707 Larimore Cir · Albert Lea, MN 56007

$35,000

2 bd · 1.0 ba · 924 sqft · Manufactured public records · 30 Days on market

Built 1990 Good condition

---

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
• Condition / age +3.8/5.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Very nicely kept 2 bedroom 1 bathroom home for sale in Albert Lea Estates Manufactured Home Community. Master bedroom features his and hers closets. Newer washer/dryer. Includes storage shed. Financing available. Must pass background check. Pets under 30 pounds allowed in community. Lot rent is $380 a month and includes trash and recycling service.

Key facts

• Newer washer dryer
• Built 1990
• Listed 29 days

Tags

• NEWER WASHER DRYER
• INCLUDES STORAGE SHED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $35k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $555 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($970 rent vs $35k).
• Recommended offer: $34k (1.5% below list) — sets the bar for market timing.
• Cap rate 25.3% 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; 7 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; 16 units permitted in Freeborn County in 2024 (0 in 5+ unit buildings).
• This rent is only 17% of the median local income ($69k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($34k) is reasonable based on typical stale-listing flexibility.

Recommended offer $34,475 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 2.77% ✓
• Cap rate: 25.33%
• Cash-on-cash: 67.99%
• DSCR: 4.02
• GRM: 3.0

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: 67.4%
• Equity multiple: 4.03×
• Total profit: $29,686
• Equity at exit: $5,219

10-year hold

• IRR: 71.5%
• Equity multiple: 8.28×
• Total profit: $71,366
• Equity at exit: $3,026

Cash invested: $9,800 (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: 3.0×

Monthly cashflow live

• Estimated rent: $970 high
• Mortgage (P&I): −$184
• Tax from tax record: −$13 /mo · $152/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$204
• Net cashflow: $555

Break-even live

Break-even rent $267

Max offer price $35,000

Occupancy floor 38%

Sensitivity live

Price	-10% $575	-5% $565	+0% $555	+5% $545	+10% $535
Rent	-10% $479	-5% $517	+0% $555	+5% $594	+10% $632
Rate	-1.0pp $573	-0.5pp $564	base $555	+0.5pp $546	+1.0pp $537

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1307 Saint Joseph Ave Albert Lea, MN	2.0	1.0	1101	$1,050	$0.95	44d	1	0.58mi
220 E 7th St Albert Lea, MN	1.0	1.0	600	$795	$1.32	44d	1	0.63mi
705 E 18th St Albert Lea, MN	3.0	2.0	1152	$1,274	$1.11	44d	1	0.83mi
821 Jefferson Ave Unit 3 Albert Lea, MN	1.0	1.0	650	$995	$1.53	44d	1	1.06mi
821 Jefferson Ave Unit 2 Albert Lea, MN	1.0	1.0	650	$950	$1.46	44d	1	1.06mi
133 W William St Unit 105 Albert Lea, MN	2.0	1.0	775	$865	$1.12	44d	1	1.47mi
139 E William St Albert Lea, MN	2.0	1.0	894	$885	$0.99	44d	1	1.48mi

Listing history 17 events

1. 2026-06-19
   days on market $35,000 Active 30 DOM
2. 2026-06-18
   days on market $35,000 Active 29 DOM
3. 2026-06-17
   days on market $35,000 Active 28 DOM
4. 2026-06-16
   days on market $35,000 Active 27 DOM
5. 2026-06-15
   days on market $35,000 Active 26 DOM
6. 2026-06-14
   days on market $35,000 Active 24 DOM
7. 2026-06-12
   days on market $35,000 Active 23 DOM
8. 2026-06-09
   days on market $35,000 Active 20 DOM
9. 2026-06-08
   days on market $35,000 Active 19 DOM
10. 2026-06-07
    days on market $35,000 Active 18 DOM
11. 2026-06-05
    days on market $35,000 Active 15 DOM
12. 2026-06-03
    days on market $35,000 Active 14 DOM
13. 2026-06-02
    days on market $35,000 Active 13 DOM
14. 2026-06-01
    days on market $35,000 Active 12 DOM
15. 2026-05-31
    days on market $35,000 Active 11 DOM
16. 2026-05-30
    days on market $35,000 Active 10 DOM
17. 2026-05-21
    listed $35,000 Active

ⓘ 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: $152 · $13/mo
• Projected year-2 tax: $272 · $23/mo
• Expected delta: +$120/yr (+$10/mo · 78.9%)

ⓘ 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 1/10 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: $11,636
• − Mortgage interest: −$1,961
• − Property taxes: −$152
• − Insurance: −$175
• − Repairs & maintenance: −$931
• − Management: −$931
• − Depreciation: −$1,018
• Taxable income: $6,468
• Est. tax owed @ 24.0%: −$1,552
• After-tax cash flow: $5,110/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.

Condition & rehab AI · 1 photo

Good 75/100 Cosmetic rehab

This manufactured home is in good condition with minor cosmetic improvements needed to enhance its curb appeal and value.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances the home's curb appeal and can attract more buyers or renters.
• Both Painting interior and exterior — Fresh paint can make the home look more inviting and can increase its value.
• Both Landscaping and curb appeal improvements — Enhances the home's curb appeal and can attract more buyers or renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances the home's curb appeal and can attract more buyers or renters. ↑
• Both Painting interior and exterior — Fresh paint can make the home look more inviting and can increase its value. ↑
• Both Landscaping and curb appeal improvements — Enhances the home's curb appeal and can attract more buyers or renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-05-21 Listed $35,000 FSBO.com

Property tax history

-9.6%/yr

Latest (2025): $152 · -17.4% YoY. Source: county tax records.