450 Murray Ave

Cash flows

54 photos

Photos, via Realtor.com.

Asking price: $327,900
Monthly cash flow: $583
Estimated rent: $4,400/mo
Break-even price: $437,505

Adjust the numbers See the full breakdown

From the listing

INVESTMENT OPPORTUNITY WITH CURRENT RENTAL INCOME + ADDITIONAL POTENTIAL! Take a fresh look at 450 Murray Avenue in Pine River. Three occupied units currently generate seller-reported gross rents of $3,250/month ($39,000 annualized), while Unit 2 is vacant and not included in those income figures, offering additional potential for the next owner. Current rents are Unit 1: $1,700/month, leased through August 2027; Unit 3: $700/month, month-to-month; and Unit 4: $850/month, month-to-month. The property also has an updated rental license and offers an established tenant base from day one. Features include 6 bedrooms, 4 bathrooms, approximately 2,508 finished sq. ft., a spacious in-town lot, 2-stall garage, new deck, new kitchen flooring, remote-controlled ceiling fans, and more than $15,000 in recent updates. Convenient Pine River location near downtown, Pine River-Backus Schools, the Paul Bunyan State Trail, and Norway Lake recreational access. Whether you're looking to expand an investment portfolio or step into your first income-producing property, this one deserves a closer look. Rental figures are seller-provided.

Description from Realtor.com, MLS #7130852. 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: $327,900
Cash to close: $75,417
Price per unit: $81,975
GRM: 6.2

Each month

Cash flow: $583/mo
Cash-on-cash: 9.3%
Cap rate: 8.5%
DSCR: 1.33×

Break-even

Price that breaks even: $437,505
Rent that breaks even: $3,652/mo

Long run

Year 30: property vs stocks: $2.29M vs $574K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$4,400
Vacancy (6%)	−$264
Collected	$4,136
Property tax Listing	−$351
Insurance Estimate	−$352
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$352
Capital reserve (8% of rent)	−$352
Net operating income	$2,329
Mortgage (principal + interest)	−$1,745
Cash flow	$583
Principal paid down (equity, not cash)	$222

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	$795,899
Minus 6% selling cost	−$47,754
Minus loan still owedTenants' rent paid down all $295,110 of principal by year 30	$0
Plus rental profits, invested at 7%$560,142 of profit by year 30, before investment growth	$1,237,882
What you'd walk away with	$1,986,028
If you put the same money in stocks
Cash to close ($42,627) invested at 7%	$324,488
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	$324,488
Building minus stocks	$1,661,540

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$795,899
Minus 6% selling cost	−$47,754
Minus loan still owedTenants' rent paid down all $295,110 of principal by year 30	$0
Plus rental profits, invested at 7%$352,923 of profit by year 30, before investment growth	$694,419
What you'd walk away with	$1,442,564
If you put the same money in stocks
Cash to close ($42,627) invested at 7%	$324,488
Monthly shortfalls ($5,295 total by yr 30) investedThe money you'd have put into the building while it lost money	$35,555
What you'd walk away with	$360,043
Building minus stocks	$1,082,521

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$771,627
Minus 6% selling cost	−$46,298
Minus loan still owedTenants' rent paid down all $286,110 of principal by year 30	$0
Plus rental profits, invested at 7%$581,968 of profit by year 30, before investment growth	$1,307,495
What you'd walk away with	$2,032,824
If you put the same money in stocks
Cash to close ($41,327) invested at 7%	$314,592
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	$314,592
Building minus stocks	$1,718,232

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$771,627
Minus 6% selling cost	−$46,298
Minus loan still owedTenants' rent paid down all $286,110 of principal by year 30	$0
Plus rental profits, invested at 7%$372,058 of profit by year 30, before investment growth	$746,398
What you'd walk away with	$1,471,727
If you put the same money in stocks
Cash to close ($41,327) invested at 7%	$314,592
Monthly shortfalls ($2,604 total by yr 30) investedThe money you'd have put into the building while it lost money	$17,922
What you'd walk away with	$332,513
Building minus stocks	$1,139,214

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$795,899
Minus 6% selling cost	−$47,754
Minus loan still owedTenants' rent paid down all $262,320 of principal by year 30	$0
Plus rental profits, invested at 7%$647,530 of profit by year 30, before investment growth	$1,542,234
What you'd walk away with	$2,290,379
If you put the same money in stocks
Cash to close ($75,417) invested at 7%	$574,093
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	$574,093
Building minus stocks	$1,716,286

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$795,899
Minus 6% selling cost	−$47,754
Minus loan still owedTenants' rent paid down all $262,320 of principal by year 30	$0
Plus rental profits, invested at 7%$435,017 of profit by year 30, before investment growth	$963,215
What you'd walk away with	$1,711,361
If you put the same money in stocks
Cash to close ($75,417) invested at 7%	$574,093
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	$574,093
Building minus stocks	$1,137,268

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$771,627
Minus 6% selling cost	−$46,298
Minus loan still owedTenants' rent paid down all $254,320 of principal by year 30	$0
Plus rental profits, invested at 7%$666,691 of profit by year 30, before investment growth	$1,602,565
What you'd walk away with	$2,327,894
If you put the same money in stocks
Cash to close ($73,117) invested at 7%	$556,585
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	$556,585
Building minus stocks	$1,771,309

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$771,627
Minus 6% selling cost	−$46,298
Minus loan still owedTenants' rent paid down all $254,320 of principal by year 30	$0
Plus rental profits, invested at 7%$454,177 of profit by year 30, before investment growth	$1,023,546
What you'd walk away with	$1,748,876
If you put the same money in stocks
Cash to close ($73,117) invested at 7%	$556,585
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	$556,585
Building minus stocks	$1,192,291

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$795,899
Minus 6% selling cost	−$47,754
Minus loan still owedTenants' rent paid down all $245,925 of principal by year 30	$0
Plus rental profits, invested at 7%$686,798 of profit by year 30, before investment growth	$1,665,875
What you'd walk away with	$2,414,020
If you put the same money in stocks
Cash to close ($91,812) invested at 7%	$698,896
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	$698,896
Building minus stocks	$1,715,124

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$795,899
Minus 6% selling cost	−$47,754
Minus loan still owedTenants' rent paid down all $245,925 of principal by year 30	$0
Plus rental profits, invested at 7%$474,284 of profit by year 30, before investment growth	$1,086,856
What you'd walk away with	$1,835,002
If you put the same money in stocks
Cash to close ($91,812) invested at 7%	$698,896
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	$698,896
Building minus stocks	$1,136,106

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$771,627
Minus 6% selling cost	−$46,298
Minus loan still owedTenants' rent paid down all $238,425 of principal by year 30	$0
Plus rental profits, invested at 7%$704,761 of profit by year 30, before investment growth	$1,722,435
What you'd walk away with	$2,447,765
If you put the same money in stocks
Cash to close ($89,012) invested at 7%	$677,582
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	$677,582
Building minus stocks	$1,770,183

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$771,627
Minus 6% selling cost	−$46,298
Minus loan still owedTenants' rent paid down all $238,425 of principal by year 30	$0
Plus rental profits, invested at 7%$492,247 of profit by year 30, before investment growth	$1,143,417
What you'd walk away with	$1,868,746
If you put the same money in stocks
Cash to close ($89,012) invested at 7%	$677,582
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	$677,582
Building minus stocks	$1,191,164

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 $2.29M, stocks $574K. 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 $1,200/mo · range $975–$1,400 · 465 rentals across Greater Minnesota

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
12383 State Highway 210, Brainerd	$675	2 / 1	—	26.6 mi	2026-04-03	Apartment
12858 Woodfern Ln, Pillager	$1,435	2 / 2	1,264	26.7 mi	2026-06-05	Apartment
100 4th St, Ironton	$1,275	2 / 1	—	26.7 mi	2026-05-23	Apartment
1509 Norwood St, Brainerd	$895	2 / 1	—	27.7 mi	2026-09-07	Apartment
916 S 8th St, Brainerd	$1,060	2 / 1	776	27.9 mi	2024-04-15	Apartment
922 Broadway St, Brainerd	$995	2 / 1	—	27.9 mi	2026-03-04	Apartment
2100 Breilly Ct Unit 2219, Brainerd	$1,449	2 / 1	—	28.2 mi	—	Apartment
623 28th St SE, Brainerd	$1,550	2 / 2	964	28.2 mi	2026-02-05	Apartment
941 28th St SE, Brainerd	$1,550	2 / 2	964	28.3 mi	—	Apartment
Buffalo Hills Ln E, Brainerd	$1,250	2 / 2	—	28.9 mi	2026-08-12	Apartment

1 bed estimate $1,000/mo · range $850–$1,300 · 357 rentals across Greater Minnesota

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
616 1/2 Front St, Brainerd	$625	1 / 1	—	27.3 mi	2026-07-28	Apartment
214 S 8th St, Brainerd	$620	1 / 1	—	27.3 mi	2025-09-05	Apartment
207 Cedar St NE, Remer	$742	1 / 1	550	32.6 mi	2025-02-17	Apartment
101 SW Thompson St, Verndale	$890	1 / 1	550	36.9 mi	2025-10-10	Apartment
105 Edgewood St, New York Mills	$730	1 / —	550	48.4 mi	2023-12-08	Apartment
222 1st Ave NE Apt 5, Eagle Bend	$895	1 / 1	550	48.9 mi	2026-04-20	Apartment
1022 Comstock Dr, Deer River	$624	1 / 1	550	51.6 mi	2024-11-12	Apartment
2199 SW 8th St # 403, Grand Rapids	$1,250	1 / 1	662	52.6 mi	—	Apartment
2199 SW 8th St # 232, Grand Rapids	$1,475	1 / 1	772	52.6 mi	—	Apartment
2199 SW 8th St # 105, Grand Rapids	$1,325	1 / 1	662	52.6 mi	—	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 450 MURRAY AVE
lowMonth-to-month tenants can leave quickly. Count on turnover soon after closing. Listing says: "$1,700/month, leased through August 2027; Unit 3: $700/month, month-to-month ; and Unit 4: $850/month, month-to-month. The property"

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 45 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 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.	$4,214
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,227
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$340
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

2026-08-21Price cut at $327,900 (was $329,900) · from listing history
2026-05-20Price cut at $329,900 (was $349,900) · from listing history
2026-08-21New at $327,900

From the listing Listing

Listed as	four plex
Property tax, 2025	$4,214
County	Cass
Parcel number	942313204

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 Pine River on rental licensing before you buy.