314-316 Winnipeg Ave · Duluth, MN 55806

$279,000

6 bd · 3.0 ba · 2,785 sqft · MultiFamily public records · 17 Days on market

Built 1900 3,049 sqft lot Est $273k · at est.

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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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• ARV discount +6.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

SOLID INVESTMENT OPPORTUNITY in the up and coming Lincoln Park CRAFT DISTRICT. Two established units with potential to add on or license upper. Both units have their own utilities as well as laundry. HUGE, UPDATED LOWER LEVEL with 4 generous sized bedrooms. Second unit, 2 bedrooms, full bath. Convenient central location.

Key facts

• Finished rooms
• Dine-in kitchen
• Finished attic space

Tags

• FINISHED ROOMS
• DINE-IN KITCHEN
• FINISHED ATTIC SPACE
• OFF-STREET PARKING

Property features AI

Finance

• Financial info: Property used as residential income (duplex); Upper-level unit actual rent reported as $1,300

Exterior

• Parking: No on-site parking listed
• Utilities: Public water; Public sewer
• Home design: Duplex (residential income); 2 total stories; Main floor unit plus finished lower level; additional finished upper-level space
• Construction: Composition roof
• Exterior features: Porch

Interior

• Bedrooms: Main floor unit: 2 bedrooms; Upper-level unit: 2 bedrooms
• Bathrooms: Main floor unit: 1 bathroom; Upper-level unit: 2 bathrooms (includes a half bath)
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Finished lower-level space; Finished upper-level space; Porch

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $279k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $643/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $279k).
• Recommended offer: $275k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.8% 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; lower-income renter base — watch delinquency; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• At $3,944/mo this rent would consume 110% 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 $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $78k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($275k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y 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 $165k; list at $279k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $274,815 (1.5% below list)

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 1900 — 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: 1.41% ✓
• Cap rate: 11.82%
• Cash-on-cash: 19.75%
• DSCR: 1.88
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $272,930
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2222 W 4th St	0.59mi	7/3.0 (+1)	3,055 (+10%)	13mo	$149,900	$49	41
2502 W 2nd St	0.39mi	7/2.0 (+1)	2,496 (-10%)	23mo	$245,000	$98	36

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: 11.8%
• Equity multiple: 1.47×
• Total profit: $36,689
• Equity at exit: $41,600

10-year hold

• IRR: 20.8%
• Equity multiple: 2.76×
• Total profit: $137,404
• Equity at exit: $24,123

Cash invested: $78,120 (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: 11.8×

Monthly cashflow live

• Estimated rent: $3,944 medium
• Mortgage (P&I): −$1,463
• Tax from tax record: −$250 /mo · $3,006/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$828
• Net cashflow: $1,286

Break-even live

Break-even rent $2,316

Max offer price $279,000

Occupancy floor 62%

Sensitivity live

Price	-10% $1,444	-5% $1,365	+0% $1,286	+5% $1,207	+10% $1,128
Rent	-10% $974	-5% $1,130	+0% $1,286	+5% $1,442	+10% $1,597
Rate	-1.0pp $1,426	-0.5pp $1,357	base $1,286	+0.5pp $1,214	+1.0pp $1,140

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$3,944
Total (2 units)			$3,944

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $279,000 Active 17 DOM
2. 2026-06-17
   days on market $279,000 Active 16 DOM
3. 2026-06-16
   days on market $279,000 Active 15 DOM
4. 2026-06-15
   days on market $279,000 Active 14 DOM
5. 2026-06-14
   days on market $279,000 Active 12 DOM
6. 2026-06-13
   days on market $279,000 Active 11 DOM
7. 2026-06-10
   days on market $279,000 Active 9 DOM
8. 2026-06-09
   days on market $279,000 Active 8 DOM
9. 2026-06-08
   days on market $279,000 Active 7 DOM
10. 2026-06-07
    days on market $279,000 Active 6 DOM
11. 2026-06-05
    days on market $279,000 Active 3 DOM
12. 2026-06-03
    days on market $279,000 Active 2 DOM
13. 2026-06-02
    remarks 537-char remark
14. 2026-06-02
    listed $279,000 Active 1 DOM

ⓘ 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: $3,006 · $250/mo
• Projected year-2 tax: $3,065 · $255/mo
• Expected delta: +$59/yr (+$5/mo · 2.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥92°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: $47,328
• − Mortgage interest: −$15,628
• − Property taxes: −$3,006
• − Insurance: −$1,395
• − Repairs & maintenance: −$3,786
• − Management: −$3,786
• − Depreciation: −$8,116
• Taxable income: $11,610
• Est. tax owed @ 24.0%: −$2,786
• After-tax cash flow: $12,644/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

+142.8% since first listed

6 events — show timeline

• 2026-06-02 Price Changed $279,000 LSAR
• 2026-06-01 Listed $275,000 LSAR
• 2020-12-29 Sold (Public Records) $165,000 Public Records
• 2020-12-21 Sold (MLS) $165,000 LSAR
• 2020-11-03 Listed $160,000 LSAR
• 2010-04-15 Listed $114,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+2.4%/yr

Latest (2025): $3,006 · +4.7% YoY. Source: county tax records.