3064 Devonshire St · Duluth, MN 55806

$240,000

3 bd · 2.0 ba · 1,606 sqft · MultiFamily public records · 44 Days on market

Built 1905 6,098 sqft lot $149/sqft · 40% above area Est $172k · 40% 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

Same owner for 23 years.W/in the years,interior has been repainted,hdwd floors all redone,new front door,new picture window in front porch,& basement painted.2 bdrms & an enclosed in the main floor unit.Upstairs also has 2 bdrms, kit. & bath, hdwd floors.

Key facts

• New furnace
• Steel siding
• Water heater

Tags

• HARDWOOD FLOORS
• NEWER WINDOWS
• STEEL SIDING
• NEW FURNACE
• WATER HEATER
• FRESHLY PAINTED BASEMENT

Property features AI

Finance

• Other: Property zoned residential
• Financial info: Unit 1 actual rent: $1,030; Unit 2 actual rent: $930

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Residential income duplex; 2 stories
• Construction: Steel siding; Stone foundation; Rubber and composition roof; Built area above grade: 1,606 (total for building)
• Exterior features: Exterior lighting; Level to rolling slope lot; Paved city street frontage

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Unit 1: 2 bedrooms (currently vacant); Unit 2: 2 bedrooms
• Flooring: Hardwood floors
• Bathrooms: Unit 1: 1 bathroom; Unit 2: 1 bathroom
• Heating & cooling: Baseboard heating; Forced air heating; Electric heating
• Interior features: Hardwood floors; Spacious rooms; Lighting (exterior lighting noted under Exterior)
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $709/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $240k).
• Recommended offer: $233k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.4% 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.
• Zoned schools: Piedmont Elementary (math 42% / reading 37%, grade F, #604 of 857 statewide, top 74%, 426 students, 63% FRL); Lincoln Park Middle School (math 26% / reading 39%, grade F, #186 of 258 statewide, top 72%, 524 students, 66% FRL); Denfeld High School (math 32% / reading 42%, grade F, #282 of 471 statewide, top 63%, 940 students, 56% FRL) — zoned schools average 62% FRL vs 39% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 36% at this address vs 50% district-wide (-13 pts) — the specific schools serving this property underperform the Duluth Public School District average; the district grade overstates school quality for this exact location.
• Market conditions: 45 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• At $3,772/mo this rent would consume 106% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $67k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y 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 $104k; list at $240k implies a 131% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $232,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 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 1905 — 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: 1.57% ✓
• Cap rate: 13.38%
• Cash-on-cash: 25.33%
• DSCR: 2.13
• GRM: 5.3

CMA / ARV

• ARV (median comp): $171,516
• List price: $240,000
• Delta: 39.93%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2911 W 3rd St	0.21mi	4/2.0 (+1)	1,600 (-0%)	8mo	$245,000	$153	78
3141 Restormel St	0.07mi	2/1.0 (-1)	1,640 (+2%)	15mo	$1,250	$1	72
2826 W 3rd St	0.27mi	3/2.0	1,476 (-8%)	4mo	$149,900	$102	71
2619 W 5th St	0.40mi	3/2.0	1,652 (+3%)	21mo	$150,000	$91	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.9%
• Equity multiple: 1.77×
• Total profit: $51,439
• Equity at exit: $35,785

10-year hold

• IRR: 27.2%
• Equity multiple: 3.40×
• Total profit: $161,098
• Equity at exit: $20,751

Cash invested: $67,200 (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: 45
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $3,772 medium
• Mortgage (P&I): −$1,259
• Tax from tax record: −$203 /mo · $2,436/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$792
• Net cashflow: $1,418

Break-even live

Break-even rent $1,977

Max offer price $240,000

Occupancy floor 57%

Sensitivity live

Price	-10% $1,554	-5% $1,486	+0% $1,418	+5% $1,350	+10% $1,282
Rent	-10% $1,120	-5% $1,269	+0% $1,418	+5% $1,567	+10% $1,716
Rate	-1.0pp $1,539	-0.5pp $1,479	base $1,418	+0.5pp $1,356	+1.0pp $1,293

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,772
Total (2 units)			$3,772

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2302 Hillcrest Dr Duluth, MN	3.0	1.5	1072	$3,500	$3.26	45d	1	1.27mi

Listing history 29 events

1. 2026-06-21
   days on market $240,000 Active 44 DOM
2. 2026-06-19
   days on market $240,000 Active 42 DOM
3. 2026-06-18
   days on market $240,000 Active 41 DOM
4. 2026-06-17
   days on market $240,000 Active 40 DOM
5. 2026-06-16
   days on market $240,000 Active 39 DOM
6. 2026-06-15
   days on market $240,000 Active 38 DOM
7. 2026-06-14
   pricedays on market $240,000 Active 36 DOM
8. 2026-06-13
   days on market $250,000 Active 35 DOM
9. 2026-06-10
   days on market $250,000 Active 33 DOM
10. 2026-06-09
    days on market $250,000 Active 32 DOM
11. 2026-06-08
    days on market $250,000 Active 31 DOM
12. 2026-06-07
    days on market $250,000 Active 30 DOM
13. 2026-06-05
    days on market $250,000 Active 27 DOM
14. 2026-06-03
    days on market $250,000 Active 26 DOM
15. 2026-06-02
    days on market $250,000 Active 25 DOM
16. 2026-06-01
    days on market $250,000 Active 24 DOM
17. 2026-05-31
    days on market $250,000 Active 23 DOM
18. 2026-05-30
    days on market $250,000 Active 22 DOM
19. 2026-05-08
    listed $250,000 Active 983-char remark
20. 2010-04-16
    soldstatus $104,000
21. 2010-03-30
    soldstatus $104,000 267-char remark

    Show marketing remark (255 chars)

    Same owner for 23 years. Within the years, interior has been repainted, hardwood floors all redone, new front door, new picture window in front porch, and basement painted. 2 bedrooms and an enclosed in the main floor unit, eat-in kitchen and updated bath

22. 2010-03-30
    soldstatus $104,000

    Show marketing remark (255 chars)

    Same owner for 23 years. Within the years, interior has been repainted, hardwood floors all redone, new front door, new picture window in front porch, and basement painted. 2 bedrooms and an enclosed in the main floor unit, eat-in kitchen and updated bath

23. 2010-02-25
    historical 267-char remark

    Show marketing remark (267 chars)

    Same owner for 23 years.W/in the years,interior has been repainted,hdwd floors all redone,new front door,new picture window in front porch,& basement painted.2 bdrms & an enclosed in the main floor unit.Upstairs also has 2 bdrms, kit. & bath, hdwd floors.

24. 2009-12-31
    listed $105,000

    Show marketing remark (267 chars)

    Same owner for 23 years.W/in the years,interior has been repainted,hdwd floors all redone,new front door,new picture window in front porch,& basement painted.2 bdrms & an enclosed in the main floor unit.Upstairs also has 2 bdrms, kit. & bath, hdwd floors.

25. 2009-12-31
    listed $105,000 267-char remark

    Show marketing remark (267 chars)

    Same owner for 23 years.W/in the years,interior has been repainted,hdwd floors all redone,new front door,new picture window in front porch,& basement painted.2 bdrms & an enclosed in the main floor unit.Upstairs also has 2 bdrms, kit. & bath, hdwd floors.

26. 2006-03-20
    historical
27. 2006-03-16
    listed $119,900
28. 2005-12-10
    historical
29. 2005-08-10
    listed $119,900

ⓘ 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: $2,436 · $203/mo
• Projected year-2 tax: $2,562 · $214/mo
• Expected delta: +$126/yr (+$10/mo · 5.2%)

ⓘ 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 2/10 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: $45,264
• − Mortgage interest: −$13,444
• − Property taxes: −$2,436
• − Insurance: −$1,200
• − Repairs & maintenance: −$3,621
• − Management: −$3,621
• − Depreciation: −$6,982
• Taxable income: $13,960
• Est. tax owed @ 24.0%: −$3,350
• After-tax cash flow: $13,669/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

+100.2% since first listed

12 events — show timeline

• 2026-06-13 Price Changed $240,000 LSAR
• 2026-05-08 Listed $250,000 LSAR
• 2010-04-16 Sold (Public Records) $104,000 Public Records
• 2010-03-30 Sold (MLS) $104,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-03-30 Sold (MLS) $104,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-02-25 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-12-31 Listed $105,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-12-31 Listed $105,000 NORTHSTARMLS as Distributed by MLS Grid
• 2006-03-20 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-03-16 Listed $119,900 NORTHSTARMLS as Distributed by MLS Grid
• 2005-12-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2005-08-10 Listed $119,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+6.4%/yr

Latest (2026): $2,436 · +14.0% YoY. Source: county tax records.