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1432 E 4th St

Duplex · 2 units: 5 bed / 2 bath and 5 bed · 3,183 sq ft

Duluth, MN · View the listing ↗

Overpriced
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Photos courtesy of RE/MAX Results, via Realtor.com.

Asking price
$549,900
2 units · $275K per unit
Monthly cash flow
−$771
at 20% down, 7%
Estimated rent
$4,150/mo
high confidence
Break-even price
$405,121
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

Ten bedrooms in a duplex at $549,900 is a student-rental play, and the numbers are thin. The listing says $4,150/month in total rent, which is $49,800 a year, and our underwriting at the asking price with 20% down shows about -$771/month and a 4.7% cap rate. Our break-even price is around $405K, so the ask looks roughly $145K too high at today's rates. Tenants pay all utilities, which helps, but large student groups mean heavy wear and turnover. Before a showing, get the signed leases, the rent split by unit, the property tax and the rental license. Also confirm the legal bedroom count, especially the attic and lower-level bedrooms.

Things to consider

  1. Price vs. income Cash flow is about -$771/month at ask and the cap rate is 4.7%. The numbers only work at a price near our $405K break-even.
  2. Bedroom count drives the rent The rent depends on ten bedrooms being legal. If licensing or egress cuts the count, rent and value drop.Listing says: “The lower unit offers 5 bedrooms, with 2 bedrooms located on the main floor”
  3. One lease, one rent figure The total rent is stated, but the per-unit split isn't. Leases ending in May 2027 mean re-leasing risk and wear from groups.Listing says: “Current lease terms run from June 1, 2026 through May 19, 2027”
  4. Unverified taxes and county data Our county match failed, so the tax bill and unit count are unconfirmed. Taxes could move the numbers materially.
  5. Old building, systems unseen A 1910 build with a stone basement wall means checking the foundation, wiring and boilers before offering.

From the photos

Listing photo 1
1 of 8Plus

Brick exterior with a covered front porch and a steep, shingled roof. The roof appears in decent shape, but its age isn't confirmed.

Listing photo 2
2 of 8Concern

Kitchen has oak cabinets, laminate counters, white appliances and hardwood floors. It appears dated but serviceable, not recently renovated.

Listing photo 3
3 of 8Plus

Original oak woodwork, columns and a tile fireplace surround add character. Carpet over the floors and a suspended ceiling tile look dated.

Listing photo 4
4 of 8Check

Radiators are visible, which fits the hot-water boiler heat described. The boilers themselves aren't shown.

Listing photo 9
5 of 8Concern

Bathroom has a one-piece fiberglass tub/shower surround, appears 1990s or later and basic. The other bath has a small vanity and old sheet flooring.

Listing photo 10
6 of 8Check

Basement laundry has exposed joists, a painted stone wall and drain piping. It shows no obvious water staining, but the foundation needs inspecting.

Listing photo 8
7 of 8Check

A small room in the unit is set up as a bedroom with a loft bed. It appears tight, so check size and egress.

Listing photo 7
8 of 8Check

No photos of the boilers, electrical panels, the lower unit or the attic bedrooms' wiring, so key systems are unseen.

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

Rents the listing states

  • Whole building (both units): $4,700 (lease)Listing says: The property is currently leased for $4,700 per month with tenants paying all utilities

Condition and repairs

  • doneRoof described as newer, age not givenListing says: The property also features a newer roof, adding additional value and peace of mind

AI-assisted first read of the listing description and photos (Claude), checked against public records. Every rent and repair above quotes the listing; verify with the agent, leases and an inspection.

The numbers

Down payment %
Offer $
Management
Interest rate %
Edit rents, costs and assumptions

Default: 20% down (no PMI), offer at asking, self-managed, 7.00% for 30 years, buyer pays closing costs (3%).

The deal

Price
$549,900
Cash to close
$126,477
Price per unit
$274,950
GRM
11.0

Each month

Cash flow
−$771/mo
Cash-on-cash
−7.3%
Cap rate
4.7%
DSCR
0.74×

Break-even

Price that breaks even
$405,121
Rent that breaks even
$5,164/mo

Long run

Year 30: property vs stocks
$1.54M vs $1.26M
Cash flow turns positive
year 13

Monthly

Monthly breakdown

Rent$4,150
Vacancy (6%)−$249
Collected$3,901
Property tax Listing−$530
Insurance Estimate−$238
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (9% of rent)−$374
Capital reserve (9% of rent)−$374
Net operating income$2,156
Mortgage (principal + interest)−$2,927
Cash flow−$771
Principal paid down (equity, not cash)$372

Cash flow each year

Rents +3%/yr, costs +3.5%/yr. Red bars are months you'd cover out of pocket.

30 years

How those totals add up

If you buy this building$1,536,610
Your equity when you sell
$1,254,667

Sells for $1,334,752 (value up 3% a year), minus 6% selling cost ($80,085). Rent paid down $439,920 of loan.

Rental profits, invested at 7%
$281,944

$188,045 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,264,531
Cash to close, invested at 7%
$962,775

$126,477 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$301,755

$54,137 you'd have paid in while the building lost money, invested instead.

The building comes out $272,079 ahead after 30 years.

Future dollars. At 3% inflation, divide year-30 figures by about 2.4 for today's buying power. Rental profits are assumed invested, not spent.

30 years: this property vs. the same money in stocks

This propertyStocks at 7%

Year 30 (loan paid off): property $1.54M, stocks $1.26M. The property wins.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-05. The estimate above is RentCast's, weighted toward the closest matches.

5 bed / 2 bath estimate $2,300/mo · range $1,850–$2,725

AddressRentBd / BaSq ftDistanceListedMatch
1723 E 5th St, Unit Upper, Duluth 55812 off market $1,775 5 / 1 — 0.3 mi 2026-03-13 89%
1911 E 3rd St, Apt 1, Duluth 55812 off market $2,800 6 / 2 2,400 0.4 mi 2026-01-21 84%
120-122 N 12th Ave E, Duluth 55805 off market $1,800 4 / 2 1,824 0.3 mi 2026-07-21 80%
1813-1819 E 2nd St, Duluth 55812 off market $1,450 4 / 2 1,816 0.3 mi 2026-02-13 80%
230 N 16th Ave E, Apt 3, Duluth 55812 off market $1,750 4 / 1 — 0.1 mi 2026-04-21 80%
1111 E 2nd St, Duluth 55805 off market $2,700 5 / 2 — 0.3 mi 2026-03-07 79%
17 S 17th Ave E, Duluth 55812 off market $2,000 5 / 2 2,100 0.3 mi 2026-03-25 77%
17 S 17th Bed Ave E, Unit 6, Duluth 55812 off market $2,500 5 / 2 2,100 0.3 mi 2026-02-05 77%
202 S 18th Ave E, Duluth 55812 off market $2,495 5 / 2.5 2,372 0.5 mi 2026-07-09 77%
1823 E 6th St, Duluth 55812 off market $2,550 5 / 1.5 2,130 0.4 mi 2026-02-11 75%

5 bed / 1 bath estimate $1,850/mo · range $1,400–$2,250

AddressRentBd / BaSq ftDistanceListedMatch
1723 E 5th St, Unit Upper, Duluth 55812 off market $1,775 5 / 1 — 0.3 mi 2026-03-13 94%
230 N 16th Ave E, Apt 3, Duluth 55812 off market $1,750 4 / 1 — 0.1 mi 2026-04-21 84%
1911 E 3rd St, Apt 1, Duluth 55812 off market $2,800 6 / 2 2,400 0.4 mi 2026-01-21 79%
131 N 21st Ave E, Duluth 55812 off market $1,975 4 / 1 1,500 0.5 mi 2026-02-03 77%
510 N 11th Ave E, Duluth 55805 off market $2,000 4 / 1 1,350 0.3 mi 2026-02-12 76%
205 N 18th Ave E, Duluth 55812 off market $1,500 2 / 1 4,098 0.3 mi 2026-06-05 75%
120-122 N 12th Ave E, Duluth 55805 off market $1,800 4 / 2 1,824 0.3 mi 2026-07-21 75%
1813-1819 E 2nd St, Duluth 55812 off market $1,450 4 / 2 1,816 0.3 mi 2026-02-13 75%
1529 E 3rd St, Apt 3, Duluth 55812 off market $1,250 2 / 1 — 0.1 mi 2026-07-12 75%
1427 E 2nd St, Apt 3, Duluth 55805 off market $1,150 1 / 1 — 0.1 mi 2026-07-12 75%

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: RentCast. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

  • highTen bedrooms across two units, including attic and lower-level rooms. Legal bedroom status and egress are unverified, and the city may cap occupancy or licensed bedrooms. Listing says: an additional 3 bedrooms on the lower level, providing excellent flexibility and rental capacity · AI review
  • highAsking price is far above what the rents support. Cash flow is negative at ask and break-even is well below the price. Based on: data: underwriting.break_even_price · AI review
  • mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 1432 4TH ST E
  • mediumStudent-group tenancy means heavy wear and turnover. The lease ends May 2027, the typical student cycle, so expect a re-leasing push in spring. Listing says: Current lease terms run from June 1, 2026 through May 19, 2027 · AI review
  • mediumOnly one total rent figure is given and no per-unit split. The rent estimate for the building's actual rents looks like a simple halving of the total. Based on: data: rent_estimate · AI review
  • lowBoth fireplaces are decorative only. The photos show gas or electric inserts, so don't count them as heat or a feature. Listing says: Both fireplaces are non-functional and serve as decorative features only · AI review

Opportunities

  • Tenants pay all utilities and there are two separate boilers, so owner expenses stay low. Listing says: The building is serviced by two separate boilers, allowing independent heating systems for each unit. · AI review
  • Off-street parking on a lot and a half is rare for student housing near campus. Listing says: Situated on a lot and a half, the property also offers ample off-street parking for residents · AI review
  • No rent cap in Duluth, so rents can follow the market at turnover. Based on: data: underwriting.rent_rule · AI review

Questions for the agent

  • Can I see the signed leases and the rent split between upper and lower?
  • How many bedrooms does the city rental license allow per unit?
  • What are the annual property taxes? Do they reflect non-homestead status?
  • How old are the roof and both boilers?
  • Do the attic and lower-level bedrooms have egress windows and closets?
  • Why has it sat 48 days, and has the price changed?

Bottom line

A well-kept-looking student duplex, but at $549,900 it loses money, so it only works at a much lower price or with proven higher rents. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2026. The tax the listing states. If the seller lives there it may be at the lower homestead rate; an investor owner pays the non-homestead rate, often 20–40% more on the owner's unit.$6,358
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,855
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid$170
Heat / mo Assumptionassumption. tenants pay heat; confirm with the agent$0
Lawn care / mo Assumptionassumption. $120/mo for 6 months, spread over 12; no snow removal$60
Repairs / capital reserve Rulerule. built 1910: +1 pt capital reserve; 10 bedrooms: +1 pt repairs for wear9% / 9%

Price history Realtor.com

On the market since 2026-05-23 (135 days).

DateEventPrice
Listed$549,900
Removed$549,900
Removed—
Relisted$549,900
Removed—
Listed$549,900
Listed$549,900

From the listing Listing

Listed asduplex
Property tax, 2026$6,358
CountySt. Louis County
Parcel number010-1480-06730+ 010-1480-06720

As the listing states it (NorthstarMLS, via Realtor.com). We don't have county records here yet; check the tax, homestead status and special assessments with the county.

Crime, rental-license and vacant-building records are only available for St. Paul and Minneapolis so far. Check with Duluth on rental licensing before you buy.