508 4th Ave

29 photos

Photos courtesy of CENTURY 21 Atwood, via Realtor.com.

Asking price: $324,900
Monthly cash flow: −$310
Estimated rent: $2,650/mo
Break-even price: $266,574

Adjust the numbers See the full breakdown

From the listing

Don't miss this beautifully updated duplex in the heart of downtown Two Harbors! This property is ideal for an owner-occupant or investor. The main/lower level is move-in ready and features all-new flooring, a new kitchen, and an updated bathroom. Exterior improvements include new siding, new windows, and a new decking and stairs. The upper-level apartment offers three bedrooms and a private entry. Additional features include convenient on-site laundry and storage in the basement. With extensive improvements already completed, a versatile layout, and a desirable downtown location, this duplex is a fantastic opportunity.

Listing courtesy of CENTURY 21 Atwood (Lynn Larson). Description from Realtor.com, MLS #6127872. 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: $324,900
Cash to close: $74,727
Price per unit: $162,450
GRM: 10.2

Each month

Cash flow: −$310/mo
Cash-on-cash: −5.0%
Cap rate: 5.2%
DSCR: 0.82×

Break-even

Price that breaks even: $266,574
Rent that breaks even: $3,043/mo

Long run

Year 30: property vs stocks: $1.02M vs $667K
Cash flow turns positive: year 9

Monthly

Monthly breakdown

Rent	$2,650
Vacancy (6%)	−$159
Collected	$2,491
Property tax Listing	−$240
Insurance Estimate	−$205
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (7% of rent)	−$186
Capital reserve (8% of rent)	−$212
Net operating income	$1,419
Mortgage (principal + interest)	−$1,729
Cash flow	−$310
Principal paid down (equity, not cash)	$220

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	$788,618
Minus 6% selling cost	−$47,317
Minus loan still owedTenants' rent paid down all $292,410 of principal by year 30	$0
Plus rental profits, invested at 7%$118,723 of profit by year 30, before investment growth	$176,258
What you'd walk away with	$917,559
If you put the same money in stocks
Cash to close ($42,237) invested at 7%	$321,519
Monthly shortfalls ($50,599 total by yr 30) investedThe money you'd have put into the building while it lost money	$293,143
What you'd walk away with	$614,662
Building minus stocks	$302,897

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$788,618
Minus 6% selling cost	−$47,317
Minus loan still owedTenants' rent paid down all $292,410 of principal by year 30	$0
Plus rental profits, invested at 7%$42,436 of profit by year 30, before investment growth	$53,370
What you'd walk away with	$794,670
If you put the same money in stocks
Cash to close ($42,237) invested at 7%	$321,519
Monthly shortfalls ($102,303 total by yr 30) investedThe money you'd have put into the building while it lost money	$518,982
What you'd walk away with	$840,501
Building minus stocks	−$45,831

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$764,345
Minus 6% selling cost	−$45,861
Minus loan still owedTenants' rent paid down all $283,410 of principal by year 30	$0
Plus rental profits, invested at 7%$131,985 of profit by year 30, before investment growth	$201,796
What you'd walk away with	$920,281
If you put the same money in stocks
Cash to close ($40,937) invested at 7%	$311,623
Monthly shortfalls ($42,035 total by yr 30) investedThe money you'd have put into the building while it lost money	$249,069
What you'd walk away with	$560,692
Building minus stocks	$359,589

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$764,345
Minus 6% selling cost	−$45,861
Minus loan still owedTenants' rent paid down all $283,410 of principal by year 30	$0
Plus rental profits, invested at 7%$50,864 of profit by year 30, before investment growth	$65,813
What you'd walk away with	$784,297
If you put the same money in stocks
Cash to close ($40,937) invested at 7%	$311,623
Monthly shortfalls ($88,905 total by yr 30) investedThe money you'd have put into the building while it lost money	$461,812
What you'd walk away with	$773,435
Building minus stocks	$10,862

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$788,618
Minus 6% selling cost	−$47,317
Minus loan still owedTenants' rent paid down all $259,920 of principal by year 30	$0
Plus rental profits, invested at 7%$170,612 of profit by year 30, before investment growth	$283,195
What you'd walk away with	$1,024,496
If you put the same money in stocks
Cash to close ($74,727) invested at 7%	$568,841
Monthly shortfalls ($15,899 total by yr 30) investedThe money you'd have put into the building while it lost money	$98,513
What you'd walk away with	$667,354
Building minus stocks	$357,142

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$788,618
Minus 6% selling cost	−$47,317
Minus loan still owedTenants' rent paid down all $259,920 of principal by year 30	$0
Plus rental profits, invested at 7%$77,077 of profit by year 30, before investment growth	$108,147
What you'd walk away with	$849,447
If you put the same money in stocks
Cash to close ($74,727) invested at 7%	$568,841
Monthly shortfalls ($50,355 total by yr 30) investedThe money you'd have put into the building while it lost money	$272,192
What you'd walk away with	$841,033
Building minus stocks	$8,414

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$764,345
Minus 6% selling cost	−$45,861
Minus loan still owedTenants' rent paid down all $251,920 of principal by year 30	$0
Plus rental profits, invested at 7%$185,147 of profit by year 30, before investment growth	$316,639
What you'd walk away with	$1,035,123
If you put the same money in stocks
Cash to close ($72,427) invested at 7%	$551,333
Monthly shortfalls ($11,273 total by yr 30) investedThe money you'd have put into the building while it lost money	$71,626
What you'd walk away with	$622,959
Building minus stocks	$412,164

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$764,345
Minus 6% selling cost	−$45,861
Minus loan still owedTenants' rent paid down all $251,920 of principal by year 30	$0
Plus rental profits, invested at 7%$87,463 of profit by year 30, before investment growth	$126,452
What you'd walk away with	$844,937
If you put the same money in stocks
Cash to close ($72,427) invested at 7%	$551,333
Monthly shortfalls ($41,580 total by yr 30) investedThe money you'd have put into the building while it lost money	$230,167
What you'd walk away with	$781,500
Building minus stocks	$63,437

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$788,618
Minus 6% selling cost	−$47,317
Minus loan still owedTenants' rent paid down all $243,675 of principal by year 30	$0
Plus rental profits, invested at 7%$200,931 of profit by year 30, before investment growth	$354,884
What you'd walk away with	$1,096,185
If you put the same money in stocks
Cash to close ($90,972) invested at 7%	$692,502
Monthly shortfalls ($7,310 total by yr 30) investedThe money you'd have put into the building while it lost money	$47,693
What you'd walk away with	$740,195
Building minus stocks	$355,990

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$788,618
Minus 6% selling cost	−$47,317
Minus loan still owedTenants' rent paid down all $243,675 of principal by year 30	$0
Plus rental profits, invested at 7%$98,948 of profit by year 30, before investment growth	$147,683
What you'd walk away with	$888,983
If you put the same money in stocks
Cash to close ($90,972) invested at 7%	$692,502
Monthly shortfalls ($33,317 total by yr 30) investedThe money you'd have put into the building while it lost money	$189,218
What you'd walk away with	$881,720
Building minus stocks	$7,263

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$764,345
Minus 6% selling cost	−$45,861
Minus loan still owedTenants' rent paid down all $236,175 of principal by year 30	$0
Plus rental profits, invested at 7%$216,030 of profit by year 30, before investment growth	$393,457
What you'd walk away with	$1,111,941
If you put the same money in stocks
Cash to close ($88,172) invested at 7%	$671,188
Monthly shortfalls ($4,445 total by yr 30) investedThe money you'd have put into the building while it lost money	$29,705
What you'd walk away with	$700,893
Building minus stocks	$411,048

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$764,345
Minus 6% selling cost	−$45,861
Minus loan still owedTenants' rent paid down all $236,175 of principal by year 30	$0
Plus rental profits, invested at 7%$110,101 of profit by year 30, before investment growth	$169,309
What you'd walk away with	$887,793
If you put the same money in stocks
Cash to close ($88,172) invested at 7%	$671,188
Monthly shortfalls ($26,507 total by yr 30) investedThe money you'd have put into the building while it lost money	$154,284
What you'd walk away with	$825,472
Building minus stocks	$62,321

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 $1.02M, stocks $667K. The property wins.

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.

3 bed estimate $1,475/mo · range $1,275–$1,700 · 141 rentals across Greater Minnesota

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
4729 McCulloch St, Duluth	$2,300	3 / 2	1,468	21.5 mi	2026-07-07	Apartment
605 607 Leicester Ave, Duluth	$1,950	3 / 2	—	22.5 mi	2026-09-04	Apartment
102 104 Morley Pkwy, Duluth	$1,500	3 / 1	1,058	22.6 mi	2026-07-10	Apartment
2006 E 2nd St, Duluth	$1,800	3 / 2	—	24.2 mi	—	Apartment
1829 Jefferson St Units 1831 & 2, Duluth	$1,375	3 / 1	—	24.3 mi	2024-04-03	Apartment
1701 Kenwood Ave, Duluth	$1,495	3 / 1	955	24.6 mi	2026-01-22	Apartment
1201-1205 1/2 E 2nd St, Duluth	$1,150	3 / 1	1,020	25.0 mi	2026-06-12	Apartment
918 922 E 5th St, Duluth	$1,400	3 / 1	1,127	25.2 mi	2026-07-02	Apartment
110-114 N 6th Ave E, Duluth	$1,395	3 / 1	862	25.4 mi	2026-06-05	Apartment
407 E 5th St Unit Lower, Duluth	$1,700	3 / 1	1,200	25.6 mi	2024-04-05	Duplex triplex

2 bed estimate $1,175/mo · range $950–$1,375 · 465 rentals across Greater Minnesota

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
4428 E Superior St, Duluth	$1,200	2 / 1	1,841	21.9 mi	2026-09-02	Apartment
3780 London Rd, Duluth	$2,090	2 / 2	1,100	22.6 mi	2025-04-10	Apartment
4835 Howard Gnesen Rd Apt 305, Duluth	$1,400	2 / 1	850	23.7 mi	2026-06-01	Apartment
320 S 19th Ave E Apt B, Duluth	$1,075	2 / 1	—	24.3 mi	2026-09-21	Apartment
1807 E 3rd St Apt 2, Duluth	$1,095	2 / 1	650	24.4 mi	—	Apartment
1807 E 3rd St Apt 9, Duluth	$1,195	2 / 1	708	24.4 mi	—	Apartment
1711 E 1st St, Duluth	$1,295	2 / 1	768	24.5 mi	2026-07-17	Apartment
207 S 17th Ave E Unit 2, Duluth	$1,400	2 / 1	—	24.5 mi	2026-09-28	Apartment
1631 E 4th St Apt 1, Duluth	$1,675	2 / 1	—	24.6 mi	—	Apartment
1410 Acre St, Duluth	$1,295	2 / 1	815	24.6 mi	2026-03-06	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 508 4TH AVE

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.	$2,876
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,460
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 1888: +1 pt capital reserve; "fully updated" in the description: -1 pts each	7% / 8%

Status history

2026-09-09New at $324,900

From the listing Listing

Listed as	duplex
Property tax, 2026	$2,876
County	Lake County
Parcel number	23-7660-16020

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 Two Harbors on rental licensing before you buy.