Cash flowsPrice cut $20K19 days on market
2525-2527 W 2nd St, Duluth
Fourplex · 4 units: 1 bed / 1 bath ×4 · 2,960 sq ft · View the listing ↗
Photos courtesy of RE/MAX Results, via Realtor.com.
+$1,483 monthly cash flow
After every cost, including reserves for vacancy and repairs, this fourplex puts about $1,483 a month in your pocket. That’s a 26.2% yearly return on the $67,827 you’d put in.
At $294,900, 20% down, 7.00% for 30 years, self-managed.
- Cash-on-cash return
- 26.2% Yearly cash flow ÷ cash in
- Cap rate
- 12.4% Return if you paid all cash
- Cash to close
- $67,827 Down payment + closing costs
- Break-even price
- $573,611 Most you can pay and still cash flow
The listing, and how its numbers compare
MLS #6128481What the seller says
Fully leased fourplex with a rental license already in place. All four units are 1 bedroom, 1 bath, approximately 740 sq ft each, with current rents of $850, $865, $850, and $900, for $3,465/month in gross rent. Tenants pay their own electric and trash. The owner covers fuel, water, and sewer. The property has natural gas forced-air heat, low-maintenance vinyl siding, a full stone basement, and 4 off-street parking spaces, which is hard to find on this stretch of W 2nd St. Staggered lease expirations through 2027 give a new owner steady income and flexibility to adjust rents over time. Annual taxes are $3,686. It's a solid hold for a seasoned investor or a turnkey first step into multifamily in Duluth. Call the listing office to schedule a showing.
Listing courtesy of RE/MAX Results (Jordan Decaro).
The seller’s numbers vs. ours (yearly)
| Line | Seller | Boardwalk |
|---|---|---|
| Property tax | $3,686 (2026) | — |
Seller’s figures as stated in the listing. Ours include vacancy and reserves, and update with your edits.
The building
- Type
- Fourplex
- Year built
- 1886
- Living area
- 2,960 sq ft
- Exterior
- Vinyl
- Basement
- Full
Systems and utilities
- Heating
- Forced Air, Natural Gas
- Water / sewer
- City · City
- Tenants pay
- Electric, Trash
Parking and lot
- Lot
- 0.16 acres · 50x140
Description and facts from Realtor.com. View on Realtor.com ↗
The model: change anything
Every input shows where it came from. Edit one and the whole page updates.
Each month
| Rent | $5,400 |
| Vacancy | −$324 |
| Property tax | −$307 |
| Insurance | −$398 |
| Water, sewer, trash | −$340 |
| Repairs and capital reserve | −$918 |
| Net operating income | $3,053 |
| Mortgage (principal + interest) | −$1,570 |
| Cash flow | $1,483 |
Detailed assumptions
30 years: this building vs. the same money in stocks
The building comes out $2.90M aheadYear 30 (loan paid off): this building $3,414,220, the same money in stocks $516,874.
Monthly cash flow, year 1 to year 30
See it as a line: this building vs. stocks, year by year
Rents +3% a year, costs +3.5%, value +3%, stocks 7%, 6% to sell. Future dollars: at 3% inflation, divide year-30 figures by about 2.4 for today’s buying power. Red bars are months you’d cover out of pocket.
Rent estimate and comparable rentals
1 bed: $1,350/mo · range $1,075–$1,425 · 25 rentals within 2.5 mi · medium confidence
Median asking rent of nearby rentals with the same bedroom count (within 2.5 miles): for rent now or leased in the last 3 years (past rents brought to today at 3% a year), from Realtor.com rental listings. Range is the middle half of those rents. Asking rents, not signed leases. Rent rules: No rent cap.
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 2228 W 3rd St Apt 4, Duluth | $985asked $975 | 1 / 1 | 0.3 mi |
| 113-115 N 22nd Ave W, Duluth | $995 | 1 / 1 | 0.3 mi |
| 910 N 22nd Ave Apt W1, Duluth | $1,042asked $1,025 | 1 / 1 | 0.6 mi |
| 1828 W 2nd St Apt O, Duluth | $916asked $900 | 1 / 1 | 0.6 mi |
| 317 N 42nd Ave W Apt 1, Duluth | $960asked $950 | 1 / 1 | 1.4 mi |
| 521 W 2nd St, Duluth | $1,240 | 1 / 1 | 1.8 mi |
| 2501 Leonard St Apt 305, Duluth | $1,361asked $1,350 | 1 / 1 | 2.0 mi |
| 10 W 1st St Apt 211, Duluth | $1,416asked $1,395 | 1 / 1 | 2.2 mi |
| 10 W 1st St Apt 302, Duluth | $1,462asked $1,450 | 1 / 1 | 2.2 mi |
| 10 W 1st St Apt 111, Duluth | $1,407asked $1,395 | 1 / 1 | 2.2 mi |
Asking rents from Realtor.com listings, not signed leases.
Red flags and opportunities
Serious changes whether this is a good buy and keeps it out of our top picks. Check means ask before an offer. Minor is worth knowing. Each one shows its source.
Watch for
No red flags in the available data. That isn't the same as none.
Opportunities
- Current rents are below market. Rents can reset to market at renewal. Based on: Listing rents vs. our market estimate: Unit 1: 1 bed / 1 bath $850 vs $1,350, Unit 2: 1 bed / 1 bath $865 vs $1,350, Unit 3: 1 bed / 1 bath $850 vs $1,350, Unit 4: 1 bed / 1 bath $900 vs $1,350
Questions for the agent
- Can we see the current leases and a rent roll, with move-in dates?
- What did water/sewer/trash, heat and electric cost the owner over the last 12 months?
- How old are the roof, boiler or furnaces, water heaters and electrical panels?
- Is the building licensed as a rental for this many units, and when was the last city inspection?
- Any special assessments pending, and will the seller pay them off at closing?
Standard questions worth asking about any building.
What the records say
Price history · Realtor.com
On the market since 2026-10-14 (19 days); down $20,000 (6.4%) from the first ask of $314,900; last sold for $169,900 on 2017-08-09; listed for rent at $900/mo on 2025-05-23.
| Date | Event | Price |
|---|---|---|
| Price changed | $294,900 | |
| Listed | $314,900 | |
| Rental removed | — | |
| Listed for rent | $900/mo | |
| Rental removed | — | |
| Listed for rent | $740/mo | |
| Sold | $169,900 | |
| Listed | $169,900 | |
| Sold public record | $190,000 | |
| Sold public record | $81,500 |
From the listing
| Listed as | Fourplex |
| Property tax, 2026 | $3,686 |
| County | St. Louis County |
| Parcel number | 010-1140-04210 |
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.
Location
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Educational analysis, not financial, legal or real estate advice. AI-assisted first read of the listing description and photos, checked against public records. Verify with the agent, leases and an inspection. Prepared 2026-11-02.