St. Paul › Union Park

1630 Hague Ave

Fourplex · 4 units: 2 bed / 1 bath ×4 unit split estimated · 4,628 sq ft

Saint Paul, MN · Union Park (Merriam Park, Snelling-Hamline, Lexington-Hamline) · View the listing ↗

Far off

17 photos

Photos courtesy of Keller Williams Preferred Realty, via Realtor.com.

Asking price: $1,149,000
Monthly cash flow: −$4,328
Estimated rent: $5,000/mo
Break-even price: $335,846

Adjust the numbers See the full breakdown

From the listing

This thoughtfully updated 4-plex presents an outstanding opportunity for both investors and owner-occupants, ideally located just minutes from the University of St. Thomas and convenient transit lines. Unit 2 is currently vacant, providing the perfect opportunity to owner-occupy while generating rental income from the remaining three units, or to lease the unit at current market rates for immediate cash flow. All four units have been extensively renovated while preserving the property's timeless character, highlighted by original built-in buffets and rich woodwork throughout. Updated interiors feature granite countertops, gas cooktops, stainless steel appliances, remodeled bathrooms, and newer windows, creating an attractive blend of classic architecture and modern finishes. Additional improvements include a high-efficiency boiler and updated laundry equipment, supporting efficient operation and tenant convenience. The dry, unfinished basement offers ample storage and potential for future expansion. Situated in the highly desirable Merriam Park/Union Park neighborhood and just steps from the vibrant Grand Avenue corridor, this property combines historic charm, quality renovations, and exceptional flexibility for both investors and owner-occupants in one of St. Paul's most sought-after locations.

Listing courtesy of Keller Williams Preferred Realty (Jason Huerkamp). Description from Realtor.com, MLS #7013399. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a well-kept 1922 brick-and-stucco fourplex, but at $1,149,000 the numbers don't work. Our underwriting shows about -$4,328 a month and a 1.9% cap rate, and break-even is near $336K. The county values it at $781,600 and the seller paid $770,000 in 2019, so the ask looks far above what the rents can carry. The listing gives no rents, no lease terms and no expenses, so ask for the rent roll and trailing-12 first. It has sat 214 days, so the market is likely telling the seller the same thing. Only worth a showing if you're an owner-occupant planning to live in Unit 2 and can negotiate far below ask.

Things to consider

Price is far above what the income supports Our model shows negative cash flow of about $4.3K a month at ask. Break-even is near $336K, so any purchase needs a very large price cut.
Rents are unknown and St. Paul caps increases With no rents given, you can't verify income. Sitting tenants are limited to 3% a year, so below-market rents can't be fixed quickly.
Owner-occupying Unit 2 could change the math Owner-occupant financing and the vacant unit lower the risk, but you still need the price to be far lower.Listing says: “Unit 2 is currently vacant, providing the perfect opportunity to owner-occupy”
Taxes are heavy at the investor rate About $16.4K a year of non-homestead tax plus assessments eats a large share of income.
Renovation reduces capex but systems need verifying The renovation is cosmetic-looking in photos. Ask for ages of the boiler, panels and roof, and get an inspection.Listing says: “All four units have been extensively renovated while preserving the property's timeless character”

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

doneNewer windowsListing says: remodeled bathrooms, and newer windows
doneHigh-efficiency boilerListing says: Additional improvements include a high-efficiency boiler and updated laundry equipment
doneUnits extensively renovated (kitchens, baths)Listing says: All four units have been extensively renovated while preserving the property's timeless character

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: $1,149,000
Cash to close: $264,270
Price per unit: $287,250
GRM: 19.1

Each month

Cash flow: −$4,328/mo
Cash-on-cash: −19.7%
Cap rate: 1.9%
DSCR: 0.29×

Break-even

Price that breaks even: $335,846
Rent that breaks even: $10,478/mo

Long run

Year 30: property vs stocks: $2.62M vs $6.36M
Cash flow turns positive: not within 30 years

Monthly

Monthly breakdown

Rent	$5,000
Vacancy (6%)	−$300
Collected	$4,700
Property tax Public record	−$1,366
Insurance Estimate	−$396
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$400
Capital reserve (7% of rent)	−$350
Net operating income	$1,788
Mortgage (principal + interest)	−$6,115
Cash flow	−$4,328
Principal paid down (equity, not cash)	$778

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$2,621,589

Your equity when you sell: $2,621,590
Rental profits, invested at 7%: $0

Same money in stocks$6,362,416

Cash to close, invested at 7%: $2,011,691
Monthly shortfalls, invested: $4,350,725

Stocks come out $3,740,827 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 $2.62M, stocks $6.36M. Stocks win.

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.

2 bed / 1 bath estimate $1,250/mo · range $950–$1,550

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
1702 Hague Ave, Apt 3, Saint Paul 55104 off market	$1,249	2 / 1	—	0.1 mi	2026-07-07	94%
1702 Hague Ave, Saint Paul 55104 off market	$1,249	2 / 1	—	0.1 mi	2025-11-03	94%
418 Pierce St N, Saint Paul 55104 off market	$950	2 / 1	—	0.6 mi	2026-06-17	93%
1705 Hague Ave, Saint Paul 55104 off market	$1,175	1 / 1	—	0.2 mi	2026-03-18	84%
1702 Hague Ave, Apt 4, Saint Paul 55104 off market	$1,125	1 / 1	—	0.1 mi	2026-03-20	84%
1670 Marshall Ave, Saint Paul 55104	$1,050	1 / 1	—	0.2 mi	2025-05-28	84%
1477 Iglehart Ave, Saint Paul 55104	$1,700	3 / 1	—	0.4 mi	2026-07-20	84%
1838 Portland Ave, Saint Paul 55104	$1,950	3 / 1	—	0.5 mi	2026-07-27	84%
1372 Selby Ave, Saint Paul 55104 off market	$1,160	3 / 1	—	0.5 mi	2026-01-09	84%
1425 Grand Ave, Saint Paul 55105	$950	1 / 1	—	0.6 mi	2025-02-28	84%

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

highPrice is about $367K above county market value and well above the 2019 purchase price. Based on: data: county.market_value · AI review
medium$1,973 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 042823110120: special assessments (payable 2026) = $1,973.14
mediumAsking is $813,154 above the price where cash flow breaks even ($335,846) at the default scenario. Based on: Derived: price $1,149,000 vs. break-even $335,846
mediumRental license shows Pending with an expiry date in 2025. Confirm it is current for 4 units. Based on: data: city.rental_license · AI review
mediumNon-homestead tax of about $16.4K a year is a heavy drag on income. Based on: data: county.tax · AI review
mediumDescription gives no rents, lease status or expenses for the three occupied units. Listing says: generating rental income from the remaining three units · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 214 days on market
Vacant Unit 2 lets a buyer owner-occupy or re-lease at market with no sitting-tenant cap. Listing says: Unit 2 is currently vacant, providing the perfect opportunity to owner-occupy · AI review
Updated units and a high-efficiency boiler mean limited near-term capex. Listing says: a high-efficiency boiler and updated laundry equipment · AI review
Unfinished basement could add storage or possible future expansion, subject to code and licensing. Listing says: The dry, unfinished basement offers ample storage and potential for future expansion · AI review

Questions for the agent

What are the current rents, lease end dates and deposits for Units 1, 3 and 4?
Can you share trailing-12 expenses, including who pays heat, water and trash?
Is the rental license current for 4 units, and why does it show Pending?
What are the $1,973 in special assessments for, and are they paid at closing?
How old are the boiler, roof, electrical panels and windows?
Why has it sat 214 days, and have there been price cuts or offers?

Bottom line

Nicely renovated fourplex, but the $1.149M ask is roughly $800K above what the numbers support, so only consider it far lower. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)	$16,393
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,757
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. 8 bedrooms: +1 pt repairs for wear; "fully updated" in the description: -1 pts each	8% / 7%

Price history Realtor.com

On the market since 2026-03-05 (214 days); down $41,000 (3.4%) from the first ask of $1,190,000; last sold for $770,000 on 2019-10-14.

Date	Event	Price
2026-06-13	Price changed	$1,149,000
2026-03-05	Listed	$1,190,000
2019-10-14	Sold	$770,000
2017-12-01	Sold public record	$1,570,000
1996-04-22	Sold public record	$135,000

County record Public record

Recorded as	apartments 4-6 rental units
Living units	4
Year built	1922
Market value (2026)	$781,600
Property tax, payable 2026	$16,393
Special assessments	$1,973
Homestead	no
Last sale	2019-10-15 · $770,000

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 3+ Units: 4 unit(s), A, status pending, renews 2025-07-17.

Nearest highway

I 94, about 681 m away.

Crime in Union Park

1,603 incidents in the last 12 months (83 per 1,000 residents), −27% vs. the year before. St. Paul police incidents, excluding proactive visits and community events. Union Park's incident count includes the Midway retail corridor, which inflates the per-resident rate.