1429 31 Spartan Ave · Albert Lea, MN 56007

$259,000

4 bd · 4.0 ba · 2,276 sqft · MultiFamily · 220 Days on market

Built 1972 Fair condition 10,410 sqft 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 +15.3/30.0
• ARV discount +7.5/15.0
• DSCR +4.7/10.0
• 1% rule +4.2/10.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• 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

Schedule your showing today for this well-maintained duplex. Each unit features 2 bedrooms and 2 bathrooms, spacious living areas with a nice deck off the kitchen. One unit has been recently updated with all new flooring throughout. The other unit has been updated and well maintained. Each unit also included a nice storage shed out back.

Key facts

• 0.24 acre lot
• 2 garage spots
• Built 1972

Tags

• WELL MAINTAINED DUPLEX
• SPACIOUS LIVING AREAS
• RECENTLY UPDATED FLOORING

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $259k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $95 ($1k/yr) — positive. Per door: $48/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $239k (7.9% below list).
• Recommended offer: $228k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.7% 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: employment D+, amenities F, commute 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.
• Zoned schools: Sibley Elementary (math 37% / reading 37%, grade F, #636 of 857 statewide, top 76%, 282 students, 64% FRL); Southwest Middle (math 19% / reading 38%, grade F, #210 of 258 statewide, top 81%, 474 students, 62% FRL); Albert Lea Senior High (math 23% / reading 37%, grade F, #345 of 471 statewide, top 74%, 1,218 students, 53% FRL) — zoned schools average 60% FRL vs 40% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 154 active listings in the ZIP; 16 units permitted in Freeborn County in 2024 (0 in 5+ unit buildings).
• This rent runs 42% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• 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 220 days — a 12% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 19y ago; this cycle's ask has dropped $21k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $180k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $227,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 220 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 0.92% ✗
• Cap rate: 6.73%
• Cash-on-cash: 1.57%
• DSCR: 1.07
• GRM: 9.0

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: -13.8%
• Equity multiple: 0.51×
• Total profit: $-35,879
• Equity at exit: $38,618

10-year hold

• IRR: -4.9%
• Equity multiple: 0.68×
• Total profit: $-23,302
• Equity at exit: $22,394

Cash invested: $72,520 (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: 154
• Price-to-rent: 18.1×

Monthly cashflow live

• Estimated rent: $2,386 medium
• Mortgage (P&I): −$1,358
• Tax est. 1.5%: −$324 /mo · $3,885/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$501
• Net cashflow: $95

Break-even live

Break-even rent $2,266

Max offer price $259,000

Occupancy floor 91%

Sensitivity live

Price	-10% $274	-5% $185	+0% $95	+5% $6	+10% $-84
Rent	-10% $-93	-5% $1	+0% $95	+5% $189	+10% $284
Rate	-1.0pp $225	-0.5pp $161	base $95	+0.5pp $28	+1.0pp $-40

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,386
Total (2 units)			$2,386

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: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-17
   status $259,000 Pending 220 DOM
2. 2026-06-16
   days on market $259,000 Active 220 DOM
3. 2026-06-15
   days on market $259,000 Active 219 DOM
4. 2026-06-14
   days on market $259,000 Active 217 DOM
5. 2026-06-12
   days on market $259,000 Active 216 DOM
6. 2026-06-09
   days on market $259,000 Active 213 DOM
7. 2026-06-08
   days on market $259,000 Active 212 DOM
8. 2026-06-07
   statusdays on market $259,000 Active 211 DOM
9. 2026-05-01
   status Active 339-char remark

   Show marketing remark (339 chars)

   Schedule your showing today for this well-maintained duplex. Each unit features 2 bedrooms and 2 bathrooms, spacious living areas with a nice deck off the kitchen. One unit has been recently updated with all new flooring throughout. The other unit has been updated and well maintained. Each unit also included a nice storage shed out back.

10. 2026-05-01
    historical 339-char remark

    Show marketing remark (339 chars)

    Schedule your showing today for this well-maintained duplex. Each unit features 2 bedrooms and 2 bathrooms, spacious living areas with a nice deck off the kitchen. One unit has been recently updated with all new flooring throughout. The other unit has been updated and well maintained. Each unit also included a nice storage shed out back.

11. 2026-03-12
    status Active 339-char remark

    Show marketing remark (339 chars)

    Schedule your showing today for this well-maintained duplex. Each unit features 2 bedrooms and 2 bathrooms, spacious living areas with a nice deck off the kitchen. One unit has been recently updated with all new flooring throughout. The other unit has been updated and well maintained. Each unit also included a nice storage shed out back.

12. 2026-03-04
    status Pending 339-char remark

    Show marketing remark (339 chars)

    Schedule your showing today for this well-maintained duplex. Each unit features 2 bedrooms and 2 bathrooms, spacious living areas with a nice deck off the kitchen. One unit has been recently updated with all new flooring throughout. The other unit has been updated and well maintained. Each unit also included a nice storage shed out back.

13. 2026-01-31
    status Active 339-char remark

    Show marketing remark (339 chars)

    Schedule your showing today for this well-maintained duplex. Each unit features 2 bedrooms and 2 bathrooms, spacious living areas with a nice deck off the kitchen. One unit has been recently updated with all new flooring throughout. The other unit has been updated and well maintained. Each unit also included a nice storage shed out back.

14. 2026-01-31
    price $259,000 339-char remark

    Show marketing remark (339 chars)

    Schedule your showing today for this well-maintained duplex. Each unit features 2 bedrooms and 2 bathrooms, spacious living areas with a nice deck off the kitchen. One unit has been recently updated with all new flooring throughout. The other unit has been updated and well maintained. Each unit also included a nice storage shed out back.

15. 2026-01-22
    historical Contingent - Inspection 339-char remark

    Show marketing remark (339 chars)

    Schedule your showing today for this well-maintained duplex. Each unit features 2 bedrooms and 2 bathrooms, spacious living areas with a nice deck off the kitchen. One unit has been recently updated with all new flooring throughout. The other unit has been updated and well maintained. Each unit also included a nice storage shed out back.

16. 2026-01-03
    status Active 339-char remark

    Show marketing remark (339 chars)

    Schedule your showing today for this well-maintained duplex. Each unit features 2 bedrooms and 2 bathrooms, spacious living areas with a nice deck off the kitchen. One unit has been recently updated with all new flooring throughout. The other unit has been updated and well maintained. Each unit also included a nice storage shed out back.

17. 2026-01-01
    historical 339-char remark

    Show marketing remark (339 chars)

    Schedule your showing today for this well-maintained duplex. Each unit features 2 bedrooms and 2 bathrooms, spacious living areas with a nice deck off the kitchen. One unit has been recently updated with all new flooring throughout. The other unit has been updated and well maintained. Each unit also included a nice storage shed out back.

18. 2025-12-10
    price $269,000 339-char remark

    Show marketing remark (339 chars)

    Schedule your showing today for this well-maintained duplex. Each unit features 2 bedrooms and 2 bathrooms, spacious living areas with a nice deck off the kitchen. One unit has been recently updated with all new flooring throughout. The other unit has been updated and well maintained. Each unit also included a nice storage shed out back.

19. 2025-10-10
    listed $279,900 Active 339-char remark

    Show marketing remark (339 chars)

    Schedule your showing today for this well-maintained duplex. Each unit features 2 bedrooms and 2 bathrooms, spacious living areas with a nice deck off the kitchen. One unit has been recently updated with all new flooring throughout. The other unit has been updated and well maintained. Each unit also included a nice storage shed out back.

20. 2021-06-23
    soldstatus $179,900 Sold 177-char remark

    Show marketing remark (177 chars)

    Here is your income opportunity property. 2 bedrooms, 2 baths on each side of this well maintained duplex. Each unit has a large deck & storage shed located in the backyard.

21. 2021-05-10
    status Pending 177-char remark

    Show marketing remark (177 chars)

    Here is your income opportunity property. 2 bedrooms, 2 baths on each side of this well maintained duplex. Each unit has a large deck & storage shed located in the backyard.

22. 2021-05-07
    listed $179,900 Active 177-char remark

    Show marketing remark (177 chars)

    Here is your income opportunity property. 2 bedrooms, 2 baths on each side of this well maintained duplex. Each unit has a large deck & storage shed located in the backyard.

23. 2015-11-30
    soldstatus $131,000
24. 2014-12-08
    listed $138,900
25. 2011-03-31
    soldstatus $128,000
26. 2011-02-02
    historical
27. 2010-10-01
    listed $144,900
28. 2010-10-01
    listed $144,900
29. 2007-03-15
    soldstatus $132,500
30. 2007-02-12
    historical
31. 2007-02-05
    listed $137,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $28,632
• − Mortgage interest: −$14,508
• − Property taxes: −$3,885
• − Insurance: −$1,295
• − Repairs & maintenance: −$2,291
• − Management: −$2,291
• − Depreciation: −$7,535
• Taxable loss: −$3,172
• Est. tax savings @ 24.0%: +$761
• After-tax cash flow: $1,902/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This multi-family home requires moderate repairs and maintenance, particularly in the paint and landscaping areas. With some updates, it has the potential to significantly increase its value.

Repairs flagged

• Major paint — significant discoloration and wear
• Major landscaping — overgrown areas and lack of curb appeal

Value-add opportunities

• Both paint — Fresh paint can improve the home's appearance and value
• Both landscaping — A well-maintained yard can increase both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
paint · significant discoloration and wear	Major	$15,000–50,000
landscaping · overgrown areas and lack of curb appeal	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both paint — Fresh paint can improve the home's appearance and value ↑
• Both landscaping — A well-maintained yard can increase both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+87.8% since first listed

23 events — show timeline

• 2026-05-01 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-12 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-04 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-31 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-31 Price Changed $259,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-22 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-03 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-10 Price Changed $269,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-10 Listed $279,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-06-23 Sold (MLS) $179,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-05-10 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-05-07 Listed $179,900 NORTHSTARMLS as Distributed by MLS Grid
• 2015-11-30 Sold (MLS) $131,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-12-08 Listed $138,900 NORTHSTARMLS as Distributed by MLS Grid
• 2011-03-31 Sold (MLS) $128,000 NORTHSTARMLS as Distributed by MLS Grid
• 2011-02-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2010-10-01 Listed $144,900 NORTHSTARMLS as Distributed by MLS Grid
• 2010-10-01 Listed $144,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-03-15 Sold (MLS) $132,500 NORTHSTARMLS as Distributed by MLS Grid
• 2007-02-12 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-02-05 Listed $137,900 NORTHSTARMLS as Distributed by MLS Grid