2502 W 3rd St
Duplex · 2 units: 3 bed / 1 bath and 2 bed / 1 bath · 2,920 sq ft
Duluth, MN · View the listing ↗
Photos, via Realtor.com.
- Asking price
- $229,900 2 units · $115K per unit
- Monthly cash flow
- $98 at 20% down, 7%
- Estimated rent
- $2,550/mo high confidence
- Break-even price
- $248,383 where cash flow hits $0
First look
This is a construction project, not a rental. The duplex is stripped to the studs with no finished kitchens or baths, so the only income today is the small house next door. Our 6.9% cap rate and $98/month cash flow assume both units are finished and rented, which they are not. Budget for a full build-out plus carrying costs for months with one tenant paying, and get contractor bids before anything else. After 222 days on market there is room to negotiate, but verify permits, zoning and the single-family rent first. A showing only makes sense if you can price the finish work.
Things to consider
- The duplex produces no income until it is finished You carry the purchase and construction costs with only one small rent coming in. Our cash flow figure assumes a completed duplex.Listing says: “The unfinished duplex has already been taken down to the studs with demo complete”
- Construction cost and timeline are the real price Full interiors, systems and exterior finish on about 2,900 sq ft can be large. Get bids before offering, since the $229,900 ask only makes sense with those numbers.From photo 10
- Underwriting rests on estimated rents Our estimates are for finished 3-bed and 2-bed units. The listing gives no actual rents and no county record was matched.
- Zoning and permits need confirming Mixed-use zoning may help, but the legal unit count and approved plans decide what you can build and rent.Listing says: “the property is zoned Mixed-Use”
- Long time on market gives leverage 222 days suggests few buyers can make the numbers work. Use that to negotiate.
From the photos
Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.
Condition and repairs
- neededDuplex taken down to studs; full build-out neededListing says: The unfinished duplex has already been taken down to the studs with demo complete
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
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
- $229,900
- Cash to close
- $29,887
- Price per unit
- $114,950
- GRM
- 7.5
Each month
- Cash flow
- −$184/mo
- Cash-on-cash
- −7.4%
- Cap rate
- 6.9%
- DSCR
- 0.88×
Break-even
- Price that breaks even
- $201,825
- Rent that breaks even
- $2,789/mo
Long run
- Year 30: property vs stocks
- $962K vs $271K
- Cash flow turns positive
- year 5
The deal
- Price
- $229,900
- Cash to close
- $29,887
- Price per unit
- $114,950
- GRM
- 7.5
Each month
- Cash flow
- −$400/mo
- Cash-on-cash
- −16.0%
- Cap rate
- 5.8%
- DSCR
- 0.73×
Break-even
- Price that breaks even
- $168,890
- Rent that breaks even
- $3,133/mo
Long run
- Year 30: property vs stocks
- $720K vs $364K
- Cash flow turns positive
- year 10
The deal
- Price
- $219,900
- Cash to close
- $28,587
- Price per unit
- $109,950
- GRM
- 7.2
Each month
- Cash flow
- −$118/mo
- Cash-on-cash
- −5.0%
- Cap rate
- 7.2%
- DSCR
- 0.92×
Break-even
- Price that breaks even
- $201,825
- Rent that breaks even
- $2,704/mo
Long run
- Year 30: property vs stocks
- $989K vs $241K
- Cash flow turns positive
- year 5
The deal
- Price
- $219,900
- Cash to close
- $28,587
- Price per unit
- $109,950
- GRM
- 7.2
Each month
- Cash flow
- −$334/mo
- Cash-on-cash
- −14.0%
- Cap rate
- 6.0%
- DSCR
- 0.77×
Break-even
- Price that breaks even
- $168,890
- Rent that breaks even
- $3,037/mo
Long run
- Year 30: property vs stocks
- $733K vs $320K
- Cash flow turns positive
- year 8
The deal
- Price
- $229,900
- Cash to close
- $52,877
- Price per unit
- $114,950
- GRM
- 7.5
Each month
- Cash flow
- $98/mo
- Cash-on-cash
- 2.2%
- Cap rate
- 6.9%
- DSCR
- 1.08×
Break-even
- Price that breaks even
- $248,383
- Rent that breaks even
- $2,422/mo
Long run
- Year 30: property vs stocks
- $1.13M vs $403K
- Cash flow turns positive
- year 1
The deal
- Price
- $229,900
- Cash to close
- $52,877
- Price per unit
- $114,950
- GRM
- 7.5
Each month
- Cash flow
- −$117/mo
- Cash-on-cash
- −2.7%
- Cap rate
- 5.8%
- DSCR
- 0.90×
Break-even
- Price that breaks even
- $207,851
- Rent that breaks even
- $2,721/mo
Long run
- Year 30: property vs stocks
- $822K vs $428K
- Cash flow turns positive
- year 5
The deal
- Price
- $219,900
- Cash to close
- $50,577
- Price per unit
- $109,950
- GRM
- 7.2
Each month
- Cash flow
- $152/mo
- Cash-on-cash
- 3.6%
- Cap rate
- 7.2%
- DSCR
- 1.13×
Break-even
- Price that breaks even
- $248,383
- Rent that breaks even
- $2,353/mo
Long run
- Year 30: property vs stocks
- $1.17M vs $385K
- Cash flow turns positive
- year 1
The deal
- Price
- $219,900
- Cash to close
- $50,577
- Price per unit
- $109,950
- GRM
- 7.2
Each month
- Cash flow
- −$64/mo
- Cash-on-cash
- −1.5%
- Cap rate
- 6.0%
- DSCR
- 0.95×
Break-even
- Price that breaks even
- $207,851
- Rent that breaks even
- $2,644/mo
Long run
- Year 30: property vs stocks
- $845K vs $396K
- Cash flow turns positive
- year 4
The deal
- Price
- $229,900
- Cash to close
- $64,372
- Price per unit
- $114,950
- GRM
- 7.5
Each month
- Cash flow
- $175/mo
- Cash-on-cash
- 3.3%
- Cap rate
- 6.9%
- DSCR
- 1.15×
Break-even
- Price that breaks even
- $264,942
- Rent that breaks even
- $2,323/mo
Long run
- Year 30: property vs stocks
- $1.22M vs $490K
- Cash flow turns positive
- year 1
The deal
- Price
- $229,900
- Cash to close
- $64,372
- Price per unit
- $114,950
- GRM
- 7.5
Each month
- Cash flow
- −$41/mo
- Cash-on-cash
- −0.8%
- Cap rate
- 5.8%
- DSCR
- 0.96×
Break-even
- Price that breaks even
- $221,708
- Rent that breaks even
- $2,610/mo
Long run
- Year 30: property vs stocks
- $890K vs $497K
- Cash flow turns positive
- year 3
The deal
- Price
- $219,900
- Cash to close
- $61,572
- Price per unit
- $109,950
- GRM
- 7.2
Each month
- Cash flow
- $225/mo
- Cash-on-cash
- 4.4%
- Cap rate
- 7.2%
- DSCR
- 1.20×
Break-even
- Price that breaks even
- $264,942
- Rent that breaks even
- $2,258/mo
Long run
- Year 30: property vs stocks
- $1.25M vs $469K
- Cash flow turns positive
- year 1
The deal
- Price
- $219,900
- Cash to close
- $61,572
- Price per unit
- $109,950
- GRM
- 7.2
Each month
- Cash flow
- $9/mo
- Cash-on-cash
- 0.2%
- Cap rate
- 6.0%
- DSCR
- 1.01×
Break-even
- Price that breaks even
- $221,708
- Rent that breaks even
- $2,537/mo
Long run
- Year 30: property vs stocks
- $919K vs $471K
- Cash flow turns positive
- year 2
Monthly
Monthly breakdown
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$180 |
| Insurance Estimate | −$232 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$204 |
| Capital reserve (9% of rent) | −$230 |
| Net operating income | $1,322 |
| Mortgage (principal + interest) | −$1,377 |
| PMI | −$129 |
| Cash flow | −$184 |
| Principal paid down (equity, not cash) | $175 |
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$180 |
| Insurance Estimate | −$232 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$204 |
| Capital reserve (9% of rent) | −$230 |
| Property management | −$216 |
| Net operating income | $1,106 |
| Mortgage (principal + interest) | −$1,377 |
| PMI | −$129 |
| Cash flow | −$400 |
| Principal paid down (equity, not cash) | $175 |
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$180 |
| Insurance Estimate | −$232 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$204 |
| Capital reserve (9% of rent) | −$230 |
| Net operating income | $1,322 |
| Mortgage (principal + interest) | −$1,317 |
| PMI | −$124 |
| Cash flow | −$118 |
| Principal paid down (equity, not cash) | $168 |
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$180 |
| Insurance Estimate | −$232 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$204 |
| Capital reserve (9% of rent) | −$230 |
| Property management | −$216 |
| Net operating income | $1,106 |
| Mortgage (principal + interest) | −$1,317 |
| PMI | −$124 |
| Cash flow | −$334 |
| Principal paid down (equity, not cash) | $168 |
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$180 |
| Insurance Estimate | −$232 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$204 |
| Capital reserve (9% of rent) | −$230 |
| Net operating income | $1,322 |
| Mortgage (principal + interest) | −$1,224 |
| Cash flow | $98 |
| Principal paid down (equity, not cash) | $156 |
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$180 |
| Insurance Estimate | −$232 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$204 |
| Capital reserve (9% of rent) | −$230 |
| Property management | −$216 |
| Net operating income | $1,106 |
| Mortgage (principal + interest) | −$1,224 |
| Cash flow | −$117 |
| Principal paid down (equity, not cash) | $156 |
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$180 |
| Insurance Estimate | −$232 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$204 |
| Capital reserve (9% of rent) | −$230 |
| Net operating income | $1,322 |
| Mortgage (principal + interest) | −$1,170 |
| Cash flow | $152 |
| Principal paid down (equity, not cash) | $149 |
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$180 |
| Insurance Estimate | −$232 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$204 |
| Capital reserve (9% of rent) | −$230 |
| Property management | −$216 |
| Net operating income | $1,106 |
| Mortgage (principal + interest) | −$1,170 |
| Cash flow | −$64 |
| Principal paid down (equity, not cash) | $149 |
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$180 |
| Insurance Estimate | −$232 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$204 |
| Capital reserve (9% of rent) | −$230 |
| Net operating income | $1,322 |
| Mortgage (principal + interest) | −$1,147 |
| Cash flow | $175 |
| Principal paid down (equity, not cash) | $146 |
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$180 |
| Insurance Estimate | −$232 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$204 |
| Capital reserve (9% of rent) | −$230 |
| Property management | −$216 |
| Net operating income | $1,106 |
| Mortgage (principal + interest) | −$1,147 |
| Cash flow | −$41 |
| Principal paid down (equity, not cash) | $146 |
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$180 |
| Insurance Estimate | −$232 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$204 |
| Capital reserve (9% of rent) | −$230 |
| Net operating income | $1,322 |
| Mortgage (principal + interest) | −$1,097 |
| Cash flow | $225 |
| Principal paid down (equity, not cash) | $140 |
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$180 |
| Insurance Estimate | −$232 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$204 |
| Capital reserve (9% of rent) | −$230 |
| Property management | −$216 |
| Net operating income | $1,106 |
| Mortgage (principal + interest) | −$1,097 |
| Cash flow | $9 |
| Principal paid down (equity, not cash) | $140 |
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
- Your equity when you sell
- $524,546
- Rental profits, invested at 7%
- $437,543
Sells for $558,028 (value up 3% a year), minus 6% selling cost ($33,482). Rent paid down $206,910 of loan.
$227,960 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $227,507
- Monthly shortfalls, invested
- $43,941
$29,887 put into an index fund instead of the down payment and closing costs.
$6,617 you'd have paid in while the building lost money, invested instead.
The building comes out $690,641 ahead after 30 years.
- Your equity when you sell
- $524,546
- Rental profits, invested at 7%
- $195,043
Sells for $558,028 (value up 3% a year), minus 6% selling cost ($33,482). Rent paid down $206,910 of loan.
$120,269 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $227,507
- Monthly shortfalls, invested
- $136,647
$29,887 put into an index fund instead of the down payment and closing costs.
$22,036 you'd have paid in while the building lost money, invested instead.
The building comes out $355,435 ahead after 30 years.
- Your equity when you sell
- $501,730
- Rental profits, invested at 7%
- $486,889
Sells for $533,755 (value up 3% a year), minus 6% selling cost ($32,025). Rent paid down $197,910 of loan.
$246,642 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $217,612
- Monthly shortfalls, invested
- $23,674
$28,587 put into an index fund instead of the down payment and closing costs.
$3,473 you'd have paid in while the building lost money, invested instead.
The building comes out $747,334 ahead after 30 years.
- Your equity when you sell
- $501,730
- Rental profits, invested at 7%
- $230,779
Sells for $533,755 (value up 3% a year), minus 6% selling cost ($32,025). Rent paid down $197,910 of loan.
$136,189 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $217,612
- Monthly shortfalls, invested
- $102,770
$28,587 put into an index fund instead of the down payment and closing costs.
$16,131 you'd have paid in while the building lost money, invested instead.
The building comes out $412,127 ahead after 30 years.
- Your equity when you sell
- $524,546
- Rental profits, invested at 7%
- $606,992
Sells for $558,028 (value up 3% a year), minus 6% selling cost ($33,482). Rent paid down $183,920 of loan.
$282,614 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $402,513
$52,877 put into an index fund instead of the down payment and closing costs.
The building comes out $729,025 ahead after 30 years.
- Your equity when you sell
- $524,546
- Rental profits, invested at 7%
- $297,666
Sells for $558,028 (value up 3% a year), minus 6% selling cost ($33,482). Rent paid down $183,920 of loan.
$163,351 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $402,513
- Monthly shortfalls, invested
- $25,881
$52,877 put into an index fund instead of the down payment and closing costs.
$3,848 you'd have paid in while the building lost money, invested instead.
The building comes out $393,818 ahead after 30 years.
- Your equity when you sell
- $501,730
- Rental profits, invested at 7%
- $667,323
Sells for $533,755 (value up 3% a year), minus 6% selling cost ($32,025). Rent paid down $175,920 of loan.
$301,775 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $385,005
$50,577 put into an index fund instead of the down payment and closing costs.
The building comes out $784,048 ahead after 30 years.
- Your equity when you sell
- $501,730
- Rental profits, invested at 7%
- $343,494
Sells for $533,755 (value up 3% a year), minus 6% selling cost ($32,025). Rent paid down $175,920 of loan.
$180,295 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $385,005
- Monthly shortfalls, invested
- $11,377
$50,577 put into an index fund instead of the down payment and closing costs.
$1,631 you'd have paid in while the building lost money, invested instead.
The building comes out $448,842 ahead after 30 years.
- Your equity when you sell
- $524,546
- Rental profits, invested at 7%
- $693,680
Sells for $558,028 (value up 3% a year), minus 6% selling cost ($33,482). Rent paid down $172,425 of loan.
$310,145 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $490,016
$64,372 put into an index fund instead of the down payment and closing costs.
The building comes out $728,210 ahead after 30 years.
- Your equity when you sell
- $524,546
- Rental profits, invested at 7%
- $365,759
Sells for $558,028 (value up 3% a year), minus 6% selling cost ($33,482). Rent paid down $172,425 of loan.
$188,067 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $490,016
- Monthly shortfalls, invested
- $7,285
$64,372 put into an index fund instead of the down payment and closing costs.
$1,033 you'd have paid in while the building lost money, invested instead.
The building comes out $393,004 ahead after 30 years.
- Your equity when you sell
- $501,730
- Rental profits, invested at 7%
- $750,241
Sells for $533,755 (value up 3% a year), minus 6% selling cost ($32,025). Rent paid down $164,925 of loan.
$328,109 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $468,702
$61,572 put into an index fund instead of the down payment and closing costs.
The building comes out $783,269 ahead after 30 years.
- Your equity when you sell
- $501,730
- Rental profits, invested at 7%
- $417,190
Sells for $533,755 (value up 3% a year), minus 6% selling cost ($32,025). Rent paid down $164,925 of loan.
$205,301 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $468,702
- Monthly shortfalls, invested
- $2,156
$61,572 put into an index fund instead of the down payment and closing costs.
$303 you'd have paid in while the building lost money, invested instead.
The building comes out $448,063 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
Year 30 (loan paid off): property $962K, stocks $271K. The property wins.
Year 30 (loan paid off): property $720K, stocks $364K. The property wins.
Year 30 (loan paid off): property $989K, stocks $241K. The property wins.
Year 30 (loan paid off): property $733K, stocks $320K. The property wins.
Year 30 (loan paid off): property $1.13M, stocks $403K. The property wins.
Year 30 (loan paid off): property $822K, stocks $428K. The property wins.
Year 30 (loan paid off): property $1.17M, stocks $385K. The property wins.
Year 30 (loan paid off): property $845K, stocks $396K. The property wins.
Year 30 (loan paid off): property $1.22M, stocks $490K. The property wins.
Year 30 (loan paid off): property $890K, stocks $497K. The property wins.
Year 30 (loan paid off): property $1.25M, stocks $469K. The property wins.
Year 30 (loan paid off): property $919K, stocks $471K. 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.
3 bed / 1 bath estimate $1,400/mo · range $1,150–$1,625
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 101 N 30th Ave W, Duluth 55806 | $1,030 | 3 / 1 | 0.5 mi | 93% |
| 1712 W 3rd St, Duluth 55806 off market | $1,750 | 3 / 1 | 0.7 mi | 93% |
| 831 W 3rd St, Duluth 55806 | $1,475 | 3 / 1 | 1.4 mi | 92% |
| 1601-1603 1/21/2 Banks Ave, Superior, WI 54880 off market | $1,100 | 3 / — | 2.2 mi | 88% |
| 2214 W 3rd St, Duluth 55806 off market | $1,450 | 3 / 1 | 0.2 mi | 86% |
| 2530 W 2nd St, Duluth 55806 off market | $1,185 | 2 / 1 | 0.1 mi | 84% |
| 2507 W 1st St, Unit Upper, Duluth 55806 off market | $1,000 | 2 / 1 | 0.1 mi | 84% |
| 209 N 27th Ave W, Duluth 55806 off market | $975 | 2 / 1 | 0.2 mi | 84% |
| 2314 W 5th St, Unit 1, Duluth 55806 off market | $1,295 | 2 / 1 | 0.2 mi | 84% |
| 2712 W 3rd St, Unit Lower, Duluth 55806 off market | $1,050 | 2 / 1 | 0.2 mi | 84% |
2 bed / 1 bath estimate $1,150/mo · range $1,025–$1,300
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 2530 W 2nd St, Duluth 55806 off market | $1,185 | 2 / 1 | 0.1 mi | 94% |
| 2507 W 1st St, Unit Upper, Duluth 55806 off market | $1,000 | 2 / 1 | 0.1 mi | 94% |
| 209 N 27th Ave W, Duluth 55806 off market | $975 | 2 / 1 | 0.2 mi | 94% |
| 2314 W 5th St, Unit 1, Duluth 55806 off market | $1,295 | 2 / 1 | 0.2 mi | 94% |
| 2712 W 3rd St, Unit Lower, Duluth 55806 off market | $1,050 | 2 / 1 | 0.2 mi | 94% |
| 2712 W 3rd St, Unit Copy, Duluth 55806 off market | $1,050 | 2 / 1 | 0.2 mi | 94% |
| 2751 Wellington St, Unit 2, Duluth 55806 off market | $1,150 | 2 / 1 | 0.2 mi | 94% |
| 2751 Wellington St, Unit Lower, Duluth 55806 off market | $1,255 | 2 / 1 | 0.2 mi | 94% |
| 2207 W 3rd St, Duluth 55806 off market | $1,400 | 2 / 1 | 0.3 mi | 94% |
| 510 N 23rd Ave W, Duluth 55806 off market | $1,250 | 2 / 1 | 0.3 mi | 94% |
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
- highDuplex is unfinished. No income from it until completed, and cost and timeline are unknown. Listing says: The unfinished duplex has already been taken down to the studs with demo complete · AI review
- highUnderwriting rents and the 5 bed/2 bath figures can't be verified. The duplex doesn't exist as finished units and no county record matched. Based on: data: underwriting · 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 2502 3RD ST W
- mediumCurrent income comes only from the single-family rental, and its rent and lease terms are not stated. Listing says: Next door sits an occupied single-family rental providing immediate income · AI review
- lowMixed-use zoning is unverified and permitted use is left to the buyer to check. Listing says: buyer to verify intended use · AI review
Opportunities
- Long time on market: room to negotiate. Based on: Listing data: 222 days on market
- Build out two finished duplex units plus the existing house for three income streams. Listing says: the property has the potential to generate revenue from two duplex units plus the existing single-family home · AI review
- Seller has had it listed for 222 days, which gives room to negotiate on price. Based on: data: listing.days_on_market · AI review
- Layout plans are provided, which could shorten design and permitting time. Listing says: Layout plans are available in the photos and supplements · AI review
Questions for the agent
- Are permits pulled and open for the duplex work? Any inspections passed, and who did the work so far?
- What is the single-family rent, lease end date and deposit, and does the house have a rental license?
- How many units is the duplex legally approved for, and what does the mixed-use zoning allow?
- Do the plans include engineered drawings, and what is the seller's cost estimate to finish?
- Do the house and duplex have separate utilities, meters and heating systems planned?
- Why has it sat 222 days, and have there been price cuts or failed offers?
Bottom line
A stripped-down duplex shell with one small rental next door: only worth it if the price covers a full build-out and months of carrying costs. AI-assisted summary
What the records say
Where each number comes from
| Property tax / yr Listinglisting, tax year 2025. 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. | $2,155 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $2,783 |
| 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 1900: +1 pt capital reserve | 8% / 9% |
Price history Realtor.com
On the market since 2026-02-25 (222 days); down $60,000 (20.7%) from the first ask of $289,900; last sold for $100,000 on 2023-11-02.
| Date | Event | Price |
|---|---|---|
| Price changed | $229,900 | |
| Price changed | $235,000 | |
| Price changed | $250,000 | |
| Price changed | $275,000 | |
| Listed | $289,900 | |
| Sold public record | $100,000 | |
| Removed | — | |
| Listed | $150,000 | |
| Sold public record | $100,000 | |
| Sold | $21,250 | |
| Price changed | $22,000 | |
| Listed | $24,500 | |
| Removed | $109,900 | |
| Removed | $109,900 | |
| Listed | $109,900 | |
| Removed | $109,900 | |
| Listed | $109,900 |
From the listing Listing
| Property tax, 2025 | $2,155 |
| County | St. Louis County |
| Parcel number | 010-1140-04240 |
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.