2328 1st Ave

Hibbing, MN · View the listing ↗

Cash flows

3 photos

Photos, via Realtor.com.

Asking price: $75,000
Monthly cash flow: $1,702
Estimated rent: $3,600/mo
Break-even price: $394,777

Adjust the numbers See the full breakdown

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: $75,000
Cash to close: $17,250
Price per unit: $25,000
GRM: 1.7

Each month

Cash flow: $1,702/mo
Cash-on-cash: 118.4%
Cap rate: 33.6%
DSCR: 5.26×

Break-even

Price that breaks even: $394,777
Rent that breaks even: $1,418/mo

Long run

Year 30: property vs stocks: $2.92M vs $131K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$3,600
Vacancy (6%)	−$216
Collected	$3,384
Property tax Listing	−$84
Insurance Estimate	−$308
Water, sewer, trash Estimate	−$255
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$288
Capital reserve (8% of rent)	−$288
Net operating income	$2,101
Mortgage (principal + interest)	−$399
Cash flow	$1,702
Principal paid down (equity, not cash)	$51

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	$182,045
Minus 6% selling cost	−$10,923
Minus loan still owedTenants' rent paid down all $67,500 of principal by year 30	$0
Plus rental profits, invested at 7%$1,001,544 of profit by year 30, before investment growth	$2,681,171
What you'd walk away with	$2,852,293
If you put the same money in stocks
Cash to close ($9,750) invested at 7%	$74,219
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	$74,219
Building minus stocks	$2,778,074

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$182,045
Minus 6% selling cost	−$10,923
Minus loan still owedTenants' rent paid down all $67,500 of principal by year 30	$0
Plus rental profits, invested at 7%$827,669 of profit by year 30, before investment growth	$2,207,428
What you'd walk away with	$2,378,550
If you put the same money in stocks
Cash to close ($9,750) invested at 7%	$74,219
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	$74,219
Building minus stocks	$2,304,331

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$157,772
Minus 6% selling cost	−$9,466
Minus loan still owedTenants' rent paid down all $58,500 of principal by year 30	$0
Plus rental profits, invested at 7%$1,023,370 of profit by year 30, before investment growth	$2,750,784
What you'd walk away with	$2,899,090
If you put the same money in stocks
Cash to close ($8,450) invested at 7%	$64,324
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	$64,324
Building minus stocks	$2,834,766

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$157,772
Minus 6% selling cost	−$9,466
Minus loan still owedTenants' rent paid down all $58,500 of principal by year 30	$0
Plus rental profits, invested at 7%$849,495 of profit by year 30, before investment growth	$2,277,041
What you'd walk away with	$2,425,347
If you put the same money in stocks
Cash to close ($8,450) invested at 7%	$64,324
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	$64,324
Building minus stocks	$2,361,023

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$182,045
Minus 6% selling cost	−$10,923
Minus loan still owedTenants' rent paid down all $60,000 of principal by year 30	$0
Plus rental profits, invested at 7%$1,021,532 of profit by year 30, before investment growth	$2,750,785
What you'd walk away with	$2,921,907
If you put the same money in stocks
Cash to close ($17,250) invested at 7%	$131,311
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	$131,311
Building minus stocks	$2,790,596

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$182,045
Minus 6% selling cost	−$10,923
Minus loan still owedTenants' rent paid down all $60,000 of principal by year 30	$0
Plus rental profits, invested at 7%$847,657 of profit by year 30, before investment growth	$2,277,042
What you'd walk away with	$2,448,164
If you put the same money in stocks
Cash to close ($17,250) invested at 7%	$131,311
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	$131,311
Building minus stocks	$2,316,853

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$157,772
Minus 6% selling cost	−$9,466
Minus loan still owedTenants' rent paid down all $52,000 of principal by year 30	$0
Plus rental profits, invested at 7%$1,040,693 of profit by year 30, before investment growth	$2,811,116
What you'd walk away with	$2,959,421
If you put the same money in stocks
Cash to close ($14,950) invested at 7%	$113,803
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	$113,803
Building minus stocks	$2,845,618

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$157,772
Minus 6% selling cost	−$9,466
Minus loan still owedTenants' rent paid down all $52,000 of principal by year 30	$0
Plus rental profits, invested at 7%$866,818 of profit by year 30, before investment growth	$2,337,373
What you'd walk away with	$2,485,679
If you put the same money in stocks
Cash to close ($14,950) invested at 7%	$113,803
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	$113,803
Building minus stocks	$2,371,876

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$182,045
Minus 6% selling cost	−$10,923
Minus loan still owedTenants' rent paid down all $56,250 of principal by year 30	$0
Plus rental profits, invested at 7%$1,030,514 of profit by year 30, before investment growth	$2,779,065
What you'd walk away with	$2,950,187
If you put the same money in stocks
Cash to close ($21,000) invested at 7%	$159,857
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	$159,857
Building minus stocks	$2,790,330

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$182,045
Minus 6% selling cost	−$10,923
Minus loan still owedTenants' rent paid down all $56,250 of principal by year 30	$0
Plus rental profits, invested at 7%$856,639 of profit by year 30, before investment growth	$2,305,322
What you'd walk away with	$2,476,444
If you put the same money in stocks
Cash to close ($21,000) invested at 7%	$159,857
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	$159,857
Building minus stocks	$2,316,587

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$157,772
Minus 6% selling cost	−$9,466
Minus loan still owedTenants' rent paid down all $48,750 of principal by year 30	$0
Plus rental profits, invested at 7%$1,048,477 of profit by year 30, before investment growth	$2,835,625
What you'd walk away with	$2,983,931
If you put the same money in stocks
Cash to close ($18,200) invested at 7%	$138,543
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	$138,543
Building minus stocks	$2,845,388

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$157,772
Minus 6% selling cost	−$9,466
Minus loan still owedTenants' rent paid down all $48,750 of principal by year 30	$0
Plus rental profits, invested at 7%$874,602 of profit by year 30, before investment growth	$2,361,883
What you'd walk away with	$2,510,189
If you put the same money in stocks
Cash to close ($18,200) invested at 7%	$138,543
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	$138,543
Building minus stocks	$2,371,646

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 $2.92M, stocks $131K. 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.

1 bed estimate $1,200/mo · range $1,050–$1,400 · 36 rentals in St. Louis County

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
600 E 40th St, Hibbing	$995	1 / 1	599	1.5 mi	2025-04-16	Apartment
100 N Van Buren Ave, Eveleth	$1,050	1 / 1	675	19.6 mi	—	Apartment
606 7th St S Unit 2, Virginia	$880	1 / 1	—	19.8 mi	—	Apartment
604 7th St S Unit 2, Virginia	$850	1 / 1	—	19.8 mi	—	Apartment
406 S 4th Ave W Apt 204, Virginia	$940	1 / 1	368	20.1 mi	2026-09-17	Apartment
201 N 5th Ave, Virginia	$882	1 / 1	—	20.1 mi	2026-02-01	Apartment
900 Dorchester Dr, Hoyt Lakes	$725	1 / 1	665	38.1 mi	2024-04-15	Apartment
5886 N Pike Lake Rd, Duluth	$1,400	1 / 1	544	48.6 mi	2026-03-18	Apartment
4926 W Arrowhead Rd Unit 307, Hermantown	$1,599	1 / 1	655	54.3 mi	2026-07-03	Apartment
25 W Redwing St Apt 18, Duluth	$1,125	1 / 1	513	56.5 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 2328 1ST AVE

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 354 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.	$1,002
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$3,700
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. base rate	8% / 8%

Status history

2025-10-16New at $75,000

From the listing Listing

Listed as	apartments
Property tax, 2025	$1,002
County	St. Louis
Parcel number	140009003190

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 Hibbing on rental licensing before you buy.