clean, low-maintenance 2005 triplex, but at $625K it loses about $1,226 a month on our numbers and only makes sense at a much lower price. 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.$7,526
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$3,507
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. base rate8% / 8%

Price history Realtor.com

On the market since 2026-05-12 (146 days).

DateEventPrice
Listed$625,000

From the listing Listing

Listed astriplex
Property tax, 2026$7,526
CountyWright
Parcel number103230001010

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 Buffalo on rental licensing before you buy.