1636-1638 Minnehaha Ave W

Duplex · 2 units: 4 bed / 1.5 bath and 3 bed / 1.5 bath unit split estimated · 3,532 sq ft

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

33 photos

Photos courtesy of RE/MAX Results, via Realtor.com.

Asking price: $449,900
Monthly cash flow: −$382
Estimated rent: $4,025/mo
Break-even price: $378,050

Adjust the numbers See the full breakdown

From the listing

5% INTEREST-ONLY SELLER FINANCING AVAILABLE FOR UP TO 5 YEARS! That opportunity alone makes this memorable Saint Paul duplex worth a closer look. Located near Hamline University, the property currently generates $3,940/month in combined rent while offering historic character, flexible living spaces and a third floor you simply won't find in the typical duplex. Unit 1636 rents for $2,240/month and features original hardwood floors, beautiful period trim and moldings, plus a main-floor half bath. Then comes the surprise: a wide-open 33x33 vaulted loft with THREE gabled dormers, exposed beams, the kind of space you might expect in a converted warehouse, not hidden on the third floor of a Saint Paul duplex. 1000 square feet in one dramatic room, waiting for its next idea. Art studio? Recording space? Office? Recreation room? Entertainment space? Creative retreat? The possibilities are almost as big as the room itself. Unit 1638 adds another $1,700/month in rent. Outside, you'll find a premium Owens Corning 25-year roof installed in 2019, newer detached 2-car garage, two additional parking spaces and generous open-rafter storage. Nearly $4,000/month in current rent, 5% interest-only seller financing for up to five years and one seriously unique property.

Listing courtesy of RE/MAX Results (Stieg G Strand). Description from Realtor.com, MLS #7041832. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a St. Paul up/down duplex asking $449,900 with $4,025/month in estimated rent, and it has sat 195 days. Our underwriting at asking shows about -$382/month cash flow at a 5.4% cap, so it doesn't work as priced, and break-even is near $378K. The 5% interest-only seller financing is the real hook, since it could cut your payment, but get the terms in writing: balloon date, down payment, and prepayment. Taxes and unit count are unverified because we couldn't match a county parcel. The listing never says if the tenants are on leases, and St. Paul's 3% cap limits rent growth on sitting tenants. Photos show dated but livable interiors. Worth a showing only if the seller will negotiate price along with the financing.

Things to consider

Pricing doesn't work at ask Our model shows negative cash flow at asking and a break-even price around $378K, so you'd need a price cut or the seller financing to make it pencil.
Seller financing could change the math A 5% interest-only loan cuts the payment versus a bank loan. Terms, balloon timing and refinance risk matter a lot.Listing says: “5% INTEREST-ONLY SELLER FINANCING AVAILABLE FOR UP TO 5 YEARS!”
Stated rents are unverified The $4,025 total is an estimate, not confirmed income. Get leases, deposits and payment history, and check if the 3% cap limits future increases.Listing says: “the property currently generates $3,940/month in combined rent”
Unit 1636 rent may lean on the loft At $2,225 it's near our estimate range, so make sure that rent is sustainable and that the loft is usable, legal space.Listing says: “Unit 1636 rents for $2,240/month”
Heat and utility costs are unknown Radiators suggest a boiler. If the owner pays heat, it could cost several hundred a month and erode cash flow.From photo 4
Taxes and unit count unverified We couldn't match a county parcel, so taxes, assessments and legal unit count need confirming before you trust the numbers.

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

1636: $2,240Listing says: Unit 1636 rents for $2,240/month
1638: $1,700Listing says: Unit 1638 adds another $1,700/month in rent

Condition and repairs

doneOwens Corning 25-year roofListing says: premium Owens Corning 25-year roof installed in 2019
doneDetached 2-car garageListing says: newer detached 2-car garage

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: $449,900
Cash to close: $103,477
Price per unit: $224,950
GRM: 9.3

Each month

Cash flow: −$382/mo
Cash-on-cash: −4.4%
Cap rate: 5.4%
DSCR: 0.84×

Break-even

Price that breaks even: $378,050
Rent that breaks even: $4,522/mo

Long run

Year 30: property vs stocks: $1.45M vs $899K
Cash flow turns positive: year 8

Monthly

Monthly breakdown

Rent	$4,025
Vacancy (6%)	−$242
Collected	$3,784
Property tax Listing	−$611
Insurance Estimate	−$246
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$322
Capital reserve (9% of rent)	−$362
Net operating income	$2,012
Mortgage (principal + interest)	−$2,395
Cash flow	−$382
Principal paid down (equity, not cash)	$305

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$1,453,211

Your equity when you sell: $1,026,503
Rental profits, invested at 7%: $426,707

Same money in stocks$898,930

Cash to close, invested at 7%: $787,693
Monthly shortfalls, invested: $111,236

The building comes out $554,281 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 $1.45M, stocks $899K. 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 $2,225/mo · range $2,125–$2,400 · 9 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
803 Snelling Ave N, Saint Paul	$2,000	4 / 1	—	0.2 mi	2026-09-26	Apartment
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
1600 Concordia Ave, Saint Paul	$2,600	4 / 1	—	0.8 mi	2026-09-26	Apartment
1912 Roblyn Ave, Saint Paul	$2,200	4 / 2	—	1.0 mi	2026-09-26	Apartment
293 Wilder St N, Saint Paul	$2,100	4 / 1	—	1.2 mi	2026-09-26	Apartment
1754 Hague Ave, Saint Paul	$2,195	4 / 1	1,850	1.2 mi	—	Apartment
1146-48 Raleigh St, Saint Paul	$2,000	4 / 2	—	1.2 mi	2024-10-08	Apartment
865-67 Snelling Ave N, Saint Paul	$2,100	4 / 2	—	1.3 mi	2026-09-29	Apartment

3 bed estimate $1,800/mo · range $1,700–$1,925 · 7 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
824 Aldine St, Saint Paul	$1,800	3 / 1	—	0.3 mi	2026-09-26	Apartment
435 Fry St Apt 3, Saint Paul	$1,650	3 / 1	1,010	0.6 mi	2026-07-17	Apartment
1296/1298 Lafond Ave, Saint Paul	$1,395	3 / 2	972	0.7 mi	2026-08-29	Duplex triplex
1305 University Ave W, Saint Paul	$1,600	3 / 2	—	0.8 mi	2026-07-17	Apartment
1477 Iglehart Ave, Saint Paul	$1,700	3 / 1	—	1.0 mi	2026-07-20	Apartment
1849 Portland Ave S, Saint Paul	$1,795	3 / 1	925	1.4 mi	2024-04-15	Apartment
1838 Portland Ave, Saint Paul	$1,950	3 / 1	—	1.4 mi	2026-07-27	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

mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 1636-1638 MINNEHAHA AVE W
mediumThird-floor loft is likely not a legal bedroom and may not count in unit size or rent Listing says: wide-open 33x33 vaulted loft with THREE gabled dormers · AI review
mediumHeat is by radiators, which usually means a boiler. Owner may pay heat, and no utility info is given. Based on: photo 4 · AI review
mediumSeller financing terms are vague and interest-only means no principal paydown, with refinance risk at the end Listing says: 5% INTEREST-ONLY SELLER FINANCING AVAILABLE FOR UP TO 5 YEARS! · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 195 days on market
Seller financing at 5% interest-only could improve cash flow versus market loan rates Listing says: 5% INTEREST-ONLY SELLER FINANCING AVAILABLE FOR UP TO 5 YEARS! · AI review
195 days on market gives room to negotiate on price Based on: data: listing.days_on_market · AI review
The 1,000 sq ft loft could be a bonus space for the main unit, if it's finished and permitted Listing says: 1000 square feet in one dramatic room, waiting for its next idea. · AI review

Questions for the agent

Are both tenants on leases or month-to-month, and when do the leases end?
Who pays heat, water and trash, and is there one boiler or two?
What are the exact seller financing terms: down payment, balloon date, prepayment, and due-on-sale?
Is the loft permitted and finished, and is it part of the 1636 rent?
What are the annual taxes and any special assessments, and is the city rental license current for two units?
Why has it sat 195 days, and has the price changed?

Bottom line

The seller financing is the draw, but at $449,900 it loses money on our numbers, so you'd need a lower price and verified rents and expenses. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2025. The tax the listing states. If the seller lives there it may be at the lower homestead rate; an investor owner pays the non-homestead rate, often 20–40% more on the owner's unit.	$7,334
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,951
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 1908: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-03-24 (195 days); down $70,000 (13.5%) from the first ask of $519,900; last sold for $81,700 on 1992-01-14.

Date	Event	Price
2026-09-02	Price changed	$449,900
2026-07-15	Price changed	$465,000
2026-06-29	Removed	$529,900
2026-05-28	Price changed	$485,000
2026-04-24	Price changed	$499,900
2026-03-24	Listed	$519,900
1992-01-14	Sold public record	$81,700

From the listing Listing

Listed as	duplex side x side
Property tax, 2025	$7,334
County	Ramsey
Parcel number	332923110014

As the listing states it (NorthstarMLS, via Realtor.com). We don't have county records here yet; check the tax, homestead status and special assessments with the county.

City rental certificate (CofO)

No record in St. Paul Certificate of Occupancy – Residential (dataset last updated mid-2025).

Nearest highway

I 94, about 1197 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.