418 N 27th Ave W

Duplex · 2 units: 2 bed / 1 bath and 3 bed / 1 bath · 1,850 sq ft

Cash flows

27 photos

Photos, via Realtor.com.

Asking price: $199,000
Monthly cash flow: $176
Estimated rent: $2,625/mo
Break-even price: $232,151

Adjust the numbers See the full breakdown

From the listing

Discover the potential in this classic up-and-down duplex, ideally positioned in Duluth's Central Hillside area with convenient access to downtown, local amenities, and the energy of the city. Built in 1906, the property offers the kind of character that is hard to recreate, including original trim details, tall windows, and the warmth of an established home with a story to tell. With two separate units, a total of 5 bedrooms and 2 bathrooms, and approximately 1,850 finished square feet, this property provides flexibility for an investor, owner-occupant, or buyer looking for a project with meaningful upside. Each unit is equipped with its own range and refrigerator, while the partial unfinished basement includes washer and dryer hookups, creating a practical shared laundry setup. Forced-air natural gas heat, city water, city sewer, and vinyl exterior add to the property's functional foundation. This is not a turnkey property, but it offers a solid base for someone ready to bring fresh

Description from Realtor.com, MLS #150779. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1906 Duluth up/down at $199K that the listing itself calls 'not a turnkey property.' The photos back that up: dated kitchens, tired baths, a patched ceiling and cluttered, occupied units. Our model shows about $196/mo cash flow at 20% down and asking price, a 7.6% cap rate, but that rests on estimated rents of $1,225-$1,425 per unit with no rent roll and no verified taxes. The description is cut off and gives no rents, lease status, roof age or electrical details, so those come first. Worth a showing only if the rents are real and the inspection budget fits, and the price should reflect the condition.

Things to consider

Rents are unverified Our cash flow of $196/mo relies on estimates. If actual rents are lower, the deal weakens fast at today's rates.
Condition looks like a real rehab budget Dated kitchens and baths, and a possible leak, mean capex and reserves will eat into early cash flow.Listing says: “This is not a turnkey property, but it offers a solid base”
Taxes and unit count unverified Tax bills can change the numbers a lot, and non-homestead taxes for investors are often higher.
Occupied units complicate access and turnover Tenants and belongings may limit inspection and affect how quickly you can renovate.From photo 2
Age-related systems are unknown A 1906 building may have old wiring, plumbing and foundation concerns that need an inspection.Listing says: “Built in 1906, the property offers the kind of character that is hard to recreate”

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

neededGeneral rehab; property is not turnkeyListing says: This is not a turnkey property, but it offers a solid base

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: $199,000
Cash to close: $45,770
Price per unit: $99,500
GRM: 6.3

Each month

Cash flow: $176/mo
Cash-on-cash: 4.6%
Cap rate: 7.5%
DSCR: 1.17×

Break-even

Price that breaks even: $232,151
Rent that breaks even: $2,396/mo

Long run

Year 30: property vs stocks: $1.10M vs $348K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$2,625
Vacancy (6%)	−$158
Collected	$2,468
Property tax Estimate	−$348
Insurance Estimate	−$207
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$210
Capital reserve (9% of rent)	−$236
Net operating income	$1,236
Mortgage (principal + interest)	−$1,059
Cash flow	$176
Principal paid down (equity, not cash)	$135

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$1,103,083

Your equity when you sell: $454,043
Rental profits, invested at 7%: $649,039

Same money in stocks$348,413

Cash to close, invested at 7%: $348,413

The building comes out $754,670 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 $1.10M, stocks $348K. The property wins.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-06. The estimate is the median asking rent of every rental we found nearby (the count is shown for each); houses are left out. Asking rents from Realtor.com rental listings, not signed leases.

2 bed estimate $1,225/mo · range $1,225–$1,300 · 9 rentals within 3 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2821 Wicklow St, Duluth	$1,200	2 / 1	760	0.1 mi	2025-07-03	Apartment
2705 W 2nd St, Duluth	$1,195	2 / 1	685	0.2 mi	2026-09-09	Duplex triplex
313 N 21st Ave, West Duluth	$1,195	2 / 1	700	0.5 mi	2026-07-14	Duplex triplex
529 W 4th St # 2, Duluth	$1,225	2 / 1	750	1.9 mi	—	Apartment
327 W 4th St, Duluth	$1,200	2 / 1	803	2.0 mi	2026-08-12	Apartment
606 N 60th Ave W, Duluth	$1,300	2 / 1	1,120	2.3 mi	2026-06-16	Apartment
308 E 5th St, Duluth	$1,200	2 / 1	587	2.7 mi	2026-08-14	Apartment
523 E 6th St, Duluth	$1,225	2 / 1	800	2.9 mi	2026-08-07	Apartment
611 E 6th St, Duluth	$1,275	2 / 1	100	2.9 mi	2026-06-12	Apartment

3 bed estimate $1,400/mo · range $1,225–$1,550 · 8 rentals within 3 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
101 N 30th Ave W, Duluth	$1,030	3 / 1	—	0.4 mi	2026-07-14	Apartment
831 W 3rd St, Duluth	$1,475	3 / 1	—	1.6 mi	—	Apartment
5725 W 8th St Unit 2, Duluth	$1,500	3 / 1	1,300	2.1 mi	2023-07-27	Apartment
421 N 1st Ave W, Duluth	$1,200	3 / 1	913	2.3 mi	2026-07-17	Apartment
504 N 2nd Ave E, Duluth	$1,200	3 / 1	972	2.6 mi	2026-09-10	Apartment
322-324 E 5th St, Duluth	$1,325	3 / 1	818	2.7 mi	2026-05-02	Apartment
407 E 5th St Unit Lower, Duluth	$1,700	3 / 1	1,200	2.8 mi	2024-04-05	Duplex triplex
110-114 N 6th Ave E, Duluth	$1,395	3 / 1	862	2.9 mi	2026-06-05	Apartment

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

Red flags and opportunities

Watch for

highDescription gives no rents, lease terms or occupancy, so income is unverified Based on: data: rent_estimate · 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 418 27TH AVE W N
mediumTaxes, unit count and rental license could not be verified against county records Based on: data: county.tax · AI review
mediumCeiling in a bathroom appears opened or damaged above the tub, possible past leak Based on: photo 8 · AI review
medium1906 build with unknown electrical and roof details; description doesn't mention either Listing says: Built in 1906, the property offers the kind of character that is hard to recreate · AI review

Opportunities

Cosmetic and kitchen refresh could support rents toward the higher end of estimates Based on: photo 6 · AI review
Washer/dryer hookups in basement offer a shared laundry setup Listing says: the partial unfinished basement includes washer and dryer hookups · AI review
No rent cap in Duluth, so rents can rise after improvements Based on: data: underwriting.rent_rule · AI review

Questions for the agent

What are the current rents, lease end dates and security deposits for each unit?
Are the tenants staying, and is there a rent roll and a trailing-12 of expenses?
Does each unit have its own heat, furnace and electric meter, and who pays gas?
How old are the roof, furnace, water heaters and electrical panel?
What caused the damage visible above the bathtub, and has it been repaired?
Is the property licensed as a rental, and is the second unit legal?

Bottom line

A cheap, dated Duluth duplex that may pencil on paper, but unverified rents and visible deferred maintenance mean you need a rent roll and an inspection before getting excited. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Estimateestimate. No tax record found; 2.1% of price.	$4,179
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,489
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 1906: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-10-01 (4 days); last sold for $119,900 on 2019-01-10.

Date	Event	Price
2026-10-01	Listed	$199,000
2019-01-10	Sold	$119,900
2018-09-16	Listed	$119,900

From the listing Listing

Listed as

duplex

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.