1126 2nd St SE

30 photos

Photos courtesy of Centennial Realty, via Realtor.com.

Asking price: $374,500
Monthly cash flow: −$276
Estimated rent: $3,525/mo
Break-even price: $322,697

Adjust the numbers See the full breakdown

From the listing

Take advantage of this income earning opportunity! This 3 unit property is not only impressively clean, but has been immaculately maintained and updated. Everything from the interior to the exterior including: electrical, plumbing and water pipes have been redone in the last several years. The home was moved to a new block foundation and totally renovated in 1995. Since there there has been many updates and replacements consisting of paint, flooring, fixtures, decking, railings, appliances, mechanicals and block heater plug ins. The pipes for sewer and water were configured so that you could expand and tie in 2 additional units on this large lot. Two units have 2 bed and 1 bath and one unit has 2 bed an 1.5 bath. Large shared back yard that also has an enclosed dog run. A tri plex can be a powerful way to make home-ownership work when prices and interest rates make a traditional single family home feel unattainable. Buy a home that produces income. This would also make a great generational housing option. All 3 units are currently rented for immediate income potential

Listing courtesy of Centennial Realty (Bonnie Dykhoff). Description from Realtor.com, MLS #7141317. 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: $374,500
Cash to close: $86,135
Price per unit: $124,833
GRM: 8.9

Each month

Cash flow: −$276/mo
Cash-on-cash: −3.8%
Cap rate: 5.5%
DSCR: 0.86×

Break-even

Price that breaks even: $322,697
Rent that breaks even: $3,883/mo

Long run

Year 30: property vs stocks: $1.25M vs $727K
Cash flow turns positive: year 7

Monthly

Monthly breakdown

Rent	$3,525
Vacancy (6%)	−$212
Collected	$3,314
Property tax Listing	−$357
Insurance Estimate	−$325
Water, sewer, trash Estimate	−$255
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$282
Capital reserve (9% of rent)	−$317
Net operating income	$1,718
Mortgage (principal + interest)	−$1,993
Cash flow	−$276
Principal paid down (equity, not cash)	$254

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	$909,010
Minus 6% selling cost	−$54,541
Minus loan still owedTenants' rent paid down all $337,050 of principal by year 30	$0
Plus rental profits, invested at 7%$160,894 of profit by year 30, before investment growth	$248,890
What you'd walk away with	$1,103,360
If you put the same money in stocks
Cash to close ($48,685) invested at 7%	$370,603
Monthly shortfalls ($46,133 total by yr 30) investedThe money you'd have put into the building while it lost money	$276,076
What you'd walk away with	$646,679
Building minus stocks	$456,681

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$909,010
Minus 6% selling cost	−$54,541
Minus loan still owedTenants' rent paid down all $337,050 of principal by year 30	$0
Plus rental profits, invested at 7%$53,170 of profit by year 30, before investment growth	$67,970
What you'd walk away with	$922,439
If you put the same money in stocks
Cash to close ($48,685) invested at 7%	$370,603
Monthly shortfalls ($108,662 total by yr 30) investedThe money you'd have put into the building while it lost money	$559,029
What you'd walk away with	$929,631
Building minus stocks	−$7,192

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$884,737
Minus 6% selling cost	−$53,084
Minus loan still owedTenants' rent paid down all $328,050 of principal by year 30	$0
Plus rental profits, invested at 7%$175,263 of profit by year 30, before investment growth	$278,343
What you'd walk away with	$1,109,996
If you put the same money in stocks
Cash to close ($47,385) invested at 7%	$360,707
Monthly shortfalls ($38,676 total by yr 30) investedThe money you'd have put into the building while it lost money	$235,916
What you'd walk away with	$596,622
Building minus stocks	$513,374

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$884,737
Minus 6% selling cost	−$53,084
Minus loan still owedTenants' rent paid down all $328,050 of principal by year 30	$0
Plus rental profits, invested at 7%$62,057 of profit by year 30, before investment growth	$81,418
What you'd walk away with	$913,071
If you put the same money in stocks
Cash to close ($47,385) invested at 7%	$360,707
Monthly shortfalls ($95,723 total by yr 30) investedThe money you'd have put into the building while it lost money	$502,864
What you'd walk away with	$863,571
Building minus stocks	$49,500

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$909,010
Minus 6% selling cost	−$54,541
Minus loan still owedTenants' rent paid down all $299,600 of principal by year 30	$0
Plus rental profits, invested at 7%$225,744 of profit by year 30, before investment growth	$392,199
What you'd walk away with	$1,246,668
If you put the same money in stocks
Cash to close ($86,135) invested at 7%	$655,682
Monthly shortfalls ($11,175 total by yr 30) investedThe money you'd have put into the building while it lost money	$71,780
What you'd walk away with	$727,461
Building minus stocks	$519,207

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$909,010
Minus 6% selling cost	−$54,541
Minus loan still owedTenants' rent paid down all $299,600 of principal by year 30	$0
Plus rental profits, invested at 7%$95,236 of profit by year 30, before investment growth	$136,370
What you'd walk away with	$990,839
If you put the same money in stocks
Cash to close ($86,135) invested at 7%	$655,682
Monthly shortfalls ($50,920 total by yr 30) investedThe money you'd have put into the building while it lost money	$279,823
What you'd walk away with	$935,505
Building minus stocks	$55,334

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$884,737
Minus 6% selling cost	−$53,084
Minus loan still owedTenants' rent paid down all $291,600 of principal by year 30	$0
Plus rental profits, invested at 7%$241,345 of profit by year 30, before investment growth	$430,740
What you'd walk away with	$1,262,393
If you put the same money in stocks
Cash to close ($83,835) invested at 7%	$638,173
Monthly shortfalls ($7,616 total by yr 30) investedThe money you'd have put into the building while it lost money	$49,990
What you'd walk away with	$688,163
Building minus stocks	$574,230

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$884,737
Minus 6% selling cost	−$53,084
Minus loan still owedTenants' rent paid down all $291,600 of principal by year 30	$0
Plus rental profits, invested at 7%$106,045 of profit by year 30, before investment growth	$155,923
What you'd walk away with	$987,576
If you put the same money in stocks
Cash to close ($83,835) invested at 7%	$638,173
Monthly shortfalls ($42,569 total by yr 30) investedThe money you'd have put into the building while it lost money	$239,046
What you'd walk away with	$877,219
Building minus stocks	$110,357

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$909,010
Minus 6% selling cost	−$54,541
Minus loan still owedTenants' rent paid down all $280,875 of principal by year 30	$0
Plus rental profits, invested at 7%$263,261 of profit by year 30, before investment growth	$487,663
What you'd walk away with	$1,342,132
If you put the same money in stocks
Cash to close ($104,860) invested at 7%	$798,221
Monthly shortfalls ($3,845 total by yr 30) investedThe money you'd have put into the building while it lost money	$26,032
What you'd walk away with	$824,253
Building minus stocks	$517,879

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$909,010
Minus 6% selling cost	−$54,541
Minus loan still owedTenants' rent paid down all $280,875 of principal by year 30	$0
Plus rental profits, invested at 7%$121,686 of profit by year 30, before investment growth	$185,812
What you'd walk away with	$1,040,281
If you put the same money in stocks
Cash to close ($104,860) invested at 7%	$798,221
Monthly shortfalls ($32,522 total by yr 30) investedThe money you'd have put into the building while it lost money	$188,053
What you'd walk away with	$986,274
Building minus stocks	$54,007

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$884,737
Minus 6% selling cost	−$53,084
Minus loan still owedTenants' rent paid down all $273,375 of principal by year 30	$0
Plus rental profits, invested at 7%$279,334 of profit by year 30, before investment growth	$531,717
What you'd walk away with	$1,363,370
If you put the same money in stocks
Cash to close ($102,060) invested at 7%	$776,907
Monthly shortfalls ($1,955 total by yr 30) investedThe money you'd have put into the building while it lost money	$13,525
What you'd walk away with	$790,432
Building minus stocks	$572,938

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$884,737
Minus 6% selling cost	−$53,084
Minus loan still owedTenants' rent paid down all $273,375 of principal by year 30	$0
Plus rental profits, invested at 7%$133,329 of profit by year 30, before investment growth	$209,157
What you'd walk away with	$1,040,810
If you put the same money in stocks
Cash to close ($102,060) invested at 7%	$776,907
Monthly shortfalls ($26,202 total by yr 30) investedThe money you'd have put into the building while it lost money	$154,837
What you'd walk away with	$931,744
Building minus stocks	$109,066

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 $1.25M, stocks $727K. 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 $1,175/mo · range $950–$1,375 · 465 rentals across Greater Minnesota

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
919 5th St NE Apt 4, Staples	$875	2 / 1	700	17.1 mi	2026-09-25	Apartment
313 1st St E Apt 8, Park Rapids	$825	2 / 1	—	34.1 mi	2025-06-16	Apartment
203 Helten Ave, Park Rapids	$685	2 / 1	—	34.1 mi	2025-12-13	Apartment
12858 Woodfern Ln, Pillager	$1,435	2 / 2	1,264	34.1 mi	2026-06-05	Apartment
210 Park Ave, Park Rapids	$1,020	2 / 1	800	34.2 mi	2026-09-01	Apartment
101 4th St E, Brandon	$895	2 / 1	—	38.8 mi	2026-08-04	Apartment
101 4th St E Apt 7, Brandon	$895	2 / 1	700	38.8 mi	2026-10-01	Apartment
404 S McKay Ave Unit 9, Alexandria	$1,050	2 / 1	720	39.0 mi	—	Apartment
1705 6th Ave E, Alexandria	$875	2 / 1	—	39.0 mi	2026-04-03	Apartment
917 4th Ave E, Alexandria	$1,695	2 / 1	1,144	39.0 mi	2026-06-30	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 1126 2ND ST SE

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.	$4,282
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$3,899
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 1891: +1 pt capital reserve	8% / 9%

Status history

2026-09-10New at $374,500

From the listing Listing

Listed as	triplex
Property tax, 2026	$4,282
County	Wadena
Parcel number	225400040

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 Wadena on rental licensing before you buy.