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St. Paul › Hamline – Midway

1437 Minnehaha Ave W

Duplex · 2 units: 3 bed / 1.5 bath and 2 bed / 1.5 bath unit split estimated · 2,568 sq ft

Saint Paul, MN · Hamline – Midway · View the listing ↗

Overpriced
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Photos, via Realtor.com.

Asking price
$409,900
2 units · $205K per unit
Monthly cash flow
−$654
at 20% down, 7%
Estimated rent
$3,300/mo
medium confidence
Break-even price
$286,936
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

The listing pitches a triplex with $4,300 gross a month, but the county records this as a two-family up/down, and the rental license is for 3 units and shows Pending with an expiry of June 2026. That mismatch is the first thing to settle, because the lower unit's legality drives both the income and the insurance. At $409,900 our numbers show about -$654 a month and a 4.5% cap rate, and break-even is near $286,900, so this does not work at the ask. The $4,300 is a lump sum with no per-unit rents or lease terms, and our estimates total only $3,300 a month. St. Paul caps increases at 3% a year for sitting tenants. Get the rent roll, leases and license status before spending time on a showing.

Things to consider

  1. Unit count and legality Income and insurance depend on the third unit being legal. If the county's 2-unit record is right, the income is overstated.
  2. Price is well above what the numbers support Our underwriting shows negative cash flow at ask and a break-even near $286,900, about $123K below the price.
  3. Rent growth is capped St. Paul limits increases on sitting tenants to 3% a year, so you can't rent-bump quickly to close the gap.
  4. Taxes will rise for an investor The 2026 tax bill is already $6,719 non-homestead plus assessments, which weighs on net income.
  5. Dated interiors and unknown systems Kitchen and baths look original, and no mechanical photos were shown. Budget for repairs and reserves.From photo 6

From the photos

Listing photo 1
1 of 8Plus

Front of the house is a brick-and-stucco bungalow-style building with a newer-looking shingle roof. No obvious sagging or damage.

Listing photo 2
2 of 8Check

Rear has a long exterior wood stair and deck to the upper level. Check its condition, the railings and whether it meets code.

Listing photo 3
3 of 8Plus

Original wood trim and hardwood floors look solid. Window units suggest no central air.

Listing photo 6
4 of 8Concern

Kitchen has oak cabinets, laminate counters and a gas range. Looks dated but usable, not renovated.

Listing photo 3
5 of 8Check

Radiators are visible, which suggests boiler or steam heat. Confirm the boiler's age and whether it serves one unit or all.

Listing photo 10
6 of 8Check

Lower-level bathroom has a granite-look vanity, a shower stall and a radiator. Looks like a basement finish; check egress, ceiling height and moisture.

Listing photo 9
7 of 8Concern

Upper-level bath has a pedestal sink and a tub with a shower curtain, with older tile. Dated but functional.

Listing photo 8
8 of 8Check

No photos of the basement unit's kitchen, bedrooms, boiler, panel or water heater, so the lower unit can't be judged.

Based on 10 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

Down payment %
Offer $
Management
Interest rate %
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
$409,900
Cash to close
$94,277
Price per unit
$204,950
GRM
10.4

Each month

Cash flow
−$654/mo
Cash-on-cash
−8.3%
Cap rate
4.5%
DSCR
0.70×

Break-even

Price that breaks even
$286,936
Rent that breaks even
$4,150/mo

Long run

Year 30: property vs stocks
$1.07M vs $1.05M
Cash flow turns positive
year 15

Monthly

Monthly breakdown

Rent$3,300
Vacancy (6%)−$198
Collected$3,102
Property tax Public record−$560
Insurance Estimate−$224
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$264
Capital reserve (9% of rent)−$297
Net operating income$1,527
Mortgage (principal + interest)−$2,182
Cash flow−$654
Principal paid down (equity, not cash)$278

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$1,073,413
Your equity when you sell
$935,239

Sells for $994,935 (value up 3% a year), minus 6% selling cost ($59,696). Rent paid down $327,920 of loan.

Rental profits, invested at 7%
$138,174

$97,822 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,046,628
Cash to close, invested at 7%
$717,661

$94,277 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$328,967

$60,576 you'd have paid in while the building lost money, invested instead.

The building comes out $26,785 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 $1.07M, stocks $1.05M. The property wins.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-05. The estimate above is RentCast's, weighted toward the closest matches.

3 bed / 1.5 bath estimate $1,875/mo · range $1,575–$2,175

AddressRentBd / BaSq ftDistanceListedMatch
824 Aldine St, Saint Paul 55104 $1,800 3 / 1 — 0.6 mi 2026-09-26 91%
1477 Iglehart Ave, Saint Paul 55104 $1,700 3 / 1 — 0.9 mi 2026-07-20 90%
1372 Selby Ave, Saint Paul 55104 off market $1,160 3 / 1 — 1.2 mi 2026-01-09 90%
1607-1609 Van Buren Ave, Saint Paul 55104 off market $2,250 4 / 2 2,500 0.4 mi 2026-07-10 87%
1040 Front Ave, Saint Paul 55103 off market $1,630 3 / 2 1,500 1.0 mi 2026-07-14 86%
726-730 Holton St, Saint Paul 55104 $2,300 4 / 1.5 — 0.0 mi 2026-09-26 85%
435 Fry St, Apt 3, Saint Paul 55104 $1,650 3 / 1 1,010 0.7 mi 2026-07-17 82%
803 Snelling Ave N, Saint Paul 55104 $2,000 4 / 1 — 0.3 mi 2026-09-26 82%
1270 Seminary Ave, Saint Paul 55104 $1,500 2 / 1 — 0.4 mi 2026-09-26 82%
613 Snelling Ave N, Saint Paul 55104 $1,600 2 / 1 — 0.4 mi 2026-04-14 82%

2 bed / 1.5 bath estimate $1,425/mo · range $1,075–$1,800

AddressRentBd / BaSq ftDistanceListedMatch
1270 Seminary Ave, Saint Paul 55104 $1,500 2 / 1 — 0.4 mi 2026-09-26 91%
613 Snelling Ave N, Saint Paul 55104 $1,600 2 / 1 — 0.4 mi 2026-04-14 91%
1305 University Ave W, Saint Paul 55104 $1,060 2 / 2 — 0.6 mi 2026-07-17 91%
1222 University Ave W, Saint Paul 55104 off market $1,624 2 / 1 — 0.7 mi 2025-04-10 91%
418 Pierce St N, Saint Paul 55104 off market $950 2 / 1 — 0.8 mi 2026-06-17 90%
1021 Charles 1021 Ave, Unit 1, Saint Paul 55104 off market $1,650 2 / 1 — 0.9 mi 2026-06-13 90%
619-625 Snelling Ave N, Saint Paul 55104 off market $500 1 / 1 3,000 0.4 mi 2022-05-17 84%
483 W Lynnhurst Ave, Unit 18, Saint Paul 55104 $1,249 2 / 1 1,250 1.1 mi 2026-10-05 84%
401 Fairview Ave N, Unit 1, Saint Paul 55104 off market $1,800 2 / 1 1,120 1.1 mi 2025-03-29 83%
1910 Feronia Ave, Saint Paul 55104 off market $1,385 2 / 1 1,100 1.1 mi 2026-02-28 82%

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: RentCast. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

  • highCounty records show 2 living units, but the listing sells it as a triplex. The third unit may not be legal or properly permitted. Based on: data: county.living_units · AI review
  • mediumRental license shows Pending with an expiry date in the past. Confirm the license is current and covers 3 units. Based on: data: city.rental_license · AI review
  • mediumListing says 'well-maintained' but gives only a lump-sum income figure. No unit-level rents, lease terms or expenses. Listing says: brings in $4,300 of gross income each month · 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 272923340132: special assessments (payable 2026) = $432.50
  • lowAdding the egress window to make the lower unit 2 bedrooms is a projection, not income. It needs permits and may not fit the licensed unit count. Listing says: adding an egress window to make the lower unit 2 bedrooms as well · AI review

Opportunities

  • Converting the lower unit to 2 bedrooms could raise its rent, if it is legal and permitted. Listing says: adding an egress window to make the lower unit 2 bedrooms as well · AI review
  • Close to the university, Green Line and A Line, which supports rental demand. Listing says: Strong rental demand from the university and Midway employment base. · AI review

Questions for the agent

  • Can you provide a rent roll with rent per unit, lease dates and deposits?
  • Is the lower unit legal and licensed? Why does the county show 2 units and the rental license 3, and why is the license pending and past its expiry?
  • What are the $432 special assessments for, and does the seller pay them at closing?
  • What do heat, water, trash and electric cost, and who pays each? Is there one boiler or separate heat?
  • How old are the roof, boiler, electrical panel and water heater?
  • Why has it been on the market 47 days, and has the price been cut?

Bottom line

The $4,300 income claim is unproven, the unit count doesn't match county records, and at $409,900 the numbers lose money each month. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)$6,720
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,686
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 1919: +1 pt capital reserve8% / 9%

Price history Realtor.com

On the market since 2026-08-19 (47 days); down $12,000 (2.8%) from the first ask of $421,900; last sold for $243,600 on 2003-06-02.

DateEventPrice
Price changed$409,900
Relisted$421,900
Removed$421,900
Sold public record$243,600

County record Public record

Recorded astwo family dwelling - up/dwn
Living units2
Year built1919
Market value (2026)$315,900
Property tax, payable 2026$6,720
Special assessments$432
Homesteadno
Last sale2003-01-31 · $243,600

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 3+ Units: 3 unit(s), A, status pending, renews 2026-06-03.

Nearest highway

I 94, about 1266 m away.

Crime in Hamline – Midway

1,219 incidents in the last 12 months (101 per 1,000 residents), −3% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.