3019 Restormel St · Duluth, MN 55806

$209,900

5 bd · 2.0 ba · 1,789 sqft · MultiFamily public records · 34 Days on market

Built 1910 2,700 sqft lot $117/sqft · 17% above area Est $180k · 17% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Well-maintained up-and-down duplex offering strong long-term rental stability, with each unit featuring 3 bedrooms and 1 bathroom. The property includes off-street parking, separate laundry hookups for tenants, and separately metered electric service for each unit. The lower unit has been recently renovated, and both units have long-term tenants already in place. Conveniently located just half a block from the bus stop and three blocks from the Craft District, this property is a great opportunity for anyone looking to start or expand their rental portfolio.

Key facts

• 2,700 sq ft lot
• Built 1910
• Listed 34 days

Property features AI

Finance

• Other: Lot approximately 0.062 acres (25 x 110) with city-maintained paved streets, curbs, sidewalks, street lights, and storm sewer
• Financial info: Two-unit property; Gross income: $24,960; Net operating income: $17,157; Owner pays gas, heat, repairs, sewer, trash collection, and water; Rental license: Standard

Exterior

• Parking: Gravel parking
• Utilities: City water connected; City sewer connected; Natural gas service; Electric with circuit breakers (Minnesota Power)
• Home design: Duplex (up and down); One-and-one-half levels; Residential income property; Not owner occupied
• Construction: Frame construction; Block foundation; Roof older than 8 years (age over 8 years)
• Exterior features: Other exterior features

Interior

• Kitchen: Each unit includes a range and refrigerator
• Bedrooms: 6 bedrooms total (3 in each unit)
• Bathrooms: 2 full bathrooms total (1 in each unit)
• Heating & cooling: Forced air heating
• Interior features: Full shared-access basement
• Laundry & utility: Common-area laundry in basement with washer and electric dryer hookups; Owner pays gas and heat; tenants pay electricity

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $922/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $210k).
• Recommended offer: $204k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.8% 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 $4,135/mo this rent would consume 116% 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 $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 10y 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 $160k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $203,603 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 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 1910 — 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: 1.97% ✓
• Cap rate: 16.84%
• Cash-on-cash: 37.66%
• DSCR: 2.68
• GRM: 4.2

CMA / ARV

• ARV (median comp): $180,048
• List price: $209,900
• Delta: 16.58%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2911 W 3rd St	0.10mi	4/2.0 (-1)	1,600 (-11%)	8mo	$245,000	$153	66
2804 Wicklow St	0.19mi	6/2.0 (+1)	1,680 (-6%)	17mo	$132,000	$79	62
2805 W 2nd St	0.22mi	5/2.0	2,016 (+13%)	9mo	$214,900	$107	61

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: 33.7%
• Equity multiple: 2.42×
• Total profit: $83,517
• Equity at exit: $31,297

10-year hold

• IRR: 40.6%
• Equity multiple: 4.81×
• Total profit: $224,188
• Equity at exit: $18,148

Cash invested: $58,772 (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: 8.5×

Monthly cashflow live

• Estimated rent: $4,135 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$234 /mo · $2,806/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$868
• Net cashflow: $1,845

Break-even live

Break-even rent $1,800

Max offer price $209,900

Occupancy floor 50%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,134
Total (2 units)			$4,135

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-13
   status $209,900 Pending 34 DOM
2. 2026-06-10
   days on market $209,900 Contingent - Inspection 34 DOM

   Show marketing remark (563 chars)

   Well-maintained up-and-down duplex offering strong long-term rental stability, with each unit featuring 3 bedrooms and 1 bathroom. The property includes off-street parking, separate laundry hookups for tenants, and separately metered electric service for each unit. The lower unit has been recently renovated, and both units have long-term tenants already in place. Conveniently located just half a block from the bus stop and three blocks from the Craft District, this property is a great opportunity for anyone looking to start or expand their rental portfolio.

3. 2026-06-09
   days on market $209,900 Contingent - Inspection 33 DOM
4. 2026-06-08
   days on market $209,900 Contingent - Inspection 32 DOM
5. 2026-06-07
   days on market $209,900 Contingent - Inspection 31 DOM
6. 2026-06-05
   days on market $209,900 Contingent - Inspection 28 DOM
7. 2026-06-03
   days on market $209,900 Contingent - Inspection 27 DOM
8. 2026-06-02
   statusdays on market $209,900 Contingent - Inspection 26 DOM
9. 2026-06-01
   days on market $209,900 Active 25 DOM
10. 2026-05-31
    days on market $209,900 Active 24 DOM
11. 2026-05-30
    days on market $209,900 Active 23 DOM
12. 2026-05-07
    listed $209,900 Active 563-char remark

    Show marketing remark (563 chars)

    Well-maintained up-and-down duplex offering strong long-term rental stability, with each unit featuring 3 bedrooms and 1 bathroom. The property includes off-street parking, separate laundry hookups for tenants, and separately metered electric service for each unit. The lower unit has been recently renovated, and both units have long-term tenants already in place. Conveniently located just half a block from the bus stop and three blocks from the Craft District, this property is a great opportunity for anyone looking to start or expand their rental portfolio.

13. 2026-05-07
    listed $209,900 Active 563-char remark

    Show marketing remark (563 chars)

    Well-maintained up-and-down duplex offering strong long-term rental stability, with each unit featuring 3 bedrooms and 1 bathroom. The property includes off-street parking, separate laundry hookups for tenants, and separately metered electric service for each unit. The lower unit has been recently renovated, and both units have long-term tenants already in place. Conveniently located just half a block from the bus stop and three blocks from the Craft District, this property is a great opportunity for anyone looking to start or expand their rental portfolio.

14. 2026-05-07
    listed $209,900 Active

    Show marketing remark (563 chars)

    Well-maintained up-and-down duplex offering strong long-term rental stability, with each unit featuring 3 bedrooms and 1 bathroom. The property includes off-street parking, separate laundry hookups for tenants, and separately metered electric service for each unit. The lower unit has been recently renovated, and both units have long-term tenants already in place. Conveniently located just half a block from the bus stop and three blocks from the Craft District, this property is a great opportunity for anyone looking to start or expand their rental portfolio.

15. 2022-04-20
    soldstatus $160,000
16. 2022-04-15
    soldstatus $160,000
17. 2022-02-24
    listed $155,000
18. 2021-06-21
    soldstatus $129,900
19. 2021-06-14
    soldstatus $129,900
20. 2021-04-01
    listed $129,900
21. 2016-07-05
    soldstatus $79,900
22. 2016-04-07
    listed $89,900

ⓘ 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: $2,806 · $234/mo
• Projected year-2 tax: $2,806 · $234/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 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: $49,620
• − Mortgage interest: −$11,758
• − Property taxes: −$2,806
• − Insurance: −$1,050
• − Repairs & maintenance: −$3,970
• − Management: −$3,970
• − Depreciation: −$6,106
• Taxable income: $19,961
• Est. tax owed @ 24.0%: −$4,791
• After-tax cash flow: $17,345/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

+133.5% since first listed

15 events — show timeline

• 2026-06-10 Pending — RAOR
• 2026-06-10 Pending — LSAR
• 2026-06-10 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-06-01 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-07 Listed $209,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-07 Listed $209,900 LSAR
• 2026-05-07 Listed $209,900 RAOR
• 2022-04-20 Sold (Public Records) $160,000 Public Records
• 2022-04-15 Sold (MLS) $160,000 LSAR
• 2022-02-24 Listed $155,000 LSAR
• 2021-06-21 Sold (Public Records) $129,900 Public Records
• 2021-06-14 Sold (MLS) $129,900 LSAR
• 2021-04-01 Listed $129,900 LSAR
• 2016-07-05 Sold (MLS) $79,900 LSAR
• 2016-04-07 Listed $89,900 LSAR

Property tax history

+5.3%/yr

Latest (2026): $2,806 · +13.4% YoY. Source: county tax records.