1032 Portland Ave

Fourplex · 4 units: 2 bed / 1 bath ×4 unit split estimated · 6,862 sq ft

Saint Paul, MN · Summit – University (Rondo, Cathedral Hill) · View the listing ↗

Far off

42 photos

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

Asking price: $1,100,000
Monthly cash flow: −$3,074
Estimated rent: $6,900/mo
Break-even price: $522,381

Adjust the numbers See the full breakdown

From the listing

Exceptional opportunity in St. Paul's prestigious Summit Avenue neighborhood! This historic fourplex combines timeless character with spacious living and an unbeatable location near shops, restaurants, and public transportation. Each residence features large, inviting three-season front porches, beautiful original woodwork, stained glass windows, and hardwood floors. Spacious 2-bedroom, 2-bath units include a den, large kitchen, formal dining room with built-in buffets, and generous entertaining spaces. One of St. Paul's finest fourplexes in one of its most sought-after neighborhoods. A 3-car garage adds convenience and value. Additional opportunity exists on the upper and lower levels to expand the existing living space or potentially add units, offering excellent value-add potential. A truly special property with historic charm, impressive scale, and tremendous possibilities!

Listing courtesy of RE/MAX Results (Patrick Donohue). Description from Realtor.com, MLS #7130662. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a big, handsome 1909 fourplex, but the numbers don't work at $1.1M. Our underwriting shows about -$3,074 a month and a 3.0% cap rate, and cash flow only breaks even near $522K. The listing gives no rents, no lease terms, no utility details and no heat type, so you can't underwrite it from the description. The 'add units' pitch is speculation, and St. Paul's 3% rent cap limits how fast sitting tenants' rents can rise. Get the rent roll, trailing-12 expenses and heating setup before a showing, and only go if the seller is far closer to $550K.

Things to consider

Price versus income Break-even price is about half the ask, so you would fund large monthly losses or need a steep price cut.
Rent growth is capped St. Paul's 3% cap limits how quickly sitting-tenant rents can rise toward market, so you can't quickly grow into the price.
Property taxes are heavy Taxes of about $18.9K a year plus assessments take a large share of income.
Systems are unknown on a 1909 building Heat, wiring, plumbing and roof for four units could mean big capital costs, and none are described.From photo 9
Value-add pitch is unproven Adding units requires zoning, egress, licensing and construction money, none of which are priced in the listing.Listing says: “Additional opportunity exists on the upper and lower levels to expand the existing living space or potentially add units”

From the photos

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

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: $1,100,000
Cash to close: $253,000
Price per unit: $275,000
GRM: 13.3

Each month

Cash flow: −$3,074/mo
Cash-on-cash: −14.6%
Cap rate: 3.0%
DSCR: 0.47×

Break-even

Price that breaks even: $522,381
Rent that breaks even: $10,945/mo

Long run

Year 30: property vs stocks: $2.51M vs $4.46M
Cash flow turns positive: not within 30 years

Estimated rent per unit Estimate

2 bed / 1 bath (est.)$1,725 $1,525–$1,825
2 bed / 1 bath (est.)$1,725 $1,525–$1,825
2 bed / 1 bath (est.)$1,725 $1,525–$1,825
2 bed / 1 bath (est.)$1,725 $1,525–$1,825

Median asking rent of nearby rental listings with the same bedroom count (within 0.75 miles), from rental listings on Realtor.com. Range is the middle half of those rents. Asking rents, not signed leases. Scaled +5% to match RentCast, from 124 listings that have both. We also checked RentCast: $8,400/mo in total; we use the lower of the two to stay conservative. Confidence: medium. As of 2026-10-06. Listing mentions a room that might be marketed as a bedroom; not counted without egress and a closet. See the comparable rentals ↓

Adjustments: $25/unit (garage mentioned in the description)

Rent rules: Capped at 3%/yr for sitting tenants.

Monthly

Monthly breakdown

Rent	$6,900
Vacancy (6%)	−$414
Collected	$6,486
Property tax Public record	−$1,576
Insurance Estimate	−$487
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$621
Capital reserve (9% of rent)	−$621
Net operating income	$2,780
Mortgage (principal + interest)	−$5,855
Cash flow	−$3,074
Principal paid down (equity, not cash)	$745

Cash flow each year

Rents +3%/yr (St. Paul's cap for sitting tenants), 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$2,509,789

Your equity when you sell: $2,509,790
Rental profits, invested at 7%: $0

Same money in stocks$4,464,413

Cash to close, invested at 7%: $1,925,901
Monthly shortfalls, invested: $2,538,513

Stocks come out $1,954,624 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 $2.51M, stocks $4.46M. Stocks win.

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 $1,725/mo · range $1,525–$1,825 · 10 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
913 Ashland Ave, Saint Paul	$1,600	2 / 1	1,150	0.3 mi	2026-09-05	Apartment
180 Milton St N, Saint Paul	$1,650	2 / 1	1,105	0.4 mi	2025-10-02	Apartment
874 Selby Ave, Saint Paul	$1,250	2 / 1	620	0.4 mi	2026-09-28	Apartment
874 Selby Ave Apt 3, Saint Paul	$1,250	2 / 1	650	0.4 mi	2026-09-20	Apartment
1253 Ashland Ave, Saint Paul	$1,795	2 / 1	990	0.5 mi	2026-08-26	Apartment
1253 Ashland Ave Apt 1, Saint Paul	$1,795	2 / 1	990	0.5 mi	—	Apartment
826 Selby Ave Apt 2, Saint Paul	$1,700	2 / 1	1,200	0.5 mi	—	Apartment
1022 Osceola Ave, Saint Paul	$1,549	2 / 1	800	0.5 mi	2026-07-02	Apartment
228 Victoria St N Apt 2, Saint Paul	$1,695	2 / 1	1,000	0.5 mi	2026-09-01	Apartment
755 Selby Ave, Saint Paul	$1,500	2 / 1	1,003	0.6 mi	2026-02-18	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

highPrice is far above what the rents support; deeply negative cash flow Based on: data: underwriting.cash_flow_monthly · AI review
highNo rents, leases or occupancy given, so income is unverified Based on: data: rent_estimate · AI review
mediumAsking is $577,619 above the price where cash flow breaks even ($522,381) at the default scenario. Based on: Derived: price $1,100,000 vs. break-even $522,381
mediumRental license for 4 units shows status Pending Based on: data: city.rental_license · AI review
mediumHeat type is unknown; radiators suggest boiler heat and possibly one shared system and gas bill Based on: data: county.heat_type · AI review
mediumExpansion or new units may not be legal or feasible; it's an unpriced projection, not income Listing says: Additional opportunity exists on the upper and lower levels to expand the existing living space or potentially add units · AI review
low$865 in special assessments on the payable 2026 tax bill (often street, sewer or code-enforcement charges). Ask what they're for, whether they continue, and whether the seller pays them off at closing. Public record: Ramsey County parcel 022823230062: special assessments (payable 2026) = $865.00

Opportunities

Large 2-bed/2-bath units with original character in a sought-after area could hold rents well Listing says: Spacious 2-bedroom, 2-bath units include a den, large kitchen, formal dining room with built-in buffets · AI review
3-car garage could bring in parking income Listing says: A 3-car garage adds convenience and value. · AI review
Seller may negotiate; the gap between price and break-even is huge Based on: data: underwriting.break_even_price · AI review

Questions for the agent

Can I see the current rent roll, lease dates and security deposits for all four units?
What are the trailing-12 expenses, including heat, water and trash?
What heating system serves the building: one boiler or separate systems? Who pays?
Why is the rental license pending, and are all four units legally licensed?
What are the $865 special assessments for, and will the seller pay them at closing?
Has anyone checked whether the lower or upper levels can legally become units?

Bottom line

Beautiful building, but at $1.1M it loses about $3,100 a month on our numbers and only pencils near $522K. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)	$18,917
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$5,847
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$340
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 bedrooms: +1 pt repairs for wear	9% / 9%

Price history Realtor.com

On the market since 2026-08-20 (46 days); down $100,000 (8.3%) from the first ask of $1,200,000; last sold for $575,000 on 2004-11-05.

Date	Event	Price
2026-09-16	Price changed	$1,100,000
2026-08-20	Listed	$1,200,000
2004-11-05	Sold public record	$575,000

County record Public record

Recorded as	apartments 4-6 rental units
Living units	4
Year built	1909
Market value (2026)	$901,900
Property tax, payable 2026	$18,917
Special assessments	$865
Homestead	no
Last sale	2004-09-16 · $575,000

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 3+ Units: 4 unit(s), A, status pending, renews 2029-12-19.

Nearest highway

I 94, about 1002 m away.

Crime in Summit – University

1,066 incidents in the last 12 months (59 per 1,000 residents), −13% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.