304 S Broadway · Alden, MN 56009

$49,900

3 bd · 2.0 ba · 2,341 sqft · SingleFamily public records · 273 Days on market

Built 1903 0.28 ac lot ↓ 38% since listing

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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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Investor & Renovator Special! This spacious 4-bedroom, 2-bath home is ready for your vision. Much of the demolition work has already been completed, giving you a head start on improvements. The home boasts a solid stone foundation and retains many beautiful original details—including vintage door and window hardware and stunning chandeliers that add historic charm. With great bones and endless potential, this property is a fantastic opportunity for a fixer-upper, flip, or long-term investment.

Key facts

• Stunning chandeliers
• Original details
• 0.28 acre lot

Tags

• SOLID STONE FOUNDATION
• STUNNING CHANDELIERS
• ORIGINAL DETAILS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $708 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.

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+, schools B; 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.
• Market conditions: 11 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 $5k of equity ($345 loan paydown + $5k 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 273 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y ago; this cycle's ask has dropped $40k (44%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 273 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1903 — 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. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.72% ✓
• Cap rate: 23.31%
• Cash-on-cash: 60.77%
• DSCR: 3.70
• GRM: 3.1

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: 72.9%
• Equity multiple: 6.17×
• Total profit: $72,278
• Equity at exit: $44,954

10-year hold

• IRR: 66.8%
• Equity multiple: 13.70×
• Total profit: $177,471
• Equity at exit: $96,945

Cash invested: $13,972 (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: 11
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,358 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$83 /mo · $992/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $708

Break-even live

Break-even rent $462

Max offer price $49,900

Occupancy floor 43%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-09
   status $49,900 Pending 273 DOM
2. 2026-06-08
   days on market $49,900 Active 273 DOM
3. 2026-06-07
   days on market $49,900 Active 272 DOM
4. 2026-06-05
   days on market $49,900 Active 270 DOM
5. 2026-06-04
   days on market $49,900 Active 268 DOM
6. 2026-06-02
   days on market $49,900 Active 267 DOM
7. 2026-06-01
   days on market $49,900 Active 266 DOM
8. 2026-05-31
   days on market $49,900 Active 265 DOM
9. 2026-05-31
   days on market $49,900 Active 264 DOM
10. 2026-01-20
    price $49,900 508-char remark

    Show marketing remark (508 chars)

    Investor & Renovator Special! This spacious 4-bedroom, 2-bath home is ready for your vision. Much of the demolition work has already been completed, giving you a head start on improvements. The home boasts a solid stone foundation and retains many beautiful original details—including vintage door and window hardware and stunning chandeliers that add historic charm. With great bones and endless potential, this property is a fantastic opportunity for a fixer-upper, flip, or long-term investment.

11. 2025-11-18
    price $59,900 508-char remark

    Show marketing remark (508 chars)

    Investor & Renovator Special! This spacious 4-bedroom, 2-bath home is ready for your vision. Much of the demolition work has already been completed, giving you a head start on improvements. The home boasts a solid stone foundation and retains many beautiful original details—including vintage door and window hardware and stunning chandeliers that add historic charm. With great bones and endless potential, this property is a fantastic opportunity for a fixer-upper, flip, or long-term investment.

12. 2025-11-06
    price $79,900 508-char remark

    Show marketing remark (508 chars)

    Investor & Renovator Special! This spacious 4-bedroom, 2-bath home is ready for your vision. Much of the demolition work has already been completed, giving you a head start on improvements. The home boasts a solid stone foundation and retains many beautiful original details—including vintage door and window hardware and stunning chandeliers that add historic charm. With great bones and endless potential, this property is a fantastic opportunity for a fixer-upper, flip, or long-term investment.

13. 2025-09-08
    listed $89,900 Active 508-char remark

    Show marketing remark (508 chars)

    Investor & Renovator Special! This spacious 4-bedroom, 2-bath home is ready for your vision. Much of the demolition work has already been completed, giving you a head start on improvements. The home boasts a solid stone foundation and retains many beautiful original details—including vintage door and window hardware and stunning chandeliers that add historic charm. With great bones and endless potential, this property is a fantastic opportunity for a fixer-upper, flip, or long-term investment.

14. 2024-09-20
    soldstatus $53,500 Sold 274-char remark

    Show marketing remark (274 chars)

    Large three bedroom, two-bathroom home on large corner lot. Gorgeous 1903 fireplace with mantel, hardwood floors, beautiful open staircase with natural woodwork, large foyer and detached double garage. This home needs work but it has so much potential! Come and take a look.

15. 2024-09-20
    soldstatus $53,500

    Show marketing remark (274 chars)

    Large three bedroom, two-bathroom home on large corner lot. Gorgeous 1903 fireplace with mantel, hardwood floors, beautiful open staircase with natural woodwork, large foyer and detached double garage. This home needs work but it has so much potential! Come and take a look.

16. 2024-08-19
    status Pending 274-char remark

    Show marketing remark (274 chars)

    Large three bedroom, two-bathroom home on large corner lot. Gorgeous 1903 fireplace with mantel, hardwood floors, beautiful open staircase with natural woodwork, large foyer and detached double garage. This home needs work but it has so much potential! Come and take a look.

17. 2024-08-07
    historical Contingent - Inspection 274-char remark

    Show marketing remark (274 chars)

    Large three bedroom, two-bathroom home on large corner lot. Gorgeous 1903 fireplace with mantel, hardwood floors, beautiful open staircase with natural woodwork, large foyer and detached double garage. This home needs work but it has so much potential! Come and take a look.

18. 2024-08-05
    price $65,000 274-char remark

    Show marketing remark (274 chars)

    Large three bedroom, two-bathroom home on large corner lot. Gorgeous 1903 fireplace with mantel, hardwood floors, beautiful open staircase with natural woodwork, large foyer and detached double garage. This home needs work but it has so much potential! Come and take a look.

19. 2024-07-02
    price $75,000 274-char remark

    Show marketing remark (274 chars)

    Large three bedroom, two-bathroom home on large corner lot. Gorgeous 1903 fireplace with mantel, hardwood floors, beautiful open staircase with natural woodwork, large foyer and detached double garage. This home needs work but it has so much potential! Come and take a look.

20. 2024-05-30
    listed $85,000 Active 274-char remark

    Show marketing remark (274 chars)

    Large three bedroom, two-bathroom home on large corner lot. Gorgeous 1903 fireplace with mantel, hardwood floors, beautiful open staircase with natural woodwork, large foyer and detached double garage. This home needs work but it has so much potential! Come and take a look.

21. 2018-12-11
    historical
22. 2015-06-25
    soldstatus $23,000
23. 2015-04-02
    historical
24. 2015-02-26
    listed $25,500 Active
25. 2015-02-25
    listed $18,000
26. 2000-06-02
    soldstatus $80,000

ⓘ 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: $992 · $83/mo
• Projected year-2 tax: $992 · $83/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 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: $16,295
• − Mortgage interest: −$2,795
• − Property taxes: −$992
• − Insurance: −$250
• − Repairs & maintenance: −$1,304
• − Management: −$1,304
• − Depreciation: −$1,452
• Taxable income: $8,199
• Est. tax owed @ 24.0%: −$1,968
• After-tax cash flow: $6,523/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

-37.6% since first listed

17 events — show timeline

• 2026-01-20 Price Changed $49,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-18 Price Changed $59,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-06 Price Changed $79,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-08 Listed $89,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-09-20 Sold (Public Records) $53,500 Public Records
• 2024-09-20 Sold (MLS) $53,500 NORTHSTARMLS as Distributed by MLS Grid
• 2024-08-19 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2024-08-07 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2024-08-05 Price Changed $65,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-07-02 Price Changed $75,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-05-30 Listed $85,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-12-11 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2015-06-25 Sold (MLS) $23,000 NORTHSTARMLS as Distributed by MLS Grid
• 2015-04-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2015-02-26 Listed $25,500 NORTHSTARMLS as Distributed by MLS Grid
• 2015-02-25 Listed $18,000 NORTHSTARMLS as Distributed by MLS Grid
• 2000-06-02 Sold (Public Records) $80,000 Public Records

Property tax history

+3.4%/yr

Latest (2025): $992 · +0.6% YoY. Source: county tax records.