623 Horace Ave N

Thief River Falls, MN · View the listing ↗

Cash flows

8 photos

Photos courtesy of USA Realty - Broker, via Realtor.com.

Asking price: $105,000
Monthly cash flow: $1,174
Estimated rent: $3,325/mo
Break-even price: $325,572

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: $105,000
Cash to close: $24,150
Price per unit: $35,000
GRM: 2.6

Each month

Cash flow: $1,174/mo
Cash-on-cash: 58.3%
Cap rate: 19.8%
DSCR: 3.10×

Break-even

Price that breaks even: $325,572
Rent that breaks even: $1,800/mo

Long run

Year 30: property vs stocks: $2.23M vs $184K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$3,325
Vacancy (6%)	−$200
Collected	$3,126
Property tax Listing	−$226
Insurance Estimate	−$286
Water, sewer, trash Estimate	−$255
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$266
Capital reserve (9% of rent)	−$299
Net operating income	$1,733
Mortgage (principal + interest)	−$559
Cash flow	$1,174
Principal paid down (equity, not cash)	$71

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	$254,863
Minus 6% selling cost	−$15,292
Minus loan still owedTenants' rent paid down all $94,500 of principal by year 30	$0
Plus rental profits, invested at 7%$719,926 of profit by year 30, before investment growth	$1,888,282
What you'd walk away with	$2,127,853
If you put the same money in stocks
Cash to close ($13,650) invested at 7%	$103,907
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	$103,907
Building minus stocks	$2,023,946

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$254,863
Minus 6% selling cost	−$15,292
Minus loan still owedTenants' rent paid down all $94,500 of principal by year 30	$0
Plus rental profits, invested at 7%$559,333 of profit by year 30, before investment growth	$1,450,728
What you'd walk away with	$1,690,299
If you put the same money in stocks
Cash to close ($13,650) invested at 7%	$103,907
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	$103,907
Building minus stocks	$1,586,392

	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%$741,752 of profit by year 30, before investment growth	$1,957,895
What you'd walk away with	$2,174,650
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	$2,080,639

	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%$581,159 of profit by year 30, before investment growth	$1,520,341
What you'd walk away with	$1,737,096
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	$1,643,085

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$254,863
Minus 6% selling cost	−$15,292
Minus loan still owedTenants' rent paid down all $84,000 of principal by year 30	$0
Plus rental profits, invested at 7%$747,909 of profit by year 30, before investment growth	$1,985,741
What you'd walk away with	$2,225,312
If you put the same money in stocks
Cash to close ($24,150) invested at 7%	$183,836
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	$183,836
Building minus stocks	$2,041,476

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$254,863
Minus 6% selling cost	−$15,292
Minus loan still owedTenants' rent paid down all $84,000 of principal by year 30	$0
Plus rental profits, invested at 7%$587,316 of profit by year 30, before investment growth	$1,548,188
What you'd walk away with	$1,787,758
If you put the same money in stocks
Cash to close ($24,150) invested at 7%	$183,836
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	$183,836
Building minus stocks	$1,603,922

	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%$767,070 of profit by year 30, before investment growth	$2,046,073
What you'd walk away with	$2,262,827
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	$2,096,499

	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%$606,477 of profit by year 30, before investment growth	$1,608,519
What you'd walk away with	$1,825,273
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	$1,658,945

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$254,863
Minus 6% selling cost	−$15,292
Minus loan still owedTenants' rent paid down all $78,750 of principal by year 30	$0
Plus rental profits, invested at 7%$760,483 of profit by year 30, before investment growth	$2,025,334
What you'd walk away with	$2,264,905
If you put the same money in stocks
Cash to close ($29,400) invested at 7%	$223,800
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	$223,800
Building minus stocks	$2,041,105

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$254,863
Minus 6% selling cost	−$15,292
Minus loan still owedTenants' rent paid down all $78,750 of principal by year 30	$0
Plus rental profits, invested at 7%$599,891 of profit by year 30, before investment growth	$1,587,780
What you'd walk away with	$1,827,351
If you put the same money in stocks
Cash to close ($29,400) invested at 7%	$223,800
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	$223,800
Building minus stocks	$1,603,551

	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%$778,447 of profit by year 30, before investment growth	$2,081,894
What you'd walk away with	$2,298,649
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	$2,096,163

	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%$617,854 of profit by year 30, before investment growth	$1,644,341
What you'd walk away with	$1,861,095
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	$1,658,609

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 $2.23M, stocks $184K. 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
703 N State Ave, Thief River Falls	$750	2 / 1	—	0.4 mi	2026-06-24	Apartment
716 Crocker Ave S, Thief River Falls	$725	2 / 1	—	1.0 mi	2026-09-21	Apartment
1236 Edgewood Dr, Thief River Falls	$775	2 / 1	850	1.2 mi	2025-07-12	Apartment
100 Barnick Rd, Thief River Falls	$1,285	2 / 2	1,076	1.7 mi	2025-01-03	Apartment
1918 Greenwood St E, Thief River Falls	$800	2 / 1	700	1.8 mi	2025-12-11	Apartment
1120 Barrette St, Crookston	$903	2 / 1	500	30.2 mi	2025-07-10	Apartment
400 17th St NW, East Grand Forks	$966	2 / 1	897	41.0 mi	2026-06-02	Apartment
304 Demers Ave, East Grand Forks	$1,095	2 / 2	910	41.4 mi	2026-09-19	Apartment
701 Lily Ln Apt 303, Ada	$800	2 / 1	—	58.7 mi	2025-11-07	Apartment
404 5th Ave W Apt 3, Ada	$629	2 / 1	—	59.0 mi	2025-08-04	Apartment

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

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1301 1st St W, Thief River Falls	$945	1 / 1	630	1.1 mi	2025-04-02	Apartment
1602 Pioneer Ct, Thief River Falls	$730	1 / 1	550	1.5 mi	2026-05-14	Apartment
1120 Barrette St, Crookston	$868	1 / 1	500	30.2 mi	2025-07-10	Apartment
1700 Widman Ln, Crookston	$865	1 / 1	775	30.3 mi	2025-05-29	Apartment
400 17th St NW, East Grand Forks	$758	1 / 1	479	41.0 mi	2026-06-02	Apartment
220 E Gateway Dr NW, East Grand Forks	$585	1 / 1	650	41.1 mi	2026-09-19	Apartment
2206 8th Ave NW, East Grand Forks	$650	1 / 1	450	41.2 mi	2026-03-21	Apartment
228 2nd Ave W, Halstad	$745	1 / 1	—	61.2 mi	2026-07-09	Apartment
125 Roman Dr NW, Bemidji	$825	1 / 1	—	73.4 mi	2026-06-12	Apartment
1114 Minnesota Ave NW, Bemidji	$1,025	1 / 1	—	74.8 mi	2026-10-01	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 623 HORACE AVE N

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.	$2,714
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$3,435
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 1910: +1 pt capital reserve	8% / 9%

Status history

2026-08-10New at $105,000

From the listing Listing

Listed as	triplex
Property tax, 2026	$2,714
County	Pennington
Parcel number	2501506200

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 Thief River Falls on rental licensing before you buy.