245 N Broadway · Alden, MN 56009

$187,500

4 bd · 1.0 ba · 2,373 sqft · SingleFamily public records · 126 Days on market

Built 1948 10,062 sqft lot ↓ 3% since listing

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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 +10.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• DSCR +2.8/10.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

The garage guy's dream come true! 1152 sq ft of garage space for cars, boats, ATVs, other toys, and even parties. The 4-bedroom home has a spacious addition of a family room with a gas fireplace and a nice dining space. Nice bathroom, ceramic walk-in shower and convenient main floor laundry. 2 bedrooms on the main level and 2 upstairs. The lot has alley access and is just a short distance from the lake--a popular walking path. The town offers a fitness center just a short walk from the property. Enjoy spring and summer in this great home--call for your appointment today!

Key facts

• Alley access
• Gas fireplace
• Main floor laundry

Tags

• GARAGE SPACE
• FAMILY ROOM
• GAS FIREPLACE
• CERAMIC WALK-IN SHOWER
• MAIN FLOOR LAUNDRY
• ALLEY ACCESS

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $188k.

Deal economics

• At list price, monthly cash flow is $-114 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $167k (10.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $145k (22.9% below list).
• Recommended offer: $145k (22.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 71/100 on livability (#313 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, health & safety C-, crime D+.
• Alden-Conger Public School District (rural): math 40% / reading 50% proficiency, ranked #174 of 301 in MN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Alden-Conger Elementary (math 42% / reading 52%, grade D-, #492 of 857 statewide, top 61%, 221 students, 41% FRL); Alden-Conger Secondary (math 37% / reading 47%, grade F, #222 of 471 statewide, top 50%, 226 students, 34% FRL).
• Market conditions: 12 active listings in the ZIP; 16 units permitted in Freeborn County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $20k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• Freeborn County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 126 days — a 12% lower offer ($165k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $144,504 (22.9% 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. It's been on market 126 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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?
9. 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.
10. 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.
11. 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: 0.77% ✗
• Cap rate: 5.56%
• Cash-on-cash: -2.61%
• DSCR: 0.88
• GRM: 10.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.4%
• Equity multiple: 2.81×
• Total profit: $94,855
• Equity at exit: $168,915

10-year hold

• IRR: 20.1%
• Equity multiple: 6.43×
• Total profit: $285,036
• Equity at exit: $364,271

Cash invested: $52,500 (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 56009

• Home prices YoY: 14.3%
• Active inventory: 12
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,445 medium
• Mortgage (P&I): −$983
• Tax from tax record: −$194 /mo · $2,330/yr
• Insurance: −$78
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $-114

Break-even live

Break-even rent $1,589

Max offer price $167,365

Occupancy floor —

Sensitivity live

Price	-10% $-8	-5% $-61	+0% $-114	+5% $-167	+10% $-220
Rent	-10% $-228	-5% $-171	+0% $-114	+5% $-57	+10% $0
Rate	-1.0pp $-20	-0.5pp $-66	base $-114	+0.5pp $-163	+1.0pp $-212

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: $46,875
• Closing costs: $5,625
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $187,500 Active 126 DOM
2. 2026-06-19
   days on market $187,500 Active 124 DOM
3. 2026-06-18
   days on market $187,500 Active 123 DOM
4. 2026-06-17
   days on market $187,500 Active 122 DOM
5. 2026-06-16
   days on market $187,500 Active 121 DOM
6. 2026-06-15
   days on market $187,500 Active 120 DOM
7. 2026-06-14
   days on market $187,500 Active 118 DOM
8. 2026-06-12
   days on market $187,500 Active 117 DOM
9. 2026-06-09
   days on market $187,500 Active 114 DOM
10. 2026-06-08
    days on market $187,500 Active 113 DOM
11. 2026-06-07
    days on market $187,500 Active 112 DOM
12. 2026-06-05
    days on market $187,500 Active 110 DOM
13. 2026-06-04
    days on market $187,500 Active 108 DOM
14. 2026-06-02
    days on market $187,500 Active 107 DOM
15. 2026-06-01
    days on market $187,500 Active 106 DOM
16. 2026-05-31
    days on market $187,500 Active 105 DOM
17. 2026-05-31
    days on market $187,500 Active 104 DOM
18. 2026-05-15
    price $187,500 580-char remark

    Show marketing remark (580 chars)

    The garage guy's dream come true! 1152 sq ft of garage space for cars, boats, ATVs, other toys, and even parties. The 4-bedroom home has a spacious addition of a family room with a gas fireplace and a nice dining space. Nice bathroom, ceramic walk-in shower and convenient main floor laundry. 2 bedrooms on the main level and 2 upstairs. The lot has alley access and is just a short distance from the lake--a popular walking path. The town offers a fitness center just a short walk from the property. Enjoy spring and summer in this great home--call for your appointment today!

19. 2026-02-14
    listed $192,900 Active 580-char remark

    Show marketing remark (580 chars)

    The garage guy's dream come true! 1152 sq ft of garage space for cars, boats, ATVs, other toys, and even parties. The 4-bedroom home has a spacious addition of a family room with a gas fireplace and a nice dining space. Nice bathroom, ceramic walk-in shower and convenient main floor laundry. 2 bedrooms on the main level and 2 upstairs. The lot has alley access and is just a short distance from the lake--a popular walking path. The town offers a fitness center just a short walk from the property. Enjoy spring and summer in this great home--call for your appointment today!

ⓘ 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: $2,330 · $194/mo
• Projected year-2 tax: $2,330 · $194/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 2/10 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: $17,340
• − Mortgage interest: −$10,503
• − Property taxes: −$2,330
• − Insurance: −$938
• − Repairs & maintenance: −$1,387
• − Management: −$1,387
• − Depreciation: −$5,455
• Taxable loss: −$4,659
• Est. tax savings @ 24.0%: +$1,118
• After-tax cash flow: $-250/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: Alden-Conger Public School District
• NCES district ID: 2703030
• Math proficiency: 40% ▼ -15.00%
• Reading proficiency: 50% ▼ -7.00%
• Median HH income: $55,513
• Composite: 39.13/100
• National rank: #4036
• State rank: #174 of 301 in MN

Livability — Alden

• Score: 71/100
• State rank: #313
• US rank: #6998

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alden, MN
• Population (ZIP): 1,539

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 (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Portuguese 26% Romanian 4% Lithuanian 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

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: ▲ 27.48%
• Current HPI: 219.11
• Rent YoY: —
• Metro: —
• 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

-2.8% since first listed

2 events — show timeline

• 2026-05-15 Price Changed $187,500 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-14 Listed $192,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+9.6%/yr

Latest (2025): $2,330 · +1.1% YoY. Source: county tax records.