2401 Gene Ave · Albert Lea, MN 56007

$104,900

3 bd · 1.0 ba · 121 sqft · Manufactured public records · 19 Days on market

Built 2026

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Why this score? — see what drove the C 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 +25.3/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• 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

Welcome to this brand-new, never- lived-in 3-bedroom manufactured home offering modern comfort and a fresh, move-in-ready feel. The open-concept layout features a bright living area that flows seamlessly into a contemporary kitchen complete with new appliances, generous cabinetry and a functional design ideal for daily living. The private owner's suite is a standout, providing a spacious bedroom paired with its own full bathroom for added convenience and privacy. Two additional bedrooms offer flexibility for guests, family or a home office, complemented by a second full bathroom. With clean finishes, efficient design and the rare opportunity to be the first to call it home, this property de

Key facts

• Built 2026
• Listed 18 days

Property features AI

Exterior

• Parking: No parking listed
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; One story; New construction; Main-level entry
• Construction: Manufactured home; Approximately 1,216 above-ground finished square feet; Foundation area 1,216; Roof age 8 years or less
• Exterior features: Vinyl exterior

Interior

• Kitchen: Kitchen on main level; Includes microwave, range, refrigerator
• Bedrooms: 3 bedrooms, all on the main level
• Bathrooms: 2 full bathrooms (including primary full bath and main floor full bath)
• Heating & cooling: Forced air heating; No central air listed
• Interior features: Main floor primary bedroom; Microwave; Range; Refrigerator
• Laundry & utility: Laundry located on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $105k.

Deal economics

• At list price, monthly cash flow is $238 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $103k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% 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; 2 comparable units currently listed for rent nearby; 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 $725 of loan paydown is wiped out by about $3k 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 19 days — a 2% lower offer ($103k) is reasonable based on typical stale-listing flexibility.

Recommended offer $103,326 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.16% ✓
• Cap rate: 9.02%
• Cash-on-cash: 9.74%
• DSCR: 1.43
• GRM: 7.2

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: -1.6%
• Equity multiple: 0.94×
• Total profit: $-1,798
• Equity at exit: $15,641

10-year hold

• IRR: 8.1%
• Equity multiple: 1.61×
• Total profit: $18,058
• Equity at exit: $9,070

Cash invested: $29,372 (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: 7.2×

Monthly cashflow live

• Estimated rent: $1,219 medium
• Mortgage (P&I): −$550
• Tax est. 1.5%: −$131 /mo · $1,574/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $238

Break-even live

Break-even rent $918

Max offer price $104,900

Occupancy floor 75%

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: $26,225
• Closing costs: $3,147
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
705 E 18th St Albert Lea, MN	3.0	2.0	1152	$1,274	$1.11	43d	1	0.05mi
1307 Saint Joseph Ave Albert Lea, MN	2.0	1.0	1101	$1,050	$0.95	43d	1	1.36mi

Listing history 17 events

1. 2026-06-19
   days on market $104,900 Active 19 DOM
2. 2026-06-18
   days on market $104,900 Active 18 DOM
3. 2026-06-17
   days on market $104,900 Active 17 DOM
4. 2026-06-16
   days on market $104,900 Active 16 DOM
5. 2026-06-15
   days on market $104,900 Active 15 DOM
6. 2026-06-14
   days on market $104,900 Active 13 DOM
7. 2026-06-12
   days on market $104,900 Active 12 DOM
8. 2026-06-09
   days on market $104,900 Active 9 DOM
9. 2026-06-08
   days on market $104,900 Active 8 DOM
10. 2026-06-07
    days on market $104,900 Active 7 DOM
11. 2026-06-05
    days on market $104,900 Active 4 DOM
12. 2026-06-03
    days on market $104,900 Active 3 DOM
13. 2026-06-02
    days on market $104,900 Active 2 DOM
14. 2026-06-01
    statusdays on market $104,900 Active 1 DOM
15. 2026-05-31
    days on market $104,900 Coming Soon 16 DOM
16. 2026-05-30
    days on market $104,900 Coming Soon 15 DOM
17. 2026-05-15
    historical $104,900 1043-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $14,633
• − Mortgage interest: −$5,876
• − Property taxes: −$1,574
• − Insurance: −$524
• − Repairs & maintenance: −$1,171
• − Management: −$1,171
• − Depreciation: −$3,052
• Taxable income: $1,266
• Est. tax owed @ 24.0%: −$304
• After-tax cash flow: $2,557/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

+0.0% since first listed

2 events — show timeline

• 2026-06-01 Listed $104,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-15 Coming Soon $104,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

-76.8%/yr

Latest (2025): $2 · -98.7% YoY. Source: county tax records.