1149 Minnehaha Ave E

Duplex · 2 units: 3 bed / 1.5 bath and 2 bed / 1.5 bath unit split estimated · 3,000 sq ft

Saint Paul, MN · Dayton's Bluff · View the listing ↗

Overpriced

56 photos

Photos courtesy of Keller Williams Realty, via Realtor.com.

Asking price: $339,900
Monthly cash flow: −$475
Estimated rent: $3,200/mo
Break-even price: $250,693

Adjust the numbers See the full breakdown

From the listing

Welcome to historic Dayton's Bluff! According to recent inspections, this property is in exceptional condition. Opportunity awaits. Seller has installed a brand new roof as of last week. A $23,000 value to the new owner. This stately duplex has unusual and awesome features, including a huge flat side yard, full fencing, a newer oversized garage with second level above that could be finished or just used for storage, bring all of your toys or set up a huge workshop. Central AC, both units have dishwashers, upper level has private laundry, a massive basement for storage or finishing, and a two level owner's suite. From the moment you walk up you will be impressed by the giant Victorian front balconies and separate unit entrances. Both units vacant. Both units pay for their own heat and electric. The upper level three bedroom two bath unit has forced air and central air, and features a grand amount of space, with the original Victorian living room/dining room layout, as well as a side room perfect for an office. Three bedrooms in total with the huge owner's suite in the finished third level. This property is absolutely ideal for owner occupant, off site landlord, or short term rental with its phenomenal presentation and condition, superb garage, great curb appeal, and lovely grounds. Upper unit should rent for $1650-1800. Book your private showing today!

Listing courtesy of Keller Williams Realty (Paul Olson). Description from Realtor.com, MLS #7113268. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a vacant up/down in Dayton's Bluff asking $339,900, and the numbers don't work. Our underwriting shows about -$475 a month with a 4.7% cap rate, and break-even is near $251K. The only rent in the listing is a projection for the upper ($1,650-1,800), which lines up with our $1,825 estimate but isn't income. The new roof is a plus, but it was installed 'last week', so ask for the permit and invoice. The seller's rental license shows expired in 2025, and the description pitches this to owner-occupants. A showing makes sense only if you'd live in one unit or the price drops a lot, and the lower unit's size and beds need confirming first.

Things to consider

Price is well above what rents support At asking, cash flow is about -$475 a month and the cap rate is 4.7%. Break-even is roughly $89K lower, so a pure investor needs a big cut.
No actual rents exist Both units are vacant, so income rests on estimates. The upper's $1,650-1,800 is the agent's number, and the lower unit has none.Listing says: “Upper unit should rent for $1650-1800.”
New roof is a real plus but needs documentation A roof replaced last week removes a major near-term cost. Verify the permit and who paid.Listing says: “Seller has installed a brand new roof as of last week.”
Tax bill is the investor (non-homestead) rate At $7,991 plus assessments, taxes take a large share of income at this rent level.
Owner-occupant angle may be the better fit Living in one unit lowers the financing rate and cost, and you rent the other. That changes the numbers a lot.Listing says: “This property is absolutely ideal for owner occupant, off site landlord, or short term rental”

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

doneBrand new roof installed last weekListing says: Seller has installed a brand new roof as of last week.
doneNewer oversized garage with unfinished second levelListing says: a newer oversized garage with second level above that could be finished or just used for storage

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: $339,900
Cash to close: $78,177
Price per unit: $169,950
GRM: 8.9

Each month

Cash flow: −$475/mo
Cash-on-cash: −7.3%
Cap rate: 4.7%
DSCR: 0.74×

Break-even

Price that breaks even: $250,693
Rent that breaks even: $3,817/mo

Long run

Year 30: property vs stocks: $914K vs $813K
Cash flow turns positive: year 14

Monthly

Monthly breakdown

Rent	$3,200
Vacancy (6%)	−$192
Collected	$3,008
Property tax Public record	−$666
Insurance Estimate	−$234
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$256
Capital reserve (9% of rent)	−$288
Net operating income	$1,334
Mortgage (principal + interest)	−$1,809
Cash flow	−$475
Principal paid down (equity, not cash)	$230

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$914,452

Your equity when you sell: $775,525
Rental profits, invested at 7%: $138,927

Same money in stocks$813,234

Cash to close, invested at 7%: $595,103
Monthly shortfalls, invested: $218,131

The building comes out $101,218 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 $914K, stocks $813K. 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.

3 bed estimate $1,825/mo · range $1,675–$2,000 · 6 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1124 Minnehaha Ave E Apt 1, Saint Paul	$1,750	3 / 1	832	0.1 mi	2026-03-25	Apartment
Ross Ave Unit 1090, Saint Paul	$1,910	3 / 1	—	0.2 mi	2026-09-02	Apartment
1056 3rd St E, Saint Paul	$1,695	3 / 1	925	0.5 mi	2026-09-17	Apartment
1056 3rd St E, Saint Paul	$1,695	3 / 1	925	0.5 mi	2026-08-20	Apartment
1428 7th St E, Saint Paul	$1,871	3 / 2	1,205	0.6 mi	2025-01-03	Apartment
1465 Minnehaha Ave E Apt 1, Saint Paul	$1,200	3 / 1	950	0.7 mi	—	Apartment

2 bed estimate $1,375/mo · range $1,250–$1,500 · 7 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1428 7th St E, Saint Paul	$1,624	2 / 1	835	0.6 mi	2025-01-03	Apartment
1439 7th St E, Saint Paul	$1,400	2 / 1	—	0.7 mi	2026-07-02	Apartment
1351 Conway St, Saint Paul	$1,179	2 / 1	756	0.7 mi	2024-06-02	Apartment
1348 Ames Ave, Saint Paul	$1,275	2 / 1	800	0.7 mi	2025-12-18	Apartment
1430 York Ave, Saint Paul	$1,155	2 / 1	835	0.7 mi	2024-04-26	Apartment
948 Euclid St Unit 1, Saint Paul	$1,400	2 / 1	972	0.7 mi	2026-09-23	Apartment
1267 Cook Ave E, Saint Paul	$995	2 / 1	800	0.7 mi	2025-01-03	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 renewal due and expired in 2025; confirm it is current and the 2-unit status is legal. Based on: data: city.rental_license · AI review
mediumPrice is far above the last sale ($218K in 2016) and above the county market value, with 74 days on market. Based on: data: county.last_sale_price · 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 282922430102: special assessments (payable 2026) = $432.50
lowListing is written for owner-occupants and short-term rental. Short-term rental may not be allowed here, and it isn't a basis for underwriting rent. Listing says: This property is absolutely ideal for owner occupant, off site landlord, or short term rental · AI review

Opportunities

Both units are vacant, so you can set rents and screen tenants fresh. Without sitting tenants the 3% cap isn't a constraint at lease-up. Listing says: Both units vacant. · AI review
Garage has an unfinished second level that could add storage or workshop space. Listing says: second level above that could be finished or just used for storage · AI review
Tenants pay their own heat and electric, so owner expenses stay low. Listing says: Both units pay for their own heat and electric. · AI review

Questions for the agent

Who did the roof, and can I see the permit, invoice and warranty?
What inspections show the 'exceptional condition', and can I get the reports?
What are the $432 special assessments for, and does the seller pay them at closing?
What are the lower unit's bed and bath counts, square footage and last rent?
Is the rental license current, and has the city inspected recently?
Why vacant for 74 days, and is the seller open to a price cut?

Bottom line

Nice-looking, well-kept duplex, but at $339,900 it loses about $475 a month as a rental and only works as an owner-occupant buy or at a much lower price. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)	$7,992
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,805
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 1917: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-07-23 (74 days); down $10,000 (2.9%) from the first ask of $349,900; last sold for $218,000 on 2016-05-27.

Date	Event	Price
2026-08-21	Price changed	$339,900
2026-07-23	Listed	$349,900
2016-05-27	Sold	$218,000
2016-04-11	Listed	$209,900
2016-04-04	Removed	$199,000
2016-03-29	Price changed	$199,000
2016-03-08	Price changed	$215,000
2016-02-16	Price changed	$218,000
2016-01-04	Listed	$224,900
2012-03-30	Sold	$167,900
2012-03-22	Removed	$169,900
2012-01-27	Listed	$169,900
2012-01-25	Listed	$169,900
2012-01-01	Removed	$169,900
2011-09-25	Listed	$169,900

County record Public record

Recorded as	two family dwelling - up/dwn
Living units	2
Year built	1917
Market value (2026)	$344,800
Property tax, payable 2026	$7,992
Special assessments	$432
Homestead	no
Last sale	2016-05-26 · $218,000

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 2 Units: 2 unit(s), B, status renewal due, renews 2025-05-13.

Nearest highway

I 94;US 10;US 61, about 1249 m away.

Crime in Dayton's Bluff

970 incidents in the last 12 months (52 per 1,000 residents), −6% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.