525 W 4th St · Duluth, MN 55806

$250,000

4 bd · 2.0 ba · 1,508 sqft · MultiFamily public records · 39 Days on market

Built 1883 3,484 sqft lot $166/sqft · 41% above area Est $184k · 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
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

How about 3 lots for the price of 1. This duplex was recently rented for $1,200 (Upper Unit) & $1,300 (Lower Unit). Next cycle would be $1,300 each unit. Good cash flowing property with 3 PID's. Perhaps the city would allow you to build a three tiered row house with a zero lot line. Great location for this income producing duplex. Partial good views of Lake Superior and the bay. Backyard and side yard available for use. Tenants pay for utilities electric, heat and garbage. Hot water heater is 2019. Off street parking for 2 vehicles. Both units currently vacant & ready to rent.

Key facts

• Off street parking
• 3,484 sq ft lot
• Parking

Tags

• INCOME PRODUCING DUPLEX
• VIEWS OF LAKE SUPERIOR
• HOT WATER HEATER 2019
• OFF STREET PARKING

Property features AI

Finance

• Other: Property listed as residential income; duplex up and down
• Financial info: Gross income reported at $31,200; Owner pays fuel, gas, repairs, sewer, taxes, and water; Tenants pay cable TV, electricity, and telephone

Exterior

• Parking: One parking space associated with one unit
• Utilities: City water connected; City sewer connected; 100 amp electrical service; Natural gas
• Home design: Residential income property (duplex, up and down); Two levels; Not owner-occupied
• Construction: Stone construction; Stone foundation; Roof older than 8 years; Built with foundation dimensions approx. 36x22
• Exterior features: Front porch; Wood exterior; Light tree coverage

Interior

• Kitchen: Dishwasher; Range; Refrigerator; Gas water heater
• Bedrooms: 4 bedrooms total (two 2-bedroom units)
• Bathrooms: Each unit has 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: Full basement; Porch
• Laundry & utility: No cooling system reported

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $596/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.0% 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; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $3,605/mo this rent would consume 101% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 18y ago; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $130k; list at $250k implies a 92% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1883 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $242,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 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 1883 — 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. 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?
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 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: 1.44% ✓
• Cap rate: 12.02%
• Cash-on-cash: 20.44%
• DSCR: 1.91
• GRM: 5.8

CMA / ARV

• ARV (median comp): $183,956
• List price: $250,000
• Delta: 35.90%
• Verdict: OVERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
628 W 3rd St	0.14mi	3/2.0 (-1)	1,592 (+6%)	3mo	$185,000	$116	77
307 W 4th St	0.22mi	4/2.0	1,572 (+4%)	11mo	$165,000	$105	74
305 W 4th St	0.22mi	4/2.0	1,648 (+9%)	11mo	$165,000	$100	65
321 N 11th Ave Ave W	0.48mi	4/1.0	1,440 (-4%)	23mo	$127,000	$88	47

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: 12.7%
• Equity multiple: 1.51×
• Total profit: $35,435
• Equity at exit: $37,276

10-year hold

• IRR: 21.6%
• Equity multiple: 2.84×
• Total profit: $128,676
• Equity at exit: $21,615

Cash invested: $70,000 (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: 11.6×

Monthly cashflow live

• Estimated rent: $3,605 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$240 /mo · $2,886/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$757
• Net cashflow: $1,192

Break-even live

Break-even rent $2,096

Max offer price $250,000

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,606
Total (2 units)			$3,605

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 N 5th Ave W Duluth, MN	3.0	1.0–2.0	1209	$3,299	$2.73	21d	7	0.16mi
100 N 5th Ave W Duluth, MN	3.0	1.0–2.0	1207	$3,999	$3.31	13d	1	0.16mi
13 E 8th St Duluth, MN	4.0	1.5	1388	$2,000	$1.44	44d	1	0.63mi
425 E 5th St Duluth, MN	3.0	1.0	1124	$1,995	$1.77	44d	1	0.95mi
609 E 6th St Duluth, MN	5.0	2.0	1850	$1,795	$0.97	21d	1	1.09mi
825 N 10th Ave E Duluth, MN	3.0	1.0	1120	$1,800	$1.61	44d	1	1.44mi

Listing history 20 events

1. 2026-06-03
   status $250,000 Pending 39 DOM
2. 2026-06-02
   days on market $250,000 Active 39 DOM

   Show marketing remark (595 chars)

   How about 3 lots for the price of 1. This duplex was recently rented for $1,200 (Upper Unit) & $1,300 (Lower Unit). Next cycle would be $1,300 each unit. Good cash flowing property with 3 PID's. Perhaps the city would allow you to build a three tiered row house with a zero lot line. Great location for this income producing duplex. Partial good views of Lake Superior and the bay. Backyard and side yard available for use. Tenants pay for utilities electric, heat and garbage. Hot water heater is 2019. Off street parking for 2 vehicles. Both units currently vacant & ready to rent.

3. 2026-06-01
   days on market $250,000 Active 38 DOM
4. 2026-05-31
   days on market $250,000 Active 37 DOM
5. 2026-05-30
   days on market $250,000 Active 36 DOM
6. 2026-05-09
   price $250,000 595-char remark

   Show marketing remark (595 chars)

   How about 3 lots for the price of 1. This duplex was recently rented for $1,200 (Upper Unit) & $1,300 (Lower Unit). Next cycle would be $1,300 each unit. Good cash flowing property with 3 PID's. Perhaps the city would allow you to build a three tiered row house with a zero lot line. Great location for this income producing duplex. Partial good views of Lake Superior and the bay. Backyard and side yard available for use. Tenants pay for utilities electric, heat and garbage. Hot water heater is 2019. Off street parking for 2 vehicles. Both units currently vacant & ready to rent.

7. 2026-05-09
   price $250,000 590-char remark

   Show marketing remark (595 chars)

   How about 3 lots for the price of 1. This duplex was recently rented for $1,200 (Upper Unit) & $1,300 (Lower Unit). Next cycle would be $1,300 each unit. Good cash flowing property with 3 PID's. Perhaps the city would allow you to build a three tiered row house with a zero lot line. Great location for this income producing duplex. Partial good views of Lake Superior and the bay. Backyard and side yard available for use. Tenants pay for utilities electric, heat and garbage. Hot water heater is 2019. Off street parking for 2 vehicles. Both units currently vacant & ready to rent.

8. 2026-04-25
   listed $265,000 Active 595-char remark

   Show marketing remark (595 chars)

   How about 3 lots for the price of 1. This duplex was recently rented for $1,200 (Upper Unit) & $1,300 (Lower Unit). Next cycle would be $1,300 each unit. Good cash flowing property with 3 PID's. Perhaps the city would allow you to build a three tiered row house with a zero lot line. Great location for this income producing duplex. Partial good views of Lake Superior and the bay. Backyard and side yard available for use. Tenants pay for utilities electric, heat and garbage. Hot water heater is 2019. Off street parking for 2 vehicles. Both units currently vacant & ready to rent.

9. 2026-04-24
   listed $265,000 Active 590-char remark
10. 2021-02-18
    soldstatus $130,000
11. 2021-01-29
    soldstatus $130,000

    Show marketing remark (395 chars)

    Up and down duplex on a large lot an Adjacent lots to the east are vacant and are part of the property. Excellent rental income or an owner-occupant opportunity to significantly reduce your housing costs or start building your real estate portfolio. An owner-occupant might even build a garage on the adjacent lots. The upper unit just had new flooring and paint and is ready to rent or move in.

12. 2020-10-24
    listed $142,000

    Show marketing remark (395 chars)

    Up and down duplex on a large lot an Adjacent lots to the east are vacant and are part of the property. Excellent rental income or an owner-occupant opportunity to significantly reduce your housing costs or start building your real estate portfolio. An owner-occupant might even build a garage on the adjacent lots. The upper unit just had new flooring and paint and is ready to rent or move in.

13. 2013-03-08
    soldstatus $57,000
14. 2013-03-01
    soldstatus $57,000
15. 2012-11-12
    listed $57,400
16. 2012-01-12
    listed $68,900
17. 2011-07-13
    listed $113,000
18. 2008-09-04
    listed $118,500
19. 2002-05-21
    soldstatus $80,000
20. 2000-12-13
    soldstatus $51,500

ⓘ 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: $2,886 · $240/mo
• Projected year-2 tax: $2,886 · $240/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 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥91°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: $43,260
• − Mortgage interest: −$14,004
• − Property taxes: −$2,886
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,461
• − Management: −$3,461
• − Depreciation: −$7,273
• Taxable income: $10,926
• Est. tax owed @ 24.0%: −$2,622
• After-tax cash flow: $11,685/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

+385.4% since first listed

17 events — show timeline

• 2026-06-02 Pending — LSAR
• 2026-06-02 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-09 Price Changed $250,000 LSAR
• 2026-05-09 Price Changed $250,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-25 Listed $265,000 LSAR
• 2026-04-24 Listed $265,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-02-18 Sold (Public Records) $130,000 Public Records
• 2021-01-29 Sold (MLS) $130,000 LSAR
• 2020-10-24 Listed $142,000 LSAR
• 2013-03-08 Sold (Public Records) $57,000 Public Records
• 2013-03-01 Sold (MLS) $57,000 NORTHSTARMLS as Distributed by MLS Grid
• 2012-11-12 Listed $57,400 NORTHSTARMLS as Distributed by MLS Grid
• 2012-01-12 Listed $68,900 NORTHSTARMLS as Distributed by MLS Grid
• 2011-07-13 Listed $113,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-09-04 Listed $118,500 NORTHSTARMLS as Distributed by MLS Grid
• 2002-05-21 Sold (Public Records) $80,000 Public Records
• 2000-12-13 Sold (Public Records) $51,500 Public Records

Property tax history

+5.7%/yr

Latest (2026): $2,886 · +10.5% YoY. Source: county tax records.