219 3rd Ave

Cash flows

33 photos

Photos courtesy of Grand Properties, via Realtor.com.

Asking price: $190,000
Monthly cash flow: $1,451
Estimated rent: $3,850/mo
Break-even price: $462,619

Adjust the numbers See the full breakdown

From the listing

Whether you're owner-occupying or buying an investment property, this is a unique opportunity that only comes around once in a while. This cash-flowing duplex is set on three city lots and has a massive three-stall garage for storage or more income potential! There are two units: Upstairs is a two-bedroom, one-bath with a big kitchen and a shared living room/dining area. The main floor is two-bedroom with a full bath and an eat-in kitchen. Currently the rents are $950 (up) and $1,000 (main), which is well under market rent for this area, especially when you consider that the solar panels supplement the majority of electricity the tenants use. The owner pays a flat $180 for sewer and water and the tenants pay the rest. There is an extra bathroom and kitchen area in the basement as well.

Listing courtesy of Grand Properties (Joseph Tome). Description from Realtor.com, MLS #7130322. 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: $190,000
Cash to close: $43,700
Price per unit: $95,000
GRM: 4.1

Each month

Cash flow: $1,451/mo
Cash-on-cash: 39.8%
Cap rate: 15.6%
DSCR: 2.43×

Break-even

Price that breaks even: $462,619
Rent that breaks even: $1,990/mo

Long run

Year 30: property vs stocks: $3.07M vs $333K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$3,850
Vacancy (6%)	−$231
Collected	$3,619
Property tax Listing	−$127
Insurance Estimate	−$184
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$308
Capital reserve (8% of rent)	−$308
Net operating income	$2,462
Mortgage (principal + interest)	−$1,011
Cash flow	$1,451
Principal paid down (equity, not cash)	$129

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	$461,180
Minus 6% selling cost	−$27,671
Minus loan still owedTenants' rent paid down all $171,000 of principal by year 30	$0
Plus rental profits, invested at 7%$964,758 of profit by year 30, before investment growth	$2,457,580
What you'd walk away with	$2,891,089
If you put the same money in stocks
Cash to close ($24,700) invested at 7%	$188,023
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	$188,023
Building minus stocks	$2,703,066

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$461,180
Minus 6% selling cost	−$27,671
Minus loan still owedTenants' rent paid down all $171,000 of principal by year 30	$0
Plus rental profits, invested at 7%$778,808 of profit by year 30, before investment growth	$1,950,938
What you'd walk away with	$2,384,447
If you put the same money in stocks
Cash to close ($24,700) invested at 7%	$188,023
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	$188,023
Building minus stocks	$2,196,424

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$436,907
Minus 6% selling cost	−$26,214
Minus loan still owedTenants' rent paid down all $162,000 of principal by year 30	$0
Plus rental profits, invested at 7%$986,584 of profit by year 30, before investment growth	$2,527,193
What you'd walk away with	$2,937,885
If you put the same money in stocks
Cash to close ($23,400) invested at 7%	$178,127
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	$178,127
Building minus stocks	$2,759,758

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$436,907
Minus 6% selling cost	−$26,214
Minus loan still owedTenants' rent paid down all $162,000 of principal by year 30	$0
Plus rental profits, invested at 7%$800,634 of profit by year 30, before investment growth	$2,020,551
What you'd walk away with	$2,431,244
If you put the same money in stocks
Cash to close ($23,400) invested at 7%	$178,127
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	$178,127
Building minus stocks	$2,253,117

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$461,180
Minus 6% selling cost	−$27,671
Minus loan still owedTenants' rent paid down all $152,000 of principal by year 30	$0
Plus rental profits, invested at 7%$1,015,395 of profit by year 30, before investment growth	$2,633,935
What you'd walk away with	$3,067,444
If you put the same money in stocks
Cash to close ($43,700) invested at 7%	$332,656
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	$332,656
Building minus stocks	$2,734,788

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$461,180
Minus 6% selling cost	−$27,671
Minus loan still owedTenants' rent paid down all $152,000 of principal by year 30	$0
Plus rental profits, invested at 7%$829,445 of profit by year 30, before investment growth	$2,127,293
What you'd walk away with	$2,560,802
If you put the same money in stocks
Cash to close ($43,700) invested at 7%	$332,656
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	$332,656
Building minus stocks	$2,228,146

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$436,907
Minus 6% selling cost	−$26,214
Minus loan still owedTenants' rent paid down all $144,000 of principal by year 30	$0
Plus rental profits, invested at 7%$1,034,555 of profit by year 30, before investment growth	$2,694,266
What you'd walk away with	$3,104,959
If you put the same money in stocks
Cash to close ($41,400) invested at 7%	$315,147
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	$315,147
Building minus stocks	$2,789,812

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$436,907
Minus 6% selling cost	−$26,214
Minus loan still owedTenants' rent paid down all $144,000 of principal by year 30	$0
Plus rental profits, invested at 7%$848,606 of profit by year 30, before investment growth	$2,187,625
What you'd walk away with	$2,598,317
If you put the same money in stocks
Cash to close ($41,400) invested at 7%	$315,147
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	$315,147
Building minus stocks	$2,283,170

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$461,180
Minus 6% selling cost	−$27,671
Minus loan still owedTenants' rent paid down all $142,500 of principal by year 30	$0
Plus rental profits, invested at 7%$1,038,148 of profit by year 30, before investment growth	$2,705,578
What you'd walk away with	$3,139,087
If you put the same money in stocks
Cash to close ($53,200) invested at 7%	$404,972
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	$404,972
Building minus stocks	$2,734,115

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$461,180
Minus 6% selling cost	−$27,671
Minus loan still owedTenants' rent paid down all $142,500 of principal by year 30	$0
Plus rental profits, invested at 7%$852,198 of profit by year 30, before investment growth	$2,198,937
What you'd walk away with	$2,632,446
If you put the same money in stocks
Cash to close ($53,200) invested at 7%	$404,972
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	$404,972
Building minus stocks	$2,227,474

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$436,907
Minus 6% selling cost	−$26,214
Minus loan still owedTenants' rent paid down all $135,000 of principal by year 30	$0
Plus rental profits, invested at 7%$1,056,111 of profit by year 30, before investment growth	$2,762,138
What you'd walk away with	$3,172,831
If you put the same money in stocks
Cash to close ($50,400) invested at 7%	$383,658
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	$383,658
Building minus stocks	$2,789,173

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$436,907
Minus 6% selling cost	−$26,214
Minus loan still owedTenants' rent paid down all $135,000 of principal by year 30	$0
Plus rental profits, invested at 7%$870,162 of profit by year 30, before investment growth	$2,255,497
What you'd walk away with	$2,666,190
If you put the same money in stocks
Cash to close ($50,400) invested at 7%	$383,658
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	$383,658
Building minus stocks	$2,282,532

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 $3.07M, stocks $333K. 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 $1,925/mo · range $1,775–$2,075 · 15 rentals within 8.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
501 River Rd, Grand Rapids	$1,283	2 / 1	860	6.5 mi	—	Apartment
2199 SW 8th St # 233, Grand Rapids	$1,950	2 / 1	1,182	8.4 mi	—	Apartment
2199 SW 8th St # 118, Grand Rapids	$1,750	2 / 1	937	8.4 mi	—	Apartment
2199 SW 8th St # 401, Grand Rapids	$1,975	2 / 2	1,152	8.4 mi	—	Apartment
2199 SW 8th St # 314, Grand Rapids	$1,695	2 / 1	995	8.4 mi	—	Apartment
2199 SW 8th St # 230, Grand Rapids	$1,725	2 / 1	972	8.4 mi	—	Apartment
2199 SW 8th St # 428, Grand Rapids	$1,775	2 / 1	972	8.4 mi	—	Apartment
2199 SW 8th St # 422, Grand Rapids	$1,875	2 / 1	1,046	8.4 mi	—	Apartment
2199 SW 8th St # 224, Grand Rapids	$1,895	2 / 1	1,031	8.4 mi	—	Apartment
2199 SW 8th St # 222, Grand Rapids	$1,825	2 / 1	1,046	8.4 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 219 3RD AVE

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.	$1,524
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,205
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$170
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

2026-08-19Price increase at $190,000 (was $175,000) · from listing history
2026-08-19New at $190,000

From the listing Listing

Listed as	duplex up and down
Property tax, 2026	$1,524
County	Itasca
Parcel number	864100780

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 Bovey on rental licensing before you buy.