2510 E Superior St · Duluth, MN 55812

$495,000

3 bd · 3.0 ba · 3,841 sqft · MultiFamily public records · 192 Days on market

Built 1904 0.32 ac lot $129/sqft · 22% below area Est $634k · 22% under

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Why this score? — see what drove the F 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).

• ARV discount +15.0/15.0
• Rent growth +4.5/5.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• Cash flow +1.5/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• 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 MLS

If you are looking for a multi-generational home, look no further! This unique, majestic home sits on an oversized lot with terrific Lake Superior views from all three floors. The first floor has a one-bedroom apartment with 1563 Square feet! There is a separate laundry in the lower level but room off the kitchen if a main floor laundry is necessary. Or rent out the first floor for top-dollar. There is a private deck to enjoy the Lake Superior Views as well as a great picture window in the living room. The second and third floors are very spacious with a formal dining room, bedroom, full bath, huge living room and a large eat-in kitchen all on Second floor. The laundry is located conveniently on second floor as well. Both the kitchen and living room have picture windows so you can enjoy great views of Lake Superior. There is an Office/bedroom space at the top of the third floor stairway with a 3/4 bath. Turn left and you will find a huge rec room or bedroom. There is a large storage space tucked in a gable.

Key facts

• Private deck
• Large eat in kitchen
• Formal dining room

Tags

• OVERSIZED LOT
• LAKE SUPERIOR VIEWS
• PRIVATE DECK
• PICTURE WINDOW
• FORMAL DINING ROOM
• LARGE EAT IN KITCHEN

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath multifamily listed at $495k.

Deal economics

• At list price, monthly cash flow is $-2k ($-23k/yr) — negative.
• To cash-flow at today's rent, offer at most $198k (59.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $215k (56.6% below list).
• Recommended offer: $198k (59.9% below list) — sets the bar for cash-flow.
• Cap rate 1.6% vs local median 4.9% in Duluth — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: Congdon Elementary (math 71% / reading 76%, grade A, #41 of 857 statewide, top 5%, 452 students, 20% FRL); Ordean East Middle School (math 45% / reading 61%, grade C+, #53 of 258 statewide, top 22%, 989 students, 26% FRL); East High School (math 42% / reading 73%, grade C, #59 of 471 statewide, top 13%, 1,494 students, 23% FRL) — zoned schools average 23% FRL vs 39% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+8.1%/yr); 52 active listings in the ZIP; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• This rent runs 39% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 192 days — a 12% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $55k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $168k; list at $495k implies a 194% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $198,360 (59.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 192 days. Have you received any prior offers? Is the seller open to a 60% concession, seller financing, or rate buy-down credit?
3. Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.43% ✗
• Cap rate: 1.61%
• Cash-on-cash: -16.74%
• DSCR: 0.26
• GRM: 19.2

CMA / ARV

• ARV (median comp): $633,729
• List price: $495,000
• Delta: -21.89%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -43.7%
• Equity multiple: -0.38×
• Total profit: $-191,842
• Equity at exit: $73,806

10-year hold

• IRR: -43.7%
• Equity multiple: -0.97×
• Total profit: $-273,336
• Equity at exit: $42,799

Cash invested: $138,600 (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: 19.2×

Monthly cashflow live

• Estimated rent: $2,146 medium
• Mortgage (P&I): −$2,596
• Tax from tax record: −$826 /mo · $9,918/yr
• Insurance: −$206
• HOA: −$0
• Vacancy / Maint / Mgmt: −$451
• Net cashflow: $-1,933

Break-even live

Break-even rent $4,593

Max offer price $198,360

Occupancy floor —

Sensitivity live

Price	-10% $-1,653	-5% $-1,793	+0% $-1,933	+5% $-2,073	+10% $-2,213
Rent	-10% $-2,103	-5% $-2,018	+0% $-1,933	+5% $-1,849	+10% $-1,764
Rate	-1.0pp $-1,684	-0.5pp $-1,807	base $-1,933	+0.5pp $-2,062	+1.0pp $-2,192

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: $123,750
• Closing costs: $14,850
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-21
   days on market $495,000 Active 192 DOM
2. 2026-06-19
   days on market $495,000 Active 190 DOM
3. 2026-06-18
   days on market $495,000 Active 189 DOM
4. 2026-06-17
   days on market $495,000 Active 188 DOM
5. 2026-06-16
   days on market $495,000 Active 187 DOM
6. 2026-06-15
   days on market $495,000 Active 186 DOM
7. 2026-06-14
   days on market $495,000 Active 184 DOM
8. 2026-06-13
   days on market $495,000 Active 183 DOM
9. 2026-06-10
   days on market $495,000 Active 181 DOM
10. 2026-06-09
    days on market $495,000 Active 180 DOM
11. 2026-06-08
    days on market $495,000 Active 179 DOM
12. 2026-06-07
    days on market $495,000 Active 178 DOM
13. 2026-06-05
    days on market $495,000 Active 175 DOM
14. 2026-06-03
    days on market $495,000 Active 174 DOM
15. 2026-06-02
    days on market $495,000 Active 173 DOM
16. 2026-06-01
    days on market $495,000 Active 172 DOM
17. 2026-06-01
    price $495,000 Active 171 DOM
18. 2026-05-31
    days on market $530,000 Active 171 DOM
19. 2026-05-30
    days on market $530,000 Active 170 DOM
20. 2026-03-30
    price $530,000 1024-char remark

    Show marketing remark (1181 chars)

    Extremely Unique property! At some point in history, this house was a majestic single family home. It could be again. Terrific views even from first floor. If you are looking for a multi-generational home, look no further! This unique, majestic home sits on an oversized lot with terrific Lake Superior views from all three floors. The first floor has a one-bedroom apartment with 1563 Square feet! There is a separate laundry in the lower level but room off the kitchen if a main floor laundry is necessary. Or rent out the first floor for top-dollar. There is a private deck to enjoy the Lake Superior Views as well as a great picture window in the living room. The second and third floors are very spacious with a formal dining room, bedroom, full bath, huge living room and a large eat-in kitchen all on Second floor. The laundry is located conveniently on second floor as well. Both the kitchen and living room have picture windows so you can enjoy great views of Lake Superior. There is an Office/bedroom space at the top of the third floor stairway with a 3/4 bath. Turn left and you will find a huge rec room or bedroom. There is a large storage space tucked in a gable.

21. 2026-03-30
    price $530,000 1181-char remark

    Show marketing remark (1181 chars)

    Extremely Unique property! At some point in history, this house was a majestic single family home. It could be again. Terrific views even from first floor. If you are looking for a multi-generational home, look no further! This unique, majestic home sits on an oversized lot with terrific Lake Superior views from all three floors. The first floor has a one-bedroom apartment with 1563 Square feet! There is a separate laundry in the lower level but room off the kitchen if a main floor laundry is necessary. Or rent out the first floor for top-dollar. There is a private deck to enjoy the Lake Superior Views as well as a great picture window in the living room. The second and third floors are very spacious with a formal dining room, bedroom, full bath, huge living room and a large eat-in kitchen all on Second floor. The laundry is located conveniently on second floor as well. Both the kitchen and living room have picture windows so you can enjoy great views of Lake Superior. There is an Office/bedroom space at the top of the third floor stairway with a 3/4 bath. Turn left and you will find a huge rec room or bedroom. There is a large storage space tucked in a gable.

22. 2025-12-11
    listed $550,000 Active 1024-char remark

    Show marketing remark (1181 chars)

    Extremely Unique property! At some point in history, this house was a majestic single family home. It could be again. Terrific views even from first floor. If you are looking for a multi-generational home, look no further! This unique, majestic home sits on an oversized lot with terrific Lake Superior views from all three floors. The first floor has a one-bedroom apartment with 1563 Square feet! There is a separate laundry in the lower level but room off the kitchen if a main floor laundry is necessary. Or rent out the first floor for top-dollar. There is a private deck to enjoy the Lake Superior Views as well as a great picture window in the living room. The second and third floors are very spacious with a formal dining room, bedroom, full bath, huge living room and a large eat-in kitchen all on Second floor. The laundry is located conveniently on second floor as well. Both the kitchen and living room have picture windows so you can enjoy great views of Lake Superior. There is an Office/bedroom space at the top of the third floor stairway with a 3/4 bath. Turn left and you will find a huge rec room or bedroom. There is a large storage space tucked in a gable.

23. 2025-12-11
    listed $550,000 Active 1181-char remark

    Show marketing remark (1181 chars)

    Extremely Unique property! At some point in history, this house was a majestic single family home. It could be again. Terrific views even from first floor. If you are looking for a multi-generational home, look no further! This unique, majestic home sits on an oversized lot with terrific Lake Superior views from all three floors. The first floor has a one-bedroom apartment with 1563 Square feet! There is a separate laundry in the lower level but room off the kitchen if a main floor laundry is necessary. Or rent out the first floor for top-dollar. There is a private deck to enjoy the Lake Superior Views as well as a great picture window in the living room. The second and third floors are very spacious with a formal dining room, bedroom, full bath, huge living room and a large eat-in kitchen all on Second floor. The laundry is located conveniently on second floor as well. Both the kitchen and living room have picture windows so you can enjoy great views of Lake Superior. There is an Office/bedroom space at the top of the third floor stairway with a 3/4 bath. Turn left and you will find a huge rec room or bedroom. There is a large storage space tucked in a gable.

24. 1999-05-19
    soldstatus $168,500

ⓘ 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: $9,918 · $826/mo
• Projected year-2 tax: $9,918 · $826/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: $25,752
• − Mortgage interest: −$27,728
• − Property taxes: −$9,918
• − Insurance: −$2,475
• − Repairs & maintenance: −$2,060
• − Management: −$2,060
• − Depreciation: −$14,400
• Taxable loss: −$32,889
• Est. tax savings @ 24.0%: +$7,893
• After-tax cash flow: $-15,306/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

+214.5% since first listed

5 events — show timeline

• 2026-03-30 Price Changed $530,000 LSAR
• 2026-03-30 Price Changed $530,000 LSAR
• 2025-12-11 Listed $550,000 LSAR
• 2025-12-11 Listed $550,000 LSAR
• 1999-05-19 Sold (Public Records) $168,500 Public Records

Property tax history

+8.8%/yr

Latest (2025): $9,918 · +19.4% YoY. Source: county tax records.