1122 E 5th St · Duluth, MN 55805

$309,900

4 bd · 3.0 ba · 2,518 sqft · MultiFamily public records · 22 Days on market

Built 1906 6,490 sqft lot Est $325k · at est.

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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 +27.1/30.0
• ARV discount +9.6/15.0
• DSCR +9.4/10.0
• 1% rule +7.3/10.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• 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

Fantastic opportunity in the heart of Duluth! This well maintained duplex offers the perfect blend of character, location, and long term investment strength. Both units feature beautiful hardwood floors that stand out and add warmth and charm throughout. The upper unit is a spacious 3 bedroom, 2 bath, leased through 5/20/27 at $1,700/month, while the lower 2 bedroom, 2 bath unit is leased through 7/28/26 at $1,100/month, creating an ideal owner occupied option or strong midterm potential. Tenants pay all utilities, keeping operating costs low. The property offers ample off street parking with room for a future garage pending city approval. Located minutes from downtown, hospitals, public transportation, and UMD, this location consistently attracts a deep pool of potential tenants. A truly exciting, well cared for property with outstanding long term investment potential. Call today before it’s gone!

Key facts

• Off street parking
• Location near umd
• Hardwood floors

Tags

• HARDWOOD FLOORS
• OFF STREET PARKING
• LOCATION NEAR DOWNTOWN
• LOCATION NEAR HOSPITALS
• LOCATION NEAR UMD

Property features AI

Finance

• Other: Living area above grade approximately 2,518 square feet; Main level finished area approximately 1,127
• Financial info: Property has two units; Gross annual income reported as $33,600; Owner pays grounds care, repairs, management, and snow removal; Fuel expense reported $3,245.97; Water/sewer expense reported $2,169.62; Electric expense reported $2,760; Tenants pay all utilities

Exterior

• Parking: Gravel parking; No carport spaces
• Utilities: City water (connected); City sewer (connected); Natural gas; Electric service by Minnesota Power
• Home design: Residential income property (up-and-down duplex); Two levels; Not owner-occupied
• Construction: Stone construction; Stone foundation; Roof replaced or age 8 years or less; Foundation dimensions approximately 24 x 47
• Exterior features: Public transit within six blocks; City street frontage; Publicly maintained road

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: Total of 5 bedrooms (unit breakdown: one 2-bedroom unit and one 3-bedroom unit)
• Flooring: Hardwood floors
• Bathrooms: Each unit has 2 bathrooms (one full and one half in each unit)
• Heating & cooling: Boiler heating; Radiant heat
• Interior features: Hardwood floors; Main-floor primary bedroom; Walkout basement; Basement other features
• Laundry & utility: Washer hookup; Electric dryer hookup; Common-area laundry; Laundry located in basement

What this means for you Summary

Snapshot

• This is a 1×2bd/2.0ba + 1×3bd/2.0ba units multifamily listed at $310k.

Deal economics

• At list price, monthly cash flow is $879 ($11k/yr) — positive. Per door: $439/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $310k).
• Recommended offer: $305k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.7% 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 (+4.3%/yr); 42 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• At $3,812/mo this rent would consume 106% of the median local household income ($43k/yr) (locally 927% 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 $9k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $87k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($305k) is reasonable based on typical stale-listing flexibility.
• 5 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.
• Current owner paid $120k; list at $310k implies a 158% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $305,251 (1.5% below list)

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 1906 — 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: 1.23% ✓
• Cap rate: 9.69%
• Cash-on-cash: 12.15%
• DSCR: 1.54
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $324,822
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1319 E 6th St	0.20mi	4/3.0	2,782 (+10%)	1mo	$360,000	$129	72
705 E 6th St	0.40mi	4/3.0	2,464 (-2%)	9mo	$195,250	$79	70
1319 E 3rd St	0.21mi	4/4.0	2,551 (+1%)	18mo	$388,000	$152	69
1612 E 6th St	0.42mi	4/4.0	2,412 (-4%)	1mo	$240,000	$100	68
421 N 18th Ave Ave E	0.55mi	3/3.0 (-1)	2,276 (-10%)	13mo	$320,000	$141	42

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 · 4.34% rent growth · sell at horizon

5-year hold

• IRR: 3.2%
• Equity multiple: 1.13×
• Total profit: $10,998
• Equity at exit: $46,207

10-year hold

• IRR: 14.0%
• Equity multiple: 2.20×
• Total profit: $103,802
• Equity at exit: $26,794

Cash invested: $86,772 (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 55805

• Home prices YoY: -27.1%
• Rents YoY: 4.3%
• Active inventory: 42
• Price-to-rent: 14.0×

Monthly cashflow live

• Estimated rent: $3,812 high
• Mortgage (P&I): −$1,625
• Tax from tax record: −$379 /mo · $4,544/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$801
• Net cashflow: $879

Break-even live

Break-even rent $2,700

Max offer price $309,900

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
1× unit	2	2	$1,847
1× unit	3	2	$1,966
Total (2 units)			$3,812

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: $77,475
• Closing costs: $9,297
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
609 E 6th St Duluth, MN	5.0	2.0	1850	$1,795	$0.97	21d	1	0.47mi
414 N 19th Ave E Duluth, MN	4.0	1.0	1900	$2,295	$1.21	13d	1	0.68mi
202 S 18th Ave E Duluth, MN	5.0	2.5	2372	$2,495	$1.05	13d	1	0.73mi
100 N 5th Ave W Duluth, MN	3.0	1.0–2.0	1209	$3,299	$2.73	21d	7	1.47mi
100 N 5th Ave W Duluth, MN	3.0	1.0–2.0	1207	$3,999	$3.31	13d	1	1.47mi

Listing history 26 events

1. 2026-06-19
   days on market $309,900 Active 22 DOM
2. 2026-06-18
   days on market $309,900 Active 21 DOM
3. 2026-06-17
   days on market $309,900 Active 20 DOM
4. 2026-06-16
   days on market $309,900 Active 19 DOM
5. 2026-06-15
   days on market $309,900 Active 18 DOM
6. 2026-06-14
   days on market $309,900 Active 16 DOM
7. 2026-06-13
   days on market $309,900 Active 15 DOM
8. 2026-06-10
   days on market $309,900 Active 13 DOM
9. 2026-06-09
   days on market $309,900 Active 12 DOM
10. 2026-06-08
    days on market $309,900 Active 11 DOM
11. 2026-06-07
    days on market $309,900 Active 10 DOM
12. 2026-06-05
    days on market $309,900 Active 7 DOM
13. 2026-06-03
    days on market $309,900 Active 6 DOM
14. 2026-06-02
    days on market $309,900 Active 5 DOM
15. 2026-06-01
    days on market $309,900 Active 4 DOM
16. 2026-05-31
    days on market $309,900 Active 3 DOM
17. 2026-05-30
    days on market $309,900 Active 2 DOM
18. 2026-05-28
    listed $309,900 Active 917-char remark

    Show marketing remark (917 chars)

    Fantastic opportunity in the heart of Duluth! This well maintained duplex offers the perfect blend of character, location, and long term investment strength. Both units feature beautiful hardwood floors that stand out and add warmth and charm throughout. The upper unit is a spacious 3 bedroom, 2 bath, leased through 5/20/27 at $1,700/month, while the lower 2 bedroom, 2 bath unit is leased through 7/28/26 at $1,100/month, creating an ideal owner occupied option or strong midterm potential. Tenants pay all utilities, keeping operating costs low. The property offers ample off street parking with room for a future garage pending city approval. Located minutes from downtown, hospitals, public transportation, and UMD, this location consistently attracts a deep pool of potential tenants. A truly exciting, well cared for property with outstanding long term investment potential. Call today before it’s gone!

19. 2026-05-28
    listed $309,900 Active

    Show marketing remark (917 chars)

    Fantastic opportunity in the heart of Duluth! This well maintained duplex offers the perfect blend of character, location, and long term investment strength. Both units feature beautiful hardwood floors that stand out and add warmth and charm throughout. The upper unit is a spacious 3 bedroom, 2 bath, leased through 5/20/27 at $1,700/month, while the lower 2 bedroom, 2 bath unit is leased through 7/28/26 at $1,100/month, creating an ideal owner occupied option or strong midterm potential. Tenants pay all utilities, keeping operating costs low. The property offers ample off street parking with room for a future garage pending city approval. Located minutes from downtown, hospitals, public transportation, and UMD, this location consistently attracts a deep pool of potential tenants. A truly exciting, well cared for property with outstanding long term investment potential. Call today before it’s gone!

20. 2015-09-30
    soldstatus $119,900 377-char remark

    Show marketing remark (377 chars)

    Owned since 2002 (13 years) this 7 bedroom- 2 unit duplex is a great income producing opportunity! Set on a large lot with nice off street parking this up & down duplex boasts high ceilings, hardwood floors, & spacious rooms. The main unit has 3 bedrooms & the upper unit has 3 bedrooms and another bedroom on the walk up attic, so 4 bedrooms. Newer roof (2014)

21. 2015-08-05
    listed $129,900 377-char remark

    Show marketing remark (377 chars)

    Owned since 2002 (13 years) this 7 bedroom- 2 unit duplex is a great income producing opportunity! Set on a large lot with nice off street parking this up & down duplex boasts high ceilings, hardwood floors, & spacious rooms. The main unit has 3 bedrooms & the upper unit has 3 bedrooms and another bedroom on the walk up attic, so 4 bedrooms. Newer roof (2014)

22. 2014-10-01
    historical
23. 2014-07-18
    price $139,900
24. 2014-04-30
    listed $144,900 Active
25. 2013-05-10
    listed $144,900
26. 2000-05-04
    soldstatus $60,000

ⓘ 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: $4,544 · $379/mo
• Projected year-2 tax: $4,544 · $379/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 2/10 Low 7 d/yr ≥90°F today · 13 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: $45,744
• − Mortgage interest: −$17,359
• − Property taxes: −$4,544
• − Insurance: −$1,550
• − Repairs & maintenance: −$3,660
• − Management: −$3,660
• − Depreciation: −$9,015
• Taxable income: $5,957
• Est. tax owed @ 24.0%: −$1,430
• After-tax cash flow: $9,113/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): 10,602
• Household income: $43,100
• Rent vs Own: 72.7% rent · 27.3% own
• Severe rent burden: 927.0

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 (84%)
• Race & ethnicity: White 84% Two or more races 8% Hispanic / Latino 4% Black 3% Asian 2% Native American 2%
• Common ancestry: Portuguese 13% Romanian 4% Scottish 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1% Other Indo-European 1% Other Asian/Pacific 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: ▼ -92.92%
• Current HPI: 250.3056
• Rent YoY: ▲ 4.34%
• 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

+416.5% since first listed

9 events — show timeline

• 2026-05-28 Listed $309,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-28 Listed $309,900 LSAR
• 2015-09-30 Sold (MLS) $119,900 LSAR
• 2015-08-05 Listed $129,900 LSAR
• 2014-10-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2014-07-18 Price Changed $139,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-04-30 Listed $144,900 NORTHSTARMLS as Distributed by MLS Grid
• 2013-05-10 Listed $144,900 NORTHSTARMLS as Distributed by MLS Grid
• 2000-05-04 Sold (Public Records) $60,000 Public Records

Property tax history

+4.8%/yr

Latest (2025): $4,544 · +10.2% YoY. Source: county tax records.