324 S 4th Ave E

Cash flows

36 photos

Photos courtesy of Keller Williams Classic Realty Northwest, via Realtor.com.

Asking price: $122,500
Monthly cash flow: $1,302
Estimated rent: $3,625/mo
Break-even price: $367,103

Adjust the numbers See the full breakdown

From the listing

Incredible investment opportunity by unlocking this historic 2.75 story home's potential! Much of original character is retained - 26 ft covered front porch, 9 ft ceilings, large windows, original wood interior doors & woodwork, hardwood floors & some vintage fixtures. Third level attic offers even more potential living space with 7' ceilings in 3 large rooms! Updates include roof, siding, main level windows, electrical service, plumbing, etc. 4 city lots, off-street parking, fully fenced yard. Originally built as Section 30 hospital, moved to this site, converted into triplex & later, main level housed a child day care. Ideally located in heart of Ely.

Listing courtesy of Keller Williams Classic Realty Northwest (Wendy Johnson). Description from Realtor.com, MLS #149729. 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: $122,500
Cash to close: $28,175
Price per unit: $40,833
GRM: 2.8

Each month

Cash flow: $1,302/mo
Cash-on-cash: 55.4%
Cap rate: 19.1%
DSCR: 3.00×

Break-even

Price that breaks even: $367,103
Rent that breaks even: $1,934/mo

Long run

Year 30: property vs stocks: $2.50M vs $214K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$3,625
Vacancy (6%)	−$218
Collected	$3,408
Property tax Estimate	−$214
Insurance Estimate	−$308
Water, sewer, trash Estimate	−$255
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$290
Capital reserve (9% of rent)	−$326
Net operating income	$1,954
Mortgage (principal + interest)	−$652
Cash flow	$1,302
Principal paid down (equity, not cash)	$83

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	$297,340
Minus 6% selling cost	−$17,840
Minus loan still owedTenants' rent paid down all $110,250 of principal by year 30	$0
Plus rental profits, invested at 7%$807,442 of profit by year 30, before investment growth	$2,109,375
What you'd walk away with	$2,388,875
If you put the same money in stocks
Cash to close ($15,925) invested at 7%	$121,225
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	$121,225
Building minus stocks	$2,267,650

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$297,340
Minus 6% selling cost	−$17,840
Minus loan still owedTenants' rent paid down all $110,250 of principal by year 30	$0
Plus rental profits, invested at 7%$632,360 of profit by year 30, before investment growth	$1,632,343
What you'd walk away with	$1,911,842
If you put the same money in stocks
Cash to close ($15,925) invested at 7%	$121,225
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	$121,225
Building minus stocks	$1,790,617

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$273,067
Minus 6% selling cost	−$16,384
Minus loan still owedTenants' rent paid down all $101,250 of principal by year 30	$0
Plus rental profits, invested at 7%$829,268 of profit by year 30, before investment growth	$2,178,989
What you'd walk away with	$2,435,672
If you put the same money in stocks
Cash to close ($14,625) invested at 7%	$111,329
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	$111,329
Building minus stocks	$2,324,343

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$273,067
Minus 6% selling cost	−$16,384
Minus loan still owedTenants' rent paid down all $101,250 of principal by year 30	$0
Plus rental profits, invested at 7%$654,186 of profit by year 30, before investment growth	$1,701,956
What you'd walk away with	$1,958,639
If you put the same money in stocks
Cash to close ($14,625) invested at 7%	$111,329
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	$111,329
Building minus stocks	$1,847,310

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$297,340
Minus 6% selling cost	−$17,840
Minus loan still owedTenants' rent paid down all $98,000 of principal by year 30	$0
Plus rental profits, invested at 7%$840,089 of profit by year 30, before investment growth	$2,223,078
What you'd walk away with	$2,502,577
If you put the same money in stocks
Cash to close ($28,175) invested at 7%	$214,475
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	$214,475
Building minus stocks	$2,288,102

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$297,340
Minus 6% selling cost	−$17,840
Minus loan still owedTenants' rent paid down all $98,000 of principal by year 30	$0
Plus rental profits, invested at 7%$665,007 of profit by year 30, before investment growth	$1,746,046
What you'd walk away with	$2,025,545
If you put the same money in stocks
Cash to close ($28,175) invested at 7%	$214,475
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	$214,475
Building minus stocks	$1,811,070

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$273,067
Minus 6% selling cost	−$16,384
Minus loan still owedTenants' rent paid down all $90,000 of principal by year 30	$0
Plus rental profits, invested at 7%$859,250 of profit by year 30, before investment growth	$2,283,409
What you'd walk away with	$2,540,092
If you put the same money in stocks
Cash to close ($25,875) invested at 7%	$196,967
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	$196,967
Building minus stocks	$2,343,125

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$273,067
Minus 6% selling cost	−$16,384
Minus loan still owedTenants' rent paid down all $90,000 of principal by year 30	$0
Plus rental profits, invested at 7%$684,168 of profit by year 30, before investment growth	$1,806,377
What you'd walk away with	$2,063,060
If you put the same money in stocks
Cash to close ($25,875) invested at 7%	$196,967
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	$196,967
Building minus stocks	$1,866,093

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$297,340
Minus 6% selling cost	−$17,840
Minus loan still owedTenants' rent paid down all $91,875 of principal by year 30	$0
Plus rental profits, invested at 7%$854,759 of profit by year 30, before investment growth	$2,269,269
What you'd walk away with	$2,548,768
If you put the same money in stocks
Cash to close ($34,300) invested at 7%	$261,100
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	$261,100
Building minus stocks	$2,287,668

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$297,340
Minus 6% selling cost	−$17,840
Minus loan still owedTenants' rent paid down all $91,875 of principal by year 30	$0
Plus rental profits, invested at 7%$679,677 of profit by year 30, before investment growth	$1,792,237
What you'd walk away with	$2,071,736
If you put the same money in stocks
Cash to close ($34,300) invested at 7%	$261,100
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	$261,100
Building minus stocks	$1,810,636

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$273,067
Minus 6% selling cost	−$16,384
Minus loan still owedTenants' rent paid down all $84,375 of principal by year 30	$0
Plus rental profits, invested at 7%$872,722 of profit by year 30, before investment growth	$2,325,830
What you'd walk away with	$2,582,513
If you put the same money in stocks
Cash to close ($31,500) invested at 7%	$239,786
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	$239,786
Building minus stocks	$2,342,727

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$273,067
Minus 6% selling cost	−$16,384
Minus loan still owedTenants' rent paid down all $84,375 of principal by year 30	$0
Plus rental profits, invested at 7%$697,640 of profit by year 30, before investment growth	$1,848,797
What you'd walk away with	$2,105,480
If you put the same money in stocks
Cash to close ($31,500) invested at 7%	$239,786
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	$239,786
Building minus stocks	$1,865,694

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 $2.50M, stocks $214K. 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 $1,225/mo · range $1,075–$1,650 · 48 rentals in St. Louis County

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
410 W 3rd Ave N, Aurora	$970	2 / 1	840	31.1 mi	—	Apartment
201 N 5th Ave, Virginia	$958	2 / 1	—	40.8 mi	2026-02-01	Apartment
206 S 4th Ave E Unit 104, Virginia	$995	2 / 1	—	40.8 mi	—	Apartment
707 S 5th Ave Apt 3, Virginia	$995	2 / 1	—	41.1 mi	2026-04-08	Apartment
110 Anderson Dr # 44, Virginia	$1,065	2 / 1	850	41.5 mi	—	Apartment
8515 Parkvilla Dr, Mountain Iron	$1,295	2 / 1	928	42.6 mi	—	Apartment
300 15th Ave W, Eveleth	$1,047	2 / 1	900	45.0 mi	2025-01-03	Apartment
100 Southview Dr, Hibbing	$990	2 / 1	792	59.0 mi	—	Apartment
600 E 40th St, Hibbing	$1,170	2 / 1	860	60.5 mi	2025-04-16	Apartment
3505 9th Ave W, Hibbing	$748	2 / 1	627	61.1 mi	2024-11-16	Apartment

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
900 Dorchester Dr, Hoyt Lakes	$725	1 / 1	665	29.0 mi	2024-04-15	Apartment
201 N 5th Ave, Virginia	$882	1 / 1	—	40.8 mi	2026-02-01	Apartment
406 S 4th Ave W Apt 204, Virginia	$940	1 / 1	368	40.9 mi	2026-09-17	Apartment
604 7th St S Unit 2, Virginia	$850	1 / 1	—	41.2 mi	—	Apartment
606 7th St S Unit 2, Virginia	$880	1 / 1	—	41.2 mi	—	Apartment
100 N Van Buren Ave, Eveleth	$1,050	1 / 1	675	43.2 mi	—	Apartment
600 E 40th St, Hibbing	$995	1 / 1	599	60.5 mi	2025-04-16	Apartment
25 W Redwing St Apt 18, Duluth	$1,125	1 / 1	513	73.2 mi	—	Apartment
5886 N Pike Lake Rd, Duluth	$1,400	1 / 1	544	74.0 mi	2026-03-18	Apartment
3780 London Rd, Duluth	$1,615	1 / 1	750	75.0 mi	2025-04-10	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 324 4TH AVE E S

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 180 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 Estimateestimate. No tax record found; 2.1% of price.	$2,572
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$3,696
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 1898: +1 pt capital reserve	8% / 9%

Status history

2026-04-08Price cut at $122,500 (was $159,500) · from listing history
2025-10-01Price cut at $159,500 (was $168,500) · from listing history
2026-04-08New at $122,500

From the listing Listing

Listed as

triplex

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 Ely on rental licensing before you buy.