1920 2nd Ave SE · Austin, MN 55912

$189,900

3 bd · 2.0 ba · 1,032 sqft · Other public records · 7 Days on market

Built 1953 8,712 sqft lot

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Why this score? — see what drove the D 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 +12.9/30.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• DSCR +3.8/10.0
• 1% rule +2.9/10.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 bedroom ranch within walking distance to schools. Steel siding, some newer windows, central air and single garage.

Key facts

• Newer decor
• Steel siding
• Covered patio

Tags

• STEEL SIDING
• COVERED PATIO
• CORNER LOT
• NEWER DECOR
• 2ND BATH IN BASEMENT

Property features AI

Finance

• Financial info: Conventional financing indicated; Other annual assessment: $68

Exterior

• Parking: Detached concrete driveway/parking; 1-car garage (14 x 20)
• Utilities: City water connected; City sewer connected (in street); Natural gas; Electric service with circuit breakers
• Home design: Residential property; One level; Above- and below-grade living areas (lower level finished)
• Construction: Frame construction; Block foundation; Roof replaced within past 8 years
• Exterior features: Covered patio; Light tree coverage on the lot; City street frontage; public maintained road

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 3 bedrooms (all on the main level)
• Bathrooms: Main floor full bathroom; Basement 3/4 bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Finished full basement with block foundation; Kitchen/Dining combination; Family room
• Laundry & utility: Washer and Dryer; Laundry located in the basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $190k.

Deal economics

• At list price, monthly cash flow is $-15 ($-183/yr) — negative.
• To cash-flow at today's rent, offer at most $187k (1.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $149k (21.4% below list).
• Recommended offer: $149k (21.4% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 4.5% in Austin — 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 80/100 on livability (#77 in MN, #1,829 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, commute F.
• Austin Public School District (town): math 24% / reading 34% proficiency, ranked #267 of 301 in MN (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+11.6%/yr); 188 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 53 units permitted in Mower County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 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 $60k; list at $190k implies a 216% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,211 (21.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.79% ✗
• Cap rate: 6.20%
• Cash-on-cash: -0.34%
• DSCR: 0.98
• GRM: 10.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -11.9%
• Equity multiple: 0.55×
• Total profit: $-23,906
• Equity at exit: $28,315

10-year hold

• IRR: 3.0%
• Equity multiple: 1.26×
• Total profit: $13,621
• Equity at exit: $16,419

Cash invested: $53,172 (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 55912

• Home prices YoY: -34.4%
• Rents YoY: 11.6%
• Active inventory: 188
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,492 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$119 /mo · $1,428/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $-15

Break-even live

Break-even rent $1,511

Max offer price $187,212

Occupancy floor 96%

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1921 3rd Ave NE Austin, MN	3.0	2.0	1242	$1,600	$1.29	43d	1	0.28mi
1204 1st Ave NE Austin, MN	3.0	2.0	1200	$1,600	$1.33	43d	1	0.68mi
800 8th Ave SE Austin, MN	3.0	1.0	842	$1,600	$1.90	43d	1	1.11mi

Listing history 6 events

1. 2026-06-12
   statusdays on market $189,900 Pending 7 DOM
2. 2026-06-09
   days on market $189,900 Active 5 DOM
3. 2026-06-08
   days on market $189,900 Active 4 DOM
4. 2026-06-07
   days on market $189,900 Active 3 DOM
5. 2026-06-05
   remarks 261-char remark
6. 2026-06-05
   listed $189,900 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: $1,428 · $119/mo
• Projected year-2 tax: $1,777 · $148/mo
• Expected delta: +$349/yr (+$29/mo · 24.5%)

ⓘ 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: $17,905
• − Mortgage interest: −$10,637
• − Property taxes: −$1,428
• − Insurance: −$950
• − Repairs & maintenance: −$1,432
• − Management: −$1,432
• − Depreciation: −$5,524
• Taxable loss: −$3,499
• Est. tax savings @ 24.0%: +$840
• After-tax cash flow: $657/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: Austin Public School District
• NCES district ID: 2703450
• Math proficiency: 24% ▼ -12.00%
• Reading proficiency: 34% ▼ -9.00%
• Median HH income: $43,818
• Composite: 24.75/100
• National rank: #7604
• State rank: #267 of 301 in MN

Livability — Austin

• Score: 80/100
• State rank: #77
• US rank: #1829

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Austin, MN
• County: Mower County · 29,632 people
• City population: 29,632
• Metro: Austin, MN
• Population (ZIP): 29,632
• Household income: $70,177
• Rent vs Own: 26.0% rent · 74.0% own
• Severe rent burden: 759.0

Population outlook (Mower County) Hauer SSP2

• Today (2025): 39,967 people
• By 2030: 40,204 · +0.6%
• By 2040: 40,509 · +1.4%
• By 2050: 40,841 · +2.2%
• By 2075: 42,029 · +5.2%
• By 2100: 42,272 · +5.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Hispanic / Latino 16% Asian 8% Two or more races 7% Black 5%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 16% Lithuanian 2% Iranian 2%
• Foreign-born: 15% · Canada, Philippines, China
• Languages at home: 76% English-only · Spanish 14% Other Asian/Pacific 5% German/W. Germanic 1%

Political lean MEDSL · Mower

• 2024 margin: R (+10.5) · D 43.9% · R 54.4% · Other 1.7%
• 2008→2024 swing: -34.1pp toward R · 2008: 23.6pp · 2024: -10.5pp
• All cycles: 2024: R+10.5 2020: R+5.8 2016: R+7.8 2012: D+22.7 2008: D+23.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -142.60%
• Current HPI: 271.4199
• Rent YoY: ▲ 11.62%
• Metro: Austin, 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

+171.3% since first listed

12 events — show timeline

• 2026-06-03 Listed $189,900 NORTHSTARMLS as Distributed by MLS Grid
• 2018-12-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2018-12-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2018-08-13 Sold (MLS) $60,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-08-07 Sold (Public Records) $60,000 Public Records
• 2018-04-19 Listed $69,900 NORTHSTARMLS as Distributed by MLS Grid
• 2016-09-20 Listed $63,500 NORTHSTARMLS as Distributed by MLS Grid
• 2006-04-11 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2005-07-06 Listed $95,500 NORTHSTARMLS as Distributed by MLS Grid
• 1999-02-07 Listed $71,900 NORTHSTARMLS as Distributed by MLS Grid
• 1998-04-30 Sold (MLS) $70,000 NORTHSTARMLS as Distributed by MLS Grid
• 1998-03-31 Sold (Public Records) $70,000 Public Records

Property tax history

+0.0%/yr

Latest (2025): $1,428 · +0.0% YoY. Source: county tax records.