610 8th St SW · Austin, MN 55912

$228,500

4 bd · 4.0 ba · 2,098 sqft · MultiFamily public records · 90 Days on market

Built 1900 8,276 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Four-plex located in quiet SW neighborhood. Good investment opportunity with positive cash flow.

Key facts

• 8,276 sq ft lot
• Built 1900
• Listed 89 days

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $228k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $228k).
• Recommended offer: $215k (6.0% below list) — sets the bar for market timing.
• Cap rate 17.5% 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; 1 comparable units currently listed for rent nearby; 53 units permitted in Mower County in 2024 (0 in 5+ unit buildings).
• At $4,467/mo this rent would consume 76% of the median local household income ($70k/yr) (locally 759% 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 $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $64k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($215k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 24y 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 $28k; list at $228k implies a 716% 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 $214,790 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 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 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 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: 1.95% ✓
• Cap rate: 17.51%
• Cash-on-cash: 40.06%
• DSCR: 2.78
• GRM: 4.3

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: 41.7%
• Equity multiple: 2.92×
• Total profit: $122,562
• Equity at exit: $34,070

10-year hold

• IRR: 50.1%
• Equity multiple: 7.08×
• Total profit: $389,139
• Equity at exit: $19,757

Cash invested: $63,980 (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: 17.1×

Monthly cashflow live

• Estimated rent: $4,467 high
• Mortgage (P&I): −$1,198
• Tax from tax record: −$100 /mo · $1,196/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$938
• Net cashflow: $2,136

Break-even live

Break-even rent $1,763

Max offer price $228,500

Occupancy floor 47%

Sensitivity live

Price	-10% $2,265	-5% $2,200	+0% $2,136	+5% $2,071	+10% $2,006
Rent	-10% $1,783	-5% $1,959	+0% $2,136	+5% $2,312	+10% $2,489
Rate	-1.0pp $2,251	-0.5pp $2,194	base $2,136	+0.5pp $2,077	+1.0pp $2,016

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,468
Total (4 units)			$4,467

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: $57,125
• Closing costs: $6,855
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
704 1st Dr NW Austin, MN	3.0	1.0–2.0	981	$2,514	$2.56	44d	96	0.91mi

Listing history 31 events

1. 2026-06-19
   days on market $228,500 Active 90 DOM
2. 2026-06-18
   days on market $228,500 Active 89 DOM
3. 2026-06-17
   days on market $228,500 Active 88 DOM
4. 2026-06-16
   days on market $228,500 Active 87 DOM
5. 2026-06-15
   days on market $228,500 Active 86 DOM
6. 2026-06-14
   days on market $228,500 Active 84 DOM
7. 2026-06-12
   days on market $228,500 Active 83 DOM
8. 2026-06-09
   days on market $228,500 Active 80 DOM
9. 2026-06-08
   days on market $228,500 Active 79 DOM
10. 2026-06-07
    days on market $228,500 Active 78 DOM
11. 2026-06-05
    days on market $228,500 Active 75 DOM
12. 2026-06-02
    days on market $228,500 Active 73 DOM
13. 2026-06-01
    days on market $228,500 Active 72 DOM
14. 2026-05-31
    days on market $228,500 Active 71 DOM
15. 2026-05-30
    days on market $228,500 Active 70 DOM
16. 2026-05-12
    status Active 99-char remark

    Show marketing remark (99 chars)

    Four-plex located in quiet SW neighborhood. Good investment opportunity with positive cash flow.

17. 2026-05-12
    price $228,500 99-char remark

    Show marketing remark (99 chars)

    Four-plex located in quiet SW neighborhood. Good investment opportunity with positive cash flow.

18. 2026-05-06
    historical 99-char remark

    Show marketing remark (99 chars)

    Four-plex located in quiet SW neighborhood. Good investment opportunity with positive cash flow.

19. 2026-05-01
    status Active 99-char remark

    Show marketing remark (99 chars)

    Four-plex located in quiet SW neighborhood. Good investment opportunity with positive cash flow.

20. 2026-04-25
    historical 99-char remark

    Show marketing remark (99 chars)

    Four-plex located in quiet SW neighborhood. Good investment opportunity with positive cash flow.

21. 2026-03-10
    listed $240,000 Active 99-char remark

    Show marketing remark (99 chars)

    Four-plex located in quiet SW neighborhood. Good investment opportunity with positive cash flow.

22. 2023-08-14
    historical $520
23. 2023-08-02
    listed $520
24. 2011-06-08
    listed $119,900
25. 2011-06-08
    listed $119,900
26. 2009-07-20
    listed $139,900
27. 2009-07-20
    listed $139,900
28. 2007-06-01
    listed $139,900
29. 2003-01-31
    soldstatus $28,000
30. 2002-12-17
    listed $32,000
31. 2000-07-03
    soldstatus $39,900

ⓘ 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: $1,196 · $100/mo
• Projected year-2 tax: $1,878 · $156/mo
• Expected delta: +$682/yr (+$57/mo · 57.0%)

ⓘ 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: $53,604
• − Mortgage interest: −$12,800
• − Property taxes: −$1,196
• − Insurance: −$1,142
• − Repairs & maintenance: −$4,288
• − Management: −$4,288
• − Depreciation: −$6,647
• Taxable income: $23,242
• Est. tax owed @ 24.0%: −$5,578
• After-tax cash flow: $20,051/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

+472.7% since first listed

16 events — show timeline

• 2026-05-12 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-12 Price Changed $228,500 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-06 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-25 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-10 Listed $240,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-08-14 Rental Removed $520 APPFOLIO
• 2023-08-02 Listed for Rent $520 APPFOLIO
• 2011-06-08 Listed $119,900 NORTHSTARMLS as Distributed by MLS Grid
• 2011-06-08 Listed $119,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-07-20 Listed $139,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-07-20 Listed $139,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-06-01 Listed $139,900 NORTHSTARMLS as Distributed by MLS Grid
• 2003-01-31 Sold (MLS) $28,000 NORTHSTARMLS as Distributed by MLS Grid
• 2002-12-17 Listed $32,000 NORTHSTARMLS as Distributed by MLS Grid
• 2000-07-03 Sold (Public Records) $39,900 Public Records

Property tax history

+0.7%/yr

Latest (2024): $1,196 · -2.4% YoY. Source: county tax records.