615 14th St NE · Austin, MN 55912

$119,900

2 bd · 2.0 ba · 1,402 sqft · Other public records · 78 Days on market

Built 1920 5,575 sqft lot $86/sqft · 23% below area Est $188k · 36% under

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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 +25.4/30.0
• ARV discount +15.0/15.0
• DSCR +8.4/10.0
• 1% rule +6.7/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 BEDROOM 2 BATHROOM RAMBLER ! Located one block from East Side Lake this home is cute and cozy. Featuring a high ceiling in the living room, enclosed front porch, dining room, basement bedroom with egress window, front deck and patio in back. Located on a nice corner lot come take a look today !

Key facts

• 5,575 sq ft lot
• Garage
• Built 1920

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $120k.

Deal economics

• At list price, monthly cash flow is $276 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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; 4 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 $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $34k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $112,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — 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: 1.17% ✓
• Cap rate: 9.06%
• Cash-on-cash: 9.87%
• DSCR: 1.44
• GRM: 7.1

CMA / ARV

• ARV (median comp): $187,902
• List price: $119,900
• Delta: -36.19%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 4.1%
• Equity multiple: 1.17×
• Total profit: $5,575
• Equity at exit: $17,877

10-year hold

• IRR: 17.8%
• Equity multiple: 2.82×
• Total profit: $61,231
• 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 55912

• Home prices YoY: -34.4%
• Rents YoY: 11.6%
• Active inventory: 188
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,398 medium
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,798/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $276

Break-even live

Break-even rent $1,049

Max offer price $119,900

Occupancy floor 75%

Sensitivity live

Price	-10% $359	-5% $318	+0% $276	+5% $235	+10% $193
Rent	-10% $166	-5% $221	+0% $276	+5% $331	+10% $387
Rate	-1.0pp $337	-0.5pp $307	base $276	+0.5pp $245	+1.0pp $214

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: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1204 1st Ave NE Austin, MN	3.0	2.0	1200	$1,600	$1.33	44d	1	0.33mi
1921 3rd Ave NE Austin, MN	3.0	2.0	1242	$1,600	$1.29	44d	1	0.59mi
704 1st Dr NW Austin, MN	3.0	1.0–2.0	981	$2,082	$2.12	44d	96	1.01mi
202 11th Ave NW Unit 602 Austin, MN	2.0	1.0	1000	$950	$0.95	44d	1	1.08mi

Listing history 29 events

1. 2026-06-19
   days on market $119,900 Active 78 DOM
2. 2026-06-18
   days on market $119,900 Active 77 DOM
3. 2026-06-17
   days on market $119,900 Active 76 DOM
4. 2026-06-16
   days on market $119,900 Active 75 DOM
5. 2026-06-15
   days on market $119,900 Active 74 DOM
6. 2026-06-14
   days on market $119,900 Active 72 DOM
7. 2026-06-12
   days on market $119,900 Active 71 DOM
8. 2026-06-09
   days on market $119,900 Active 68 DOM
9. 2026-06-08
   days on market $119,900 Active 67 DOM
10. 2026-06-07
    days on market $119,900 Active 66 DOM
11. 2026-06-05
    days on market $119,900 Active 63 DOM
12. 2026-06-02
    days on market $119,900 Active 61 DOM
13. 2026-06-01
    days on market $119,900 Active 60 DOM
14. 2026-05-31
    days on market $119,900 Active 59 DOM
15. 2026-05-30
    days on market $119,900 Active 58 DOM
16. 2026-03-31
    listed $119,900 Active 297-char remark

    Show marketing remark (297 chars)

    3 BEDROOM 2 BATHROOM RAMBLER ! Located one block from East Side Lake this home is cute and cozy. Featuring a high ceiling in the living room, enclosed front porch, dining room, basement bedroom with egress window, front deck and patio in back. Located on a nice corner lot come take a look today !

17. 2026-03-17
    historical
18. 2026-02-18
    price $119,500
19. 2025-12-18
    listed $126,900 Active
20. 2025-12-09
    historical
21. 2025-09-08
    listed $126,000 Active
22. 2025-07-29
    historical
23. 2025-06-16
    price $129,900
24. 2025-04-28
    listed $136,900 Active
25. 2023-05-30
    soldstatus $107,900
26. 2018-12-10
    historical
27. 2017-11-28
    listed $79,900
28. 1999-06-04
    soldstatus $42,350
29. 1998-07-10
    soldstatus $20,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $16,782
• − Mortgage interest: −$6,716
• − Property taxes: −$1,798
• − Insurance: −$600
• − Repairs & maintenance: −$1,343
• − Management: −$1,343
• − Depreciation: −$3,488
• Taxable income: $1,495
• Est. tax owed @ 24.0%: −$359
• After-tax cash flow: $2,956/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

+499.5% since first listed

14 events — show timeline

• 2026-03-31 Listed $119,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-17 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-18 Price Changed $119,500 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-18 Listed $126,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-09 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-08 Listed $126,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-06-16 Price Changed $129,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-04-28 Listed $136,900 NORTHSTARMLS as Distributed by MLS Grid
• 2023-05-30 Sold (Public Records) $107,900 Public Records
• 2018-12-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2017-11-28 Listed $79,900 NORTHSTARMLS as Distributed by MLS Grid
• 1999-06-04 Sold (Public Records) $42,350 Public Records
• 1998-07-10 Sold (Public Records) $20,000 Public Records

Property tax history

-18.2%/yr

Latest (2025): $68 · +0.0% YoY. Source: county tax records.