1511 E 4th St · Duluth, MN 55812

$359,900

5 bd · 3.0 ba · 2,603 sqft · MultiFamily public records · 11 Days on market

Built 1905 6,970 sqft lot Est $310k · 16% over

---

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 +28.1/30.0
• DSCR +10.0/10.0
• 1% rule +7.4/10.0
• Rent growth +4.5/5.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• ARV discount +0.2/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

This well-maintained triplex offers an outstanding investment opportunity in a highly desirable location near local colleges, medical centers, downtown amenities, and major employment hubs. Featuring three licensed rental units, the property provides strong income potential, flexibility, and long-term rental appeal. Unit 1 is currently vacant and being marketed for rent at $1,600 per month with the owner paying utilities, offering an excellent opportunity to secure a new tenant at market rent or occupy the unit yourself. Unit 2 is leased at $1,300 per month through July 30, 2027, providing stable long-term income. Unit 3 is currently vacant and being marketed for rent at $1,200 per month wi

Key facts

• 6,970 sq ft lot
• Built 1905
• Listed 10 days

Tags

• LICENSED RENTAL UNITS
• STRONG INCOME POTENTIAL
• LONG-TERM RENTAL APPEAL
• SOLID RENTAL HISTORIES
• CURRENT RENTAL LICENSE
• AMPLE OFF-STREET PARKING

Property features AI

Finance

• Other:
• Financial info: One unit currently rents for $1,300/month; Two units are marketed vacant at $1,200/month and $1,600/month
• HOA & community:

Exterior

• Parking: No parking listed
• Security:
• Utilities: Public water; Public sewer
• Home design: Triplex residential income property; 3 stories total
• Construction: Stone foundation
• Exterior features: Asphalt shingle roof

Interior

• Kitchen:
• Bedrooms: One 1-bedroom unit (marketing rent $1,200/month); One 2-bedroom unit (current rent $1,300/month); One 3-bedroom unit (marketing rent $1,600/month)
• Flooring:
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Natural gas heating
• Interior features: Full basement
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $360k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $376/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $360k).
• Cap rate 10.1% 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: Rents rising fast (+8.1%/yr); 50 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• At $4,473/mo this rent would consume 82% of the median local household income ($66k/yr) (locally 655% 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 $11k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $101k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 13y 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.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $359,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 1.24% ✓
• Cap rate: 10.06%
• Cash-on-cash: 13.44%
• DSCR: 1.60
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $309,757
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1319 E 6th St	0.21mi	4/3.0 (-1)	2,782 (+7%)	1mo	$360,000	$129	73
1612 E 6th St	0.14mi	4/4.0 (-1)	2,412 (-7%)	1mo	$240,000	$100	71
1319 E 3rd St	0.17mi	4/4.0 (-1)	2,551 (-2%)	18mo	$388,000	$152	65
705 E 6th St	0.73mi	4/3.0 (-1)	2,464 (-5%)	9mo	$195,250	$79	44
1513 Jefferson St	0.33mi	6/2.0 (+1)	2,821 (+8%)	22mo	$326,000	$116	43
822-824 E 4th St	0.59mi	6/4.0 (+1)	2,771 (+6%)	22mo	$330,000	$119	34

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 8.9%
• Equity multiple: 1.37×
• Total profit: $37,223
• Equity at exit: $53,662

10-year hold

• IRR: 21.9%
• Equity multiple: 3.31×
• Total profit: $232,638
• Equity at exit: $31,118

Cash invested: $100,772 (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 55812

• Rents YoY: 8.1%
• Active inventory: 50
• Price-to-rent: 20.1×

Monthly cashflow live

• Estimated rent: $4,473 high
• Mortgage (P&I): −$1,887
• Tax from tax record: −$368 /mo · $4,412/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$939
• Net cashflow: $1,129

Break-even live

Break-even rent $3,044

Max offer price $359,900

Occupancy floor 70%

Sensitivity live

Price	-10% $1,332	-5% $1,231	+0% $1,129	+5% $1,027	+10% $925
Rent	-10% $775	-5% $952	+0% $1,129	+5% $1,305	+10% $1,482
Rate	-1.0pp $1,310	-0.5pp $1,220	base $1,129	+0.5pp $1,035	+1.0pp $941

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,473
Total (3 units)			$4,473

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: $89,975
• Closing costs: $10,797
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
414 N 19th Ave E Duluth, MN	4.0	1.0	1900	$2,295	$1.21	13d	1	0.36mi
202 S 18th Ave E Duluth, MN	5.0	2.5	2372	$2,495	$1.05	13d	1	0.48mi
2114 E 4th St Duluth, MN	6.0	2.0	2326	$3,050	$1.31	21d	1	0.56mi
609 E 6th St Duluth, MN	5.0	2.0	1850	$1,795	$0.97	21d	1	0.78mi

Listing history 10 events

1. 2026-06-19
   days on market $359,900 Active 11 DOM
2. 2026-06-18
   days on market $359,900 Active 10 DOM
3. 2026-06-17
   days on market $359,900 Active 9 DOM
4. 2026-06-16
   days on market $359,900 Active 8 DOM
5. 2026-06-15
   days on market $359,900 Active 7 DOM
6. 2026-06-14
   days on market $359,900 Active 5 DOM
7. 2026-06-13
   days on market $359,900 Active 4 DOM
8. 2026-06-10
   days on market $359,900 Active 2 DOM
9. 2026-06-09
   remarks 699-char remark
10. 2026-06-09
    listed $359,900 Active 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: $4,412 · $368/mo
• Projected year-2 tax: $4,412 · $368/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 ≥90°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: $53,676
• − Mortgage interest: −$20,160
• − Property taxes: −$4,412
• − Insurance: −$1,800
• − Repairs & maintenance: −$4,294
• − Management: −$4,294
• − Depreciation: −$10,470
• Taxable income: $8,247
• Est. tax owed @ 24.0%: −$1,979
• After-tax cash flow: $11,565/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): 10,859
• Household income: $65,505
• Rent vs Own: 57.4% rent · 42.6% own
• Severe rent burden: 655.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 5% Hispanic / Latino 4% Black 4% Asian 3% Native American 1%
• Common ancestry: Portuguese 12% Romanian 6% Scottish 2%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 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: ▼ -277.88%
• Current HPI: 196.8354
• Rent YoY: ▲ 8.07%
• 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

+306.7% since first listed

23 events — show timeline

• 2026-06-08 Listed $359,900 LSAR
• 2025-08-07 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-06-09 Listed $369,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-06-09 Listed — LSAR
• 2023-09-30 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2023-06-27 Listed $379,900 NORTHSTARMLS as Distributed by MLS Grid
• 2023-01-25 Sold (Public Records) $321,500 Public Records
• 2022-11-04 Sold (MLS) $321,500 LSAR
• 2022-08-29 Listed $299,900 LSAR
• 2014-09-29 Sold (Public Records) $178,000 Public Records
• 2014-09-22 Sold (MLS) $178,000 LSAR
• 2014-09-22 Sold (MLS) $178,000 RASM
• 2014-09-22 Sold (MLS) $178,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-03-31 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2014-03-31 Price Changed $185,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-02-26 Listed $194,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-02-25 Listed $185,000 LSAR
• 2014-02-25 Listed $185,000 RASM
• 2013-10-10 Listed $199,900 NORTHSTARMLS as Distributed by MLS Grid
• 2003-09-04 Sold (Public Records) $157,500 Public Records
• 2002-05-23 Sold (Public Records) $140,000 Public Records
• 2000-10-13 Sold (Public Records) $120,000 Public Records
• 1999-07-26 Sold (Public Records) $88,500 Public Records

Property tax history

+2.6%/yr

Latest (2025): $4,412 · +40.1% YoY. Source: county tax records.