915 W 3rd St · Duluth, MN 55806

$289,900

4 bd · 2.0 ba · 1,808 sqft · MultiFamily public records · 2 Days on market

Built 1924 7,000 sqft lot Est $210k · 38% 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 +25.7/30.0
• DSCR +8.6/10.0
• 1% rule +6.2/10.0
• 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

Multi-family units

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

Listing remarks MLS

Come check out this Observation Hill Up/Down Duplex. The main floor unit features, two bedrooms, 1 bathroom, large living room/dining room combo, and kitchen on main floor. Also has a fully enclosed porch off front of house. The upstairs unit has kitchen, 2 bedrooms, bathroom, living room and dining room. Also views of Lake Superior from upper unit living room and one of the bedrooms. Upstairs and main floor have hardwood floors throughout. Exterior has a two car garage and parking for two or four cars. The back yard is partially fenced. Across the street from Observation Park, a dog park and Superior Hiking trail.

Key facts

• Laundry facilities
• New bath
• New kitchen

Tags

• LAKE SUPERIOR VIEWS
• HARDWOOD FLOORS
• NEW KITCHEN
• NEW BATH
• LAUNDRY FACILITIES
• 2 CAR GARAGE

Property features AI

Finance

• Financial info: Annual taxes listed

Exterior

• Parking: Detached garage; Off-street parking; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: Duplex residential income property; 2 stories
• Construction: Above-grade finished area approximately 1,808
• Exterior features: Front porch; City street frontage; Lot roughly 50 x 140

Interior

• Heating & cooling: Hot water heating; Natural gas heating
• Interior features: Full basement; Has view

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $290k.

Deal economics

• At list price, monthly cash flow is $696 ($8k/yr) — positive. Per door: $348/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $290k).
• Cap rate 9.2% 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: 44 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $3,236/mo this rent would consume 91% 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 $9k of value loss. Plan a longer hold.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 15y 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 $194k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $289,900

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 1924 — 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: 1.12% ✓
• Cap rate: 9.17%
• Cash-on-cash: 10.28%
• DSCR: 1.46
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $209,728
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
628 W 3rd St	0.24mi	3/2.0 (-1)	1,592 (-12%)	3mo	$185,000	$116	62
1302 W 1st St	0.35mi	4/2.0	1,884 (+4%)	21mo	$220,000	$117	59
305 W 4th St	0.55mi	4/2.0	1,648 (-9%)	11mo	$165,000	$100	50
307 W 4th St	0.55mi	4/2.0	1,572 (-13%)	11mo	$165,000	$105	44
1727 W 2nd St	0.74mi	5/2.0 (+1)	1,872 (+4%)	23mo	$255,000	$136	36

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: -0.9%
• Equity multiple: 0.97×
• Total profit: $-2,715
• Equity at exit: $43,225

10-year hold

• IRR: 8.8%
• Equity multiple: 1.67×
• Total profit: $54,521
• Equity at exit: $25,065

Cash invested: $81,172 (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: 44
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $3,236 high
• Mortgage (P&I): −$1,520
• Tax from tax record: −$220 /mo · $2,638/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$680
• Net cashflow: $696

Break-even live

Break-even rent $2,356

Max offer price $289,900

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,236
Total (2 units)			$3,236

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: $72,475
• Closing costs: $8,697
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 N 5th Ave W Duluth, MN	3.0	1.0–2.0	1209	$3,299	$2.73	21d	7	0.39mi
100 N 5th Ave W Duluth, MN	3.0	1.0–2.0	1207	$3,999	$3.31	13d	1	0.39mi
13 E 8th St Duluth, MN	4.0	1.5	1388	$2,000	$1.44	44d	1	0.94mi
609 E 6th St Duluth, MN	5.0	2.0	1850	$1,795	$0.97	21d	1	1.40mi

Listing history 3 events

1. 2026-06-07
   statusdays on market $289,900 Pending 2 DOM
2. 2026-06-05
   remarks 675-char remark
3. 2026-06-05
   listed $289,900 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: $2,638 · $220/mo
• Projected year-2 tax: $2,942 · $245/mo
• Expected delta: +$304/yr (+$25/mo · 11.5%)

ⓘ 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 ≥91°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: $38,832
• − Mortgage interest: −$16,239
• − Property taxes: −$2,638
• − Insurance: −$1,450
• − Repairs & maintenance: −$3,107
• − Management: −$3,107
• − Depreciation: −$8,433
• Taxable income: $3,859
• Est. tax owed @ 24.0%: −$926
• After-tax cash flow: $7,420/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

+126.5% since first listed

7 events — show timeline

• 2026-06-04 Listed $289,900 LSAR
• 2022-01-12 Sold (Public Records) $193,500 Public Records
• 2022-01-07 Sold (MLS) $193,500 LSAR
• 2021-11-23 Listed $175,000 LSAR
• 2011-10-19 Sold (Public Records) $114,321 Public Records
• 2011-10-07 Sold (MLS) $114,322 NORTHSTARMLS as Distributed by MLS Grid
• 2011-04-25 Listed $128,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+0.7%/yr

Latest (2025): $2,638 · +3.2% YoY. Source: county tax records.