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324 S 4th Ave E

Ely, MN · View the listing ↗

Cash flows

Photos courtesy of Keller Williams Classic Realty Northwest, via Realtor.com.

Asking price
$122,500
3 units · $41K per unit
Monthly cash flow
$1,302
at 20% down, 7%
Estimated rent
$3,625/mo
low confidence · county-wide median
Break-even price
$367,103
where cash flow hits $0

Adjust the numbers See the full breakdown

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
$122,500
Cash to close
$28,175
Price per unit
$40,833
GRM
2.8

Each month

Cash flow
$1,302/mo
Cash-on-cash
55.4%
Cap rate
19.1%
DSCR
3.00×

Break-even

Price that breaks even
$367,103
Rent that breaks even
$1,934/mo

Long run

Year 30: property vs stocks
$2.50M vs $214K
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$3,625
Vacancy (6%)−$218
Collected$3,408
Property tax Estimate−$214
Insurance Estimate−$308
Water, sewer, trash Estimate−$255
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$290
Capital reserve (9% of rent)−$326
Net operating income$1,954
Mortgage (principal + interest)−$652
Cash flow$1,302
Principal paid down (equity, not cash)$83

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$297,340
Minus 6% selling cost−$17,840
Minus loan still owedTenants' rent paid down all $98,000 of principal by year 30$0
Plus rental profits, invested at 7%$840,089 of profit by year 30, before investment growth$2,223,078
What you'd walk away with$2,502,577
If you put the same money in stocks
Cash to close ($28,175) invested at 7%$214,475
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$214,475
Building minus stocks$2,288,102

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 $2.50M, stocks $214K. 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.

2 bed estimate $1,225/mo · range $1,075–$1,650 · 48 rentals in St. Louis County

AddressRentBd / BaSq ftDistanceListedType
410 W 3rd Ave N, Aurora $970 2 / 1 840 31.1 mi — Apartment
201 N 5th Ave, Virginia $958 2 / 1 — 40.8 mi 2026-02-01 Apartment
206 S 4th Ave E Unit 104, Virginia $995 2 / 1 — 40.8 mi — Apartment
707 S 5th Ave Apt 3, Virginia $995 2 / 1 — 41.1 mi 2026-04-08 Apartment
110 Anderson Dr # 44, Virginia $1,065 2 / 1 850 41.5 mi — Apartment
8515 Parkvilla Dr, Mountain Iron $1,295 2 / 1 928 42.6 mi — Apartment
300 15th Ave W, Eveleth $1,047 2 / 1 900 45.0 mi 2025-01-03 Apartment
100 Southview Dr, Hibbing $990 2 / 1 792 59.0 mi — Apartment
600 E 40th St, Hibbing $1,170 2 / 1 860 60.5 mi 2025-04-16 Apartment
3505 9th Ave W, Hibbing $748 2 / 1 627 61.1 mi 2024-11-16 Apartment

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

AddressRentBd / BaSq ftDistanceListedType
900 Dorchester Dr, Hoyt Lakes $725 1 / 1 665 29.0 mi 2024-04-15 Apartment
201 N 5th Ave, Virginia $882 1 / 1 — 40.8 mi 2026-02-01 Apartment
406 S 4th Ave W Apt 204, Virginia $940 1 / 1 368 40.9 mi 2026-09-17 Apartment
604 7th St S Unit 2, Virginia $850 1 / 1 — 41.2 mi — Apartment
606 7th St S Unit 2, Virginia $880 1 / 1 — 41.2 mi — Apartment
100 N Van Buren Ave, Eveleth $1,050 1 / 1 675 43.2 mi — Apartment
600 E 40th St, Hibbing $995 1 / 1 599 60.5 mi 2025-04-16 Apartment
25 W Redwing St Apt 18, Duluth $1,125 1 / 1 513 73.2 mi — Apartment
5886 N Pike Lake Rd, Duluth $1,400 1 / 1 544 74.0 mi 2026-03-18 Apartment
3780 London Rd, Duluth $1,615 1 / 1 750 75.0 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 324 4TH AVE E S

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 180 days on market, 2 price cuts

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 Estimateestimate. No tax record found; 2.1% of price.$2,572
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$3,696
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 1898: +1 pt capital reserve8% / 9%

Status history

  • Price cut at $122,500 (was $159,500) · from listing history
  • Price cut at $159,500 (was $168,500) · from listing history
  • New at $122,500

From the listing Listing

Listed astriplex

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.