1931 E Superior St · Duluth, MN 55812

$404,900

2 bd · 2.0 ba · 2,190 sqft · MultiFamily public records · 26 Days on market

Built 1902 4,617 sqft lot Est $309k · 31% over

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Why this score? — see what drove the B- 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
• Rent growth +4.5/5.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Welcome to 1931 E Superior St — a prime investment opportunity located in the heart of Duluth’s desirable East Hillside neighborhood. This spacious 6-bedroom, 3-bathproperty offers over 2,300 square feet across three finished levels and has proven to be an exceptional long-term rental asset with no vacancy for nearly 30 years. Its close proximity to local colleges, downtown Duluth, Lake Superior, restaurants, and trail systems makes it an ideal setup for student housing and strong long-term rental demand. The home features a functional layout with multiple living spaces, generously sized bedrooms, and flexible bonus areas that appeal to a wide tenant base. All six bedrooms are l

Key facts

• Flexible bonus areas
• Abundant windows
• 4,617 sq ft lot

Tags

• EAST HILLSIDE NEIGHBORHOOD
• LONG-TERM RENTAL ASSET
• MULTIPLE LIVING SPACES
• FLEXIBLE BONUS AREAS
• ABUNDANT WINDOWS
• GREAT VIEWS OF LAKE SUPERIOR

Property features AI

Exterior

• Parking: No designated parking
• Utilities: Public water; Public sewer
• Home design: Single-family detached residence; Residential property; 3 total stories
• Construction: Stone foundation
• Exterior features: Asphalt shingle roof; Lot approximately 32 x 138 (0.1 acre)

Interior

• Bedrooms: Bedrooms across three stories
• Bathrooms: 1 full bathroom; 2 three-quarter bathrooms
• Heating & cooling: Natural gas heating; Heating present
• Interior features: Master bedroom located on the main level; Full basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $405k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $405k).
• Recommended offer: $399k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.3% 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); 52 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• At $6,379/mo this rent would consume 117% 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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $113k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($399k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $105k; list at $405k implies a 286% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $398,826 (1.5% below list)

Questions for the listing agent

1. Built in 1902 — 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 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: 1.58% ✓
• Cap rate: 13.28%
• Cash-on-cash: 24.96%
• DSCR: 2.11
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $308,790
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
421 N 18th Ave Ave E	0.36mi	3/3.0 (+1)	2,276 (+4%)	13mo	$320,000	$141	56

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: 23.8%
• Equity multiple: 2.04×
• Total profit: $118,298
• Equity at exit: $60,372

10-year hold

• IRR: 34.7%
• Equity multiple: 4.97×
• Total profit: $449,919
• Equity at exit: $35,008

Cash invested: $113,372 (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: 52
• Price-to-rent: 15.9×

Monthly cashflow live

• Estimated rent: $6,379 high
• Mortgage (P&I): −$2,123
• Tax from tax record: −$390 /mo · $4,674/yr
• Insurance: −$169
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,340
• Net cashflow: $2,358

Break-even live

Break-even rent $3,394

Max offer price $404,900

Occupancy floor 58%

Sensitivity live

Price	-10% $2,587	-5% $2,472	+0% $2,358	+5% $2,243	+10% $2,129
Rent	-10% $1,854	-5% $2,106	+0% $2,358	+5% $2,610	+10% $2,862
Rate	-1.0pp $2,562	-0.5pp $2,461	base $2,358	+0.5pp $2,253	+1.0pp $2,146

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$6,378
Total (3 units)			$6,379

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: $101,225
• Closing costs: $12,147
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2120 London Rd Duluth, MN	2.0	1.0–2.0	1086	$4,111	$3.78	14d	13	0.30mi
333 E Superior St Duluth, MN	2.0	1.0–2.0	1154	$5,822	$5.05	14d	96	1.41mi
311 E Superior St #902 Duluth, MN	2.0	2.0	1500	$3,995	$2.66	45d	1	1.45mi

Listing history 20 events

1. 2026-06-21
   days on market $404,900 Active 26 DOM
2. 2026-06-19
   days on market $404,900 Active 24 DOM
3. 2026-06-18
   days on market $404,900 Active 23 DOM
4. 2026-06-17
   days on market $404,900 Active 22 DOM
5. 2026-06-16
   days on market $404,900 Active 21 DOM
6. 2026-06-15
   days on market $404,900 Active 20 DOM
7. 2026-06-14
   days on market $404,900 Active 18 DOM
8. 2026-06-13
   days on market $404,900 Active 17 DOM
9. 2026-06-10
   days on market $404,900 Active 15 DOM
10. 2026-06-09
    days on market $404,900 Active 14 DOM
11. 2026-06-08
    days on market $404,900 Active 13 DOM
12. 2026-06-07
    days on market $404,900 Active 12 DOM
13. 2026-06-05
    days on market $404,900 Active 9 DOM
14. 2026-06-03
    days on market $404,900 Active 8 DOM
15. 2026-06-02
    days on market $404,900 Active 7 DOM
16. 2026-06-01
    days on market $404,900 Active 6 DOM
17. 2026-05-31
    days on market $404,900 Active 5 DOM
18. 2026-05-30
    days on market $404,900 Active 4 DOM
19. 2026-05-23
    listed $404,900 Active
20. 2001-01-24
    soldstatus $105,000

ⓘ 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: $4,674 · $390/mo
• Projected year-2 tax: $4,674 · $390/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: $76,548
• − Mortgage interest: −$22,681
• − Property taxes: −$4,674
• − Insurance: −$2,024
• − Repairs & maintenance: −$6,124
• − Management: −$6,124
• − Depreciation: −$11,779
• Taxable income: $23,142
• Est. tax owed @ 24.0%: −$5,554
• After-tax cash flow: $22,740/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

+285.6% since first listed

2 events — show timeline

• 2026-05-23 Listed $404,900 LSAR
• 2001-01-24 Sold (Public Records) $105,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $4,674 · +10.0% YoY. Source: county tax records.