1302 W 1st St · Duluth, MN 55806

$240,000

4 bd · 2.0 ba · 1,884 sqft · MultiFamily public records · 11 Days on market

Built 1907 4,399 sqft lot $127/sqft · 48% above area Est $163k · 48% over

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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 +25.5/30.0
• 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
• ARV discount +0.0/15.0
• 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 MLS

This is an exciting opportunity to invest in a charming duplex on Goat Hill! This property features two separate units, one on each floor, each offering two bedrooms and one full bathroom. Large windows fill each unit with abundant natural light, creating a warm and inviting atmosphere. The property also includes three parking spaces for tenant convenience. The lower unit is currently leased until December 1, 2024, and the upper unit is Jan. 1 2025, providing you with immediate rental income and a seamless start to your landlord journey. The upper unit has potential for $1,500 a month rent and the lower unit $1,200. $2,700 a month potential! Whether you're a seasoned investor or just beginning in real estate, this duplex offers a promising venture. Call today for your private showing!

Key facts

• 4,399 sq ft lot
• 3 parking spots
• Built 1907

Property features AI

Finance

• Other: Fractional ownership: No; Living area reported as 1,886 square feet
• Financial info: Property type: Residential income (duplex); Total units: 2
• HOA & community: Rental license: Standard (rental license active)

Exterior

• Parking: Unit parking: one unit lists 1 parking space, the other lists 2 parking spaces; No carport spaces
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Duplex (up and down); Two levels; Above-grade finished area 1,886 square feet; Main level finished area 942 square feet; Owner not occupied
• Construction: Stone foundation; Foundation area 942 (foundation dimensions 40 x 24)
• Exterior features: Lot approximately 0.101 acres (40 x 120)

Interior

• Kitchen: Unit appliances include a range and refrigerator; Kitchen window (in at least one unit)
• Bedrooms: 4 bedrooms total; Each unit has 2 bedrooms
• Flooring: Hardwood floors (in at least one unit)
• Bathrooms: Each unit has 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: Egress windows in basement; Full basement
• Laundry & utility: Natural gas fuel

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $560 ($7k/yr) — positive. Per door: $280/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• 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: 44 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• At $2,772/mo this rent would consume 78% 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.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $240,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.16% ✓
• Cap rate: 9.09%
• Cash-on-cash: 9.99%
• DSCR: 1.44
• GRM: 7.2

CMA / ARV

• ARV (median comp): $162,541
• List price: $240,000
• Delta: 47.66%
• Verdict: OVERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1302 W 1st St	0.00mi	4/2.0	1,884 (0%)	21mo	$220,000	$117	83
1727 W 2nd St	0.41mi	5/2.0 (+1)	1,872 (-1%)	23mo	$255,000	$136	56

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: -1.3%
• Equity multiple: 0.95×
• Total profit: $-3,223
• Equity at exit: $35,785

10-year hold

• IRR: 8.4%
• Equity multiple: 1.64×
• Total profit: $43,189
• Equity at exit: $20,751

Cash invested: $67,200 (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: 14.4×

Monthly cashflow live

• Estimated rent: $2,772 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$272 /mo · $3,260/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$582
• Net cashflow: $560

Break-even live

Break-even rent $2,064

Max offer price $240,000

Occupancy floor 75%

Sensitivity live

Price	-10% $695	-5% $628	+0% $560	+5% $492	+10% $424
Rent	-10% $341	-5% $450	+0% $560	+5% $669	+10% $779
Rate	-1.0pp $680	-0.5pp $621	base $560	+0.5pp $497	+1.0pp $434

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,772
Total (2 units)			$2,772

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 N 5th Ave W Duluth, MN	3.0	1.0–2.0	1209	$3,299	$2.73	22d	7	0.74mi
100 N 5th Ave W Duluth, MN	3.0	1.0–2.0	1207	$3,999	$3.31	14d	1	0.74mi
13 E 8th St Duluth, MN	4.0	1.5	1388	$2,000	$1.44	44d	1	1.31mi

Listing history 7 events

1. 2026-05-12
   historical Contingent - Inspection 471-char remark
2. 2026-05-08
   status Pending 471-char remark
3. 2026-05-02
   listed $240,000 Active 471-char remark
4. 2026-05-02
   listed $240,000 Active 497-char remark
5. 2024-10-07
   soldstatus $220,000
6. 2024-09-23
   soldstatus $220,000

   Show marketing remark (797 chars)

   This is an exciting opportunity to invest in a charming duplex on Goat Hill! This property features two separate units, one on each floor, each offering two bedrooms and one full bathroom. Large windows fill each unit with abundant natural light, creating a warm and inviting atmosphere. The property also includes three parking spaces for tenant convenience. The lower unit is currently leased until December 1, 2024, and the upper unit is Jan. 1 2025, providing you with immediate rental income and a seamless start to your landlord journey. The upper unit has potential for $1,500 a month rent and the lower unit $1,200. $2,700 a month potential! Whether you're a seasoned investor or just beginning in real estate, this duplex offers a promising venture. Call today for your private showing!

7. 2024-06-10
   listed $229,900

   Show marketing remark (797 chars)

   This is an exciting opportunity to invest in a charming duplex on Goat Hill! This property features two separate units, one on each floor, each offering two bedrooms and one full bathroom. Large windows fill each unit with abundant natural light, creating a warm and inviting atmosphere. The property also includes three parking spaces for tenant convenience. The lower unit is currently leased until December 1, 2024, and the upper unit is Jan. 1 2025, providing you with immediate rental income and a seamless start to your landlord journey. The upper unit has potential for $1,500 a month rent and the lower unit $1,200. $2,700 a month potential! Whether you're a seasoned investor or just beginning in real estate, this duplex offers a promising venture. Call today for your private showing!

ⓘ 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: $3,260 · $272/mo
• Projected year-2 tax: $3,260 · $272/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 6/10 Major FEMA zone X · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥91°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: $33,264
• − Mortgage interest: −$13,444
• − Property taxes: −$3,260
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,661
• − Management: −$2,661
• − Depreciation: −$6,982
• Taxable income: $3,056
• Est. tax owed @ 24.0%: −$733
• After-tax cash flow: $5,982/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

+4.4% since first listed

9 events — show timeline

• 2026-06-09 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-06-09 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-20 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-12 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-08 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-02 Listed $240,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-10-07 Sold (Public Records) $220,000 Public Records
• 2024-09-23 Sold (MLS) $220,000 LSAR
• 2024-06-10 Listed $229,900 LSAR

Property tax history

+3.9%/yr

Latest (2026): $3,260 · +10.4% YoY. Source: county tax records.