115 N Newton Ave · Albert Lea, MN 56007

$209,000

3 bd · 2.0 ba · 3,496 sqft · MultiFamily · 189 Days on market

Built 1920 Good condition 1,742 sqft lot ↓ 20% since listing

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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 +24.4/30.0
• DSCR +7.9/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Welcome to 115 Newton N Avenue, where modern luxury meets unbeatable location! Whether you’re looking for an investment property with outstanding ROI, a turn-key Airbnb, long term lease property, or a stylish live/work setup, this stunning, fully renovated gem has it all! Prime Features & Flexibility • Brand-new off-street parking lot with 24-hour parking—a rare find downtown! • Zoned for both commercial and residential use – endless possibilities! o Run your business on the main level and live upstairs, o OR operate commercial spaces on both floors, o OR lease out as two separate income-producing units! • Not eligible for traditional home mortgages – must be financed as a commercial loan (but the ROI makes it worth every penny!). Completely Renovated, Top to Bottom Step inside and fall in love with this modern masterpiece, featuring: • Gorgeous hardwood flooring throughout entire main level • Stainless steel appliances • Stylish sliding barn door • Beautiful tiled bathroom with glass shower • All new windows, newer roof and Central Air Everything you see stays! That’s right—this property comes fully furnished with chic living room, dining, and bedroom sets, plus gaming and recreation equipment (ping pong, foosball, basketball hoop game, air hockey & more!). Smart Investment, Strong Returns With Airbnb or long-term leasing, projected income exceeds $30,000+ per year with only $9,408/year 2025 TOTAL expenses (utilities, internet, garbage, taxes, insurance, etc.) That’s serious cash flow from day one. Unbeatable Location & Lifestyle Wake up every morning to gorgeous Fountain Lake views from every window, and step outside to a lifestyle that’s pure Minnesota magic: • Just steps to the lake for walking, biking, or jogging • A short stroll to Fountain Lake Pavilion for live music and community events • Walk to Downtown Albert Lea’s revitalized core with endless dining, shopping, fitness, and entertainment options — including the Marion Ross Theatre, local pubs, cafés, the public library, and more! And despite the location this building is shockingly private and unbelievably QUIET with the acoustic tiles! You don’t hear a thing! Turn-Key, Move-In Ready Whether you’re ready to launch your next business, start earning passive income, or live in luxury while your property pays for itself, 115 Newton N Avenue delivers. Modern. Profitable. Perfectly Located. Your next great investment—and your best lifestyle—start right here.

Key facts

• Hardwood flooring
• Sliding barn door
• Fully renovated gem

Tags

• ZONED FOR COMMERCIAL USE
• ZONED FOR RESIDENTIAL USE
• FULLY RENOVATED GEM
• HARDWOOD FLOORING
• STAINLESS STEEL APPLIANCES
• SLIDING BARN DOOR

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $209k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $424 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $209k).
• Recommended offer: $184k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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; 16 units permitted in Freeborn County in 2024 (0 in 5+ unit buildings).
• This rent runs 41% of the median local income ($69k/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 $1k of loan paydown is wiped out by about $6k 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 189 days — a 12% lower offer ($184k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $183,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 189 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — 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 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: 1.13% ✓
• Cap rate: 8.73%
• Cash-on-cash: 8.69%
• DSCR: 1.39
• GRM: 7.4

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: -3.1%
• Equity multiple: 0.88×
• Total profit: $-6,827
• Equity at exit: $31,163

10-year hold

• IRR: 6.6%
• Equity multiple: 1.50×
• Total profit: $28,973
• Equity at exit: $18,071

Cash invested: $58,520 (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: 14.7×

Monthly cashflow live

• Estimated rent: $2,365 medium
• Mortgage (P&I): −$1,096
• Tax est. 1.5%: −$261 /mo · $3,135/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$497
• Net cashflow: $424

Break-even live

Break-even rent $1,828

Max offer price $209,000

Occupancy floor 77%

Sensitivity live

Price	-10% $568	-5% $496	+0% $424	+5% $352	+10% $280
Rent	-10% $237	-5% $331	+0% $424	+5% $517	+10% $611
Rate	-1.0pp $529	-0.5pp $477	base $424	+0.5pp $370	+1.0pp $315

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,364
Total (2 units)			$2,365

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-19
   status Pending 2625-char remark

   Show marketing remark (2625 chars)

   Welcome to 115 Newton N Avenue, where modern luxury meets unbeatable location! Whether you’re looking for an investment property with outstanding ROI, a turn-key Airbnb, long term lease property, or a stylish live/work setup, this stunning, fully renovated gem has it all! Prime Features & Flexibility • Brand-new off-street parking lot with 24-hour parking—a rare find downtown! • Zoned for both commercial and residential use – endless possibilities! o Run your business on the main level and live upstairs, o OR operate commercial spaces on both floors, o OR lease out as two separate income-producing units! • Not eligible for traditional home mortgages – must be financed as a commercial loan (but the ROI makes it worth every penny!). Completely Renovated, Top to Bottom Step inside and fall in love with this modern masterpiece, featuring: • Gorgeous hardwood flooring throughout entire main level • Stainless steel appliances • Stylish sliding barn door • Beautiful tiled bathroom with glass shower • All new windows, newer roof and Central Air Everything you see stays! That’s right—this property comes fully furnished with chic living room, dining, and bedroom sets, plus gaming and recreation equipment (ping pong, foosball, basketball hoop game, air hockey & more!). Smart Investment, Strong Returns With Airbnb or long-term leasing, projected income exceeds $30,000+ per year with only $9,408/year 2025 TOTAL expenses (utilities, internet, garbage, taxes, insurance, etc.) That’s serious cash flow from day one. Unbeatable Location & Lifestyle Wake up every morning to gorgeous Fountain Lake views from every window, and step outside to a lifestyle that’s pure Minnesota magic: • Just steps to the lake for walking, biking, or jogging • A short stroll to Fountain Lake Pavilion for live music and community events • Walk to Downtown Albert Lea’s revitalized core with endless dining, shopping, fitness, and entertainment options — including the Marion Ross Theatre, local pubs, cafés, the public library, and more! And despite the location this building is shockingly private and unbelievably QUIET with the acoustic tiles! You don’t hear a thing! Turn-Key, Move-In Ready Whether you’re ready to launch your next business, start earning passive income, or live in luxury while your property pays for itself, 115 Newton N Avenue delivers. Modern. Profitable. Perfectly Located. Your next great investment—and your best lifestyle—start right here.

2. 2026-04-22
   price $209,000 2625-char remark

   Show marketing remark (2625 chars)

   Welcome to 115 Newton N Avenue, where modern luxury meets unbeatable location! Whether you’re looking for an investment property with outstanding ROI, a turn-key Airbnb, long term lease property, or a stylish live/work setup, this stunning, fully renovated gem has it all! Prime Features & Flexibility • Brand-new off-street parking lot with 24-hour parking—a rare find downtown! • Zoned for both commercial and residential use – endless possibilities! o Run your business on the main level and live upstairs, o OR operate commercial spaces on both floors, o OR lease out as two separate income-producing units! • Not eligible for traditional home mortgages – must be financed as a commercial loan (but the ROI makes it worth every penny!). Completely Renovated, Top to Bottom Step inside and fall in love with this modern masterpiece, featuring: • Gorgeous hardwood flooring throughout entire main level • Stainless steel appliances • Stylish sliding barn door • Beautiful tiled bathroom with glass shower • All new windows, newer roof and Central Air Everything you see stays! That’s right—this property comes fully furnished with chic living room, dining, and bedroom sets, plus gaming and recreation equipment (ping pong, foosball, basketball hoop game, air hockey & more!). Smart Investment, Strong Returns With Airbnb or long-term leasing, projected income exceeds $30,000+ per year with only $9,408/year 2025 TOTAL expenses (utilities, internet, garbage, taxes, insurance, etc.) That’s serious cash flow from day one. Unbeatable Location & Lifestyle Wake up every morning to gorgeous Fountain Lake views from every window, and step outside to a lifestyle that’s pure Minnesota magic: • Just steps to the lake for walking, biking, or jogging • A short stroll to Fountain Lake Pavilion for live music and community events • Walk to Downtown Albert Lea’s revitalized core with endless dining, shopping, fitness, and entertainment options — including the Marion Ross Theatre, local pubs, cafés, the public library, and more! And despite the location this building is shockingly private and unbelievably QUIET with the acoustic tiles! You don’t hear a thing! Turn-Key, Move-In Ready Whether you’re ready to launch your next business, start earning passive income, or live in luxury while your property pays for itself, 115 Newton N Avenue delivers. Modern. Profitable. Perfectly Located. Your next great investment—and your best lifestyle—start right here.

3. 2026-04-17
   price $224,000 2625-char remark

   Show marketing remark (2625 chars)

   Welcome to 115 Newton N Avenue, where modern luxury meets unbeatable location! Whether you’re looking for an investment property with outstanding ROI, a turn-key Airbnb, long term lease property, or a stylish live/work setup, this stunning, fully renovated gem has it all! Prime Features & Flexibility • Brand-new off-street parking lot with 24-hour parking—a rare find downtown! • Zoned for both commercial and residential use – endless possibilities! o Run your business on the main level and live upstairs, o OR operate commercial spaces on both floors, o OR lease out as two separate income-producing units! • Not eligible for traditional home mortgages – must be financed as a commercial loan (but the ROI makes it worth every penny!). Completely Renovated, Top to Bottom Step inside and fall in love with this modern masterpiece, featuring: • Gorgeous hardwood flooring throughout entire main level • Stainless steel appliances • Stylish sliding barn door • Beautiful tiled bathroom with glass shower • All new windows, newer roof and Central Air Everything you see stays! That’s right—this property comes fully furnished with chic living room, dining, and bedroom sets, plus gaming and recreation equipment (ping pong, foosball, basketball hoop game, air hockey & more!). Smart Investment, Strong Returns With Airbnb or long-term leasing, projected income exceeds $30,000+ per year with only $9,408/year 2025 TOTAL expenses (utilities, internet, garbage, taxes, insurance, etc.) That’s serious cash flow from day one. Unbeatable Location & Lifestyle Wake up every morning to gorgeous Fountain Lake views from every window, and step outside to a lifestyle that’s pure Minnesota magic: • Just steps to the lake for walking, biking, or jogging • A short stroll to Fountain Lake Pavilion for live music and community events • Walk to Downtown Albert Lea’s revitalized core with endless dining, shopping, fitness, and entertainment options — including the Marion Ross Theatre, local pubs, cafés, the public library, and more! And despite the location this building is shockingly private and unbelievably QUIET with the acoustic tiles! You don’t hear a thing! Turn-Key, Move-In Ready Whether you’re ready to launch your next business, start earning passive income, or live in luxury while your property pays for itself, 115 Newton N Avenue delivers. Modern. Profitable. Perfectly Located. Your next great investment—and your best lifestyle—start right here.

4. 2025-12-30
   price $239,000 2625-char remark

   Show marketing remark (2625 chars)

   Welcome to 115 Newton N Avenue, where modern luxury meets unbeatable location! Whether you’re looking for an investment property with outstanding ROI, a turn-key Airbnb, long term lease property, or a stylish live/work setup, this stunning, fully renovated gem has it all! Prime Features & Flexibility • Brand-new off-street parking lot with 24-hour parking—a rare find downtown! • Zoned for both commercial and residential use – endless possibilities! o Run your business on the main level and live upstairs, o OR operate commercial spaces on both floors, o OR lease out as two separate income-producing units! • Not eligible for traditional home mortgages – must be financed as a commercial loan (but the ROI makes it worth every penny!). Completely Renovated, Top to Bottom Step inside and fall in love with this modern masterpiece, featuring: • Gorgeous hardwood flooring throughout entire main level • Stainless steel appliances • Stylish sliding barn door • Beautiful tiled bathroom with glass shower • All new windows, newer roof and Central Air Everything you see stays! That’s right—this property comes fully furnished with chic living room, dining, and bedroom sets, plus gaming and recreation equipment (ping pong, foosball, basketball hoop game, air hockey & more!). Smart Investment, Strong Returns With Airbnb or long-term leasing, projected income exceeds $30,000+ per year with only $9,408/year 2025 TOTAL expenses (utilities, internet, garbage, taxes, insurance, etc.) That’s serious cash flow from day one. Unbeatable Location & Lifestyle Wake up every morning to gorgeous Fountain Lake views from every window, and step outside to a lifestyle that’s pure Minnesota magic: • Just steps to the lake for walking, biking, or jogging • A short stroll to Fountain Lake Pavilion for live music and community events • Walk to Downtown Albert Lea’s revitalized core with endless dining, shopping, fitness, and entertainment options — including the Marion Ross Theatre, local pubs, cafés, the public library, and more! And despite the location this building is shockingly private and unbelievably QUIET with the acoustic tiles! You don’t hear a thing! Turn-Key, Move-In Ready Whether you’re ready to launch your next business, start earning passive income, or live in luxury while your property pays for itself, 115 Newton N Avenue delivers. Modern. Profitable. Perfectly Located. Your next great investment—and your best lifestyle—start right here.

5. 2025-11-11
   listed $259,900 Active 2625-char remark

   Show marketing remark (2625 chars)

   Welcome to 115 Newton N Avenue, where modern luxury meets unbeatable location! Whether you’re looking for an investment property with outstanding ROI, a turn-key Airbnb, long term lease property, or a stylish live/work setup, this stunning, fully renovated gem has it all! Prime Features & Flexibility • Brand-new off-street parking lot with 24-hour parking—a rare find downtown! • Zoned for both commercial and residential use – endless possibilities! o Run your business on the main level and live upstairs, o OR operate commercial spaces on both floors, o OR lease out as two separate income-producing units! • Not eligible for traditional home mortgages – must be financed as a commercial loan (but the ROI makes it worth every penny!). Completely Renovated, Top to Bottom Step inside and fall in love with this modern masterpiece, featuring: • Gorgeous hardwood flooring throughout entire main level • Stainless steel appliances • Stylish sliding barn door • Beautiful tiled bathroom with glass shower • All new windows, newer roof and Central Air Everything you see stays! That’s right—this property comes fully furnished with chic living room, dining, and bedroom sets, plus gaming and recreation equipment (ping pong, foosball, basketball hoop game, air hockey & more!). Smart Investment, Strong Returns With Airbnb or long-term leasing, projected income exceeds $30,000+ per year with only $9,408/year 2025 TOTAL expenses (utilities, internet, garbage, taxes, insurance, etc.) That’s serious cash flow from day one. Unbeatable Location & Lifestyle Wake up every morning to gorgeous Fountain Lake views from every window, and step outside to a lifestyle that’s pure Minnesota magic: • Just steps to the lake for walking, biking, or jogging • A short stroll to Fountain Lake Pavilion for live music and community events • Walk to Downtown Albert Lea’s revitalized core with endless dining, shopping, fitness, and entertainment options — including the Marion Ross Theatre, local pubs, cafés, the public library, and more! And despite the location this building is shockingly private and unbelievably QUIET with the acoustic tiles! You don’t hear a thing! Turn-Key, Move-In Ready Whether you’re ready to launch your next business, start earning passive income, or live in luxury while your property pays for itself, 115 Newton N Avenue delivers. Modern. Profitable. Perfectly Located. Your next great investment—and your best lifestyle—start right here.

ⓘ 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: $28,380
• − Mortgage interest: −$11,707
• − Property taxes: −$3,135
• − Insurance: −$1,045
• − Repairs & maintenance: −$2,270
• − Management: −$2,270
• − Depreciation: −$6,080
• Taxable income: $1,872
• Est. tax owed @ 24.0%: −$449
• After-tax cash flow: $4,639/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 · 13 photos

Good 80/100 Cosmetic rehab

This fully renovated multi-family property offers a modern and well-maintained living space with potential for commercial use. It is in good condition with minimal maintenance required.

Value-add opportunities

• Both Paint the exterior walls — Enhances curb appeal and can increase both resale and rental value.
• Both Clean the gutters — Improves drainage and can prevent water damage, enhancing both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior walls — Enhances curb appeal and can increase both resale and rental value. ↑
• Both Clean the gutters — Improves drainage and can prevent water damage, enhancing both resale and rental 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: 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

-19.6% since first listed

5 events — show timeline

• 2026-05-19 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-22 Price Changed $209,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-17 Price Changed $224,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-30 Price Changed $239,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-11 Listed $259,900 NORTHSTARMLS as Distributed by MLS Grid