Conventional wisdom suggests that realistic quantum repeaters will require quasi-deterministic sources of entangled photon pairs. In contrast, we here study a quantum repeater architecture that uses simple parametric down-conversion sources, as well as frequency-multiplexed multimode quantum memories and photon-number-resolving detectors. We show that this approach can significantly extend quantum communication distances compared to direct transmission. This shows that important trade-offs are possible between the different components of quantum repeater architectures.