614 10th St SE · Austin, MN 55912

$692,000

15 bd · 8.0 ba · — sqft · MultiFamily · 21 Days on market

Built 1955 Fair condition

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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 +19.0/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• 1% rule +5.1/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Schools +2.5/10.0
• Condition / age +2.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

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

Four stand alone duplexes.

Key facts

• Built 1955
• Listed 20 days

What this means for you Summary

Snapshot

• This is a 5 × 3-bed/?-bath units multifamily listed at $692k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $728 ($9k/yr) — positive. Per door: $146/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $692k).
• Recommended offer: $682k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.6% 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; 53 units permitted in Mower County in 2024 (0 in 5+ unit buildings).
• At $6,975/mo this rent would consume 119% of the median local household income ($70k/yr) (locally 759% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $194k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($682k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $681,620 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.01% ✓
• Cap rate: 7.56%
• Cash-on-cash: 4.51%
• DSCR: 1.20
• GRM: 8.3

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: -3.8%
• Equity multiple: 0.85×
• Total profit: $-28,801
• Equity at exit: $103,179

10-year hold

• IRR: 10.9%
• Equity multiple: 2.05×
• Total profit: $202,823
• Equity at exit: $59,832

Cash invested: $193,760 (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: 41.3×

Monthly cashflow live

• Estimated rent: $6,975 high
• Mortgage (P&I): −$3,629
• Tax est. 1.5%: −$865 /mo · $10,380/yr
• Insurance: −$288
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,465
• Net cashflow: $728

Break-even live

Break-even rent $6,053

Max offer price $692,000

Occupancy floor 85%

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

Units	Beds	Baths	Est. rent
▸ 5× units	3	—	$6,975
Total (5 units)			$6,975

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: $173,000
• Closing costs: $20,760
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-16
   days on market $692,000 Active 21 DOM
2. 2026-06-15
   days on market $692,000 Active 20 DOM
3. 2026-06-14
   days on market $692,000 Active 18 DOM
4. 2026-06-12
   days on market $692,000 Active 17 DOM
5. 2026-06-09
   days on market $692,000 Active 14 DOM
6. 2026-06-08
   days on market $692,000 Active 13 DOM
7. 2026-06-07
   days on market $692,000 Active 12 DOM
8. 2026-06-05
   days on market $692,000 Active 9 DOM
9. 2026-06-02
   days on market $692,000 Active 7 DOM
10. 2026-06-01
    days on market $692,000 Active 6 DOM
11. 2026-05-31
    days on market $692,000 Active 5 DOM
12. 2026-05-30
    days on market $692,000 Active 4 DOM
13. 2026-05-26
    listed $692,000 Active
14. 2026-04-25
    historical $950
15. 2026-04-22
    price $950
16. 2026-04-18
    listed $850
17. 2023-07-16
    historical
18. 2023-07-15
    listed

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 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: $83,700
• − Mortgage interest: −$38,763
• − Property taxes: −$10,380
• − Insurance: −$3,460
• − Repairs & maintenance: −$6,696
• − Management: −$6,696
• − Depreciation: −$20,131
• Taxable loss: −$2,426
• Est. tax savings @ 24.0%: +$582
• After-tax cash flow: $9,318/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 · 1 photo

Fair 40/100 Moderate rehab

This multi-family property requires significant repairs and maintenance to improve its condition and value. Exterior painting, roof repair, and flooring replacement are the highest-ROI updates.

Repairs flagged

• Major exterior walls — Significant weathering and discoloration
• Major roof — Visible damage
• Major flooring — Poor condition
• Major interior walls/paint — Poor condition

Value-add opportunities

• Both exterior painting — Fresh paint can improve curb appeal and home value
• Both roof repair — A repaired roof will prevent further damage and improve home value
• Both flooring replacement — New flooring will improve the home's appearance and functionality
• Both interior painting — Fresh paint can improve the home's appearance and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior walls · Significant weathering and discoloration	Major	$15,000–50,000
roof · Visible damage	Major	$15,000–50,000
flooring · Poor condition	Major	$15,000–50,000
interior walls/paint · Poor condition	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both exterior painting — Fresh paint can improve curb appeal and home value ↑
• Both roof repair — A repaired roof will prevent further damage and improve home value ↑
• Both flooring replacement — New flooring will improve the home's appearance and functionality ↑
• Both interior painting — Fresh paint can improve the home's appearance and value ↑

ⓘ 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: 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

6 events — show timeline

• 2026-05-26 Listed $692,000 FSBO.com
• 2026-04-25 Rental Removed $950 APPFOLIO
• 2026-04-22 Price Changed $950 APPFOLIO
• 2026-04-18 Listed for Rent $850 APPFOLIO
• 2023-07-16 Rental Removed — APPFOLIO
• 2023-07-15 Listed for Rent — APPFOLIO