725 W 2nd St
Duplex · 2 units: 2 bed / 1 bath and 1 bed / 1 bath · 1,940 sq ft
Duluth, MN · View the listing ↗
Photos, via Realtor.com.
- Asking price
- $225,000 2 units · $112K per unit
- Monthly cash flow
- $66 at 20% down, 7%
- Break-even price
- $237,400 where cash flow hits $0
First look
This is a 1894 Duluth up/down at $225K with harbor views, a new roof and a new boiler. Our numbers are roughly break-even: about $66/mo cash flow at 20% down and a 6.7% cap rate, with break-even price at $237,400. That means the price works only if our rent estimates (about $1,275 per unit) and unverified taxes hold up. The description gives no rents, no lease terms and no utility info, so get the rent roll first. The county parcel didn't match, so tax and unit count are unconfirmed. Worth a showing only if actual rents meet or beat our estimates and the roof and boiler are documented.
Things to consider
- Cash flow is break-even at asking At about $66/mo with 20% down, any vacancy, repair or tax surprise puts it negative. Price needs to come down or rents need to beat estimates.
- Rents are unknown Our estimates are about $1,275 each, but nothing in the listing confirms what tenants pay. Get the rent roll and leases.Listing says: “solid rental history”
- New roof and boiler reduce big near-term capex These are the costliest systems on a 1894 building. Verify permits and dates, and see whether one boiler serves both units.Listing says: “The property boasts a brand new roof and boiler.”
- Cosmetic updates are dated Kitchens and baths look older and basic, so budget for refreshes at turnover. Wear on the exterior stairs and siding may add cost.From photo 3
- Taxes and unit legality unverified The parcel didn't match, so tax could differ from our assumption. Confirm the rental license and that it's a legal two-unit.
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
- doneNew roofListing says: The property boasts a brand new roof and boiler.
- doneNew boilerListing says: The property boasts a brand new roof and boiler.
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
- $225,000
- Cash to close
- $29,250
- Price per unit
- $112,500
- GRM
- 7.4
Each month
- Cash flow
- −$210/mo
- Cash-on-cash
- −8.6%
- Cap rate
- 6.7%
- DSCR
- 0.86×
Break-even
- Price that breaks even
- $192,901
- Rent that breaks even
- $2,823/mo
Long run
- Year 30: property vs stocks
- $898K vs $263K
- Cash flow turns positive
- year 5
The deal
- Price
- $225,000
- Cash to close
- $29,250
- Price per unit
- $112,500
- GRM
- 7.4
Each month
- Cash flow
- −$426/mo
- Cash-on-cash
- −17.5%
- Cap rate
- 5.6%
- DSCR
- 0.71×
Break-even
- Price that breaks even
- $159,966
- Rent that breaks even
- $3,172/mo
Long run
- Year 30: property vs stocks
- $668K vs $370K
- Cash flow turns positive
- year 11
The deal
- Price
- $215,000
- Cash to close
- $27,950
- Price per unit
- $107,500
- GRM
- 7.0
Each month
- Cash flow
- −$145/mo
- Cash-on-cash
- −6.2%
- Cap rate
- 7.1%
- DSCR
- 0.90×
Break-even
- Price that breaks even
- $192,901
- Rent that breaks even
- $2,738/mo
Long run
- Year 30: property vs stocks
- $924K vs $232K
- Cash flow turns positive
- year 5
The deal
- Price
- $215,000
- Cash to close
- $27,950
- Price per unit
- $107,500
- GRM
- 7.0
Each month
- Cash flow
- −$360/mo
- Cash-on-cash
- −15.5%
- Cap rate
- 5.8%
- DSCR
- 0.74×
Break-even
- Price that breaks even
- $159,966
- Rent that breaks even
- $3,076/mo
Long run
- Year 30: property vs stocks
- $677K vs $322K
- Cash flow turns positive
- year 9
The deal
- Price
- $225,000
- Cash to close
- $51,750
- Price per unit
- $112,500
- GRM
- 7.4
Each month
- Cash flow
- $66/mo
- Cash-on-cash
- 1.5%
- Cap rate
- 6.7%
- DSCR
- 1.06×
Break-even
- Price that breaks even
- $237,400
- Rent that breaks even
- $2,464/mo
Long run
- Year 30: property vs stocks
- $1.07M vs $394K
- Cash flow turns positive
- year 1
The deal
- Price
- $225,000
- Cash to close
- $51,750
- Price per unit
- $112,500
- GRM
- 7.4
Each month
- Cash flow
- −$150/mo
- Cash-on-cash
- −3.5%
- Cap rate
- 5.6%
- DSCR
- 0.87×
Break-even
- Price that breaks even
- $196,868
- Rent that breaks even
- $2,768/mo
Long run
- Year 30: property vs stocks
- $758K vs $421K
- Cash flow turns positive
- year 7
The deal
- Price
- $215,000
- Cash to close
- $49,450
- Price per unit
- $107,500
- GRM
- 7.0
Each month
- Cash flow
- $119/mo
- Cash-on-cash
- 2.9%
- Cap rate
- 7.1%
- DSCR
- 1.10×
Break-even
- Price that breaks even
- $237,400
- Rent that breaks even
- $2,395/mo
Long run
- Year 30: property vs stocks
- $1.10M vs $376K
- Cash flow turns positive
- year 1
The deal
- Price
- $215,000
- Cash to close
- $49,450
- Price per unit
- $107,500
- GRM
- 7.0
Each month
- Cash flow
- −$97/mo
- Cash-on-cash
- −2.3%
- Cap rate
- 5.8%
- DSCR
- 0.92×
Break-even
- Price that breaks even
- $196,868
- Rent that breaks even
- $2,691/mo
Long run
- Year 30: property vs stocks
- $777K vs $386K
- Cash flow turns positive
- year 1
The deal
- Price
- $225,000
- Cash to close
- $63,000
- Price per unit
- $112,500
- GRM
- 7.4
Each month
- Cash flow
- $141/mo
- Cash-on-cash
- 2.7%
- Cap rate
- 6.7%
- DSCR
- 1.13×
Break-even
- Price that breaks even
- $253,226
- Rent that breaks even
- $2,367/mo
Long run
- Year 30: property vs stocks
- $1.15M vs $480K
- Cash flow turns positive
- year 1
The deal
- Price
- $225,000
- Cash to close
- $63,000
- Price per unit
- $112,500
- GRM
- 7.4
Each month
- Cash flow
- −$75/mo
- Cash-on-cash
- −1.4%
- Cap rate
- 5.6%
- DSCR
- 0.93×
Break-even
- Price that breaks even
- $209,992
- Rent that breaks even
- $2,659/mo
Long run
- Year 30: property vs stocks
- $820K vs $485K
- Cash flow turns positive
- year 1
The deal
- Price
- $215,000
- Cash to close
- $60,200
- Price per unit
- $107,500
- GRM
- 7.0
Each month
- Cash flow
- $191/mo
- Cash-on-cash
- 3.8%
- Cap rate
- 7.1%
- DSCR
- 1.18×
Break-even
- Price that breaks even
- $253,226
- Rent that breaks even
- $2,302/mo
Long run
- Year 30: property vs stocks
- $1.19M vs $458K
- Cash flow turns positive
- year 1
The deal
- Price
- $215,000
- Cash to close
- $60,200
- Price per unit
- $107,500
- GRM
- 7.0
Each month
- Cash flow
- −$25/mo
- Cash-on-cash
- −0.5%
- Cap rate
- 5.8%
- DSCR
- 0.98×
Break-even
- Price that breaks even
- $209,992
- Rent that breaks even
- $2,586/mo
Long run
- Year 30: property vs stocks
- $849K vs $458K
- Cash flow turns positive
- year 1
Monthly
Monthly breakdown
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$260 |
| Insurance Estimate | −$209 |
| 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 | $1,264 |
| Mortgage (principal + interest) | −$1,347 |
| PMI | −$127 |
| Cash flow | −$210 |
| Principal paid down (equity, not cash) | $171 |
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$260 |
| Insurance Estimate | −$209 |
| 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 | $1,048 |
| Mortgage (principal + interest) | −$1,347 |
| PMI | −$127 |
| Cash flow | −$426 |
| Principal paid down (equity, not cash) | $171 |
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$260 |
| Insurance Estimate | −$209 |
| 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 | $1,264 |
| Mortgage (principal + interest) | −$1,287 |
| PMI | −$121 |
| Cash flow | −$145 |
| Principal paid down (equity, not cash) | $164 |
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$260 |
| Insurance Estimate | −$209 |
| 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 | $1,048 |
| Mortgage (principal + interest) | −$1,287 |
| PMI | −$121 |
| Cash flow | −$360 |
| Principal paid down (equity, not cash) | $164 |
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$260 |
| Insurance Estimate | −$209 |
| 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 | $1,264 |
| Mortgage (principal + interest) | −$1,198 |
| Cash flow | $66 |
| Principal paid down (equity, not cash) | $152 |
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$260 |
| Insurance Estimate | −$209 |
| 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 | $1,048 |
| Mortgage (principal + interest) | −$1,198 |
| Cash flow | −$150 |
| Principal paid down (equity, not cash) | $152 |
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$260 |
| Insurance Estimate | −$209 |
| 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 | $1,264 |
| Mortgage (principal + interest) | −$1,144 |
| Cash flow | $119 |
| Principal paid down (equity, not cash) | $146 |
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$260 |
| Insurance Estimate | −$209 |
| 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 | $1,048 |
| Mortgage (principal + interest) | −$1,144 |
| Cash flow | −$97 |
| Principal paid down (equity, not cash) | $146 |
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$260 |
| Insurance Estimate | −$209 |
| 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 | $1,264 |
| Mortgage (principal + interest) | −$1,123 |
| Cash flow | $141 |
| Principal paid down (equity, not cash) | $143 |
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$260 |
| Insurance Estimate | −$209 |
| 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 | $1,048 |
| Mortgage (principal + interest) | −$1,123 |
| Cash flow | −$75 |
| Principal paid down (equity, not cash) | $143 |
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$260 |
| Insurance Estimate | −$209 |
| 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 | $1,264 |
| Mortgage (principal + interest) | −$1,073 |
| Cash flow | $191 |
| Principal paid down (equity, not cash) | $136 |
| Rent | $2,550 |
| Vacancy (6%) | −$153 |
| Collected | $2,397 |
| Property tax Listing | −$260 |
| Insurance Estimate | −$209 |
| 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 | $1,048 |
| Mortgage (principal + interest) | −$1,073 |
| Cash flow | −$25 |
| Principal paid down (equity, not cash) | $136 |
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
- $513,366
- Rental profits, invested at 7%
- $384,412
Sells for $546,134 (value up 3% a year), minus 6% selling cost ($32,768). Rent paid down $202,500 of loan.
$203,858 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $222,658
- Monthly shortfalls, invested
- $39,867
$29,250 put into an index fund instead of the down payment and closing costs.
$6,185 you'd have paid in while the building lost money, invested instead.
The building comes out $635,253 ahead after 30 years.
- Your equity when you sell
- $513,366
- Rental profits, invested at 7%
- $154,954
Sells for $546,134 (value up 3% a year), minus 6% selling cost ($32,768). Rent paid down $202,500 of loan.
$98,972 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $222,658
- Monthly shortfalls, invested
- $147,061
$29,250 put into an index fund instead of the down payment and closing costs.
$24,613 you'd have paid in while the building lost money, invested instead.
The building comes out $298,601 ahead after 30 years.
- Your equity when you sell
- $490,549
- Rental profits, invested at 7%
- $433,758
Sells for $521,861 (value up 3% a year), minus 6% selling cost ($31,312). Rent paid down $193,500 of loan.
$222,540 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $212,763
- Monthly shortfalls, invested
- $19,600
$27,950 put into an index fund instead of the down payment and closing costs.
$3,041 you'd have paid in while the building lost money, invested instead.
The building comes out $691,945 ahead after 30 years.
- Your equity when you sell
- $490,549
- Rental profits, invested at 7%
- $186,473
Sells for $521,861 (value up 3% a year), minus 6% selling cost ($31,312). Rent paid down $193,500 of loan.
$113,871 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $212,763
- Monthly shortfalls, invested
- $108,966
$27,950 put into an index fund instead of the down payment and closing costs.
$17,686 you'd have paid in while the building lost money, invested instead.
The building comes out $355,294 ahead after 30 years.
- Your equity when you sell
- $513,366
- Rental profits, invested at 7%
- $553,386
Sells for $546,134 (value up 3% a year), minus 6% selling cost ($32,768). Rent paid down $180,000 of loan.
$257,637 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $393,934
$51,750 put into an index fund instead of the down payment and closing costs.
The building comes out $672,818 ahead after 30 years.
- Your equity when you sell
- $513,366
- Rental profits, invested at 7%
- $244,205
Sells for $546,134 (value up 3% a year), minus 6% selling cost ($32,768). Rent paid down $180,000 of loan.
$138,668 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $393,934
- Monthly shortfalls, invested
- $27,470
$51,750 put into an index fund instead of the down payment and closing costs.
$4,344 you'd have paid in while the building lost money, invested instead.
The building comes out $336,167 ahead after 30 years.
- Your equity when you sell
- $490,549
- Rental profits, invested at 7%
- $613,717
Sells for $521,861 (value up 3% a year), minus 6% selling cost ($31,312). Rent paid down $172,000 of loan.
$276,798 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $376,426
$49,450 put into an index fund instead of the down payment and closing costs.
The building comes out $727,841 ahead after 30 years.
- Your equity when you sell
- $490,549
- Rental profits, invested at 7%
- $286,249
Sells for $521,861 (value up 3% a year), minus 6% selling cost ($31,312). Rent paid down $172,000 of loan.
$154,913 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $376,426
- Monthly shortfalls, invested
- $9,183
$49,450 put into an index fund instead of the down payment and closing costs.
$1,428 you'd have paid in while the building lost money, invested instead.
The building comes out $391,190 ahead after 30 years.
- Your equity when you sell
- $513,366
- Rental profits, invested at 7%
- $638,227
Sells for $546,134 (value up 3% a year), minus 6% selling cost ($32,768). Rent paid down $168,750 of loan.
$284,582 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $479,572
$63,000 put into an index fund instead of the down payment and closing costs.
The building comes out $672,021 ahead after 30 years.
- Your equity when you sell
- $513,366
- Rental profits, invested at 7%
- $306,687
Sells for $546,134 (value up 3% a year), minus 6% selling cost ($32,768). Rent paid down $168,750 of loan.
$162,051 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $479,572
- Monthly shortfalls, invested
- $5,111
$63,000 put into an index fund instead of the down payment and closing costs.
$783 you'd have paid in while the building lost money, invested instead.
The building comes out $335,370 ahead after 30 years.
- Your equity when you sell
- $490,549
- Rental profits, invested at 7%
- $694,787
Sells for $521,861 (value up 3% a year), minus 6% selling cost ($31,312). Rent paid down $161,250 of loan.
$302,545 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $458,258
$60,200 put into an index fund instead of the down payment and closing costs.
The building comes out $727,079 ahead after 30 years.
- Your equity when you sell
- $490,549
- Rental profits, invested at 7%
- $358,137
Sells for $521,861 (value up 3% a year), minus 6% selling cost ($31,312). Rent paid down $161,250 of loan.
$179,232 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $458,258
$60,200 put into an index fund instead of the down payment and closing costs.
The building comes out $390,428 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 $898K, stocks $263K. The property wins.
Year 30 (loan paid off): property $668K, stocks $370K. The property wins.
Year 30 (loan paid off): property $924K, stocks $232K. The property wins.
Year 30 (loan paid off): property $677K, stocks $322K. The property wins.
Year 30 (loan paid off): property $1.07M, stocks $394K. The property wins.
Year 30 (loan paid off): property $758K, stocks $421K. The property wins.
Year 30 (loan paid off): property $1.10M, stocks $376K. The property wins.
Year 30 (loan paid off): property $777K, stocks $386K. The property wins.
Year 30 (loan paid off): property $1.15M, stocks $480K. The property wins.
Year 30 (loan paid off): property $820K, stocks $485K. The property wins.
Year 30 (loan paid off): property $1.19M, stocks $458K. The property wins.
Year 30 (loan paid off): property $849K, stocks $458K. 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 $1,275/mo · range $1,225–$1,425 · 9 rentals within 1.5 mi
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 529 W 4th St # 2, Duluth | $1,225 | 2 / 1 | 0.2 mi |
| 327 W 4th St, Duluth | $1,200 | 2 / 1 | 0.4 mi |
| 5 W 1st St Apt 312, Duluth | $1,745 | 2 / 1 | 0.7 mi |
| 15 E 4th St Apt B, Duluth | $1,025 | 2 / 1 | 0.7 mi |
| 308 E 5th St, Duluth | $1,200 | 2 / 1 | 1.0 mi |
| 313 N 21st Ave, West Duluth | $1,195 | 2 / 1 | 1.2 mi |
| 523 E 6th St, Duluth | $1,225 | 2 / 1 | 1.2 mi |
| 611 E 6th St, Duluth | $1,275 | 2 / 1 | 1.3 mi |
| 627 E 4th St, Duluth | $1,495 | 2 / 1 | 1.3 mi |
1 bed estimate $1,275/mo · range $1,275–$1,425 · 7 rentals within 0.75 mi
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 715 W 2nd St, Duluth | $1,055 | 1 / 1 | 0.0 mi |
| 521 W 2nd St, Duluth | $1,260 | 1 / 1 | 0.2 mi |
| 5 W 1st St Unit 2201, Duluth | $1,495 | 1 / 1 | 0.7 mi |
| 5 W 1st St Unit 2-207, Duluth | $1,250 | 1 / 1 | 0.7 mi |
| 1 W 4th St, Duluth | $1,500 | 1 / 1 | 0.7 mi |
| 1 E 1st St Unit 1-501, Duluth | $1,400 | 1 / 1 | 0.7 mi |
| 1 E 1st St Unit 1-212, Duluth | $1,245 | 1 / 1 | 0.7 mi |
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
- mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 725 2ND ST W
- mediumNo rents or lease terms given, only a vague 'solid rental history' Listing says: Don't miss this Duluth duplex with stunning harbor views and solid rental history. · AI review
- mediumTaxes and unit count not verified against a county record, so expenses may be off Based on: data: rule_flags · AI review
- lowBack stairs and porch are wood and look weathered; the exterior siding looks worn Based on: photo 2 · AI review
- lowSteep hillside with a stone retaining wall and worn steps; check wall and stair condition Based on: photo 1 · AI review
Opportunities
- Harbor views could support rents at the high end of our range ($1,500-$1,550) Listing says: Sweeping views of the harbor that make every day feel a little more scenic. · AI review
- Loft space in the upper unit adds appeal, but don't count it as a bedroom Listing says: a bonus loft space, great for home office, reading nook, or extra living area · AI review
- Duluth has no rent cap, so rents can follow the market after turnover 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?
- Who pays heat, water, gas and electric, and is there one boiler or separate heat?
- Do you have permits or invoices for the new roof and boiler, and what are their dates?
- What were last year's taxes, and is the property licensed as a rental in Duluth?
- Is the loft permitted finished space, and does it have egress?
- Are there separate electric meters and what size is the panel?
Bottom line
A scenic 1894 Duluth duplex with a new roof and boiler that roughly breaks even at asking, so it hinges on verified rents and taxes. 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. | $3,126 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $2,514 |
| 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 1894: +1 pt capital reserve | 8% / 9% |
Price history Realtor.com
On the market since 2026-09-25 (10 days).
| Date | Event | Price |
|---|---|---|
| Listed | $225,000 |
From the listing Listing
| Listed as | duplex |
| Property tax, 2026 | $3,126 |
| County | St. Louis County |
| Parcel number | 010-1240-00285 |
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.