1791 Morgan Ave

1 units · 1 units: 3 bed / 2 bath unit split estimated · 1,739 sq ft

Saint Paul, MN · Highland Park (Highland Bridge) · View the listing ↗

Far off

21 photos

Photos, via Realtor.com.

Asking price: $350,000
Monthly cash flow: −$989
Estimated rent: $1,975/mo
Break-even price: $164,133

Adjust the numbers See the full breakdown

From the listing

***The buyer lost their job one week before closing. Welcome to 1791 Morgan Avenue, a wonderfully maintained twin home in the heart of Highland Park, offering exceptional value with NO HOA fees or restrictions. Thoughtfully updated throughout, this home features newer oak flooring, Pella windows, updated mechanicals, and a functional floor plan with spacious, light-filled rooms. The main level offers comfortable living and entertaining spaces, a well-appointed kitchen with abundant storage and counter space, and a sliding glass door leading to a rooftop deck with endless possibilities. Create your own private outdoor retreat with seating, planters, or trellises to enjoy throughout the seasons. The upper unit boasts two generous bedrooms and a full bathroom. The lower unit features a large family room, a bedroom, and a full bath, and has been converted into a separate apartment space that was used as a successful short-term rental, offering excellent flexibility for guests, multigenerational living, or potential supplemental income. Outside, the beautifully landscaped backyard showcases perennial gardens lovingly maintained by the current owners. Located in a highly accessible Highland Park neighborhood known for its friendly atmosphere and convenience to shopping, dining, parks, trails, and both downtown Saint Paul and Minneapolis, this is a rare opportunity to own a versatile and meticulously cared-for home in one of Saint Paul's most desirable communities. Photos have been virtually staged

Description from Realtor.com, MLS #7147685. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is really a single-family twin home with a finished lower level, not a true duplex. The county counts one living unit and there is no rental license on file. At $350K against a $1,975 mid rent estimate, our underwriting shows about -$989 a month and a 3.0% cap rate, and break-even is near $164K. Even with a short-term-rental angle, this only makes sense as an owner-occupant house-hack, and only if the lower unit can be legally rented. Check zoning and licensing first. Then ask why the prior sale fell through and whether the short-term rental history is documented. Worth a showing only if you want to live here.

Things to consider

Cash flow is deeply negative at asking Our underwriting shows about -$989 a month and a 3.0% cap rate. Rents can't carry a $350K price.
Legal status of the lower unit County records show one unit and no rental license. If the unit can't be legally rented long-term, income falls to zero and insurance may be a problem.
Short-term rental income is unproven and risky The description claims success but gives no numbers. City rules and a possible tax or license requirement could end it.Listing says: “used as a successful short-term rental”
Taxes are high for a non-homestead investor The $5,402 bill plus $356 in assessments cuts deeply into any rent, and a purchase at this price may reassess higher.
Home is best valued as an owner-occupant house-hack The 3 bed / 2 bath rent estimate is $1,975, so buying as an owner would offset part of the payment but not make a profit.

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 oak flooringListing says: newer oak flooring, Pella windows, updated mechanicals
donePella windowsListing says: newer oak flooring, Pella windows, updated mechanicals
doneUpdated mechanicals (no detail on which systems or when)Listing says: newer oak flooring, Pella windows, updated mechanicals

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: $350,000
Cash to close: $80,500
Price per unit: $350,000
GRM: 14.8

Each month

Cash flow: −$989/mo
Cash-on-cash: −14.7%
Cap rate: 3.0%
DSCR: 0.47×

Break-even

Price that breaks even: $164,133
Rent that breaks even: $3,212/mo

Long run

Year 30: property vs stocks: $799K vs $1.43M
Cash flow turns positive: not within 30 years

Monthly

Monthly breakdown

Rent	$1,975
Vacancy (6%)	−$118
Collected	$1,856
Property tax Public record	−$450
Insurance Estimate	−$111
Water, sewer, trash Estimate	−$85
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (7% of rent)	−$138
Capital reserve (7% of rent)	−$138
Net operating income	$874
Mortgage (principal + interest)	−$1,863
Cash flow	−$989
Principal paid down (equity, not cash)	$237

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$798,569

Your equity when you sell: $798,569
Rental profits, invested at 7%: $0

Same money in stocks$1,430,571

Cash to close, invested at 7%: $612,787
Monthly shortfalls, invested: $817,784

Stocks come out $632,002 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 $799K, stocks $1.43M. 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.

3 bed / 2 bath estimate $1,975/mo · range $1,450–$2,475

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
515 Cleveland Ave S, Saint Paul 55116 off market	$1,600	3 / 2	1,400	1.6 mi	2026-06-10	93%
283 Saratoga St S, Saint Paul 55105 off market	$2,400	3 / 2	2,100	2.0 mi	2025-09-27	93%
1883 Saint Clair Ave, Unit 2, Saint Paul 55105 off market	$1,850	3 / 1	1,172	2.0 mi	2026-05-24	84%
639 Cleveland Ave S, Saint Paul 55116 off market	$675	4 / 2	—	1.3 mi	2026-06-25	82%
5308 44th Ave S, Minneapolis 55417	$2,550	3 / 2	1,938	1.7 mi	2026-10-04	81%
1115 Elway St, Saint Paul 55116 off market	$1,925	2 / 2	1,175	1.4 mi	2026-01-13	81%
2160 State Hwy, 13 Unit 113 1st Fl Apartment, M… off market	$2,350	2 / 2	1,215	2.0 mi	2026-01-08	80%
2180 State Hwy, 13 Unit 201, Mendota Heights 55120 off market	$2,350	2 / 2	1,215	2.1 mi	2026-01-08	80%
5814 46th Ave S, Minneapolis 55417 off market	$1,500	3 / 2	1,500	1.7 mi	2026-03-10	80%
5812 46th Ave S, Minneapolis 55417 off market	$2,150	3 / 2	1,500	1.7 mi	2025-11-07	80%

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 one living unit. The lower apartment appears to be an unpermitted or unlicensed conversion, so legal rentability is unproven. Based on: data: county.living_units · AI review
mediumNo rental certificate (CofO) on file in the city's data. Ask whether the building is licensed as a rental and when it was last inspected. Public record: St. Paul Certificate of Occupancy – Residential: no record for 1791 MORGAN AVE (dataset last updated mid-2025)
mediumAsking is $185,867 above the price where cash flow breaks even ($164,133) at the default scenario. Based on: Derived: price $350,000 vs. break-even $164,133
mediumIncome history is short-term rental only. No long-term rents are stated, and St. Paul short-term rental rules may restrict it. Listing says: used as a successful short-term rental · AI review
mediumLast sold for $320K in 2023, now asking $350K. Little room for rent to justify the gap. Based on: data: county.last_sale_price · AI review
low$356 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 212823120022: special assessments (payable 2026) = $355.78
lowPrior deal fell through; the reason is financing, but ask whether an inspection or appraisal played a part. Listing says: The buyer lost their job one week before closing. · AI review

Opportunities

House-hack: live in one level and rent the other, if the lower unit is legal. Listing says: offering excellent flexibility for guests, multigenerational living, or potential supplemental income · AI review
No HOA fees or restrictions on a twin home. Listing says: NO HOA fees or restrictions · AI review
Lower unit already has its own kitchen and bath in photos, so conversion work appears done. Based on: photo 7 · AI review

Questions for the agent

Is the lower unit permitted and legal as a second dwelling? Is a St. Paul rental license possible?
What were the short-term rental income and occupancy history? Can you share platform statements and permits?
Are there separate meters, furnaces and water heaters for each level, or is it all one system?
What does 'updated mechanicals' mean, and what are the install dates?
What are the $356 special assessments for?
Why did the previous buyer's sale fall through, and did any inspection or appraisal issues come up?

Bottom line

A nice twin home, but priced as one, with an apartment whose legality is unproven; as an investment it loses about $990 a month at asking. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)	$5,402
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$1,335
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$85
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. "fully updated" in the description: -1 pts each	7% / 7%

Price history Realtor.com

On the market since 2026-06-11 (116 days); down $15,000 (4.1%) from the first ask of $365,000; last sold for $320,000 on 2023-08-31.

Date	Event	Price
2026-09-21	Listed	$350,000
2026-09-21	Removed	$350,000
2026-08-12	Price changed	$350,000
2026-07-28	Listed	$365,000
2026-07-28	Removed	$365,000
2026-06-25	Relisted	$365,000
2026-06-24	Removed	—
2026-06-11	Listed	$365,000
2023-08-31	Sold	$320,000
2023-06-22	Removed	—
2023-05-19	Listed	$370,000
2023-05-04	Removed	—
2023-04-17	Price changed	$370,000
2023-04-12	Listed	$399,900
2003-12-30	Sold public record	$195,000
1995-12-05	Sold public record	$104,000

County record Public record

Recorded as	twin home
Living units	1
Year built	1983
Market value (2026)	$311,600
Property tax, payable 2026	$5,402
Special assessments	$356
Homestead	no
Last sale	2023-08-31 · $320,000

Source: Ramsey County parcel records.

City rental certificate (CofO)

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

Nearest highway

MN 5, about 829 m away.

Crime in Highland Park

1,010 incidents in the last 12 months (39 per 1,000 residents), −14% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.