1507 E 4th St · Duluth, MN 55812

$229,000

5 bd · 2.0 ba · 2,165 sqft · MultiFamily public records · 71 Days on market

Built 1908 3,485 sqft lot $106/sqft · 22% below area Est $294k · 22% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• 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

Investor Opportunity Near UMD/Scholastica – Value-Add Duplex on 4th St! Prime location just minutes from University of Minnesota Duluth and The College of St. Scholastica, making this a strong rental demand area. This duplex offers immediate upside potential through rent increases and utility optimization. Upper Unit: 1 bedroom on main level + den/office + walk-up attic bedroom. Open living/dining area, full bath, and additional exterior storage access. Lower Unit: 3 bedrooms, full bath, separate living room and kitchen layout ideal for student or shared housing. License Number: LS-2-0067 Expires 7/1/2027 Income & Expenses: Current rents:$1100/mo Lower & $1200 Upper Electric paid by tenants $340/month total ($165 upper / $175 lower) 2026 Property Taxes: $3,292/year Utilities (owner paid): approx. $81 gas / $56 water / $64 sewer per month Separate electric meters already in place Mechanical/Additional Features: Natural gas furnace Coin-operated washer/dryer for added income potential Additional washer/dryer hookups Separate basement entrance Investment Highlights: High-demand rental corridor near colleges Clear path to increased cash flow with rent adjustments in 2027 Ability to restructure utility responsibilities to improve NOI Ideal for house-hack, student rental, or long-term hold Current tenants pay electric only there are 2 meters $165/mo & $175/mo avg. Comfort Systems Consumption report available Showings: Upper Tenant prefers showings after 4pm. Lower Level is resistant to showings-decor and condition is similar to upper unit but in earth tone colors. Basement is available. Street Parking only for this property Garbage is picked up in the back alley crossing the back neighbors driveway Side Door is to the basement- utilities and Coin Laundry Excellent opportunity to reposition and maximize returns in a proven rental location.

Key facts

• Kitchen layout
• Separate living room
• Value-add duplex

Tags

• VALUE-ADD DUPLEX
• PRIME LOCATION
• STRONG RENTAL DEMAND AREA
• IMMEDIATE UPSIDE POTENTIAL
• SEPARATE LIVING ROOM
• KITCHEN LAYOUT

🏷️ Possibly a rental listed for sale. The $229,000 price doesn't fit this home's estimated sale value (~$293,885) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $229k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $595/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $229k).
• Recommended offer: $215k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.5% 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 (+8.1%/yr); 50 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• At $3,465/mo this rent would consume 63% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $64k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($215k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y ago; this cycle's ask has dropped $21k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; list at $229k implies a 64% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $215,260 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% 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 1908 — 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: 1.51% ✓
• Cap rate: 12.52%
• Cash-on-cash: 22.26%
• DSCR: 1.99
• GRM: 5.5

CMA / ARV

• ARV (median comp): $293,885
• List price: $229,000
• Delta: -22.08%
• Verdict: UNDERPRICED
• 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	0.11mi	5/2.0	2,000 (-8%)	0mo	$290,000	$145	82
1612 E 6th St	0.15mi	4/4.0 (-1)	2,412 (+11%)	1mo	$240,000	$100	60
1828 London Rd	0.57mi	4/2.0 (-1)	1,942 (-10%)	20mo	$275,000	$142	35
705 E 6th St	0.72mi	4/3.0 (-1)	2,464 (+14%)	9mo	$195,250	$79	27

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 20.5%
• Equity multiple: 1.89×
• Total profit: $56,976
• Equity at exit: $34,145

10-year hold

• IRR: 31.9%
• Equity multiple: 4.60×
• Total profit: $230,612
• Equity at exit: $19,800

Cash invested: $64,120 (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 55812

• Rents YoY: 8.1%
• Active inventory: 50
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $3,465 high
• Mortgage (P&I): −$1,201
• Tax from tax record: −$252 /mo · $3,022/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$728
• Net cashflow: $1,189

Break-even live

Break-even rent $1,960

Max offer price $229,000

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,660
1× unit	3	1	$1,804
Total (2 units)			$3,465

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
414 N 19th Ave E Duluth, MN	4.0	1.0	1900	$2,295	$1.21	13d	1	0.36mi
1821 E 1st St Duluth, MN	5.0	2.0	1662	$2,300	$1.38	13d	1	0.38mi
202 S 18th Ave E Duluth, MN	5.0	2.5	2372	$2,495	$1.05	13d	1	0.48mi
2114 E 4th St Duluth, MN	6.0	2.0	2326	$3,050	$1.31	21d	1	0.56mi
2125 E Superior St Unit 3 Duluth, MN	4.0	1.0	1622	$1,850	$1.14	13d	1	0.65mi
609 E 6th St Duluth, MN	5.0	2.0	1850	$1,795	$0.97	21d	1	0.78mi

Listing history 28 events

1. 2026-06-19
   days on market $229,000 Active 71 DOM
2. 2026-06-18
   days on market $229,000 Active 70 DOM
3. 2026-06-17
   days on market $229,000 Active 69 DOM
4. 2026-06-16
   days on market $229,000 Active 68 DOM
5. 2026-06-15
   days on market $229,000 Active 67 DOM
6. 2026-06-14
   days on market $229,000 Active 65 DOM
7. 2026-06-13
   days on market $229,000 Active 64 DOM
8. 2026-06-10
   days on market $229,000 Active 62 DOM
9. 2026-06-09
   days on market $229,000 Active 61 DOM
10. 2026-06-08
    days on market $229,000 Active 60 DOM
11. 2026-06-07
    days on market $229,000 Active 59 DOM
12. 2026-06-05
    pricedays on market $229,000 Active 56 DOM
13. 2026-06-03
    days on market $235,000 Active 55 DOM
14. 2026-06-02
    days on market $235,000 Active 54 DOM
15. 2026-06-01
    days on market $235,000 Active 53 DOM
16. 2026-05-31
    days on market $235,000 Active 52 DOM
17. 2026-05-30
    days on market $235,000 Active 51 DOM
18. 2026-05-15
    price $235,000 1896-char remark

    Show marketing remark (1896 chars)

    Investor Opportunity Near UMD/Scholastica – Value-Add Duplex on 4th St! Prime location just minutes from University of Minnesota Duluth and The College of St. Scholastica, making this a strong rental demand area. This duplex offers immediate upside potential through rent increases and utility optimization. Upper Unit: 1 bedroom on main level + den/office + walk-up attic bedroom. Open living/dining area, full bath, and additional exterior storage access. Lower Unit: 3 bedrooms, full bath, separate living room and kitchen layout ideal for student or shared housing. License Number: LS-2-0067 Expires 7/1/2027 Income & Expenses: Current rents:$1100/mo Lower & $1200 Upper Electric paid by tenants $340/month total ($165 upper / $175 lower) 2026 Property Taxes: $3,292/year Utilities (owner paid): approx. $81 gas / $56 water / $64 sewer per month Separate electric meters already in place Mechanical/Additional Features: Natural gas furnace Coin-operated washer/dryer for added income potential Additional washer/dryer hookups Separate basement entrance Investment Highlights: High-demand rental corridor near colleges Clear path to increased cash flow with rent adjustments in 2027 Ability to restructure utility responsibilities to improve NOI Ideal for house-hack, student rental, or long-term hold Current tenants pay electric only there are 2 meters $165/mo & $175/mo avg. Comfort Systems Consumption report available Showings: Upper Tenant prefers showings after 4pm. Lower Level is resistant to showings-decor and condition is similar to upper unit but in earth tone colors. Basement is available. Street Parking only for this property Garbage is picked up in the back alley crossing the back neighbors driveway Side Door is to the basement- utilities and Coin Laundry Excellent opportunity to reposition and maximize returns in a proven rental location.

19. 2026-04-25
    price $239,000 1896-char remark

    Show marketing remark (1896 chars)

    Investor Opportunity Near UMD/Scholastica – Value-Add Duplex on 4th St! Prime location just minutes from University of Minnesota Duluth and The College of St. Scholastica, making this a strong rental demand area. This duplex offers immediate upside potential through rent increases and utility optimization. Upper Unit: 1 bedroom on main level + den/office + walk-up attic bedroom. Open living/dining area, full bath, and additional exterior storage access. Lower Unit: 3 bedrooms, full bath, separate living room and kitchen layout ideal for student or shared housing. License Number: LS-2-0067 Expires 7/1/2027 Income & Expenses: Current rents:$1100/mo Lower & $1200 Upper Electric paid by tenants $340/month total ($165 upper / $175 lower) 2026 Property Taxes: $3,292/year Utilities (owner paid): approx. $81 gas / $56 water / $64 sewer per month Separate electric meters already in place Mechanical/Additional Features: Natural gas furnace Coin-operated washer/dryer for added income potential Additional washer/dryer hookups Separate basement entrance Investment Highlights: High-demand rental corridor near colleges Clear path to increased cash flow with rent adjustments in 2027 Ability to restructure utility responsibilities to improve NOI Ideal for house-hack, student rental, or long-term hold Current tenants pay electric only there are 2 meters $165/mo & $175/mo avg. Comfort Systems Consumption report available Showings: Upper Tenant prefers showings after 4pm. Lower Level is resistant to showings-decor and condition is similar to upper unit but in earth tone colors. Basement is available. Street Parking only for this property Garbage is picked up in the back alley crossing the back neighbors driveway Side Door is to the basement- utilities and Coin Laundry Excellent opportunity to reposition and maximize returns in a proven rental location.

20. 2026-04-09
    listed $250,000 Active 1896-char remark

    Show marketing remark (1896 chars)

    Investor Opportunity Near UMD/Scholastica – Value-Add Duplex on 4th St! Prime location just minutes from University of Minnesota Duluth and The College of St. Scholastica, making this a strong rental demand area. This duplex offers immediate upside potential through rent increases and utility optimization. Upper Unit: 1 bedroom on main level + den/office + walk-up attic bedroom. Open living/dining area, full bath, and additional exterior storage access. Lower Unit: 3 bedrooms, full bath, separate living room and kitchen layout ideal for student or shared housing. License Number: LS-2-0067 Expires 7/1/2027 Income & Expenses: Current rents:$1100/mo Lower & $1200 Upper Electric paid by tenants $340/month total ($165 upper / $175 lower) 2026 Property Taxes: $3,292/year Utilities (owner paid): approx. $81 gas / $56 water / $64 sewer per month Separate electric meters already in place Mechanical/Additional Features: Natural gas furnace Coin-operated washer/dryer for added income potential Additional washer/dryer hookups Separate basement entrance Investment Highlights: High-demand rental corridor near colleges Clear path to increased cash flow with rent adjustments in 2027 Ability to restructure utility responsibilities to improve NOI Ideal for house-hack, student rental, or long-term hold Current tenants pay electric only there are 2 meters $165/mo & $175/mo avg. Comfort Systems Consumption report available Showings: Upper Tenant prefers showings after 4pm. Lower Level is resistant to showings-decor and condition is similar to upper unit but in earth tone colors. Basement is available. Street Parking only for this property Garbage is picked up in the back alley crossing the back neighbors driveway Side Door is to the basement- utilities and Coin Laundry Excellent opportunity to reposition and maximize returns in a proven rental location.

21. 2020-11-05
    soldstatus $140,000
22. 2020-11-02
    soldstatus $140,000 331-char remark

    Show marketing remark (331 chars)

    Conveniently located duplex in East Duluth! Main level apartment features 3 bedrooms, 1 full bath, a large living room and an eat-in kitchen. Upper Level apartment includes 2 bedrooms, a large living room with a combined dining area, kitchen, and an office. Close to colleges and right on the bus line. Don't miss this opportunity!

23. 2020-09-09
    listed $149,900 331-char remark

    Show marketing remark (331 chars)

    Conveniently located duplex in East Duluth! Main level apartment features 3 bedrooms, 1 full bath, a large living room and an eat-in kitchen. Upper Level apartment includes 2 bedrooms, a large living room with a combined dining area, kitchen, and an office. Close to colleges and right on the bus line. Don't miss this opportunity!

24. 2007-12-19
    historical
25. 2007-04-19
    listed $139,900
26. 2003-01-07
    soldstatus $80,000
27. 2003-01-07
    soldstatus $115,000
28. 2000-03-14
    soldstatus $80,000

ⓘ 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: $3,022 · $252/mo
• Projected year-2 tax: $3,022 · $252/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 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: $41,580
• − Mortgage interest: −$12,828
• − Property taxes: −$3,022
• − Insurance: −$1,145
• − Repairs & maintenance: −$3,326
• − Management: −$3,326
• − Depreciation: −$6,662
• Taxable income: $11,271
• Est. tax owed @ 24.0%: −$2,705
• After-tax cash flow: $11,565/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): 10,859
• 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

+193.8% since first listed

11 events — show timeline

• 2026-05-15 Price Changed $235,000 LSAR
• 2026-04-25 Price Changed $239,000 LSAR
• 2026-04-09 Listed $250,000 LSAR
• 2020-11-05 Sold (Public Records) $140,000 Public Records
• 2020-11-02 Sold (MLS) $140,000 LSAR
• 2020-09-09 Listed $149,900 LSAR
• 2007-12-19 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-04-19 Listed $139,900 NORTHSTARMLS as Distributed by MLS Grid
• 2003-01-07 Sold (Public Records) $115,000 Public Records
• 2003-01-07 Sold (Public Records) $80,000 Public Records
• 2000-03-14 Sold (Public Records) $80,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $3,022 · -1.0% YoY. Source: county tax records.