221 N 3rd Ave

Albert Lea, MN · View the listing ↗

21 photos

Photos, via Realtor.com.

Asking price: $169,900
Monthly cash flow: −$78
Estimated rent: $1,800/mo
Break-even price: $155,298

Adjust the numbers See the full breakdown

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: $169,900
Cash to close: $39,077
Price per unit: $84,950
GRM: 7.9

Each month

Cash flow: −$78/mo
Cash-on-cash: −2.4%
Cap rate: 5.8%
DSCR: 0.91×

Break-even

Price that breaks even: $155,298
Rent that breaks even: $1,901/mo

Long run

Year 30: property vs stocks: $611K vs $312K
Cash flow turns positive: year 5

Monthly

Monthly breakdown

Rent	$1,800
Vacancy (6%)	−$108
Collected	$1,692
Property tax Listing	−$119
Insurance Estimate	−$211
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$144
Capital reserve (9% of rent)	−$162
Net operating income	$827
Mortgage (principal + interest)	−$904
Cash flow	−$78
Principal paid down (equity, not cash)	$115

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

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$412,392
Minus 6% selling cost	−$24,744
Minus loan still owedTenants' rent paid down all $152,910 of principal by year 30	$0
Plus rental profits, invested at 7%$89,016 of profit by year 30, before investment growth	$145,450
What you'd walk away with	$533,098
If you put the same money in stocks
Cash to close ($22,087) invested at 7%	$168,132
Monthly shortfalls ($15,118 total by yr 30) investedThe money you'd have put into the building while it lost money	$93,977
What you'd walk away with	$262,109
Building minus stocks	$270,989

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$412,392
Minus 6% selling cost	−$24,744
Minus loan still owedTenants' rent paid down all $152,910 of principal by year 30	$0
Plus rental profits, invested at 7%$29,332 of profit by year 30, before investment growth	$38,789
What you'd walk away with	$426,437
If you put the same money in stocks
Cash to close ($22,087) invested at 7%	$168,132
Monthly shortfalls ($42,371 total by yr 30) investedThe money you'd have put into the building while it lost money	$224,187
What you'd walk away with	$392,319
Building minus stocks	$34,118

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$388,119
Minus 6% selling cost	−$23,287
Minus loan still owedTenants' rent paid down all $143,910 of principal by year 30	$0
Plus rental profits, invested at 7%$105,367 of profit by year 30, before investment growth	$183,103
What you'd walk away with	$547,935
If you put the same money in stocks
Cash to close ($20,787) invested at 7%	$158,236
Monthly shortfalls ($9,643 total by yr 30) investedThe money you'd have put into the building while it lost money	$62,017
What you'd walk away with	$220,253
Building minus stocks	$327,682

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$388,119
Minus 6% selling cost	−$23,287
Minus loan still owedTenants' rent paid down all $143,910 of principal by year 30	$0
Plus rental profits, invested at 7%$39,666 of profit by year 30, before investment growth	$55,723
What you'd walk away with	$420,555
If you put the same money in stocks
Cash to close ($20,787) invested at 7%	$158,236
Monthly shortfalls ($30,880 total by yr 30) investedThe money you'd have put into the building while it lost money	$171,509
What you'd walk away with	$329,745
Building minus stocks	$90,810

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$412,392
Minus 6% selling cost	−$24,744
Minus loan still owedTenants' rent paid down all $135,920 of principal by year 30	$0
Plus rental profits, invested at 7%$121,297 of profit by year 30, before investment growth	$223,422
What you'd walk away with	$611,070
If you put the same money in stocks
Cash to close ($39,077) invested at 7%	$297,464
Monthly shortfalls ($2,119 total by yr 30) investedThe money you'd have put into the building while it lost money	$14,251
What you'd walk away with	$311,715
Building minus stocks	$299,355

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$412,392
Minus 6% selling cost	−$24,744
Minus loan still owedTenants' rent paid down all $135,920 of principal by year 30	$0
Plus rental profits, invested at 7%$50,375 of profit by year 30, before investment growth	$75,020
What you'd walk away with	$462,669
If you put the same money in stocks
Cash to close ($39,077) invested at 7%	$297,464
Monthly shortfalls ($18,135 total by yr 30) investedThe money you'd have put into the building while it lost money	$102,720
What you'd walk away with	$400,185
Building minus stocks	$62,484

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$388,119
Minus 6% selling cost	−$23,287
Minus loan still owedTenants' rent paid down all $127,920 of principal by year 30	$0
Plus rental profits, invested at 7%$138,662 of profit by year 30, before investment growth	$271,792
What you'd walk away with	$636,624
If you put the same money in stocks
Cash to close ($36,777) invested at 7%	$279,956
Monthly shortfalls ($324 total by yr 30) investedThe money you'd have put into the building while it lost money	$2,290
What you'd walk away with	$282,246
Building minus stocks	$354,378

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$388,119
Minus 6% selling cost	−$23,287
Minus loan still owedTenants' rent paid down all $127,920 of principal by year 30	$0
Plus rental profits, invested at 7%$62,565 of profit by year 30, before investment growth	$99,129
What you'd walk away with	$463,961
If you put the same money in stocks
Cash to close ($36,777) invested at 7%	$279,956
Monthly shortfalls ($11,164 total by yr 30) investedThe money you'd have put into the building while it lost money	$66,497
What you'd walk away with	$346,453
Building minus stocks	$117,508

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$412,392
Minus 6% selling cost	−$24,744
Minus loan still owedTenants' rent paid down all $127,425 of principal by year 30	$0
Plus rental profits, invested at 7%$139,779 of profit by year 30, before investment growth	$275,045
What you'd walk away with	$662,693
If you put the same money in stocks
Cash to close ($47,572) invested at 7%	$362,130
Monthly shortfalls ($254 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,810
What you'd walk away with	$363,940
Building minus stocks	$298,753

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$412,392
Minus 6% selling cost	−$24,744
Minus loan still owedTenants' rent paid down all $127,425 of principal by year 30	$0
Plus rental profits, invested at 7%$63,355 of profit by year 30, before investment growth	$100,749
What you'd walk away with	$488,397
If you put the same money in stocks
Cash to close ($47,572) invested at 7%	$362,130
Monthly shortfalls ($10,769 total by yr 30) investedThe money you'd have put into the building while it lost money	$64,385
What you'd walk away with	$426,515
Building minus stocks	$61,882

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$388,119
Minus 6% selling cost	−$23,287
Minus loan still owedTenants' rent paid down all $119,925 of principal by year 30	$0
Plus rental profits, invested at 7%$157,487 of profit by year 30, before investment growth	$329,796
What you'd walk away with	$694,628
If you put the same money in stocks
Cash to close ($44,772) invested at 7%	$340,816
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$340,816
Building minus stocks	$353,812

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$388,119
Minus 6% selling cost	−$23,287
Minus loan still owedTenants' rent paid down all $119,925 of principal by year 30	$0
Plus rental profits, invested at 7%$76,356 of profit by year 30, before investment growth	$129,405
What you'd walk away with	$494,237
If you put the same money in stocks
Cash to close ($44,772) invested at 7%	$340,816
Monthly shortfalls ($5,806 total by yr 30) investedThe money you'd have put into the building while it lost money	$36,481
What you'd walk away with	$377,296
Building minus stocks	$116,941

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 $611K, stocks $312K. The property wins.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-04. 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.

1 bed estimate $900/mo · range $850–$925 · 357 rentals across Greater Minnesota

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
133 W William St, Albert Lea	$1,000	1 / 1	750	0.7 mi	—	Apartment
710 S Washington Ave, Albert Lea	$650	1 / 1	380	0.8 mi	2026-09-10	Apartment
127 Elizabeth Ave, Albert Lea	$725	1 / 1	—	0.9 mi	2026-08-21	Apartment
520th 6th St, Ellendale	$995	1 / 1	717	15.8 mi	2025-11-05	Apartment
900 14th St NW, Austin	$845	1 / 1	522	19.6 mi	2025-01-03	Apartment
1105 3rd St NW, Austin	$925	1 / 1	522	20.3 mi	2025-07-30	Apartment
104 1st St SW, Austin	$700	1 / 1	585	20.3 mi	2026-08-14	Apartment
704 1st Dr NW, Austin	$1,629	1 / 1	849	20.4 mi	2026-01-26	Apartment
119 2nd Ave NE Apt 3, Austin	$1,000	1 / 1	650	20.5 mi	2026-09-28	Apartment
139 2nd Ave NE Unit Main, Blooming Prairie	$675	1 / 1	300	22.3 mi	2026-08-15	Apartment

2 bed estimate $900/mo · range $875–$925 · 6 rentals within 1.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
133 W William St Apt 201, Albert Lea	$865	2 / 1	788	0.7 mi	—	Apartment
139 E William St, Albert Lea	$880	2 / 1	894	0.8 mi	2025-05-12	Apartment
200 E 3rd St Unit Downstairs, Albert Lea	$850	2 / 1	800	1.0 mi	2026-10-04	Duplex triplex
1302 Madison Ave, Albert Lea	$895	2 / 1	870	1.1 mi	2026-06-24	Apartment
1215 Saint John Ave Apt 3, Albert Lea	$950	2 / 1	769	1.3 mi	—	Duplex triplex
1516/1520 E Hawthorne St, Albert Lea	$895	2 / 1	—	1.7 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

mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 221 3RD AVE N

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 207 days on market

Questions for the agent

Can we see the current leases and a rent roll, with move-in dates?
What did water/sewer/trash, heat and electric cost the owner over the last 12 months?
How old are the roof, boiler or furnaces, water heaters and electrical panels?
Is the building licensed as a rental for this many units, and when was the last city inspection?
Any special assessments pending, and will the seller pay them off at closing?

Standard questions worth asking about any building.

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.	$1,426
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,527
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 1908: +1 pt capital reserve	8% / 9%

Status history

2026-03-12New at $169,900

From the listing Listing

Listed as	duplex up and down
Property tax, 2025	$1,426
County	Freeborn
Parcel number	340077190

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.