1407 State Hwy
Fourplex · 4 units: 3 bed / 1 bath and 2 bed / 1 bath ×3 unit split estimated · 5,304 sq ft
Alexandria, MN · View the listing ↗
Photos, via Realtor.com.
- Asking price
- $320,000 4 units · $80K per unit
- Monthly cash flow
- $553 at 20% down, 7%
- Estimated rent
- $4,550/mo medium confidence
- Break-even price
- $423,867 where cash flow hits $0
First look
This is not a rental you can buy and operate. It's a gutted, vacant building sold as a redevelopment or commercial play. The underwriting in FACTS (about $553/month cash flow, 8.5% cap) assumes four finished, rented units, and that income doesn't exist today. The photos show stripped kitchens, exposed subfloor, and open framing and plumbing, so budget a full rebuild before any rent comes in. The commercial rezoning is only that the city has 'expressed interest', which is not approval. Verify zoning, the legal unit count, and the well and septic before you spend on a showing.
Things to consider
- Income is zero today The underwriting assumes four finished, rented units. A buyer would carry the price, taxes and a full renovation before any rent arrives.
- Rezoning is only interest, not approval A commercial use is speculation until the city approves it. The legal unit count and use could also be affected after demolition.Listing says: “The City of Alexandria has expressed interest in having this property become commercially zoned”
- Rebuild cost is unknown and likely large Kitchens, baths, floors and finishes all need to be redone across four units, with no way for the seller to share the cost.From photo 7
- As-is sale with unverified records No county parcel match means taxes and unit count are unverified. Get permits, taxes and legal status confirmed.Listing says: “All offers must include an "As Is" Addendum.”
- Private well and drainage The property runs on a well, and a stream crosses the yard. Water quality and flood risk affect financing and insurance.Listing says: “A private well with a newer pump currently serves the property.”
From the photos
Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.
Condition and repairs
- neededInterior demolition completed; full renovation needed to finish the projectListing says: completed the interior demolition in preparation for renovation, giving the next owner a blank slate
- neededSold as-is, as-is addendum required on all offersListing says: All offers must include an "As Is" Addendum.
- doneNewer well pumpListing says: A private well with a newer pump currently serves the property.
- doneCity water stubbed to the property, assessment paidListing says: City water has been stubbed to the property, with the assessment already paid.
AI-assisted first read of the listing description and photos (Claude), checked against public records. Every rent and repair above quotes the listing; verify with the agent, leases and an inspection.
The numbers
Edit rents, costs and assumptions
Default: 20% down (no PMI), offer at asking, self-managed, 7.00% for 30 years, buyer pays closing costs (3%).
The deal
- Price
- $320,000
- Cash to close
- $41,600
- Price per unit
- $80,000
- GRM
- 5.9
Each month
- Cash flow
- $160/mo
- Cash-on-cash
- 4.6%
- Cap rate
- 8.5%
- DSCR
- 1.08×
Break-even
- Price that breaks even
- $344,416
- Rent that breaks even
- $4,334/mo
Long run
- Year 30: property vs stocks
- $1.91M vs $317K
- Cash flow turns positive
- year 1
The deal
- Price
- $320,000
- Cash to close
- $41,600
- Price per unit
- $80,000
- GRM
- 5.9
Each month
- Cash flow
- −$225/mo
- Cash-on-cash
- −6.5%
- Cap rate
- 7.0%
- DSCR
- 0.89×
Break-even
- Price that breaks even
- $285,650
- Rent that breaks even
- $4,893/mo
Long run
- Year 30: property vs stocks
- $1.36M vs $364K
- Cash flow turns positive
- year 5
The deal
- Price
- $310,000
- Cash to close
- $40,300
- Price per unit
- $77,500
- GRM
- 5.7
Each month
- Cash flow
- $225/mo
- Cash-on-cash
- 6.7%
- Cap rate
- 8.7%
- DSCR
- 1.11×
Break-even
- Price that breaks even
- $344,416
- Rent that breaks even
- $4,245/mo
Long run
- Year 30: property vs stocks
- $1.96M vs $307K
- Cash flow turns positive
- year 1
The deal
- Price
- $310,000
- Cash to close
- $40,300
- Price per unit
- $77,500
- GRM
- 5.7
Each month
- Cash flow
- −$159/mo
- Cash-on-cash
- −4.7%
- Cap rate
- 7.2%
- DSCR
- 0.92×
Break-even
- Price that breaks even
- $285,650
- Rent that breaks even
- $4,793/mo
Long run
- Year 30: property vs stocks
- $1.38M vs $334K
- Cash flow turns positive
- year 5
The deal
- Price
- $320,000
- Cash to close
- $73,600
- Price per unit
- $80,000
- GRM
- 5.9
Each month
- Cash flow
- $553/mo
- Cash-on-cash
- 9.0%
- Cap rate
- 8.5%
- DSCR
- 1.32×
Break-even
- Price that breaks even
- $423,867
- Rent that breaks even
- $3,803/mo
Long run
- Year 30: property vs stocks
- $2.21M vs $560K
- Cash flow turns positive
- year 1
The deal
- Price
- $320,000
- Cash to close
- $73,600
- Price per unit
- $80,000
- GRM
- 5.9
Each month
- Cash flow
- $168/mo
- Cash-on-cash
- 2.7%
- Cap rate
- 7.0%
- DSCR
- 1.10×
Break-even
- Price that breaks even
- $351,545
- Rent that breaks even
- $4,294/mo
Long run
- Year 30: property vs stocks
- $1.61M vs $560K
- Cash flow turns positive
- year 1
The deal
- Price
- $310,000
- Cash to close
- $71,300
- Price per unit
- $77,500
- GRM
- 5.7
Each month
- Cash flow
- $606/mo
- Cash-on-cash
- 10.2%
- Cap rate
- 8.7%
- DSCR
- 1.37×
Break-even
- Price that breaks even
- $423,867
- Rent that breaks even
- $3,731/mo
Long run
- Year 30: property vs stocks
- $2.24M vs $543K
- Cash flow turns positive
- year 1
The deal
- Price
- $310,000
- Cash to close
- $71,300
- Price per unit
- $77,500
- GRM
- 5.7
Each month
- Cash flow
- $221/mo
- Cash-on-cash
- 3.7%
- Cap rate
- 7.2%
- DSCR
- 1.13×
Break-even
- Price that breaks even
- $351,545
- Rent that breaks even
- $4,213/mo
Long run
- Year 30: property vs stocks
- $1.65M vs $543K
- Cash flow turns positive
- year 1
The deal
- Price
- $320,000
- Cash to close
- $89,600
- Price per unit
- $80,000
- GRM
- 5.9
Each month
- Cash flow
- $659/mo
- Cash-on-cash
- 8.8%
- Cap rate
- 8.5%
- DSCR
- 1.41×
Break-even
- Price that breaks even
- $452,125
- Rent that breaks even
- $3,659/mo
Long run
- Year 30: property vs stocks
- $2.33M vs $682K
- Cash flow turns positive
- year 1
The deal
- Price
- $320,000
- Cash to close
- $89,600
- Price per unit
- $80,000
- GRM
- 5.9
Each month
- Cash flow
- $274/mo
- Cash-on-cash
- 3.7%
- Cap rate
- 7.0%
- DSCR
- 1.17×
Break-even
- Price that breaks even
- $374,981
- Rent that breaks even
- $4,131/mo
Long run
- Year 30: property vs stocks
- $1.73M vs $682K
- Cash flow turns positive
- year 1
The deal
- Price
- $310,000
- Cash to close
- $86,800
- Price per unit
- $77,500
- GRM
- 5.7
Each month
- Cash flow
- $709/mo
- Cash-on-cash
- 9.8%
- Cap rate
- 8.7%
- DSCR
- 1.46×
Break-even
- Price that breaks even
- $452,125
- Rent that breaks even
- $3,592/mo
Long run
- Year 30: property vs stocks
- $2.36M vs $661K
- Cash flow turns positive
- year 1
The deal
- Price
- $310,000
- Cash to close
- $86,800
- Price per unit
- $77,500
- GRM
- 5.7
Each month
- Cash flow
- $324/mo
- Cash-on-cash
- 4.5%
- Cap rate
- 7.2%
- DSCR
- 1.21×
Break-even
- Price that breaks even
- $374,981
- Rent that breaks even
- $4,055/mo
Long run
- Year 30: property vs stocks
- $1.76M vs $661K
- Cash flow turns positive
- year 1
Monthly
Monthly breakdown
| Rent | $4,550 |
| Vacancy (6%) | −$273 |
| Collected | $4,277 |
| Property tax Listing | −$300 |
| Insurance Estimate | −$410 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$455 |
| Capital reserve (10% of rent) | −$455 |
| Net operating income | $2,256 |
| Mortgage (principal + interest) | −$1,916 |
| PMI | −$180 |
| Cash flow | $160 |
| Principal paid down (equity, not cash) | $244 |
| Rent | $4,550 |
| Vacancy (6%) | −$273 |
| Collected | $4,277 |
| Property tax Listing | −$300 |
| Insurance Estimate | −$410 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$455 |
| Capital reserve (10% of rent) | −$455 |
| Property management | −$385 |
| Net operating income | $1,871 |
| Mortgage (principal + interest) | −$1,916 |
| PMI | −$180 |
| Cash flow | −$225 |
| Principal paid down (equity, not cash) | $244 |
| Rent | $4,550 |
| Vacancy (6%) | −$273 |
| Collected | $4,277 |
| Property tax Listing | −$300 |
| Insurance Estimate | −$410 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$455 |
| Capital reserve (10% of rent) | −$455 |
| Net operating income | $2,256 |
| Mortgage (principal + interest) | −$1,856 |
| PMI | −$174 |
| Cash flow | $225 |
| Principal paid down (equity, not cash) | $236 |
| Rent | $4,550 |
| Vacancy (6%) | −$273 |
| Collected | $4,277 |
| Property tax Listing | −$300 |
| Insurance Estimate | −$410 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$455 |
| Capital reserve (10% of rent) | −$455 |
| Property management | −$385 |
| Net operating income | $1,871 |
| Mortgage (principal + interest) | −$1,856 |
| PMI | −$174 |
| Cash flow | −$159 |
| Principal paid down (equity, not cash) | $236 |
| Rent | $4,550 |
| Vacancy (6%) | −$273 |
| Collected | $4,277 |
| Property tax Listing | −$300 |
| Insurance Estimate | −$410 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$455 |
| Capital reserve (10% of rent) | −$455 |
| Net operating income | $2,256 |
| Mortgage (principal + interest) | −$1,703 |
| Cash flow | $553 |
| Principal paid down (equity, not cash) | $217 |
| Rent | $4,550 |
| Vacancy (6%) | −$273 |
| Collected | $4,277 |
| Property tax Listing | −$300 |
| Insurance Estimate | −$410 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$455 |
| Capital reserve (10% of rent) | −$455 |
| Property management | −$385 |
| Net operating income | $1,871 |
| Mortgage (principal + interest) | −$1,703 |
| Cash flow | $168 |
| Principal paid down (equity, not cash) | $217 |
| Rent | $4,550 |
| Vacancy (6%) | −$273 |
| Collected | $4,277 |
| Property tax Listing | −$300 |
| Insurance Estimate | −$410 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$455 |
| Capital reserve (10% of rent) | −$455 |
| Net operating income | $2,256 |
| Mortgage (principal + interest) | −$1,650 |
| Cash flow | $606 |
| Principal paid down (equity, not cash) | $210 |
| Rent | $4,550 |
| Vacancy (6%) | −$273 |
| Collected | $4,277 |
| Property tax Listing | −$300 |
| Insurance Estimate | −$410 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$455 |
| Capital reserve (10% of rent) | −$455 |
| Property management | −$385 |
| Net operating income | $1,871 |
| Mortgage (principal + interest) | −$1,650 |
| Cash flow | $221 |
| Principal paid down (equity, not cash) | $210 |
| Rent | $4,550 |
| Vacancy (6%) | −$273 |
| Collected | $4,277 |
| Property tax Listing | −$300 |
| Insurance Estimate | −$410 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$455 |
| Capital reserve (10% of rent) | −$455 |
| Net operating income | $2,256 |
| Mortgage (principal + interest) | −$1,597 |
| Cash flow | $659 |
| Principal paid down (equity, not cash) | $203 |
| Rent | $4,550 |
| Vacancy (6%) | −$273 |
| Collected | $4,277 |
| Property tax Listing | −$300 |
| Insurance Estimate | −$410 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$455 |
| Capital reserve (10% of rent) | −$455 |
| Property management | −$385 |
| Net operating income | $1,871 |
| Mortgage (principal + interest) | −$1,597 |
| Cash flow | $274 |
| Principal paid down (equity, not cash) | $203 |
| Rent | $4,550 |
| Vacancy (6%) | −$273 |
| Collected | $4,277 |
| Property tax Listing | −$300 |
| Insurance Estimate | −$410 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$455 |
| Capital reserve (10% of rent) | −$455 |
| Net operating income | $2,256 |
| Mortgage (principal + interest) | −$1,547 |
| Cash flow | $709 |
| Principal paid down (equity, not cash) | $197 |
| Rent | $4,550 |
| Vacancy (6%) | −$273 |
| Collected | $4,277 |
| Property tax Listing | −$300 |
| Insurance Estimate | −$410 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$455 |
| Capital reserve (10% of rent) | −$455 |
| Property management | −$385 |
| Net operating income | $1,871 |
| Mortgage (principal + interest) | −$1,547 |
| Cash flow | $324 |
| Principal paid down (equity, not cash) | $197 |
Cash flow each year
Rents +3%/yr, costs +3.5%/yr. Red bars are months you'd cover out of pocket.
30 years
How those totals add up
- Your equity when you sell
- $730,121
- Rental profits, invested at 7%
- $1,179,275
Sells for $776,724 (value up 3% a year), minus 6% selling cost ($46,603). Rent paid down $288,000 of loan.
$535,578 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $316,670
$41,600 put into an index fund instead of the down payment and closing costs.
The building comes out $1,592,725 ahead after 30 years.
- Your equity when you sell
- $730,121
- Rental profits, invested at 7%
- $627,606
Sells for $776,724 (value up 3% a year), minus 6% selling cost ($46,603). Rent paid down $288,000 of loan.
$322,914 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $316,670
- Monthly shortfalls, invested
- $47,089
$41,600 put into an index fund instead of the down payment and closing costs.
$7,095 you'd have paid in while the building lost money, invested instead.
The building comes out $993,968 ahead after 30 years.
- Your equity when you sell
- $707,304
- Rental profits, invested at 7%
- $1,248,888
Sells for $752,451 (value up 3% a year), minus 6% selling cost ($45,147). Rent paid down $279,000 of loan.
$557,404 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $306,774
$40,300 put into an index fund instead of the down payment and closing costs.
The building comes out $1,649,418 ahead after 30 years.
- Your equity when you sell
- $707,304
- Rental profits, invested at 7%
- $676,952
Sells for $752,451 (value up 3% a year), minus 6% selling cost ($45,147). Rent paid down $279,000 of loan.
$341,596 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $306,774
- Monthly shortfalls, invested
- $26,821
$40,300 put into an index fund instead of the down payment and closing costs.
$3,951 you'd have paid in while the building lost money, invested instead.
The building comes out $1,050,661 ahead after 30 years.
- Your equity when you sell
- $730,121
- Rental profits, invested at 7%
- $1,476,294
Sells for $776,724 (value up 3% a year), minus 6% selling cost ($46,603). Rent paid down $256,000 of loan.
$620,861 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $560,262
$73,600 put into an index fund instead of the down payment and closing costs.
The building comes out $1,646,152 ahead after 30 years.
- Your equity when you sell
- $730,121
- Rental profits, invested at 7%
- $877,536
Sells for $776,724 (value up 3% a year), minus 6% selling cost ($46,603). Rent paid down $256,000 of loan.
$401,102 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $560,262
$73,600 put into an index fund instead of the down payment and closing costs.
The building comes out $1,047,395 ahead after 30 years.
- Your equity when you sell
- $707,304
- Rental profits, invested at 7%
- $1,536,625
Sells for $752,451 (value up 3% a year), minus 6% selling cost ($45,147). Rent paid down $248,000 of loan.
$640,021 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $542,754
$71,300 put into an index fund instead of the down payment and closing costs.
The building comes out $1,701,175 ahead after 30 years.
- Your equity when you sell
- $707,304
- Rental profits, invested at 7%
- $937,867
Sells for $752,451 (value up 3% a year), minus 6% selling cost ($45,147). Rent paid down $248,000 of loan.
$420,263 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $542,754
$71,300 put into an index fund instead of the down payment and closing costs.
The building comes out $1,102,418 ahead after 30 years.
- Your equity when you sell
- $730,121
- Rental profits, invested at 7%
- $1,596,956
Sells for $776,724 (value up 3% a year), minus 6% selling cost ($46,603). Rent paid down $240,000 of loan.
$659,182 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $682,058
$89,600 put into an index fund instead of the down payment and closing costs.
The building comes out $1,645,019 ahead after 30 years.
- Your equity when you sell
- $730,121
- Rental profits, invested at 7%
- $998,198
Sells for $776,724 (value up 3% a year), minus 6% selling cost ($46,603). Rent paid down $240,000 of loan.
$439,424 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $682,058
$89,600 put into an index fund instead of the down payment and closing costs.
The building comes out $1,046,261 ahead after 30 years.
- Your equity when you sell
- $707,304
- Rental profits, invested at 7%
- $1,653,517
Sells for $752,451 (value up 3% a year), minus 6% selling cost ($45,147). Rent paid down $232,500 of loan.
$677,145 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $660,744
$86,800 put into an index fund instead of the down payment and closing costs.
The building comes out $1,700,077 ahead after 30 years.
- Your equity when you sell
- $707,304
- Rental profits, invested at 7%
- $1,054,759
Sells for $752,451 (value up 3% a year), minus 6% selling cost ($45,147). Rent paid down $232,500 of loan.
$457,387 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $660,744
$86,800 put into an index fund instead of the down payment and closing costs.
The building comes out $1,101,319 ahead after 30 years.
Future dollars. At 3% inflation, divide year-30 figures by about 2.4 for today's buying power. Rental profits are assumed invested, not spent.
30 years: this property vs. the same money in stocks
Year 30 (loan paid off): property $1.91M, stocks $317K. The property wins.
Year 30 (loan paid off): property $1.36M, stocks $364K. The property wins.
Year 30 (loan paid off): property $1.96M, stocks $307K. The property wins.
Year 30 (loan paid off): property $1.38M, stocks $334K. The property wins.
Year 30 (loan paid off): property $2.21M, stocks $560K. The property wins.
Year 30 (loan paid off): property $1.61M, stocks $560K. The property wins.
Year 30 (loan paid off): property $2.24M, stocks $543K. The property wins.
Year 30 (loan paid off): property $1.65M, stocks $543K. The property wins.
Year 30 (loan paid off): property $2.33M, stocks $682K. The property wins.
Year 30 (loan paid off): property $1.73M, stocks $682K. The property wins.
Year 30 (loan paid off): property $2.36M, stocks $661K. The property wins.
Year 30 (loan paid off): property $1.76M, stocks $661K. The property wins.
Comparable rentals
Nearby rentals RentCast matched to each unit type, as of 2026-10-05. The estimate above is RentCast's, weighted toward the closest matches.
3 bed / 1 bath estimate $1,475/mo · range $1,175–$1,775
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 3904 County Rd, 42 NE Unit Ne, Alexandria 56308 | $1,650 | 3 / 1 | 6.1 mi | 88% |
| 122 City Park Rd, Alexandria 56308 | $1,300 | 3 / 1 | 6.7 mi | 87% |
| 1717 Nokomis St, Apt C, Alexandria 56308 | $950 | 3 / 1 | 7.7 mi | 85% |
| 1721 Nokomis St, Apt 2, Alexandria 56308 | $950 | 3 / 1 | 7.7 mi | 85% |
| 1805 7th Ave E, Alexandria 56308 | $1,595 | 3 / 1 | 7.9 mi | 84% |
| 2110 Lakepark Ave, Apt 2, Alexandria 56308 off market | $1,500 | 3 / 1 | 8.0 mi | 84% |
| 411 Elm St, Apt 3, Alexandria 56308 | $1,500 | 3 / 2 | 6.6 mi | 81% |
| 316 Broadway St, Alexandria 56308 off market | $2,000 | 3 / 2 | 6.6 mi | 80% |
| 623 Oak St, Apt 1, Alexandria 56308 off market | $1,550 | 3 / 2 | 7.3 mi | 79% |
| 3703 S Broadway St, Apt 401, Alexandria 55308 | $1,785 | 3 / 2 | 8.1 mi | 78% |
2 bed / 1 bath estimate $1,025/mo · range $850–$1,225
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 310 Holmes Ave, Unit 4, Brandon 56315 off market | $975 | 2 / 1 | 5.2 mi | 89% |
| 101 4th St E, Apt 7, Brandon 56315 | $895 | 2 / 1 | 5.3 mi | 89% |
| 101 4th St E, Brandon 56315 | $895 | 2 / 1 | 5.3 mi | 89% |
| 319 Fairgrounds Rd, Apt 202, Alexandria 56308 | $779 | 2 / 1 | 6.2 mi | 88% |
| 303 6th Ave W, Apt 2, Alexandria 56308 off market | $950 | 2 / 1 | 6.6 mi | 87% |
| 303 6th Ave W, Apt 4, Alexandria 56308 off market | $950 | 2 / 1 | 6.6 mi | 87% |
| 202 George St NW, Alexandria 56308 off market | $995 | 2 / 1 | 6.6 mi | 87% |
| 320 Irving St, Alexandria 56308 off market | $1,400 | 2 / 1 | 6.7 mi | 86% |
| 320 Irving St, Apt 2, Alexandria 56308 off market | $1,400 | 2 / 1 | 6.7 mi | 86% |
| 321 Jefferson St, Apt 2, Alexandria 56308 off market | $1,125 | 2 / 1 | 6.8 mi | 86% |
On the maps, this property and comparable rentals. Comparable rentals and rent estimate: RentCast. Rents are asking rents from listings; check them against the actual leases.
Red flags and opportunities
Watch for
- highFully gutted and vacant. No rent income today, and the underwriting cash flow isn't real until the building is rebuilt. Listing says: The owners have vacated all tenants and completed the interior demolition in preparation for renovation · AI review
- mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 1407 STATE HWY
- mediumSold as-is: the seller won't fix what the inspection finds. Price that in. Listing says: "investment opportunity! All offers must include an " As Is " Addendum."
Opportunities
- Possible commercial rezoning could widen the uses, but it is not approved Listing says: The City of Alexandria has expressed interest in having this property become commercially zoned · AI review
- Highway frontage with high visibility, useful for a business use Listing says: excellent visibility and exposure along Hwy 29 · AI review
- City water assessment already paid, so a future hookup avoids that cost Listing says: City water has been stubbed to the property, with the assessment already paid. · AI review
Questions for the agent
- Is the property currently zoned for 4 residential units, and is the 4-unit use still legal after demolition? Has the city put the rezoning interest in writing?
- Were permits pulled for the demolition, and were asbestos, lead and mold tested for? Who did the work?
- What caused the water damage or opened floors in the bathroom and utility areas (photos 4, 8, 9)?
- What is the septic or sewer situation, and when was the well last tested?
- What were the rents and occupancy when it operated as 4 units? Can you share a rent roll and tax bill?
- Will the city allow the units to be rebuilt as rentals, or does the rezoning push toward commercial only?
Bottom line
This is a gutted shell sold as-is, a project with real rebuild costs and zoning questions, not a cash-flowing 4-plex at $320K. AI-assisted summary
What the records say
Where each number comes from
| Property tax / yr Listinglisting, tax year 2026. The tax the listing states. If the seller lives there it may be at the lower homestead rate; an investor owner pays the non-homestead rate, often 20–40% more on the owner's unit. | $3,606 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $4,926 |
| Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid | $340 |
| Heat / mo Assumptionassumption. tenants pay heat; confirm with the agent | $0 |
| Lawn care / mo Assumptionassumption. $120/mo for 6 months, spread over 12; no snow removal | $60 |
| Repairs / capital reserve Rulerule. 9 bedrooms: +1 pt repairs for wear; "as is" in the description: +2 pts each | 10% / 10% |
Price history Realtor.com
On the market since 2026-09-14 (21 days); last sold for $290,000 on 2024-07-25.
| Date | Event | Price |
|---|---|---|
| Price changed | $275,000 | |
| Listed | $320,000 | |
| Sold | $290,000 | |
| Sold | $170,000 | |
| Listed | $195,000 | |
| Sold | $155,000 | |
| Price changed | $169,900 | |
| Price changed | $174,900 | |
| Price changed | $179,900 | |
| Removed | $184,900 | |
| Listed | $184,900 | |
| Listed | $184,900 |
From the listing Listing
| Listed as | four plex |
| Property tax, 2026 | $3,606 |
| County | Douglas |
| Parcel number | 636302460 |
As the listing states it (NorthstarMLS, via Realtor.com). We don't have county records here yet; check the tax, homestead status and special assessments with the county.
Crime, rental-license and vacant-building records are only available for St. Paul and Minneapolis so far. Check with Alexandria on rental licensing before you buy.