915 6th Ave E · Alexandria, MN 56308

$142,300

3 bd · 1.0 ba · 824 sqft · SingleFamily public records · 48 Days on market

Built 1890 5,488 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 +19.1/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• Schools +4.8/10.0
• 1% rule +4.6/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice 3BR, 1BA with main floor laundry set-up, large detached garage, new roof and refinished upperlevel bedrooms. Near downtown and schools, check this one out.

Key facts

• Manageable lot
• Updated kitchen
• Refreshed cabinetry

Tags

• UPDATED KITCHEN
• REFRESHED CABINETRY
• KITCHEN APPLIANCES INCLUDED
• MANAGEABLE LOT
• SPACIOUS DETACHED GARAGE

Property features AI

Exterior

• Parking: Detached or on-site gravel parking; 2-car garage (approx. 24 x 26)
• Utilities: Natural gas; Electric with circuit breakers; City water; City sewer
• Home design: Residential property; One-and-a-half story layout; Main entry level includes finished space
• Construction: Frame construction; Partial basement; Foundation area about 1,086; Roof older than 8 years
• Exterior features: City water and city sewer connections; Publicly maintained, paved city street frontage; Lot approximately 50 x 110 (0.126 acres)

Interior

• Kitchen: Microwave; Range; Refrigerator
• Bedrooms: Three bedrooms total — one on the main level and two on the upper level (approx. 10 x 13; 9 x 11; 12 x 11)
• Bathrooms: One full bathroom on the main floor
• Heating & cooling: Forced air heating; Wall air conditioning unit(s)
• Interior features: Ceiling fan(s); Kitchen window; Main floor primary bedroom; Main floor bedroom; Main floor laundry
• Laundry & utility: Washer/dryer hookup on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $142k.

Deal economics

• At list price, monthly cash flow is $151 ($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 $136k (4.2% below list).
• Recommended offer: $136k (4.2% below list) — sets the bar for 1% rule.
• Cap rate 7.6% vs local median 2.5% in Alexandria — 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 78/100 on livability (#105 in MN, #2,409 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, commute F.
• Alexandria Public School District (town): math 55% / reading 57% proficiency, ranked #64 of 301 in MN (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 402 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; solid renter incomes; 285 units permitted in Douglas County in 2024 (88 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $984 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Douglas County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 18y ago 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 $47k; list at $142k implies a 200% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,280 (4.2% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.96% ✗
• Cap rate: 7.57%
• Cash-on-cash: 4.56%
• DSCR: 1.20
• GRM: 8.7

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: -9.2%
• Equity multiple: 0.66×
• Total profit: $-13,430
• Equity at exit: $21,217

10-year hold

• IRR: 0.2%
• Equity multiple: 1.02×
• Total profit: $662
• Equity at exit: $12,304

Cash invested: $39,844 (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 56308

• Active inventory: 402
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,363 medium
• Mortgage (P&I): −$746
• Tax from tax record: −$120 /mo · $1,436/yr
• Insurance: −$59
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $151

Break-even live

Break-even rent $1,171

Max offer price $142,300

Occupancy floor 84%

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: $35,575
• Closing costs: $4,269
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1605 6th Ave E Unit 214 Alexandria, MN	2.0	1.0	950	$1,100	$1.16	43d	1	0.45mi
1607 6th Ave E Unit 202 Alexandria, MN	2.0	1.0	950	$1,100	$1.16	43d	1	0.46mi
505 McKay Ave S Alexandria, MN	2.0	1.0	850	$1,075	$1.26	43d	2	0.90mi
1964 10th Ave E Alexandria, MN	3.0	1.0–2.0	775	$1,650	$2.13	43d	1	1.06mi

Listing history 27 events

1. 2026-06-19
   days on market $142,300 Active 48 DOM
2. 2026-06-18
   days on market $142,300 Active 47 DOM
3. 2026-06-17
   days on market $142,300 Active 46 DOM
4. 2026-06-16
   days on market $142,300 Active 45 DOM
5. 2026-06-15
   days on market $142,300 Active 44 DOM
6. 2026-06-14
   days on market $142,300 Active 42 DOM
7. 2026-06-12
   remarks 699-char remark
8. 2026-06-12
   statusdays on market $142,300 Active 41 DOM
9. 2026-06-09
   days on market $142,300 Contingent - Subject to Financing 38 DOM
10. 2026-06-08
    days on market $142,300 Contingent - Subject to Financing 37 DOM
11. 2026-06-07
    days on market $142,300 Contingent - Subject to Financing 36 DOM
12. 2026-06-03
    days on market $142,300 Contingent - Subject to Financing 32 DOM
13. 2026-06-02
    days on market $142,300 Contingent - Subject to Financing 31 DOM
14. 2026-06-01
    status $142,300 Contingent - Subject to Financing 30 DOM
15. 2026-06-01
    days on market $142,300 Contingent - Inspection 30 DOM
16. 2026-05-31
    days on market $142,300 Contingent - Inspection 29 DOM
17. 2026-05-30
    days on market $142,300 Contingent - Inspection 28 DOM
18. 2026-05-12
    status Active 666-char remark
19. 2026-05-05
    historical Contingent - Inspection 666-char remark
20. 2026-05-02
    listed $142,300 Active 666-char remark
21. 2011-01-10
    soldstatus $47,400 160-char remark

    Show marketing remark (160 chars)

    Nice 3BR, 1BA with main floor laundry set-up, large detached garage, new roof and refinished upperlevel bedrooms. Near downtown and schools, check this one out.

22. 2011-01-10
    soldstatus $47,400

    Show marketing remark (160 chars)

    Nice 3BR, 1BA with main floor laundry set-up, large detached garage, new roof and refinished upperlevel bedrooms. Near downtown and schools, check this one out.

23. 2010-09-15
    listed $51,000 160-char remark

    Show marketing remark (160 chars)

    Nice 3BR, 1BA with main floor laundry set-up, large detached garage, new roof and refinished upperlevel bedrooms. Near downtown and schools, check this one out.

24. 2010-09-15
    listed $51,000

    Show marketing remark (160 chars)

    Nice 3BR, 1BA with main floor laundry set-up, large detached garage, new roof and refinished upperlevel bedrooms. Near downtown and schools, check this one out.

25. 2009-04-09
    historical
26. 2008-10-09
    listed $99,900
27. 2008-10-09
    listed $99,900

ⓘ 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: $1,436 · $120/mo
• Projected year-2 tax: $1,515 · $126/mo
• Expected delta: +$79/yr (+$7/mo · 5.5%)

ⓘ 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 ≥95°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: $16,354
• − Mortgage interest: −$7,971
• − Property taxes: −$1,436
• − Insurance: −$712
• − Repairs & maintenance: −$1,308
• − Management: −$1,308
• − Depreciation: −$4,140
• Taxable loss: −$521
• Est. tax savings @ 24.0%: +$125
• After-tax cash flow: $1,942/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: Alexandria Public School District
• NCES district ID: 2703060
• Math proficiency: 55% ▼ -10.00%
• Reading proficiency: 57% ▼ -9.00%
• Median HH income: $52,476
• Composite: 48.0/100
• National rank: #2197
• State rank: #64 of 301 in MN

Livability — Alexandria

• Score: 78/100
• State rank: #105
• US rank: #2409

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alexandria, MN
• County: Douglas County · 27,008 people
• City population: 27,008
• Metro: Alexandria, MN
• Population (ZIP): 27,008
• Household income: $78,177
• Rent vs Own: 27.4% rent · 72.6% own
• Severe rent burden: 550.0

Population outlook (Douglas County) Hauer SSP2

• Today (2025): 38,913 people
• By 2030: 39,636 · +1.9%
• By 2040: 40,564 · +4.2%
• By 2050: 40,819 · +4.9%
• By 2075: 40,824 · +4.9%
• By 2100: 38,379 · -1.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Portuguese 22% Lithuanian 3% Romanian 3%
• Foreign-born: 2% · Vietnam, Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Douglas

• 2024 margin: Solid R (+35.1) · D 31.7% · R 66.8% · Other 1.4%
• 2008→2024 swing: -25.6pp toward R · 2008: -9.5pp · 2024: -35.1pp
• All cycles: 2024: R+35.1 2020: R+32.8 2016: R+35.8 2012: R+15.5 2008: R+9.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -215.15%
• Current HPI: 189.1595
• Rent YoY: —
• Metro: Alexandria, 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

+42.4% since first listed

14 events — show timeline

• 2026-06-10 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-06-01 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-06-01 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-26 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-12 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-05 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-02 Listed $142,300 NORTHSTARMLS as Distributed by MLS Grid
• 2011-01-10 Sold (MLS) $47,400 NORTHSTARMLS as Distributed by MLS Grid
• 2011-01-10 Sold (MLS) $47,400 NORTHSTARMLS as Distributed by MLS Grid
• 2010-09-15 Listed $51,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-09-15 Listed $51,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-04-09 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-10-09 Listed $99,900 NORTHSTARMLS as Distributed by MLS Grid
• 2008-10-09 Listed $99,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+3.1%/yr

Latest (2026): $1,436 · +0.0% YoY. Source: county tax records.