4123 Lombard St · Duluth, MN 55804

$299,900

3 bd · 2.0 ba · 1,610 sqft · SingleFamily public records · 56 Days on market

Built 1890 8,276 sqft lot $186/sqft · at area comps Est $312k · at est.

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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 +25.4/30.0
• ARV discount +9.2/15.0
• DSCR +8.4/10.0
• 1% rule +6.6/10.0
• 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

Listing remarks

Welcome to 4123 Lombard Street in Duluth! This Lakeside home features 2 main floor bedrooms, a gorgeous 3/4 bath, bright & sunny living room, and perfect dining area. You will also be impressed by the spacious modern kitchen that features plenty of countertops, storage and nice appliances! The roomy upper level features a nice den or office, bedroom, a 2nd snack kitchen and a beautiful walk-in shower. Some of the many updates and features include modern vinyl windows, gutters, asphalt driveway with plenty of parking, efficient gas heat, new electric water heater and reasonable utility costs. Outside you'll find a nice deck, level lot, a gardening area and quiet street. Close to the La

Key facts

• Quiet street
• Asphalt driveway
• Gardening area

Tags

• MODERN KITCHEN
• WALK-IN SHOWER
• ASPHALT DRIVEWAY
• GARDENING AREA
• QUIET STREET

Property features AI

Finance

• Other: Public maintained road responsibility

Exterior

• Parking: Detached garage with 2 garage spaces; Off-street asphalt parking; Garage door opener
• Utilities: Public water; Public sewer; Cable available; Satellite dish
• Home design: Single-family detached residence; One story
• Construction: Asphalt shingle roof; Stone foundation; Built above-grade finished area of 1,610 (living area listed)
• Exterior features: Deck; Level lot; Paved, public maintained city street frontage (50 x 140 / 0.19 acres)

Interior

• Kitchen: Range; Microwave; Refrigerator; Dishwasher not listed
• Bedrooms: Master bedroom located on the main level
• Bathrooms: Two three-quarter bathrooms
• Heating & cooling: Forced air heating (natural gas); No central cooling listed
• Interior features: Ceiling fans; Master bedroom on main level; Decorative fireplace (1); Full unfinished basement
• Laundry & utility: Washer; Dryer; Dehumidifier

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $300k.

Deal economics

• At list price, monthly cash flow is $694 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $300k).
• Recommended offer: $291k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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: 99 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $290,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.16% ✓
• Cap rate: 9.07%
• Cash-on-cash: 9.92%
• DSCR: 1.44
• GRM: 7.2

CMA / ARV

• ARV (median comp): $311,753
• List price: $299,900
• Delta: -3.80%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
202 N 40th Ave Ave E	0.15mi	3/1.5	1,648 (+2%)	0mo	$315,000	$191	87
4124 Gilliat St	0.11mi	3/1.0	1,586 (-2%)	11mo	$305,000	$192	79
4420 Gilliat St	0.28mi	3/2.0	1,600 (-1%)	18mo	$395,000	$247	71
330 N 43rd Ave E	0.22mi	3/2.0	1,531 (-5%)	16mo	$315,000	$206	68
4106 Gladstone St	0.46mi	3/2.0	1,521 (-6%)	10mo	$306,250	$201	61
4225 Gladstone St	0.50mi	3/1.5	1,480 (-8%)	6mo	$350,000	$236	57
4717 Robinson St	0.63mi	3/1.5	1,756 (+9%)	7mo	$326,000	$186	48
4102 Dodge St	0.73mi	4/1.5 (+1)	1,643 (+2%)	10mo	$415,000	$253	47
4128 Gladstone St	0.46mi	3/2.0	1,386 (-14%)	10mo	$295,000	$213	47
4216 Cooke St	0.53mi	4/2.0 (+1)	1,736 (+8%)	16mo	$310,000	$179	44
4532 Mcculloch St	0.54mi	4/2.0 (+1)	1,395 (-13%)	5mo	$294,900	$211	44
4427 Pitt St	0.68mi	2/2.0 (-1)	1,403 (-13%)	11mo	$302,000	$215	33

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: -1.4%
• Equity multiple: 0.95×
• Total profit: $-4,321
• Equity at exit: $44,716

10-year hold

• IRR: 8.3%
• Equity multiple: 1.64×
• Total profit: $53,373
• Equity at exit: $25,930

Cash invested: $83,972 (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 55804

• Active inventory: 99
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $3,485 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$361 /mo · $4,332/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$732
• Net cashflow: $694

Break-even live

Break-even rent $2,606

Max offer price $299,900

Occupancy floor 75%

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3780 London Rd Duluth, MN	1.0–3.0	1.0–2.0	1312	$3,485	$2.66	13d	1	0.39mi

Listing history 18 events

1. 2026-06-19
   status $299,900 Pending 56 DOM
2. 2026-06-18
   days on market $299,900 Active 56 DOM
3. 2026-06-17
   days on market $299,900 Active 55 DOM
4. 2026-06-16
   days on market $299,900 Active 54 DOM
5. 2026-06-15
   days on market $299,900 Active 53 DOM
6. 2026-06-14
   days on market $299,900 Active 51 DOM
7. 2026-06-13
   days on market $299,900 Active 50 DOM
8. 2026-06-10
   days on market $299,900 Active 48 DOM
9. 2026-06-09
   days on market $299,900 Active 47 DOM
10. 2026-06-08
    days on market $299,900 Active 46 DOM
11. 2026-06-07
    days on market $299,900 Active 45 DOM
12. 2026-06-05
    days on market $299,900 Active 42 DOM
13. 2026-06-03
    days on market $299,900 Active 41 DOM
14. 2026-06-02
    days on market $299,900 Active 40 DOM
15. 2026-06-01
    days on market $299,900 Active 39 DOM
16. 2026-05-31
    days on market $299,900 Active 38 DOM
17. 2026-05-30
    days on market $299,900 Active 37 DOM
18. 2026-04-23
    listed $299,900 Active 879-char remark

ⓘ 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: $4,332 · $361/mo
• Projected year-2 tax: $4,332 · $361/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: $41,820
• − Mortgage interest: −$16,799
• − Property taxes: −$4,332
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,346
• − Management: −$3,346
• − Depreciation: −$8,724
• Taxable income: $3,774
• Est. tax owed @ 24.0%: −$906
• After-tax cash flow: $7,428/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
• City population: 71,097
• Population (ZIP): 16,018

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 (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 1% Asian 1%
• Common ancestry: Portuguese 14% Scottish 4% Romanian 4%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 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: ▼ -253.94%
• Current HPI: 199.4064
• 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

2 events — show timeline

• 2026-06-18 Pending — LSAR
• 2026-04-23 Listed $299,900 LSAR

Property tax history

+9.1%/yr

Latest (2026): $4,332 · +13.6% YoY. Source: county tax records.