St. Paul › Summit Hill

157 Lexington Pkwy S

Duplex · 2 units: 3 bed / 1 bath ×2 unit split estimated · 3,000 sq ft

Saint Paul, MN · Summit Hill (Grand Avenue) · View the listing ↗

Overpriced

40 photos

Photos, via Realtor.com.

Asking price: $550,000
Monthly cash flow: −$853
Estimated rent: $4,250/mo
Break-even price: $389,805

Adjust the numbers See the full breakdown

From the listing

Gorgeous Cathedral Hill neighborhood duplex, just a few blocks south of Grand Avenue and walkable to almost anything you can think of, including Kowalski's, The Lexington, cafes, etc. This duplex has been in the same family for nearly 60 years, meticulously maintained and updated. One of the most impressive features are the mirror like finish wood floors that have been redone, giving a warmth throughout the unit and eliminating the issues that come with carpeting. Each unit features three bedrooms with closet space and gorgeous views to outside, as well as a large connected dining area and living room, with an additional sunroom off of the front door, and kitchen leading to the backyard. Each unit (upstairs/main level) comes with a garage space in the detached garage. Laundry on site includes a washer and dryer for both the upstairs and main level tenant, meaning renters don't have to worry about sharing the laundry. A two year lease for the lower level was signed for $1,950 prior to the marketing of the property, the upstairs has a one year for $1,950 until July 31st 2027. Rents are below the market analysis of $2,195 per month for similar properties in the area, giving a new owner potential upside in increased rental rates.

Description from Realtor.com, MLS #7098240. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

Two 3-bed units at $2,125 each, both on leases, so the income is real: about $51,000 a year gross. At $550K that gives a 4.5% cap rate and roughly -$853/month at 20% down, and our break-even price is $390K. The county taxes are $9,574 on the non-homestead bill, which is a big drag. Rents are only about 3% under the agent's $2,195 comp, and St. Paul's 3% cap limits how fast you can close that gap on sitting tenants. The place looks well kept in the photos, but the rental license shows as expired in 2023, so check that first. At 103 days on market there is room to push on price, but this doesn't work at ask.

Things to consider

Numbers fail at the asking price Our underwriting shows about -$853/month and a break-even price near $390K. A deal here needs a large price cut or a lot more rent.
High property tax drag The tax is $9,574 on the non-homestead bill, which eats a large share of $51,000 gross rent.
Rent upside is limited Both units are already at $2,125 and locked in on leases. St. Paul's 3% cap limits increases on sitting tenants, so the $2,195 comp may take years to reach.Listing says: “Rents are below the market analysis of $2,195 per month for similar properties in the area”
Heat and operating costs are unknown Radiators suggest a shared boiler. If the owner pays heat, expenses are higher than the listing shows.From photo 6
Dated kitchens and no central air Refreshing kitchens and adding cooling would cost money, and it would only pay back when units turn over.From photo 3
Long time on market gives leverage At 103 days, the seller may take a meaningfully lower offer.

From the photos

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

Rents the listing states

Lower level: $1,950 (lease)Listing says: A two year lease for the lower level was signed for $1,950 prior to the marketing of the property
Upper level: $1,950 (lease)Listing says: the upstairs has a one year for $1,950 until July 31st 2027

Condition and repairs

doneWood floors refinished throughoutListing says: mirror like finish wood floors that have been redone
doneGeneral updates and maintenance claimed by sellerListing says: meticulously maintained and updated

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: $550,000
Cash to close: $126,500
Price per unit: $275,000
GRM: 10.8

Each month

Cash flow: −$853/mo
Cash-on-cash: −8.1%
Cap rate: 4.5%
DSCR: 0.71×

Break-even

Price that breaks even: $389,805
Rent that breaks even: $5,343/mo

Long run

Year 30: property vs stocks: $1.46M vs $1.38M
Cash flow turns positive: year 14

Monthly

Monthly breakdown

Rent	$4,250
Vacancy (6%)	−$255
Collected	$3,995
Property tax Public record	−$798
Insurance Estimate	−$212
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$340
Capital reserve (8% of rent)	−$340
Net operating income	$2,075
Mortgage (principal + interest)	−$2,927
Cash flow	−$853
Principal paid down (equity, not cash)	$372

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$1,463,705

Your equity when you sell: $1,254,894
Rental profits, invested at 7%: $208,810

Same money in stocks$1,376,989

Cash to close, invested at 7%: $962,950
Monthly shortfalls, invested: $414,039

The building comes out $86,716 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 $1.46M, stocks $1.38M. 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 bath estimate $2,125/mo · range $1,800–$2,425

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
89 Oxford St N, Saint Paul 55104 off market	$1,850	3 / 1	—	0.5 mi	2026-03-23	93%
1372 Selby Ave, Saint Paul 55104 off market	$1,160	3 / 1	—	0.9 mi	2026-01-09	93%
989 Dayton Ave, Saint Paul 55104	$2,050	3 / 1	2,000	0.8 mi	2026-10-05	91%
987 Dayton Ave, Saint Paul 55104	$2,050	3 / 1	2,000	0.8 mi	2026-08-26	91%
987 Dayton Ave, Unit 989, Saint Paul 55104 off market	$2,150	3 / 1	2,000	0.8 mi	2026-09-08	91%
1067 Saint Clair Ave, Saint Paul 55105 off market	$2,180	3 / 1	1,700	0.2 mi	2026-01-06	89%
283 Saratoga St S, Saint Paul 55105 off market	$2,400	3 / 2	2,100	0.9 mi	2025-09-27	87%
1015 Grand Ave, Saint Paul 55105 off market	$1,800	3 / 1	1,310	0.3 mi	2026-05-06	86%
865/867 Hague Ave, Saint Paul 55104	$1,625	3 / 1	1,300	0.8 mi	2026-06-16	85%
941 Goodrich Ave, Saint Paul 55105 off market	$2,200	3 / 1	1,200	0.4 mi	2026-04-20	85%

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

mediumRental license shows expired in 2023 and 'Renewal Due'. Confirm the license is current before closing. Based on: data: city.rental_license · AI review
mediumHeating type is vague. Photos show radiators, so likely boiler heat, probably one system. Owner may pay heat. Based on: photo 6 · 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 032823440028: special assessments (payable 2026) = $432.50
lowLower-level lease was signed before marketing, so the seller set the terms. Verify the tenant isn't a relative or on a side deal. Listing says: A two year lease for the lower level was signed for $1,950 prior to the marketing of the property · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 103 days on market
Rents are below the agent's comp of $2,195, but the 3% cap and leases through 2027 slow any catch-up. Listing says: Rents are below the market analysis of $2,195 per month for similar properties in the area · AI review
Each unit has its own garage space and in-unit washer/dryer, which supports renewals and rent. Listing says: Each unit (upstairs/main level) comes with a garage space in the detached garage. · AI review

Questions for the agent

Who pays heat, and is it one boiler or separate systems? What were last year's gas and water bills?
Can I see the rent roll, both leases and the last 12 months of expenses?
What are the $432 special assessments for, and does the seller pay them at closing?
Is the rental license current? Why does the city record show 2023 expiry?
What are the ages of the roof, boiler, water heater and electrical panel?
Why has it sat 103 days, and has there been any price reduction or offer?

Bottom line

A well-kept Cathedral Hill duplex with solid leases, but at $550K it loses money every month, so price needs to come down hard. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)	$9,574
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,550
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. base rate	8% / 8%

Price history Realtor.com

On the market since 2026-06-24 (103 days).

Date	Event	Price
2026-06-25	Relisted	$550,000
2026-06-24	Removed	—

County record Public record

Recorded as	two family dwelling - up/dwn
Living units	2
Year built	1922
Market value (2026)	$493,800
Property tax, payable 2026	$9,574
Special assessments	$432
Homestead	no
Last sale	—

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 2 Units: 2 unit(s), A, status renewal due, renews 2023-06-22.

Nearest highway

Ayd Mill Road, about 564 m away.

Crime in Summit Hill

235 incidents in the last 12 months (35 per 1,000 residents), −14% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.