218 N 1st Ave E

Cash flows

49 photos

Photos courtesy of Bear Island Realty, via Realtor.com.

Asking price: $198,500
Monthly cash flow: $218
Estimated rent: $2,400/mo
Break-even price: $239,553

Adjust the numbers See the full breakdown

From the listing

Investment opportunity in the heart of Ely! Turnkey dual-income potential. This beautifully maintained duplex features two freshly updated, independent living spaces with modern conveniences throughout. Main Level Unit offers 1+ bedrooms, an updated full bath, and a bright, spacious kitchen with a dedicated dining area. Enjoy single-level convenience complete with a large mudroom and main-floor laundry. Upper-Level Unit is a freshly renovated 1-bedroom apartment featuring an open-concept kitchen, dining, and living area, plus an oversized bathroom with built-in laundry. Enjoy peace of mind with a fully compliant sewer lateral already completed. Separate laundry setups and strong functional layouts make this a low-maintenance, high-demand addition to any portfolio.

Listing courtesy of Bear Island Realty (Anna Yahnke). Description from Realtor.com, MLS #6128015. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

The numbers

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: $198,500
Cash to close: $45,655
Price per unit: $99,250
GRM: 6.9

Each month

Cash flow: $218/mo
Cash-on-cash: 5.7%
Cap rate: 7.7%
DSCR: 1.21×

Break-even

Price that breaks even: $239,553
Rent that breaks even: $2,120/mo

Long run

Year 30: property vs stocks: $1.18M vs $348K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$2,400
Vacancy (6%)	−$144
Collected	$2,256
Property tax Listing	−$183
Insurance Estimate	−$184
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$192
Capital reserve (8% of rent)	−$192
Net operating income	$1,275
Mortgage (principal + interest)	−$1,057
Cash flow	$218
Principal paid down (equity, not cash)	$134

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

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$481,812
Minus 6% selling cost	−$28,909
Minus loan still owedTenants' rent paid down all $178,650 of principal by year 30	$0
Plus rental profits, invested at 7%$265,970 of profit by year 30, before investment growth	$548,617
What you'd walk away with	$1,001,520
If you put the same money in stocks
Cash to close ($25,805) invested at 7%	$196,434
Monthly shortfalls ($303 total by yr 30) investedThe money you'd have put into the building while it lost money	$2,153
What you'd walk away with	$198,587
Building minus stocks	$802,933

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$481,812
Minus 6% selling cost	−$28,909
Minus loan still owedTenants' rent paid down all $178,650 of principal by year 30	$0
Plus rental profits, invested at 7%$158,569 of profit by year 30, before investment growth	$288,264
What you'd walk away with	$741,167
If you put the same money in stocks
Cash to close ($25,805) invested at 7%	$196,434
Monthly shortfalls ($8,819 total by yr 30) investedThe money you'd have put into the building while it lost money	$57,628
What you'd walk away with	$254,063
Building minus stocks	$487,104

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$457,539
Minus 6% selling cost	−$27,452
Minus loan still owedTenants' rent paid down all $169,650 of principal by year 30	$0
Plus rental profits, invested at 7%$287,493 of profit by year 30, before investment growth	$616,077
What you'd walk away with	$1,046,163
If you put the same money in stocks
Cash to close ($24,505) invested at 7%	$186,538
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$186,538
Building minus stocks	$859,625

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$457,539
Minus 6% selling cost	−$27,452
Minus loan still owedTenants' rent paid down all $169,650 of principal by year 30	$0
Plus rental profits, invested at 7%$177,251 of profit by year 30, before investment growth	$337,610
What you'd walk away with	$767,696
If you put the same money in stocks
Cash to close ($24,505) invested at 7%	$186,538
Monthly shortfalls ($5,675 total by yr 30) investedThe money you'd have put into the building while it lost money	$37,361
What you'd walk away with	$223,900
Building minus stocks	$543,796

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$481,812
Minus 6% selling cost	−$28,909
Minus loan still owedTenants' rent paid down all $158,800 of principal by year 30	$0
Plus rental profits, invested at 7%$318,569 of profit by year 30, before investment growth	$730,708
What you'd walk away with	$1,183,611
If you put the same money in stocks
Cash to close ($45,655) invested at 7%	$347,538
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$347,538
Building minus stocks	$836,073

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$481,812
Minus 6% selling cost	−$28,909
Minus loan still owedTenants' rent paid down all $158,800 of principal by year 30	$0
Plus rental profits, invested at 7%$202,653 of profit by year 30, before investment growth	$414,880
What you'd walk away with	$867,783
If you put the same money in stocks
Cash to close ($45,655) invested at 7%	$347,538
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$347,538
Building minus stocks	$520,245

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$457,539
Minus 6% selling cost	−$27,452
Minus loan still owedTenants' rent paid down all $150,800 of principal by year 30	$0
Plus rental profits, invested at 7%$337,730 of profit by year 30, before investment growth	$791,039
What you'd walk away with	$1,221,126
If you put the same money in stocks
Cash to close ($43,355) invested at 7%	$330,029
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$330,029
Building minus stocks	$891,097

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$457,539
Minus 6% selling cost	−$27,452
Minus loan still owedTenants' rent paid down all $150,800 of principal by year 30	$0
Plus rental profits, invested at 7%$221,813 of profit by year 30, before investment growth	$475,211
What you'd walk away with	$905,298
If you put the same money in stocks
Cash to close ($43,355) invested at 7%	$330,029
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$330,029
Building minus stocks	$575,269

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$481,812
Minus 6% selling cost	−$28,909
Minus loan still owedTenants' rent paid down all $148,875 of principal by year 30	$0
Plus rental profits, invested at 7%$342,340 of profit by year 30, before investment growth	$805,557
What you'd walk away with	$1,258,460
If you put the same money in stocks
Cash to close ($55,580) invested at 7%	$423,089
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$423,089
Building minus stocks	$835,371

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$481,812
Minus 6% selling cost	−$28,909
Minus loan still owedTenants' rent paid down all $148,875 of principal by year 30	$0
Plus rental profits, invested at 7%$226,424 of profit by year 30, before investment growth	$489,728
What you'd walk away with	$942,631
If you put the same money in stocks
Cash to close ($55,580) invested at 7%	$423,089
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$423,089
Building minus stocks	$519,542

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$457,539
Minus 6% selling cost	−$27,452
Minus loan still owedTenants' rent paid down all $141,375 of principal by year 30	$0
Plus rental profits, invested at 7%$360,304 of profit by year 30, before investment growth	$862,117
What you'd walk away with	$1,292,204
If you put the same money in stocks
Cash to close ($52,780) invested at 7%	$401,775
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$401,775
Building minus stocks	$890,429

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$457,539
Minus 6% selling cost	−$27,452
Minus loan still owedTenants' rent paid down all $141,375 of principal by year 30	$0
Plus rental profits, invested at 7%$244,387 of profit by year 30, before investment growth	$546,289
What you'd walk away with	$976,376
If you put the same money in stocks
Cash to close ($52,780) invested at 7%	$401,775
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$401,775
Building minus stocks	$574,601

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 $1.18M, stocks $348K. The property wins.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-04. 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.

1 bed estimate $1,200/mo · range $1,050–$1,400 · 36 rentals in St. Louis County

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
900 Dorchester Dr, Hoyt Lakes	$725	1 / 1	665	29.2 mi	2024-04-15	Apartment
201 N 5th Ave, Virginia	$882	1 / 1	—	40.9 mi	2026-02-01	Apartment
406 S 4th Ave W Apt 204, Virginia	$940	1 / 1	368	41.0 mi	2026-09-17	Apartment
604 7th St S Unit 2, Virginia	$850	1 / 1	—	41.3 mi	—	Apartment
606 7th St S Unit 2, Virginia	$880	1 / 1	—	41.3 mi	—	Apartment
100 N Van Buren Ave, Eveleth	$1,050	1 / 1	675	43.3 mi	—	Apartment
600 E 40th St, Hibbing	$995	1 / 1	599	60.6 mi	2025-04-16	Apartment
25 W Redwing St Apt 18, Duluth	$1,125	1 / 1	513	73.6 mi	—	Apartment
5886 N Pike Lake Rd, Duluth	$1,400	1 / 1	544	74.3 mi	2026-03-18	Apartment
3780 London Rd, Duluth	$1,615	1 / 1	750	75.4 mi	2025-04-10	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

mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 218 1ST AVE E N

Opportunities

None found.

Questions for the agent

Can we see the current leases and a rent roll, with move-in dates?
What did water/sewer/trash, heat and electric cost the owner over the last 12 months?
How old are the roof, boiler or furnaces, water heaters and electrical panels?
Is the building licensed as a rental for this many units, and when was the last city inspection?
Any special assessments pending, and will the seller pay them off at closing?

Standard questions worth asking about any building.

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.	$2,195
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,209
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. base rate	8% / 8%

Status history

2026-09-17New at $198,500

From the listing Listing

Listed as	duplex
Property tax, 2026	$2,195
County	St. Louis County
Parcel number	030-0280-00080

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.