917 Broadway Ave N · Rochester, MN 55906

$350,000

2 bd · 2.0 ba · 1,999 sqft · MultiFamily · 40 Days on market

Built 1910 Good condition 5,662 sqft lot $175/sqft · at area comps Est $344k · at est.

---

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 +14.3/30.0
• ARV discount +6.7/15.0
• Rent growth +4.8/5.0
• Livability +4.6/5.0
• DSCR +4.3/10.0
• Schools +4.1/10.0
• 1% rule +4.0/10.0
• Condition / age +3.8/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Unlock the potential of this prime Broadway location featuring flexible commercial space and residential income. The main level offers multiple office configurations, a potential storefront, and dedicated prep/storage/distribution areas. Includes prominent Broadway-facing signage for maximum exposure. Features a spacious 2-bedroom apartment on the second floor-perfect for owner-occupancy or additional rental income.

Key facts

• Potential storefront
• 5,662 sq ft lot
• Built 1910

Tags

• FLEXIBLE COMMERCIAL SPACE
• MULTIPLE OFFICE CONFIGURATIONS
• POTENTIAL STOREFRONT
• SPACIOUS 2 BEDROOM APARTMENT
• ADDITIONAL RENTAL INCOME

Property features AI

Finance

• Other: Approximately 1,999 sq ft above grade and 1,252 sq ft below grade (3,251 sq ft total building area); Lot approximately 0.13 acres (45 x 127); Main level finished area approximately 1,260 sq ft

Exterior

• Parking: Parking lot
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; Two levels; Entry level living area on main level
• Construction: Block foundation
• Exterior features: Stone and metal exterior

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: One three-quarter bath; One half bath
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Full unfinished basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $350k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $63 ($761/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 $314k (10.2% below list).
• Recommended offer: $314k (10.2% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 3.6% in Rochester — 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 92/100 on livability (#1 in MN, #27 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+.
• Rochester Public School District (urban): math 40% / reading 51% proficiency, ranked #152 of 301 in MN (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Riverside Central Elementary (math 12% / reading 22%, grade F, #771 of 857 statewide, top 91%, 417 students, 79% FRL); John Adams Middle (math 20% / reading 42%, grade F, #191 of 258 statewide, top 74%, 731 students, 42% FRL); Century Senior High (math 37% / reading 67%, grade D+, #111 of 471 statewide, top 26%, 1,698 students, 31% FRL) — zoned schools average 51% FRL vs 31% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 33% at this address vs 46% district-wide (-12 pts) — the specific schools serving this property underperform the Rochester Public School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+9.2%/yr); 222 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,267 units permitted in Olmsted County in 2024 (915 in 5+ unit buildings).
• This rent runs 40% of the median local income ($94k/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 $10k of value loss. Plan a longer hold.
• Olmsted County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $314,200 (10.2% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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 A-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 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: 0.90% ✗
• Cap rate: 6.51%
• Cash-on-cash: 0.78%
• DSCR: 1.03
• GRM: 9.3

CMA / ARV

• ARV (median comp): $343,924
• List price: $350,000
• Delta: 1.77%
• Verdict: FAIR
• Comps: 4 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -9.6%
• Equity multiple: 0.63×
• Total profit: $-36,024
• Equity at exit: $52,186

10-year hold

• IRR: 5.6%
• Equity multiple: 1.51×
• Total profit: $49,599
• Equity at exit: $30,262

Cash invested: $98,000 (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 55906

• Home prices YoY: -33.0%
• Rents YoY: 9.2%
• Active inventory: 222
• Price-to-rent: 18.6×

Monthly cashflow live

• Estimated rent: $3,142 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$660
• Net cashflow: $63

Break-even live

Break-even rent $3,062

Max offer price $350,000

Occupancy floor 93%

Sensitivity live

Price	-10% $305	-5% $184	+0% $63	+5% $-58	+10% $-178
Rent	-10% $-185	-5% $-61	+0% $63	+5% $188	+10% $312
Rate	-1.0pp $240	-0.5pp $152	base $63	+0.5pp $-27	+1.0pp $-120

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$3,142
Total (2 units)			$3,142

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
917 N Broadway Ave Rochester, MN	2.0	1.0	2000	$1,400	$0.70	45d	1	0.02mi
619 2nd St NW Unit 2 Rochester, MN	3.0	1.5	1435	$1,575	$1.10	15d	1	0.68mi
449 E Center St Rochester, MN	1.0–3.0	1.0–2.0	1165	$2,670	$2.29	15d	40	0.71mi
970 11th Ave NW Rochester, MN	1.0–3.0	1.0–2.0	952	$1,430	$1.50	15d	6	0.74mi
950 11th Ave NW Rochester, MN	2.0–3.0	2.0	1225	$1,245	$1.02	15d	8	0.78mi
809 1st St NW Rochester, MN	3.0	2.0	2030	$2,400	$1.18	15d	1	0.81mi
207 5th Ave SW Rochester, MN	3.0	2.0	1500	$2,100	$1.40	45d	1	0.88mi
308 15th Ave NE Rochester, MN	2.0	2.0	1344	$1,550	$1.15	23d	1	1.08mi
705 1st Ave SW Rochester, MN	3.0	1.0–2.5	1135	$3,148	$2.77	15d	91	1.21mi
607 7th Ave SE Rochester, MN	2.0	2.0	2614	$2,300	$0.88	45d	1	1.21mi
2607 Tuxedo Ln NW Rochester, MN	3.0	2.5	1714	$2,350	$1.37	15d	1	1.25mi
1350 2nd St NW Rochester, MN	3.0	2.0	1978	$2,350	$1.19	23d	1	1.26mi
1429 Center St W Rochester, MN	3.0	1.5	1400	$2,800	$2.00	45d	1	1.29mi
801 6th Ave SW Rochester, MN	3.0	2.5	2160	$2,500	$1.16	23d	1	1.34mi
217 14th Ave SW Rochester, MN	3.0	1.0–2.0	1389	$3,215	$2.31	15d	35	1.34mi
814 7th Ave SW Unit back Rochester, MN	3.0	1.0	1400	$3,000	$2.14	45d	1	1.38mi

Listing history 20 events

1. 2026-06-21
   days on market $350,000 Active 40 DOM
2. 2026-06-19
   days on market $350,000 Active 38 DOM
3. 2026-06-18
   days on market $350,000 Active 37 DOM
4. 2026-06-17
   days on market $350,000 Active 36 DOM
5. 2026-06-16
   days on market $350,000 Active 35 DOM
6. 2026-06-15
   days on market $350,000 Active 34 DOM
7. 2026-06-14
   days on market $350,000 Active 32 DOM
8. 2026-06-13
   days on market $350,000 Active 31 DOM
9. 2026-06-10
   days on market $350,000 Active 29 DOM
10. 2026-06-09
    days on market $350,000 Active 28 DOM
11. 2026-06-08
    days on market $350,000 Active 27 DOM
12. 2026-06-07
    days on market $350,000 Active 26 DOM
13. 2026-06-05
    days on market $350,000 Active 23 DOM
14. 2026-06-03
    days on market $350,000 Active 22 DOM
15. 2026-06-02
    days on market $350,000 Active 21 DOM
16. 2026-06-01
    days on market $350,000 Active 20 DOM
17. 2026-05-31
    days on market $350,000 Active 19 DOM
18. 2026-05-30
    days on market $350,000 Active 18 DOM
19. 2026-03-24
    listed $350,000 Active 419-char remark
20. 2026-01-20
    listed $1,400

ⓘ 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 · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,704
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,016
• − Management: −$3,016
• − Depreciation: −$10,182
• Taxable loss: −$5,116
• Est. tax savings @ 24.0%: +$1,228
• After-tax cash flow: $1,989/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 · 11 photos

Good 75/100 Cosmetic rehab

This property is in good condition with minimal repairs needed. It offers a prime location and flexible commercial space with a 2-bedroom apartment on the second floor, making it suitable for owner-occupancy or additional rental income.

Value-add opportunities

• Both Painting and minor touch-ups — Enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and adds value
• Both New signage — Improves visibility and attracts potential tenants/owners

Renovation cost estimate screening

Value-add ROI direction

• Both Painting and minor touch-ups — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both New signage — Improves visibility and attracts potential tenants/owners ↑

ⓘ 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: Rochester Public School District
• NCES district ID: 2731800
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 51% ▼ -4.00%
• Median HH income: $66,540
• Composite: 40.6/100
• National rank: #3695
• State rank: #152 of 301 in MN

Livability — Rochester

• Score: 92/100
• State rank: #1
• US rank: #27

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rochester, MN
• County: Olmsted County · 135,035 people
• City population: 135,035
• Metro: Rochester, MN
• Population (ZIP): 20,437
• Household income: $93,685
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 438.0

Population outlook (Olmsted County) Hauer SSP2

• Today (2025): 165,999 people
• By 2030: 172,425 · +3.9%
• By 2040: 183,785 · +10.7%
• By 2050: 192,981 · +16.3%
• By 2075: 215,284 · +29.7%
• By 2100: 224,887 · +35.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Asian 8% Black 6% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Portuguese 14% Romanian 3% Italian 2%
• Foreign-born: 11% · China, Canada
• Languages at home: 86% English-only · Spanish 3% Chinese 3% Other Asian/Pacific 2%

Political lean MEDSL · Olmsted

• 2024 margin: D (+10.7) · D 54.3% · R 43.6% · Other 2.1%
• 2008→2024 swing: +7.4pp toward D · 2008: 3.3pp · 2024: 10.7pp
• All cycles: 2024: D+10.7 2020: D+10.7 2016: D+0.8 2012: D+3.2 2008: D+3.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -124.46%
• Current HPI: 252.9003
• Rent YoY: ▲ 9.18%
• Metro: Rochester, 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

+24900.0% since first listed

2 events — show timeline

• 2026-03-24 Listed $350,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-20 Listed for Rent $1,400 APPFOLIO