1127 E 3rd St · Duluth, MN 55805

$349,900

5 bd · 3.0 ba · 2,316 sqft · MultiFamily public records · 40 Days on market

Built 1881 6,970 sqft lot $151/sqft · 42% above area Est $255k · 37% 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 +27.8/30.0
• DSCR +9.8/10.0
• 1% rule +7.6/10.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Rent growth +3.6/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Well maintained triplex that has a convenient location. All units are currently leased, but one is on a month to month lease which could make this property a great option to be owner occupied. This building's features include all units have had some remodeling, newer front porch, ample off street parking, all appliances stay, storage for each unit in basement, separate electric for each unit paid by tenants. Owner pays for gas heat, water and sewer and garbage. The rental license is valid until 11/1/2018 and all required updates have been completed.

Key facts

• Solid stucco
• Turnkey triplex
• Off-street parking

Tags

• TURNKEY TRIPLEX
• SOLID STUCCO
• OFF-STREET PARKING
• WALKABLE TO CHESTER PARK

Property features AI

Finance

• Financial info: Two occupied units with reported rents of $1,125 and $1,200; one vacant unit; Annual tax amount reported

Exterior

• Parking: No on-site parking
• Utilities: Public water; Public sewer
• Home design: Triplex residential income property; 2-story building
• Construction: Stucco exterior; Stone foundation; Above-grade finished area about 2,388
• Exterior features: Lot approximately 50 x 140 (0.16 acres)

Interior

• Bedrooms: Two 2-bedroom units; One 1-bedroom unit (vacant)
• Bathrooms: Two 1-bath units; One 1-bath unit (vacant)
• Heating & cooling: Natural gas heating
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 1×1bd/1ba units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $356/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $339k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.0% 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: Rents rising fast (+4.3%/yr); 41 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 $4,404/mo this rent would consume 123% of the median local household income ($43k/yr) (locally 927% 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 $10k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $98k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($339k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 20y 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 $240k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1881 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $339,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% 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 1881 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.26% ✓
• Cap rate: 9.96%
• Cash-on-cash: 13.08%
• DSCR: 1.58
• GRM: 6.6

CMA / ARV

• ARV (median comp): $254,714
• List price: $349,900
• Delta: 37.37%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1407 E 3rd St	0.22mi	5/2.0	2,000 (-14%)	0mo	$290,000	$145	63
1612 E 6th St	0.44mi	4/4.0 (-1)	2,412 (+4%)	1mo	$240,000	$100	62
705 E 6th St	0.45mi	4/3.0 (-1)	2,464 (+6%)	9mo	$195,250	$79	56
1319 E 3rd St	0.16mi	4/4.0 (-1)	2,551 (+10%)	18mo	$388,000	$152	51

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 · 4.34% rent growth · sell at horizon

5-year hold

• IRR: 4.5%
• Equity multiple: 1.18×
• Total profit: $17,399
• Equity at exit: $52,171

10-year hold

• IRR: 15.2%
• Equity multiple: 2.31×
• Total profit: $128,362
• Equity at exit: $30,253

Cash invested: $97,972 (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 55805

• Home prices YoY: -27.1%
• Rents YoY: 4.3%
• Active inventory: 41
• Price-to-rent: 19.5×

Monthly cashflow live

• Estimated rent: $4,404 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$430 /mo · $5,166/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$925
• Net cashflow: $1,068

Break-even live

Break-even rent $3,052

Max offer price $349,900

Occupancy floor 71%

Sensitivity live

Price	-10% $1,266	-5% $1,167	+0% $1,068	+5% $969	+10% $870
Rent	-10% $720	-5% $894	+0% $1,068	+5% $1,242	+10% $1,416
Rate	-1.0pp $1,244	-0.5pp $1,157	base $1,068	+0.5pp $977	+1.0pp $885

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,996
1× unit	1	1	$1,408
Total (3 units)			$4,404

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
609 E 6th St Duluth, MN	5.0	2.0	1850	$1,795	$0.97	22d	1	0.52mi
1821 E 1st St Duluth, MN	5.0	2.0	1662	$2,300	$1.38	14d	1	0.63mi
202 S 18th Ave E Duluth, MN	5.0	2.5	2372	$2,495	$1.05	14d	1	0.66mi
414 N 19th Ave E Duluth, MN	4.0	1.0	1900	$2,295	$1.21	14d	1	0.67mi
2114 E 4th St Duluth, MN	6.0	2.0	2326	$3,050	$1.31	22d	1	0.87mi
2125 E Superior St Unit 3 Duluth, MN	4.0	1.0	1622	$1,850	$1.14	14d	1	0.92mi

Listing history 38 events

1. 2026-06-21
   days on market $349,900 Active 40 DOM
2. 2026-06-19
   days on market $349,900 Active 38 DOM
3. 2026-06-18
   days on market $349,900 Active 37 DOM
4. 2026-06-17
   days on market $349,900 Active 36 DOM
5. 2026-06-16
   days on market $349,900 Active 35 DOM
6. 2026-06-15
   days on market $349,900 Active 34 DOM
7. 2026-06-14
   days on market $349,900 Active 32 DOM
8. 2026-06-13
   days on market $349,900 Active 31 DOM
9. 2026-06-10
   days on market $349,900 Active 29 DOM
10. 2026-06-09
    days on market $349,900 Active 28 DOM
11. 2026-06-08
    days on market $349,900 Active 27 DOM
12. 2026-06-07
    days on market $349,900 Active 26 DOM
13. 2026-06-05
    days on market $349,900 Active 23 DOM
14. 2026-06-03
    days on market $349,900 Active 22 DOM
15. 2026-06-02
    days on market $349,900 Active 21 DOM
16. 2026-06-01
    days on market $349,900 Active 20 DOM
17. 2026-05-31
    days on market $349,900 Active 19 DOM
18. 2026-05-30
    days on market $349,900 Active 18 DOM
19. 2026-05-04
    listed $349,900 Active 797-char remark
20. 2024-08-03
    historical $1,025
21. 2024-07-02
    listed $1,025
22. 2023-07-20
    historical
23. 2021-03-11
    soldstatus $240,000
24. 2017-05-10
    soldstatus $150,000
25. 2017-05-05
    soldstatus $150,000 555-char remark

    Show marketing remark (555 chars)

    Well maintained triplex that has a convenient location. All units are currently leased, but one is on a month to month lease which could make this property a great option to be owner occupied. This building's features include all units have had some remodeling, newer front porch, ample off street parking, all appliances stay, storage for each unit in basement, separate electric for each unit paid by tenants. Owner pays for gas heat, water and sewer and garbage. The rental license is valid until 11/1/2018 and all required updates have been completed.

26. 2017-01-18
    listed $159,900 555-char remark

    Show marketing remark (555 chars)

    Well maintained triplex that has a convenient location. All units are currently leased, but one is on a month to month lease which could make this property a great option to be owner occupied. This building's features include all units have had some remodeling, newer front porch, ample off street parking, all appliances stay, storage for each unit in basement, separate electric for each unit paid by tenants. Owner pays for gas heat, water and sewer and garbage. The rental license is valid until 11/1/2018 and all required updates have been completed.

27. 2013-08-16
    soldstatus $120,000
28. 2013-07-31
    soldstatus $120,000

    Show marketing remark (279 chars)

    Check out this well maintained Triplex in a in a convenient area of town! Close to colleges, hospitals, parks and shopping. All three units are currently leased but two of the leases expire the end of August. This gives a buyer the option of living in one of the units and lettin

29. 2013-05-03
    listed $129,900

    Show marketing remark (279 chars)

    Check out this well maintained Triplex in a in a convenient area of town! Close to colleges, hospitals, parks and shopping. All three units are currently leased but two of the leases expire the end of August. This gives a buyer the option of living in one of the units and lettin

30. 2012-06-04
    listed $129,900
31. 2010-09-01
    listed $139,000
32. 2009-09-16
    listed $139,000
33. 2009-01-06
    listed $149,000
34. 2008-09-16
    listed $149,000
35. 2006-08-17
    soldstatus $130,000
36. 2006-06-29
    soldstatus $130,000
37. 2006-05-19
    historical
38. 2006-05-08
    listed $129,900

ⓘ 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: $5,166 · $430/mo
• Projected year-2 tax: $5,166 · $430/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 1/10 Low
• 🌡 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: $52,848
• − Mortgage interest: −$19,600
• − Property taxes: −$5,166
• − Insurance: −$1,750
• − Repairs & maintenance: −$4,228
• − Management: −$4,228
• − Depreciation: −$10,179
• Taxable income: $7,698
• Est. tax owed @ 24.0%: −$1,848
• After-tax cash flow: $10,968/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): 10,602
• Household income: $43,100
• Rent vs Own: 72.7% rent · 27.3% own
• Severe rent burden: 927.0

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 (84%)
• Race & ethnicity: White 84% Two or more races 8% Hispanic / Latino 4% Black 3% Asian 2% Native American 2%
• Common ancestry: Portuguese 13% Romanian 4% Scottish 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1% Other Indo-European 1% Other Asian/Pacific 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: ▼ -92.92%
• Current HPI: 250.3056
• Rent YoY: ▲ 4.34%
• 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

+169.4% since first listed

20 events — show timeline

• 2026-05-04 Listed $349,900 LSAR
• 2024-08-03 Rental Removed $1,025 APPFOLIO
• 2024-07-02 Listed for Rent $1,025 APPFOLIO
• 2023-07-20 Rental Removed — APPFOLIO
• 2021-03-11 Sold (Public Records) $240,000 Public Records
• 2017-05-10 Sold (Public Records) $150,000 Public Records
• 2017-05-05 Sold (MLS) $150,000 LSAR
• 2017-01-18 Listed $159,900 LSAR
• 2013-08-16 Sold (Public Records) $120,000 Public Records
• 2013-07-31 Sold (MLS) $120,000 NORTHSTARMLS as Distributed by MLS Grid
• 2013-05-03 Listed $129,900 NORTHSTARMLS as Distributed by MLS Grid
• 2012-06-04 Listed $129,900 NORTHSTARMLS as Distributed by MLS Grid
• 2010-09-01 Listed $139,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-09-16 Listed $139,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-01-06 Listed $149,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-09-16 Listed $149,000 NORTHSTARMLS as Distributed by MLS Grid
• 2006-08-17 Sold (Public Records) $130,000 Public Records
• 2006-06-29 Sold (MLS) $130,000 NORTHSTARMLS as Distributed by MLS Grid
• 2006-05-19 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-05-08 Listed $129,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+7.0%/yr

Latest (2026): $5,166 · +0.3% YoY. Source: county tax records.