1311 Summit Ave

Far off

71 photos

Photos, via Realtor.com.

Asking price: $950,000
Monthly cash flow: −$2,303
Estimated rent: $5,600/mo
Break-even price: $517,262

Adjust the numbers See the full breakdown

From the listing

This one-of-a-kind 4-plex is perfectly situated within the 1st block of the Detroit Lake City Beach and The Heartland State Trail, directly across the street from People's Park and just up the street from Zorbaz, not to mention Kent Freeman Arena, The Becker County Fairgrounds, MN Flyers Gymnastics, and more - offering unbeatable convenience and appeal for tenants. Extensive renovations have been completed on multiple units in recent years, featuring modern appliances, updated flooring, kitchen remodels, bathroom updates, new lighting, and thoughtful insulation improvements. The property continues to benefit from strong rental performance and has established itself as a reliable source of income. The 5-bed/3-bath unit is fully furnished and turnkey for immediate occupancy. The 2-bed unit will be vacant and available at the end of the month. Whether you're an investor looking for steady cash flow or someone seeking to live in a unique multi-family property with strong upside and increasing value in a high-demand area for future development, this is truly a standout opportunity.

Description from Realtor.com, MLS #7082979. 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: $950,000
Cash to close: $218,500
Price per unit: $237,500
GRM: 14.1

Each month

Cash flow: −$2,303/mo
Cash-on-cash: −12.6%
Cap rate: 3.5%
DSCR: 0.54×

Break-even

Price that breaks even: $517,262
Rent that breaks even: $8,591/mo

Long run

Year 30: property vs stocks: $2.21M vs $3.30M
Cash flow turns positive: year 24

Monthly

Monthly breakdown

Rent	$5,600
Vacancy (6%)	−$336
Collected	$5,264
Property tax Listing	−$715
Insurance Estimate	−$444
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$504
Capital reserve (8% of rent)	−$448
Net operating income	$2,753
Mortgage (principal + interest)	−$5,056
Cash flow	−$2,303
Principal paid down (equity, not cash)	$643

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	$2,305,899
Minus 6% selling cost	−$138,354
Minus loan still owedTenants' rent paid down all $855,000 of principal by year 30	$0
Plus rental profits, invested at 7%$4,058 of profit by year 30, before investment growth	$4,136
What you'd walk away with	$2,171,681
If you put the same money in stocks
Cash to close ($123,500) invested at 7%	$940,113
Monthly shortfalls ($581,472 total by yr 30) investedThe money you'd have put into the building while it lost money	$2,478,518
What you'd walk away with	$3,418,632
Building minus stocks	−$1,246,951

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$2,305,899
Minus 6% selling cost	−$138,354
Minus loan still owedTenants' rent paid down all $855,000 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$2,167,545
If you put the same money in stocks
Cash to close ($123,500) invested at 7%	$940,113
Monthly shortfalls ($847,886 total by yr 30) investedThe money you'd have put into the building while it lost money	$3,211,315
What you'd walk away with	$4,151,429
Building minus stocks	−$1,983,884

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$2,281,627
Minus 6% selling cost	−$136,898
Minus loan still owedTenants' rent paid down all $846,000 of principal by year 30	$0
Plus rental profits, invested at 7%$5,534 of profit by year 30, before investment growth	$5,668
What you'd walk away with	$2,150,397
If you put the same money in stocks
Cash to close ($122,200) invested at 7%	$930,218
Monthly shortfalls ($561,122 total by yr 30) investedThe money you'd have put into the building while it lost money	$2,410,437
What you'd walk away with	$3,340,655
Building minus stocks	−$1,190,258

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$2,281,627
Minus 6% selling cost	−$136,898
Minus loan still owedTenants' rent paid down all $846,000 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$2,144,729
If you put the same money in stocks
Cash to close ($122,200) invested at 7%	$930,218
Monthly shortfalls ($826,060 total by yr 30) investedThe money you'd have put into the building while it lost money	$3,141,702
What you'd walk away with	$4,071,920
Building minus stocks	−$1,927,191

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$2,305,899
Minus 6% selling cost	−$138,354
Minus loan still owedTenants' rent paid down all $760,000 of principal by year 30	$0
Plus rental profits, invested at 7%$36,717 of profit by year 30, before investment growth	$41,371
What you'd walk away with	$2,208,917
If you put the same money in stocks
Cash to close ($218,500) invested at 7%	$1,663,278
Monthly shortfalls ($360,947 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,633,979
What you'd walk away with	$3,297,257
Building minus stocks	−$1,088,340

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$2,305,899
Minus 6% selling cost	−$138,354
Minus loan still owedTenants' rent paid down all $760,000 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$2,167,545
If you put the same money in stocks
Cash to close ($218,500) invested at 7%	$1,663,278
Monthly shortfalls ($594,703 total by yr 30) investedThe money you'd have put into the building while it lost money	$2,329,540
What you'd walk away with	$3,992,818
Building minus stocks	−$1,825,273

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$2,281,627
Minus 6% selling cost	−$136,898
Minus loan still owedTenants' rent paid down all $752,000 of principal by year 30	$0
Plus rental profits, invested at 7%$41,188 of profit by year 30, before investment growth	$46,899
What you'd walk away with	$2,191,628
If you put the same money in stocks
Cash to close ($216,200) invested at 7%	$1,645,770
Monthly shortfalls ($346,258 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,579,175
What you'd walk away with	$3,224,945
Building minus stocks	−$1,033,317

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$2,281,627
Minus 6% selling cost	−$136,898
Minus loan still owedTenants' rent paid down all $752,000 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$2,144,729
If you put the same money in stocks
Cash to close ($216,200) invested at 7%	$1,645,770
Monthly shortfalls ($575,542 total by yr 30) investedThe money you'd have put into the building while it lost money	$2,269,209
What you'd walk away with	$3,914,979
Building minus stocks	−$1,770,250

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$2,305,899
Minus 6% selling cost	−$138,354
Minus loan still owedTenants' rent paid down all $712,500 of principal by year 30	$0
Plus rental profits, invested at 7%$66,502 of profit by year 30, before investment growth	$79,487
What you'd walk away with	$2,247,032
If you put the same money in stocks
Cash to close ($266,000) invested at 7%	$2,024,860
Monthly shortfalls ($276,966 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,313,878
What you'd walk away with	$3,338,738
Building minus stocks	−$1,091,706

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$2,305,899
Minus 6% selling cost	−$138,354
Minus loan still owedTenants' rent paid down all $712,500 of principal by year 30	$0
Plus rental profits, invested at 7%$926 of profit by year 30, before investment growth	$926
What you'd walk away with	$2,168,472
If you put the same money in stocks
Cash to close ($266,000) invested at 7%	$2,024,860
Monthly shortfalls ($481,862 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,972,250
What you'd walk away with	$3,997,110
Building minus stocks	−$1,828,638

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$2,281,627
Minus 6% selling cost	−$136,898
Minus loan still owedTenants' rent paid down all $705,000 of principal by year 30	$0
Plus rental profits, invested at 7%$71,890 of profit by year 30, before investment growth	$86,659
What you'd walk away with	$2,231,388
If you put the same money in stocks
Cash to close ($263,200) invested at 7%	$2,003,546
Monthly shortfalls ($264,391 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,264,489
What you'd walk away with	$3,268,035
Building minus stocks	−$1,036,647

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$2,281,627
Minus 6% selling cost	−$136,898
Minus loan still owedTenants' rent paid down all $705,000 of principal by year 30	$0
Plus rental profits, invested at 7%$1,604 of profit by year 30, before investment growth	$1,610
What you'd walk away with	$2,146,339
If you put the same money in stocks
Cash to close ($263,200) invested at 7%	$2,003,546
Monthly shortfalls ($464,577 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,916,373
What you'd walk away with	$3,919,919
Building minus stocks	−$1,773,580

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 $2.21M, stocks $3.30M. Stocks win.

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 $1,475/mo · range $1,275–$1,700 · 141 rentals across Greater Minnesota

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
520 3rd St NW, Pelican Rapids	$1,395	3 / 1	950	19.6 mi	2025-01-07	Apartment
1560 Hartford St, Hawley	$1,325	3 / 2	1,311	23.5 mi	2026-09-17	Apartment
2745 40th St S, Moorhead	$1,925	3 / 2	1,345	41.2 mi	2025-07-01	Apartment
1410 8th Ave NW, Dilworth	$1,495	3 / 2	1,232	41.5 mi	2026-07-15	Apartment
3420-3540 18th St S, Moorhead	$1,555	3 / 2	1,270	42.6 mi	2025-03-06	Apartment
1730 40th Ave S, Moorhead	$1,295	3 / 2	1,375	42.6 mi	2025-05-01	Apartment
921 19th St S Apt 4, Moorhead	$1,000	3 / 1	850	42.7 mi	2026-09-27	Apartment
1810 12th Ave S, Moorhead	$925	3 / 1	—	42.8 mi	2026-06-24	Apartment
1011 18 1/2 St S, Moorhead	$925	3 / 1	—	42.8 mi	2025-12-25	Apartment
915-18 1/2 St S, Moorhead	$945	3 / 2	1,035	42.8 mi	2025-01-03	Apartment

2 bed estimate $1,175/mo · range $950–$1,375 · 465 rentals across Greater Minnesota

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1327 Madison Ave, Detroit Lakes	$1,200	2 / 1	—	0.7 mi	2026-06-23	Apartment
1210 Jackson Ave, Detroit Lakes	$845	2 / 1	—	0.8 mi	2026-06-24	Apartment
502 Riverwood Dr, Detroit Lakes	$1,115	2 / 1	1,041	1.8 mi	2026-10-01	Apartment
301 7th Ave NW, Pelican Rapids	$1,250	2 / 1	950	19.6 mi	2025-01-07	Apartment
219 6th St Unit 9, Hawley	$1,400	2 / 1	1,592	22.6 mi	2026-08-17	Apartment
125 6th St SW, Barnesville	$880	2 / 1	—	29.4 mi	2026-09-30	Apartment
500 2nd St SW, Twin Valley	$995	2 / 1	—	36.5 mi	2026-07-24	Apartment
623 W Fir Ave, Fergus Falls	$1,115	2 / 1	1,080	37.1 mi	2025-01-03	Apartment
1234 N Broadway, Fergus Falls	$980	2 / 1	850	37.1 mi	—	Apartment
203 Helten Ave, Park Rapids	$685	2 / 1	—	37.7 mi	2025-12-13	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 1311 SUMMIT AVE
mediumAsking is $432,738 above the price where cash flow breaks even ($517,262) at the default scenario. Based on: Derived: price $950,000 vs. break-even $517,262

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 128 days on market

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.	$8,584
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$5,323
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. 11 bedrooms: +1 pt repairs for wear	9% / 8%

Status history

2026-05-30New at $950,000

From the listing Listing

Listed as	four plex
Property tax, 2025	$8,584
County	Becker
Parcel number	491535000

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 Detroit Lakes on rental licensing before you buy.