922 Jefferson Ave

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 1,637 sq ft

Cash flows

31 photos

Photos courtesy of National Realty Guild - Broker, via Realtor.com.

Asking price: $164,999
Monthly cash flow: $42
Estimated rent: $1,850/mo
Break-even price: $172,851

Adjust the numbers See the full breakdown

First look

This is a 1892 Albert Lea duplex with two 2-bed/1-bath units, asking $164,999 after 173 days on market. Our numbers say it roughly breaks even: about $42/month cash flow at a 6.7% cap rate, with break-even price slightly above the ask ($172,851). So it only works at today's rates if you negotiate down or the real rents beat our $925 estimate. The description gives no rents, no lease terms, no utilities and no system ages, so the first job is getting the rent roll and tax bill, since we couldn't match a county parcel. Photos show dated but livable interiors and a mostly cosmetic refresh; the foundation, roof, and heating are unknown. Worth a showing only if the price comes down and the rent roll holds up.

Things to consider

Price is near break-even Cash flow is about $42/month at the ask, so any vacancy or repair puts you negative. You need a lower price or higher verified rents.
Rents are unknown Our estimate of $925 per unit is the only rent figure. Actual rents drive the whole deal, so get the rent roll.
Long time on market 173 days gives you leverage to negotiate, but also may signal condition or pricing problems.
Old house, unknown systems An 1892 building with no system ages listed could carry big costs for heat, wiring, plumbing and foundation.From photo 1
Taxes and unit legality unverified No county parcel match means tax bill and legal unit count need checking before you trust the numbers.

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: $164,999
Cash to close: $37,950
Price per unit: $82,500
GRM: 7.4

Each month

Cash flow: $42/mo
Cash-on-cash: 1.3%
Cap rate: 6.7%
DSCR: 1.05×

Break-even

Price that breaks even: $172,851
Rent that breaks even: $1,796/mo

Long run

Year 30: property vs stocks: $766K vs $289K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$1,850
Vacancy (6%)	−$111
Collected	$1,739
Property tax Listing	−$72
Insurance Estimate	−$203
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	$920
Mortgage (principal + interest)	−$878
Cash flow	$42
Principal paid down (equity, not cash)	$112

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$765,582

Your equity when you sell: $376,466
Rental profits, invested at 7%: $389,116

Same money in stocks$288,883

Cash to close, invested at 7%: $288,883

The building comes out $476,699 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 $766K, stocks $289K. 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 $925/mo · range $900–$925 · 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	0.6 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

highDescription gives no rents, lease terms or tenant details, only a vague claim that it pays for itself Listing says: it essentially pays for itself · AI review
highOur underwriting shows almost zero cash flow at the asking price Based on: data: underwriting.cash_flow_monthly · 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 922 JEFFERSON AVE
mediumStone and block-type foundation on an 1892 house, with visible exposed foundation and a crawl-space vent; needs inspection Based on: photo 1 · AI review
mediumTaxes and unit count are not verified against county records Based on: data: county.tax · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 173 days on market, 2 price cuts
173 days on market suggests room to negotiate below the ask, which is needed to make the numbers work Based on: data: listing.days_on_market · AI review
No rent cap, so rents can be raised to market after any turnover Based on: data: underwriting.rent_rule · AI review
House-hack potential: live in one unit and rent the other Listing says: you can live in one unit and use the rent from the other unit to help pay your mortgage · AI review

Questions for the agent

What are the current rents, lease end dates, and are any tenants month-to-month?
Who pays heat, electric, water and trash, and are there separate meters and furnaces?
What are the annual property taxes, and is the listed tax homestead?
How old are the roof, furnace(s), water heater and electrical panel?
Is the property rental-licensed with the city of Albert Lea as a two-unit?
Why has it sat 173 days, and have there been price cuts or offers?

Bottom line

A basic 1892 Albert Lea duplex that barely breaks even at the ask, so it only makes sense at a lower price with verified rents. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2024. 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.	$864
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,430
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 1892: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-04-15 (173 days); last sold for $60,000 on 2018-01-01.

Date	Event	Price
2026-06-29	Removed	$169,999
2026-06-28	Removed	$189,900
2026-04-15	Listed	$164,999
2021-03-18	Removed	$69,000
2019-03-11	Removed	$60,000
2018-12-10	Removed	$60,000
2018-03-30	Removed	$60,000
2018-01-01	Sold public record	$60,000
2017-09-19	Listed	$60,000
2011-06-01	Removed	$69,000
2010-12-01	Sold public record	$75,000
2007-03-29	Listed	$69,000
2006-11-15	Removed	$78,000
2006-05-17	Listed	$78,000
2002-09-04	Sold public record	$39,000

From the listing Listing

Listed as	duplex up and down
Property tax, 2024	$864
County	Freeborn
Parcel number	340141470

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.