616 Atlantic Ave · Duluth, MN 55806

$154,900

2 bd · 1.0 ba · 897 sqft · SingleFamily public records · 12 Days on market

Built 1913 3,049 sqft lot $173/sqft · 7% below area Est $167k · 7% 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 +29.3/30.0
• ARV discount +10.8/15.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• 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

Don't judge a book by it's cover! This adorable 2BR/1BA bungalow is so cute on the inside but does need some TLC on the exterior. Updated main floor flooring and refinished hardwood floors on the second floor. Partially fenced backyard. Shed. Roof (2020). Gas water heater (2020). Newer kitchen appliances. Updated electric (2019/2020). Cute back deck. Come take a look! Electric: $125/mo average Water: $25/mo average Sewer: $25/mo average Gas: $15/mo average Oil: 277.4 gallons 2021 158.9 gallons 2022

Key facts

• Thoughtful updates
• Local trails
• Parks

Tags

• THOUGHTFUL UPDATES
• COMFORTABLE LIVING SPACES
• LOCAL TRAILS
• SHOPS
• RESTAURANTS
• PARKS

Property features AI

Finance

• Other: Annual tax amount listed

Exterior

• Parking: No designated parking
• Utilities: Public water; Public sewer
• Home design: Single-family detached residence; 2 stories
• Construction: Built with other construction materials
• Exterior features: Deck; Fenced yard; City street frontage; Lot roughly 30 x 108 (0.07 acres)

Interior

• Kitchen: Range; Refrigerator; Dishwasher
• Bathrooms: 1 full bathroom
• Heating & cooling: Oil heating
• Interior features: Wood window frames; Full basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $543 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Cap rate 10.5% 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; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• At $1,941/mo this rent would consume 54% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 3y 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 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $154,900

Questions for the listing agent

1. Built in 1913 — 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: 1.25% ✓
• Cap rate: 10.50%
• Cash-on-cash: 15.02%
• DSCR: 1.67
• GRM: 6.6

CMA / ARV

• ARV (median comp): $167,200
• List price: $154,900
• Delta: -7.36%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
616 Atlantic Ave	0.00mi	2/1.0	897 (0%)	0mo	$175,000	$195	100
2973 Devonshire St	0.18mi	2/1.0	996 (+11%)	11mo	$165,000	$166	64
2624 W 10th St	0.51mi	1/1.0 (-1)	861 (-4%)	0mo	$220,000	$256	64
3721 W 4th St	0.48mi	2/1.0	1,008 (+12%)	9mo	$214,900	$213	49
3925 Grand Ave	0.70mi	3/1.0 (+1)	1,000 (+12%)	0mo	$140,000	$140	43
3916 W 4th St	0.66mi	3/1.5 (+1)	1,005 (+12%)	2mo	$250,000	$249	41
826 N 40th Ave Ave W	0.72mi	1/1.0 (-1)	928 (+4%)	20mo	$170,500	$184	39

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: 5.6%
• Equity multiple: 1.22×
• Total profit: $9,466
• Equity at exit: $23,096

10-year hold

• IRR: 15.0%
• Equity multiple: 2.22×
• Total profit: $52,698
• Equity at exit: $13,393

Cash invested: $43,372 (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: 6.6×

Monthly cashflow live

• Estimated rent: $1,941 medium
• Mortgage (P&I): −$812
• Tax from tax record: −$114 /mo · $1,366/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$408
• Net cashflow: $543

Break-even live

Break-even rent $1,254

Max offer price $154,900

Occupancy floor 67%

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	13d	12	1.07mi
2302 Hillcrest Dr Duluth, MN	3.0	1.5	1072	$3,500	$3.26	43d	1	1.26mi

Listing history 4 events

1. 2026-05-14
   listed $154,900 Active 564-char remark
2. 2023-08-07
   soldstatus $132,000
3. 2023-08-01
   soldstatus $132,000 505-char remark

   Show marketing remark (505 chars)

   Don't judge a book by it's cover! This adorable 2BR/1BA bungalow is so cute on the inside but does need some TLC on the exterior. Updated main floor flooring and refinished hardwood floors on the second floor. Partially fenced backyard. Shed. Roof (2020). Gas water heater (2020). Newer kitchen appliances. Updated electric (2019/2020). Cute back deck. Come take a look! Electric: $125/mo average Water: $25/mo average Sewer: $25/mo average Gas: $15/mo average Oil: 277.4 gallons 2021 158.9 gallons 2022

4. 2023-06-12
   listed $119,900 505-char remark

   Show marketing remark (505 chars)

   Don't judge a book by it's cover! This adorable 2BR/1BA bungalow is so cute on the inside but does need some TLC on the exterior. Updated main floor flooring and refinished hardwood floors on the second floor. Partially fenced backyard. Shed. Roof (2020). Gas water heater (2020). Newer kitchen appliances. Updated electric (2019/2020). Cute back deck. Come take a look! Electric: $125/mo average Water: $25/mo average Sewer: $25/mo average Gas: $15/mo average Oil: 277.4 gallons 2021 158.9 gallons 2022

ⓘ 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: $1,366 · $114/mo
• Projected year-2 tax: $1,550 · $129/mo
• Expected delta: +$184/yr (+$15/mo · 13.5%)

ⓘ 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 ≥90°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: $23,297
• − Mortgage interest: −$8,677
• − Property taxes: −$1,366
• − Insurance: −$774
• − Repairs & maintenance: −$1,864
• − Management: −$1,864
• − Depreciation: −$4,506
• Taxable income: $4,246
• Est. tax owed @ 24.0%: −$1,019
• After-tax cash flow: $5,497/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

+46.0% since first listed

6 events — show timeline

• 2026-06-15 Sold (MLS) $175,000 LSAR
• 2026-05-26 Pending — LSAR
• 2026-05-14 Listed $154,900 LSAR
• 2023-08-07 Sold (Public Records) $132,000 Public Records
• 2023-08-01 Sold (MLS) $132,000 LSAR
• 2023-06-12 Listed $119,900 LSAR

Property tax history

+7.4%/yr

Latest (2026): $1,366 · +16.0% YoY. Source: county tax records.