1368 7th St E

Fourplex · 4 units: 1 bed / 1 bath ×2 and studio / 1 bath ×2 unit split estimated · 1,900 sq ft

Saint Paul, MN · Greater East Side · View the listing ↗

10 photos

Photos, via Realtor.com.

Asking price: $385,000
Monthly cash flow: −$406
Estimated rent: $4,000/mo
Break-even price: $308,725

Adjust the numbers See the full breakdown

First look

This is a four-unit building at $385K that already loses about $406 a month at our underwriting, with a 5.1% cap rate. Break-even price is about $309K, so the ask is roughly $76K too high before any negotiation. The description gives no rents, no lease terms, no utility details and no unit mix, so the income side is unverified. The photos show dated but livable units, and the boiler room looks like one central system with a shared water heater, which means the owner likely pays heat. Ask for the rent roll and 12 months of expenses first. It is only worth a showing if the price comes down or heat is separately metered.

Things to consider

Negative cash flow at ask At $385K the building loses about $406 a month with a 5.1% cap rate, so price must come down or rents must beat our estimates.
Heat may be an owner expense One boiler and a shared water heater usually mean the owner pays the gas bill, which cuts net income unless it is metered separately.From photo 8
Rent growth is capped for sitting tenants St. Paul limits increases to 3% a year, so below-market rents will close slowly.
Dated interiors need reserves Original-looking kitchens, baths and window A/C suggest turnover costs and capital needs at older 1958 construction.From photo 1
Small units may rent at the low end Two units are estimated as studios and two as 1-beds, so rents are modest and turnover is likely higher.
Taxes and assessments are heavy Non-homestead tax of $8,847 plus $865 in assessments takes a large share of income.

From the photos

Based on 9 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: $385,000
Cash to close: $88,550
Price per unit: $96,250
GRM: 8.0

Each month

Cash flow: −$406/mo
Cash-on-cash: −5.5%
Cap rate: 5.1%
DSCR: 0.80×

Break-even

Price that breaks even: $308,725
Rent that breaks even: $4,520/mo

Long run

Year 30: property vs stocks: $1.12M vs $822K
Cash flow turns positive: year 10

Monthly

Monthly breakdown

Rent	$4,000
Vacancy (6%)	−$240
Collected	$3,760
Property tax Public record	−$737
Insurance Estimate	−$340
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$320
Capital reserve (8% of rent)	−$320
Net operating income	$1,643
Mortgage (principal + interest)	−$2,049
Cash flow	−$406
Principal paid down (equity, not cash)	$261

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$1,123,853

Your equity when you sell: $878,426
Rental profits, invested at 7%: $245,427

Same money in stocks$822,301

Cash to close, invested at 7%: $674,065
Monthly shortfalls, invested: $148,236

The building comes out $301,552 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 $1.12M, stocks $822K. 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 $900–$1,150 · 10 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1430 York Ave, Saint Paul	$995	1 / 1	—	0.2 mi	2024-04-26	Apartment
1455 Minnehaha Ave E Apt 203, Saint Paul	$977	1 / 1	600	0.3 mi	—	Apartment
1465 Minnehaha Ave E Apt 204, Saint Paul	$1,006	1 / 1	600	0.3 mi	—	Apartment
1439 Case Ave, Saint Paul	$1,099	1 / 1	512	0.3 mi	2026-08-24	Apartment
1419 Case Ave E, Saint Paul	$1,099	1 / 1	512	0.3 mi	2026-06-22	Apartment
1348 Ames Ave, Saint Paul	$1,050	1 / 1	600	0.3 mi	2025-12-18	Apartment
1269 Cook Ave E Apt 208, Saint Paul	$850	1 / 1	600	0.5 mi	—	Apartment
1267 Cook Ave E, Saint Paul	$850	1 / 1	600	0.5 mi	2025-01-03	Apartment
1272 Magnolia Ave E Apt 104, Saint Paul	$850	1 / 1	675	0.5 mi	—	Apartment
1351 Conway St, Saint Paul	$1,099	1 / 1	625	0.7 mi	2024-06-02	Apartment

0 bed estimate $950/mo · range $825–$1,025 · 8 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1348 Ames Ave, Saint Paul	$825	0 / 1	340	0.3 mi	2025-12-18	Apartment
1267 Cook Ave E, Saint Paul	$775	0 / 1	500	0.5 mi	2025-01-03	Apartment
1270 Magnolia Ave E Apt 7, Saint Paul	$775	0 / 1	500	0.5 mi	—	Apartment
602 N Mendota St Unit 3, Saint Paul	$995	0 / 1	316	1.1 mi	—	Apartment
262 Birmingham St, Saint Paul	$899	0 / 1	450	1.1 mi	2025-01-03	Apartment
828 Hazel St N, Saint Paul	$940	0 / 1	410	1.2 mi	2025-01-03	Apartment
296 Bates Ave, Saint Paul	$890	0 / 1	389	1.5 mi	2024-04-15	Apartment
650 Aguirre St, Saint Paul	$1,141	0 / 1	379	1.5 mi	2025-05-28	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, lease terms or expenses given for the three occupied units Listing says: Three of the four units are currently rented · AI review
highPrice is above our break-even, so cash flow is negative at ask Based on: data: underwriting.break_even_price · AI review
mediumRental license for 4 units is only Pending, so licensing status is unconfirmed Based on: data: city.rental_license · 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 272922330021: special assessments (payable 2026) = $865.00
lowWall-mounted window A/C units and baseboard/radiator heat appear to be original, suggesting older systems Based on: photo 2 · AI review

Opportunities

Owned coin-operated laundry adds income; verify actual collections Listing says: sold with owned coin-operated laundry machines, giving the buyer an additional source of income · AI review
Vacant unit could be owner-occupied or leased at market rent after a refresh Listing says: an opportunity for a new owner to owner-occupy, remodel, or rent the unit · AI review
Seller bought at $308K in 2020; a negotiation anchor toward break-even Based on: data: county.last_sale_price · AI review

Questions for the agent

Can I see the rent roll with lease dates, deposits and whether any tenants are month-to-month?
Who pays heat, water and trash, and is heat one boiler for all units?
Which unit is vacant, what is it listed for, and how long has it been empty?
What are the $865 special assessments for and are they paid at closing?
What are the laundry machine collections over the last 12 months?
Is the 4-unit rental license approved, and what caused the Pending status?

Bottom line

A four-plex that loses money at ask and has no rent data, so it only works at a lower price with a verified rent roll. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)	$8,847
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,075
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. base rate	8% / 8%

Price history Realtor.com

On the market since 2026-09-30 (5 days); last sold for $308,000 on 2020-07-31.

Date	Event	Price
2026-09-30	Listed	$385,000
2026-06-29	Removed	$409,000
2020-07-31	Sold	$308,000
2003-10-17	Sold public record	$83,000
1994-07-05	Sold public record	$83,000

County record Public record

Recorded as	apartments 4-6 rental units
Living units	4
Year built	1958
Market value (2026)	$422,400
Property tax, payable 2026	$8,847
Special assessments	$865
Homestead	no
Last sale	2020-07-31 · $308,000

Source: Ramsey County parcel records.

City rental certificate (CofO)

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

Nearest highway

I 94, about 1520 m away.

Crime in Greater East Side

1,138 incidents in the last 12 months (37 per 1,000 residents), −13% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.