731 College Ave · Red Wing, MN 55066

$265,000

2 bd · 2.0 ba · 1,494 sqft · MultiFamily public records · 24 Days on market

Built 1880 8,712 sqft lot

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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 +23.3/30.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• Livability +4.0/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

This duplex is a previous HUD house. All the wiring and electrical have been updated. There are two one bedroom apartments. The upstairs has a large loft bedroom. Lower level rents for $600. Upper level rents for $650. All appliances stay.

Key facts

• 8,712 sq ft lot
• Built 1880
• Listed 23 days

Property features AI

Finance

• Financial info: Property is free and clear (no mortgage recorded)

Exterior

• Parking: Gravel parking
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential income property (duplex up and down); Two stories; Not owner-occupied
• Construction: Block foundation; Foundation area approximately 800; Roof replaced or under 8 years old
• Exterior features: Wood exterior

Interior

• Kitchen: Each unit includes a range, refrigerator, and microwave; Dishwasher in both units
• Bedrooms: Total of 2 bedrooms (one bedroom in each unit)
• Bathrooms: Each unit has 1 bathroom (both include a three-quarter bath)
• Heating & cooling: Forced air heating; Wall-mounted cooling in the larger unit; Window air conditioning in the smaller unit
• Interior features: Two-level layout; Partially finished basement with block foundation
• Laundry & utility: Each unit includes washer and dryer

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $484 ($6k/yr) — positive. Per door: $242/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Recommended offer: $261k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 3.6% in Red Wing — 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 81/100 on livability (#64 in MN, #1,570 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D.
• Red Wing Public School District (rural): math 36% / reading 44% proficiency, ranked #220 of 301 in MN (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 143 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; 86 units permitted in Goodhue County in 2024 (0 in 5+ unit buildings).
• At $2,793/mo this rent would consume 46% of the median local household income ($74k/yr) (locally 504% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Goodhue 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 24 days — a 2% lower offer ($261k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $100k; list at $265k implies a 165% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $261,025 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.05% ✓
• Cap rate: 8.48%
• Cash-on-cash: 7.83%
• DSCR: 1.35
• GRM: 7.9

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: -4.4%
• Equity multiple: 0.84×
• Total profit: $-12,138
• Equity at exit: $39,512

10-year hold

• IRR: 5.3%
• Equity multiple: 1.39×
• Total profit: $29,026
• Equity at exit: $22,912

Cash invested: $74,200 (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 55066

• Home prices YoY: -28.1%
• Active inventory: 143
• Price-to-rent: 15.8×

Monthly cashflow live

• Estimated rent: $2,793 medium
• Mortgage (P&I): −$1,390
• Tax from tax record: −$222 /mo · $2,668/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$587
• Net cashflow: $484

Break-even live

Break-even rent $2,180

Max offer price $265,000

Occupancy floor 78%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,794
Total (2 units)			$2,793

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
821 W 5th St Unit 2 Red Wing, MN	2.0	1.0	950	$1,150	$1.21	13d	1	0.15mi
821 W 5th St Apt 5 Red Wing, MN	2.0	1.0	950	$1,300	$1.37	2d	1	0.16mi
222 Bush St Unit 111 Red Wing, MN	2.0	1.0	998	$1,895	$1.90	44d	1	0.44mi
222 Bush St Unit 12 Red Wing, MN	2.0	1.0	1007	$1,900	$1.89	44d	1	0.44mi
222 Bush St Unit 115 Red Wing, MN	2.0	1.0	948	$1,800	$1.90	44d	1	0.44mi

Listing history 20 events

1. 2026-06-18
   days on market $265,000 Active 24 DOM
2. 2026-06-17
   days on market $265,000 Active 23 DOM
3. 2026-06-16
   days on market $265,000 Active 22 DOM
4. 2026-06-15
   days on market $265,000 Active 21 DOM
5. 2026-06-13
   days on market $265,000 Active 19 DOM
6. 2026-06-09
   days on market $265,000 Active 15 DOM
7. 2026-06-08
   days on market $265,000 Active 14 DOM
8. 2026-06-07
   days on market $265,000 Active 13 DOM
9. 2026-06-04
   days on market $265,000 Active 10 DOM
10. 2026-06-03
    days on market $265,000 Active 9 DOM
11. 2026-06-02
    days on market $265,000 Active 8 DOM
12. 2026-06-01
    days on market $265,000 Active 7 DOM
13. 2026-05-31
    days on market $265,000 Active 6 DOM
14. 2026-05-22
    historical $265,000
15. 2006-06-14
    soldstatus $100,000
16. 2006-06-13
    soldstatus $100,000 240-char remark

    Show marketing remark (240 chars)

    This duplex is a previous HUD house. All the wiring and electrical have been updated. There are two one bedroom apartments. The upstairs has a large loft bedroom. Lower level rents for $600. Upper level rents for $650. All appliances stay.

17. 2006-05-23
    historical 240-char remark

    Show marketing remark (240 chars)

    This duplex is a previous HUD house. All the wiring and electrical have been updated. There are two one bedroom apartments. The upstairs has a large loft bedroom. Lower level rents for $600. Upper level rents for $650. All appliances stay.

18. 2006-04-08
    listed $106,500 240-char remark

    Show marketing remark (240 chars)

    This duplex is a previous HUD house. All the wiring and electrical have been updated. There are two one bedroom apartments. The upstairs has a large loft bedroom. Lower level rents for $600. Upper level rents for $650. All appliances stay.

19. 2004-06-15
    soldstatus $68,900
20. 2000-05-12
    soldstatus $68,900

ⓘ 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: $2,668 · $222/mo
• Projected year-2 tax: $2,818 · $235/mo
• Expected delta: +$150/yr (+$12/mo · 5.6%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 15 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: $33,516
• − Mortgage interest: −$14,844
• − Property taxes: −$2,668
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,681
• − Management: −$2,681
• − Depreciation: −$7,709
• Taxable income: $1,607
• Est. tax owed @ 24.0%: −$386
• After-tax cash flow: $5,423/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: Red Wing Public School District
• NCES district ID: 2730480
• Math proficiency: 36% ▼ -13.00%
• Reading proficiency: 44% ▼ -11.00%
• Median HH income: $53,206
• Composite: 34.77/100
• National rank: #5122
• State rank: #220 of 301 in MN

Livability — Red Wing

• Score: 81/100
• State rank: #64
• US rank: #1570

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Red Wing, MN
• County: Goodhue County · 19,226 people
• City population: 19,226
• Metro: Red Wing, MN
• Population (ZIP): 19,226
• Household income: $73,584
• Rent vs Own: 25.6% rent · 74.4% own
• Severe rent burden: 504.0

Population outlook (Goodhue County) Hauer SSP2

• Today (2025): 46,532 people
• By 2030: 46,185 · -0.7%
• By 2040: 44,531 · -4.3%
• By 2050: 41,532 · -10.7%
• By 2075: 33,745 · -27.5%
• By 2100: 23,716 · -49.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 6% Two or more races 4% Black 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 14% Romanian 3% Scottish 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Goodhue

• 2024 margin: R (+16.4) · D 40.8% · R 57.3% · Other 1.9%
• 2008→2024 swing: -15.1pp toward R · 2008: -1.4pp · 2024: -16.4pp
• All cycles: 2024: R+16.4 2020: R+14.8 2016: R+18.0 2012: R+3.0 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.16%
• Current HPI: 247.9899
• Rent YoY: —
• Metro: Red Wing, 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

+284.6% since first listed

7 events — show timeline

• 2026-05-22 Coming Soon $265,000 NORTHSTARMLS as Distributed by MLS Grid
• 2006-06-14 Sold (Public Records) $100,000 Public Records
• 2006-06-13 Sold (MLS) $100,000 NORTHSTARMLS as Distributed by MLS Grid
• 2006-05-23 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-04-08 Listed $106,500 NORTHSTARMLS as Distributed by MLS Grid
• 2004-06-15 Sold (Public Records) $68,900 Public Records
• 2000-05-12 Sold (Public Records) $68,900 Public Records

Property tax history

+3.6%/yr

Latest (2025): $2,668 · +2.5% YoY. Source: county tax records.