612 Adams Ave · Eveleth, MN 55734

$107,900

4 bd · 2.0 ba · 1,972 sqft · Other public records · 97 Days on market

Built 1910 3,000 sqft lot

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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
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Very well maintained duplex in Eveleth. Each unit has 2 bedrooms and 1 bathroom. Lower unit is currently rented. There is laundry for each unit in the basement along with separate electrical & water heaters. If you are looking for an investment opportunity here is it, or live in one unit and rent out the other.

Key facts

• Separate electrical
• 3,000 sq ft lot
• Built 1910

Tags

• LAUNDRY FOR EACH UNIT
• SEPARATE ELECTRICAL
• SEPARATE WATER HEATERS

Property features AI

Exterior

• Parking: Off-street parking
• Home design: Residential income property; Duplex
• Construction: Frame construction; Aluminum siding
• Exterior features: Asphalt roof

Interior

• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $108k.

Deal economics

• At list price, monthly cash flow is $532 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $108k).
• Recommended offer: $98k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.2% vs local median 7.0% in Eveleth — 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 66/100 on livability (#506 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, schools D+, health & safety D.
• Market conditions: 42 active listings in the ZIP; 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 $746 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $30k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $62k; list at $108k implies a 73% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $98,189 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 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: 1.53% ✓
• Cap rate: 12.20%
• Cash-on-cash: 21.11%
• DSCR: 1.94
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 13.6%
• Equity multiple: 1.54×
• Total profit: $16,412
• Equity at exit: $16,088

10-year hold

• IRR: 22.4%
• Equity multiple: 2.92×
• Total profit: $58,059
• Equity at exit: $9,329

Cash invested: $30,212 (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 55734

• Home prices YoY: -29.1%
• Active inventory: 42
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,654 medium
• Mortgage (P&I): −$566
• Tax from tax record: −$164 /mo · $1,972/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $532

Break-even live

Break-even rent $981

Max offer price $107,900

Occupancy floor 63%

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: $26,975
• Closing costs: $3,237
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $107,900 Active 97 DOM
2. 2026-06-18
   days on market $107,900 Active 96 DOM
3. 2026-06-17
   days on market $107,900 Active 95 DOM
4. 2026-06-16
   days on market $107,900 Active 94 DOM
5. 2026-06-15
   days on market $107,900 Active 93 DOM
6. 2026-06-14
   days on market $107,900 Active 91 DOM
7. 2026-06-13
   days on market $107,900 Active 90 DOM
8. 2026-06-10
   days on market $107,900 Active 88 DOM
9. 2026-06-09
   days on market $107,900 Active 87 DOM
10. 2026-06-08
    days on market $107,900 Active 86 DOM
11. 2026-06-07
    days on market $107,900 Active 85 DOM
12. 2026-06-05
    days on market $107,900 Active 82 DOM
13. 2026-06-03
    days on market $107,900 Active 81 DOM
14. 2026-06-02
    days on market $107,900 Active 80 DOM
15. 2026-06-01
    days on market $107,900 Active 79 DOM
16. 2026-05-31
    days on market $107,900 Active 78 DOM
17. 2026-05-30
    days on market $107,900 Active 77 DOM
18. 2026-03-14
    listed $107,900 Active
19. 2008-06-12
    soldstatus $62,424
20. 2006-01-06
    soldstatus $45,000
21. 2004-01-30
    soldstatus $35,000

ⓘ 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: $1,972 · $164/mo
• Projected year-2 tax: $1,972 · $164/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 5/10 Major
• 🌡 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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,848
• − Mortgage interest: −$6,044
• − Property taxes: −$1,972
• − Insurance: −$540
• − Repairs & maintenance: −$1,588
• − Management: −$1,588
• − Depreciation: −$3,139
• Taxable income: $4,978
• Est. tax owed @ 24.0%: −$1,195
• After-tax cash flow: $5,184/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)

No district data.

Livability — Eveleth

• Score: 66/100
• State rank: #506
• US rank: #12213

Category grades

Amenities F Commute F Cost of living A+ Crime C+ Employment C- Housing A+ Health & safety D User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Eveleth, MN
• Population (ZIP): 6,332

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 (93%)
• Race & ethnicity: White 93% Two or more races 4% Black 1% Native American 1%
• Common ancestry: Portuguese 13% Romanian 3% Lithuanian 3%
• Foreign-born: 2%
• Languages at home: 97% English-only · Russian/Polish/Slavic 2%

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: ▼ -85.98%
• Current HPI: 209.7614
• Rent YoY: —
• Metro: —
• 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

+208.3% since first listed

4 events — show timeline

• 2026-03-14 Listed $107,900 RAOR
• 2008-06-12 Sold (Public Records) $62,424 Public Records
• 2006-01-06 Sold (Public Records) $45,000 Public Records
• 2004-01-30 Sold (Public Records) $35,000 Public Records

Property tax history

+15.7%/yr

Latest (2025): $1,972 · +12.3% YoY. Source: county tax records.