423 1st St NW

Cass Lake, MN · View the listing ↗

Cash flows

16 photos

Photos, via Realtor.com.

Asking price: $95,000
Monthly cash flow: $1,380
Estimated rent: $3,325/mo
Break-even price: $354,194

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: $95,000
Cash to close: $21,850
Price per unit: $31,667
GRM: 2.4

Each month

Cash flow: $1,380/mo
Cash-on-cash: 75.8%
Cap rate: 23.8%
DSCR: 3.73×

Break-even

Price that breaks even: $354,194
Rent that breaks even: $1,556/mo

Long run

Year 30: property vs stocks: $2.51M vs $166K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$3,325
Vacancy (6%)	−$200
Collected	$3,126
Property tax Listing	−$105
Insurance Estimate	−$288
Water, sewer, trash Estimate	−$255
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$266
Capital reserve (8% of rent)	−$266
Net operating income	$1,885
Mortgage (principal + interest)	−$506
Cash flow	$1,380
Principal paid down (equity, not cash)	$64

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	$230,590
Minus 6% selling cost	−$13,835
Minus loan still owedTenants' rent paid down all $85,500 of principal by year 30	$0
Plus rental profits, invested at 7%$834,504 of profit by year 30, before investment growth	$2,205,819
What you'd walk away with	$2,422,574
If you put the same money in stocks
Cash to close ($12,350) invested at 7%	$94,011
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	$94,011
Building minus stocks	$2,328,563

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$230,590
Minus 6% selling cost	−$13,835
Minus loan still owedTenants' rent paid down all $85,500 of principal by year 30	$0
Plus rental profits, invested at 7%$673,912 of profit by year 30, before investment growth	$1,768,265
What you'd walk away with	$1,985,020
If you put the same money in stocks
Cash to close ($12,350) invested at 7%	$94,011
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	$94,011
Building minus stocks	$1,891,009

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$206,317
Minus 6% selling cost	−$12,379
Minus loan still owedTenants' rent paid down all $76,500 of principal by year 30	$0
Plus rental profits, invested at 7%$856,330 of profit by year 30, before investment growth	$2,275,432
What you'd walk away with	$2,469,370
If you put the same money in stocks
Cash to close ($11,050) invested at 7%	$84,115
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	$84,115
Building minus stocks	$2,385,255

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$206,317
Minus 6% selling cost	−$12,379
Minus loan still owedTenants' rent paid down all $76,500 of principal by year 30	$0
Plus rental profits, invested at 7%$695,737 of profit by year 30, before investment growth	$1,837,878
What you'd walk away with	$2,031,817
If you put the same money in stocks
Cash to close ($11,050) invested at 7%	$84,115
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	$84,115
Building minus stocks	$1,947,702

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$230,590
Minus 6% selling cost	−$13,835
Minus loan still owedTenants' rent paid down all $76,000 of principal by year 30	$0
Plus rental profits, invested at 7%$859,823 of profit by year 30, before investment growth	$2,293,996
What you'd walk away with	$2,510,751
If you put the same money in stocks
Cash to close ($21,850) invested at 7%	$166,328
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	$166,328
Building minus stocks	$2,344,423

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$230,590
Minus 6% selling cost	−$13,835
Minus loan still owedTenants' rent paid down all $76,000 of principal by year 30	$0
Plus rental profits, invested at 7%$699,230 of profit by year 30, before investment growth	$1,856,443
What you'd walk away with	$2,073,197
If you put the same money in stocks
Cash to close ($21,850) invested at 7%	$166,328
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	$166,328
Building minus stocks	$1,906,869

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$206,317
Minus 6% selling cost	−$12,379
Minus loan still owedTenants' rent paid down all $68,000 of principal by year 30	$0
Plus rental profits, invested at 7%$878,983 of profit by year 30, before investment growth	$2,354,328
What you'd walk away with	$2,548,266
If you put the same money in stocks
Cash to close ($19,550) invested at 7%	$148,820
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	$148,820
Building minus stocks	$2,399,446

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$206,317
Minus 6% selling cost	−$12,379
Minus loan still owedTenants' rent paid down all $68,000 of principal by year 30	$0
Plus rental profits, invested at 7%$718,391 of profit by year 30, before investment growth	$1,916,774
What you'd walk away with	$2,110,712
If you put the same money in stocks
Cash to close ($19,550) invested at 7%	$148,820
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	$148,820
Building minus stocks	$1,961,892

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$230,590
Minus 6% selling cost	−$13,835
Minus loan still owedTenants' rent paid down all $71,250 of principal by year 30	$0
Plus rental profits, invested at 7%$871,199 of profit by year 30, before investment growth	$2,329,818
What you'd walk away with	$2,546,573
If you put the same money in stocks
Cash to close ($26,600) invested at 7%	$202,486
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	$202,486
Building minus stocks	$2,344,087

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$230,590
Minus 6% selling cost	−$13,835
Minus loan still owedTenants' rent paid down all $71,250 of principal by year 30	$0
Plus rental profits, invested at 7%$710,607 of profit by year 30, before investment growth	$1,892,264
What you'd walk away with	$2,109,019
If you put the same money in stocks
Cash to close ($26,600) invested at 7%	$202,486
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	$202,486
Building minus stocks	$1,906,533

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$206,317
Minus 6% selling cost	−$12,379
Minus loan still owedTenants' rent paid down all $63,750 of principal by year 30	$0
Plus rental profits, invested at 7%$889,162 of profit by year 30, before investment growth	$2,386,379
What you'd walk away with	$2,580,317
If you put the same money in stocks
Cash to close ($23,800) invested at 7%	$181,172
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	$181,172
Building minus stocks	$2,399,145

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$206,317
Minus 6% selling cost	−$12,379
Minus loan still owedTenants' rent paid down all $63,750 of principal by year 30	$0
Plus rental profits, invested at 7%$728,570 of profit by year 30, before investment growth	$1,948,825
What you'd walk away with	$2,142,763
If you put the same money in stocks
Cash to close ($23,800) invested at 7%	$181,172
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	$181,172
Building minus stocks	$1,961,591

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 $2.51M, stocks $166K. 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
1101 Bemidji Ave NE, Bemidji	$950	2 / 1	—	14.4 mi	2026-10-01	Apartment
1108 Beltrami Ave NW, Bemidji	$1,200	2 / 1	1,064	14.4 mi	2026-09-01	Apartment
325 Summit Ave W Apt 202, Blackduck	$1,000	2 / 1	—	24.4 mi	2026-09-28	Apartment
210 Park Ave, Park Rapids	$1,020	2 / 1	800	37.8 mi	2026-09-01	Apartment
313 1st St E Apt 8, Park Rapids	$825	2 / 1	—	37.8 mi	2025-06-16	Apartment
203 Helten Ave, Park Rapids	$685	2 / 1	—	38.1 mi	2025-12-13	Apartment
11 1st Ave NE, Deer River	$800	2 / 1	—	38.3 mi	2026-09-05	Apartment
2199 SW 8th St # 233, Grand Rapids	$1,950	2 / 1	1,182	50.2 mi	—	Apartment
2199 SW 8th St # 118, Grand Rapids	$1,750	2 / 1	937	50.2 mi	—	Apartment
2199 SW 8th St # 401, Grand Rapids	$1,975	2 / 2	1,152	50.2 mi	—	Apartment

1 bed estimate $975/mo · range $825–$1,250 · 357 rentals across Greater Minnesota

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1114 Minnesota Ave NW, Bemidji	$1,025	1 / 1	—	14.5 mi	2026-10-01	Apartment
125 Roman Dr NW, Bemidji	$825	1 / 1	—	15.9 mi	2026-06-12	Apartment
12244 2nd St, Northome	$663	1 / 1	676	37.4 mi	2024-10-26	Apartment
1022 Comstock Dr, Deer River	$624	1 / 1	550	38.3 mi	2024-11-12	Apartment
207 Cedar St NE, Remer	$742	1 / 1	550	39.5 mi	2025-02-17	Apartment
2199 SW 8th St # 403, Grand Rapids	$1,250	1 / 1	662	50.2 mi	—	Apartment
2199 SW 8th St # 232, Grand Rapids	$1,475	1 / 1	772	50.2 mi	—	Apartment
2199 SW 8th St # 105, Grand Rapids	$1,325	1 / 1	662	50.2 mi	—	Apartment
2199 SW 8th St # 121, Grand Rapids	$1,425	1 / 1	716	50.2 mi	—	Apartment
2199 SW 8th St # 206, Grand Rapids	$1,375	1 / 1	717	50.2 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 423 1ST ST NW

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 384 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.	$1,264
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$3,456
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

2025-09-15New at $95,000

From the listing Listing

Listed as	triplex
Property tax, 2025	$1,264
County	Cass
Parcel number	853441025

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 Cass Lake on rental licensing before you buy.