404 Main St · Austin, MN 55912

$118,000

4 bd · 2.0 ba · 1,632 sqft · Other public records · 168 Days on market

Built 1888 7,884 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover an outstanding opportunity with this up/down duplex located right on the edge of Downtown Austin. Situated just blocks away from the city's vibrant entertainment, restaurants, and cultural offerings, this property offers the quintessential Austin lifestyle. Both units feature spacious kitchens and living areas, ensuring comfortable and desirable living spaces for tenants. With such a prime location, you can expect high demand from renters who want to be in the heart of all that Austin has to offer. Investors and property owners will appreciate the ease of renting and the potential for steady rental income that this duplex presents. Don't miss the chance to own a piece of Austin's bustling downtown scene and make a sound investment in the heart of the city.

Key facts

• Up down duplex
• Spacious kitchens
• Prime location

Tags

• UP DOWN DUPLEX
• SPACIOUS KITCHENS
• LIVING AREAS
• PRIME LOCATION
• STEADY RENTAL INCOME

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $118k.

Deal economics

• At list price, monthly cash flow is $588 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $118k).
• Recommended offer: $104k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.3% vs local median 4.5% in Austin — 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 80/100 on livability (#77 in MN, #1,829 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, commute F.
• Austin Public School District (town): math 24% / reading 34% proficiency, ranked #267 of 301 in MN (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+11.6%/yr); 188 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 53 units permitted in Mower County in 2024 (0 in 5+ unit buildings).
• This rent runs 30% of the median local income ($70k/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 $816 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $33k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 168 days — a 12% lower offer ($104k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 25y 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 $53k; list at $118k implies a 123% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1888 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $103,840 (12.0% below list)

Questions for the listing agent

1. It's been on market 168 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1888 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.51% ✓
• Cap rate: 12.28%
• Cash-on-cash: 21.37%
• DSCR: 1.95
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 19.5%
• Equity multiple: 1.84×
• Total profit: $27,772
• Equity at exit: $17,594

10-year hold

• IRR: 31.0%
• Equity multiple: 4.49×
• Total profit: $115,302
• Equity at exit: $10,202

Cash invested: $33,040 (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 55912

• Home prices YoY: -34.4%
• Rents YoY: 11.6%
• Active inventory: 188
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,778 medium
• Mortgage (P&I): −$619
• Tax from tax record: −$148 /mo · $1,776/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$373
• Net cashflow: $588

Break-even live

Break-even rent $1,033

Max offer price $118,000

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: $29,500
• Closing costs: $3,540
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
704 1st Dr NW Austin, MN	3.0	1.0–2.0	981	$2,514	$2.56	43d	96	0.66mi
1204 1st Ave NE Austin, MN	3.0	2.0	1200	$1,600	$1.33	43d	1	0.90mi

Listing history 38 events

1. 2026-06-19
   days on market $118,000 Active 168 DOM
2. 2026-06-18
   days on market $118,000 Active 167 DOM
3. 2026-06-17
   days on market $118,000 Active 166 DOM
4. 2026-06-16
   days on market $118,000 Active 165 DOM
5. 2026-06-15
   days on market $118,000 Active 164 DOM
6. 2026-06-14
   days on market $118,000 Active 162 DOM
7. 2026-06-12
   days on market $118,000 Active 161 DOM
8. 2026-06-09
   days on market $118,000 Active 158 DOM
9. 2026-06-08
   days on market $118,000 Active 157 DOM
10. 2026-06-07
    days on market $118,000 Active 156 DOM
11. 2026-06-05
    days on market $118,000 Active 153 DOM
12. 2026-06-02
    days on market $118,000 Active 151 DOM
13. 2026-06-01
    days on market $118,000 Active 150 DOM
14. 2026-05-31
    days on market $118,000 Active 149 DOM
15. 2026-05-30
    days on market $118,000 Active 148 DOM
16. 2026-01-02
    listed $118,000 Active 775-char remark

    Show marketing remark (775 chars)

    Discover an outstanding opportunity with this up/down duplex located right on the edge of Downtown Austin. Situated just blocks away from the city's vibrant entertainment, restaurants, and cultural offerings, this property offers the quintessential Austin lifestyle. Both units feature spacious kitchens and living areas, ensuring comfortable and desirable living spaces for tenants. With such a prime location, you can expect high demand from renters who want to be in the heart of all that Austin has to offer. Investors and property owners will appreciate the ease of renting and the potential for steady rental income that this duplex presents. Don't miss the chance to own a piece of Austin's bustling downtown scene and make a sound investment in the heart of the city.

17. 2026-01-02
    historical

    Show marketing remark (775 chars)

    Discover an outstanding opportunity with this up/down duplex located right on the edge of Downtown Austin. Situated just blocks away from the city's vibrant entertainment, restaurants, and cultural offerings, this property offers the quintessential Austin lifestyle. Both units feature spacious kitchens and living areas, ensuring comfortable and desirable living spaces for tenants. With such a prime location, you can expect high demand from renters who want to be in the heart of all that Austin has to offer. Investors and property owners will appreciate the ease of renting and the potential for steady rental income that this duplex presents. Don't miss the chance to own a piece of Austin's bustling downtown scene and make a sound investment in the heart of the city.

18. 2024-11-11
    listed $118,000 Active
19. 2024-11-11
    historical
20. 2024-11-11
    listed $118,000 Active
21. 2024-11-02
    historical
22. 2024-04-22
    listed $118,000 Active
23. 2024-04-02
    historical
24. 2023-12-26
    listed $118,000 Active
25. 2023-12-26
    historical
26. 2023-08-03
    status Active
27. 2023-08-02
    historical
28. 2023-01-03
    listed $118,000 Active
29. 2023-01-02
    historical
30. 2022-06-24
    listed $118,000 Active
31. 2022-06-22
    historical
32. 2007-04-09
    soldstatus $53,000
33. 2007-04-05
    soldstatus $53,000
34. 2006-09-06
    listed $56,900
35. 2005-07-27
    soldstatus $53,000
36. 2005-06-08
    listed $53,000
37. 2004-03-24
    listed $59,900
38. 2001-04-16
    listed $64,900

ⓘ 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: $1,776 · $148/mo
• Projected year-2 tax: $1,776 · $148/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 1/10 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: $21,331
• − Mortgage interest: −$6,610
• − Property taxes: −$1,776
• − Insurance: −$590
• − Repairs & maintenance: −$1,707
• − Management: −$1,707
• − Depreciation: −$3,433
• Taxable income: $5,510
• Est. tax owed @ 24.0%: −$1,322
• After-tax cash flow: $5,738/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: Austin Public School District
• NCES district ID: 2703450
• Math proficiency: 24% ▼ -12.00%
• Reading proficiency: 34% ▼ -9.00%
• Median HH income: $43,818
• Composite: 24.75/100
• National rank: #7604
• State rank: #267 of 301 in MN

Livability — Austin

• Score: 80/100
• State rank: #77
• US rank: #1829

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Austin, MN
• County: Mower County · 29,632 people
• City population: 29,632
• Metro: Austin, MN
• Population (ZIP): 29,632
• Household income: $70,177
• Rent vs Own: 26.0% rent · 74.0% own
• Severe rent burden: 759.0

Population outlook (Mower County) Hauer SSP2

• Today (2025): 39,967 people
• By 2030: 40,204 · +0.6%
• By 2040: 40,509 · +1.4%
• By 2050: 40,841 · +2.2%
• By 2075: 42,029 · +5.2%
• By 2100: 42,272 · +5.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Hispanic / Latino 16% Asian 8% Two or more races 7% Black 5%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 16% Lithuanian 2% Iranian 2%
• Foreign-born: 15% · Canada, Philippines, China
• Languages at home: 76% English-only · Spanish 14% Other Asian/Pacific 5% German/W. Germanic 1%

Political lean MEDSL · Mower

• 2024 margin: R (+10.5) · D 43.9% · R 54.4% · Other 1.7%
• 2008→2024 swing: -34.1pp toward R · 2008: 23.6pp · 2024: -10.5pp
• All cycles: 2024: R+10.5 2020: R+5.8 2016: R+7.8 2012: D+22.7 2008: D+23.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -142.60%
• Current HPI: 271.4199
• Rent YoY: ▲ 11.62%
• Metro: Austin, 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

+81.8% since first listed

23 events — show timeline

• 2026-01-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-02 Listed $118,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-11-11 Listed $118,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-11-11 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2024-11-11 Listed $118,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-11-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2024-04-22 Listed $118,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-04-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2023-12-26 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2023-12-26 Listed $118,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-08-03 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2023-08-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2023-01-03 Listed $118,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-01-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2022-06-24 Listed $118,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-06-22 Coming Soon — NORTHSTARMLS as Distributed by MLS Grid
• 2007-04-09 Sold (MLS) $53,000 NORTHSTARMLS as Distributed by MLS Grid
• 2007-04-05 Sold (Public Records) $53,000 Public Records
• 2006-09-06 Listed $56,900 NORTHSTARMLS as Distributed by MLS Grid
• 2005-07-27 Sold (Public Records) $53,000 Public Records
• 2005-06-08 Listed $53,000 NORTHSTARMLS as Distributed by MLS Grid
• 2004-03-24 Listed $59,900 NORTHSTARMLS as Distributed by MLS Grid
• 2001-04-16 Listed $64,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+8.8%/yr

Latest (2025): $1,776 · +20.3% YoY. Source: county tax records.