521 9th Ave W · Alexandria, MN 56308

$120,000

6 bd · 2.0 ba · 1,432 sqft · SingleFamily public records · 10 Days on market

Built 1900 10,585 sqft lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

OWNER LIVES IN EAST UNIT. TENANT IS IN THE WEST UNIT. TENANT PAYS $400 RENT. COMFORTABLE LIVING QUARTERS. NICE LARGE CORNER LOT. NEWER DOUBLE GARAGE. HOME COULD BE PUT BACK TO SINGLE FAMILY UNIT. EACH UNIT HAS 3 BEDROOMS. EACH SIDE PAYS ELC & GARBAGE. WES

Key facts

• 0.24 acre lot
• 2 garage spots
• Built 1900

Property features AI

Finance

• Other: Above-ground finished area reported as 1,908 (total above-grade); Below-ground finished area reported as 375; Total living area reported as 2,283
• Financial info: Multi-family property with 2 units; Gross income reported at $7,800; Expenses reported: Fuel $2,400; Electric $1,200; Water/Sewer $1,050; Trash $175; Insurance $500; Other $250

Exterior

• Parking: Gravel parking; Detached 2-car garage
• Utilities: City water (connected); City sewer (connected); Natural gas
• Home design: Residential income property — duplex (side-by-side); One and one-half levels; Not owner-occupied; Accessible features included
• Construction: Brick/mortar foundation; Foundation area approximately 954 (unit not shown); Above-grade finished area and main finished area reported (total living area provided)
• Exterior features: Stucco exterior; Asphalt roof; City street frontage; Lot approximately 0.243 acres (dimensions roughly 100 x 106 x 100 x 106)

Interior

• Kitchen: No appliance details provided
• Bedrooms: Six bedrooms total (across units)
• Bathrooms: Combination of full and three-quarter bathrooms across units
• Heating & cooling: Boiler heating
• Interior features: Grab bars in bathroom; Basement with other/unspecified features
• Laundry & utility: No laundry appliance details provided

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $722 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Cap rate 13.5% vs local median 2.5% in Alexandria — 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 78/100 on livability (#105 in MN, #2,409 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, commute F.
• Alexandria Public School District (town): math 55% / reading 57% proficiency, ranked #64 of 301 in MN (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 402 active listings in the ZIP; solid renter incomes; 285 units permitted in Douglas County in 2024 (88 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Douglas County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 27y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $73k; list at $120k implies a 64% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $120,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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.
5. 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.
6. 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: 1.61% ✓
• Cap rate: 13.52%
• Cash-on-cash: 25.80%
• DSCR: 2.15
• GRM: 5.2

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: 19.5%
• Equity multiple: 1.79×
• Total profit: $26,580
• Equity at exit: $17,892

10-year hold

• IRR: 27.8%
• Equity multiple: 3.45×
• Total profit: $82,442
• Equity at exit: $10,375

Cash invested: $33,600 (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 56308

• Active inventory: 402
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,928 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$122 /mo · $1,458/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$405
• Net cashflow: $722

Break-even live

Break-even rent $1,014

Max offer price $120,000

Occupancy floor 58%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-19
   days on market $120,000 Active 10 DOM
2. 2026-06-18
   days on market $120,000 Active 9 DOM
3. 2026-06-17
   days on market $120,000 Active 8 DOM
4. 2026-06-16
   days on market $120,000 Active 7 DOM
5. 2026-06-15
   days on market $120,000 Active 6 DOM
6. 2026-06-14
   days on market $120,000 Active 4 DOM
7. 2026-06-12
   days on market $120,000 Active 3 DOM
8. 2026-06-09
   remarks 211-char remark
9. 2026-06-09
   listed $120,000 Active 1 DOM

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

Tax reassessment forecast MN · Partial reset (capped growth)

• Current annual tax: $1,458 · $122/mo
• Projected year-2 tax: $1,458 · $122/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥95°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,138
• − Mortgage interest: −$6,722
• − Property taxes: −$1,458
• − Insurance: −$600
• − Repairs & maintenance: −$1,851
• − Management: −$1,851
• − Depreciation: −$3,491
• Taxable income: $7,165
• Est. tax owed @ 24.0%: −$1,720
• After-tax cash flow: $6,950/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.

Schools (NCES district)

• District: Alexandria Public School District
• NCES district ID: 2703060
• Math proficiency: 55% ▼ -10.00%
• Reading proficiency: 57% ▼ -9.00%
• Median HH income: $52,476
• Composite: 48.0/100
• National rank: #2197
• State rank: #64 of 301 in MN

Livability — Alexandria

• Score: 78/100
• State rank: #105
• US rank: #2409

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alexandria, MN
• County: Douglas County · 27,008 people
• City population: 27,008
• Metro: Alexandria, MN
• Population (ZIP): 27,008
• Household income: $78,177
• Rent vs Own: 27.4% rent · 72.6% own
• Severe rent burden: 550.0

Population outlook (Douglas County) Hauer SSP2

• Today (2025): 38,913 people
• By 2030: 39,636 · +1.9%
• By 2040: 40,564 · +4.2%
• By 2050: 40,819 · +4.9%
• By 2075: 40,824 · +4.9%
• By 2100: 38,379 · -1.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Portuguese 22% Lithuanian 3% Romanian 3%
• Foreign-born: 2% · Vietnam, Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Douglas

• 2024 margin: Solid R (+35.1) · D 31.7% · R 66.8% · Other 1.4%
• 2008→2024 swing: -25.6pp toward R · 2008: -9.5pp · 2024: -35.1pp
• All cycles: 2024: R+35.1 2020: R+32.8 2016: R+35.8 2012: R+15.5 2008: R+9.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -215.15%
• Current HPI: 189.1595
• Rent YoY: —
• Metro: Alexandria, 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

+56.9% since first listed

3 events — show timeline

• 2026-06-07 Listed $120,000 NORTHSTARMLS as Distributed by MLS Grid
• 1999-09-27 Sold (MLS) $73,000 NORTHSTARMLS as Distributed by MLS Grid
• 1999-06-04 Listed $76,500 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+3.5%/yr

Latest (2026): $1,458 · +0.4% YoY. Source: county tax records.