918 Jefferson Ave

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 1,316 sq ft

Cash flows

27 photos

Photos, via Realtor.com.

Asking price: $99,900
Monthly cash flow: $381
Estimated rent: $1,900/mo
Break-even price: $171,509

Adjust the numbers See the full breakdown

From the listing

Whether you're looking to expand your investment portfolio or purchase a property with the opportunity to offset your mortgage, this versatile up/down duplex offers exceptional potential! It's conveniently located in Albert Lea, has Central AC, a detached double garage, replacement windows, and great income-producing potential! There is flexibility to continue as a duplex or easily convert it back into a spacious single-family home. The main level unit: - Offers comfortable living space! - Three bedrooms with generous closet space and built-in storage - Full bathroom - Spacious living room - Large kitchen featuring abundant cabinetry The upper-level unit: - One-bedroom with large closet - Large bright living room area with newer carpet - Full bathroom with ample storage - A kitchen that opens to a private deck overlooking the neighborhood-an inviting space to relax and unwind. Additional features for this property include hardwood floors and charming built-ins! Based on current market rents, the property offers an estimated rental income potential of $1,850+ per month, with the main level projected at $1,000+ per month and the upper level at approximately $850 per month. The property is currently vacant, allowing a new owner the opportunity to select tenants and establish market rents from day one. Affordable duplexes continue to see strong buyer demand in Albert Lea, making this an attractive opportunity for investors, owner-occupants, or buyers seeking a property with future flexibility and upside potential.

Description from Realtor.com, MLS #7113049. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a $99,900 up/down in Albert Lea, vacant, with 76 days on market. Our model shows about $381/month cash flow and an 11% cap at ask, but it uses our $950 per-unit rent estimates and unverified taxes, so treat it as rough. The listing's own rent projections ($1,000+ main, $850 upper) are not income. Photos show dated but livable interiors, an older exterior, and no pictures of the roof, basement, furnace or electrical panel. Before a showing, find out why it's under $100K and still unsold. Then ask about the heating setup and whether it's licensed as a duplex. It's worth a look if the systems check out, but the price is probably low for a reason.

Things to consider

Why it's under $100K Cheap prices usually hide deferred maintenance or a title or legal issue. Confirm before spending on inspection.
Rent assumptions are our estimates Cash flow of $381/month relies on $950 per unit. The listing's projections are not actual rents, so verify with local comps.Listing says: “Based on current market rents, the property offers an estimated rental income potential of $1,850+ per month”
Dated interiors Original-looking kitchens and baths will hold rents near the lower end of the range and may need updates between tenants.From photo 2
Old house, unseen systems Built in 1900 with no photos of mechanicals. A surprise furnace, roof or wiring bill could erase a year of cash flow.
Duplex vs. single-family flexibility A buyer pool of owner-occupants helps resale, but confirm the unit count and rental license to avoid problems with financing and insurance.Listing says: “There is flexibility to continue as a duplex or easily convert it back”

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

doneReplacement windowsListing says: detached double garage, replacement windows, and great income-producing potential
doneNewer carpet in upper-level living areaListing says: Large bright living room area with newer carpet

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: $99,900
Cash to close: $22,977
Price per unit: $49,950
GRM: 4.4

Each month

Cash flow: $381/mo
Cash-on-cash: 19.9%
Cap rate: 11.0%
DSCR: 1.72×

Break-even

Price that breaks even: $171,509
Rent that breaks even: $1,405/mo

Long run

Year 30: property vs stocks: $994K vs $175K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$1,900
Vacancy (6%)	−$114
Collected	$1,786
Property tax Listing	−$125
Insurance Estimate	−$195
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$152
Capital reserve (9% of rent)	−$171
Net operating income	$913
Mortgage (principal + interest)	−$532
Cash flow	$381
Principal paid down (equity, not cash)	$68

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$994,486

Your equity when you sell: $227,935
Rental profits, invested at 7%: $766,551

Same money in stocks$174,907

Cash to close, invested at 7%: $174,907

The building comes out $819,579 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 $994K, stocks $175K. The property wins.

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 1.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
200 E 3rd St Unit Downstairs, Albert Lea	$850	2 / 1	800	0.2 mi	2026-10-04	Duplex triplex
1302 Madison Ave, Albert Lea	$895	2 / 1	870	0.3 mi	2026-06-24	Apartment
1215 Saint John Ave Apt 3, Albert Lea	$950	2 / 1	769	0.5 mi	—	Duplex triplex
133 W William St Apt 201, Albert Lea	$865	2 / 1	788	0.5 mi	—	Apartment
139 E William St, Albert Lea	$880	2 / 1	894	0.6 mi	2025-05-12	Apartment
1516/1520 E Hawthorne St, Albert Lea	$895	2 / 1	—	1.6 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

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 $99,900
mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 918 JEFFERSON AVE
mediumVacant with 76 days on market at a sub-$100K price. Ask why it hasn't sold and whether inspections or lenders have balked. Based on: data: listing.days_on_market · AI review
mediumUnit count and taxes are unverified. The listing also says it can easily go back to a single-family, so the legal duplex status needs confirming. Listing says: easily convert it back into a spacious single-family home · AI review
lowExterior shows aging siding with peeling or weathered paint. The gravel alley and the lower foundation block look worn. Based on: photo 6 · AI review

Opportunities

Vacant, so you can pick tenants and set rents from day one. No rent cap applies. Listing says: The property is currently vacant, allowing a new owner the opportunity to select tenants · AI review
The main-level 3-bed is projected near $1,000. Our estimate treats both units as 2-beds at $950, so the 3-bed may have upside. Based on: data: rent_estimate · AI review
Detached double garage could support extra income or tenant appeal. Listing says: a detached double garage · AI review

Questions for the agent

Why is it priced under $100K, and why has it sat 76 days? Any offers fall through?
Is it a licensed, legal duplex with the city of Albert Lea? Does each unit have separate meters?
What is the heating setup (one furnace or two), and how old are the furnace, AC, water heater and roof?
What are the annual taxes, and is the tax bill based on duplex or single-family use?
What were the last rents and the reason the units are vacant?
What is the electrical panel type and amperage, and is the wiring original?

Bottom line

Cheap, vacant duplex with decent projected numbers, but verify the legal status, systems and why it's still unsold before getting excited. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2025. 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.	$1,500
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,342
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 1900: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2025-07-22 (440 days, relisted 1×); down $40,000 (28.6%) from the first ask of $139,900; last sold for $24,500 on 2000-12-01.

Date	Event	Price
2026-09-14	Price changed	$99,900
2026-07-21	Listed	$119,900
2026-07-01	Removed	$119,900
2026-03-24	Price changed	$119,900
2025-12-05	Relisted	$121,500
2025-12-02	Removed	—
2025-07-22	Listed	$139,900
2000-12-01	Sold public record	$24,500

From the listing Listing

Listed as	duplex up and down
Property tax, 2025	$1,500
County	Freeborn
Parcel number	340141480

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.