Cash flowsPrice cut $15K154 days on market
303 W 4th St, Duluth
Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 1,710 sq ft · View the listing ↗
Photos, via Realtor.com.
+$303 monthly cash flow
After every cost, including reserves for vacancy and repairs, this duplex puts about $303 a month in your pocket. That’s a 7.5% yearly return on the $48,293 you’d put in.
At $209,969, 20% down, 7.00% for 30 years, self-managed.
- Cash-on-cash return
- 7.5% Yearly cash flow ÷ cash in
- Cap rate
- 8.1% Return if you paid all cash
- Cash to close
- $48,293 Down payment + closing costs
- Break-even price
- $266,917 Most you can pay and still cash flow
The listing, and how its numbers compare
MLS #7083132What the seller says
Great up/down duplex with panoramic views of Lake Superior and just minutes to colleges, Canal Park, downtown and Hermantown. Each unit has 2 bedrooms, 1 bath and recent updates to the kitchen and baths. Main floor unit includes a dishwasher and stackable washer and dryer. Great cash flow opportunity or owner occupy. Both units currently vacant. Lower unit was renting for $1,272 and Upper unit could rent for around $1,300/month. Electric is separate and could be paid by tenants.
The seller’s numbers vs. ours (yearly)
| Line | Seller | Boardwalk |
|---|---|---|
| Gross income | $30,264 | — |
| Property tax | $2,690 (2026) | — |
| Insurance | $2,412 | — |
| Heat (fuel) | $2,436 | — |
| Electric | $1,847 | — |
| Maintenance / repairs | $951 | — |
| Operating expenses | $7,924 | — |
| Net operating income | $22,340 | — |
Seller’s figures as stated in the listing. Ours include vacancy and reserves, and update with your edits.
The building
- Type
- Duplex Up and Down
- Year built
- 1882
- Living area
- 1,710 sq ft
- Exterior
- Brick/Stone, Vinyl
- Roof
- Architectural Shingle
- Basement
- Single Tenant Access, Unfinished
- Laundry
- In Unit
Systems and utilities
- Heating
- Forced Air · Natural Gas
- Water / sewer
- City Water · City Sewer
- Tenants pay
- Electricity
Parking and lot
- Lot
- 0.03 acres · 25x55
- Outdoor
- Front Porch
- Zoning
- Residential-Multi-Family
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 | $2,700 |
| Vacancy | −$162 |
| Property tax | −$224 |
| Insurance | −$204 |
| Water, sewer, trash | −$170 |
| Repairs and capital reserve | −$459 |
| Net operating income | $1,421 |
| Mortgage (principal + interest) | −$1,118 |
| Cash flow | $303 |
Detailed assumptions
30 years: this building vs. the same money in stocks
The building comes out $994K aheadYear 30 (loan paid off): this building $1,361,487, the same money in stocks $367,618.
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
2 bed: $1,350/mo · range $1,225–$1,725 · 12 rentals within 0.5 mi · medium confidence
Median asking rent of nearby rentals with the same bedroom count (within 0.5 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 |
|---|---|---|---|
| 307 W 4th St Unit Lower, Duluth | $1,280 | 2 / 1 | 0.0 mi |
| 507 513 N 1st Ave W, Duluth | $1,300 | 2 / 1 | 0.2 mi |
| 2617-2619 W 3rd St, Duluth | $1,325 | 2 / 1 | 0.2 mi |
| 521 W 2nd St, Duluth | $1,350 | 2 / 1 | 0.3 mi |
| 2113 W 3rd St # D, Duluth | $750 | 2 / 1 | 0.3 mi |
| 5 W 1st St Apt 312, Duluth | $1,745 | 2 / 1 | 0.3 mi |
| 1 E 1st St Unit 1-313, Duluth | $1,619asked $1,590 | 2 / 1 | 0.3 mi |
| 1 E 1st St Unit 2206, Duluth | $1,603asked $1,575 | 2 / 1 | 0.3 mi |
| 1 E 1st St Unit 1-402, Duluth | $1,830asked $1,799 | 2 / 1 | 0.3 mi |
| 1 E 1st St Ste 310, Duluth | $1,764asked $1,750 | 2 / 1 | 0.3 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
None found.
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 2026-06-01 (154 days, relisted 1×); down $15,031 (6.7%) from the first ask of $225,000; last sold for $205,000 on 2023-10-13.
| Date | Event | Price |
|---|---|---|
| Relisted | $209,969 | |
| Removed | $209,969 | |
| Price changed | $209,969 | |
| Relisted | $219,500 | |
| Removed | — | |
| Price changed | $219,500 | |
| Listed | $225,000 | |
| Sold public record | $205,000 | |
| Sold | $205,000 | |
| Sold | $77,920 | |
| Listed | $95,000 | |
| Listed | $95,000 | |
| Sold public record | $64,000 | |
| Sold | $64,000 | |
| Listed | $64,900 | |
| Removed | $79,900 | |
| Listed | $79,900 |
From the listing
| Listed as | Duplex up and down |
| Property tax, 2026 | $2,690 |
| County | St. Louis |
| Parcel number | 010127004190 |
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.