904 1st St SE · Rochester, MN 55904

$299,900

3 bd · 3.0 ba · 1,792 sqft · MultiFamily public records · 37 Days on market

Built 1915 6,708 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
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Livability +4.6/5.0
• Schools +4.1/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Lovely home with 2nd level licensed apartment. Owned occupied main level by seller for 40+ years and very well maintained. Main level with 2 bedrooms, 3/4 baths on the main and 3/4 bath in basement, eat-in kitchen & 3 season porch. 2nd level apartment has

Key facts

• 6,708 sq ft lot
• 2 garage spots
• Built 1915

Property features AI

Finance

• Other: Tenants pay cable TV and telephone
• Financial info: Property configured as 2-unit multifamily; Gross income reported as $24,000; Owner pays electricity, heat, trash collection, and water; Reported expenses (example figures): Fuel $1,000; Water/Sewer $1,000; Electric $1,200; Trash $400; Maintenance $500; Manager $2,400; Other $500

Exterior

• Parking: Attached garage with space for 2 vehicles (garage approx. 400 sq ft); Each unit listed with 2 parking spaces
• Utilities: City water (connected); City sewer (connected); Natural gas
• Home design: Duplex (up and down); Residential income property; Two stories; Not owner-occupied
• Construction: Asphalt roof (over 8 years old); Block foundation; Building total area 2,533; Above-ground finished area 1,792; Below-ground area 741; Foundation area 741
• Exterior features: Enclosed patio/porch; Lot dimensions approximately 52 x 132; Lot size about 0.154 acres

Interior

• Kitchen: Each unit includes a kitchen (appliance details not provided)
• Bedrooms: Unit A: 2 bedrooms; Unit B: 1 bedroom; Total of 3 bedrooms
• Bathrooms: Unit A: 2 bathrooms (includes one three-quarter and one half); Unit B: 1 full bathroom; Total of 3 bathrooms across units
• Heating & cooling: Forced air heating; Central cooling in each unit
• Interior features: Two-level layout; Enclosed patio/porch; Block foundation basement
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $587/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Recommended offer: $291k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% vs local median 3.5% in Rochester — 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 92/100 on livability (#1 in MN, #27 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+.
• Rochester Public School District (urban): math 40% / reading 51% proficiency, ranked #152 of 301 in MN (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Riverside Central Elementary (math 12% / reading 22%, grade F, #771 of 857 statewide, top 91%, 417 students, 79% FRL); Kellogg Middle (math 42% / reading 53%, grade C-, #93 of 258 statewide, top 37%, 856 students, 43% FRL); Century Senior High (math 37% / reading 67%, grade D+, #111 of 471 statewide, top 26%, 1,698 students, 31% FRL) — zoned schools average 51% FRL vs 31% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.1%/yr); 151 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,267 units permitted in Olmsted County in 2024 (915 in 5+ unit buildings).
• At $4,023/mo this rent would consume 63% of the median local household income ($77k/yr) (locally 864% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Olmsted County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.1% rent growth), your $84k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 16y 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 $98k; list at $300k implies a 206% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $290,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.34% ✓
• Cap rate: 10.99%
• Cash-on-cash: 16.76%
• DSCR: 1.75
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.1% rent growth · sell at horizon

5-year hold

• IRR: 6.9%
• Equity multiple: 1.27×
• Total profit: $22,521
• Equity at exit: $44,716

10-year hold

• IRR: 15.5%
• Equity multiple: 2.21×
• Total profit: $101,339
• Equity at exit: $25,930

Cash invested: $83,972 (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 55904

• Rents YoY: 2.1%
• Active inventory: 151
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $4,023 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$308 /mo · $3,690/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$845
• Net cashflow: $1,173

Break-even live

Break-even rent $2,538

Max offer price $299,900

Occupancy floor 66%

Sensitivity live

Price	-10% $1,343	-5% $1,258	+0% $1,173	+5% $1,088	+10% $1,003
Rent	-10% $855	-5% $1,014	+0% $1,173	+5% $1,332	+10% $1,491
Rate	-1.0pp $1,324	-0.5pp $1,249	base $1,173	+0.5pp $1,095	+1.0pp $1,016

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,022
Total (2 units)			$4,023

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
449 E Center St Rochester, MN	1.0–3.0	1.0–2.0	1165	$3,795	$3.26	15d	40	0.30mi
607 7th Ave SE Rochester, MN	2.0	2.0	2614	$2,300	$0.88	45d	1	0.40mi
308 15th Ave NE Rochester, MN	2.0	2.0	1344	$1,550	$1.15	22d	1	0.51mi
705 1st Ave SW Rochester, MN	3.0	1.0–2.5	1135	$3,875	$3.41	15d	91	0.83mi
207 5th Ave SW Rochester, MN	3.0	2.0	1500	$2,100	$1.40	45d	1	0.96mi
917 N Broadway Ave Rochester, MN	2.0	1.0	2000	$1,400	$0.70	45d	1	0.97mi
826 21st Ave SE Rochester, MN	4.0	2.0	1250	$1,508	$1.21	15d	11	1.04mi
619 2nd St NW Unit 2 Rochester, MN	3.0	1.5	1435	$1,575	$1.10	15d	1	1.07mi
832 21st Ave SE Unit 21 Rochester, MN	4.0	2.0	1240	$1,495	$1.21	45d	1	1.07mi
801 6th Ave SW Rochester, MN	3.0	2.5	2160	$2,500	$1.16	22d	1	1.15mi
809 1st St NW Rochester, MN	3.0	2.0	2030	$2,400	$1.18	15d	1	1.18mi
814 7th Ave SW Unit back Rochester, MN	3.0	1.0	1400	$3,000	$2.14	45d	1	1.20mi
1321 3rd Ave NW Rochester, MN	4.0	2.0	2320	$2,295	$0.99	15d	1	1.33mi

Listing history 27 events

1. 2026-06-21
   days on market $299,900 Active 37 DOM
2. 2026-06-19
   days on market $299,900 Active 35 DOM
3. 2026-06-18
   days on market $299,900 Active 34 DOM
4. 2026-06-17
   days on market $299,900 Active 33 DOM
5. 2026-06-16
   days on market $299,900 Active 32 DOM
6. 2026-06-15
   days on market $299,900 Active 31 DOM
7. 2026-06-14
   days on market $299,900 Active 29 DOM
8. 2026-06-13
   days on market $299,900 Active 28 DOM
9. 2026-06-10
   days on market $299,900 Active 26 DOM
10. 2026-06-09
    days on market $299,900 Active 25 DOM
11. 2026-06-08
    days on market $299,900 Active 24 DOM
12. 2026-06-07
    days on market $299,900 Active 23 DOM
13. 2026-06-05
    days on market $299,900 Active 20 DOM
14. 2026-06-03
    days on market $299,900 Active 19 DOM
15. 2026-06-02
    days on market $299,900 Active 18 DOM
16. 2026-06-01
    days on market $299,900 Active 17 DOM
17. 2026-05-31
    days on market $299,900 Active 16 DOM
18. 2026-05-30
    days on market $299,900 Active 15 DOM
19. 2026-05-15
    listed $299,900 Active 845-char remark
20. 2026-05-13
    historical $299,900 845-char remark
21. 2010-12-29
    soldstatus $98,000
22. 2010-12-27
    soldstatus $98,000

    Show marketing remark (261 chars)

    Lovely home with 2nd level licensed apartment. Owned occupied main level by seller for 40+ years and very well maintained. Main level with 2 bedrooms, 3/4 baths on the main and 3/4 bath in basement, eat-in kitchen & 3 season porch. 2nd level apartment has

23. 2010-12-27
    soldstatus $98,000

    Show marketing remark (261 chars)

    Lovely home with 2nd level licensed apartment. Owned occupied main level by seller for 40+ years and very well maintained. Main level with 2 bedrooms, 3/4 baths on the main and 3/4 bath in basement, eat-in kitchen & 3 season porch. 2nd level apartment has

24. 2010-10-21
    historical
25. 2010-04-26
    listed $109,900

    Show marketing remark (261 chars)

    Lovely home with 2nd level licensed apartment. Owned occupied main level by seller for 40+ years and very well maintained. Main level with 2 bedrooms, 3/4 baths on the main and 3/4 bath in basement, eat-in kitchen & 3 season porch. 2nd level apartment has

26. 2010-04-26
    listed $109,900

    Show marketing remark (261 chars)

    Lovely home with 2nd level licensed apartment. Owned occupied main level by seller for 40+ years and very well maintained. Main level with 2 bedrooms, 3/4 baths on the main and 3/4 bath in basement, eat-in kitchen & 3 season porch. 2nd level apartment has

27. 2010-04-26
    listed $109,900

    Show marketing remark (261 chars)

    Lovely home with 2nd level licensed apartment. Owned occupied main level by seller for 40+ years and very well maintained. Main level with 2 bedrooms, 3/4 baths on the main and 3/4 bath in basement, eat-in kitchen & 3 season porch. 2nd level apartment has

ⓘ 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: $3,690 · $308/mo
• Projected year-2 tax: $3,690 · $308/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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $48,276
• − Mortgage interest: −$16,799
• − Property taxes: −$3,690
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,862
• − Management: −$3,862
• − Depreciation: −$8,724
• Taxable income: $9,839
• Est. tax owed @ 24.0%: −$2,361
• After-tax cash flow: $11,715/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: Rochester Public School District
• NCES district ID: 2731800
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 51% ▼ -4.00%
• Median HH income: $66,540
• Composite: 40.6/100
• National rank: #3695
• State rank: #152 of 301 in MN

Livability — Rochester

• Score: 92/100
• State rank: #1
• US rank: #27

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rochester, MN
• County: Olmsted County · 135,035 people
• City population: 135,035
• Metro: Rochester, MN
• Population (ZIP): 29,639
• Household income: $77,016
• Rent vs Own: 35.7% rent · 64.3% own
• Severe rent burden: 864.0

Population outlook (Olmsted County) Hauer SSP2

• Today (2025): 165,999 people
• By 2030: 172,425 · +3.9%
• By 2040: 183,785 · +10.7%
• By 2050: 192,981 · +16.3%
• By 2075: 215,284 · +29.7%
• By 2100: 224,887 · +35.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Black 10% Hispanic / Latino 8% Two or more races 5% Asian 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 11% Lithuanian 2% Italian 2%
• Foreign-born: 11% · Canada, China, Vietnam
• Languages at home: 84% English-only · Spanish 5% Other Asian/Pacific 3% Arabic 2%

Political lean MEDSL · Olmsted

• 2024 margin: D (+10.7) · D 54.3% · R 43.6% · Other 2.1%
• 2008→2024 swing: +7.4pp toward D · 2008: 3.3pp · 2024: 10.7pp
• All cycles: 2024: D+10.7 2020: D+10.7 2016: D+0.8 2012: D+3.2 2008: D+3.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -161.04%
• Current HPI: 267.168
• Rent YoY: ▲ 2.10%
• Metro: Rochester, 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

+172.9% since first listed

9 events — show timeline

• 2026-05-15 Listed $299,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-13 Coming Soon $299,900 NORTHSTARMLS as Distributed by MLS Grid
• 2010-12-29 Sold (Public Records) $98,000 Public Records
• 2010-12-27 Sold (MLS) $98,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-12-27 Sold (MLS) $98,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-10-21 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2010-04-26 Listed $109,900 NORTHSTARMLS as Distributed by MLS Grid
• 2010-04-26 Listed $109,900 NORTHSTARMLS as Distributed by MLS Grid
• 2010-04-26 Listed $109,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+9.9%/yr

Latest (2025): $3,690 · +33.6% YoY. Source: county tax records.