419 E 5th St · Duluth, MN 55805

$244,900

4 bd · 2.0 ba · 2,044 sqft · MultiFamily public records · 38 Days on market

Built 1901 3,485 sqft lot $120/sqft · 6% above area Est $215k · 14% over ↓ 2% since listing

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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
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• ARV discount +1.1/15.0
• 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

Hillside up/down duplex close to local hospitals, offering strong returns and a solid list of recent capital improvements. Both units are 2 bed/1 bath and currently occupied at $1,200/month each, with market rents in the $1,250 to $1,300 range. New roof in 2023, full PEX/copper water supply lines throughout both units, drain plumbing repaired and updated in both units, and new LVP flooring in the upper unit living area. All utilities are tenant-paid. Professionally managed with a documented history of low vacancy. Major systems have been addressed and this one is ready to perform from day one.

Key facts

• New lvp flooring
• New roof
• 3,485 sq ft lot

Tags

• RECENT CAPITAL IMPROVEMENTS
• NEW ROOF
• PEX WATER SUPPLY LINES
• DRAIN PLUMBING REPAIRED
• NEW LVP FLOORING
• MAJOR SYSTEMS ADDRESSED

Property features AI

Finance

• Other: Approximately 1,900 above-grade finished area
• Financial info: Annual taxes listed

Exterior

• Parking: No on-site parking
• Utilities: Public water; Public sewer
• Home design: Duplex residential income property; 2 stories
• Construction: Stone foundation
• Exterior features: Lot dimensions approximately 25 x 140

Interior

• Bedrooms: Two 2-bedroom units
• Bathrooms: Each unit has 1 bathroom
• Interior features: Has basement with both crawl space and full basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $245k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $585/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $245k).
• Recommended offer: $238k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.0% 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 $3,487/mo this rent would consume 97% 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 $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $69k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($238k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $237,553 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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 1901 — 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: 1.42% ✓
• Cap rate: 12.02%
• Cash-on-cash: 20.46%
• DSCR: 1.91
• GRM: 5.9

CMA / ARV

• ARV (median comp): $214,544
• List price: $244,900
• Delta: 14.15%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
329 E 6th St	0.09mi	4/2.0	1,934 (-5%)	13mo	$243,000	$126	75
201 E 6th St Unit 1-3	0.23mi	5/3.0 (+1)	2,250 (+10%)	6mo	$245,000	$109	59

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: 14.2%
• Equity multiple: 1.58×
• Total profit: $39,525
• Equity at exit: $36,515

10-year hold

• IRR: 23.9%
• Equity multiple: 3.19×
• Total profit: $150,333
• Equity at exit: $21,174

Cash invested: $68,572 (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: 11.7×

Monthly cashflow live

• Estimated rent: $3,487 high
• Mortgage (P&I): −$1,284
• Tax from tax record: −$199 /mo · $2,392/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$732
• Net cashflow: $1,169

Break-even live

Break-even rent $2,007

Max offer price $244,900

Occupancy floor 61%

Sensitivity live

Price	-10% $1,308	-5% $1,238	+0% $1,169	+5% $1,100	+10% $1,030
Rent	-10% $894	-5% $1,031	+0% $1,169	+5% $1,307	+10% $1,445
Rate	-1.0pp $1,292	-0.5pp $1,231	base $1,169	+0.5pp $1,106	+1.0pp $1,041

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,488
Total (2 units)			$3,487

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: $61,225
• Closing costs: $7,347
• 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	0.15mi
100 N 5th Ave W Duluth, MN	3.0	1.0–2.0	1209	$3,299	$2.73	22d	7	0.89mi
100 N 5th Ave W Duluth, MN	3.0	1.0–2.0	1207	$3,999	$3.31	14d	1	0.89mi
1821 E 1st St Duluth, MN	5.0	2.0	1662	$2,300	$1.38	14d	1	1.26mi
414 N 19th Ave E Duluth, MN	4.0	1.0	1900	$2,295	$1.21	14d	1	1.27mi
202 S 18th Ave E Duluth, MN	5.0	2.5	2372	$2,495	$1.05	14d	1	1.27mi

Listing history 19 events

1. 2026-06-21
   days on market $244,900 Active 38 DOM
2. 2026-06-19
   days on market $244,900 Active 36 DOM
3. 2026-06-18
   days on market $244,900 Active 35 DOM
4. 2026-06-17
   days on market $244,900 Active 34 DOM
5. 2026-06-16
   days on market $244,900 Active 33 DOM
6. 2026-06-15
   days on market $244,900 Active 32 DOM
7. 2026-06-14
   days on market $244,900 Active 30 DOM
8. 2026-06-13
   days on market $244,900 Active 29 DOM
9. 2026-06-10
   days on market $244,900 Active 27 DOM
10. 2026-06-09
    days on market $244,900 Active 26 DOM
11. 2026-06-08
    days on market $244,900 Active 25 DOM
12. 2026-06-07
    days on market $244,900 Active 24 DOM
13. 2026-06-05
    days on market $244,900 Active 21 DOM
14. 2026-06-03
    days on market $244,900 Active 20 DOM
15. 2026-06-02
    days on market $244,900 Active 19 DOM
16. 2026-06-01
    days on market $244,900 Active 18 DOM
17. 2026-05-31
    days on market $244,900 Active 17 DOM
18. 2026-05-30
    days on market $244,900 Active 16 DOM
19. 2026-05-01
    listed $250,000 Active 600-char remark

ⓘ 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: $2,392 · $199/mo
• Projected year-2 tax: $2,567 · $214/mo
• Expected delta: +$175/yr (+$15/mo · 7.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 22% 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: $41,844
• − Mortgage interest: −$13,718
• − Property taxes: −$2,392
• − Insurance: −$1,224
• − Repairs & maintenance: −$3,348
• − Management: −$3,348
• − Depreciation: −$7,124
• Taxable income: $10,690
• Est. tax owed @ 24.0%: −$2,566
• After-tax cash flow: $11,463/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

-2.0% since first listed

2 events — show timeline

• 2026-05-27 Price Changed $244,900 LSAR
• 2026-05-01 Listed $250,000 LSAR

Property tax history

+7.3%/yr

Latest (2026): $2,392 · +5.7% YoY. Source: county tax records.