1204 E 7th St

Fourplex · 4 units: 3 bed / 1 bath ×2 and 2 bed / 1 bath ×2 unit split estimated · 3,200 sq ft

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

Cash flows

14 photos

Photos, via Realtor.com.

Asking price: $469,000
Monthly cash flow: $505
Estimated rent: $6,100/mo
Break-even price: $563,946

Adjust the numbers See the full breakdown

First look

A four-unit in Dayton's Bluff with everything redone in 2017, listed at $469K after 68 days. Our model shows about $505/mo cash flow and a 7.7% cap at asking, but that rests on our rent estimates since the listing states no rents or occupancy. The seller's 2017 renovation claim is now about nine years old, so the roof, siding and mechanicals are not new anymore. Ask for the rent roll, leases and the cause of the $1,049 in assessments first. The photos mix staged-looking images with plain ones, so don't trust them to show true condition. Worth a showing only if the actual rents come close to our estimates.

Things to consider

Income is unverified Our $505/mo cash flow uses estimated rents. Actual rents and vacancy could change that a lot.
Rent increases are capped for sitting tenants St. Paul's 3% cap means below-market rents stay below market for a while, so you can't quickly close a gap to our estimates.
Property tax is large and the assessments add to it $9,973 in tax plus $1,049 in assessments is a heavy fixed cost against rents of this size.
The 2017 remodel is now nine years old Systems are not new anymore, and permits and quality of work matter more than the listing's wording.Listing says: “Fully remodeled with everything new in 2017 - Electrical, plumbing, heating, kitchens, appliances, bathrooms, windows, doors, flooring, roof and siding.”
Ten bedrooms means heavy wear and turnover Larger units with more occupants usually cost more in repairs and reserves.Listing says: “UPDATED 4-plex with 10 Bedrooms in unique property.”
Seller paid about the same in 2021 The last sale was $470K, so asking is flat to that after five years, and there's room to negotiate if rents are soft.

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

doneFull remodel in 2017: electrical, plumbing, heating, kitchens, appliances, bathrooms, windows, doors, flooring, roof, sidingListing says: Fully remodeled with everything new in 2017 - Electrical, plumbing, heating, kitchens, appliances, bathrooms, windows, doors, flooring, roof and siding.
doneNew washer/dryers in two units supplied by ownerListing says: Two units have new washer/dryers supplied by building owner.

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: $469,000
Cash to close: $107,870
Price per unit: $117,250
GRM: 6.4

Each month

Cash flow: $505/mo
Cash-on-cash: 5.6%
Cap rate: 7.7%
DSCR: 1.20×

Break-even

Price that breaks even: $563,946
Rent that breaks even: $5,435/mo

Long run

Year 30: property vs stocks: $2.76M vs $821K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$6,100
Vacancy (6%)	−$366
Collected	$5,734
Property tax Public record	−$831
Insurance Estimate	−$403
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$549
Capital reserve (9% of rent)	−$549
Net operating income	$3,002
Mortgage (principal + interest)	−$2,496
Cash flow	$505
Principal paid down (equity, not cash)	$318

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$2,758,950

Your equity when you sell: $1,070,083
Rental profits, invested at 7%: $1,688,867

Same money in stocks$821,134

Cash to close, invested at 7%: $821,134

The building comes out $1,937,816 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 $2.76M, stocks $821K. 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 $1,700/mo · range $1,300–$1,850 · 11 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
Ross Ave Unit 1090, Saint Paul	$1,910	3 / 1	—	0.2 mi	2026-09-02	Apartment
1124 Minnehaha Ave E Apt 1, Saint Paul	$1,750	3 / 1	832	0.3 mi	2026-03-25	Apartment
1465 Minnehaha Ave E Apt 1, Saint Paul	$1,200	3 / 1	950	0.6 mi	—	Apartment
1056 3rd St E, Saint Paul	$1,695	3 / 1	925	0.8 mi	2026-09-17	Apartment
1056 3rd St E, Saint Paul	$1,695	3 / 1	925	0.8 mi	2026-08-20	Apartment
880 Wilson Ave, Saint Paul	$1,425	3 / 1	—	1.1 mi	2026-07-21	Apartment
736 Geranium Ave E Apt A, Saint Paul	$1,600	3 / 1	—	1.2 mi	2026-08-28	Multi family
283-289 Bates Ave, Saint Paul	$1,249	3 / 1	900	1.2 mi	2026-04-29	Apartment
595 Minnehaha Ave E, Saint Paul	$1,155	3 / 1	830	1.3 mi	2025-01-03	Apartment
586 Reaney Ave E Unit 586U2, Saint Paul	$1,614	3 / 1	1,100	1.3 mi	2023-06-04	Apartment

2 bed estimate $1,350/mo · range $1,050–$1,575 · 7 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1348 Ames Ave, Saint Paul	$1,275	2 / 1	800	0.4 mi	2025-12-18	Apartment
1428 7th St E, Saint Paul	$1,624	2 / 1	835	0.5 mi	2025-01-03	Apartment
1439 7th St E, Saint Paul	$1,400	2 / 1	—	0.5 mi	2026-07-02	Apartment
1430 York Ave, Saint Paul	$1,155	2 / 1	835	0.5 mi	2024-04-26	Apartment
1267 Cook Ave E, Saint Paul	$995	2 / 1	800	0.5 mi	2025-01-03	Apartment
1270 Magnolia Ave E Apt 205, Saint Paul	$995	2 / 1	800	0.5 mi	—	Apartment
914 Lawson Ave E, Saint Paul	$1,490	2 / 1	1,055	0.7 mi	2026-08-31	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

highNo rents, occupancy or lease terms given; income is unverified Listing says: Two-2 BR units and Two-3 BR Units. · AI review
medium$1,049 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 282922440104: special assessments (payable 2026) = $1,048.68
mediumRental license shows Pending status, not active Based on: data: city.rental_license · AI review
lowOwner-supplied washer/dryers add repair and replacement cost the owner carries Listing says: Two units have new washer/dryers supplied by building owner. · AI review
lowPriced above the 2021 sale, 68 days on market, so the price may not be moving Based on: data: listing.days_on_market · AI review

Opportunities

Owner-occupant option: live in one unit and offset the mortgage with the other three Listing says: Perfect for owner occupant also. · AI review
Off-street parking for 4+ cars is a real draw in this area Listing says: Parking slab for 4+ cars in back · AI review
Unit-level laundry hookups support tenant appeal and rents Listing says: Every unit has washer and dryer hookups. · AI review

Questions for the agent

Can I see the rent roll, leases and 12 months of expenses?
Which units are occupied, and are any tenants month-to-month?
What are the $1,049 special assessments for, and does the seller pay them off at closing?
Who did the 2017 work, and were permits pulled? Can I see them?
Is each unit separately metered, and who pays heat, water and trash?
Why is the rental license pending, and what is the status of the inspection?

Bottom line

Numbers look good at asking on paper, but with no rents stated and a nine-year-old remodel, verify income and permits before getting excited. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)	$9,973
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,840
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 1884: +1 pt capital reserve; 10 bedrooms: +1 pt repairs for wear	9% / 9%

Price history Realtor.com

On the market since 2026-03-27 (192 days, relisted 1×); down $30,000 (6.0%) from the first ask of $499,000; last sold for $470,000 on 2021-10-04; listed for rent at $995/mo on 2021-01-13.

Date	Event	Price
2026-07-29	Listed	$469,000
2026-06-24	Removed	$489,000
2026-04-23	Price changed	$489,000
2026-03-27	Listed	$499,000
2021-10-04	Sold public record	$470,000
2021-02-08	Rental removed	$995/mo
2021-01-13	Listed for rent	$995/mo
2017-09-17	Sold	$379,000
2017-06-21	Price changed	$399,000
2017-06-05	Listed	$425,000
2012-05-18	Sold	$68,000
2012-03-21	Removed	$79,900
2011-12-09	Listed	$79,900
2011-06-13	Removed	$54,900
2010-03-29	Sold	$30,500
2010-01-11	Listed	$27,900
2009-04-04	Price changed	$54,900
2009-02-26	Listed	$74,900
2002-03-31	Sold public record	$163,000
1998-08-19	Sold public record	$65,000

County record Public record

Recorded as	apartments 4-6 rental units
Living units	4
Year built	1884
Market value (2026)	$475,500
Property tax, payable 2026	$9,973
Special assessments	$1,049
Homestead	no
Last sale	2021-09-30 · $470,000

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 3+ Units: 4 unit(s), B, status pending, renews 2027-02-15.

Nearest highway

I 94, about 1568 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.