817 Abbott St · Albert Lea, MN 56007

$149,900

4 bd · 3.0 ba · 1,724 sqft · SingleFamily public records · 63 Days on market

Built 1897 0.35 ac lot

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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 +20.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 1% rule +4.9/10.0
• 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

What a fantastic investment opportunity! This up-and-down duplex is ideally located just one block from the lake, offering beautiful lake views, and sits directly across the street from an elementary school—an unbeatable location! The main level features three spacious bedrooms, a full bathroom, a functional kitchen, a formal dining room, and a comfortable living area. You’ll also appreciate the partially finished basement—perfect for a workout space, hobby room, or additional storage. There’s plenty of room to spread out and make it your own. Upstairs, you’ll find a separate one-bedroom apartment complete with its own kitchen, living room, bedroom, and bathroom—ideal for rental income or guests. Additional highlights include a two-stall detached garage providing ample parking and storage. With a little work, this property could easily be converted back into a single-family home if desired. Whether you’re looking for a rental property, short-term income opportunity (VRBO/Airbnb), or a versatile home in a prime location, this one checks all the boxes. Priced to sell—don’t miss out on this opportunity!

Key facts

• 0.35 acre lot
• 2 garage spots
• Built 1897

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $194 ($2k/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 $148k (1.1% below list).
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 3.9% 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: Lakeview Elementary (math 62% / reading 57%, grade B-, #216 of 857 statewide, top 29%, 435 students, 56% 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 57% FRL vs 40% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 154 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 $4k 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 63 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $115k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1897 — 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: 0.99% ✗
• Cap rate: 7.85%
• Cash-on-cash: 5.56%
• DSCR: 1.25
• GRM: 8.4

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: -7.7%
• Equity multiple: 0.72×
• Total profit: $-11,922
• Equity at exit: $22,351

10-year hold

• IRR: 1.8%
• Equity multiple: 1.13×
• Total profit: $5,505
• Equity at exit: $12,961

Cash invested: $41,972 (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: 154
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,482 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$128 /mo · $1,532/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$311
• Net cashflow: $194

Break-even live

Break-even rent $1,236

Max offer price $149,900

Occupancy floor 82%

Sensitivity live

Price	-10% $279	-5% $237	+0% $194	+5% $152	+10% $110
Rent	-10% $77	-5% $136	+0% $194	+5% $253	+10% $311
Rate	-1.0pp $270	-0.5pp $233	base $194	+0.5pp $156	+1.0pp $116

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-09
   statusdays on market $149,900 Pending 63 DOM
2. 2026-06-08
   days on market $149,900 Active 62 DOM
3. 2026-06-07
   days on market $149,900 Active 61 DOM
4. 2026-06-05
   days on market $149,900 Active 58 DOM
5. 2026-06-03
   days on market $149,900 Active 57 DOM
6. 2026-06-02
   days on market $149,900 Active 56 DOM
7. 2026-06-01
   days on market $149,900 Active 55 DOM
8. 2026-05-31
   days on market $149,900 Active 54 DOM
9. 2026-05-30
   days on market $149,900 Active 53 DOM
10. 2026-04-06
    listed $149,900 Active 1189-char remark

    Show marketing remark (1189 chars)

    What a fantastic investment opportunity! This up-and-down duplex is ideally located just one block from the lake, offering beautiful lake views, and sits directly across the street from an elementary school—an unbeatable location! The main level features three spacious bedrooms, a full bathroom, a functional kitchen, a formal dining room, and a comfortable living area. You’ll also appreciate the partially finished basement—perfect for a workout space, hobby room, or additional storage. There’s plenty of room to spread out and make it your own. Upstairs, you’ll find a separate one-bedroom apartment complete with its own kitchen, living room, bedroom, and bathroom—ideal for rental income or guests. Additional highlights include a two-stall detached garage providing ample parking and storage. With a little work, this property could easily be converted back into a single-family home if desired. Whether you’re looking for a rental property, short-term income opportunity (VRBO/Airbnb), or a versatile home in a prime location, this one checks all the boxes. Priced to sell—don’t miss out on this opportunity!

11. 2025-12-01
    soldstatus $115,000

ⓘ 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: $1,532 · $128/mo
• Projected year-2 tax: $1,605 · $134/mo
• Expected delta: +$73/yr (+$6/mo · 4.8%)

ⓘ 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 2/10 Low
• 🌡 Heat 1/10 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: $17,782
• − Mortgage interest: −$8,397
• − Property taxes: −$1,532
• − Insurance: −$750
• − Repairs & maintenance: −$1,423
• − Management: −$1,423
• − Depreciation: −$4,361
• Taxable loss: −$102
• Est. tax savings @ 24.0%: +$25
• After-tax cash flow: $2,358/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

+30.3% since first listed

2 events — show timeline

• 2026-04-06 Listed $149,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-01 Sold (Public Records) $115,000 Public Records

Property tax history

+6.9%/yr

Latest (2025): $1,532 · +0.1% YoY. Source: county tax records.