621 3rd Ave

Far off

46 photos

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

Asking price: $455,900
Monthly cash flow: −$1,240
Estimated rent: $2,500/mo
Break-even price: $222,830

Adjust the numbers See the full breakdown

From the listing

Opportunity knocks with this proven, turnkey income producing duplex located in the heart of Two Harbors! Generating an annual average of approximately $91,000 in gross short term rental revenue, this beautifully furnished, fully equipped property offers an exceptional opportunity for investors or owner occupants. The spacious lower unit features 3 bedrooms, 3 baths, a large kitchen and dining area. The upper unit offers 1 bedroom and 1 bathroom. Both have private laundry and separate utilities. There's a nice back yard, a deck, garage and additional off-street parking. Ideally located within walking distance to shopping, dining, and Lake Superior! Meticulously updated and maintained throughout, it is sold furnished and ready to continue operating as a short-term rental, transition to long term rental or provide the flexibility to live in one unit while earning income from the other!

Listing courtesy of RE/MAX Results (CARLSON, JULIE). Description from Realtor.com, MLS #6127177. 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: $455,900
Cash to close: $104,857
Price per unit: $227,950
GRM: 15.2

Each month

Cash flow: −$1,240/mo
Cash-on-cash: −14.2%
Cap rate: 3.1%
DSCR: 0.49×

Break-even

Price that breaks even: $222,830
Rent that breaks even: $4,111/mo

Long run

Year 30: property vs stocks: $1.04M vs $1.77M
Cash flow turns positive: year 29

Monthly

Monthly breakdown

Rent	$2,500
Vacancy (6%)	−$150
Collected	$2,350
Property tax Listing	−$287
Insurance Estimate	−$222
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$200
Capital reserve (9% of rent)	−$225
Net operating income	$1,186
Mortgage (principal + interest)	−$2,426
Cash flow	−$1,240
Principal paid down (equity, not cash)	$309

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	$1,106,589
Minus 6% selling cost	−$66,395
Minus loan still owedTenants' rent paid down all $410,310 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$1,040,194
If you put the same money in stocks
Cash to close ($59,267) invested at 7%	$451,156
Monthly shortfalls ($353,840 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,396,902
What you'd walk away with	$1,848,058
Building minus stocks	−$807,864

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,106,589
Minus 6% selling cost	−$66,395
Minus loan still owedTenants' rent paid down all $410,310 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$1,040,194
If you put the same money in stocks
Cash to close ($59,267) invested at 7%	$451,156
Monthly shortfalls ($474,586 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,725,890
What you'd walk away with	$2,177,045
Building minus stocks	−$1,136,851

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,082,316
Minus 6% selling cost	−$64,939
Minus loan still owedTenants' rent paid down all $401,310 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$1,017,377
If you put the same money in stocks
Cash to close ($57,967) invested at 7%	$441,260
Monthly shortfalls ($332,014 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,327,289
What you'd walk away with	$1,768,549
Building minus stocks	−$751,172

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,082,316
Minus 6% selling cost	−$64,939
Minus loan still owedTenants' rent paid down all $401,310 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$1,017,377
If you put the same money in stocks
Cash to close ($57,967) invested at 7%	$441,260
Monthly shortfalls ($452,761 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,656,277
What you'd walk away with	$2,097,536
Building minus stocks	−$1,080,159

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,106,589
Minus 6% selling cost	−$66,395
Minus loan still owedTenants' rent paid down all $364,720 of principal by year 30	$0
Plus rental profits, invested at 7%$1,767 of profit by year 30, before investment growth	$1,802
What you'd walk away with	$1,041,995
If you put the same money in stocks
Cash to close ($104,857) invested at 7%	$798,198
Monthly shortfalls ($234,106 total by yr 30) investedThe money you'd have put into the building while it lost money	$975,545
What you'd walk away with	$1,773,743
Building minus stocks	−$731,748

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,106,589
Minus 6% selling cost	−$66,395
Minus loan still owedTenants' rent paid down all $364,720 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$1,040,194
If you put the same money in stocks
Cash to close ($104,857) invested at 7%	$798,198
Monthly shortfalls ($353,085 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,302,731
What you'd walk away with	$2,100,929
Building minus stocks	−$1,060,735

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,082,316
Minus 6% selling cost	−$64,939
Minus loan still owedTenants' rent paid down all $356,720 of principal by year 30	$0
Plus rental profits, invested at 7%$3,427 of profit by year 30, before investment growth	$3,562
What you'd walk away with	$1,020,939
If you put the same money in stocks
Cash to close ($102,557) invested at 7%	$780,690
Monthly shortfalls ($216,605 total by yr 30) investedThe money you'd have put into the building while it lost money	$916,974
What you'd walk away with	$1,697,664
Building minus stocks	−$676,725

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,082,316
Minus 6% selling cost	−$64,939
Minus loan still owedTenants' rent paid down all $356,720 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$1,017,377
If you put the same money in stocks
Cash to close ($102,557) invested at 7%	$780,690
Monthly shortfalls ($333,924 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,242,400
What you'd walk away with	$2,023,090
Building minus stocks	−$1,005,713

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,106,589
Minus 6% selling cost	−$66,395
Minus loan still owedTenants' rent paid down all $341,925 of principal by year 30	$0
Plus rental profits, invested at 7%$7,909 of profit by year 30, before investment growth	$8,519
What you'd walk away with	$1,048,713
If you put the same money in stocks
Cash to close ($127,652) invested at 7%	$971,720
Monthly shortfalls ($185,652 total by yr 30) investedThe money you'd have put into the building while it lost money	$810,356
What you'd walk away with	$1,782,075
Building minus stocks	−$733,362

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,106,589
Minus 6% selling cost	−$66,395
Minus loan still owedTenants' rent paid down all $341,925 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$1,040,194
If you put the same money in stocks
Cash to close ($127,652) invested at 7%	$971,720
Monthly shortfalls ($298,489 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,130,825
What you'd walk away with	$2,102,544
Building minus stocks	−$1,062,350

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,082,316
Minus 6% selling cost	−$64,939
Minus loan still owedTenants' rent paid down all $334,425 of principal by year 30	$0
Plus rental profits, invested at 7%$10,913 of profit by year 30, before investment growth	$11,976
What you'd walk away with	$1,029,353
If you put the same money in stocks
Cash to close ($124,852) invested at 7%	$950,405
Monthly shortfalls ($170,692 total by yr 30) investedThe money you'd have put into the building while it lost money	$757,252
What you'd walk away with	$1,707,657
Building minus stocks	−$678,304

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,082,316
Minus 6% selling cost	−$64,939
Minus loan still owedTenants' rent paid down all $334,425 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$1,017,377
If you put the same money in stocks
Cash to close ($124,852) invested at 7%	$950,405
Monthly shortfalls ($280,526 total by yr 30) investedThe money you'd have put into the building while it lost money	$1,074,264
What you'd walk away with	$2,024,669
Building minus stocks	−$1,007,292

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 $1.04M, stocks $1.77M. 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.

3 bed estimate $1,500/mo · range $1,300–$1,725 · 141 rentals across Greater Minnesota

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
4729 McCulloch St, Duluth	$2,300	3 / 2	1,468	21.4 mi	2026-07-07	Apartment
605 607 Leicester Ave, Duluth	$1,950	3 / 2	—	22.4 mi	2026-09-04	Apartment
102 104 Morley Pkwy, Duluth	$1,500	3 / 1	1,058	22.5 mi	2026-07-10	Apartment
2006 E 2nd St, Duluth	$1,800	3 / 2	—	24.1 mi	—	Apartment
1829 Jefferson St Units 1831 & 2, Duluth	$1,375	3 / 1	—	24.2 mi	2024-04-03	Apartment
1701 Kenwood Ave, Duluth	$1,495	3 / 1	955	24.4 mi	2026-01-22	Apartment
1201-1205 1/2 E 2nd St, Duluth	$1,150	3 / 1	1,020	24.9 mi	2026-06-12	Apartment
918 922 E 5th St, Duluth	$1,400	3 / 1	1,127	25.1 mi	2026-07-02	Apartment
110-114 N 6th Ave E, Duluth	$1,395	3 / 1	862	25.3 mi	2026-06-05	Apartment
407 E 5th St Unit Lower, Duluth	$1,700	3 / 1	1,200	25.5 mi	2024-04-05	Duplex triplex

1 bed estimate $1,000/mo · range $850–$1,300 · 357 rentals across Greater Minnesota

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
3780 London Rd, Duluth	$1,615	1 / 1	750	22.4 mi	2025-04-10	Apartment
25 W Redwing St Apt 18, Duluth	$1,125	1 / 1	513	22.7 mi	—	Apartment
1910 E 4th St Apt B, Duluth	$1,095	1 / 1	—	24.2 mi	—	Apartment
1807 E 3rd St Apt 18, Duluth	$1,095	1 / 1	513	24.3 mi	—	Apartment
1807 E 3rd St Apt 5, Duluth	$1,050	1 / 1	495	24.3 mi	—	Apartment
1410 Acre St, Duluth	$1,195	1 / 1	685	24.4 mi	2026-03-06	Apartment
1515 Kenwood Ave Apt 422, Duluth	$1,745	1 / 1	693	24.5 mi	—	Apartment
1509 E Superior St, Duluth	$1,245	1 / 1	602	24.5 mi	2024-05-02	Apartment
1501 E 1st St, Duluth	$1,050	1 / 1	400	24.6 mi	2026-03-12	Apartment
1431 E Superior St, Duluth	$1,050	1 / 1	900	24.6 mi	2026-09-29	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 621 3RD AVE
mediumAsking is $233,070 above the price where cash flow breaks even ($222,830) at the default scenario. Based on: Derived: price $455,900 vs. break-even $222,830

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.	$3,448
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,660
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 1893: +1 pt capital reserve	8% / 9%

Status history

2026-08-05New at $455,900

From the listing Listing

Listed as	duplex
Property tax, 2026	$3,448
County	Lake County
Parcel number	23-7660-15115

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.