118 N 23rd Ave W · Duluth, MN 55806

$249,900

4 bd · 2.0 ba · 1,861 sqft · MultiFamily public records · 42 Days on market

Built 1901 1,742 sqft lot $134/sqft · 65% above area

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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 +28.9/30.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• 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

Excellent investment opportunity in the heart of Duluth! This well-maintained duplex offers strong income potential with flexible options for both investors and owner-occupants alike. Featuring nearly 2,000 finished square feet, this property includes a spacious 3-bedroom upper unit and a comfortable 1-bedroom lower unit, each with separate living and dining spaces, large kitchens, and private full bathrooms. Current month-to-month leases provide immediate rental income while allowing future flexibility for occupancy or rental adjustments. Additional highlights include coin-operated laundry in the basement for added income potential, two rear parking spaces, and a layout that appeals to lon

Key facts

• Large kitchens
• Income potential
• Flexible options

Tags

• INVESTMENT OPPORTUNITY
• INCOME POTENTIAL
• FLEXIBLE OPTIONS
• SEPARATE LIVING SPACES
• LARGE KITCHENS
• PRIVATE FULL BATHROOMS

Property features AI

Finance

• Financial info: Reported actual rent: Unit 1 — $1,325; Unit 2 — $780

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer; Cable available
• Home design: Duplex (residential income); 2 stories
• Construction: Asphalt/shingle roof
• Exterior features: Asphalt shingle roof; City street frontage; Lot dimensions approximately 35 x 50

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: One unit with 3 bedrooms; One unit with 1 bedroom
• Bathrooms: One unit with 1 bathroom; One unit with 1 bathroom
• Heating & cooling: Forced air heating (natural gas); Has heating
• Interior features: High-speed internet available; Full basement
• Laundry & utility: Laundry in basement (common area)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $844 ($10k/yr) — positive. Per door: $422/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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; lower-income renter base — watch delinquency; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• At $3,157/mo this rent would consume 88% 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 $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $115k; list at $250k implies a 118% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $242,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
8. 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.
9. 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: 1.26% ✓
• Cap rate: 10.35%
• Cash-on-cash: 14.48%
• DSCR: 1.64
• GRM: 6.6

CMA / ARV

• ARV (median comp): $161,223
• List price: $249,900
• Delta: 55.00%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2821 W 1st St	0.51mi	3/2.0 (-1)	1,914 (+3%)	5mo	$195,000	$102	63
1727 W 2nd St	0.45mi	5/2.0 (+1)	1,872 (+1%)	23mo	$255,000	$136	54
2805 W 2nd St	0.47mi	5/2.0 (+1)	2,016 (+8%)	9mo	$214,900	$107	52
2911 W 3rd St	0.58mi	4/2.0	1,600 (-14%)	8mo	$245,000	$153	42
2213 W 10th St	0.57mi	3/2.0 (-1)	1,656 (-11%)	11mo	$240,000	$145	41
2619 W 5th St	0.41mi	3/2.0 (-1)	1,652 (-11%)	21mo	$150,000	$91	40
417 Michigan Ave	0.69mi	4/2.0	2,098 (+13%)	15mo	$179,000	$85	34

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: 4.9%
• Equity multiple: 1.19×
• Total profit: $13,275
• Equity at exit: $37,261

10-year hold

• IRR: 14.3%
• Equity multiple: 2.15×
• Total profit: $80,798
• Equity at exit: $21,607

Cash invested: $69,972 (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: 13.2×

Monthly cashflow live

• Estimated rent: $3,157 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$235 /mo · $2,822/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$663
• Net cashflow: $844

Break-even live

Break-even rent $2,088

Max offer price $249,900

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,158
Total (2 units)			$3,157

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $249,900 Active 42 DOM
2. 2026-06-18
   days on market $249,900 Active 41 DOM
3. 2026-06-17
   days on market $249,900 Active 40 DOM
4. 2026-06-16
   days on market $249,900 Active 39 DOM
5. 2026-06-15
   days on market $249,900 Active 38 DOM
6. 2026-06-14
   days on market $249,900 Active 36 DOM
7. 2026-06-13
   days on market $249,900 Active 35 DOM
8. 2026-06-10
   days on market $249,900 Active 33 DOM
9. 2026-06-09
   days on market $249,900 Active 32 DOM
10. 2026-06-08
    days on market $249,900 Active 31 DOM
11. 2026-06-07
    days on market $249,900 Active 30 DOM
12. 2026-06-05
    days on market $249,900 Active 27 DOM
13. 2026-06-03
    days on market $249,900 Active 26 DOM
14. 2026-06-02
    days on market $249,900 Active 25 DOM
15. 2026-06-01
    days on market $249,900 Active 24 DOM
16. 2026-05-31
    days on market $249,900 Active 23 DOM
17. 2026-05-30
    days on market $249,900 Active 22 DOM
18. 2026-05-07
    listed $249,900 Active 973-char remark
19. 2020-07-22
    soldstatus $114,609
20. 2019-05-28
    soldstatus $114,300
21. 2018-03-13
    soldstatus $92,900
22. 1999-04-30
    soldstatus $28,000

ⓘ 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: $2,822 · $235/mo
• Projected year-2 tax: $2,822 · $235/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 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: $37,884
• − Mortgage interest: −$13,998
• − Property taxes: −$2,822
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,031
• − Management: −$3,031
• − Depreciation: −$7,270
• Taxable income: $6,483
• Est. tax owed @ 24.0%: −$1,556
• After-tax cash flow: $8,575/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

+792.5% since first listed

5 events — show timeline

• 2026-05-07 Listed $249,900 LSAR
• 2020-07-22 Sold (Public Records) $114,609 Public Records
• 2019-05-28 Sold (Public Records) $114,300 Public Records
• 2018-03-13 Sold (Public Records) $92,900 Public Records
• 1999-04-30 Sold (Public Records) $28,000 Public Records

Property tax history

+4.6%/yr

Latest (2026): $2,822 · +14.4% YoY. Source: county tax records.