224 Ave A · Cloquet, MN 55720

$599,900

77 bd · 121.0 ba · 4,752 sqft · MultiFamily · 55 Days on market

Built 1920 3,485 sqft lot $126/sqft · 36% above area Est $442k · 36% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 11 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Great Income Opportunity! This property is an 11 unit apartment building in a fantastic location in Cloquet. Most tenants have been there for an extended period of time and all 11 units are currently rented. There are 9 parking spots on sight with additional public parking available as well. There is laundry on site in the basement with coin operated machines offering extra income on a monthly basis. Rents and monthly expenses available upon request. If you're looking to add to your portfolio or are looking for your first income property, make your appointment now to see this before it's gone!

Key facts

• Laundry on site
• 9 parking spots
• 3,485 sq ft lot

Tags

• 11 UNIT APARTMENT BUILDING
• 9 PARKING SPOTS
• LAUNDRY ON SITE
• COIN OPERATED MACHINES

What this means for you Summary

Snapshot

• This is a 11 × 7-bed/11.0-bath units multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $7k ($81k/yr) — positive. Per door: $614/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $600k).
• Recommended offer: $582k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.8% vs local median 3.0% in Cloquet — 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 68/100 on livability (#413 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, health & safety D, amenities F.
• Cloquet Public School District (town): math 41% / reading 56% proficiency, ranked #140 of 301 in MN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 87 active listings in the ZIP; 126 units permitted in Carlton County in 2024 (22 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Carlton County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $168k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($582k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $581,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.25% ✓
• Cap rate: 19.81%
• Cash-on-cash: 48.29%
• DSCR: 3.15
• GRM: 3.7

CMA / ARV

• ARV (median comp): $441,827
• List price: $599,900
• Delta: 35.78%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 45.8%
• Equity multiple: 2.98×
• Total profit: $333,350
• Equity at exit: $89,447

10-year hold

• IRR: 51.6%
• Equity multiple: 6.03×
• Total profit: $844,844
• Equity at exit: $51,868

Cash invested: $167,972 (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 55720

• Active inventory: 87
• Price-to-rent: 40.7×

Monthly cashflow live

• Estimated rent: $13,499 medium
• Mortgage (P&I): −$3,146
• Tax from tax record: −$509 /mo · $6,108/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,835
• Net cashflow: $6,759

Break-even live

Break-even rent $4,943

Max offer price $599,900

Occupancy floor 45%

Sensitivity live

Price	-10% $7,099	-5% $6,929	+0% $6,759	+5% $6,590	+10% $6,420
Rent	-10% $5,693	-5% $6,226	+0% $6,759	+5% $7,293	+10% $7,826
Rate	-1.0pp $7,061	-0.5pp $6,912	base $6,759	+0.5pp $6,604	+1.0pp $6,446

11-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 11× units	7	11	$13,497
Total (11 units)			$13,499

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: $149,975
• Closing costs: $17,997
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-07
   status Pending 601-char remark

   Show marketing remark (601 chars)

   Great Income Opportunity! This property is an 11 unit apartment building in a fantastic location in Cloquet. Most tenants have been there for an extended period of time and all 11 units are currently rented. There are 9 parking spots on sight with additional public parking available as well. There is laundry on site in the basement with coin operated machines offering extra income on a monthly basis. Rents and monthly expenses available upon request. If you're looking to add to your portfolio or are looking for your first income property, make your appointment now to see this before it's gone!

2. 2026-04-02
   status Active 601-char remark

   Show marketing remark (601 chars)

   Great Income Opportunity! This property is an 11 unit apartment building in a fantastic location in Cloquet. Most tenants have been there for an extended period of time and all 11 units are currently rented. There are 9 parking spots on sight with additional public parking available as well. There is laundry on site in the basement with coin operated machines offering extra income on a monthly basis. Rents and monthly expenses available upon request. If you're looking to add to your portfolio or are looking for your first income property, make your appointment now to see this before it's gone!

3. 2026-02-19
   status Pending 601-char remark

   Show marketing remark (601 chars)

   Great Income Opportunity! This property is an 11 unit apartment building in a fantastic location in Cloquet. Most tenants have been there for an extended period of time and all 11 units are currently rented. There are 9 parking spots on sight with additional public parking available as well. There is laundry on site in the basement with coin operated machines offering extra income on a monthly basis. Rents and monthly expenses available upon request. If you're looking to add to your portfolio or are looking for your first income property, make your appointment now to see this before it's gone!

4. 2026-01-30
   listed $599,900 Active 601-char remark

   Show marketing remark (601 chars)

   Great Income Opportunity! This property is an 11 unit apartment building in a fantastic location in Cloquet. Most tenants have been there for an extended period of time and all 11 units are currently rented. There are 9 parking spots on sight with additional public parking available as well. There is laundry on site in the basement with coin operated machines offering extra income on a monthly basis. Rents and monthly expenses available upon request. If you're looking to add to your portfolio or are looking for your first income property, make your appointment now to see this before it's gone!

ⓘ 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: $6,108 · $509/mo
• Projected year-2 tax: $6,413 · $534/mo
• Expected delta: +$305/yr (+$25/mo · 5.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $161,988
• − Mortgage interest: −$33,604
• − Property taxes: −$6,108
• − Insurance: −$3,000
• − Repairs & maintenance: −$12,959
• − Management: −$12,959
• − Depreciation: −$17,452
• Taxable income: $75,907
• Est. tax owed @ 24.0%: −$18,218
• After-tax cash flow: $62,894/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: Cloquet Public School District
• NCES district ID: 2709420
• Math proficiency: 41% ▼ -18.00%
• Reading proficiency: 56% ▼ -11.00%
• Median HH income: $49,001
• Composite: 41.39/100
• National rank: #3480
• State rank: #140 of 301 in MN

Livability — Cloquet

• Score: 68/100
• State rank: #413
• US rank: #9680

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cloquet, MN
• City population: 17,480
• Population (ZIP): 17,480

Population outlook (Carlton County) Hauer SSP2

• Today (2025): 35,754 people
• By 2030: 35,623 · -0.4%
• By 2040: 34,822 · -2.6%
• By 2050: 33,348 · -6.7%
• By 2075: 29,152 · -18.5%
• By 2100: 21,672 · -39.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Native American 8% Two or more races 7% Hispanic / Latino 2%
• Common ancestry: Portuguese 10% Romanian 7% Scottish 3%
• Foreign-born: 1%
• Languages at home: 96% English-only · German/W. Germanic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Carlton

• 2024 margin: Toss-up / Even · D 47.7% · R 50.3% · Other 2.0%
• 2008→2024 swing: -29.4pp toward R · 2008: 26.8pp · 2024: -2.6pp
• All cycles: 2024: R+2.6 2020: D+1.5 2016: D+1.7 2012: D+26.2 2008: D+26.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -196.69%
• Current HPI: 185.3201
• Rent YoY: —
• Metro: —
• 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

4 events — show timeline

• 2026-05-07 Pending — LSAR
• 2026-04-02 Relisted — LSAR
• 2026-02-19 Pending — LSAR
• 2026-01-30 Listed $599,900 LSAR

Property tax history

+5.6%/yr

Latest (2026): $6,108 · +2.0% YoY. Source: county tax records.