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245 3rd STREET NE
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Wadena · Single Family · under $400,000 · 6+ bed · 3+ bath. Alerts only send when there are new or meaningfully updated matching homes.
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Solid four-plex investment opportunity featuring a proven renovation history and strong rental fundamentals. This 1,610 sq. ft. building offers 7 bedrooms and 4 bathrooms across four self-contained units, providing an attractive mix of one- and two-bedroom suites well suited to local rental demand. The property has undergone major renovations, including updates to kitchens, bathrooms, windows, doors, siding, insulation, flooring, plumbing, and mechanical systems. An updated furnace and newer plumbing add further long-term reliability. A refrigerator was replaced in Unit 2 within the past year. Currently partially occupied, with market rents supporting approximately $4,700/month at stabilization ($950 for the one-bedroom unit and $1,250 for each two-bedroom unit, plus electricity). This creates immediate upside for investors through lease-up and rent optimization. Appliances are included, simplifying turnover and management. The layout and suite mix support consistent demand and efficient operations. The seller prefers to sell this property as part of a portfolio package with 89 Horkoff Street and 633/635 3rd Street, offering investors an opportunity to acquire scale and operational efficiencies across multiple assets. A strong option for investors focused on stabilized returns, renovation-backed value, and long-term rental income. (id:65958)
Basement
| Room | Dimensions | Features |
|---|---|---|
| Living room | 14.4 × 15.9 feet | |
| Kitchen | 9 × 10.6 feet | |
| Bedroom | 11.9 × 13 feet | |
| Bedroom | 8 × 12 feet | |
| 4pc Bathroom | x x x | |
| Living room | 13.6 × 15.5 feet | |
| Kitchen | 8.5 × 11.2 feet | |
| Bedroom | 9.9 × 11.1 feet | |
| 4pc Bathroom | x x x | |
| Other | x x x |
Main level
| Room | Dimensions | Features |
|---|---|---|
| Living room | 13.6 × 15.6 feet | |
| Kitchen | 8.6 × 11.2 feet | |
| Bedroom | 11.9 × 12.1 feet | |
| Bedroom | 9.1 × 11.9 feet | |
| 4pc Bathroom | x x x | |
| Living room | 13.6 × 15.6 feet | |
| Kitchen | 8.6 × 11.2 feet | |
| Bedroom | 11.9 × 12.1 feet | |
| Bedroom | 9.1 × 11.9 feet | |
| 4pc Bathroom | x x x |
10-item due-diligence checklist. We can pre-flight most of these for you on a CMA call.
Comparable sales
Ask for 3–5 recent solds within ~1 km and the same beds/baths so the list price has context.
Property condition
Roof age, furnace age, hot-water tank age, electrical panel size, windows. Cosmetic vs structural.
Zoning
Confirm zoning matches your intent (single-family vs duplex vs secondary suite vs commercial).
Suite legality / potential
If suited or being marketed as suited: confirm permits, separate entrance, ceiling height, egress windows.
Monthly carrying cost
Mortgage + property tax + insurance + condo fee (if any) + utilities. Compare to your max budget.
Property taxes
Confirm the annual tax amount on the current assessment — and whether a reassessment is pending.
Insurance estimate
Get a same-day quote. Older homes, knob-and-tube wiring, polybutylene plumbing, flood plains all change the number.
Commute
Drive it (or transit it) at the actual time of day you'd commute. Map ETA lies during peak hours.
Deposit and financing conditions
Deposit size, financing condition window, condition removal date, possession date — all negotiable.
Inspection considerations
Budget for a home inspector ($500–700) and any specialty inspections (sewer scope, mould, asbestos for pre-1990 builds).
Cash on cash
17.80%
Cap rate
8.42%
GRM
8.8
Break-even rent
$2,207
Financing
Operating expenses (monthly)
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Approximation only. Actual cash flow depends on financing terms, condition reports, current market rents, property tax assessment, condo fees, and tenant quality. Defaults: 4.5% rate, 30-year amortization, 5% vacancy, 1%/yr maintenance, 0.5%/yr CapEx reserve, $80/mo insurance. Property tax estimated at 0.55%/yr where not provided. Talk to a mortgage broker before relying on these numbers.
Pick a down payment and tap any underlined number to edit. Total updates live. Confirm with a mortgage broker before writing an offer.
Monthly carrying costs (shared)
Approximation only. CMHC default insurance is included when down payment is under 20%. Property tax and condo fees come from MLS when listed and may not reflect the current billing year. Accelerated bi-weekly frequency reduces total interest paid vs. monthly — confirm with a broker. Suite rental income depends on permits, market rent, and vacancy. Always validate with a mortgage broker before writing an offer.
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Listing brokerage
Listing brokerage on file
Listing data via CREA DDF®. Information is deemed reliable but not guaranteed accurate by CREA. Last updated Mar 5, 2026.
Location of this listing. Distances are straight-line.
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Buyer-fit signals
Derived from listing data and nearby-amenity proximity. Verify anything that matters to your decision — distances are approximate.