2302 Milton Ave Lot 28 · Albert Lea, MN 56007

$104,900

3 bd · 2.0 ba · 1,216 sqft · SingleFamily · 19 Days on market

Built 2026 Excellent condition

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.2/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Condition / age +5.0/5.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Brand-New-3-Bedroom Manufactured Home with Private Owner's Suite. Step into modern, effortless living in this brand-new, never-lived-in-3-bedroom manufactured home. Every inch feels fresh, bright and thoughtfully designed, offering a clean slate for your personal style. The open-concept living area creates a warm, welcoming flow, connecting the spacious living room to a contemporary kitchen with new appliances, ample cabinetry and a functional layout perfect for everyday living or entertaining. The highlight of the home is the private owner's suite, featuring its own full bathroom for comfort and convenience. With separation from the additional bedrooms, it offers a peaceful retreat at the

Key facts

• Built 2026
• Listed 18 days

Property features AI

Exterior

• Parking: No designated parking listed
• Utilities: City water (connected); City sewer (connected); Natural gas
• Home design: Residential property; One level (single-story); New construction
• Construction: Manufactured home; Approximately 8 years old roof (age 8 years or less); Foundation area reported (1,216)
• Exterior features: Vinyl exterior

Interior

• Kitchen: Microwave, Range, Refrigerator
• Bedrooms: 3 bedrooms, all on the main level
• Bathrooms: 2 full bathrooms (including a full primary bathroom and a main floor full bath)
• Heating & cooling: Forced air heating; No central cooling listed
• Interior features: Microwave, Range, Refrigerator; Main floor primary bedroom; No basement
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $105k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $235 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $103k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 4.0% in Albert Lea — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 72/100 on livability (#274 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Albert Lea Public School District (town): math 30% / reading 40% proficiency, ranked #258 of 301 in MN (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Halverson Elementary (math 37% / reading 42%, grade F, #604 of 857 statewide, top 74%, 389 students, 80% FRL); Southwest Middle (math 19% / reading 38%, grade F, #210 of 258 statewide, top 81%, 474 students, 62% FRL); Albert Lea Senior High (math 23% / reading 37%, grade F, #345 of 471 statewide, top 74%, 1,218 students, 53% FRL) — zoned schools average 65% FRL vs 40% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 150 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 16 units permitted in Freeborn County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $725 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Freeborn County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($103k) is reasonable based on typical stale-listing flexibility.

Recommended offer $103,326 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
3. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
4. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.16% ✓
• Cap rate: 8.98%
• Cash-on-cash: 9.59%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.8%
• Equity multiple: 0.93×
• Total profit: $-2,029
• Equity at exit: $15,641

10-year hold

• IRR: 7.9%
• Equity multiple: 1.60×
• Total profit: $17,559
• Equity at exit: $9,070

Cash invested: $29,372 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 46 Balanced
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City: — inherits STATE

2024 reforms strengthened tenant protections; ramsey/hennepin courts paced moderate to slow.

Methodology + full state rankings →

ZIP-level market 56007

• Home prices YoY: -22.3%
• Active inventory: 150
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,215 medium
• Mortgage (P&I): −$550
• Tax est. 1.5%: −$131 /mo · $1,574/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $235

Break-even live

Break-even rent $918

Max offer price $104,900

Occupancy floor 76%

Sensitivity live

Price	-10% $307	-5% $271	+0% $235	+5% $198	+10% $162
Rent	-10% $139	-5% $187	+0% $235	+5% $283	+10% $331
Rate	-1.0pp $288	-0.5pp $261	base $235	+0.5pp $208	+1.0pp $180

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $26,225
• Closing costs: $3,147
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
705 E 18th St Albert Lea, MN	3.0	2.0	1152	$1,274	$1.11	45d	1	0.16mi
1307 Saint Joseph Ave Albert Lea, MN	2.0	1.0	1101	$1,050	$0.95	45d	1	1.22mi

Listing history 17 events

1. 2026-06-19
   days on market $104,900 Active 19 DOM
2. 2026-06-18
   days on market $104,900 Active 18 DOM
3. 2026-06-17
   days on market $104,900 Active 17 DOM
4. 2026-06-16
   days on market $104,900 Active 16 DOM
5. 2026-06-15
   days on market $104,900 Active 15 DOM
6. 2026-06-14
   days on market $104,900 Active 13 DOM
7. 2026-06-12
   days on market $104,900 Active 12 DOM
8. 2026-06-09
   days on market $104,900 Active 9 DOM
9. 2026-06-08
   days on market $104,900 Active 8 DOM
10. 2026-06-07
    days on market $104,900 Active 7 DOM
11. 2026-06-05
    days on market $104,900 Active 4 DOM
12. 2026-06-03
    days on market $104,900 Active 3 DOM
13. 2026-06-02
    days on market $104,900 Active 2 DOM
14. 2026-06-01
    statusdays on market $104,900 Active 1 DOM
15. 2026-05-31
    days on market $104,900 Coming Soon 16 DOM
16. 2026-05-30
    days on market $104,900 Coming Soon 15 DOM
17. 2026-05-15
    historical $104,900 1233-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,577
• − Mortgage interest: −$5,876
• − Property taxes: −$1,574
• − Insurance: −$524
• − Repairs & maintenance: −$1,166
• − Management: −$1,166
• − Depreciation: −$3,052
• Taxable income: $1,219
• Est. tax owed @ 24.0%: −$293
• After-tax cash flow: $2,524/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 3 photos

Excellent 100/100 None rehab

This brand-new, never-lived-in manufactured home is in excellent condition with no visible repairs or maintenance needed. It offers a modern, open-concept living space with a private owner's suite and ample cabinetry. The home is ready for immediate occupancy and can be further enhanced with minor updates to increase its resale and rental value.

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics.
• Both Install new flooring in bathrooms — New flooring in bathrooms improves functionality and appearance.
• Both Add decorative trim to exterior — Enhances curb appeal and adds value.
• Both Install new kitchen appliances — Modern appliances improve functionality and appeal.
• Both Add smart home features — Enhances convenience and adds value for potential buyers/renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Install new flooring in bathrooms — New flooring in bathrooms improves functionality and appearance. ↑
• Both Add decorative trim to exterior — Enhances curb appeal and adds value. ↑
• Both Install new kitchen appliances — Modern appliances improve functionality and appeal. ↑
• Both Add smart home features — Enhances convenience and adds value for potential buyers/renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Albert Lea Public School District
• NCES district ID: 2702970
• Math proficiency: 30% ▼ -14.00%
• Reading proficiency: 40% ▼ -8.00%
• Median HH income: $42,776
• Composite: 29.62/100
• National rank: #6472
• State rank: #258 of 301 in MN

Livability — Albert Lea

• Score: 72/100
• State rank: #274
• US rank: #5963

Category grades

Amenities F Commute F Cost of living A+ Crime B Employment D+ Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albert Lea, MN
• County: Freeborn County · 21,377 people
• City population: 21,377
• Metro: Albert Lea, MN
• Population (ZIP): 21,377
• Household income: $68,846
• Rent vs Own: 23.3% rent · 76.7% own
• Severe rent burden: 483.0

Population outlook (Freeborn County) Hauer SSP2

• Today (2025): 29,680 people
• By 2030: 29,038 · -2.2%
• By 2040: 27,650 · -6.8%
• By 2050: 26,387 · -11.1%
• By 2075: 25,224 · -15.0%
• By 2100: 23,842 · -19.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 14% Two or more races 8% Asian 4% Black 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Portuguese 23% Iranian 3% Romanian 2%
• Foreign-born: 4% · Canada, Philippines
• Languages at home: 90% English-only · Spanish 7% Other Asian/Pacific 3%

Political lean MEDSL · Freeborn

• 2024 margin: Strong R (+21.3) · D 38.7% · R 60.0% · Other 1.3%
• 2008→2024 swing: -38.5pp toward R · 2008: 17.1pp · 2024: -21.3pp
• All cycles: 2024: R+21.3 2020: R+16.0 2016: R+17.4 2012: D+14.2 2008: D+17.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.40%
• Current HPI: 220.7963
• Rent YoY: —
• Metro: Albert Lea, MN
• State GDP YoY: ▲ 2.41%
• F500 in state: 34

Industry mix (Fortune 500 HQ in MN)

Industry	F500 HQs	Revenue
▸Healthcare	2	$407B
▸Retail	2	$150B
▸Consumer Goods	2	$32B
▸Industrial Machinery	2	$6B
▸Agriculture	1	$40B
▸Healthcare / Medical Devices	1	$32B

Price history

+0.0% since first listed

2 events — show timeline

• 2026-06-01 Listed $104,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-15 Coming Soon $104,900 NORTHSTARMLS as Distributed by MLS Grid