2417 Vermilion Rd · Duluth, MN 55803

$500,000

5 bd · 4.0 ba · 2,912 sqft · MultiFamily public records · 64 Days on market

Built 2003 0.36 ac lot $172/sqft · 31% above area Est $382k · 31% 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 +25.5/30.0
• DSCR +8.4/10.0
• 1% rule +6.6/10.0
• 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: 3 units. confirmed

Listing remarks MLS

High-Capacity Duplex with Exceptional Income Potential in Excellent Condition Welcome to 2417 Vermilion Rd—an impressive duplex offering spacious layouts and outstanding rental potential. With identical units, this property is ideal for investors seeking consistency and strong occupancy appeal. Each unit features 5 bedrooms and 2 full bathrooms, providing ample space for tenants and maximizing rental income. The open-concept living area flows seamlessly into the kitchen, creating a functional and inviting space for everyday living and gathering. Both units mirror each other in layout and design, making management straightforward and efficient. Shared laundry is conveniently located in the basement, and the tuck-under garage offers excellent storage space for the owner or landlord. The duplex is equipped with electric heat and an air exchanger, supporting efficiency and year-round comfort. With plenty of off-street parking, this property becomes even more attractive—when paired with the neighboring single family rental at 2425 Vermilion Rd, offering a unique opportunity to expand your investment portfolio side-by-side. With plenty of off-street parking and large unit sizes that are hard to find, this property stands out as a high-performing investment opportunity. Spacious, functional, and income-generating—this is a property you don’t want to miss. * * * THIS PROPERTY MUST BE PURCHASED WITH 2425 Vermilion Rd * * *

Key facts

• 0.36 acre lot
• 6 garage spots
• Built 2003

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/?-bath units multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $370/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $500k).
• Recommended offer: $470k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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: 107 active listings in the ZIP; solid renter incomes; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• At $5,803/mo this rent would consume 66% of the median local household income ($106k/yr) (locally 322% 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 $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($470k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $44k; list at $500k implies a 1036% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $470,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.16% ✓
• Cap rate: 9.09%
• Cash-on-cash: 9.98%
• DSCR: 1.44
• GRM: 7.2

CMA / ARV

• ARV (median comp): $381,848
• List price: $500,000
• Delta: 30.94%
• Verdict: OVERPRICED
• Comps: 8 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.0%
• Equity multiple: 0.93×
• Total profit: $-10,314
• Equity at exit: $74,552

10-year hold

• IRR: 7.8%
• Equity multiple: 1.59×
• Total profit: $82,345
• Equity at exit: $43,231

Cash invested: $140,000 (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 55803

• Active inventory: 107
• Price-to-rent: 21.5×

Monthly cashflow live

• Estimated rent: $5,803 medium
• Mortgage (P&I): −$2,622
• Tax from tax record: −$590 /mo · $7,078/yr
• Insurance: −$208
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,219
• Net cashflow: $1,109

Break-even live

Break-even rent $4,400

Max offer price $500,000

Occupancy floor 76%

Sensitivity live

Price	-10% $1,392	-5% $1,250	+0% $1,109	+5% $967	+10% $826
Rent	-10% $650	-5% $879	+0% $1,109	+5% $1,338	+10% $1,567
Rate	-1.0pp $1,360	-0.5pp $1,236	base $1,109	+0.5pp $979	+1.0pp $847

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	—	$5,802
Total (3 units)			$5,803

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: $125,000
• Closing costs: $15,000
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $500,000 Active 64 DOM
2. 2026-06-18
   days on market $500,000 Active 63 DOM
3. 2026-06-17
   days on market $500,000 Active 62 DOM
4. 2026-06-16
   days on market $500,000 Active 61 DOM
5. 2026-06-15
   days on market $500,000 Active 60 DOM
6. 2026-06-14
   days on market $500,000 Active 58 DOM
7. 2026-06-13
   days on market $500,000 Active 57 DOM
8. 2026-06-10
   days on market $500,000 Active 55 DOM
9. 2026-06-09
   days on market $500,000 Active 54 DOM
10. 2026-06-08
    days on market $500,000 Active 53 DOM
11. 2026-06-07
    days on market $500,000 Active 52 DOM
12. 2026-06-05
    days on market $500,000 Active 49 DOM
13. 2026-06-03
    days on market $500,000 Active 48 DOM
14. 2026-06-02
    days on market $500,000 Active 47 DOM
15. 2026-06-01
    days on market $500,000 Active 46 DOM
16. 2026-05-31
    days on market $500,000 Active 45 DOM
17. 2026-05-30
    days on market $500,000 Active 44 DOM
18. 2026-03-24
    listed $500,000 Active 1465-char remark

    Show marketing remark (1465 chars)

    High-Capacity Duplex with Exceptional Income Potential in Excellent Condition Welcome to 2417 Vermilion Rd—an impressive duplex offering spacious layouts and outstanding rental potential. With identical units, this property is ideal for investors seeking consistency and strong occupancy appeal. Each unit features 5 bedrooms and 2 full bathrooms, providing ample space for tenants and maximizing rental income. The open-concept living area flows seamlessly into the kitchen, creating a functional and inviting space for everyday living and gathering. Both units mirror each other in layout and design, making management straightforward and efficient. Shared laundry is conveniently located in the basement, and the tuck-under garage offers excellent storage space for the owner or landlord. The duplex is equipped with electric heat and an air exchanger, supporting efficiency and year-round comfort. With plenty of off-street parking, this property becomes even more attractive—when paired with the neighboring single family rental at 2425 Vermilion Rd, offering a unique opportunity to expand your investment portfolio side-by-side. With plenty of off-street parking and large unit sizes that are hard to find, this property stands out as a high-performing investment opportunity. Spacious, functional, and income-generating—this is a property you don’t want to miss. * * * THIS PROPERTY MUST BE PURCHASED WITH 2425 Vermilion Rd * * *

19. 2003-10-23
    soldstatus $44,000
20. 2003-02-21
    soldstatus $38,000

ⓘ 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: $7,078 · $590/mo
• Projected year-2 tax: $7,078 · $590/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 7/10 Severe FEMA zone X · 77% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥89°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: $69,636
• − Mortgage interest: −$28,008
• − Property taxes: −$7,078
• − Insurance: −$3,166
• − Repairs & maintenance: −$5,571
• − Management: −$5,571
• − Depreciation: −$14,545
• Taxable income: $5,697
• Est. tax owed @ 24.0%: −$1,367
• After-tax cash flow: $11,936/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): 17,662
• Household income: $105,888
• Rent vs Own: 16.5% rent · 83.5% own
• Severe rent burden: 322.0

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 (96%)
• Race & ethnicity: White 96% Two or more races 2%
• Common ancestry: Portuguese 16% Romanian 7% Lithuanian 3%
• Foreign-born: 2% · China, Canada
• Languages at home: 97% English-only · 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: ▼ -363.34%
• Current HPI: 197.6712
• 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

+1215.8% since first listed

3 events — show timeline

• 2026-03-24 Listed $500,000 LSAR
• 2003-10-23 Sold (Public Records) $44,000 Public Records
• 2003-02-21 Sold (Public Records) $38,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $7,078 · +53.2% YoY. Source: county tax records.