1136 Edgerton St

Duplex · 2 units: 1 bed / 1 bath ×2 unit split estimated · 1,490 sq ft

Saint Paul, MN · Payne – Phalen (Railroad Island) · View the listing ↗

28 photos

Photos, via Realtor.com.

Asking price: $224,900
Monthly cash flow: −$80
Estimated rent: $2,100/mo
Break-even price: $209,777

Adjust the numbers See the full breakdown

First look

This is a St. Paul up/down with almost no description, so the photos and numbers carry the review. At the ask, our underwriting shows about -$80/mo cash flow on a 5.96% cap, with a break-even price near $209,800, so $224,900 doesn't work as listed. The lower unit looks freshly redone, but the upper looks untouched: dated cabinets, old flooring, a clawfoot tub and a lot of belongings, so it may be occupied. Tax is only $856 on a non-homestead bill, which looks low, so verify it and the $572 in assessments. Get the rent roll, lease status and the rental license (still pending) before spending time on a showing.

Things to consider

Price is above what the numbers support Our scenario shows negative cash flow at the ask, and break-even is about $15K lower. Any offer should start from that figure.
Two very different units The lower unit is refreshed and the upper is not. Budget a rehab for the upper, and learn whether it's occupied before assuming rent.From photo 9
Rents capped at 3% in St. Paul If tenants are in place at low rents, you can't raise them quickly toward our estimate.
Special assessments and low tax figure The $572 assessment adds to carrying costs, and the tax bill looks low for a $225K property, so check for reassessment risk.
Systems are unknown The building dates to 1890 and no photos show the boiler, panel, roof or basement. Those could be the biggest costs.

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

doneLower unit freshly rehabbedListing says: Freshly rehabbed lower unit.

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: $224,900
Cash to close: $51,727
Price per unit: $112,450
GRM: 8.9

Each month

Cash flow: −$80/mo
Cash-on-cash: −1.9%
Cap rate: 6.0%
DSCR: 0.93×

Break-even

Price that breaks even: $209,777
Rent that breaks even: $2,205/mo

Long run

Year 30: property vs stocks: $859K vs $406K
Cash flow turns positive: year 4

Monthly

Monthly breakdown

Rent	$2,100
Vacancy (6%)	−$126
Collected	$1,974
Property tax Public record	−$71
Insurance Estimate	−$199
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$168
Capital reserve (9% of rent)	−$189
Net operating income	$1,117
Mortgage (principal + interest)	−$1,197
Cash flow	−$80
Principal paid down (equity, not cash)	$152

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$859,087

Your equity when you sell: $513,138
Rental profits, invested at 7%: $345,949

Same money in stocks$405,897

Cash to close, invested at 7%: $393,759
Monthly shortfalls, invested: $12,138

The building comes out $453,190 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 $859K, stocks $406K. 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 $1,050/mo · range $975–$1,100 · 7 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
556 Jenks Ave E Unit 4, Saint Paul	$1,000	1 / 1	—	0.3 mi	2026-08-19	Apartment
616 Ivy Ave E, Saint Paul	$1,150	1 / 1	502	0.4 mi	2026-03-20	Apartment
1205 Westminster St, Saint Paul	$965	1 / 1	600	0.6 mi	2025-01-03	Apartment
1337 Arkwright St N Unit 303, Saint Paul	$925	1 / 1	625	0.6 mi	—	Apartment
1337 Arkwright St N, Saint Paul	$995	1 / 1	500	0.6 mi	2025-01-03	Apartment
870 E Cook Ave Unit 3, Saint Paul	$900	1 / 1	580	0.6 mi	—	Apartment
1332 Mississippi St, Saint Paul	$1,049	1 / 1	586	0.7 mi	2026-01-27	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

mediumRental license shows Pending status. Confirm it is issued and the building is legal as a 2-unit. Based on: data: city.rental_license · AI review
mediumListed 84 days with no rents, lease or expense info in the description. Based on: data: listing.days_on_market · AI review
mediumUpper unit appears dated and heavily lived in; scope of work is unknown. Based on: photo 9 · AI review
low$572 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 292922120230: special assessments (payable 2026) = $572.02
lowRadiator heat in photos but county lists central heat; confirm the heating setup and number of meters. Based on: data: county.heat_type · AI review

Opportunities

The seller bought for $109,000 in Jan 2019, so they can take a lower offer and still come out well ahead. Public record: Ramsey County parcel 292922120230: last sale 2019-01-15, $109,000
Upper unit could be renovated like the lower to lift rent toward our estimate. Based on: photo 9 · AI review
Owner-occupy option: live in one unit and rent the other. Listing says: Excellent opportunity as an owner occupied or investment property. · AI review
Seller bought in 2019 at $109K and has room to negotiate down. Based on: data: county.last_sale_price · AI review

Questions for the agent

Is the upper unit occupied, and what are the rent and lease terms for each unit?
What are the $572 special assessments for, and does the seller pay them at closing?
Is the rental license issued, and why is it pending?
Who pays heat, and how many boilers and meters are there?
What exactly was rehabbed in the lower unit, and were permits pulled?
What are the ages of the roof, boiler and electrical panel?

Bottom line

Half-renovated up/down that loses money at the ask; it only works at a price near $210K or below, with the upper unit's condition priced in. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)	$856
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,390
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 1890: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-07-13 (84 days); down $15,000 (6.3%) from the first ask of $239,900; last sold for $85,000 on 2018-10-18.

Date	Event	Price
2026-08-04	Price changed	$224,900
2026-07-13	Listed	$239,900
2018-10-18	Sold public record	$85,000

County record Public record

Recorded as	two family dwelling - up/dwn
Living units	2
Year built	1890
Market value (2026)	$224,600
Property tax, payable 2026	$856
Special assessments	$572
Homestead	no
Last sale	2019-01-15 · $109,000

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 2 Units: 2 unit(s), A, status pending, renews 2029-04-18.

Nearest highway

I 35E;US 10, about 1005 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.