1119 W Front St · Albert Lea, MN 56007

$97,000

3 bd · 2.5 ba · 984 sqft · SingleFamily public records · 17 Days on market

Built 1898 5,880 sqft lot $99/sqft · 26% below area Est $116k · 16% under

---

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 +23.5/30.0
• ARV discount +14.8/15.0
• DSCR +7.5/10.0
• 1% rule +5.3/10.0
• 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

Check out this charming two-bedroom home situated on a corner lot! The fully equipped eat-in kitchen is filled with natural sunlight and opens nicely to the living room, creating a warm and inviting space. The main floor features a convenient office and a three-quarter bath. Upstairs, you’ll find two generously sized bedrooms along with a full bathroom. There’s also an additional full bath in the basement, offering plenty of flexibility for guests or family. This home includes updated mechanicals for added peace of mind. Outside, enjoy the oversized single-stall attached garage and a fully fenced yard—perfect for pets or outdoor entertaining. Ideally located just one block

Key facts

• Easy access to i-90
• Updated mechanicals
• Eat-in kitchen

Tags

• EAT-IN KITCHEN
• UPDATED MECHANICALS
• OVERSIZED SINGLE-STALL GARAGE
• FULLY FENCED YARD
• ONE BLOCK FROM SCHOOLS
• EASY ACCESS TO I-90

Property features AI

Finance

• Financial info: Conventional financing available

Exterior

• Parking: Attached garage (1-car)
• Utilities: City water connected; City sewer connected; Natural gas service; Electric service by Freeborn - Mower Cooperative Services
• Home design: Residential property; One-and-a-half story; Entry level main floor
• Construction: Frame construction; Asphalt roof; Block foundation
• Exterior features: Porch; Wood fencing; Corner lot; City street frontage, public maintenance

Interior

• Kitchen: Range; Refrigerator; Kitchen window
• Bedrooms: 2 bedrooms (both on upper level)
• Bathrooms: 2 full bathrooms; 1 three-quarter bathroom (main floor)
• Heating & cooling: Forced air heating; No central air
• Interior features: Eat-in kitchen; Cable available; Porch; Washer/dryer hookup; Block partial basement
• Laundry & utility: Washer; Dryer; Laundry located in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $97k.

Deal economics

• At list price, monthly cash flow is $180 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($998 rent vs $97k).
• Recommended offer: $96k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% 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; 3 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).
• This rent is only 17% of the median local income ($69k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $671 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 17 days — a 2% lower offer ($96k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $95,545 (1.5% below list)

Questions for the listing agent

1. Built in 1898 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.03% ✓
• Cap rate: 8.53%
• Cash-on-cash: 7.97%
• DSCR: 1.35
• GRM: 8.1

CMA / ARV

• ARV (median comp): $115,885
• List price: $97,000
• Delta: -16.30%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -4.2%
• Equity multiple: 0.84×
• Total profit: $-4,250
• Equity at exit: $14,463

10-year hold

• IRR: 5.5%
• Equity multiple: 1.41×
• Total profit: $11,001
• Equity at exit: $8,387

Cash invested: $27,160 (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: 8.1×

Monthly cashflow live

• Estimated rent: $998 medium
• Mortgage (P&I): −$509
• Tax from tax record: −$58 /mo · $702/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$209
• Net cashflow: $180

Break-even live

Break-even rent $769

Max offer price $97,000

Occupancy floor 77%

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: $24,250
• Closing costs: $2,910
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
133 W William St Unit 105 Albert Lea, MN	2.0	1.0	775	$865	$1.12	44d	1	0.74mi
139 E William St Albert Lea, MN	2.0	1.0	894	$885	$0.99	44d	1	0.85mi
1307 Saint Joseph Ave Albert Lea, MN	2.0	1.0	1101	$1,050	$0.95	44d	1	1.25mi

Listing history 3 events

1. 2026-05-18
   status Pending 860-char remark
2. 2026-05-01
   listed $97,000 Active 860-char remark
3. 1997-09-11
   soldstatus $37,900

ⓘ 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: $702 · $58/mo
• Projected year-2 tax: $894 · $75/mo
• Expected delta: +$192/yr (+$16/mo · 27.4%)

ⓘ 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: $11,970
• − Mortgage interest: −$5,434
• − Property taxes: −$702
• − Insurance: −$485
• − Repairs & maintenance: −$958
• − Management: −$958
• − Depreciation: −$2,822
• Taxable income: $612
• Est. tax owed @ 24.0%: −$147
• After-tax cash flow: $2,018/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

+155.9% since first listed

5 events — show timeline

• 2026-06-09 Sold (Public Records) $97,000 Public Records
• 2026-06-09 Sold (MLS) $97,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-18 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Listed $97,000 NORTHSTARMLS as Distributed by MLS Grid
• 1997-09-11 Sold (Public Records) $37,900 Public Records

Property tax history

+5.8%/yr

Latest (2025): $702 · +10.0% YoY. Source: county tax records.