729 W Fountain St · Albert Lea, MN 56007

$115,000

2 bd · 2.5 ba · 1,488 sqft · SingleFamily public records · 160 Days on market

Built 1898 4,399 sqft lot $77/sqft · 19% below area Est $147k · 22% under

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Why this score? — see what drove the C 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 +20.5/30.0
• ARV discount +15.0/15.0
• DSCR +6.5/10.0
• 1% rule +4.9/10.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Three bed two bath church with the modern look. Inside you will find one main floor bedroom, dining room, living room, and kitchen. Upstairs you will fine two more bedrooms, bathroom, and laundry room. This house is within walking distance of downtown Albert Lea and Fountain Lake. Schedule your showing today!

Key facts

• 4,399 sq ft lot
• 2 garage spots
• Built 1898

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $152 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $114k (0.9% below list).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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; 4 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 160 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 15y ago; this cycle's ask has dropped $15k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1898 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 160 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 1898 — 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 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: 0.99% ✗
• Cap rate: 7.88%
• Cash-on-cash: 5.67%
• DSCR: 1.25
• GRM: 8.4

CMA / ARV

• ARV (median comp): $147,130
• List price: $115,000
• Delta: -21.84%
• Verdict: UNDERPRICED
• Comps: 6 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -7.5%
• Equity multiple: 0.72×
• Total profit: $-8,960
• Equity at exit: $17,147

10-year hold

• IRR: 2.0%
• Equity multiple: 1.14×
• Total profit: $4,624
• Equity at exit: $9,943

Cash invested: $32,200 (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: 8.4×

Monthly cashflow live

• Estimated rent: $1,140 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$98 /mo · $1,170/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $152

Break-even live

Break-even rent $947

Max offer price $115,000

Occupancy floor 82%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
139 E William St Albert Lea, MN	2.0	1.0	894	$885	$0.99	43d	1	0.59mi
1619 W Main St Unit 107 Albert Lea, MN	2.0	1.0	1208	$1,300	$1.08	43d	1	0.66mi
1619 W Main St Unit 116- 2 Loft, 15 bath Albert Lea, MN	2.0	1.5	1366	$1,500	$1.10	43d	1	0.66mi
1307 Saint Joseph Ave Albert Lea, MN	2.0	1.0	1101	$1,050	$0.95	43d	1	1.38mi

Listing history 43 events

1. 2026-06-19
   days on market $115,000 Active 160 DOM
2. 2026-06-18
   days on market $115,000 Active 159 DOM
3. 2026-06-17
   days on market $115,000 Active 158 DOM
4. 2026-06-16
   days on market $115,000 Active 157 DOM
5. 2026-06-15
   days on market $115,000 Active 156 DOM
6. 2026-06-14
   days on market $115,000 Active 154 DOM
7. 2026-06-13
   status $115,000 Active 153 DOM
8. 2026-06-12
   days on market $115,000 Contingent - Inspection 153 DOM
9. 2026-06-09
   days on market $115,000 Contingent - Inspection 150 DOM
10. 2026-06-09
    status $115,000 Contingent - Inspection 149 DOM
11. 2026-06-08
    days on market $115,000 Active 149 DOM
12. 2026-06-07
    days on market $115,000 Active 148 DOM
13. 2026-06-05
    days on market $115,000 Active 145 DOM
14. 2026-06-03
    days on market $115,000 Active 144 DOM
15. 2026-06-02
    days on market $115,000 Active 143 DOM
16. 2026-06-01
    days on market $115,000 Active 142 DOM
17. 2026-05-31
    days on market $115,000 Active 141 DOM
18. 2026-05-30
    days on market $115,000 Active 140 DOM
19. 2026-04-26
    price $120,000 310-char remark

    Show marketing remark (310 chars)

    Three bed two bath church with the modern look. Inside you will find one main floor bedroom, dining room, living room, and kitchen. Upstairs you will fine two more bedrooms, bathroom, and laundry room. This house is within walking distance of downtown Albert Lea and Fountain Lake. Schedule your showing today!

20. 2026-04-09
    status Active 310-char remark

    Show marketing remark (310 chars)

    Three bed two bath church with the modern look. Inside you will find one main floor bedroom, dining room, living room, and kitchen. Upstairs you will fine two more bedrooms, bathroom, and laundry room. This house is within walking distance of downtown Albert Lea and Fountain Lake. Schedule your showing today!

21. 2026-04-02
    historical Contingent - Inspection 310-char remark

    Show marketing remark (310 chars)

    Three bed two bath church with the modern look. Inside you will find one main floor bedroom, dining room, living room, and kitchen. Upstairs you will fine two more bedrooms, bathroom, and laundry room. This house is within walking distance of downtown Albert Lea and Fountain Lake. Schedule your showing today!

22. 2026-03-05
    price $125,000 310-char remark

    Show marketing remark (310 chars)

    Three bed two bath church with the modern look. Inside you will find one main floor bedroom, dining room, living room, and kitchen. Upstairs you will fine two more bedrooms, bathroom, and laundry room. This house is within walking distance of downtown Albert Lea and Fountain Lake. Schedule your showing today!

23. 2026-01-10
    listed $130,000 Active 310-char remark

    Show marketing remark (310 chars)

    Three bed two bath church with the modern look. Inside you will find one main floor bedroom, dining room, living room, and kitchen. Upstairs you will fine two more bedrooms, bathroom, and laundry room. This house is within walking distance of downtown Albert Lea and Fountain Lake. Schedule your showing today!

24. 2023-10-06
    soldstatus $110,000 Sold 558-char remark

    Show marketing remark (558 chars)

    Beautiful 3 bedroom home, that has been completely redone recently throughout the interior. Home has 2 newer baths, all newer flooring, electrical and wood work throughout. Newer kitchen cabinets, furnace, central air and windows, drywall and insulation. Main floor bedroom, with big closets, formal dining room , main floor bath and open staircase. Upper level features 2 spacious bedroom with big closets. Upper level laundry room with additional full bath. 2 stall detached garage. From the flooring to the light fixtures this one should be turn key !

25. 2023-10-06
    soldstatus $110,000

    Show marketing remark (558 chars)

    Beautiful 3 bedroom home, that has been completely redone recently throughout the interior. Home has 2 newer baths, all newer flooring, electrical and wood work throughout. Newer kitchen cabinets, furnace, central air and windows, drywall and insulation. Main floor bedroom, with big closets, formal dining room , main floor bath and open staircase. Upper level features 2 spacious bedroom with big closets. Upper level laundry room with additional full bath. 2 stall detached garage. From the flooring to the light fixtures this one should be turn key !

26. 2023-08-20
    status Pending 558-char remark

    Show marketing remark (558 chars)

    Beautiful 3 bedroom home, that has been completely redone recently throughout the interior. Home has 2 newer baths, all newer flooring, electrical and wood work throughout. Newer kitchen cabinets, furnace, central air and windows, drywall and insulation. Main floor bedroom, with big closets, formal dining room , main floor bath and open staircase. Upper level features 2 spacious bedroom with big closets. Upper level laundry room with additional full bath. 2 stall detached garage. From the flooring to the light fixtures this one should be turn key !

27. 2023-08-11
    historical Contingent - Inspection 558-char remark

    Show marketing remark (558 chars)

    Beautiful 3 bedroom home, that has been completely redone recently throughout the interior. Home has 2 newer baths, all newer flooring, electrical and wood work throughout. Newer kitchen cabinets, furnace, central air and windows, drywall and insulation. Main floor bedroom, with big closets, formal dining room , main floor bath and open staircase. Upper level features 2 spacious bedroom with big closets. Upper level laundry room with additional full bath. 2 stall detached garage. From the flooring to the light fixtures this one should be turn key !

28. 2023-07-30
    listed $114,900 Active 558-char remark

    Show marketing remark (558 chars)

    Beautiful 3 bedroom home, that has been completely redone recently throughout the interior. Home has 2 newer baths, all newer flooring, electrical and wood work throughout. Newer kitchen cabinets, furnace, central air and windows, drywall and insulation. Main floor bedroom, with big closets, formal dining room , main floor bath and open staircase. Upper level features 2 spacious bedroom with big closets. Upper level laundry room with additional full bath. 2 stall detached garage. From the flooring to the light fixtures this one should be turn key !

29. 2022-01-09
    historical
30. 2021-11-26
    price $124,900
31. 2021-11-16
    price $134,900
32. 2021-09-13
    price $139,000
33. 2021-08-09
    price $149,900
34. 2021-08-09
    price $15,900
35. 2021-08-09
    price $149,900
36. 2021-07-09
    listed $159,900 Active
37. 2020-08-28
    soldstatus $13,500
38. 2018-12-10
    historical
39. 2018-12-10
    historical
40. 2012-06-25
    listed $23,500
41. 2012-06-25
    listed $23,500
42. 2011-06-30
    listed $35,500
43. 2011-06-30
    listed $35,500

ⓘ 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: $1,170 · $98/mo
• Projected year-2 tax: $1,229 · $102/mo
• Expected delta: +$59/yr (+$5/mo · 5.0%)

ⓘ 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 1/10 Low 7 d/yr ≥99°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: $13,680
• − Mortgage interest: −$6,442
• − Property taxes: −$1,170
• − Insurance: −$575
• − Repairs & maintenance: −$1,094
• − Management: −$1,094
• − Depreciation: −$3,345
• Taxable loss: −$41
• Est. tax savings @ 24.0%: +$10
• After-tax cash flow: $1,835/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: 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

+238.0% since first listed

25 events — show timeline

• 2026-04-26 Price Changed $120,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-09 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-02 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-05 Price Changed $125,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-10 Listed $130,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-10-06 Sold (Public Records) $110,000 Public Records
• 2023-10-06 Sold (MLS) $110,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-08-20 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-08-11 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2023-07-30 Listed $114,900 NORTHSTARMLS as Distributed by MLS Grid
• 2022-01-09 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2021-11-26 Price Changed $124,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-11-16 Price Changed $134,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-09-13 Price Changed $139,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-08-09 Price Changed $149,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-08-09 Price Changed $15,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-08-09 Price Changed $149,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-07-09 Listed $159,900 NORTHSTARMLS as Distributed by MLS Grid
• 2020-08-28 Sold (Public Records) $13,500 Public Records
• 2018-12-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2018-12-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2012-06-25 Listed $23,500 NORTHSTARMLS as Distributed by MLS Grid
• 2012-06-25 Listed $23,500 NORTHSTARMLS as Distributed by MLS Grid
• 2011-06-30 Listed $35,500 NORTHSTARMLS as Distributed by MLS Grid
• 2011-06-30 Listed $35,500 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+10.0%/yr

Latest (2025): $1,170 · +145.8% YoY. Source: county tax records.