1064 Lawson Ave E
Duplex · 2 units: 1 bed / 1 bath ×2 unit split estimated · 1,624 sq ft
Saint Paul, MN · Payne – Phalen (Railroad Island) · View the listing ↗
Photos, via Realtor.com.
- Asking price
- $200,000 2 units · $100K per unit
- Monthly cash flow
- −$137 at 20% down, 7%
- Break-even price
- $174,208 where cash flow hits $0
First look
This is a 1948 side-by-side rambler with two 1-bed/1-bath units at $200K, and our numbers show roughly -$137/month cash flow and a 5.6% cap rate at the ask. That loses money, and it assumes rents near $1,075 per unit with no stated rents to back them up. The photos show open wall framing and torn plaster, so 'cosmetic work' looks like an understatement, and I'd get a contractor bid before anything else. The listing says the big systems are new, but I'd verify permits and ages for the roof, furnaces and windows. Worth a showing only if the price reflects a real gut-level rehab and the rental license can be sorted out.
Things to consider
- Rehab scope is probably larger than 'cosmetic' Open framing and damaged finishes mean real labor and permit costs, which would deepen the negative cash flow.From photo 6
- Returns are negative at the ask At roughly -$137/month cash flow, the deal loses money before any vacancy or repair, and break-even price is around $174K.
- Rents are unverified There are no stated rents, and our estimates range from $925 to $1,450 per unit, so the income side is a guess.
- Rental licensing is unclear No rental certificate is on file, so you may need an inspection and repairs before you can legally rent.
- Big-ticket updates should be verified New roof, furnaces and windows are the main value, so confirm ages and permits before paying for them.Listing says: “Major high-ticket updates have already been done”
- Bedroom-addition upside is speculative Lower-level rooms need egress, ceiling height and code compliance to count as bedrooms, and a sitting tenant's rent is capped at 3%.
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
- neededInterior cosmetic workListing says: Interior does need cosmetic work, so bring your vision!
- doneNew roofListing says: including a new roof, siding, furnaces for both units, windows, washer and dryer
- doneNew sidingListing says: including a new roof, siding, furnaces for both units, windows, washer and dryer
- doneNew furnaces for both unitsListing says: including a new roof, siding, furnaces for both units, windows, washer and dryer
- doneNew windowsListing says: including a new roof, siding, furnaces for both units, windows, washer and dryer
- doneTrees removedListing says: washer and dryer and trees removed, which saves you A TON of time and money!
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
- $200,000
- Cash to close
- $26,000
- Price per unit
- $100,000
- GRM
- 7.8
Each month
- Cash flow
- −$383/mo
- Cash-on-cash
- −17.7%
- Cap rate
- 5.6%
- DSCR
- 0.71×
Break-even
- Price that breaks even
- $141,554
- Rent that breaks even
- $2,641/mo
Long run
- Year 30: property vs stocks
- $581K vs $341K
- Cash flow turns positive
- year 12
The deal
- Price
- $200,000
- Cash to close
- $26,000
- Price per unit
- $100,000
- GRM
- 7.8
Each month
- Cash flow
- −$565/mo
- Cash-on-cash
- −26.1%
- Cap rate
- 4.5%
- DSCR
- 0.57×
Break-even
- Price that breaks even
- $113,785
- Rent that breaks even
- $2,962/mo
Long run
- Year 30: property vs stocks
- $478K vs $522K
- Cash flow turns positive
- year 21
The deal
- Price
- $190,000
- Cash to close
- $24,700
- Price per unit
- $95,000
- GRM
- 7.4
Each month
- Cash flow
- −$317/mo
- Cash-on-cash
- −15.4%
- Cap rate
- 5.9%
- DSCR
- 0.75×
Break-even
- Price that breaks even
- $141,554
- Rent that breaks even
- $2,557/mo
Long run
- Year 30: property vs stocks
- $589K vs $293K
- Cash flow turns positive
- year 10
The deal
- Price
- $190,000
- Cash to close
- $24,700
- Price per unit
- $95,000
- GRM
- 7.4
Each month
- Cash flow
- −$499/mo
- Cash-on-cash
- −24.3%
- Cap rate
- 4.7%
- DSCR
- 0.60×
Break-even
- Price that breaks even
- $113,785
- Rent that breaks even
- $2,868/mo
Long run
- Year 30: property vs stocks
- $466K vs $453K
- Cash flow turns positive
- year 19
The deal
- Price
- $200,000
- Cash to close
- $46,000
- Price per unit
- $100,000
- GRM
- 7.8
Each month
- Cash flow
- −$137/mo
- Cash-on-cash
- −3.6%
- Cap rate
- 5.6%
- DSCR
- 0.87×
Break-even
- Price that breaks even
- $174,208
- Rent that breaks even
- $2,326/mo
Long run
- Year 30: property vs stocks
- $658K vs $385K
- Cash flow turns positive
- year 7
The deal
- Price
- $200,000
- Cash to close
- $46,000
- Price per unit
- $100,000
- GRM
- 7.8
Each month
- Cash flow
- −$319/mo
- Cash-on-cash
- −8.3%
- Cap rate
- 4.5%
- DSCR
- 0.70×
Break-even
- Price that breaks even
- $140,034
- Rent that breaks even
- $2,609/mo
Long run
- Year 30: property vs stocks
- $508K vs $518K
- Cash flow turns positive
- year 16
The deal
- Price
- $190,000
- Cash to close
- $43,700
- Price per unit
- $95,000
- GRM
- 7.4
Each month
- Cash flow
- −$84/mo
- Cash-on-cash
- −2.3%
- Cap rate
- 5.9%
- DSCR
- 0.92×
Break-even
- Price that breaks even
- $174,208
- Rent that breaks even
- $2,258/mo
Long run
- Year 30: property vs stocks
- $676K vs $348K
- Cash flow turns positive
- year 5
The deal
- Price
- $190,000
- Cash to close
- $43,700
- Price per unit
- $95,000
- GRM
- 7.4
Each month
- Cash flow
- −$266/mo
- Cash-on-cash
- −7.3%
- Cap rate
- 4.7%
- DSCR
- 0.74×
Break-even
- Price that breaks even
- $140,034
- Rent that breaks even
- $2,532/mo
Long run
- Year 30: property vs stocks
- $503K vs $458K
- Cash flow turns positive
- year 14
The deal
- Price
- $200,000
- Cash to close
- $56,000
- Price per unit
- $100,000
- GRM
- 7.8
Each month
- Cash flow
- −$71/mo
- Cash-on-cash
- −1.5%
- Cap rate
- 5.6%
- DSCR
- 0.93×
Break-even
- Price that breaks even
- $185,822
- Rent that breaks even
- $2,241/mo
Long run
- Year 30: property vs stocks
- $710K vs $438K
- Cash flow turns positive
- year 4
The deal
- Price
- $200,000
- Cash to close
- $56,000
- Price per unit
- $100,000
- GRM
- 7.8
Each month
- Cash flow
- −$253/mo
- Cash-on-cash
- −5.4%
- Cap rate
- 4.5%
- DSCR
- 0.75×
Break-even
- Price that breaks even
- $149,369
- Rent that breaks even
- $2,513/mo
Long run
- Year 30: property vs stocks
- $531K vs $541K
- Cash flow turns positive
- year 13
The deal
- Price
- $190,000
- Cash to close
- $53,200
- Price per unit
- $95,000
- GRM
- 7.4
Each month
- Cash flow
- −$21/mo
- Cash-on-cash
- −0.5%
- Cap rate
- 5.9%
- DSCR
- 0.98×
Break-even
- Price that breaks even
- $185,822
- Rent that breaks even
- $2,177/mo
Long run
- Year 30: property vs stocks
- $734K vs $407K
- Cash flow turns positive
- year 2
The deal
- Price
- $190,000
- Cash to close
- $53,200
- Price per unit
- $95,000
- GRM
- 7.4
Each month
- Cash flow
- −$203/mo
- Cash-on-cash
- −4.6%
- Cap rate
- 4.7%
- DSCR
- 0.79×
Break-even
- Price that breaks even
- $149,369
- Rent that breaks even
- $2,442/mo
Long run
- Year 30: property vs stocks
- $529K vs $485K
- Cash flow turns positive
- year 11
Monthly
Monthly breakdown
| Rent | $2,150 |
| Vacancy (6%) | −$129 |
| Collected | $2,021 |
| Property tax Public record | −$336 |
| Insurance Estimate | −$184 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$172 |
| Capital reserve (8% of rent) | −$172 |
| Net operating income | $927 |
| Mortgage (principal + interest) | −$1,198 |
| PMI | −$112 |
| Cash flow | −$383 |
| Principal paid down (equity, not cash) | $152 |
| Rent | $2,150 |
| Vacancy (6%) | −$129 |
| Collected | $2,021 |
| Property tax Public record | −$336 |
| Insurance Estimate | −$184 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$172 |
| Capital reserve (8% of rent) | −$172 |
| Property management | −$182 |
| Net operating income | $745 |
| Mortgage (principal + interest) | −$1,198 |
| PMI | −$112 |
| Cash flow | −$565 |
| Principal paid down (equity, not cash) | $152 |
| Rent | $2,150 |
| Vacancy (6%) | −$129 |
| Collected | $2,021 |
| Property tax Public record | −$336 |
| Insurance Estimate | −$184 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$172 |
| Capital reserve (8% of rent) | −$172 |
| Net operating income | $927 |
| Mortgage (principal + interest) | −$1,138 |
| PMI | −$107 |
| Cash flow | −$317 |
| Principal paid down (equity, not cash) | $145 |
| Rent | $2,150 |
| Vacancy (6%) | −$129 |
| Collected | $2,021 |
| Property tax Public record | −$336 |
| Insurance Estimate | −$184 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$172 |
| Capital reserve (8% of rent) | −$172 |
| Property management | −$182 |
| Net operating income | $745 |
| Mortgage (principal + interest) | −$1,138 |
| PMI | −$107 |
| Cash flow | −$499 |
| Principal paid down (equity, not cash) | $145 |
| Rent | $2,150 |
| Vacancy (6%) | −$129 |
| Collected | $2,021 |
| Property tax Public record | −$336 |
| Insurance Estimate | −$184 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$172 |
| Capital reserve (8% of rent) | −$172 |
| Net operating income | $927 |
| Mortgage (principal + interest) | −$1,064 |
| Cash flow | −$137 |
| Principal paid down (equity, not cash) | $135 |
| Rent | $2,150 |
| Vacancy (6%) | −$129 |
| Collected | $2,021 |
| Property tax Public record | −$336 |
| Insurance Estimate | −$184 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$172 |
| Capital reserve (8% of rent) | −$172 |
| Property management | −$182 |
| Net operating income | $745 |
| Mortgage (principal + interest) | −$1,064 |
| Cash flow | −$319 |
| Principal paid down (equity, not cash) | $135 |
| Rent | $2,150 |
| Vacancy (6%) | −$129 |
| Collected | $2,021 |
| Property tax Public record | −$336 |
| Insurance Estimate | −$184 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$172 |
| Capital reserve (8% of rent) | −$172 |
| Net operating income | $927 |
| Mortgage (principal + interest) | −$1,011 |
| Cash flow | −$84 |
| Principal paid down (equity, not cash) | $129 |
| Rent | $2,150 |
| Vacancy (6%) | −$129 |
| Collected | $2,021 |
| Property tax Public record | −$336 |
| Insurance Estimate | −$184 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$172 |
| Capital reserve (8% of rent) | −$172 |
| Property management | −$182 |
| Net operating income | $745 |
| Mortgage (principal + interest) | −$1,011 |
| Cash flow | −$266 |
| Principal paid down (equity, not cash) | $129 |
| Rent | $2,150 |
| Vacancy (6%) | −$129 |
| Collected | $2,021 |
| Property tax Public record | −$336 |
| Insurance Estimate | −$184 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$172 |
| Capital reserve (8% of rent) | −$172 |
| Net operating income | $927 |
| Mortgage (principal + interest) | −$998 |
| Cash flow | −$71 |
| Principal paid down (equity, not cash) | $127 |
| Rent | $2,150 |
| Vacancy (6%) | −$129 |
| Collected | $2,021 |
| Property tax Public record | −$336 |
| Insurance Estimate | −$184 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$172 |
| Capital reserve (8% of rent) | −$172 |
| Property management | −$182 |
| Net operating income | $745 |
| Mortgage (principal + interest) | −$998 |
| Cash flow | −$253 |
| Principal paid down (equity, not cash) | $127 |
| Rent | $2,150 |
| Vacancy (6%) | −$129 |
| Collected | $2,021 |
| Property tax Public record | −$336 |
| Insurance Estimate | −$184 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$172 |
| Capital reserve (8% of rent) | −$172 |
| Net operating income | $927 |
| Mortgage (principal + interest) | −$948 |
| Cash flow | −$21 |
| Principal paid down (equity, not cash) | $121 |
| Rent | $2,150 |
| Vacancy (6%) | −$129 |
| Collected | $2,021 |
| Property tax Public record | −$336 |
| Insurance Estimate | −$184 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$172 |
| Capital reserve (8% of rent) | −$172 |
| Property management | −$182 |
| Net operating income | $745 |
| Mortgage (principal + interest) | −$948 |
| Cash flow | −$203 |
| Principal paid down (equity, not cash) | $121 |
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
- Your equity when you sell
- $456,325
- Rental profits, invested at 7%
- $124,472
Sells for $485,452 (value up 3% a year), minus 6% selling cost ($29,127). Rent paid down $180,000 of loan.
$80,393 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $197,919
- Monthly shortfalls, invested
- $143,509
$26,000 put into an index fund instead of the down payment and closing costs.
$23,977 you'd have paid in while the building lost money, invested instead.
The building comes out $239,369 ahead after 30 years.
- Your equity when you sell
- $456,325
- Rental profits, invested at 7%
- $21,647
Sells for $485,452 (value up 3% a year), minus 6% selling cost ($29,127). Rent paid down $180,000 of loan.
$17,742 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $197,919
- Monthly shortfalls, invested
- $323,614
$26,000 put into an index fund instead of the down payment and closing costs.
$65,167 you'd have paid in while the building lost money, invested instead.
Stocks come out $43,561 ahead after 30 years.
- Your equity when you sell
- $433,509
- Rental profits, invested at 7%
- $155,191
Sells for $461,180 (value up 3% a year), minus 6% selling cost ($27,671). Rent paid down $171,000 of loan.
$95,089 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $188,023
- Monthly shortfalls, invested
- $104,615
$24,700 put into an index fund instead of the down payment and closing costs.
$16,847 you'd have paid in while the building lost money, invested instead.
The building comes out $296,062 ahead after 30 years.
- Your equity when you sell
- $433,509
- Rental profits, invested at 7%
- $32,955
Sells for $461,180 (value up 3% a year), minus 6% selling cost ($27,671). Rent paid down $171,000 of loan.
$25,617 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $188,023
- Monthly shortfalls, invested
- $265,310
$24,700 put into an index fund instead of the down payment and closing costs.
$51,216 you'd have paid in while the building lost money, invested instead.
The building comes out $13,132 ahead after 30 years.
- Your equity when you sell
- $456,325
- Rental profits, invested at 7%
- $201,464
Sells for $485,452 (value up 3% a year), minus 6% selling cost ($29,127). Rent paid down $160,000 of loan.
$115,126 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $350,164
- Monthly shortfalls, invested
- $34,865
$46,000 put into an index fund instead of the down payment and closing costs.
$5,408 you'd have paid in while the building lost money, invested instead.
The building comes out $272,760 ahead after 30 years.
- Your equity when you sell
- $456,325
- Rental profits, invested at 7%
- $51,585
Sells for $485,452 (value up 3% a year), minus 6% selling cost ($29,127). Rent paid down $160,000 of loan.
$37,407 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $350,164
- Monthly shortfalls, invested
- $167,915
$46,000 put into an index fund instead of the down payment and closing costs.
$31,531 you'd have paid in while the building lost money, invested instead.
Stocks come out $10,169 ahead after 30 years.
- Your equity when you sell
- $433,509
- Rental profits, invested at 7%
- $242,227
Sells for $461,180 (value up 3% a year), minus 6% selling cost ($27,671). Rent paid down $152,000 of loan.
$131,152 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $332,656
- Monthly shortfalls, invested
- $15,297
$43,700 put into an index fund instead of the down payment and closing costs.
$2,273 you'd have paid in while the building lost money, invested instead.
The building comes out $327,784 ahead after 30 years.
- Your equity when you sell
- $433,509
- Rental profits, invested at 7%
- $69,260
Sells for $461,180 (value up 3% a year), minus 6% selling cost ($27,671). Rent paid down $152,000 of loan.
$47,567 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $332,656
- Monthly shortfalls, invested
- $125,259
$43,700 put into an index fund instead of the down payment and closing costs.
$22,530 you'd have paid in while the building lost money, invested instead.
The building comes out $44,855 ahead after 30 years.
- Your equity when you sell
- $456,325
- Rental profits, invested at 7%
- $253,419
Sells for $485,452 (value up 3% a year), minus 6% selling cost ($29,127). Rent paid down $150,000 of loan.
$135,343 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $426,286
- Monthly shortfalls, invested
- $11,406
$56,000 put into an index fund instead of the down payment and closing costs.
$1,673 you'd have paid in while the building lost money, invested instead.
The building comes out $272,052 ahead after 30 years.
- Your equity when you sell
- $456,325
- Rental profits, invested at 7%
- $74,212
Sells for $485,452 (value up 3% a year), minus 6% selling cost ($29,127). Rent paid down $150,000 of loan.
$50,290 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $426,286
- Monthly shortfalls, invested
- $115,128
$56,000 put into an index fund instead of the down payment and closing costs.
$20,463 you'd have paid in while the building lost money, invested instead.
Stocks come out $10,877 ahead after 30 years.
- Your equity when you sell
- $433,509
- Rental profits, invested at 7%
- $300,353
Sells for $461,180 (value up 3% a year), minus 6% selling cost ($27,671). Rent paid down $142,500 of loan.
$151,883 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $404,972
- Monthly shortfalls, invested
- $1,780
$53,200 put into an index fund instead of the down payment and closing costs.
$250 you'd have paid in while the building lost money, invested instead.
The building comes out $327,110 ahead after 30 years.
- Your equity when you sell
- $433,509
- Rental profits, invested at 7%
- $95,814
Sells for $461,180 (value up 3% a year), minus 6% selling cost ($27,671). Rent paid down $142,500 of loan.
$61,433 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $404,972
- Monthly shortfalls, invested
- $80,170
$53,200 put into an index fund instead of the down payment and closing costs.
$13,643 you'd have paid in while the building lost money, invested instead.
The building comes out $44,181 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 $581K, stocks $341K. The property wins.
Year 30 (loan paid off): property $478K, stocks $522K. Stocks win.
Year 30 (loan paid off): property $589K, stocks $293K. The property wins.
Year 30 (loan paid off): property $466K, stocks $453K. The property wins.
Year 30 (loan paid off): property $658K, stocks $385K. The property wins.
Year 30 (loan paid off): property $508K, stocks $518K. Stocks win.
Year 30 (loan paid off): property $676K, stocks $348K. The property wins.
Year 30 (loan paid off): property $503K, stocks $458K. The property wins.
Year 30 (loan paid off): property $710K, stocks $438K. The property wins.
Year 30 (loan paid off): property $531K, stocks $541K. Stocks win.
Year 30 (loan paid off): property $734K, stocks $407K. The property wins.
Year 30 (loan paid off): property $529K, stocks $485K. 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.
1 bed estimate $1,075/mo · range $1,000–$1,175 · 23 rentals within 1.5 mi
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 870 E Cook Ave Unit 3, Saint Paul | $900 | 1 / 1 | 0.4 mi |
| 1272 Magnolia Ave E Apt 104, Saint Paul | $850 | 1 / 1 | 0.4 mi |
| 1269 Cook Ave E Apt 208, Saint Paul | $850 | 1 / 1 | 0.4 mi |
| 1267 Cook Ave E, Saint Paul | $850 | 1 / 1 | 0.4 mi |
| 1348 Ames Ave, Saint Paul | $1,050 | 1 / 1 | 0.6 mi |
| 1419 Case Ave E, Saint Paul | $1,099 | 1 / 1 | 0.8 mi |
| 1439 Case Ave, Saint Paul | $1,099 | 1 / 1 | 0.8 mi |
| 1430 York Ave, Saint Paul | $995 | 1 / 1 | 0.8 mi |
| 1455 Minnehaha Ave E Apt 203, Saint Paul | $977 | 1 / 1 | 1.0 mi |
| 1465 Minnehaha Ave E Apt 204, Saint Paul | $1,006 | 1 / 1 | 1.0 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
- highInterior looks well beyond cosmetic: exposed studs, torn plaster and open wall cavities Based on: photo 6 · AI review
- mediumNo rental certificate (CofO) on file in the city's data. Ask whether the building is licensed as a rental and when it was last inspected. Public record: St. Paul Certificate of Occupancy – Residential: no record for 1064 LAWSON AVE E (dataset last updated mid-2025)
- mediumKitchen ceiling and walls have peeling, flaking paint or plaster, which may point to past moisture Based on: photo 4 · AI review
- mediumDescription pitches adding bedrooms in lower-level rooms, but legality and egress are unconfirmed Listing says: turning the lower rooms into legal bedrooms and renting it out to roommates · AI review
- mediumThin cash flow at the ask leaves little cushion for the rehab or vacancy Based on: data: underwriting.cash_flow_monthly · AI review
- low$432 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 282922130061: special assessments (payable 2026) = $432.50
Opportunities
- Add legal bedrooms in the lower level to raise rent, if egress and the city allow it Listing says: There's room for equity to increase income on both lower level units · AI review
- Separate utilities mean tenants can carry their own bills Listing says: Units already have separate utilities! · AI review
- Corner lot with room for added parking or a future garage Listing says: two parking pads or future garage · AI review
- Seller's price is $50K above the 2021 sale, but the county values it below the ask, so there is room to negotiate for the rehab Based on: data: county.market_value · AI review
Questions for the agent
- What are the rents, lease terms and move-in dates for each unit, or are both vacant?
- Which permits were pulled for the roof, siding, furnaces and windows, and when?
- Why are the walls open in photo 6, and what was the plan or scope of work?
- What are the $432 special assessments for, and does the seller pay them at closing?
- Is the building licensed as a rental, and has the city inspected it?
- Does the lower level have egress windows and ceiling height to be legal bedrooms?
Bottom line
Newer shell and separate utilities are appealing, but open walls and negative cash flow at $200K mean you should price in a real rehab before offering. AI-assisted summary
What the records say
Where each number comes from
| Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead) | $4,032 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $2,206 |
| 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. base rate | 8% / 8% |
Price history Realtor.com
On the market since 2026-09-18 (17 days); last sold for $150,000 on 2021-12-29.
| Date | Event | Price |
|---|---|---|
| Listed | $200,000 | |
| Removed | — | |
| Listed | $240,000 | |
| Sold public record | $150,000 | |
| Sold | $55,300 | |
| Listed | $59,900 | |
| Sold public record | $50,000 | |
| Sold public record | $53,500 |
County record Public record
| Recorded as | two family dwelling - side/side |
| Living units | 2 |
| Year built | 1948 |
| Market value (2026) | $187,300 |
| Property tax, payable 2026 | $4,032 |
| Special assessments | $432 |
| Homestead | no |
| Last sale | 2021-12-23 · $150,000 |
Source: Ramsey County parcel records.
City rental certificate (CofO)
No record in St. Paul Certificate of Occupancy – Residential (dataset last updated mid-2025).
Nearest highway
I 94;US 10;US 61, about 2235 m away.
Crime in Payne – Phalen
1,695 incidents in the last 12 months (51 per 1,000 residents), −10% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.