1602 1604 Front St W

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 2,642 sq ft

Far off

26 photos

Photos courtesy of CENTURY 21 Atwood, via Realtor.com.

Asking price: $250,000
Monthly cash flow: −$685
Estimated rent: $1,900/mo
Break-even price: $121,303

Adjust the numbers See the full breakdown

First look

This is a 1959 side-by-side duplex with two 2-bed/1-bath units, asking $250K. Our rent estimate is about $950 per side, or $1,900 a month gross. At that rent the deal loses roughly $685 a month at 20% down, with a 3.1% cap rate. Break-even price is about $121K, so it doesn't work as an investment at today's rates unless the seller moves a lot. The photos show original-era kitchens and baths, a floor drain with a staining and a dehumidifier in the basement, and no rents in the listing. Get the rent roll, tax bill and rental license status before spending time on a showing.

Things to consider

Price is far above what rents support At about $950 per side the property loses roughly $685 a month and breaks even near $121K. Rents would need to jump or the price drop sharply.
Unverified taxes and unit count We couldn't match the county parcel, so taxes could be higher than assumed, especially as non-homestead, and legal unit count isn't confirmed.
Dated interiors cap rent growth Original kitchens and baths and worn carpet mean you'd spend on updates before charging above the estimate.From photo 4
Unknown rent roll and occupancy The listing gives no rents or leases, so the income side is entirely our estimate.Listing says: “Two family side by side duplex with 2 bedrooms and 1 full bath on each side.”
Basement moisture check A stained drain area and dehumidifier suggest water may be an issue; inspect before offering.From photo 7

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

doneWindows replacedListing says: Windows have been replaced.

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: $250,000
Cash to close: $57,500
Price per unit: $125,000
GRM: 11.0

Each month

Cash flow: −$685/mo
Cash-on-cash: −14.3%
Cap rate: 3.1%
DSCR: 0.49×

Break-even

Price that breaks even: $121,303
Rent that breaks even: $2,778/mo

Long run

Year 30: property vs stocks: $570K vs $1.02M
Cash flow turns positive: not within 30 years

Monthly

Monthly breakdown

Rent	$1,900
Vacancy (6%)	−$114
Collected	$1,786
Property tax Listing	−$401
Insurance Estimate	−$205
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$152
Capital reserve (8% of rent)	−$152
Net operating income	$646
Mortgage (principal + interest)	−$1,331
Cash flow	−$685
Principal paid down (equity, not cash)	$169

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

If you buy this building$570,407

Your equity when you sell: $570,407
Rental profits, invested at 7%: $0

Same money in stocks$1,018,737

Cash to close, invested at 7%: $437,705
Monthly shortfalls, invested: $581,033

Stocks come out $448,330 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

This propertyStocks at 7%

Year 30 (loan paid off): property $570K, stocks $1.02M. Stocks win.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-06. The estimate is the median asking rent of every rental we found nearby (the count is shown for each); houses are left out. Asking rents from Realtor.com rental listings, not signed leases.

2 bed estimate $950/mo · range $925–$950 · 6 rentals within 2.25 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1302 Madison Ave, Albert Lea	$895	2 / 1	870	1.0 mi	2026-06-24	Apartment
133 W William St Apt 201, Albert Lea	$865	2 / 1	788	1.1 mi	—	Apartment
200 E 3rd St Unit Downstairs, Albert Lea	$850	2 / 1	800	1.2 mi	2026-10-04	Duplex triplex
139 E William St, Albert Lea	$880	2 / 1	894	1.2 mi	2025-05-12	Apartment
1215 Saint John Ave Apt 3, Albert Lea	$950	2 / 1	769	1.4 mi	—	Duplex triplex
1516/1520 E Hawthorne St, Albert Lea	$895	2 / 1	—	2.2 mi	2025-09-06	Apartment

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: Realtor.com rental listings. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

highNo rents, lease terms or occupancy in the listing. Photos show lived-in homes, so tenants or owner-occupants may be present. Listing says: Two family side by side duplex with 2 bedrooms and 1 full bath on each side. · 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 1602 1604 FRONT ST W
mediumAsking is $128,697 above the price where cash flow breaks even ($121,303) at the default scenario. Based on: Derived: price $250,000 vs. break-even $121,303
mediumBasement shows a stained floor drain area and a dehumidifier, which can point to moisture issues. Based on: photo 7 · AI review
lowAppliances including washers and dryers convey, which means older, owner-maintained equipment that you will own and replace. Listing says: Wall ovens, cook tops, refrigerators, washers, and dryers all remain with sale of property. · AI review

Opportunities

Two-stall garage plus carport gives good off-street parking, which helps rentability in a small market. Listing says: Two stall garage with one additional carport. · AI review

Questions for the agent

Are both sides occupied? What are the rents, lease end dates and deposits?
Who pays heat, electric, water and trash, and are there separate meters and furnaces?
Is the property licensed as a rental in Albert Lea, and what are the actual property taxes?
What is the age of the roof, furnaces, water heaters and electrical panels?
Has the basement had water or moisture problems? What is the drain by the washer for?
Why is it still listed after 42 days, and is the seller flexible on price?

Bottom line

Sound-looking 1959 duplex, but $250K against about $1,900 in gross rents loses money every month, so only look at it at a much lower price. 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.	$4,816
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,460
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$170
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. base rate	8% / 8%

Price history Realtor.com

On the market since 2026-08-24 (42 days).

Date	Event	Price
2026-08-24	Listed	$250,000

From the listing Listing

Listed as	duplex side x side
Property tax, 2026	$4,816
County	Freeborn
Parcel number	341330050

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 Albert Lea on rental licensing before you buy.