1221 Irving St · Alexandria, MN 56308

$183,000

3 bd · 3.0 ba · 986 sqft · SingleFamily public records · 2 Days on market

Built 1940 8,973 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 +11.1/30.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Livability +3.9/5.0
• DSCR +3.2/10.0
• 1% rule +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cute little starter home with large master bath.

Key facts

• Large yard
• Main floor bedroom
• Sitting area

Tags

• MAIN FLOOR BEDROOM
• SITTING AREA
• CLOSE TO DOWNTOWN
• LARGE YARD

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $183k.

Deal economics

• At list price, monthly cash flow is $-72 ($-867/yr) — negative.
• To cash-flow at today's rent, offer at most $170k (7.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $143k (22.0% below list).
• Recommended offer: $143k (22.0% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 2.5% in Alexandria — 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 78/100 on livability (#105 in MN, #2,409 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, commute F.
• Alexandria Public School District (town): math 55% / reading 57% proficiency, ranked #64 of 301 in MN (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Woodland Elementary School (math 62% / reading 52%, grade C+, #265 of 857 statewide, top 35%, 423 students, 46% FRL); Discovery Middle School (math 51% / reading 57%, grade B-, #48 of 258 statewide, top 19%, 913 students, 34% FRL); Alexandria Area High School (math 39% / reading 62%, grade D+, #131 of 471 statewide, top 28%, 1,302 students, 26% FRL).
• Market conditions: 412 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 285 units permitted in Douglas County in 2024 (88 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 $5k of value loss. Plan a longer hold.
• Douglas County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 21y 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 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $142,676 (22.0% 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 1940 — 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. Schools are B-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?
5. 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?
6. 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.
7. 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.
8. 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: 0.78% ✗
• Cap rate: 5.82%
• Cash-on-cash: -1.69%
• DSCR: 0.92
• GRM: 10.7

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: -19.1%
• Equity multiple: 0.33×
• Total profit: $-34,276
• Equity at exit: $27,286

10-year hold

• IRR: -11.7%
• Equity multiple: 0.30×
• Total profit: $-35,850
• Equity at exit: $15,822

Cash invested: $51,240 (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 56308

• Active inventory: 412
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $1,427 high
• Mortgage (P&I): −$960
• Tax from tax record: −$164 /mo · $1,962/yr
• Insurance: −$76
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $-72

Break-even live

Break-even rent $1,518

Max offer price $170,231

Occupancy floor —

Sensitivity live

Price	-10% $31	-5% $-20	+0% $-72	+5% $-124	+10% $-176
Rent	-10% $-185	-5% $-129	+0% $-72	+5% $-16	+10% $40
Rate	-1.0pp $20	-0.5pp $-26	base $-72	+0.5pp $-120	+1.0pp $-168

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: $45,750
• Closing costs: $5,490
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1605 6th Ave E Unit 214 Alexandria, MN	2.0	1.0	950	$1,100	$1.16	45d	1	1.10mi
1607 6th Ave E Unit 202 Alexandria, MN	2.0	1.0	950	$1,100	$1.16	45d	1	1.11mi
815 34th Ave E Alexandria, MN	1.0–3.0	1.0–2.0	956	$1,375	$1.44	45d	1	1.24mi
1964 10th Ave E Alexandria, MN	3.0	1.0–2.0	775	$1,650	$2.13	45d	1	1.29mi
3703 S Broadway St Apt 202 Alexandria, MN	2.0	1.0	808	$1,250	$1.55	45d	1	1.46mi

Listing history 12 events

1. 2026-04-23
   status Pending
2. 2026-04-20
   listed $183,000 Active
3. 2023-10-04
   soldstatus $172,000
4. 2023-10-03
   soldstatus $172,000 Sold 48-char remark

   Show marketing remark (48 chars)

   Cute little starter home with large master bath.

5. 2023-08-23
   status Pending 48-char remark

   Show marketing remark (48 chars)

   Cute little starter home with large master bath.

6. 2023-08-14
   listed $169,900 Active 48-char remark

   Show marketing remark (48 chars)

   Cute little starter home with large master bath.

7. 2018-07-13
   soldstatus $133,500 Sold 500-char remark

   Show marketing remark (500 chars)

   Cute as can be 3BR, 2BA(possible 3rd) is so adorable! Main floor features a spacious owners suite with Jacuzzi tub and shower, with 2 bedrooms in the upper level. Open floor plan, freshly painted, huge mud room area and updated cabinets. On the outside, home has vinyl siding, newer windows, 1 stall detached garage and spacious back yard with alley entrance. Could be a great place to build a 2 stall garage off the back alley way. Lower level is unfinished could be potentionally finished off allow

8. 2018-07-13
   soldstatus $133,500

   Show marketing remark (500 chars)

   Cute as can be 3BR, 2BA(possible 3rd) is so adorable! Main floor features a spacious owners suite with Jacuzzi tub and shower, with 2 bedrooms in the upper level. Open floor plan, freshly painted, huge mud room area and updated cabinets. On the outside, home has vinyl siding, newer windows, 1 stall detached garage and spacious back yard with alley entrance. Could be a great place to build a 2 stall garage off the back alley way. Lower level is unfinished could be potentionally finished off allow

9. 2018-05-30
   status Pending 500-char remark

   Show marketing remark (500 chars)

   Cute as can be 3BR, 2BA(possible 3rd) is so adorable! Main floor features a spacious owners suite with Jacuzzi tub and shower, with 2 bedrooms in the upper level. Open floor plan, freshly painted, huge mud room area and updated cabinets. On the outside, home has vinyl siding, newer windows, 1 stall detached garage and spacious back yard with alley entrance. Could be a great place to build a 2 stall garage off the back alley way. Lower level is unfinished could be potentionally finished off allow

10. 2018-04-30
    listed $132,900 Active 500-char remark

    Show marketing remark (500 chars)

    Cute as can be 3BR, 2BA(possible 3rd) is so adorable! Main floor features a spacious owners suite with Jacuzzi tub and shower, with 2 bedrooms in the upper level. Open floor plan, freshly painted, huge mud room area and updated cabinets. On the outside, home has vinyl siding, newer windows, 1 stall detached garage and spacious back yard with alley entrance. Could be a great place to build a 2 stall garage off the back alley way. Lower level is unfinished could be potentionally finished off allow

11. 2005-06-24
    soldstatus $124,500
12. 2005-05-25
    listed $124,500

ⓘ 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: $1,962 · $164/mo
• Projected year-2 tax: $2,006 · $167/mo
• Expected delta: +$44/yr (+$4/mo · 2.2%)

ⓘ 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 ≥95°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,121
• − Mortgage interest: −$10,251
• − Property taxes: −$1,962
• − Insurance: −$915
• − Repairs & maintenance: −$1,370
• − Management: −$1,370
• − Depreciation: −$5,324
• Taxable loss: −$4,070
• Est. tax savings @ 24.0%: +$977
• After-tax cash flow: $109/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: Alexandria Public School District
• NCES district ID: 2703060
• Math proficiency: 55% ▼ -10.00%
• Reading proficiency: 57% ▼ -9.00%
• Median HH income: $52,476
• Composite: 48.0/100
• National rank: #2197
• State rank: #64 of 301 in MN

Livability — Alexandria

• Score: 78/100
• State rank: #105
• US rank: #2409

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alexandria, MN
• County: Douglas County · 27,008 people
• City population: 27,008
• Metro: Alexandria, MN
• Population (ZIP): 27,008
• Household income: $78,177
• Rent vs Own: 27.4% rent · 72.6% own
• Severe rent burden: 550.0

Population outlook (Douglas County) Hauer SSP2

• Today (2025): 38,913 people
• By 2030: 39,636 · +1.9%
• By 2040: 40,564 · +4.2%
• By 2050: 40,819 · +4.9%
• By 2075: 40,824 · +4.9%
• By 2100: 38,379 · -1.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Portuguese 22% Lithuanian 3% Romanian 3%
• Foreign-born: 2% · Vietnam, Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Douglas

• 2024 margin: Solid R (+35.1) · D 31.7% · R 66.8% · Other 1.4%
• 2008→2024 swing: -25.6pp toward R · 2008: -9.5pp · 2024: -35.1pp
• All cycles: 2024: R+35.1 2020: R+32.8 2016: R+35.8 2012: R+15.5 2008: R+9.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -215.15%
• Current HPI: 189.1595
• Rent YoY: —
• Metro: Alexandria, 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

+47.0% since first listed

12 events — show timeline

• 2026-04-23 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-20 Listed $183,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-10-04 Sold (Public Records) $172,000 Public Records
• 2023-10-03 Sold (MLS) $172,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-08-23 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-08-14 Listed $169,900 NORTHSTARMLS as Distributed by MLS Grid
• 2018-07-13 Sold (Public Records) $133,500 Public Records
• 2018-07-13 Sold (MLS) $133,500 NORTHSTARMLS as Distributed by MLS Grid
• 2018-05-30 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2018-04-30 Listed $132,900 NORTHSTARMLS as Distributed by MLS Grid
• 2005-06-24 Sold (MLS) $124,500 NORTHSTARMLS as Distributed by MLS Grid
• 2005-05-25 Listed $124,500 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+4.5%/yr

Latest (2026): $1,962 · +1.1% YoY. Source: county tax records.