1415 E 4th St

Overpriced

37 photos

Photos courtesy of RE/MAX Results, via Realtor.com.

Asking price: $399,900
Monthly cash flow: −$727
Estimated rent: $2,925/mo
Break-even price: $263,229

Adjust the numbers See the full breakdown

From the listing

Great multi-family opportunity with a long-term lease! This well-positioned duplex offers a flexible layout with 4 bedrooms upstairs and 2 bedrooms downstairs, along with 2 kitchens, 2 living rooms, and 2 bathrooms. The property features two electrical service panels, two boilers, two electric meters, and two gas meters, providing the infrastructure of a traditional duplex while currently being rented to a single group as a 6-bedroom rental. The current lease runs through 5/19/2027 at $3,450 per month, with tenants paying utilities. A new lease is already in place with the same tenants beginning 6/1/2027 and running through 5/19/2028, including a $90/month rent increase. Additional features include a 2-stall garage, 5 off-street parking spaces, excellent on-street parking, and a location on a dead-end alley. Enjoy being just two doors from the Chester Creek walking paths, less than half a block from Burrito Union, with a bus stop approximately half a block away. Conveniently located approximately 1.5 miles from UMD and 2 miles from CSS. Numerous updates include a walk-in shower, two refrigerators, dishwasher, washer and dryer, dehumidifier, new refrigerator, and new dryer. Capital improvements include a new parking lot and sidewalks in 2022 and new garage bracing in 2025. The property has an active City of Duluth rental license through 8/1/2028 and was last inspected 6/9/2026. Long-term rental history with zero vacancy since 1990. 2026 property taxes are $4,804 and insurance is approximately $1,730 annually.

Listing courtesy of RE/MAX Results (Jordan Decaro). Description from Realtor.com, MLS #6128191. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

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: $399,900
Cash to close: $91,977
Price per unit: $199,950
GRM: 11.4

Each month

Cash flow: −$727/mo
Cash-on-cash: −9.5%
Cap rate: 4.2%
DSCR: 0.66×

Break-even

Price that breaks even: $263,229
Rent that breaks even: $3,870/mo

Long run

Year 30: property vs stocks: $1.01M vs $1.11M
Cash flow turns positive: year 17

Monthly

Monthly breakdown

Rent	$2,925
Vacancy (6%)	−$176
Collected	$2,750
Property tax Listing	−$398
Insurance Estimate	−$224
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$234
Capital reserve (9% of rent)	−$263
Net operating income	$1,401
Mortgage (principal + interest)	−$2,128
Cash flow	−$727
Principal paid down (equity, not cash)	$271

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

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$970,662
Minus 6% selling cost	−$58,240
Minus loan still owedTenants' rent paid down all $359,910 of principal by year 30	$0
Plus rental profits, invested at 7%$34,057 of profit by year 30, before investment growth	$40,809
What you'd walk away with	$953,231
If you put the same money in stocks
Cash to close ($51,987) invested at 7%	$395,738
Monthly shortfalls ($148,367 total by yr 30) investedThe money you'd have put into the building while it lost money	$723,748
What you'd walk away with	$1,119,487
Building minus stocks	−$166,256

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$970,662
Minus 6% selling cost	−$58,240
Minus loan still owedTenants' rent paid down all $359,910 of principal by year 30	$0
Plus rental profits, invested at 7%$258 of profit by year 30, before investment growth	$258
What you'd walk away with	$912,680
If you put the same money in stocks
Cash to close ($51,987) invested at 7%	$395,738
Monthly shortfalls ($255,841 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,068,113
What you'd walk away with	$1,463,852
Building minus stocks	−$551,172

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$946,390
Minus 6% selling cost	−$56,783
Minus loan still owedTenants' rent paid down all $350,910 of principal by year 30	$0
Plus rental profits, invested at 7%$40,997 of profit by year 30, before investment growth	$50,285
What you'd walk away with	$939,891
If you put the same money in stocks
Cash to close ($50,687) invested at 7%	$385,842
Monthly shortfalls ($133,481 total by yr 30) investedThe money you'd have put into the building while it lost money	$663,612
What you'd walk away with	$1,049,454
Building minus stocks	−$109,563

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$946,390
Minus 6% selling cost	−$56,783
Minus loan still owedTenants' rent paid down all $350,910 of principal by year 30	$0
Plus rental profits, invested at 7%$1,238 of profit by year 30, before investment growth	$1,257
What you'd walk away with	$890,863
If you put the same money in stocks
Cash to close ($50,687) invested at 7%	$385,842
Monthly shortfalls ($234,996 total by yr 30) investedThe money you'd have put into the building while it lost money	$999,499
What you'd walk away with	$1,385,342
Building minus stocks	−$494,479

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$970,662
Minus 6% selling cost	−$58,240
Minus loan still owedTenants' rent paid down all $319,920 of principal by year 30	$0
Plus rental profits, invested at 7%$70,362 of profit by year 30, before investment growth	$94,050
What you'd walk away with	$1,006,473
If you put the same money in stocks
Cash to close ($91,977) invested at 7%	$700,152
Monthly shortfalls ($78,095 total by yr 30) investedThe money you'd have put into the building while it lost money	$405,809
What you'd walk away with	$1,105,961
Building minus stocks	−$99,488

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$970,662
Minus 6% selling cost	−$58,240
Minus loan still owedTenants' rent paid down all $319,920 of principal by year 30	$0
Plus rental profits, invested at 7%$10,309 of profit by year 30, before investment growth	$11,332
What you'd walk away with	$923,754
If you put the same money in stocks
Cash to close ($91,977) invested at 7%	$700,152
Monthly shortfalls ($159,315 total by yr 30) investedThe money you'd have put into the building while it lost money	$708,006
What you'd walk away with	$1,408,159
Building minus stocks	−$484,405

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$946,390
Minus 6% selling cost	−$56,783
Minus loan still owedTenants' rent paid down all $311,920 of principal by year 30	$0
Plus rental profits, invested at 7%$79,395 of profit by year 30, before investment growth	$108,688
What you'd walk away with	$998,294
If you put the same money in stocks
Cash to close ($89,677) invested at 7%	$682,644
Monthly shortfalls ($67,967 total by yr 30) investedThe money you'd have put into the building while it lost money	$360,116
What you'd walk away with	$1,042,760
Building minus stocks	−$44,466

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$946,390
Minus 6% selling cost	−$56,783
Minus loan still owedTenants' rent paid down all $311,920 of principal by year 30	$0
Plus rental profits, invested at 7%$14,184 of profit by year 30, before investment growth	$15,963
What you'd walk away with	$905,570
If you put the same money in stocks
Cash to close ($89,677) invested at 7%	$682,644
Monthly shortfalls ($144,029 total by yr 30) investedThe money you'd have put into the building while it lost money	$652,307
What you'd walk away with	$1,334,951
Building minus stocks	−$429,381

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$970,662
Minus 6% selling cost	−$58,240
Minus loan still owedTenants' rent paid down all $299,925 of principal by year 30	$0
Plus rental profits, invested at 7%$94,161 of profit by year 30, before investment growth	$133,859
What you'd walk away with	$1,046,282
If you put the same money in stocks
Cash to close ($111,972) invested at 7%	$852,359
Monthly shortfalls ($54,004 total by yr 30) investedThe money you'd have put into the building while it lost money	$294,828
What you'd walk away with	$1,147,188
Building minus stocks	−$100,906

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$970,662
Minus 6% selling cost	−$58,240
Minus loan still owedTenants' rent paid down all $299,925 of principal by year 30	$0
Plus rental profits, invested at 7%$21,266 of profit by year 30, before investment growth	$24,859
What you'd walk away with	$937,282
If you put the same money in stocks
Cash to close ($111,972) invested at 7%	$852,359
Monthly shortfalls ($122,382 total by yr 30) investedThe money you'd have put into the building while it lost money	$570,743
What you'd walk away with	$1,423,103
Building minus stocks	−$485,821

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$946,390
Minus 6% selling cost	−$56,783
Minus loan still owedTenants' rent paid down all $292,425 of principal by year 30	$0
Plus rental profits, invested at 7%$104,110 of profit by year 30, before investment growth	$151,646
What you'd walk away with	$1,041,252
If you put the same money in stocks
Cash to close ($109,172) invested at 7%	$831,045
Monthly shortfalls ($45,989 total by yr 30) investedThe money you'd have put into the building while it lost money	$256,054
What you'd walk away with	$1,087,099
Building minus stocks	−$45,847

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$946,390
Minus 6% selling cost	−$56,783
Minus loan still owedTenants' rent paid down all $292,425 of principal by year 30	$0
Plus rental profits, invested at 7%$26,427 of profit by year 30, before investment growth	$31,640
What you'd walk away with	$921,246
If you put the same money in stocks
Cash to close ($109,172) invested at 7%	$831,045
Monthly shortfalls ($109,580 total by yr 30) investedThe money you'd have put into the building while it lost money	$520,964
What you'd walk away with	$1,352,009
Building minus stocks	−$430,763

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 $1.01M, stocks $1.11M. Stocks win.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-04. 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.

4 bed estimate $1,600/mo · range $1,375–$2,000 · 33 rentals across Greater Minnesota

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
902 N 11th Ave E, Duluth	$1,585	4 / 1	1,119	0.4 mi	2026-06-10	Apartment
622 E 8th St, Duluth	$1,950	4 / 1	1,300	0.7 mi	2026-01-29	Apartment
1 N Hawthorne Rd, Duluth	$2,800	4 / 2	2,150	1.5 mi	2026-08-24	Apartment
1741 Sahlman Ave, Cloquet	$1,500	4 / 2	1,260	18.3 mi	2025-01-03	Apartment
1812 16th St SE, Saint Cloud	$1,675	4 / 1	1,200	130.7 mi	2025-05-02	Apartment
423 6th Ave S, Saint Cloud	$330	4 / 1	—	131.4 mi	2024-04-15	Apartment
817 6th Ave S Apt 303, Saint Cloud	$1,340	4 / 1	—	131.6 mi	2026-09-14	Apartment
1010 6th Ave S Apt 301, Saint Cloud	$1,300	4 / 1	900	131.6 mi	2026-06-18	Apartment
1217 4th Ave S Apt 202, Saint Cloud	$1,550	4 / 2	1,000	131.7 mi	2025-06-17	Apartment
500 12th St S Apt 206, Saint Cloud	$1,550	4 / 1	—	131.7 mi	2026-09-11	Apartment

2 bed estimate $1,325/mo · range $1,175–$1,550 · 13 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1301 E 3rd St, Duluth	$1,200	2 / 1	1,244	0.1 mi	2026-09-29	Apartment
1631 E 4th St Apt 1, Duluth	$1,675	2 / 1	—	0.2 mi	—	Apartment
1206 E 3rd St, Duluth	$1,000	2 / 1	609	0.2 mi	2026-05-29	Apartment
1509 E Superior St, Duluth	$1,800	2 / 2	1,032	0.3 mi	2024-05-02	Apartment
1711 E 1st St, Duluth	$1,295	2 / 1	768	0.3 mi	2026-07-17	Apartment
1807 E 3rd St Apt 2, Duluth	$1,095	2 / 1	650	0.3 mi	—	Apartment
1807 E 3rd St Apt 9, Duluth	$1,195	2 / 1	708	0.3 mi	—	Apartment
918 922 E 5th St, Duluth	$1,300	2 / 1	1,600	0.4 mi	2026-07-02	Apartment
207 S 17th Ave E Unit 2, Duluth	$1,400	2 / 1	—	0.4 mi	2026-09-28	Apartment
320 S 19th Ave E Apt B, Duluth	$1,075	2 / 1	—	0.6 mi	2026-09-21	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

mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 1415 4TH ST E
mediumAsking is $136,671 above the price where cash flow breaks even ($263,229) at the default scenario. Based on: Derived: price $399,900 vs. break-even $263,229

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

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.	$4,770
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,685
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 1909: +1 pt capital reserve	8% / 9%

Status history

2026-09-28New at $399,900

From the listing Listing

Listed as	duplex
Property tax, 2026	$4,770
County	St. Louis County
Parcel number	010-1480-08340

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.