2 Korda Dr · Duluth, MN 55808

$39,000

3 bd · 1.0 ba · 924 sqft · SingleFamily · 27 Days on market

Built 1980 Good condition $42/sqft · 79% below 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Darling open concept Liberty home in Vintage Acres all freshened up and ready for new owners! This is a cute and bright 3 bedroom 1 bath mobile home with a nice open kitchen and living area. The home is freshly painted with new carpet and an updated kitchen and bathroom. Within the last 18 months a new furnace, new water heater, 1 new window, 1 new door have all been installed! The refrigerator and clothes washer are also new! Outside you will find a freshly painted shed for storage. Buyer will need to be approved with Vintage Acres before an offer will be accepted. Lot rent is $587, sewage $40. Buyer will need cash or a loan approval for showings. If you need a loan one option is Mike Malone 612-226-6434 HomeMalone Mortgage, [email protected]

Key facts

• New furnace
• Open concept
• New water heater

Tags

• OPEN CONCEPT
• UPDATED KITCHEN
• UPDATED BATHROOM
• NEW FURNACE
• NEW WATER HEATER
• NEW WINDOW

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $39k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $730 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $39k).
• Recommended offer: $38k (1.5% below list) — sets the bar for market timing.
• Cap rate 28.7% 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: Stowe Elementary (math 37% / reading 52%, grade F, #534 of 857 statewide, top 66%, 239 students, 70% 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 64% FRL vs 39% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 36 active listings in the ZIP; 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 $270 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($38k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 $32k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $38,415 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 3.24% ✓
• Cap rate: 28.74%
• Cash-on-cash: 80.18%
• DSCR: 4.57
• GRM: 2.6

CMA / ARV

• ARV (median comp): $183,728
• List price: $39,000
• Delta: -78.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1410 105th Ave Ave W	0.61mi	3/2.0	946 (+2%)	1mo	$219,900	$232	63
1215 103rd Ave Ave W	0.45mi	2/1.5 (-1)	872 (-6%)	2mo	$199,900	$229	61
14 Holt Dr	0.10mi	2/1.0 (-1)	1,056 (+14%)	17mo	$50,000	$47	53
1215 102nd Ave W	0.46mi	2/2.0 (-1)	900 (-3%)	20mo	$192,768	$214	48
1204 99th Ave Ave W	0.54mi	2/1.0 (-1)	872 (-6%)	23mo	$239,900	$275	41
1416 105th Ave W	0.63mi	2/1.0 (-1)	1,040 (+13%)	9mo	$165,000	$159	38
105 W 97th Ave	0.70mi	4/1.0 (+1)	970 (+5%)	23mo	$200,000	$206	35

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: 80.4%
• Equity multiple: 4.68×
• Total profit: $40,169
• Equity at exit: $5,815

10-year hold

• IRR: 83.8%
• Equity multiple: 9.69×
• Total profit: $94,892
• Equity at exit: $3,372

Cash invested: $10,920 (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 55808

• Home prices YoY: -29.8%
• Active inventory: 36
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,265 medium
• Mortgage (P&I): −$205
• Tax est. 1.5%: −$49 /mo · $585/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $730

Break-even live

Break-even rent $341

Max offer price $39,000

Occupancy floor 37%

Sensitivity live

Price	-10% $757	-5% $743	+0% $730	+5% $716	+10% $703
Rent	-10% $630	-5% $680	+0% $730	+5% $780	+10% $830
Rate	-1.0pp $749	-0.5pp $740	base $730	+0.5pp $720	+1.0pp $709

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: $9,750
• Closing costs: $1,170
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-12
   status Pending 757-char remark

   Show marketing remark (757 chars)

   Darling open concept Liberty home in Vintage Acres all freshened up and ready for new owners! This is a cute and bright 3 bedroom 1 bath mobile home with a nice open kitchen and living area. The home is freshly painted with new carpet and an updated kitchen and bathroom. Within the last 18 months a new furnace, new water heater, 1 new window, 1 new door have all been installed! The refrigerator and clothes washer are also new! Outside you will find a freshly painted shed for storage. Buyer will need to be approved with Vintage Acres before an offer will be accepted. Lot rent is $587, sewage $40. Buyer will need cash or a loan approval for showings. If you need a loan one option is Mike Malone 612-226-6434 HomeMalone Mortgage, [email protected]

2. 2026-04-15
   listed $39,000 Active 757-char remark

   Show marketing remark (757 chars)

   Darling open concept Liberty home in Vintage Acres all freshened up and ready for new owners! This is a cute and bright 3 bedroom 1 bath mobile home with a nice open kitchen and living area. The home is freshly painted with new carpet and an updated kitchen and bathroom. Within the last 18 months a new furnace, new water heater, 1 new window, 1 new door have all been installed! The refrigerator and clothes washer are also new! Outside you will find a freshly painted shed for storage. Buyer will need to be approved with Vintage Acres before an offer will be accepted. Lot rent is $587, sewage $40. Buyer will need cash or a loan approval for showings. If you need a loan one option is Mike Malone 612-226-6434 HomeMalone Mortgage, [email protected]

3. 2024-10-14
   soldstatus $32,000 542-char remark

   Show marketing remark (542 chars)

   Darling open concept Liberty home in Vintage Acres all freshened up and ready for new owners! This is a cute and bright 3 bedroom 1 bath mobile home with a nice open kitchen and living area. The home is freshly painted with new carpet and an updated kitchen and bathroom! Outside you will find a freshly painted shed for storage. Buyer will need to be approved with Vintage Acres before an offer will be accepted. Lot rent is $583. Buyers will need to have cash or a loan with potential terms of 25% down, 700+ credit scores and 10 year term.

4. 2024-09-05
   listed $33,000 542-char remark

   Show marketing remark (542 chars)

   Darling open concept Liberty home in Vintage Acres all freshened up and ready for new owners! This is a cute and bright 3 bedroom 1 bath mobile home with a nice open kitchen and living area. The home is freshly painted with new carpet and an updated kitchen and bathroom! Outside you will find a freshly painted shed for storage. Buyer will need to be approved with Vintage Acres before an offer will be accepted. Lot rent is $583. Buyers will need to have cash or a loan with potential terms of 25% down, 700+ credit scores and 10 year term.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥90°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,177
• − Mortgage interest: −$2,185
• − Property taxes: −$585
• − Insurance: −$195
• − Repairs & maintenance: −$1,214
• − Management: −$1,214
• − Depreciation: −$1,135
• Taxable income: $8,649
• Est. tax owed @ 24.0%: −$2,076
• After-tax cash flow: $6,679/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This charming mobile home is in good condition with recent updates and fresh paint, making it move-in ready and suitable for both resale and rental.

Value-add opportunities

• Resale Paint exterior trim — Enhances curb appeal and value
• Resale Replace outdoor light fixture — Improves curb appeal and safety
• Rental Replace outdoor light fixture — Improves safety and appeal for potential tenants

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior trim — Enhances curb appeal and value ↑
• Resale Replace outdoor light fixture — Improves curb appeal and safety ↑
• Rental Replace outdoor light fixture — Improves safety and appeal for potential tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 5,325

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 (90%)
• Race & ethnicity: White 90% Two or more races 6% Native American 3% Hispanic / Latino 1%
• Common ancestry: Portuguese 14% Romanian 8% Lithuanian 5%
• Foreign-born: 1% · Canada

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: ▼ -100.66%
• Current HPI: 237.4607
• 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

+18.2% since first listed

4 events — show timeline

• 2026-05-12 Pending — LSAR
• 2026-04-15 Listed $39,000 LSAR
• 2024-10-14 Sold (MLS) $32,000 LSAR
• 2024-09-05 Listed $33,000 LSAR