1023 Abbott St · Albert Lea, MN 56007

$65,000

2 bd · 1.0 ba · 694 sqft · SingleFamily public records · 36 Days on market

Built 1900 10,323 sqft lot $94/sqft · 34% below area Est $98k · 34% under

---

Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• 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 MLS

Cute 2 bedroom home to keep as investment or make it your home. Cash or conventional loans considered. Sold as-is.

Key facts

• Massive backyard
• Two-tier deck
• 0.24 acre lot

Tags

• MASSIVE BACKYARD
• TWO-TIER DECK
• DETACHED SINGLE-STALL GARAGE
• LOW-MAINTENANCE VINYL SIDING

Property features AI

Finance

• Other: Lot approximately 0.237 acres with city street frontage (62 x 165 x 17 x 49 x 135); Publicly maintained road

Exterior

• Parking: Concrete parking; Detached 1-car garage (18 x 16)
• Utilities: City water; City sewer; Natural gas; Circuit breaker electric service
• Home design: Residential property; One story
• Construction: Block foundation; Asphalt roof (over 8 years old)
• Exterior features: Vinyl exterior; Deck

Interior

• Kitchen: Kitchen with window
• Bedrooms: Two bedrooms on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Gravity heating; No central cooling
• Interior features: Ceiling fan(s); Kitchen window; Main floor bedroom; Unfinished basement
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $300 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($907 rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.8% 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; 5 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 16% 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 $449 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $20k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $37k; list at $65k implies a 76% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. 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.
5. 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.
6. 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: 1.40% ✓
• Cap rate: 11.83%
• Cash-on-cash: 19.78%
• DSCR: 1.88
• GRM: 6.0

CMA / ARV

• ARV (median comp): $97,963
• List price: $65,000
• Delta: -33.65%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 11.9%
• Equity multiple: 1.47×
• Total profit: $8,566
• Equity at exit: $9,692

10-year hold

• IRR: 20.8%
• Equity multiple: 2.76×
• Total profit: $32,035
• Equity at exit: $5,620

Cash invested: $18,200 (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 56007

• Home prices YoY: -22.3%
• Active inventory: 150
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $907 high
• Mortgage (P&I): −$341
• Tax from tax record: −$48 /mo · $582/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$190
• Net cashflow: $300

Break-even live

Break-even rent $527

Max offer price $65,000

Occupancy floor 62%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
700 U.S. 69 Unit 24 Albert Lea, MN	1.0	1.0	400	$895	$2.24	44d	1	0.79mi
700 US-69 Albert Lea, MN	1.0	1.0	350	$800	$2.29	44d	1	0.79mi
821 Jefferson Ave Unit 2 Albert Lea, MN	1.0	1.0	650	$950	$1.46	44d	1	1.06mi
821 Jefferson Ave Unit 3 Albert Lea, MN	1.0	1.0	650	$995	$1.53	44d	1	1.06mi
220 E 7th St Albert Lea, MN	1.0	1.0	600	$795	$1.32	44d	1	1.50mi

Listing history 10 events

1. 2026-06-02
   status $65,000 Pending 36 DOM
2. 2026-06-01
   days on market $65,000 Active 36 DOM
3. 2026-05-31
   days on market $65,000 Active 35 DOM
4. 2026-05-30
   days on market $65,000 Active 34 DOM
5. 2026-05-16
   price $75,000 722-char remark
6. 2026-04-26
   listed $85,000 Active 722-char remark
7. 2022-01-21
   soldstatus $37,000 Sold 114-char remark

   Show marketing remark (114 chars)

   Cute 2 bedroom home to keep as investment or make it your home. Cash or conventional loans considered. Sold as-is.

8. 2022-01-21
   soldstatus $37,000

   Show marketing remark (114 chars)

   Cute 2 bedroom home to keep as investment or make it your home. Cash or conventional loans considered. Sold as-is.

9. 2022-01-13
   status Pending 114-char remark

   Show marketing remark (114 chars)

   Cute 2 bedroom home to keep as investment or make it your home. Cash or conventional loans considered. Sold as-is.

10. 2021-12-23
    listed $39,900 Active 114-char remark

    Show marketing remark (114 chars)

    Cute 2 bedroom home to keep as investment or make it your home. Cash or conventional loans considered. Sold as-is.

ⓘ 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: $582 · $48/mo
• Projected year-2 tax: $655 · $55/mo
• Expected delta: +$73/yr (+$6/mo · 12.5%)

ⓘ 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 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥99°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: $10,882
• − Mortgage interest: −$3,641
• − Property taxes: −$582
• − Insurance: −$325
• − Repairs & maintenance: −$871
• − Management: −$871
• − Depreciation: −$1,891
• Taxable income: $2,702
• Est. tax owed @ 24.0%: −$649
• After-tax cash flow: $2,951/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

+62.9% since first listed

9 events — show timeline

• 2026-06-02 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-29 Price Changed $65,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-20 Price Changed $70,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-16 Price Changed $75,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-26 Listed $85,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-01-21 Sold (Public Records) $37,000 Public Records
• 2022-01-21 Sold (MLS) $37,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-01-13 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-12-23 Listed $39,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+4.6%/yr

Latest (2025): $582 · +5.8% YoY. Source: county tax records.