214 W College St

Duplex · 2 units: 1 bed / 1 bath ×2 unit split estimated · 1,449 sq ft

Cash flows

36 photos

Photos courtesy of Exp Realty - Broker, via Realtor.com.

Asking price: $94,900
Monthly cash flow: $362
Estimated rent: $1,850/mo
Break-even price: $162,951

Adjust the numbers See the full breakdown

From the listing

Affordable duplex investment opportunity at 214 W College St in Albert Lea. This cash-flowing property offers two separate units, providing rental income from both sides and an excellent opportunity to build or expand a rental portfolio. The property offers a practical layout, affordable price point, and established rental potential. Whether you're a first-time investor looking for an entry-level property or an experienced landlord adding another unit to your portfolio, this duplex offers the opportunity to generate income while building long-term equity. Conveniently located near local amenities, schools, shopping, and downtown Albert Lea. An affordable duplex with income-producing potential is hard to beat.

Listing courtesy of Exp Realty - Broker (Dillon Dale). Description from Realtor.com, MLS #7154528. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a $94,900 duplex built in 1888 with no rents, no lease info and no repair details in the listing, so everything rests on our estimates. We model about $925 per 1-bed unit, which gives roughly $362/month cash flow and an 11% cap at asking. That looks good, but it depends on unverified taxes and unit count, and the price is under $100K, so find out why it's cheap. The photos show dated but livable interiors: old vinyl floors, a mismatched kitchen, fresh carpet and no sign of major work. Ask for the rent roll, the rental license and the reason for the price, then inspect the foundation and the heating and electrical before you offer. It's worth a showing only if the rents and licensing check out.

Things to consider

Rents are unknown; our estimates drive the numbers The modeled $362/month cash flow relies on estimated $925 rents per unit. Actual rents or vacancy could change the result a lot.
Why it's under $100K Low prices often hide major repairs, title issues or a listing error. Resolve this before spending on inspections.
1888 building needs a systems check Old foundations, wiring, plumbing and heat can bring big surprise costs that the modeled reserves may not cover.
Dated kitchens and baths Both kitchens and baths look original or older. Expect some updating cost to hold rents or to cut turnover time.From photo 4
Unit count and licensing unverified If the county or city doesn't recognize two legal units, income and financing could suffer.

From the photos

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

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: $94,900
Cash to close: $21,827
Price per unit: $47,450
GRM: 4.3

Each month

Cash flow: $362/mo
Cash-on-cash: 19.9%
Cap rate: 11.0%
DSCR: 1.72×

Break-even

Price that breaks even: $162,951
Rent that breaks even: $1,380/mo

Long run

Year 30: property vs stocks: $942K vs $166K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$1,850
Vacancy (6%)	−$111
Collected	$1,739
Property tax Listing	−$129
Insurance Estimate	−$198
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$148
Capital reserve (9% of rent)	−$166
Net operating income	$867
Mortgage (principal + interest)	−$505
Cash flow	$362
Principal paid down (equity, not cash)	$64

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$941,744

Your equity when you sell: $216,526
Rental profits, invested at 7%: $725,218

Same money in stocks$166,153

Cash to close, invested at 7%: $166,153

The building comes out $775,591 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 $942K, stocks $166K. 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.

1 bed / 1 bath estimate $925/mo · range $850–$1,000

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
524 Park [Furnished Ave, Unit 4, Albert Lea 56007 off market	$900	1 / 1	1,200	0.5 mi	2025-01-02	95%
826 S 4th Ave, Apt 306, Albert Lea 56007 off market	$800	1 / 1	—	0.8 mi	2025-12-03	93%
133 W William St, Albert Lea 56007	$1,000	1 / 1	750	0.1 mi	2026-10-05	88%
820 S 4th Ave, Apt 304, Albert Lea 56007 off market	$750	1 / 1	672	0.7 mi	2023-11-23	86%
1704 Sunset St, Apt 9, Albert Lea 56007 off market	$800	1 / 1	700	1.2 mi	2025-11-19	86%
127 Elizabeth Ave, Albert Lea 56007	$725	1 / 1	600	0.3 mi	2026-08-21	86%
820 S 4th Ave, Apt 302, Albert Lea 56007 off market	$850	2 / 1	—	0.7 mi	2026-07-14	83%
902 S 4th Ave, Apt 203, Albert Lea 56007 off market	$900	2 / 1	—	0.8 mi	2026-07-31	83%
1516/1520 E Hawthorne St, Albert Lea 56007	$895	2 / 1	—	1.3 mi	2025-09-06	83%
1516/1520 E Hawthorne Ave, Albert Lea 56007 off market	$950	2 / 1	—	1.3 mi	2025-09-06	83%

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

highPriced under $100K: usually means major repairs, a fire or condemned building, a contract-for-deed or partial-interest sale, or a listing error. Find out why before anything else. Based on: Listing data: asking $94,900
highDescription gives no rents, lease status, occupancy or expenses, yet calls the property 'cash-flowing'. Listing says: This cash-flowing property offers two separate units, providing rental income from both sides · 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 214 COLLEGE ST W
mediumTaxes, unit count and rental license could not be verified from county or city records. Based on: data: county.tax · AI review
mediumBuilt in 1888, with no information on foundation, wiring, plumbing or roof age. Based on: data: listing.year_built · AI review
lowUpper unit kitchen is a basic kitchenette with an older range, which may not look like a full legal kitchen. Based on: photo 4 · AI review

Opportunities

Low purchase price relative to estimated rents; the break-even price in our model is well above asking. Based on: data: underwriting.break_even_price · AI review
No rent cap, so rents can follow the market after light updates. Based on: data: underwriting.rent_rule · AI review
Neutral, fresh carpet and paint in the upper unit suggest it is close to rent-ready. Based on: photo 5 · AI review

Questions for the agent

Why is it priced under $100K? Any condemnation, fire, contract-for-deed or title issue?
What are the current rents, lease terms and occupancy for each unit? Can you provide the rent roll and leases?
Which utilities does the owner pay, and are there separate meters and heating systems?
What are the annual taxes, and is the city rental license current for two units?
How old are the roof, furnace, water heater and electrical panel?
Is each unit's bedroom count and layout legal? What is the unit mix?

Bottom line

The cheap price and modeled 11% cap look attractive, but with no rents or records in the listing, treat it as unproven until the rent roll and the reason for the low price check out. 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.	$1,548
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,378
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. built 1888: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-10-02 (3 days); last sold for $42,000 on 2024-09-04.

Date	Event	Price
2026-10-02	Listed	$94,900
2026-06-28	Removed	$89,900
2024-09-04	Sold	$42,000
2024-08-02	Listed	$49,000
2019-05-31	Sold	$42,600
2019-04-16	Listed	$49,900
2019-03-11	Removed	$53,900
2019-01-01	Sold public record	$42,600
2018-12-20	Removed	$53,900
2018-12-10	Removed	$53,900
2018-12-08	Removed	$53,900
2008-12-15	Removed	$53,900
2007-08-27	Listed	$53,900

From the listing Listing

Listed as	duplex up and down
Property tax, 2026	$1,548
County	Freeborn
Parcel number	340071270

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.