429 S 4th Ave E

Cash flows

62 photos

Photos courtesy of Grand Properties, via Realtor.com.

Asking price: $215,000
Monthly cash flow: $988
Estimated rent: $4,000/mo
Break-even price: $400,711

Adjust the numbers See the full breakdown

From the listing

A piece of history set back on 3 city lots on the corner of 4th Avenue and James Street. This Triplex has been loved and cared for for over 30 years. The main floor has a 3 bedroom apartment and an efficiency apartment each with their own off street parking spots, kitchens, bathrooms, and access to the basement for separate laundry areas. The upstairs is a 4+ bedroom with in unit laundry and a huge attic space that could be storage or it has the potential to be 2 extra bedrooms and has amazing views. The yard is huge with a beautiful stone retaining wall on the south side, a big garden, blister-rust resistant white pines and a beautiful sugar maple tree. This property is easily customizable to combine the entire 1st level or add a bedroom to the efficiency. Grab yourself a piece of history and a rare cash flowing rental property in the amazing town of Ely!

Listing courtesy of Grand Properties (Joseph Tome). Description from Realtor.com, MLS #6127738. 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: $215,000
Cash to close: $49,450
Price per unit: $71,667
GRM: 4.5

Each month

Cash flow: $988/mo
Cash-on-cash: 24.0%
Cap rate: 11.9%
DSCR: 1.86×

Break-even

Price that breaks even: $400,711
Rent that breaks even: $2,716/mo

Long run

Year 30: property vs stocks: $2.42M vs $376K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$4,000
Vacancy (6%)	−$240
Collected	$3,760
Property tax Listing	−$325
Insurance Estimate	−$307
Water, sewer, trash Estimate	−$255
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$320
Capital reserve (9% of rent)	−$360
Net operating income	$2,133
Mortgage (principal + interest)	−$1,144
Cash flow	$988
Principal paid down (equity, not cash)	$146

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	$521,861
Minus 6% selling cost	−$31,312
Minus loan still owedTenants' rent paid down all $193,500 of principal by year 30	$0
Plus rental profits, invested at 7%$702,338 of profit by year 30, before investment growth	$1,733,576
What you'd walk away with	$2,224,126
If you put the same money in stocks
Cash to close ($27,950) invested at 7%	$212,763
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	$212,763
Building minus stocks	$2,011,363

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$521,861
Minus 6% selling cost	−$31,312
Minus loan still owedTenants' rent paid down all $193,500 of principal by year 30	$0
Plus rental profits, invested at 7%$509,143 of profit by year 30, before investment growth	$1,207,196
What you'd walk away with	$1,697,746
If you put the same money in stocks
Cash to close ($27,950) invested at 7%	$212,763
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	$212,763
Building minus stocks	$1,484,983

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$497,589
Minus 6% selling cost	−$29,855
Minus loan still owedTenants' rent paid down all $184,500 of principal by year 30	$0
Plus rental profits, invested at 7%$724,163 of profit by year 30, before investment growth	$1,803,189
What you'd walk away with	$2,270,923
If you put the same money in stocks
Cash to close ($26,650) invested at 7%	$202,867
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	$202,867
Building minus stocks	$2,068,056

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$497,589
Minus 6% selling cost	−$29,855
Minus loan still owedTenants' rent paid down all $184,500 of principal by year 30	$0
Plus rental profits, invested at 7%$530,969 of profit by year 30, before investment growth	$1,276,809
What you'd walk away with	$1,744,542
If you put the same money in stocks
Cash to close ($26,650) invested at 7%	$202,867
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	$202,867
Building minus stocks	$1,541,675

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$521,861
Minus 6% selling cost	−$31,312
Minus loan still owedTenants' rent paid down all $172,000 of principal by year 30	$0
Plus rental profits, invested at 7%$759,637 of profit by year 30, before investment growth	$1,933,136
What you'd walk away with	$2,423,686
If you put the same money in stocks
Cash to close ($49,450) invested at 7%	$376,426
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	$376,426
Building minus stocks	$2,047,260

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$521,861
Minus 6% selling cost	−$31,312
Minus loan still owedTenants' rent paid down all $172,000 of principal by year 30	$0
Plus rental profits, invested at 7%$566,443 of profit by year 30, before investment growth	$1,406,755
What you'd walk away with	$1,897,305
If you put the same money in stocks
Cash to close ($49,450) invested at 7%	$376,426
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	$376,426
Building minus stocks	$1,520,879

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$497,589
Minus 6% selling cost	−$29,855
Minus loan still owedTenants' rent paid down all $164,000 of principal by year 30	$0
Plus rental profits, invested at 7%$778,798 of profit by year 30, before investment growth	$1,993,467
What you'd walk away with	$2,461,201
If you put the same money in stocks
Cash to close ($47,150) invested at 7%	$358,918
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	$358,918
Building minus stocks	$2,102,283

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$497,589
Minus 6% selling cost	−$29,855
Minus loan still owedTenants' rent paid down all $164,000 of principal by year 30	$0
Plus rental profits, invested at 7%$585,604 of profit by year 30, before investment growth	$1,467,087
What you'd walk away with	$1,934,820
If you put the same money in stocks
Cash to close ($47,150) invested at 7%	$358,918
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	$358,918
Building minus stocks	$1,575,902

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$521,861
Minus 6% selling cost	−$31,312
Minus loan still owedTenants' rent paid down all $161,250 of principal by year 30	$0
Plus rental profits, invested at 7%$785,384 of profit by year 30, before investment growth	$2,014,206
What you'd walk away with	$2,504,756
If you put the same money in stocks
Cash to close ($60,200) invested at 7%	$458,258
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	$458,258
Building minus stocks	$2,046,498

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$521,861
Minus 6% selling cost	−$31,312
Minus loan still owedTenants' rent paid down all $161,250 of principal by year 30	$0
Plus rental profits, invested at 7%$592,190 of profit by year 30, before investment growth	$1,487,825
What you'd walk away with	$1,978,375
If you put the same money in stocks
Cash to close ($60,200) invested at 7%	$458,258
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	$458,258
Building minus stocks	$1,520,117

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$497,589
Minus 6% selling cost	−$29,855
Minus loan still owedTenants' rent paid down all $153,750 of principal by year 30	$0
Plus rental profits, invested at 7%$803,347 of profit by year 30, before investment growth	$2,070,766
What you'd walk away with	$2,538,500
If you put the same money in stocks
Cash to close ($57,400) invested at 7%	$436,943
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	$436,943
Building minus stocks	$2,101,557

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$497,589
Minus 6% selling cost	−$29,855
Minus loan still owedTenants' rent paid down all $153,750 of principal by year 30	$0
Plus rental profits, invested at 7%$610,153 of profit by year 30, before investment growth	$1,544,386
What you'd walk away with	$2,012,119
If you put the same money in stocks
Cash to close ($57,400) invested at 7%	$436,943
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	$436,943
Building minus stocks	$1,575,176

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 $2.42M, stocks $376K. 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.

3 bed estimate $1,450/mo · range $1,275–$1,550 · 20 rentals in St. Louis County

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1421 E Camp St Ste 7, Ely	$1,319	3 / 1	1,178	0.8 mi	—	Apartment
1421 E Camp St, Ely	$1,319	3 / 1	1,178	0.9 mi	2025-04-16	Apartment
8515 Parkvilla Dr, Mountain Iron	$1,465	3 / 2	1,160	42.5 mi	—	Apartment
100 Southview Dr, Hibbing	$1,072	3 / 1	978	58.9 mi	—	Apartment
605 607 Leicester Ave, Duluth	$1,950	3 / 2	—	74.0 mi	2026-09-04	Apartment
102 104 Morley Pkwy, Duluth	$1,500	3 / 1	1,058	74.1 mi	2026-07-10	Apartment
1701 Kenwood Ave, Duluth	$1,495	3 / 1	955	75.1 mi	2026-01-22	Apartment
2006 E 2nd St, Duluth	$1,800	3 / 2	—	76.0 mi	—	Apartment
1829 Jefferson St Units 1831 & 2, Duluth	$1,375	3 / 1	—	76.2 mi	2024-04-03	Apartment
1201-1205 1/2 E 2nd St, Duluth	$1,150	3 / 1	1,020	76.6 mi	2026-06-12	Apartment

2 bed estimate $1,275/mo · range $1,125–$1,700 · 48 rentals in St. Louis County

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
410 W 3rd Ave N, Aurora	$970	2 / 1	840	31.1 mi	—	Apartment
201 N 5th Ave, Virginia	$958	2 / 1	—	40.7 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	—	41.0 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	42.5 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	58.9 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

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 429 4TH AVE E S

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 2025. 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.	$3,902
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$3,685
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 1900: +1 pt capital reserve	8% / 9%

Status history

2026-09-02New at $215,000

From the listing Listing

Listed as	triplex
Property tax, 2025	$3,902
County	St. Louis County
Parcel number	030035000470

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.