720 N 23rd Ave W · Duluth, MN 55806

$184,000

3 bd · 1.0 ba · 1,400 sqft · Other public records · 6 Days on market

Built 1891 3,484 sqft lot

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 1% rule +5.1/10.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Large, well maintained traditional with spacious rooms and nice floor plan. Eat in kitchen with fresh new paint and flooring, dining and living room carpet is brand new! Upstairs you will find hardwood floors, a great open space perfect as a reading nook or sewing room, and nice sized bedrooms. Walk out basement with plenty of storage, large deck and patio for relaxing outdoors and a large storage shed. Solid home on a quiet street!

Key facts

• 3,484 sq ft lot
• Built 1891
• Listed 5 days

Property features AI

Finance

• Financial info: Free and clear mortgage status

Exterior

• Parking: On-street parking only; No carport spaces
• Utilities: City water (connected); City sewer (connected); Natural gas; Electric service by Minnesota Power
• Home design: Residential property; Two levels; Main entry level present; Above-grade living area 1,400 sq ft
• Construction: Frame construction; Brick and stone foundation; Foundation area includes finished below-ground space
• Exterior features: Deck and porch; Wood exterior; Storage shed on property; Sidewalks along road frontage; Publicly maintained road

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 3 bedrooms (all on the upper level); Bonus room on the upper level
• Bathrooms: 1 full bath (upper level); 1 quarter bath (basement)
• Heating & cooling: Forced air heating; No central air
• Interior features: Gas water heater; Range; Refrigerator; Separate/formal dining room; Full walkout basement
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $184k.

Deal economics

• At list price, monthly cash flow is $238 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $184k).
• Cap rate 7.8% vs local median 4.9% in Duluth — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 82/100 on livability (#36 in MN, #1,060 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities F.
• Duluth Public School District (urban): math 44% / reading 55% proficiency, ranked #132 of 301 in MN (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 44 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• At $1,855/mo this rent would consume 52% of the median local household income ($43k/yr) (locally 506% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 15y ago; this cycle's ask is 130% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $75k; list at $184k implies a 145% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1891 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $184,000

Questions for the listing agent

1. Built in 1891 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
5. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.01% ✓
• Cap rate: 7.84%
• Cash-on-cash: 5.54%
• DSCR: 1.25
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -7.7%
• Equity multiple: 0.72×
• Total profit: $-14,670
• Equity at exit: $27,435

10-year hold

• IRR: 1.8%
• Equity multiple: 1.13×
• Total profit: $6,732
• Equity at exit: $15,909

Cash invested: $51,520 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 46 Balanced
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City: — inherits STATE

2024 reforms strengthened tenant protections; ramsey/hennepin courts paced moderate to slow.

Methodology + full state rankings →

ZIP-level market 55806

• Active inventory: 44
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,855 high
• Mortgage (P&I): −$965
• Tax from tax record: −$186 /mo · $2,232/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$390
• Net cashflow: $238

Break-even live

Break-even rent $1,554

Max offer price $184,000

Occupancy floor 82%

Sensitivity live

Price	-10% $342	-5% $290	+0% $238	+5% $186	+10% $134
Rent	-10% $91	-5% $165	+0% $238	+5% $311	+10% $384
Rate	-1.0pp $330	-0.5pp $285	base $238	+0.5pp $190	+1.0pp $142

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $46,000
• Closing costs: $5,520
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2011 W Superior St Duluth, MN	2.0	1.0–2.0	670	$1,844	$2.75	14d	12	0.56mi
2302 Hillcrest Dr Duluth, MN	3.0	1.5	1072	$3,500	$3.26	44d	1	0.92mi
1302 W 1st St Apt 2 Duluth, MN	2.0	1.0	942	$1,300	$1.38	44d	1	0.98mi
1302 W 1st St Apt 1 Duluth, MN	2.0	1.0	942	$1,275	$1.35	44d	1	0.98mi
1115 W Michigan St Duluth, MN	2.0	1.0	600	$1,395	$2.33	44d	3	1.15mi

Listing history 10 events

1. 2026-06-19
   days on market $184,000 Active 6 DOM
2. 2026-06-18
   days on market $184,000 Active 5 DOM
3. 2026-06-17
   days on market $184,000 Active 4 DOM
4. 2026-06-16
   days on market $184,000 Active 3 DOM
5. 2026-06-15
   days on market $184,000 Active 2 DOM
6. 2026-06-14
   days on marketlisting id $184,000 Active 1 DOM
7. 2026-06-13
   remarks 462-char remark
8. 2026-06-13
   statusdays on marketlisting id $184,000 Active 2 DOM
9. 2026-06-10
   remarks 144-char remark
10. 2026-06-10
    listed $184,000 Coming Soon 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MN · Partial reset (capped growth)

• Current annual tax: $2,232 · $186/mo
• Projected year-2 tax: $2,232 · $186/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥92°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,259
• − Mortgage interest: −$10,307
• − Property taxes: −$2,232
• − Insurance: −$920
• − Repairs & maintenance: −$1,781
• − Management: −$1,781
• − Depreciation: −$5,353
• Taxable loss: −$114
• Est. tax savings @ 24.0%: +$27
• After-tax cash flow: $2,881/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Duluth Public School District
• NCES district ID: 2711040
• Math proficiency: 44% ▼ -10.00%
• Reading proficiency: 55% ▼ -6.00%
• Median HH income: $45,692
• Composite: 41.92/100
• National rank: #3360
• State rank: #132 of 301 in MN

Livability — Duluth

• Score: 82/100
• State rank: #36
• US rank: #1060

Category grades

Amenities F Commute A+ Cost of living A+ Crime C Employment C+ Housing A+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Duluth, MN
• County: Saint Louis County · 115,152 people
• City population: 71,097
• Metro: Duluth, MN-WI
• Population (ZIP): 9,356
• Household income: $42,833
• Rent vs Own: 57.9% rent · 42.1% own
• Severe rent burden: 506.0

Population outlook (St. Louis County) Hauer SSP2

• Today (2025): 202,411 people
• By 2030: 203,234 · +0.4%
• By 2040: 202,520 · +0.1%
• By 2050: 200,853 · -0.8%
• By 2075: 200,943 · -0.7%
• By 2100: 192,058 · -5.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Two or more races 7% Black 7% Native American 5% Hispanic / Latino 3% Asian 1%
• Common ancestry: Portuguese 10% Romanian 5% Scottish 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 93% English-only · Other Indo-European 2% Spanish 2% Chinese 1%

Political lean MEDSL · St. Louis

• 2024 margin: D (+13.7) · D 55.9% · R 42.2% · Other 1.8%
• 2008→2024 swing: -18.8pp toward R · 2008: 32.5pp · 2024: 13.7pp
• All cycles: 2024: D+13.7 2020: D+15.6 2016: D+11.8 2012: D+29.6 2008: D+32.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -122.85%
• Current HPI: 195.9805
• Rent YoY: —
• Metro: Duluth, MN-WI
• State GDP YoY: ▲ 2.41%
• F500 in state: 34

Industry mix (Fortune 500 HQ in MN)

Industry	F500 HQs	Revenue
▸Healthcare	2	$407B
▸Retail	2	$150B
▸Consumer Goods	2	$32B
▸Industrial Machinery	2	$6B
▸Agriculture	1	$40B
▸Healthcare / Medical Devices	1	$32B

Price history

+130.3% since first listed

5 events — show timeline

• 2026-06-10 Coming Soon $184,000 NORTHSTARMLS as Distributed by MLS Grid
• 2016-06-30 Sold (Public Records) $75,000 Public Records
• 2016-06-27 Sold (MLS) $75,000 LSAR
• 2016-05-31 Listed $79,900 LSAR
• 2011-09-08 Listed $79,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+9.9%/yr

Latest (2025): $2,232 · +7.0% YoY. Source: county tax records.