918 Jefferson Ave · Albert Lea, MN 56007

$119,900

4 bd · 2.0 ba · 1,569 sqft · Other public records · 328 Days on market

Built 1900 6,098 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 +28.5/30.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Clean two unit, up and down duplex. The main level unit is a good sized 3 bedroom unit with great hardwood floors and built-ins and the upper unit is a 1 bedroom, potentially 2 bedroom apartment (use the 2nd room as a living room or a bedroom) with a nice private 2nd story deck. The property has central air and a 2 car garage also.

Key facts

• Central air
• Hardwood floors
• Built-ins

Tags

• HARDWOOD FLOORS
• BUILT-INS
• PRIVATE 2ND STORY DECK
• CENTRAL AIR

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $120k.

Deal economics

• At list price, monthly cash flow is $393 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.2% 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: schools C-, employment D+, amenities 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.
• Market conditions: 150 active listings in the ZIP; 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 $829 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 328 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $24k; list at $120k implies a 389% 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 $105,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 328 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.25% ✓
• Cap rate: 10.23%
• Cash-on-cash: 14.06%
• DSCR: 1.63
• GRM: 6.7

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: 4.3%
• Equity multiple: 1.17×
• Total profit: $5,622
• Equity at exit: $17,877

10-year hold

• IRR: 13.8%
• Equity multiple: 2.11×
• Total profit: $37,152
• Equity at exit: $10,367

Cash invested: $33,572 (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: 6.7×

Monthly cashflow live

• Estimated rent: $1,500 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$113 /mo · $1,352/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $393

Break-even live

Break-even rent $1,002

Max offer price $119,900

Occupancy floor 69%

Sensitivity live

Price	-10% $461	-5% $427	+0% $393	+5% $359	+10% $325
Rent	-10% $275	-5% $334	+0% $393	+5% $453	+10% $512
Rate	-1.0pp $454	-0.5pp $424	base $393	+0.5pp $362	+1.0pp $331

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $119,900 Active 328 DOM
2. 2026-06-18
   days on market $119,900 Active 327 DOM
3. 2026-06-17
   days on market $119,900 Active 326 DOM
4. 2026-06-16
   days on market $119,900 Active 325 DOM
5. 2026-06-15
   days on market $119,900 Active 324 DOM
6. 2026-06-14
   days on market $119,900 Active 322 DOM
7. 2026-06-12
   days on market $119,900 Active 321 DOM
8. 2026-06-09
   days on market $119,900 Active 318 DOM
9. 2026-06-08
   days on market $119,900 Active 317 DOM
10. 2026-06-07
    days on market $119,900 Active 316 DOM
11. 2026-06-05
    days on market $119,900 Active 313 DOM
12. 2026-06-03
    days on market $119,900 Active 312 DOM
13. 2026-06-02
    days on market $119,900 Active 311 DOM
14. 2026-06-01
    days on market $119,900 Active 310 DOM
15. 2026-05-31
    days on market $119,900 Active 309 DOM
16. 2026-05-30
    days on market $119,900 Active 308 DOM
17. 2026-03-24
    price $119,900 333-char remark

    Show marketing remark (333 chars)

    Clean two unit, up and down duplex. The main level unit is a good sized 3 bedroom unit with great hardwood floors and built-ins and the upper unit is a 1 bedroom, potentially 2 bedroom apartment (use the 2nd room as a living room or a bedroom) with a nice private 2nd story deck. The property has central air and a 2 car garage also.

18. 2025-12-05
    status Active 333-char remark

    Show marketing remark (333 chars)

    Clean two unit, up and down duplex. The main level unit is a good sized 3 bedroom unit with great hardwood floors and built-ins and the upper unit is a 1 bedroom, potentially 2 bedroom apartment (use the 2nd room as a living room or a bedroom) with a nice private 2nd story deck. The property has central air and a 2 car garage also.

19. 2025-12-05
    price $121,500 333-char remark

    Show marketing remark (333 chars)

    Clean two unit, up and down duplex. The main level unit is a good sized 3 bedroom unit with great hardwood floors and built-ins and the upper unit is a 1 bedroom, potentially 2 bedroom apartment (use the 2nd room as a living room or a bedroom) with a nice private 2nd story deck. The property has central air and a 2 car garage also.

20. 2025-12-01
    historical 333-char remark

    Show marketing remark (333 chars)

    Clean two unit, up and down duplex. The main level unit is a good sized 3 bedroom unit with great hardwood floors and built-ins and the upper unit is a 1 bedroom, potentially 2 bedroom apartment (use the 2nd room as a living room or a bedroom) with a nice private 2nd story deck. The property has central air and a 2 car garage also.

21. 2025-07-22
    listed $139,900 Active 333-char remark

    Show marketing remark (333 chars)

    Clean two unit, up and down duplex. The main level unit is a good sized 3 bedroom unit with great hardwood floors and built-ins and the upper unit is a 1 bedroom, potentially 2 bedroom apartment (use the 2nd room as a living room or a bedroom) with a nice private 2nd story deck. The property has central air and a 2 car garage also.

22. 2000-12-01
    soldstatus $24,500

ⓘ 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: $1,352 · $113/mo
• Projected year-2 tax: $1,352 · $113/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 · 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: $17,996
• − Mortgage interest: −$6,716
• − Property taxes: −$1,352
• − Insurance: −$600
• − Repairs & maintenance: −$1,440
• − Management: −$1,440
• − Depreciation: −$3,488
• Taxable income: $2,961
• Est. tax owed @ 24.0%: −$711
• After-tax cash flow: $4,009/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: 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

+389.4% since first listed

6 events — show timeline

• 2026-03-24 Price Changed $119,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-05 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-05 Price Changed $121,500 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-22 Listed $139,900 NORTHSTARMLS as Distributed by MLS Grid
• 2000-12-01 Sold (Public Records) $24,500 Public Records

Property tax history

+2.9%/yr

Latest (2025): $1,352 · +2.3% YoY. Source: county tax records.