1009 E Center St · Rochester, MN 55904

$219,000

4 bd · 2.0 ba · 744 sqft · MultiFamily public records · 55 Days on market

Built 1910 7,405 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 +28.1/30.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• 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

Great location for this two story duplex. Main level is vacant so perfect for an owner-occupied rental property. Upstairs tenant just signed a long-term lease to provide extra stability for the new owner! Great opportunity to own a rental property that's a short walk from the Mayo Clinic. New egress windows and front door in the main level apartment plus other recent updates.

Key facts

• Two story duplex
• 7,405 sq ft lot
• Built 1910

Tags

• TWO STORY DUPLEX
• OWNER OCCUPIED RENTAL PROPERTY

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $219k.

Deal economics

• At list price, monthly cash flow is $686 ($8k/yr) — positive. Per door: $343/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $219k).
• Recommended offer: $212k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.1% 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: Lincoln K-8 District-Wide School (math 60% / reading 64%, grade B, #180 of 857 statewide, top 23%, 469 students, 14% 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 at 30% FRL track the district average.
• Market conditions: Rents rising (+2.1%/yr); 155 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,267 units permitted in Olmsted County in 2024 (915 in 5+ unit buildings).
• This rent runs 43% of the median local income ($77k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 $61k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y 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 $128k; list at $219k implies a 70% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $212,430 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 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 1910 — 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: 1.26% ✓
• Cap rate: 10.05%
• Cash-on-cash: 13.42%
• DSCR: 1.60
• GRM: 6.6

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: 2.5%
• Equity multiple: 1.09×
• Total profit: $5,733
• Equity at exit: $32,654

10-year hold

• IRR: 11.2%
• Equity multiple: 1.84×
• Total profit: $51,353
• Equity at exit: $18,935

Cash invested: $61,320 (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: 155
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $2,768 medium
• Mortgage (P&I): −$1,148
• Tax from tax record: −$261 /mo · $3,136/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$581
• Net cashflow: $686

Break-even live

Break-even rent $1,900

Max offer price $219,000

Occupancy floor 70%

Sensitivity live

Price	-10% $810	-5% $748	+0% $686	+5% $624	+10% $562
Rent	-10% $467	-5% $576	+0% $686	+5% $795	+10% $904
Rate	-1.0pp $796	-0.5pp $741	base $686	+0.5pp $629	+1.0pp $571

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,768
Total (2 units)			$2,768

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	16d	40	0.32mi
705 1st Ave SW Rochester, MN	3.0	1.0–2.5	1135	$3,875	$3.41	16d	91	0.95mi

Listing history 31 events

1. 2026-06-23
   days on market $219,000 Active 55 DOM
2. 2026-06-21
   days on market $219,000 Active 54 DOM
3. 2026-06-19
   days on market $219,000 Active 52 DOM
4. 2026-06-18
   days on market $219,000 Active 51 DOM
5. 2026-06-17
   days on market $219,000 Active 50 DOM
6. 2026-06-16
   days on market $219,000 Active 49 DOM
7. 2026-06-15
   days on market $219,000 Active 48 DOM
8. 2026-06-14
   days on market $219,000 Active 46 DOM
9. 2026-06-13
   days on market $219,000 Active 45 DOM
10. 2026-06-10
    days on market $219,000 Active 43 DOM
11. 2026-06-09
    days on market $219,000 Active 42 DOM
12. 2026-06-08
    days on market $219,000 Active 41 DOM
13. 2026-06-07
    days on market $219,000 Active 40 DOM
14. 2026-06-05
    days on market $219,000 Active 37 DOM
15. 2026-06-03
    days on market $219,000 Active 36 DOM
16. 2026-06-02
    days on market $219,000 Active 35 DOM
17. 2026-06-01
    days on market $219,000 Active 34 DOM
18. 2026-05-31
    days on market $219,000 Active 33 DOM
19. 2026-05-30
    days on market $219,000 Active 32 DOM
20. 2026-05-05
    status Active 378-char remark

    Show marketing remark (378 chars)

    Great location for this two story duplex. Main level is vacant so perfect for an owner-occupied rental property. Upstairs tenant just signed a long-term lease to provide extra stability for the new owner! Great opportunity to own a rental property that's a short walk from the Mayo Clinic. New egress windows and front door in the main level apartment plus other recent updates.

21. 2026-01-28
    listed $219,000 Active 378-char remark

    Show marketing remark (378 chars)

    Great location for this two story duplex. Main level is vacant so perfect for an owner-occupied rental property. Upstairs tenant just signed a long-term lease to provide extra stability for the new owner! Great opportunity to own a rental property that's a short walk from the Mayo Clinic. New egress windows and front door in the main level apartment plus other recent updates.

22. 2019-12-31
    historical
23. 2019-10-04
    price $159,900
24. 2019-08-12
    listed $165,000 Active
25. 2018-02-08
    soldstatus $128,500
26. 2018-02-06
    soldstatus $128,500
27. 2017-09-26
    listed $129,900
28. 2006-09-26
    listed $100,000
29. 1996-08-27
    soldstatus $36,000
30. 1992-09-01
    soldstatus $56,900
31. 1991-04-01
    soldstatus $55,900

ⓘ 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: $3,136 · $261/mo
• Projected year-2 tax: $3,136 · $261/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: $33,216
• − Mortgage interest: −$12,267
• − Property taxes: −$3,136
• − Insurance: −$1,095
• − Repairs & maintenance: −$2,657
• − Management: −$2,657
• − Depreciation: −$6,371
• Taxable income: $5,032
• Est. tax owed @ 24.0%: −$1,208
• After-tax cash flow: $7,020/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

+291.8% since first listed

12 events — show timeline

• 2026-05-05 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-28 Listed $219,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-12-31 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-10-04 Price Changed $159,900 NORTHSTARMLS as Distributed by MLS Grid
• 2019-08-12 Listed $165,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-02-08 Sold (MLS) $128,500 NORTHSTARMLS as Distributed by MLS Grid
• 2018-02-06 Sold (Public Records) $128,500 Public Records
• 2017-09-26 Listed $129,900 NORTHSTARMLS as Distributed by MLS Grid
• 2006-09-26 Listed $100,000 NORTHSTARMLS as Distributed by MLS Grid
• 1996-08-27 Sold (Public Records) $36,000 Public Records
• 1992-09-01 Sold (Public Records) $56,900 Public Records
• 1991-04-01 Sold (Public Records) $55,900 Public Records

Property tax history

+5.5%/yr

Latest (2025): $3,136 · +11.3% YoY. Source: county tax records.