10-12 S 16th Ave Ave E · Duluth, MN 55812

$389,900

11 bd · 4.0 ba · 3,590 sqft · MultiFamily · 120 Days on market

Built 1891 Good condition 3,485 sqft lot

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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 +23.1/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +6.0/10.0
• Rent growth +4.5/5.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Condition / age +3.8/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This building offers an exceptional East Hillside opportunity: two side-by-side duplexes just blocks from the lake, schools, shopping, and downtown Duluth. This substantial multi-family property combines spacious layouts with an ultra-convenient location that has long appealed to students, professionals, and long-term renters. Each side features multiple bedrooms, generous common areas, and functional kitchens, creating comfortable spaces for larger households, roommates, or co-living arrangements. High ceilings, big windows, and classic Duluth character add warmth and charm, while the side-by-side configuration lends a sense of privacy between units. Off-street parking and manageable yards support everyday livability and help keep maintenance practical for owners. With strong rental history potential and ongoing demand for well-located housing near the colleges and medical district, this is an excellent option for investors or an owner-occupant looking to live in one unit and rent the others.

Key facts

• Blocks from the lake
• Spacious layouts
• Multiple bedrooms

Tags

• SIDE BY SIDE DUPLEXES
• BLOCKS FROM THE LAKE
• SPACIOUS LAYOUTS
• MULTIPLE BEDROOMS
• GENEROUS COMMON AREAS
• FUNCTIONAL KITCHENS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $390k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $700 ($8k/yr) — positive. Per door: $350/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $390k).
• Recommended offer: $355k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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: Congdon Elementary (math 71% / reading 76%, grade A, #41 of 857 statewide, top 5%, 452 students, 20% FRL); Ordean East Middle School (math 45% / reading 61%, grade C+, #53 of 258 statewide, top 22%, 989 students, 26% FRL); East High School (math 42% / reading 73%, grade C, #59 of 471 statewide, top 13%, 1,494 students, 23% FRL) — zoned schools average 23% FRL vs 39% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+8.1%/yr); 52 active listings in the ZIP; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• At $4,297/mo this rent would consume 79% of the median local household income ($66k/yr) (locally 655% 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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $109k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($355k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $30k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1891 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $354,809 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1891 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.10% ✓
• Cap rate: 8.45%
• Cash-on-cash: 7.70%
• DSCR: 1.34
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 1.0%
• Equity multiple: 1.04×
• Total profit: $4,184
• Equity at exit: $58,135

10-year hold

• IRR: 15.1%
• Equity multiple: 2.51×
• Total profit: $164,681
• Equity at exit: $33,711

Cash invested: $109,172 (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 55812

• Rents YoY: 8.1%
• Active inventory: 52
• Price-to-rent: 15.1×

Monthly cashflow live

• Estimated rent: $4,297 high
• Mortgage (P&I): −$2,045
• Tax est. 1.5%: −$487 /mo · $5,848/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$902
• Net cashflow: $700

Break-even live

Break-even rent $3,411

Max offer price $389,900

Occupancy floor 79%

Sensitivity live

Price	-10% $970	-5% $835	+0% $700	+5% $565	+10% $431
Rent	-10% $361	-5% $530	+0% $700	+5% $870	+10% $1,040
Rate	-1.0pp $896	-0.5pp $799	base $700	+0.5pp $599	+1.0pp $496

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$4,296
Total (2 units)			$4,297

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: $97,475
• Closing costs: $11,697
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-02
   statusdays on marketlisting id $389,900 Pending 120 DOM
2. 2026-06-01
   days on market $389,900 Active 119 DOM
3. 2026-05-31
   days on market $389,900 Active 118 DOM
4. 2026-05-30
   days on market $389,900 Active 117 DOM
5. 2026-03-30
   price $389,900 1008-char remark

   Show marketing remark (1008 chars)

   This building offers an exceptional East Hillside opportunity: two side-by-side duplexes just blocks from the lake, schools, shopping, and downtown Duluth. This substantial multi-family property combines spacious layouts with an ultra-convenient location that has long appealed to students, professionals, and long-term renters. Each side features multiple bedrooms, generous common areas, and functional kitchens, creating comfortable spaces for larger households, roommates, or co-living arrangements. High ceilings, big windows, and classic Duluth character add warmth and charm, while the side-by-side configuration lends a sense of privacy between units. Off-street parking and manageable yards support everyday livability and help keep maintenance practical for owners. With strong rental history potential and ongoing demand for well-located housing near the colleges and medical district, this is an excellent option for investors or an owner-occupant looking to live in one unit and rent the others.

6. 2026-03-29
   price $389,900 1008-char remark

   Show marketing remark (1008 chars)

   This building offers an exceptional East Hillside opportunity: two side-by-side duplexes just blocks from the lake, schools, shopping, and downtown Duluth. This substantial multi-family property combines spacious layouts with an ultra-convenient location that has long appealed to students, professionals, and long-term renters. Each side features multiple bedrooms, generous common areas, and functional kitchens, creating comfortable spaces for larger households, roommates, or co-living arrangements. High ceilings, big windows, and classic Duluth character add warmth and charm, while the side-by-side configuration lends a sense of privacy between units. Off-street parking and manageable yards support everyday livability and help keep maintenance practical for owners. With strong rental history potential and ongoing demand for well-located housing near the colleges and medical district, this is an excellent option for investors or an owner-occupant looking to live in one unit and rent the others.

7. 2026-03-16
   price $399,900 1008-char remark

   Show marketing remark (1008 chars)

   This building offers an exceptional East Hillside opportunity: two side-by-side duplexes just blocks from the lake, schools, shopping, and downtown Duluth. This substantial multi-family property combines spacious layouts with an ultra-convenient location that has long appealed to students, professionals, and long-term renters. Each side features multiple bedrooms, generous common areas, and functional kitchens, creating comfortable spaces for larger households, roommates, or co-living arrangements. High ceilings, big windows, and classic Duluth character add warmth and charm, while the side-by-side configuration lends a sense of privacy between units. Off-street parking and manageable yards support everyday livability and help keep maintenance practical for owners. With strong rental history potential and ongoing demand for well-located housing near the colleges and medical district, this is an excellent option for investors or an owner-occupant looking to live in one unit and rent the others.

8. 2026-03-07
   price $399,900 1008-char remark

   Show marketing remark (1008 chars)

   This building offers an exceptional East Hillside opportunity: two side-by-side duplexes just blocks from the lake, schools, shopping, and downtown Duluth. This substantial multi-family property combines spacious layouts with an ultra-convenient location that has long appealed to students, professionals, and long-term renters. Each side features multiple bedrooms, generous common areas, and functional kitchens, creating comfortable spaces for larger households, roommates, or co-living arrangements. High ceilings, big windows, and classic Duluth character add warmth and charm, while the side-by-side configuration lends a sense of privacy between units. Off-street parking and manageable yards support everyday livability and help keep maintenance practical for owners. With strong rental history potential and ongoing demand for well-located housing near the colleges and medical district, this is an excellent option for investors or an owner-occupant looking to live in one unit and rent the others.

9. 2026-01-29
   listed $419,900 Active 1008-char remark

   Show marketing remark (1008 chars)

   This building offers an exceptional East Hillside opportunity: two side-by-side duplexes just blocks from the lake, schools, shopping, and downtown Duluth. This substantial multi-family property combines spacious layouts with an ultra-convenient location that has long appealed to students, professionals, and long-term renters. Each side features multiple bedrooms, generous common areas, and functional kitchens, creating comfortable spaces for larger households, roommates, or co-living arrangements. High ceilings, big windows, and classic Duluth character add warmth and charm, while the side-by-side configuration lends a sense of privacy between units. Off-street parking and manageable yards support everyday livability and help keep maintenance practical for owners. With strong rental history potential and ongoing demand for well-located housing near the colleges and medical district, this is an excellent option for investors or an owner-occupant looking to live in one unit and rent the others.

10. 2026-01-29
    listed $419,900 Active 1008-char remark

    Show marketing remark (1008 chars)

    This building offers an exceptional East Hillside opportunity: two side-by-side duplexes just blocks from the lake, schools, shopping, and downtown Duluth. This substantial multi-family property combines spacious layouts with an ultra-convenient location that has long appealed to students, professionals, and long-term renters. Each side features multiple bedrooms, generous common areas, and functional kitchens, creating comfortable spaces for larger households, roommates, or co-living arrangements. High ceilings, big windows, and classic Duluth character add warmth and charm, while the side-by-side configuration lends a sense of privacy between units. Off-street parking and manageable yards support everyday livability and help keep maintenance practical for owners. With strong rental history potential and ongoing demand for well-located housing near the colleges and medical district, this is an excellent option for investors or an owner-occupant looking to live in one unit and rent the others.

11. 2024-12-07
    historical $2,100
12. 2024-12-05
    historical $2,100
13. 2024-11-21
    listed $2,100
14. 2024-11-21
    listed $2,100

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 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: $51,564
• − Mortgage interest: −$21,840
• − Property taxes: −$5,848
• − Insurance: −$1,950
• − Repairs & maintenance: −$4,125
• − Management: −$4,125
• − Depreciation: −$11,343
• Taxable income: $2,333
• Est. tax owed @ 24.0%: −$560
• After-tax cash flow: $7,842/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 · 13 photos

Good 75/100 Cosmetic rehab

This two-side-by-side duplex is in good condition with good curb appeal and a good layout. It has potential for further value through cosmetic updates.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace carpet in bedrooms — Fresh carpet improves comfort and value
• Both Install new windows — New windows improve energy efficiency and aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace carpet in bedrooms — Fresh carpet improves comfort and value ↑
• Both Install new windows — New windows improve energy efficiency and aesthetics ↑

ⓘ 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
• County: Saint Louis County · 115,152 people
• City population: 71,097
• Metro: Duluth, MN-WI
• Population (ZIP): 10,859
• Household income: $65,505
• Rent vs Own: 57.4% rent · 42.6% own
• Severe rent burden: 655.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 5% Hispanic / Latino 4% Black 4% Asian 3% Native American 1%
• Common ancestry: Portuguese 12% Romanian 6% Scottish 2%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 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: ▼ -277.88%
• Current HPI: 196.8354
• Rent YoY: ▲ 8.07%
• 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

+18466.7% since first listed

10 events — show timeline

• 2026-03-30 Price Changed $389,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-29 Price Changed $389,900 LSAR
• 2026-03-16 Price Changed $399,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-07 Price Changed $399,900 LSAR
• 2026-01-29 Listed $419,900 LSAR
• 2026-01-29 Listed $419,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-12-07 Rental Removed $2,100 SHOWMOJO
• 2024-12-05 Rental Removed $2,100 RENT.
• 2024-11-21 Listed for Rent $2,100 RENT.
• 2024-11-21 Listed for Rent $2,100 SHOWMOJO