641 Forest Ave · Albany, MN 56307

$99,900

3 bd · 1.0 ba · 364 sqft · SingleFamily public records · 148 Days on market

Built 1965 0.29 ac 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 +12.5/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• 1% rule +4.1/10.0
• DSCR +3.7/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to a rare opportunity property with tons of square footage and a large lot located in the heart of Albany! Whether you're looking for a spacious single-family home or envision a lucrative investment as a multi-family property (2 units or less), this versatile space is ready to meet your needs. What truly sets this property apart are the clear spanning trusses/rafters, offering infinite options for different layouts. Reimagine the interior to suit your vision—be it a grand family residence, rental units, a home with an in-law suite, or even a mixed-use concept. Don't miss your chance to own a piece of prime Albany real estate with unmatched flexibility and potential.

Key facts

• Versatile space
• Large lot
• 0.29 acre lot

Tags

• LARGE LOT
• CLEAR SPANNING TRUSSES
• VERSATILE SPACE
• UNMATCHED FLEXIBILITY

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $-14 ($-165/yr) — negative.
• To cash-flow at today's rent, offer at most $97k (2.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $90k (9.5% below list).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 74/100 on livability (#208 in MN, #4,381 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Albany Public School District (rural): math 57% / reading 58% proficiency, ranked #51 of 301 in MN (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: 22 active listings in the ZIP; 661 units permitted in Stearns County in 2024 (291 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Stearns County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 148 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.
• Current owner paid $60k; list at $100k implies a 66% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $87,912 (12.0% 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. It's been on market 148 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1965 — 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. 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?
8. 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.
9. 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.
10. 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: 0.91% ✗
• Cap rate: 6.13%
• Cash-on-cash: -0.59%
• DSCR: 0.97
• GRM: 9.2

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: -17.2%
• Equity multiple: 0.39×
• Total profit: $-17,028
• Equity at exit: $14,895

10-year hold

• IRR: -9.1%
• Equity multiple: 0.43×
• Total profit: $-15,807
• Equity at exit: $8,638

Cash invested: $27,972 (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 56307

• Home prices YoY: -7.5%
• Active inventory: 22
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $904 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$163 /mo · $1,952/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$190
• Net cashflow: $-14

Break-even live

Break-even rent $922

Max offer price $97,468

Occupancy floor 97%

Sensitivity live

Price	-10% $43	-5% $15	+0% $-14	+5% $-42	+10% $-70
Rent	-10% $-85	-5% $-49	+0% $-14	+5% $22	+10% $58
Rate	-1.0pp $37	-0.5pp $12	base $-14	+0.5pp $-40	+1.0pp $-66

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $99,900 Active 148 DOM
2. 2026-06-17
   days on market $99,900 Active 147 DOM
3. 2026-06-16
   days on market $99,900 Active 146 DOM
4. 2026-06-15
   days on market $99,900 Active 145 DOM
5. 2026-06-13
   days on market $99,900 Active 143 DOM
6. 2026-06-12
   days on market $99,900 Active 142 DOM
7. 2026-06-09
   days on market $99,900 Active 139 DOM
8. 2026-06-08
   days on market $99,900 Active 138 DOM
9. 2026-06-07
   days on market $99,900 Active 137 DOM
10. 2026-06-05
    days on market $99,900 Active 135 DOM
11. 2026-06-04
    days on market $99,900 Active 133 DOM
12. 2026-06-02
    days on market $99,900 Active 132 DOM
13. 2026-06-01
    days on market $99,900 Active 131 DOM
14. 2026-05-31
    days on market $99,900 Active 130 DOM
15. 2026-05-31
    days on market $99,900 Active 129 DOM
16. 2026-01-21
    listed $99,900 Active 688-char remark

    Show marketing remark (688 chars)

    Welcome to a rare opportunity property with tons of square footage and a large lot located in the heart of Albany! Whether you're looking for a spacious single-family home or envision a lucrative investment as a multi-family property (2 units or less), this versatile space is ready to meet your needs. What truly sets this property apart are the clear spanning trusses/rafters, offering infinite options for different layouts. Reimagine the interior to suit your vision—be it a grand family residence, rental units, a home with an in-law suite, or even a mixed-use concept. Don't miss your chance to own a piece of prime Albany real estate with unmatched flexibility and potential.

17. 2025-12-15
    historical
18. 2025-10-13
    price $109,900
19. 2025-06-14
    listed $119,900 Active
20. 2022-06-13
    soldstatus $60,000
21. 1990-06-29
    soldstatus $82,500

ⓘ 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: $1,952 · $163/mo
• Projected year-2 tax: $1,952 · $163/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 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥98°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: $10,852
• − Mortgage interest: −$5,596
• − Property taxes: −$1,952
• − Insurance: −$500
• − Repairs & maintenance: −$868
• − Management: −$868
• − Depreciation: −$2,906
• Taxable loss: −$1,838
• Est. tax savings @ 24.0%: +$441
• After-tax cash flow: $276/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: Albany Public School District
• NCES district ID: 2702930
• Math proficiency: 57% ▼ -14.00%
• Reading proficiency: 58% ▼ -11.00%
• Median HH income: $63,768
• Composite: 50.32/100
• National rank: #1881
• State rank: #51 of 301 in MN

Livability — Albany

• Score: 74/100
• State rank: #208
• US rank: #4381

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albany, MN
• Population (ZIP): 5,227

Population outlook (Stearns County) Hauer SSP2

• Today (2025): 162,629 people
• By 2030: 166,495 · +2.4%
• By 2040: 172,661 · +6.2%
• By 2050: 177,480 · +9.1%
• By 2075: 192,907 · +18.6%
• By 2100: 206,274 · +26.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Portuguese 8% Romanian 7% Iranian 3%
• Foreign-born: 2% · Canada, South Korea
• Languages at home: 96% English-only · Spanish 1% Korean 1% German/W. Germanic 1%

Political lean MEDSL · Stearns

• 2024 margin: Strong R (+26.8) · D 35.7% · R 62.5% · Other 1.9%
• 2008→2024 swing: -19.8pp toward R · 2008: -7.0pp · 2024: -26.8pp
• All cycles: 2024: R+26.8 2020: R+22.5 2016: R+27.9 2012: R+12.1 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -32.29%
• Current HPI: 400.87
• 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

+21.1% since first listed

6 events — show timeline

• 2026-01-21 Listed $99,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-15 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-13 Price Changed $109,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-06-14 Listed $119,900 NORTHSTARMLS as Distributed by MLS Grid
• 2022-06-13 Sold (Public Records) $60,000 Public Records
• 1990-06-29 Sold (Public Records) $82,500 Public Records

Property tax history

+11.0%/yr

Latest (2025): $1,952 · -1.6% YoY. Source: county tax records.