1607 Van Buren Ave

Duplex · 2 units: 4 bed / 2 bath ×2 unit split estimated · 3,392 sq ft

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

Overpriced

43 photos

Photos courtesy of Exp Realty - Broker, via Realtor.com.

Asking price: $549,500
Monthly cash flow: −$847
Estimated rent: $4,500/mo
Break-even price: $390,370

Adjust the numbers See the full breakdown

From the listing

3.99% Assumable FHA Mortgage Available (Buyer Must Qualify) | Price Reduced $5,000 | One Unit Vacant November 1st Live in one unit and let the neighboring unit help pay your mortgage. With one unit becoming vacant on November 1st, this is a rare opportunity for a first-time homebuyer, owner-occupant, or house hacker to take advantage of an assumable 3.99% FHA mortgage while generating rental income from the adjacent unit. Rare side-by-side duplex in St. Paul's Hamline-Midway neighborhood offering over 5,100 finished square feet, 8 bedrooms, and 4 bathrooms. Each unit lives like a single-family home with spacious multi-level layouts, private entrances, generous living areas, and abundant storage throughout. The soon-to-be-vacant unit was recently marketed at approximately $2,600 per month and generated significant interest from prospective tenants, giving the next owner flexibility to either occupy the space or lease it at market rent. Recent improvements include new appliances and other updates that support strong rental performance while preserving future value-add potential. Situated on a 6,100-square-foot lot, the property offers off-street parking and private outdoor space for residents. Conveniently located near Allianz Field, the Green Line light rail, major universities, shopping, restaurants, and both downtown Minneapolis and downtown St. Paul, the property provides easy access to some of the Twin Cities' most desirable amenities and employment centers. Whether your goal is to reduce your living expenses through owner-occupied investing, begin building a real estate portfolio, or acquire a large income-producing asset with attractive financing, this property offers flexibility, scale, and immediate upside. Opportunities to purchase a duplex of this size with a vacant unit, immediate house-hack potential, and an assumable 3.99% mortgage are increasingly rare in today's interest rate environment.

Listing courtesy of Exp Realty - Broker (Gregory Ebacher). Description from Realtor.com, MLS #7148007. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a side-by-side duplex asking $549,500, and the owner-occupant angle is the pitch. The 3.99% assumable FHA loan is the real draw, but you have to qualify, and you'd need to know the balance and how much cash fills the gap to the price. At our estimate of about $2,250 per unit and the asking price, cash flow runs about -$847 a month at a 4.5% cap rate, so as a pure investment it doesn't work today. It sold for $584,000 in 2022, so the seller is taking a loss. First check the loan balance and assumption terms, the rental license (it shows Pending and expired in March 2026), and the age of the roof, boiler and wiring. It's worth a showing only if you plan to live in one side and the assumption math holds.

Things to consider

Assumable loan is the whole story A 3.99% rate against today's rates could change monthly payments significantly, but it requires qualifying, owner-occupancy and cash to cover the equity gap.Listing says: “3.99% Assumable FHA Mortgage Available (Buyer Must Qualify)”
Investor numbers are negative At the asking price our model shows about -$847 a month, so the property depends on financing or owner-occupancy to work.
Taxes will rise for a non-owner-occupant The seller's homestead bill is lower than what an investor pays, and the assessments add to carrying cost.
Rent increases are capped St. Paul limits increases on sitting tenants to 3% a year, so a below-market rent in the occupied unit can't be fixed quickly.
Old building, unverified systems A 1909 house with radiators and window AC may need boiler, roof or electrical work; none of the ages are given.From photo 3

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

doneNew appliances and other updatesListing says: Recent improvements include new appliances and other updates that support strong rental performance

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: $549,500
Cash to close: $126,385
Price per unit: $274,750
GRM: 10.2

Each month

Cash flow: −$847/mo
Cash-on-cash: −8.0%
Cap rate: 4.5%
DSCR: 0.71×

Break-even

Price that breaks even: $390,370
Rent that breaks even: $5,614/mo

Long run

Year 30: property vs stocks: $1.46M vs $1.37M
Cash flow turns positive: year 15

Monthly

Monthly breakdown

Rent	$4,500
Vacancy (6%)	−$270
Collected	$4,230
Property tax Estimate	−$870
Insurance Estimate	−$243
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$405
Capital reserve (9% of rent)	−$405
Net operating income	$2,078
Mortgage (principal + interest)	−$2,925
Cash flow	−$847
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$1,458,661

Your equity when you sell: $1,253,754
Rental profits, invested at 7%: $204,908

Same money in stocks$1,373,915

Cash to close, invested at 7%: $962,075
Monthly shortfalls, invested: $411,840

The building comes out $84,746 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 $1.37M. 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.

4 bed estimate $2,250/mo · range $2,050–$2,600 · 6 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
726-730 Holton St, Saint Paul	$2,300	4 / 1.5	—	0.4 mi	2026-09-26	Apartment
1905-07 Feronia Ave, Saint Paul	$1,800	4 / 2	—	0.8 mi	2026-04-14	Apartment
1912 Roblyn Ave, Saint Paul	$2,200	4 / 2	—	1.0 mi	2026-09-26	Apartment
1146-48 Raleigh St, Saint Paul	$2,000	4 / 2	—	1.3 mi	2024-10-08	Apartment
865-67 Snelling Ave N, Saint Paul	$2,100	4 / 2	—	1.3 mi	2026-09-29	Apartment
1012 Burgess St, Saint Paul	$2,980	4 / 2	2,149	1.3 mi	2026-09-23	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

mediumThe seller is homesteaded, so the current tax bill is lower than what an investor will pay. We use an estimated non-homestead tax instead. Public record: Ramsey County parcel 332923110007: homestead=Y
mediumRental license is Pending and shows an expired date. Confirm it's current before relying on rental income. Based on: data: city.rental_license · AI review
mediumSeller paid $584K in 2022 and now asks $549.5K. Our break-even price is about $505K, so the ask is still too high for the rents. Based on: data: underwriting.break_even_price · AI review
mediumThe vacant unit's $2,600 is only a recent marketing figure, not a rent in place. The other unit's rent and lease status are not given. Listing says: The soon-to-be-vacant unit was recently marketed at approximately $2,600 per month · AI review
low$863 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 332923110007: special assessments (payable 2026) = $863.46

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 14 days on market, 3 price cuts
Possibly assumable loan at an old, low rate. FHA/VA assumptions come with owner-occupancy rules; ask the agent. Listing says: "3.99% Assumable FHA Mortgage Available (Buyer Must Qualify) | Price"
Assumable 3.99% FHA loan could cut financing cost a lot if you qualify and will owner-occupy. Listing says: 3.99% Assumable FHA Mortgage Available (Buyer Must Qualify) · AI review
House-hack: live in one side, rent the other, with one unit vacant Nov 1. Listing says: One Unit Vacant November 1st Live in one unit and let the neighboring unit help pay your mortgage. · AI review
Price already cut and the listing is two weeks old, so there is room for a lower offer. Listing says: Price Reduced $5,000 · AI review

Questions for the agent

What is the FHA loan balance, and how much cash do I need to bridge from balance to price?
What rent does the occupied unit pay, and what is its lease status and end date?
What are the $863 special assessments for, and does the seller pay them at closing?
What are the ages of the roof, boiler(s), water heaters and electrical panels?
Is the rental license current, and why does it show Pending?
How are heat and utilities set up: separate systems and meters per unit?

Bottom line

Works only as an owner-occupied house hack if you can assume the 3.99% loan; as a plain investment it loses money at this price. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Estimateestimate. Seller is homesteaded; an investor pays the non-homestead rate. $497,500 market value × 2.10% (median for non-homestead duplexes/triplexes in the city).	$10,435
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,913
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 1909: +1 pt capital reserve; 8 bedrooms: +1 pt repairs for wear	9% / 9%

Price history Realtor.com

On the market since 2026-04-28 (160 days, relisted 1×); down $35,500 (6.1%) from the first ask of $585,000; last sold for $570,000 on 2022-04-11.

Date	Event	Price
2026-09-21	Listed	$549,500
2026-09-01	Removed	$555,000
2026-07-08	Price changed	$555,000
2026-07-04	Removed	$599,000
2026-07-01	Listed	$565,000
2026-07-01	Removed	$565,000
2026-06-30	Listed	$565,000
2026-06-28	Removed	$615,000
2026-06-24	Removed	$585,000
2026-05-27	Removed	—
2026-04-28	Listed	$585,000
2022-04-11	Sold	$570,000
2022-03-07	Listed	$549,900

County record Public record

Recorded as	two family dwelling - side/side
Living units	2
Year built	1909
Market value (2026)	$497,500
Property tax, payable 2026	$8,361
Special assessments	$863
Homestead	yes
Last sale	2022-04-12 · $584,000

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 2 Units: 2 unit(s), A, status pending, renews 2026-03-03.

Nearest highway

I 94, about 1159 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.