707 E Center St · Rochester, MN 55904

$299,000

5 bd · 3.0 ba · 1,818 sqft · MultiFamily public records · 47 Days on market

Built 1890 0.34 ac lot $164/sqft · 36% above area Est $293k · at est.

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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 +6.7/15.0
• 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: 3 units. confirmed

Listing remarks

Conveniently located triplex in Rochester with immense upside potential! This versatile property is perfect for a savvy investor looking for a value-add play, a short-term rental conversion, or an owner-occupant. The property features three distinct units, several detached garages (~1,494 SF total), and generous common areas, including a large front yard and back patio. Situated on a 0.34-acre lot with R2X zoning, there is plenty of room to bring your vision and maximize your long-term investment goals. Sold as-is; bring your imagination!

Key facts

• 0.34 acre lot
• 4 garage spots
• Built 1890

Property features AI

Finance

• Other: Total building area about 3,050; Above-grade finished area about 2,434; Below-grade area about 616; Lot approximately 0.344 acres (75 x 200)
• Financial info: Gross income reported at $33,600; Conventional financing listed

Exterior

• Parking: Detached 4-car garage with 8-ft high door
• Utilities: City water connected; City sewer connected; Natural gas service; Electric service by Rochester Public Utilities
• Home design: Residential income property — Triplex; Two-story building; Owner not occupied
• Construction: Asphalt roof; Stone foundation (34 x 34 foundation dimensions); Foundation area approximately 1,114
• Exterior features: Vinyl exterior; Level topography; City street frontage; Publicly maintained road; Public transit within 6 blocks

Interior

• Kitchen: Each unit has a kitchen (unit details indicate standard kitchens)
• Bedrooms: 3 total bedrooms (unit breakdown: three 1-bedroom units)
• Bathrooms: 3 full bathrooms (one per unit)
• Heating & cooling: Boiler heating; Forced air heating
• Interior features: Unfinished basement; Two levels; Main level finished living area
• Laundry & utility: Washer/dryer hookup in at least one unit

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/3.0-bath units multifamily listed at $299k.

Deal economics

• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $937/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $299k).
• Recommended offer: $290k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.6% 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); Century Senior High (math 37% / reading 67%, grade D+, #111 of 471 statewide, top 26%, 1,698 students, 31% FRL) — zoned schools average 55% FRL vs 31% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.1%/yr); 149 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,267 units permitted in Olmsted County in 2024 (915 in 5+ unit buildings).
• At $6,310/mo this rent would consume 98% 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 ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y ago; this cycle's ask has dropped $66k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $190k; list at $299k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $290,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 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 1890 — 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: 2.11% ✓
• Cap rate: 17.57%
• Cash-on-cash: 40.29%
• DSCR: 2.79
• GRM: 3.9

CMA / ARV

• ARV (median comp): $293,497
• List price: $299,000
• Delta: 1.88%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 35.7%
• Equity multiple: 2.49×
• Total profit: $125,081
• Equity at exit: $44,582

10-year hold

• IRR: 41.9%
• Equity multiple: 4.79×
• Total profit: $317,286
• Equity at exit: $25,852

Cash invested: $83,720 (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: 149
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $6,310 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$481 /mo · $5,776/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,325
• Net cashflow: $2,811

Break-even live

Break-even rent $2,752

Max offer price $299,000

Occupancy floor 50%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	3	$6,309
Total (3 units)			$6,310

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1321 3rd Ave NW Rochester, MN	4.0	2.0	2320	$2,295	$0.99	13d	1	1.16mi
826 21st Ave SE Rochester, MN	4.0	2.0	1250	$1,508	$1.21	13d	11	1.19mi
832 21st Ave SE Unit 21 Rochester, MN	4.0	2.0	1240	$1,495	$1.21	43d	1	1.23mi

Listing history 22 events

1. 2026-06-19
   days on market $299,000 Active 47 DOM
2. 2026-06-18
   days on market $299,000 Active 46 DOM
3. 2026-06-17
   days on market $299,000 Active 45 DOM
4. 2026-06-16
   days on market $299,000 Active 44 DOM
5. 2026-06-15
   days on market $299,000 Active 43 DOM
6. 2026-06-14
   days on market $299,000 Active 41 DOM
7. 2026-06-13
   days on market $299,000 Active 40 DOM
8. 2026-06-10
   days on market $299,000 Active 38 DOM
9. 2026-06-09
   days on market $299,000 Active 37 DOM
10. 2026-06-08
    days on market $299,000 Active 36 DOM
11. 2026-06-07
    days on market $299,000 Active 35 DOM
12. 2026-06-05
    days on market $299,000 Active 32 DOM
13. 2026-06-03
    days on market $299,000 Active 31 DOM
14. 2026-06-02
    days on market $299,000 Active 30 DOM
15. 2026-06-01
    days on market $299,000 Active 29 DOM
16. 2026-05-31
    days on market $299,000 Active 28 DOM
17. 2026-05-30
    days on market $299,000 Active 27 DOM
18. 2026-05-04
    listed $365,000 Active 544-char remark
19. 2026-05-01
    historical $365,000 544-char remark
20. 2018-12-10
    historical
21. 2011-07-15
    soldstatus $190,000
22. 2010-05-10
    listed $214,900

ⓘ 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: $5,776 · $481/mo
• Projected year-2 tax: $5,776 · $481/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: $75,720
• − Mortgage interest: −$16,749
• − Property taxes: −$5,776
• − Insurance: −$1,495
• − Repairs & maintenance: −$6,058
• − Management: −$6,058
• − Depreciation: −$8,698
• Taxable income: $30,887
• Est. tax owed @ 24.0%: −$7,413
• After-tax cash flow: $26,319/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

+39.1% since first listed

7 events — show timeline

• 2026-05-28 Price Changed $299,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-19 Price Changed $330,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-04 Listed $365,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Coming Soon $365,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-12-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2011-07-15 Sold (Public Records) $190,000 Public Records
• 2010-05-10 Listed $214,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+4.5%/yr

Latest (2025): $5,776 · +11.1% YoY. Source: county tax records.