204 W Faribault St · Duluth, MN 55803

$277,900

4 bd · 2.0 ba · 1,248 sqft · SingleFamily public records · 71 Days on market

Built 1940 7,405 sqft lot Est $276k · at est.

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Why this score? — see what drove the D 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 +14.8/30.0
• ARV discount +7.2/15.0
• DSCR +4.5/10.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• 1% rule +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nature and everything else at your doorstep! Home is where you have everything you need, and this Woodland charmer could be yours. Groceries, hardware, dining and more all within walking distance to Hartley Nature Center. Or you could just get up and look out the window! This freshly updated three+ bedroom expansion bungalow has been shined from top to bottom with new carpeting, flooring, fresh paint and refinished hardwood floors. Upstairs is a spacious, sunny master bedroom with ensuite half bath. Use the other room for sewing room or office space or treat yourself to the closet of your dreams! On the main floor, there's a newly redone eat-in kitchen, a full bath two bedrooms and a cozy living to spend evenings in enjoying the warmth of the gas fireplace. North-side deck is perfect spot to enjoy a book or nature-watching on a warm summer days. Enjoy the South-side deck overlooking huge yard and native wildflower garden with birds, bees, butterflies and pollinators it attracts. You'll want to work from home even if you don't already!

Key facts

• Master bath
• Soaking tub
• Large backyard

Tags

• LARGE BACKYARD
• SOAKING TUB
• NEWLY UPDATED BATHROOM
• MASTER BATH
• BRAND NEW FURNACE
• NEW CENTRAL AIR

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $278k.

Deal economics

• At list price, monthly cash flow is $76 ($913/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $240k (13.5% below list).
• Recommended offer: $240k (13.5% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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.
• Zoned schools: Homecroft Elementary (math 67% / reading 67%, grade B+, #102 of 857 statewide, top 13%, 402 students, 28% FRL); Ordean East Middle School (math 45% / reading 61%, grade C+, #53 of 258 statewide, top 22%, 989 students, 26% FRL); East High School (math 42% / reading 73%, grade C, #59 of 471 statewide, top 13%, 1,494 students, 23% FRL).
• Market conditions: 109 active listings in the ZIP; solid renter incomes; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($261k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago 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.
• Current owner paid $189k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $240,491 (13.5% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.87% ✗
• Cap rate: 6.62%
• Cash-on-cash: 1.17%
• DSCR: 1.05
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $275,808
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
204 W Faribault St	0.00mi	4/2.0	1,248 (0%)	1mo	$275,400	$221	99
301 W Faribault St	0.12mi	3/2.0 (-1)	1,277 (+2%)	9mo	$305,750	$239	78
3424 Woodland Ave	0.37mi	3/2.0 (-1)	1,242 (-0%)	11mo	$274,900	$221	68
215 W Redwing St	0.10mi	3/2.0 (-1)	1,308 (+5%)	18mo	$265,000	$203	67
106 E Winona St	0.35mi	3/2.0 (-1)	1,274 (+2%)	21mo	$216,210	$170	58
205 E Hubbell St	0.57mi	3/2.0 (-1)	1,256 (+1%)	14mo	$375,000	$299	55
341 W Winona St	0.23mi	3/2.0 (-1)	1,344 (+8%)	20mo	$245,000	$182	54
415 Minneapolis Ave	0.65mi	3/1.5 (-1)	1,256 (+1%)	10mo	$285,500	$227	53

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -14.4%
• Equity multiple: 0.48×
• Total profit: $-40,209
• Equity at exit: $41,436

10-year hold

• IRR: -5.7%
• Equity multiple: 0.63×
• Total profit: $-28,868
• Equity at exit: $24,028

Cash invested: $77,812 (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 55803

• Active inventory: 109
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,405 medium
• Mortgage (P&I): −$1,457
• Tax from tax record: −$251 /mo · $3,008/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$505
• Net cashflow: $76

Break-even live

Break-even rent $2,309

Max offer price $277,900

Occupancy floor 92%

Sensitivity live

Price	-10% $233	-5% $155	+0% $76	+5% $-3	+10% $-81
Rent	-10% $-114	-5% $-19	+0% $76	+5% $171	+10% $266
Rate	-1.0pp $216	-0.5pp $147	base $76	+0.5pp $4	+1.0pp $-69

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: $69,475
• Closing costs: $8,337
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-04-21
   status Pending
2. 2026-04-06
   price $277,900
3. 2026-03-16
   price $282,900
4. 2026-02-09
   listed $289,900 Active
5. 2023-04-06
   soldstatus $189,000
6. 2023-04-03
   soldstatus $189,000 1052-char remark

   Show marketing remark (1052 chars)

   Nature and everything else at your doorstep! Home is where you have everything you need, and this Woodland charmer could be yours. Groceries, hardware, dining and more all within walking distance to Hartley Nature Center. Or you could just get up and look out the window! This freshly updated three+ bedroom expansion bungalow has been shined from top to bottom with new carpeting, flooring, fresh paint and refinished hardwood floors. Upstairs is a spacious, sunny master bedroom with ensuite half bath. Use the other room for sewing room or office space or treat yourself to the closet of your dreams! On the main floor, there's a newly redone eat-in kitchen, a full bath two bedrooms and a cozy living to spend evenings in enjoying the warmth of the gas fireplace. North-side deck is perfect spot to enjoy a book or nature-watching on a warm summer days. Enjoy the South-side deck overlooking huge yard and native wildflower garden with birds, bees, butterflies and pollinators it attracts. You'll want to work from home even if you don't already!

7. 2023-02-20
   listed $199,000 1052-char remark

   Show marketing remark (1052 chars)

   Nature and everything else at your doorstep! Home is where you have everything you need, and this Woodland charmer could be yours. Groceries, hardware, dining and more all within walking distance to Hartley Nature Center. Or you could just get up and look out the window! This freshly updated three+ bedroom expansion bungalow has been shined from top to bottom with new carpeting, flooring, fresh paint and refinished hardwood floors. Upstairs is a spacious, sunny master bedroom with ensuite half bath. Use the other room for sewing room or office space or treat yourself to the closet of your dreams! On the main floor, there's a newly redone eat-in kitchen, a full bath two bedrooms and a cozy living to spend evenings in enjoying the warmth of the gas fireplace. North-side deck is perfect spot to enjoy a book or nature-watching on a warm summer days. Enjoy the South-side deck overlooking huge yard and native wildflower garden with birds, bees, butterflies and pollinators it attracts. You'll want to work from home even if you don't already!

8. 2005-12-16
   soldstatus $133,000

ⓘ 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: $3,008 · $251/mo
• Projected year-2 tax: $3,060 · $255/mo
• Expected delta: +$52/yr (+$4/mo · 1.7%)

ⓘ 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 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥89°F today · 12 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: $28,859
• − Mortgage interest: −$15,567
• − Property taxes: −$3,008
• − Insurance: −$1,390
• − Repairs & maintenance: −$2,309
• − Management: −$2,309
• − Depreciation: −$8,084
• Taxable loss: −$3,807
• Est. tax savings @ 24.0%: +$914
• After-tax cash flow: $1,827/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): 17,662
• Household income: $105,888
• Rent vs Own: 16.5% rent · 83.5% own
• Severe rent burden: 322.0

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 (96%)
• Race & ethnicity: White 96% Two or more races 2%
• Common ancestry: Portuguese 16% Romanian 7% Lithuanian 3%
• Foreign-born: 2% · China, Canada
• Languages at home: 97% English-only · 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: ▼ -363.34%
• Current HPI: 197.6712
• 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

+108.9% since first listed

8 events — show timeline

• 2026-04-21 Pending — LSAR
• 2026-04-06 Price Changed $277,900 LSAR
• 2026-03-16 Price Changed $282,900 LSAR
• 2026-02-09 Listed $289,900 LSAR
• 2023-04-06 Sold (Public Records) $189,000 Public Records
• 2023-04-03 Sold (MLS) $189,000 LSAR
• 2023-02-20 Listed $199,000 LSAR
• 2005-12-16 Sold (Public Records) $133,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $3,008 · +13.1% YoY. Source: county tax records.