640 Marshall St · Albert Lea, MN 56007

$169,900

4 bd · 3.5 ba · 2,178 sqft · Other public records · 113 Days on market

Built 1888 0.28 ac lot ↓ 13% since listing

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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 +14.6/30.0
• ARV discount +7.5/15.0
• DSCR +4.4/10.0
• 1% rule +4.1/10.0
• 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

Take a look at this updated Triplex! You can move in to the main floor and rent the other 2 or rent out all 3! Everything has been updated so start making money right away! The main floor has 2 bedrooms 1 bath laundry, eat in kitchen and a good sized living room. There is 2 upstairs one is 2 bedroom 1 bath and the other is 1 bedroom 1 bath with shared laundry in the basement. Located near the beach! Take a look today!

Key facts

• Eat in kitchen
• Near the beach
• Main floor

Tags

• MAIN FLOOR
• EAT IN KITCHEN
• GOOD SIZED LIVING ROOM
• NEAR THE BEACH

What this means for you Summary

Snapshot

• This is a 4-bed/3.5-bath other listed at $170k.

Deal economics

• At list price, monthly cash flow is $39 ($472/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 $155k (8.9% below list).
• Recommended offer: $155k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.6% 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: Hawthorne Elementary (math 27% / reading 37%, grade F, #670 of 857 statewide, top 79%, 424 students, 69% 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 61% FRL vs 40% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 150 active listings in the ZIP; 16 units permitted in Freeborn County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 113 days — a 9% lower offer ($155k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $154,609 (9.0% below list)

Questions for the listing agent

1. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% 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. 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: 0.91% ✗
• Cap rate: 6.57%
• Cash-on-cash: 0.99%
• DSCR: 1.04
• GRM: 9.1

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: -14.7%
• Equity multiple: 0.47×
• Total profit: $-24,998
• Equity at exit: $25,333

10-year hold

• IRR: -6.0%
• Equity multiple: 0.61×
• Total profit: $-18,425
• Equity at exit: $14,690

Cash invested: $47,572 (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 56007

• Home prices YoY: -22.3%
• Active inventory: 150
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,549 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$222 /mo · $2,668/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$325
• Net cashflow: $39

Break-even live

Break-even rent $1,499

Max offer price $169,900

Occupancy floor 92%

Sensitivity live

Price	-10% $135	-5% $87	+0% $39	+5% $-9	+10% $-57
Rent	-10% $-83	-5% $-22	+0% $39	+5% $100	+10% $162
Rate	-1.0pp $125	-0.5pp $83	base $39	+0.5pp $-5	+1.0pp $-50

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $169,900 Active 113 DOM
2. 2026-06-18
   days on market $169,900 Active 112 DOM
3. 2026-06-17
   days on market $169,900 Active 111 DOM
4. 2026-06-16
   days on market $169,900 Active 110 DOM
5. 2026-06-15
   days on market $169,900 Active 109 DOM
6. 2026-06-14
   days on market $169,900 Active 107 DOM
7. 2026-06-12
   days on market $169,900 Active 106 DOM
8. 2026-06-09
   days on market $169,900 Active 103 DOM
9. 2026-06-08
   days on market $169,900 Active 102 DOM
10. 2026-06-07
    days on market $169,900 Active 101 DOM
11. 2026-06-05
    days on market $169,900 Active 98 DOM
12. 2026-06-03
    days on market $169,900 Active 97 DOM
13. 2026-06-02
    days on market $169,900 Active 96 DOM
14. 2026-06-01
    days on market $169,900 Active 95 DOM
15. 2026-05-31
    days on market $169,900 Active 94 DOM
16. 2026-05-30
    days on market $169,900 Active 93 DOM
17. 2026-05-19
    price $169,900 424-char remark

    Show marketing remark (424 chars)

    Take a look at this updated Triplex! You can move in to the main floor and rent the other 2 or rent out all 3! Everything has been updated so start making money right away! The main floor has 2 bedrooms 1 bath laundry, eat in kitchen and a good sized living room. There is 2 upstairs one is 2 bedroom 1 bath and the other is 1 bedroom 1 bath with shared laundry in the basement. Located near the beach! Take a look today!

18. 2026-04-01
    price $174,900 424-char remark

    Show marketing remark (424 chars)

    Take a look at this updated Triplex! You can move in to the main floor and rent the other 2 or rent out all 3! Everything has been updated so start making money right away! The main floor has 2 bedrooms 1 bath laundry, eat in kitchen and a good sized living room. There is 2 upstairs one is 2 bedroom 1 bath and the other is 1 bedroom 1 bath with shared laundry in the basement. Located near the beach! Take a look today!

19. 2026-03-14
    price $184,900 424-char remark

    Show marketing remark (424 chars)

    Take a look at this updated Triplex! You can move in to the main floor and rent the other 2 or rent out all 3! Everything has been updated so start making money right away! The main floor has 2 bedrooms 1 bath laundry, eat in kitchen and a good sized living room. There is 2 upstairs one is 2 bedroom 1 bath and the other is 1 bedroom 1 bath with shared laundry in the basement. Located near the beach! Take a look today!

20. 2026-02-26
    listed $194,900 Active 424-char remark

    Show marketing remark (424 chars)

    Take a look at this updated Triplex! You can move in to the main floor and rent the other 2 or rent out all 3! Everything has been updated so start making money right away! The main floor has 2 bedrooms 1 bath laundry, eat in kitchen and a good sized living room. There is 2 upstairs one is 2 bedroom 1 bath and the other is 1 bedroom 1 bath with shared laundry in the basement. Located near the beach! Take a look today!

ⓘ 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: $2,668 · $222/mo
• Projected year-2 tax: $2,668 · $222/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 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 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: $18,583
• − Mortgage interest: −$9,517
• − Property taxes: −$2,668
• − Insurance: −$850
• − Repairs & maintenance: −$1,487
• − Management: −$1,487
• − Depreciation: −$4,943
• Taxable loss: −$2,367
• Est. tax savings @ 24.0%: +$568
• After-tax cash flow: $1,040/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

-12.8% since first listed

4 events — show timeline

• 2026-05-19 Price Changed $169,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-01 Price Changed $174,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-14 Price Changed $184,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-26 Listed $194,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+5.2%/yr

Latest (2025): $2,668 · +10.0% YoY. Source: county tax records.