509 E 4th St

Cash flows

4 photos

Photos courtesy of NRT-Minnesota (CB Burnet), via Realtor.com.

Asking price: $189,000
Monthly cash flow: $792
Estimated rent: $3,100/mo
Break-even price: $337,820

Adjust the numbers See the full breakdown

From the listing

This charming up-down duplex in Albert Lea offers timeless curb appeal and a versatile opportunity for both investors and owner-occupants. Ideally located within walking distance of local shops, dining, and everyday conveniences, the property is also just minutes from Albert Lea Lake's scenic beaches and well-loved recreational amenities. The home features a well-maintained exterior, a spacious front yard ideal for relaxing or outdoor gatherings, and a detached 2-car garage providing valuable storage and off-street parking. Both units enjoy the comfort of a quiet residential setting with a peaceful, small-town feel while remaining conveniently close to everything Albert Lea has to offer. Whether you're looking to generate rental income, expand your investment portfolio, or live in one unit while offsetting expenses with the other, this duplex presents a compelling combination of character, flexibility, and location.

Listing courtesy of NRT-Minnesota (CB Burnet) (Mike Wilen). Description from Realtor.com, MLS #7004302. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

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: $189,000
Cash to close: $43,470
Price per unit: $94,500
GRM: 5.1

Each month

Cash flow: $792/mo
Cash-on-cash: 21.9%
Cap rate: 11.4%
DSCR: 1.79×

Break-even

Price that breaks even: $337,820
Rent that breaks even: $2,071/mo

Long run

Year 30: property vs stocks: $2.03M vs $331K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$3,100
Vacancy (6%)	−$186
Collected	$2,914
Property tax Listing	−$151
Insurance Estimate	−$208
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$248
Capital reserve (9% of rent)	−$279
Net operating income	$1,798
Mortgage (principal + interest)	−$1,006
Cash flow	$792
Principal paid down (equity, not cash)	$128

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	$458,753
Minus 6% selling cost	−$27,525
Minus loan still owedTenants' rent paid down all $170,100 of principal by year 30	$0
Plus rental profits, invested at 7%$585,386 of profit by year 30, before investment growth	$1,426,892
What you'd walk away with	$1,858,120
If you put the same money in stocks
Cash to close ($24,570) invested at 7%	$187,033
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	$187,033
Building minus stocks	$1,671,087

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$458,753
Minus 6% selling cost	−$27,525
Minus loan still owedTenants' rent paid down all $170,100 of principal by year 30	$0
Plus rental profits, invested at 7%$435,661 of profit by year 30, before investment growth	$1,018,948
What you'd walk away with	$1,450,175
If you put the same money in stocks
Cash to close ($24,570) invested at 7%	$187,033
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	$187,033
Building minus stocks	$1,263,142

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$434,480
Minus 6% selling cost	−$26,069
Minus loan still owedTenants' rent paid down all $161,100 of principal by year 30	$0
Plus rental profits, invested at 7%$607,212 of profit by year 30, before investment growth	$1,496,506
What you'd walk away with	$1,904,917
If you put the same money in stocks
Cash to close ($23,270) invested at 7%	$177,137
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	$177,137
Building minus stocks	$1,727,780

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$434,480
Minus 6% selling cost	−$26,069
Minus loan still owedTenants' rent paid down all $161,100 of principal by year 30	$0
Plus rental profits, invested at 7%$457,487 of profit by year 30, before investment growth	$1,088,561
What you'd walk away with	$1,496,972
If you put the same money in stocks
Cash to close ($23,270) invested at 7%	$177,137
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	$177,137
Building minus stocks	$1,319,835

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$458,753
Minus 6% selling cost	−$27,525
Minus loan still owedTenants' rent paid down all $151,200 of principal by year 30	$0
Plus rental profits, invested at 7%$635,757 of profit by year 30, before investment growth	$1,602,319
What you'd walk away with	$2,033,547
If you put the same money in stocks
Cash to close ($43,470) invested at 7%	$330,905
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	$330,905
Building minus stocks	$1,702,642

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$458,753
Minus 6% selling cost	−$27,525
Minus loan still owedTenants' rent paid down all $151,200 of principal by year 30	$0
Plus rental profits, invested at 7%$486,031 of profit by year 30, before investment growth	$1,194,374
What you'd walk away with	$1,625,602
If you put the same money in stocks
Cash to close ($43,470) invested at 7%	$330,905
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	$330,905
Building minus stocks	$1,294,697

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$434,480
Minus 6% selling cost	−$26,069
Minus loan still owedTenants' rent paid down all $143,200 of principal by year 30	$0
Plus rental profits, invested at 7%$654,917 of profit by year 30, before investment growth	$1,662,650
What you'd walk away with	$2,071,062
If you put the same money in stocks
Cash to close ($41,170) invested at 7%	$313,397
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	$313,397
Building minus stocks	$1,757,665

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$434,480
Minus 6% selling cost	−$26,069
Minus loan still owedTenants' rent paid down all $143,200 of principal by year 30	$0
Plus rental profits, invested at 7%$505,192 of profit by year 30, before investment growth	$1,254,706
What you'd walk away with	$1,663,117
If you put the same money in stocks
Cash to close ($41,170) invested at 7%	$313,397
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	$313,397
Building minus stocks	$1,349,720

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$458,753
Minus 6% selling cost	−$27,525
Minus loan still owedTenants' rent paid down all $141,750 of principal by year 30	$0
Plus rental profits, invested at 7%$658,390 of profit by year 30, before investment growth	$1,673,586
What you'd walk away with	$2,104,813
If you put the same money in stocks
Cash to close ($52,920) invested at 7%	$402,841
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	$402,841
Building minus stocks	$1,701,972

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$458,753
Minus 6% selling cost	−$27,525
Minus loan still owedTenants' rent paid down all $141,750 of principal by year 30	$0
Plus rental profits, invested at 7%$508,665 of profit by year 30, before investment growth	$1,265,641
What you'd walk away with	$1,696,868
If you put the same money in stocks
Cash to close ($52,920) invested at 7%	$402,841
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	$402,841
Building minus stocks	$1,294,027

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$434,480
Minus 6% selling cost	−$26,069
Minus loan still owedTenants' rent paid down all $134,250 of principal by year 30	$0
Plus rental profits, invested at 7%$676,353 of profit by year 30, before investment growth	$1,730,146
What you'd walk away with	$2,138,557
If you put the same money in stocks
Cash to close ($50,120) invested at 7%	$381,526
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	$381,526
Building minus stocks	$1,757,031

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$434,480
Minus 6% selling cost	−$26,069
Minus loan still owedTenants' rent paid down all $134,250 of principal by year 30	$0
Plus rental profits, invested at 7%$526,628 of profit by year 30, before investment growth	$1,322,201
What you'd walk away with	$1,730,612
If you put the same money in stocks
Cash to close ($50,120) invested at 7%	$381,526
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	$381,526
Building minus stocks	$1,349,086

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 $2.03M, stocks $331K. 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.

4 bed estimate $1,600/mo · range $1,375–$2,000 · 33 rentals across Greater Minnesota

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
224 James Ave, Mankato	$1,979	4 / 2	1,700	47.7 mi	2026-03-03	Apartment
216 James Ave, Mankato	$2,200	4 / 2	1,200	47.7 mi	2026-04-16	Apartment
526 S 2nd St Apt 1, Mankato	$2,475	5 / 2	—	48.3 mi	2022-11-15	Apartment
526 S 2nd St Apt 3, Mankato	$1,980	4 / 2	—	48.3 mi	2026-10-01	Apartment
520 S 2nd St, Mankato	$2,080	4 / 1	1,525	48.3 mi	2026-06-01	Apartment
1730 Restoration Rd SW, Rochester	$1,948	4 / 2	1,494	50.6 mi	2026-08-28	Apartment
826 21st Ave SE, Rochester	$1,395	4 / 2	1,240	53.0 mi	2026-04-30	Apartment
422 Division St S, Northfield	$2,800	4 / 2	1,567	57.1 mi	2026-01-30	Apartment
2998 Rivers Ridge Dr, Red Wing	$2,190	4 / 3.5	2,607	74.7 mi	2026-07-25	Apartment
373 Main St, Winona	$360	4 / 2	—	90.3 mi	2022-04-06	Apartment

3 bed estimate $1,500/mo · range $1,300–$1,725 · 141 rentals across Greater Minnesota

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
203 31st St SW, Austin	$1,270	3 / 2	1,096	17.2 mi	2025-01-03	Apartment
1105 3rd St NW, Austin	$1,300	3 / 1	950	19.3 mi	2025-07-30	Apartment
3rd St SE, Austin	$1,295	3 / 2	1,225	19.6 mi	2026-03-20	Apartment
2nd Dr NE, Austin	$1,275	3 / 1.5	1,296	19.6 mi	2026-09-26	Apartment
630 Maple Ln, Eagle Lake	$1,495	3 / 1.5	1,200	43.8 mi	2026-08-26	Apartment
217 Thomas Dr E, Eagle Lake	$1,495	3 / 2	1,232	43.9 mi	2025-05-29	Apartment
96 Valley Ln, Eagle Lake	$1,400	3 / 1.5	1,100	44.4 mi	2026-06-03	Apartment
101 Eagle Ave Apt 1, Eagle Lake	$1,600	3 / 3	1,242	44.6 mi	2024-05-16	Apartment
9 1st St SW Apt 1, Faribault	$1,650	3 / 1	—	45.0 mi	2026-09-22	Apartment
3200 Noble Dr, Mankato	$2,150	3 / 2	1,628	45.7 mi	2026-04-02	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 509 4TH ST E

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 276 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.	$1,808
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,500
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%

Status history

2026-01-02New at $189,000

From the listing Listing

Listed as	duplex up and down
Property tax, 2025	$1,808
County	Freeborn
Parcel number	1

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.