2352 Pershing St · Duluth, MN 55811

$241,500

2 bd · 2.0 ba · 1,013 sqft · SingleFamily public records · 24 Days on market

Built 1920 0.29 ac lot $238/sqft · at area comps Est $241k · at est.

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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 +25.7/30.0
• DSCR +8.5/10.0
• ARV discount +7.4/15.0
• 1% rule +6.2/10.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Do not miss the opportunity to own a home in the lovely Piedmont area. This sun drenched home is freshly painted in the latest color scheme, has new flooring, new kitchen, new bathrooms leaving a fresh feel throughout. Ever dreamed of owning your own yard? How about a 1/3 acre of green space perfect for fencing in for a new puppy, maybe creating your own back yard oasis for you and some friends getting together, or whatever other dreams you may have for YOUR OWN back yard. There's a small deck located off the front of the home perfect for some neighbor watching, or enjoy a large deck viewing backyard accessed from the casual dining areas French doors. Large detached 2 car garage and driveway space. Location is walkable to a number of the local businesses in Piedmont, Piedmont elementary school, the Panthers local hockey rink & local soccer field is just a short jaunt away as well. Location is prime for getting anywhere in Duluth or surrounding areas quickly, very central. Welcome Home!

Key facts

• Corner double lot
• Large deck
• Expansive rear lot

Tags

• CORNER DOUBLE LOT
• UPDATED KITCHEN
• COZY WOOD BURNING FIREPLACE
• LARGE DECK
• EXPANSIVE REAR LOT
• 3RD BATHROOM IN BASEMENT

Property features AI

Finance

• Other: Residential property listed by Lewis & Clark, LLC

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water service; Public sewer service
• Home design: Single-family detached residence; One-story layout
• Construction: Partial finished area below grade (40); About 960 above-grade finished area
• Exterior features: Lot approximately 0.29 acres; Lot dimensions about 100 x 130; Public water; Public sewer

Interior

• Bedrooms: Primary suite located downstairs
• Bathrooms: 2 full bathrooms; 1 three-quarter bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Master bedroom on the main level; Wood-burning fireplace; Basement (partial, crawl space)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $242k.

Deal economics

• At list price, monthly cash flow is $576 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $242k).
• Recommended offer: $238k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.2% 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 (+4.6%/yr); 206 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• This rent runs 41% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• At projected returns (-3.0% appreciation + 4.6% rent growth), your $68k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($238k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $205k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $237,877 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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: 1.12% ✓
• Cap rate: 9.16%
• Cash-on-cash: 10.22%
• DSCR: 1.45
• GRM: 7.4

CMA / ARV

• ARV (median comp): $241,200
• List price: $241,500
• Delta: 0.12%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2929 Piedmont Ave	0.26mi	2/1.0	990 (-2%)	11mo	$230,000	$232	71
2445 Morris Thomas Rd	0.41mi	2/2.0	1,068 (+5%)	3mo	$242,500	$227	70
2228 W 24th St	0.39mi	2/1.0	1,020 (+1%)	24mo	$229,000	$225	57
2219 Hoover St	0.21mi	3/1.5 (+1)	1,078 (+6%)	22mo	$249,000	$231	54
2229 Hillcrest Dr	0.56mi	2/1.0	1,055 (+4%)	12mo	$208,000	$197	53
3620 Chambersburg Ave	0.45mi	3/2.0 (+1)	1,116 (+10%)	12mo	$367,000	$329	47
2610 Harvey St	0.39mi	2/1.0	1,152 (+14%)	21mo	$277,000	$240	38
2309 Ozark St	0.72mi	2/1.0	1,098 (+8%)	21mo	$266,000	$242	31
2035 Adirondack St	0.66mi	2/1.0	864 (-15%)	19mo	$179,200	$207	25

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 · 4.6% rent growth · sell at horizon

5-year hold

• IRR: 0.8%
• Equity multiple: 1.03×
• Total profit: $1,972
• Equity at exit: $36,008

10-year hold

• IRR: 11.9%
• Equity multiple: 2.00×
• Total profit: $67,681
• Equity at exit: $20,881

Cash invested: $67,620 (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 55811

• Rents YoY: 4.6%
• Active inventory: 206
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,712 medium
• Mortgage (P&I): −$1,266
• Tax from tax record: −$200 /mo · $2,394/yr
• Insurance: −$101
• HOA: −$0
• Vacancy / Maint / Mgmt: −$570
• Net cashflow: $576

Break-even live

Break-even rent $1,983

Max offer price $241,500

Occupancy floor 74%

Sensitivity live

Price	-10% $713	-5% $644	+0% $576	+5% $508	+10% $439
Rent	-10% $362	-5% $469	+0% $576	+5% $683	+10% $790
Rate	-1.0pp $698	-0.5pp $638	base $576	+0.5pp $514	+1.0pp $450

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: $60,375
• Closing costs: $7,245
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2302 Hillcrest Dr Duluth, MN	3.0	1.5	1072	$3,500	$3.26	44d	1	0.59mi
505 W Orange St Duluth, MN	3.0	1.0	1022	$3,500	$3.42	44d	1	1.14mi

Listing history 9 events

1. 2026-05-16
   price $241,500 762-char remark
2. 2026-05-05
   listed $250,000 Active 762-char remark
3. 2022-05-23
   soldstatus $205,000
4. 2022-05-16
   soldstatus $205,000 Sold 1004-char remark

   Show marketing remark (1006 chars)

   Do not miss the opportunity to own a home in the lovely Piedmont area. This sun drenched home is freshly painted in the latest color scheme, has new flooring, new kitchen, new bathrooms leaving a fresh feel throughout. Ever dreamed of owning your own yard? How about a 1/3 acre of green space perfect for fencing in for a new puppy, maybe creating your own back yard oasis for you and some friends getting together, or whatever other dreams you may have for YOUR OWN back yard. There's a small deck located off the front of the home perfect for some neighbor watching, or enjoy a large deck viewing backyard accessed from the casual dining areas French doors. Large detached 2 car garage and driveway space. Location is walkable to a number of the local businesses in Piedmont, Piedmont elementary school, the Panthers local hockey rink & local soccer field is just a short jaunt away as well. Location is prime for getting anywhere in Duluth or surrounding areas quickly, very central. Welcome Home!

5. 2022-05-16
   soldstatus $205,000

   Show marketing remark (1006 chars)

   Do not miss the opportunity to own a home in the lovely Piedmont area. This sun drenched home is freshly painted in the latest color scheme, has new flooring, new kitchen, new bathrooms leaving a fresh feel throughout. Ever dreamed of owning your own yard? How about a 1/3 acre of green space perfect for fencing in for a new puppy, maybe creating your own back yard oasis for you and some friends getting together, or whatever other dreams you may have for YOUR OWN back yard. There's a small deck located off the front of the home perfect for some neighbor watching, or enjoy a large deck viewing backyard accessed from the casual dining areas French doors. Large detached 2 car garage and driveway space. Location is walkable to a number of the local businesses in Piedmont, Piedmont elementary school, the Panthers local hockey rink & local soccer field is just a short jaunt away as well. Location is prime for getting anywhere in Duluth or surrounding areas quickly, very central. Welcome Home!

6. 2022-04-02
   status Pending 1004-char remark

   Show marketing remark (1004 chars)

   Do not miss the opportunity to own a home in the lovely Piedmont area. This sun drenched home is freshly painted in the latest color scheme, has new flooring, new kitchen, new bathrooms leaving a fresh feel throughout. Ever dreamed of owning your own yard? How about a 1/3 acre of green space perfect for fencing in for a new puppy, maybe creating your own back yard oasis for you and some friends getting together, or whatever other dreams you may have for YOUR OWN back yard. There's a small deck located off the front of the home perfect for some neighbor watching, or enjoy a large deck viewing backyard accessed from the casual dining areas French doors. Large detached 2 car garage and driveway space. Location is walkable to a number of the local businesses in Piedmont, Piedmont elementary school, the Panthers local hockey rink & local soccer field is just a short jaunt away as well. Location is prime for getting anywhere in Duluth or surrounding areas quickly, very central. Welcome Home!

7. 2022-03-25
   listed $210,000 Active 1004-char remark

   Show marketing remark (1004 chars)

   Do not miss the opportunity to own a home in the lovely Piedmont area. This sun drenched home is freshly painted in the latest color scheme, has new flooring, new kitchen, new bathrooms leaving a fresh feel throughout. Ever dreamed of owning your own yard? How about a 1/3 acre of green space perfect for fencing in for a new puppy, maybe creating your own back yard oasis for you and some friends getting together, or whatever other dreams you may have for YOUR OWN back yard. There's a small deck located off the front of the home perfect for some neighbor watching, or enjoy a large deck viewing backyard accessed from the casual dining areas French doors. Large detached 2 car garage and driveway space. Location is walkable to a number of the local businesses in Piedmont, Piedmont elementary school, the Panthers local hockey rink & local soccer field is just a short jaunt away as well. Location is prime for getting anywhere in Duluth or surrounding areas quickly, very central. Welcome Home!

8. 2022-03-23
   listed $210,000

   Show marketing remark (1006 chars)

   Do not miss the opportunity to own a home in the lovely Piedmont area. This sun drenched home is freshly painted in the latest color scheme, has new flooring, new kitchen, new bathrooms leaving a fresh feel throughout. Ever dreamed of owning your own yard? How about a 1/3 acre of green space perfect for fencing in for a new puppy, maybe creating your own back yard oasis for you and some friends getting together, or whatever other dreams you may have for YOUR OWN back yard. There's a small deck located off the front of the home perfect for some neighbor watching, or enjoy a large deck viewing backyard accessed from the casual dining areas French doors. Large detached 2 car garage and driveway space. Location is walkable to a number of the local businesses in Piedmont, Piedmont elementary school, the Panthers local hockey rink & local soccer field is just a short jaunt away as well. Location is prime for getting anywhere in Duluth or surrounding areas quickly, very central. Welcome Home!

9. 2022-03-22
   historical $210,000 1004-char remark

   Show marketing remark (1004 chars)

   Do not miss the opportunity to own a home in the lovely Piedmont area. This sun drenched home is freshly painted in the latest color scheme, has new flooring, new kitchen, new bathrooms leaving a fresh feel throughout. Ever dreamed of owning your own yard? How about a 1/3 acre of green space perfect for fencing in for a new puppy, maybe creating your own back yard oasis for you and some friends getting together, or whatever other dreams you may have for YOUR OWN back yard. There's a small deck located off the front of the home perfect for some neighbor watching, or enjoy a large deck viewing backyard accessed from the casual dining areas French doors. Large detached 2 car garage and driveway space. Location is walkable to a number of the local businesses in Piedmont, Piedmont elementary school, the Panthers local hockey rink & local soccer field is just a short jaunt away as well. Location is prime for getting anywhere in Duluth or surrounding areas quickly, very central. Welcome Home!

ⓘ 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: $2,394 · $200/mo
• Projected year-2 tax: $2,549 · $212/mo
• Expected delta: +$155/yr (+$13/mo · 6.5%)

ⓘ 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 1/10 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: $32,547
• − Mortgage interest: −$13,528
• − Property taxes: −$2,394
• − Insurance: −$1,208
• − Repairs & maintenance: −$2,604
• − Management: −$2,604
• − Depreciation: −$7,025
• Taxable income: $3,185
• Est. tax owed @ 24.0%: −$764
• After-tax cash flow: $6,149/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): 28,118
• Household income: $79,804
• Rent vs Own: 31.0% rent · 69.0% own
• Severe rent burden: 1019.0

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 (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 2% Asian 2% Black 1%
• Common ancestry: Portuguese 14% Romanian 7% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% 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: ▼ -252.84%
• Current HPI: 198.2613
• Rent YoY: ▲ 4.60%
• 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

+15.0% since first listed

10 events — show timeline

• 2026-05-30 Pending — LSAR
• 2026-05-16 Price Changed $241,500 LSAR
• 2026-05-05 Listed $250,000 LSAR
• 2022-05-23 Sold (Public Records) $205,000 Public Records
• 2022-05-16 Sold (MLS) $205,000 LSAR
• 2022-05-16 Sold (MLS) $205,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-04-02 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-03-25 Listed $210,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-03-23 Listed $210,000 LSAR
• 2022-03-22 Coming Soon $210,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+5.0%/yr

Latest (2026): $2,394 · +8.0% YoY. Source: county tax records.