517 N 22nd Ave Ave W · Duluth, MN 55806

$134,900

2 bd · 2.0 ba · 1,248 sqft · SingleFamily public records · 19 Days on market

Built 1912 2,178 sqft lot $108/sqft · 25% below area Est $179k · 25% under

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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 +27.5/30.0
• ARV discount +15.0/15.0
• DSCR +9.7/10.0
• 1% rule +7.1/10.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Good sized three bedroom, two full bath home on fenced corner alley lot with tuckunder garage off alley. Enclosed porch, small deck area off upper bedroom, hardwood floors and some original woodwork, main floor bath, living room/dining room combination, large kitchen with a good amount of light, back entrance and access to full basement, and drop stair access to large open attic area with views of the hillside. All financed offers must have the prequal state that utilities do NOT need to be on for appraisal. All inspections, including point of sale inspections, are buyers responsibility and for informational purposes only.

Key facts

• Large kitchen
• Enclosed porch
• Original woodwork

Tags

• FENCED CORNER LOT
• ENCLOSED PORCH
• SMALL DECK AREA
• HARDWOOD FLOORS
• ORIGINAL WOODWORK
• LARGE KITCHEN

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $400 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $133k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.9% 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: 44 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• At $1,636/mo this rent would consume 46% 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 $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y 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 $90k; list at $135k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $132,876 (1.5% below list)

Questions for the listing agent

1. Built in 1912 — 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: 1.21% ✓
• Cap rate: 9.85%
• Cash-on-cash: 12.71%
• DSCR: 1.57
• GRM: 6.9

CMA / ARV

• ARV (median comp): $179,110
• List price: $134,900
• Delta: -24.68%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
517 N 22nd Ave Ave W	0.00mi	3/2.0 (+1)	1,248 (0%)	1mo	$131,000	$105	94
2208 W 8th St	0.16mi	2/2.0	1,348 (+8%)	0mo	$205,000	$152	79
2229 W 7th St	0.13mi	3/1.0 (+1)	1,209 (-3%)	3mo	$177,500	$147	77
2203 W 2nd St	0.23mi	3/1.0 (+1)	1,326 (+6%)	6mo	$150,000	$113	65
2629 W 2nd St	0.48mi	3/1.5 (+1)	1,292 (+4%)	1mo	$110,000	$85	64
314 N 19th Ave W	0.32mi	3/1.0 (+1)	1,208 (-3%)	9mo	$182,000	$151	63
2326 W 2nd St	0.30mi	3/1.0 (+1)	1,352 (+8%)	0mo	$180,000	$133	63
2723 W 4th St	0.50mi	3/2.0 (+1)	1,248 (0%)	12mo	$230,000	$184	61
1721 W 2nd St	0.46mi	2/1.5	1,164 (-7%)	12mo	$230,000	$198	55
2626 W 5th St	0.41mi	3/1.5 (+1)	1,336 (+7%)	11mo	$209,000	$156	53
520 Winnipeg Ave	0.48mi	3/1.5 (+1)	1,121 (-10%)	6mo	$190,000	$169	49
3001 Devonshire St	0.71mi	3/1.5 (+1)	1,286 (+3%)	9mo	$210,000	$163	47

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: 2.5%
• Equity multiple: 1.10×
• Total profit: $3,628
• Equity at exit: $20,114

10-year hold

• IRR: 12.1%
• Equity multiple: 1.95×
• Total profit: $35,978
• Equity at exit: $11,664

Cash invested: $37,772 (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: 6.9×

Monthly cashflow live

• Estimated rent: $1,636 high
• Mortgage (P&I): −$707
• Tax from tax record: −$128 /mo · $1,542/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $400

Break-even live

Break-even rent $1,129

Max offer price $134,900

Occupancy floor 71%

Sensitivity live

Price	-10% $477	-5% $438	+0% $400	+5% $362	+10% $324
Rent	-10% $271	-5% $336	+0% $400	+5% $465	+10% $529
Rate	-1.0pp $468	-0.5pp $434	base $400	+0.5pp $365	+1.0pp $330

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2011 W Superior St Duluth, MN	2.0	1.0–2.0	670	$1,844	$2.75	14d	12	0.42mi
1302 W 1st St Apt 1 Duluth, MN	2.0	1.0	942	$1,275	$1.35	45d	1	0.85mi
1302 W 1st St Apt 2 Duluth, MN	2.0	1.0	942	$1,300	$1.38	45d	1	0.85mi
1125 Glen Place Dr Unit A05 Duluth, MN	2.0	1.0	788	$1,395	$1.77	45d	1	0.99mi
1115 W Michigan St Duluth, MN	2.0	1.0	600	$1,395	$2.33	45d	3	1.02mi
2302 Hillcrest Dr Duluth, MN	3.0	1.5	1072	$3,500	$3.26	45d	1	1.03mi
521 W 2nd St Duluth, MN	2.0	1.0	592	$1,600	$2.70	14d	2	1.47mi

Listing history 13 events

1. 2026-05-07
   status Pending 630-char remark

   Show marketing remark (630 chars)

   Good sized three bedroom, two full bath home on fenced corner alley lot with tuckunder garage off alley. Enclosed porch, small deck area off upper bedroom, hardwood floors and some original woodwork, main floor bath, living room/dining room combination, large kitchen with a good amount of light, back entrance and access to full basement, and drop stair access to large open attic area with views of the hillside. All financed offers must have the prequal state that utilities do NOT need to be on for appraisal. All inspections, including point of sale inspections, are buyers responsibility and for informational purposes only.

2. 2026-04-17
   listed $134,900 Active 630-char remark

   Show marketing remark (630 chars)

   Good sized three bedroom, two full bath home on fenced corner alley lot with tuckunder garage off alley. Enclosed porch, small deck area off upper bedroom, hardwood floors and some original woodwork, main floor bath, living room/dining room combination, large kitchen with a good amount of light, back entrance and access to full basement, and drop stair access to large open attic area with views of the hillside. All financed offers must have the prequal state that utilities do NOT need to be on for appraisal. All inspections, including point of sale inspections, are buyers responsibility and for informational purposes only.

3. 2009-07-23
   soldstatus $89,900
4. 2009-07-17
   soldstatus $89,900 188-char remark

   Show marketing remark (188 chars)

   Move-in condition 3 bedroom, 2 bath home featuring hardwood floors, plumbing & electrical updates, enclosed front porch, new furnace, and a tuckunder garage. Very well maintained home.

5. 2009-07-16
   soldstatus $89,900
6. 2009-06-22
   historical 188-char remark

   Show marketing remark (188 chars)

   Move-in condition 3 bedroom, 2 bath home featuring hardwood floors, plumbing & electrical updates, enclosed front porch, new furnace, and a tuckunder garage. Very well maintained home.

7. 2009-06-08
   listed $89,900 188-char remark

   Show marketing remark (188 chars)

   Move-in condition 3 bedroom, 2 bath home featuring hardwood floors, plumbing & electrical updates, enclosed front porch, new furnace, and a tuckunder garage. Very well maintained home.

8. 2009-06-08
   listed $89,900

   Show marketing remark (188 chars)

   Move-in condition 3 bedroom, 2 bath home featuring hardwood floors, plumbing & electrical updates, enclosed front porch, new furnace, and a tuckunder garage. Very well maintained home.

9. 2003-03-18
   soldstatus $81,500
10. 2003-03-03
    soldstatus $79,900
11. 2003-01-22
    historical
12. 2003-01-20
    listed $79,900
13. 1999-03-10
    soldstatus $49,000

ⓘ 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: $1,542 · $128/mo
• Projected year-2 tax: $1,542 · $128/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 3/10 Moderate
• 🌡 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: $19,630
• − Mortgage interest: −$7,556
• − Property taxes: −$1,542
• − Insurance: −$674
• − Repairs & maintenance: −$1,570
• − Management: −$1,570
• − Depreciation: −$3,924
• Taxable income: $2,792
• Est. tax owed @ 24.0%: −$670
• After-tax cash flow: $4,132/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

+175.3% since first listed

13 events — show timeline

• 2026-05-07 Pending — LSAR
• 2026-04-17 Listed $134,900 LSAR
• 2009-07-23 Sold (Public Records) $89,900 Public Records
• 2009-07-17 Sold (MLS) $89,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-07-16 Sold (MLS) $89,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-06-22 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-06-08 Listed $89,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-06-08 Listed $89,900 NORTHSTARMLS as Distributed by MLS Grid
• 2003-03-18 Sold (Public Records) $81,500 Public Records
• 2003-03-03 Sold (MLS) $79,900 NORTHSTARMLS as Distributed by MLS Grid
• 2003-01-22 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2003-01-20 Listed $79,900 NORTHSTARMLS as Distributed by MLS Grid
• 1999-03-10 Sold (Public Records) $49,000 Public Records

Property tax history

+0.6%/yr

Latest (2025): $1,542 · +2.5% YoY. Source: county tax records.