2117 W 4th St · Duluth, MN 55806

$269,000

3 bd · 2.0 ba · 1,574 sqft · SingleFamily public records · 12 Days on market

Built 1905 6,970 sqft lot $171/sqft · 95% above area Est $206k · 31% 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 +25.3/30.0
• DSCR +8.3/10.0
• 1% rule +6.1/10.0
• 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

Listing remarks MLS

Move-in condition home with so much to offer! Very well maintained and tastefully updated. Traditional home has refinished hardwood flooring throughout. Main floor 3/4 bath, music room or office on main level, maintenance free exterior, 3+ bdrms up plus bath and laundry! Landscaped back yard including a bi-level 15x16 wood deck. Detached 18x20 garage with opener. Also additional off street parking for 2 cars.

Key facts

• Covered front porch
• Double lot
• Bonus room

Tags

• DOUBLE LOT
• OFF-STREET PARKING
• BONUS ROOM
• NEWER DOUBLE-PANE WINDOWS
• LARGE BASEMENT
• COVERED FRONT PORCH

Property features AI

Finance

• Other: Property listed by Heirloom Realty, LLC

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family detached residence; 2 stories
• Construction: Full basement
• Exterior features: Lot approximately 50 x 140 (0.16 acres)

Interior

• Bedrooms: Primary bedroom on the main level
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Forced-air heating; Natural gas
• Interior features: Main-level primary bedroom; Full finished basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $269k.

Deal economics

• At list price, monthly cash flow is $608 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $269k).
• Cap rate 9.0% 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.
• Zoned schools: Piedmont Elementary (math 42% / reading 37%, grade F, #604 of 857 statewide, top 74%, 426 students, 63% FRL); Lincoln Park Middle School (math 26% / reading 39%, grade F, #186 of 258 statewide, top 72%, 524 students, 66% FRL); Denfeld High School (math 32% / reading 42%, grade F, #282 of 471 statewide, top 63%, 940 students, 56% FRL) — zoned schools average 62% FRL vs 39% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 36% at this address vs 50% district-wide (-13 pts) — the specific schools serving this property underperform the Duluth Public School District average; the district grade overstates school quality for this exact location.
• Market conditions: 45 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 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 $2,989/mo this rent would consume 84% 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.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 18y 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 $269,000

Questions for the listing agent

1. Built in 1905 — 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 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: 1.11% ✓
• Cap rate: 9.01%
• Cash-on-cash: 9.69%
• DSCR: 1.43
• GRM: 7.5

CMA / ARV

• ARV (median comp): $206,049
• List price: $269,000
• Delta: 30.55%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
507 N 22nd Ave Ave W	0.09mi	3/1.5	1,561 (-1%)	15mo	$225,250	$144	80
318 N 23rd Ave Ave W	0.12mi	3/1.0	1,680 (+7%)	4mo	$180,000	$107	75
2607 W 4th St	0.41mi	4/2.0 (+1)	1,573 (-0%)	14mo	$238,000	$151	64
2326 W 2nd St	0.26mi	3/1.0	1,352 (-14%)	0mo	$180,000	$133	60
30 N 25th Ave Ave W	0.37mi	3/1.0	1,453 (-8%)	7mo	$165,000	$114	60
2208 W 8th St	0.26mi	2/2.0 (-1)	1,348 (-14%)	0mo	$205,000	$152	59
2431 W 8th St	0.40mi	3/1.0	1,500 (-5%)	13mo	$233,000	$155	58
21 N 29th Ave W	0.71mi	3/1.0	1,500 (-5%)	0mo	$189,000	$126	54
614 N 24th Ave Ave W	0.25mi	4/1.5 (+1)	1,416 (-10%)	18mo	$155,000	$109	50
2909 Exeter St	0.68mi	4/2.0 (+1)	1,458 (-7%)	2mo	$241,000	$165	49
2863 Wicklow St	0.64mi	4/1.0 (+1)	1,517 (-4%)	10mo	$167,000	$110	46
121 N 28th Ave Ave W	0.61mi	3/1.5	1,724 (+10%)	11mo	$103,700	$60	45

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: -1.7%
• Equity multiple: 0.94×
• Total profit: $-4,886
• Equity at exit: $40,109

10-year hold

• IRR: 8.0%
• Equity multiple: 1.60×
• Total profit: $45,528
• Equity at exit: $23,258

Cash invested: $75,320 (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: 45
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,989 medium
• Mortgage (P&I): −$1,411
• Tax from tax record: −$231 /mo · $2,768/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$628
• Net cashflow: $608

Break-even live

Break-even rent $2,220

Max offer price $269,000

Occupancy floor 75%

Sensitivity live

Price	-10% $760	-5% $684	+0% $608	+5% $532	+10% $456
Rent	-10% $372	-5% $490	+0% $608	+5% $726	+10% $844
Rate	-1.0pp $743	-0.5pp $676	base $608	+0.5pp $538	+1.0pp $467

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: $67,250
• Closing costs: $8,070
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2302 Hillcrest Dr Duluth, MN	3.0	1.5	1072	$3,500	$3.26	45d	1	1.15mi
100 N 5th Ave W Duluth, MN	3.0	1.0–2.0	1209	$3,299	$2.73	23d	7	1.49mi
100 N 5th Ave W Duluth, MN	3.0	1.0–2.0	1207	$3,999	$3.31	15d	1	1.49mi

Listing history 10 events

1. 2026-05-14
   listed $269,000 Active 1350-char remark
2. 2022-08-18
   soldstatus $205,000
3. 2022-08-01
   soldstatus $205,000 414-char remark

   Show marketing remark (414 chars)

   Move-in condition home with so much to offer! Very well maintained and tastefully updated. Traditional home has refinished hardwood flooring throughout. Main floor 3/4 bath, music room or office on main level, maintenance free exterior, 3+ bdrms up plus bath and laundry! Landscaped back yard including a bi-level 15x16 wood deck. Detached 18x20 garage with opener. Also additional off street parking for 2 cars.

4. 2022-05-31
   listed $215,000 414-char remark

   Show marketing remark (414 chars)

   Move-in condition home with so much to offer! Very well maintained and tastefully updated. Traditional home has refinished hardwood flooring throughout. Main floor 3/4 bath, music room or office on main level, maintenance free exterior, 3+ bdrms up plus bath and laundry! Landscaped back yard including a bi-level 15x16 wood deck. Detached 18x20 garage with opener. Also additional off street parking for 2 cars.

5. 2009-07-01
   soldstatus $97,000
6. 2008-07-03
   soldstatus $97,000

   Show marketing remark (255 chars)

   Move in condition! Brand new vinyl siding on home and garage. High effic gas furnace. 100 amp CB. Spacious home! Main floor bath. Music rm/den, form din rm. Newly finished hardwood floors throughout home. Freshly painted. 2nd flr laundry. Main flr bath w/

7. 2008-05-27
   listed $97,000

   Show marketing remark (255 chars)

   Move in condition! Brand new vinyl siding on home and garage. High effic gas furnace. 100 amp CB. Spacious home! Main floor bath. Music rm/den, form din rm. Newly finished hardwood floors throughout home. Freshly painted. 2nd flr laundry. Main flr bath w/

8. 2008-03-20
   listed $97,000
9. 2008-01-08
   listed $99,000
10. 2001-12-17
    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: $2,768 · $231/mo
• Projected year-2 tax: $2,890 · $241/mo
• Expected delta: +$122/yr (+$10/mo · 4.4%)

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥92°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: $35,870
• − Mortgage interest: −$15,068
• − Property taxes: −$2,768
• − Insurance: −$1,345
• − Repairs & maintenance: −$2,870
• − Management: −$2,870
• − Depreciation: −$7,825
• Taxable income: $3,124
• Est. tax owed @ 24.0%: −$750
• After-tax cash flow: $6,546/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

+316.8% since first listed

12 events — show timeline

• 2026-06-10 Sold (MLS) $250,050 LSAR
• 2026-05-27 Pending — LSAR
• 2026-05-14 Listed $269,000 LSAR
• 2022-08-18 Sold (Public Records) $205,000 Public Records
• 2022-08-01 Sold (MLS) $205,000 LSAR
• 2022-05-31 Listed $215,000 LSAR
• 2009-07-01 Sold (Public Records) $97,000 Public Records
• 2008-07-03 Sold (MLS) $97,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-05-27 Listed $97,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-03-20 Listed $97,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-01-08 Listed $99,000 NORTHSTARMLS as Distributed by MLS Grid
• 2001-12-17 Sold (Public Records) $60,000 Public Records

Property tax history

+7.5%/yr

Latest (2026): $2,768 · +15.5% YoY. Source: county tax records.