Fernberg Rd
Ely, MN · View the listing ↗
Photos courtesy of Bear Island Realty, via Realtor.com.
Needs more info before these numbers mean much. No reliable rent estimate: too few comparable rentals close by, and no RentCast estimate.
No rent estimate yet, so the numbers can't be run. Run it yourself in the calculator →
First look
This is a two-cabin seasonal retreat on the water, not a conventional duplex rental. Our underwriting has no rent estimate and no county record, so there are no numbers to test at $390,000; any value is lakefront and land value, not rent. The description says the cabins were rentals only until 2022, so there is no current income, and Cabin #1 needs a new septic system before anything else. Photos show original 1970s-80s interiors with wood paneling, so budget a refresh if you want to rent them again. Worth a showing only if you want a lakeshore property and can price in septic, well and licensing, and don't need it to cash flow.
Things to consider
- Septic replacement on Cabin #1 This is a large, necessary cost that can run into the tens of thousands, and it may be required for any use or sale. Get a quote before offering.Listing says: “Cabin #1 will require a new septic system”
- No current income to underwrite Rentals ended in 2022 and no rents are given. Any projected rent is a guess, and seasonal demand and licensing drive it.Listing says: “The two cabins were used as rental properties until 2022.”
- Value is mostly land and shoreline The price rests on frontage and acreage rather than rent or the dated cabins. Compare to lakefront land sales, not duplex rents.Listing says: “714 feet of combined Shagawa River and Fall Lake shoreline”
- Seasonal cabins with dated interiors Original paneling and basic kitchens mean a refresh is needed to raise rents. Winter use may need insulation and heat checks.From photo 2
- Shared well and unverified records A shared well is a maintenance and water-quality item. Taxes and unit count are unconfirmed, so verify before running numbers.
From the photos
Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.
Condition and repairs
- neededCabin #1 septic system replacementListing says: Cabin #1 will require a new septic system
- neededGravel boat landing overgrown with weedsListing says: Although currently grown in with weeds, the landing has historically provided easy boat launching.
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.
Red flags and opportunities
Watch for
- highCabin #1 septic is failing or non-compliant and must be replaced. Cost and permitting could be significant. Listing says: Cabin #1 will require a new septic system · AI review
- highNo rental income since 2022, so no current rent history to underwrite. Listing says: The two cabins were used as rental properties until 2022. · 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 FERNBERG RD
- mediumSeasonal cabins with shared well. Winterization, year-round habitability and financing may be limited. Listing says: The cabins share a well, while each has its own septic system. · AI review
- mediumTaxes, unit count and zoning are unverified because no parcel match was found. Based on: data: rule_flags · AI review
Opportunities
- 714 feet of shoreline plus 3.8 acres gives land and lakefront value beyond the cabins. Listing says: 714 feet of combined Shagawa River and Fall Lake shoreline · AI review
- Direct access to Fall Lake and the BWCAW supports seasonal or short-term rental demand if licensed. Listing says: Direct access to Fall Lake, a large, classic North woods lake with direct BWCAW wilderness access. · AI review
- Sold furnished, so a rental restart needs less upfront setup. Listing says: Both cabins are being offered furnished · AI review
Questions for the agent
- What were the rents and occupancy when the cabins were rented through 2022, and why did renting stop?
- What is the septic compliance status and the estimated cost to replace Cabin #1's system?
- Is the property zoned and permitted for short-term or seasonal rental, and are there shoreland rules limiting expansion?
- What are the annual property taxes, and is there a shared well agreement or water test on file?
- Are the cabins insulated and heated for winter use, and how is heat provided?
- Are there shoreline or flood-zone restrictions, and who maintains the access road?
Bottom line
A lakefront land play with two dated cabins and a septic bill, not an income property at $390K. AI-assisted summary
What the records say
Where each number comes from
Price history Realtor.com
On the market since 2026-10-02 (3 days).
| Date | Event | Price |
|---|---|---|
| Listed | $390,000 |
From the listing Listing
| Listed as | multi-family |
| Property tax, 2026 | $1 |
| County | Lake County |
| Parcel number | 28-6311-19375 Portion of |
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 Ely on rental licensing before you buy.