322 5th Ave E · Alexandria, MN 56308

$219,900

8 bd · 3.0 ba · 1,520 sqft · Other public records · 56 Days on market

Built 1900 10,193 sqft lot

---

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 +13.8/30.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• DSCR +4.2/10.0
• Livability +3.9/5.0
• 1% rule +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Duplex! Interested in becoming an investor? Here is a great opportunity to purchase a spacious and well maintained duplex located on a large corner lot in the heart of Alexandria complete with a 3-car garage. Both units are fully leased. Upper unit rents for $1200/month and the main floor unit rents for $1050/month. That's $27,000 year in rental income! This property has vinyl siding, newer windows and furnaces and coin-operated laundry in the back entry. Each unit has 1440 sq. ft. Owner pays for utilities.

Key facts

• Updated furnaces
• Large corner lot
• Newer windows

Tags

• DUPLEX INVESTMENT OPPORTUNITY
• LARGE CORNER LOT
• VINYL SIDING
• NEW ROOF
• NEWER WINDOWS
• UPDATED FURNACES

Property features AI

Finance

• Other: Property listed as non-owner occupied; Two units (each approx. 1,440 sq ft); Lot dimensions: 150 x 68 x 150 x 68
• Financial info: Gross income listed at $29,400; Insurance expense listed at $1,500; Other operating expenses reported (water/sewer, fuel, electric, trash, maintenance, other) with nominal placeholder amounts
• HOA & community: Association laundry amenity

Exterior

• Parking: Attached garage with 3 spaces
• Utilities: City water (connected); City sewer (connected); Natural gas
• Home design: Residential income property (duplex, up-and-down); Two levels
• Construction: Brick and frame construction; Brick/mortar foundation
• Exterior features: Vinyl exterior; No fencing

Interior

• Kitchen: Unit appliances include a rented water softener
• Bedrooms: 7 total bedrooms (distributed across two units)
• Bathrooms: Unit 1: 1 full bath; Unit 2: 2 baths (including two three-quarter baths)
• Heating & cooling: Forced air heating
• Interior features: Partial unfinished basement; Ceiling fan(s)
• Laundry & utility: Shared laundry area on the main level

What this means for you Summary

Snapshot

• This is a 8-bed/3.0-bath other listed at $220k.

Deal economics

• At list price, monthly cash flow is $18 ($219/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 $191k (13.0% below list).
• Recommended offer: $191k (13.0% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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; 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 $2k of loan paydown is wiped out by about $7k 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 56 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y 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 $160k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $191,400 (13.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 13% 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. 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. 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?
6. 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.
7. 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.
8. 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: 0.87% ✗
• Cap rate: 6.39%
• Cash-on-cash: 0.36%
• DSCR: 1.02
• GRM: 9.6

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: -15.7%
• Equity multiple: 0.44×
• Total profit: $-34,458
• Equity at exit: $32,788

10-year hold

• IRR: -7.3%
• Equity multiple: 0.54×
• Total profit: $-28,455
• Equity at exit: $19,013

Cash invested: $61,572 (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: 9.6×

Monthly cashflow live

• Estimated rent: $1,914 medium
• Mortgage (P&I): −$1,153
• Tax from tax record: −$249 /mo · $2,988/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$402
• Net cashflow: $18

Break-even live

Break-even rent $1,891

Max offer price $219,900

Occupancy floor 94%

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-19
   days on market $219,900 Active 56 DOM
2. 2026-06-18
   days on market $219,900 Active 55 DOM
3. 2026-06-17
   days on market $219,900 Active 54 DOM
4. 2026-06-17
   status $219,900 Active 53 DOM
5. 2026-06-16
   days on market $219,900 Contingent - Inspection 53 DOM
6. 2026-06-15
   days on market $219,900 Contingent - Inspection 52 DOM
7. 2026-06-14
   days on market $219,900 Contingent - Inspection 50 DOM
8. 2026-06-12
   days on market $219,900 Contingent - Inspection 49 DOM
9. 2026-06-09
   days on market $219,900 Contingent - Inspection 46 DOM
10. 2026-06-09
    status $219,900 Contingent - Inspection 45 DOM
11. 2026-06-08
    days on market $219,900 Active 45 DOM
12. 2026-06-07
    days on market $219,900 Active 44 DOM
13. 2026-06-03
    days on market $219,900 Active 40 DOM
14. 2026-06-02
    days on market $219,900 Active 39 DOM
15. 2026-06-01
    days on market $219,900 Active 38 DOM
16. 2026-05-31
    days on market $219,900 Active 37 DOM
17. 2026-05-30
    days on market $219,900 Active 36 DOM
18. 2026-04-23
    listed $219,900 Active 774-char remark
19. 2017-09-08
    soldstatus $159,900
20. 2017-08-31
    soldstatus $159,900 512-char remark

    Show marketing remark (512 chars)

    Duplex! Interested in becoming an investor? Here is a great opportunity to purchase a spacious and well maintained duplex located on a large corner lot in the heart of Alexandria complete with a 3-car garage. Both units are fully leased. Upper unit rents for $1200/month and the main floor unit rents for $1050/month. That's $27,000 year in rental income! This property has vinyl siding, newer windows and furnaces and coin-operated laundry in the back entry. Each unit has 1440 sq. ft. Owner pays for utilities.

21. 2017-07-07
    listed $159,900 512-char remark

    Show marketing remark (512 chars)

    Duplex! Interested in becoming an investor? Here is a great opportunity to purchase a spacious and well maintained duplex located on a large corner lot in the heart of Alexandria complete with a 3-car garage. Both units are fully leased. Upper unit rents for $1200/month and the main floor unit rents for $1050/month. That's $27,000 year in rental income! This property has vinyl siding, newer windows and furnaces and coin-operated laundry in the back entry. Each unit has 1440 sq. ft. Owner pays for utilities.

22. 2014-09-19
    historical
23. 2014-09-19
    historical
24. 2014-02-26
    listed $147,400 Active
25. 2012-09-18
    listed $147,400

ⓘ 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: $2,988 · $249/mo
• Projected year-2 tax: $2,988 · $249/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 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: $22,968
• − Mortgage interest: −$12,318
• − Property taxes: −$2,988
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,837
• − Management: −$1,837
• − Depreciation: −$6,397
• Taxable loss: −$3,509
• Est. tax savings @ 24.0%: +$842
• After-tax cash flow: $1,061/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

+49.2% since first listed

10 events — show timeline

• 2026-06-16 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-06-08 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-23 Listed $219,900 NORTHSTARMLS as Distributed by MLS Grid
• 2017-09-08 Sold (Public Records) $159,900 Public Records
• 2017-08-31 Sold (MLS) $159,900 NORTHSTARMLS as Distributed by MLS Grid
• 2017-07-07 Listed $159,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-09-19 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2014-09-19 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2014-02-26 Listed $147,400 NORTHSTARMLS as Distributed by MLS Grid
• 2012-09-18 Listed $147,400 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+5.0%/yr

Latest (2026): $2,988 · +5.7% YoY. Source: county tax records.