1875 Minnehaha Ave W
Fourplex · 4 units: 2 bed / 1 bath ×4 unit split estimated · 3,224 sq ft
Saint Paul, MN · Hamline – Midway · View the listing ↗
Photos courtesy of RE/MAX Results, via Realtor.com.
- Asking price
- $649,900 4 units · $162K per unit
- Monthly cash flow
- −$1,212 at 20% down, 7%
- Break-even price
- $422,190 where cash flow hits $0
First look
This is a 1959 stucco 4-plex of 2-beds, listed at $649,900 with no rents, no lease info and no expenses. Our numbers say it doesn't work at that price: about -$1,212 a month at 20% down and a 4.1% cap rate. Break-even is near $422K, so the ask is well above what these rents support. Taxes of $12,801 on a non-homestead bill plus $1,695 in assessments are a big drag. Before a showing, get the rent roll, lease dates, utility bills and the rental license status. The license shows Pending with an expiry in 2025, which needs an answer.
Things to consider
- Price is far above what the rents support At about $1,325 a month per unit, our model shows negative cash flow and a 4.1% cap rate. Debt at today's rates makes it worse.
- Heavy tax load The non-homestead tax bill and assessments take a large share of rent. Check the assessments are paid at closing.
- Rents and tenant status unknown St. Paul caps increases at 3% a year for sitting tenants, so below-market rents can't be quickly raised.
- Kitchens look dated Updating kitchens would help rents, but it adds cost to a deal that already doesn't pencil.From photo 6
- Updates claimed but undocumented A roof, windows and A/C are major items. Ask for dates, permits and invoices.Listing says: “Updates include roof, windows, A/C units.”
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
- doneRoof, windows and A/C units updatedListing says: Updates include roof, windows, A/C units.
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
- $649,900
- Cash to close
- $84,487
- Price per unit
- $162,475
- GRM
- 10.2
Each month
- Cash flow
- −$2,010/mo
- Cash-on-cash
- −28.5%
- Cap rate
- 4.1%
- DSCR
- 0.53×
Break-even
- Price that breaks even
- $343,053
- Rent that breaks even
- $7,910/mo
Long run
- Year 30: property vs stocks
- $1.52M vs $1.88M
- Cash flow turns positive
- year 23
The deal
- Price
- $649,900
- Cash to close
- $84,487
- Price per unit
- $162,475
- GRM
- 10.2
Each month
- Cash flow
- −$2,458/mo
- Cash-on-cash
- −34.9%
- Cap rate
- 3.3%
- DSCR
- 0.42×
Break-even
- Price that breaks even
- $274,600
- Rent that breaks even
- $8,887/mo
Long run
- Year 30: property vs stocks
- $1.48M vs $2.54M
- Cash flow turns positive
- not within 30 years
The deal
- Price
- $639,900
- Cash to close
- $83,187
- Price per unit
- $159,975
- GRM
- 10.1
Each month
- Cash flow
- −$1,944/mo
- Cash-on-cash
- −28.0%
- Cap rate
- 4.2%
- DSCR
- 0.54×
Break-even
- Price that breaks even
- $343,053
- Rent that breaks even
- $7,825/mo
Long run
- Year 30: property vs stocks
- $1.51M vs $1.81M
- Cash flow turns positive
- year 23
The deal
- Price
- $639,900
- Cash to close
- $83,187
- Price per unit
- $159,975
- GRM
- 10.1
Each month
- Cash flow
- −$2,393/mo
- Cash-on-cash
- −34.5%
- Cap rate
- 3.4%
- DSCR
- 0.43×
Break-even
- Price that breaks even
- $274,600
- Rent that breaks even
- $8,791/mo
Long run
- Year 30: property vs stocks
- $1.46M vs $2.46M
- Cash flow turns positive
- not within 30 years
The deal
- Price
- $649,900
- Cash to close
- $149,477
- Price per unit
- $162,475
- GRM
- 10.2
Each month
- Cash flow
- −$1,212/mo
- Cash-on-cash
- −9.7%
- Cap rate
- 4.1%
- DSCR
- 0.65×
Break-even
- Price that breaks even
- $422,190
- Rent that breaks even
- $6,874/mo
Long run
- Year 30: property vs stocks
- $1.60M vs $1.85M
- Cash flow turns positive
- year 19
The deal
- Price
- $649,900
- Cash to close
- $149,477
- Price per unit
- $162,475
- GRM
- 10.2
Each month
- Cash flow
- −$1,660/mo
- Cash-on-cash
- −13.3%
- Cap rate
- 3.3%
- DSCR
- 0.52×
Break-even
- Price that breaks even
- $337,946
- Rent that breaks even
- $7,722/mo
Long run
- Year 30: property vs stocks
- $1.48M vs $2.43M
- Cash flow turns positive
- year 29
The deal
- Price
- $639,900
- Cash to close
- $147,177
- Price per unit
- $159,975
- GRM
- 10.1
Each month
- Cash flow
- −$1,159/mo
- Cash-on-cash
- −9.4%
- Cap rate
- 4.2%
- DSCR
- 0.66×
Break-even
- Price that breaks even
- $422,190
- Rent that breaks even
- $6,805/mo
Long run
- Year 30: property vs stocks
- $1.59M vs $1.78M
- Cash flow turns positive
- year 18
The deal
- Price
- $639,900
- Cash to close
- $147,177
- Price per unit
- $159,975
- GRM
- 10.1
Each month
- Cash flow
- −$1,607/mo
- Cash-on-cash
- −13.1%
- Cap rate
- 3.4%
- DSCR
- 0.53×
Break-even
- Price that breaks even
- $337,946
- Rent that breaks even
- $7,645/mo
Long run
- Year 30: property vs stocks
- $1.46M vs $2.36M
- Cash flow turns positive
- year 28
The deal
- Price
- $649,900
- Cash to close
- $181,972
- Price per unit
- $162,475
- GRM
- 10.2
Each month
- Cash flow
- −$996/mo
- Cash-on-cash
- −6.6%
- Cap rate
- 4.1%
- DSCR
- 0.69×
Break-even
- Price that breaks even
- $450,336
- Rent that breaks even
- $6,593/mo
Long run
- Year 30: property vs stocks
- $1.65M vs $1.91M
- Cash flow turns positive
- year 16
The deal
- Price
- $649,900
- Cash to close
- $181,972
- Price per unit
- $162,475
- GRM
- 10.2
Each month
- Cash flow
- −$1,444/mo
- Cash-on-cash
- −9.5%
- Cap rate
- 3.3%
- DSCR
- 0.55×
Break-even
- Price that breaks even
- $360,476
- Rent that breaks even
- $7,407/mo
Long run
- Year 30: property vs stocks
- $1.49M vs $2.44M
- Cash flow turns positive
- year 26
The deal
- Price
- $639,900
- Cash to close
- $179,172
- Price per unit
- $159,975
- GRM
- 10.1
Each month
- Cash flow
- −$946/mo
- Cash-on-cash
- −6.3%
- Cap rate
- 4.2%
- DSCR
- 0.70×
Break-even
- Price that breaks even
- $450,336
- Rent that breaks even
- $6,528/mo
Long run
- Year 30: property vs stocks
- $1.65M vs $1.84M
- Cash flow turns positive
- year 15
The deal
- Price
- $639,900
- Cash to close
- $179,172
- Price per unit
- $159,975
- GRM
- 10.1
Each month
- Cash flow
- −$1,394/mo
- Cash-on-cash
- −9.3%
- Cap rate
- 3.4%
- DSCR
- 0.56×
Break-even
- Price that breaks even
- $360,476
- Rent that breaks even
- $7,334/mo
Long run
- Year 30: property vs stocks
- $1.48M vs $2.37M
- Cash flow turns positive
- year 25
Monthly
Monthly breakdown
| Rent | $5,300 |
| Vacancy (6%) | −$318 |
| Collected | $4,982 |
| Property tax Public record | −$1,067 |
| Insurance Estimate | −$367 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$477 |
| Capital reserve (8% of rent) | −$424 |
| Net operating income | $2,247 |
| Mortgage (principal + interest) | −$3,891 |
| PMI | −$366 |
| Cash flow | −$2,010 |
| Principal paid down (equity, not cash) | $495 |
| Rent | $5,300 |
| Vacancy (6%) | −$318 |
| Collected | $4,982 |
| Property tax Public record | −$1,067 |
| Insurance Estimate | −$367 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$477 |
| Capital reserve (8% of rent) | −$424 |
| Property management | −$448 |
| Net operating income | $1,799 |
| Mortgage (principal + interest) | −$3,891 |
| PMI | −$366 |
| Cash flow | −$2,458 |
| Principal paid down (equity, not cash) | $495 |
| Rent | $5,300 |
| Vacancy (6%) | −$318 |
| Collected | $4,982 |
| Property tax Public record | −$1,067 |
| Insurance Estimate | −$367 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$477 |
| Capital reserve (8% of rent) | −$424 |
| Net operating income | $2,247 |
| Mortgage (principal + interest) | −$3,832 |
| PMI | −$360 |
| Cash flow | −$1,944 |
| Principal paid down (equity, not cash) | $488 |
| Rent | $5,300 |
| Vacancy (6%) | −$318 |
| Collected | $4,982 |
| Property tax Public record | −$1,067 |
| Insurance Estimate | −$367 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$477 |
| Capital reserve (8% of rent) | −$424 |
| Property management | −$448 |
| Net operating income | $1,799 |
| Mortgage (principal + interest) | −$3,832 |
| PMI | −$360 |
| Cash flow | −$2,393 |
| Principal paid down (equity, not cash) | $488 |
| Rent | $5,300 |
| Vacancy (6%) | −$318 |
| Collected | $4,982 |
| Property tax Public record | −$1,067 |
| Insurance Estimate | −$367 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$477 |
| Capital reserve (8% of rent) | −$424 |
| Net operating income | $2,247 |
| Mortgage (principal + interest) | −$3,459 |
| Cash flow | −$1,212 |
| Principal paid down (equity, not cash) | $440 |
| Rent | $5,300 |
| Vacancy (6%) | −$318 |
| Collected | $4,982 |
| Property tax Public record | −$1,067 |
| Insurance Estimate | −$367 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$477 |
| Capital reserve (8% of rent) | −$424 |
| Property management | −$448 |
| Net operating income | $1,799 |
| Mortgage (principal + interest) | −$3,459 |
| Cash flow | −$1,660 |
| Principal paid down (equity, not cash) | $440 |
| Rent | $5,300 |
| Vacancy (6%) | −$318 |
| Collected | $4,982 |
| Property tax Public record | −$1,067 |
| Insurance Estimate | −$367 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$477 |
| Capital reserve (8% of rent) | −$424 |
| Net operating income | $2,247 |
| Mortgage (principal + interest) | −$3,406 |
| Cash flow | −$1,159 |
| Principal paid down (equity, not cash) | $433 |
| Rent | $5,300 |
| Vacancy (6%) | −$318 |
| Collected | $4,982 |
| Property tax Public record | −$1,067 |
| Insurance Estimate | −$367 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$477 |
| Capital reserve (8% of rent) | −$424 |
| Property management | −$448 |
| Net operating income | $1,799 |
| Mortgage (principal + interest) | −$3,406 |
| Cash flow | −$1,607 |
| Principal paid down (equity, not cash) | $433 |
| Rent | $5,300 |
| Vacancy (6%) | −$318 |
| Collected | $4,982 |
| Property tax Public record | −$1,067 |
| Insurance Estimate | −$367 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$477 |
| Capital reserve (8% of rent) | −$424 |
| Net operating income | $2,247 |
| Mortgage (principal + interest) | −$3,243 |
| Cash flow | −$996 |
| Principal paid down (equity, not cash) | $413 |
| Rent | $5,300 |
| Vacancy (6%) | −$318 |
| Collected | $4,982 |
| Property tax Public record | −$1,067 |
| Insurance Estimate | −$367 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$477 |
| Capital reserve (8% of rent) | −$424 |
| Property management | −$448 |
| Net operating income | $1,799 |
| Mortgage (principal + interest) | −$3,243 |
| Cash flow | −$1,444 |
| Principal paid down (equity, not cash) | $413 |
| Rent | $5,300 |
| Vacancy (6%) | −$318 |
| Collected | $4,982 |
| Property tax Public record | −$1,067 |
| Insurance Estimate | −$367 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$477 |
| Capital reserve (8% of rent) | −$424 |
| Net operating income | $2,247 |
| Mortgage (principal + interest) | −$3,193 |
| Cash flow | −$946 |
| Principal paid down (equity, not cash) | $406 |
| Rent | $5,300 |
| Vacancy (6%) | −$318 |
| Collected | $4,982 |
| Property tax Public record | −$1,067 |
| Insurance Estimate | −$367 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$477 |
| Capital reserve (8% of rent) | −$424 |
| Property management | −$448 |
| Net operating income | $1,799 |
| Mortgage (principal + interest) | −$3,193 |
| Cash flow | −$1,394 |
| Principal paid down (equity, not cash) | $406 |
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
- Your equity when you sell
- $1,482,829
- Rental profits, invested at 7%
- $41,925
Sells for $1,577,478 (value up 3% a year), minus 6% selling cost ($94,649). Rent paid down $584,910 of loan.
$36,239 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $643,137
- Monthly shortfalls, invested
- $1,239,646
$84,487 put into an index fund instead of the down payment and closing costs.
$260,902 you'd have paid in while the building lost money, invested instead.
Stocks come out $358,028 ahead after 30 years.
- Your equity when you sell
- $1,482,829
- Rental profits, invested at 7%
- $0
Sells for $1,577,478 (value up 3% a year), minus 6% selling cost ($94,649). Rent paid down $584,910 of loan.
$0 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $643,137
- Monthly shortfalls, invested
- $1,895,175
$84,487 put into an index fund instead of the down payment and closing costs.
$480,645 you'd have paid in while the building lost money, invested instead.
Stocks come out $1,055,483 ahead after 30 years.
- Your equity when you sell
- $1,460,013
- Rental profits, invested at 7%
- $49,297
Sells for $1,553,205 (value up 3% a year), minus 6% selling cost ($93,192). Rent paid down $575,910 of loan.
$41,987 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $633,241
- Monthly shortfalls, invested
- $1,177,405
$83,187 put into an index fund instead of the down payment and closing costs.
$244,824 you'd have paid in while the building lost money, invested instead.
Stocks come out $301,336 ahead after 30 years.
- Your equity when you sell
- $1,460,013
- Rental profits, invested at 7%
- $0
Sells for $1,553,205 (value up 3% a year), minus 6% selling cost ($93,192). Rent paid down $575,910 of loan.
$0 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $633,241
- Monthly shortfalls, invested
- $1,825,562
$83,187 put into an index fund instead of the down payment and closing costs.
$458,820 you'd have paid in while the building lost money, invested instead.
Stocks come out $998,790 ahead after 30 years.
- Your equity when you sell
- $1,482,829
- Rental profits, invested at 7%
- $114,408
Sells for $1,577,478 (value up 3% a year), minus 6% selling cost ($94,649). Rent paid down $519,920 of loan.
$88,210 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,137,857
- Monthly shortfalls, invested
- $708,902
$149,477 put into an index fund instead of the down payment and closing costs.
$139,669 you'd have paid in while the building lost money, invested instead.
Stocks come out $249,522 ahead after 30 years.
- Your equity when you sell
- $1,482,829
- Rental profits, invested at 7%
- $2,139
Sells for $1,577,478 (value up 3% a year), minus 6% selling cost ($94,649). Rent paid down $519,920 of loan.
$2,100 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,137,857
- Monthly shortfalls, invested
- $1,294,088
$149,477 put into an index fund instead of the down payment and closing costs.
$309,541 you'd have paid in while the building lost money, invested instead.
Stocks come out $946,976 ahead after 30 years.
- Your equity when you sell
- $1,460,013
- Rental profits, invested at 7%
- $127,134
Sells for $1,553,205 (value up 3% a year), minus 6% selling cost ($93,192). Rent paid down $511,920 of loan.
$96,452 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,120,349
- Monthly shortfalls, invested
- $661,297
$147,177 put into an index fund instead of the down payment and closing costs.
$128,751 you'd have paid in while the building lost money, invested instead.
Stocks come out $194,499 ahead after 30 years.
- Your equity when you sell
- $1,460,013
- Rental profits, invested at 7%
- $3,744
Sells for $1,553,205 (value up 3% a year), minus 6% selling cost ($93,192). Rent paid down $511,920 of loan.
$3,624 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,120,349
- Monthly shortfalls, invested
- $1,235,361
$147,177 put into an index fund instead of the down payment and closing costs.
$291,905 you'd have paid in while the building lost money, invested instead.
Stocks come out $891,953 ahead after 30 years.
- Your equity when you sell
- $1,482,829
- Rental profits, invested at 7%
- $171,486
Sells for $1,577,478 (value up 3% a year), minus 6% selling cost ($94,649). Rent paid down $487,425 of loan.
$123,899 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,385,217
- Monthly shortfalls, invested
- $520,922
$181,972 put into an index fund instead of the down payment and closing costs.
$97,530 you'd have paid in while the building lost money, invested instead.
Stocks come out $251,825 ahead after 30 years.
- Your equity when you sell
- $1,482,829
- Rental profits, invested at 7%
- $12,039
Sells for $1,577,478 (value up 3% a year), minus 6% selling cost ($94,649). Rent paid down $487,425 of loan.
$11,105 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,385,217
- Monthly shortfalls, invested
- $1,058,929
$181,972 put into an index fund instead of the down payment and closing costs.
$240,718 you'd have paid in while the building lost money, invested instead.
Stocks come out $949,278 ahead after 30 years.
- Your equity when you sell
- $1,460,013
- Rental profits, invested at 7%
- $186,909
Sells for $1,553,205 (value up 3% a year), minus 6% selling cost ($93,192). Rent paid down $479,925 of loan.
$133,017 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,363,903
- Monthly shortfalls, invested
- $479,784
$179,172 put into an index fund instead of the down payment and closing costs.
$88,685 you'd have paid in while the building lost money, invested instead.
Stocks come out $196,765 ahead after 30 years.
- Your equity when you sell
- $1,460,013
- Rental profits, invested at 7%
- $15,549
Sells for $1,553,205 (value up 3% a year), minus 6% selling cost ($93,192). Rent paid down $479,925 of loan.
$14,147 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,363,903
- Monthly shortfalls, invested
- $1,005,879
$179,172 put into an index fund instead of the down payment and closing costs.
$225,796 you'd have paid in while the building lost money, invested instead.
Stocks come out $894,220 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
Year 30 (loan paid off): property $1.52M, stocks $1.88M. Stocks win.
Year 30 (loan paid off): property $1.48M, stocks $2.54M. Stocks win.
Year 30 (loan paid off): property $1.51M, stocks $1.81M. Stocks win.
Year 30 (loan paid off): property $1.46M, stocks $2.46M. Stocks win.
Year 30 (loan paid off): property $1.60M, stocks $1.85M. Stocks win.
Year 30 (loan paid off): property $1.48M, stocks $2.43M. Stocks win.
Year 30 (loan paid off): property $1.59M, stocks $1.78M. Stocks win.
Year 30 (loan paid off): property $1.46M, stocks $2.36M. Stocks win.
Year 30 (loan paid off): property $1.65M, stocks $1.91M. Stocks win.
Year 30 (loan paid off): property $1.49M, stocks $2.44M. Stocks win.
Year 30 (loan paid off): property $1.65M, stocks $1.84M. Stocks win.
Year 30 (loan paid off): property $1.48M, stocks $2.37M. Stocks win.
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.
2 bed estimate $1,325/mo · range $1,275–$1,600 · 8 rentals within 0.75 mi
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 748 Tatum St, Saint Paul | $1,195 | 2 / 1 | 0.0 mi |
| 483 W Lynnhurst Ave Unit 18, Saint Paul | $1,249 | 2 / 1 | 0.5 mi |
| 1605 Minnehaha Ave W, Saint Paul | $1,325 | 2 / 1 | 0.5 mi |
| 441 Lynnhurst Ave W, Saint Paul | $1,289 | 2 / 1 | 0.6 mi |
| 613 Snelling Ave N, Saint Paul | $1,600 | 2 / 1 | 0.6 mi |
| 405 Fairview Ave N, Saint Paul | $1,055 | 2 / 1 | 0.7 mi |
| 508 Fry St, Saint Paul | $1,229 | 2 / 1 | 0.7 mi |
| 2285 University Ave W, Saint Paul | $1,720 | 2 / 1 | 0.7 mi |
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
- highNo rents, leases or expenses given, so income can't be verified. Listing says: Well maintained true 4plex with great curb appeal. · AI review
- medium$1,695 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 282923340177: special assessments (payable 2026) = $1,694.86
- mediumAsking is $227,710 above the price where cash flow breaks even ($422,190) at the default scenario. Based on: Derived: price $649,900 vs. break-even $422,190
- mediumRental license is Pending and the listed expiry date has passed. Confirm it is current and covers 4 units. Based on: data: city.rental_license · AI review
- mediumSeller paid $436K in 2005; the ask is about $214K above our break-even price. Based on: data: county.last_sale_price · AI review
- mediumProperty taxes are high at non-homestead rates, and they eat a large share of income. Based on: data: county.tax · AI review
Opportunities
- Coin laundry in the basement could bring in income if the machines are owned and working; confirm who owns them and what they earn. Based on: photo 7 · AI review
- Extra basement space looks usable for storage fees or a better laundry setup. Listing says: Clean dry basement with extra storage for each unit. · AI review
Questions for the agent
- Can you share the current rent roll, lease end dates and any month-to-month tenants?
- What are the trailing 12 months of expenses, including heat, water, trash and laundry income?
- What are the $1,695 in special assessments, and do they continue?
- Is the rental license current for 4 units? Why is it listed as Pending?
- How old are the roof, windows, boiler and water heater, and are there permits?
- Why is the seller selling, and is the price negotiable?
Bottom line
A tidy-looking 4-plex of 2-beds, but at $649,900 it loses over $1,200 a month on our numbers, so it only works at a much lower price. AI-assisted summary
What the records say
Where each number comes from
| Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead) | $12,801 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $4,406 |
| 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 | 9% / 8% |
Price history Realtor.com
On the market since 2026-09-29 (6 days); last sold for $438,000 on 2005-01-01.
| Date | Event | Price |
|---|---|---|
| Listed | $649,900 | |
| Removed | $659,900 | |
| Sold public record | $438,000 | |
| Sold public record | $410,000 | |
| Sold public record | $150,000 |
County record Public record
| Recorded as | apartments 4-6 rental units |
| Living units | 4 |
| Year built | 1959 |
| Market value (2026) | $610,300 |
| Property tax, payable 2026 | $12,801 |
| Special assessments | $1,695 |
| Homestead | no |
| Last sale | 2005-03-11 · $436,000 |
Source: Ramsey County parcel records.
City rental certificate (CofO)
Residential 3+ Units: 4 unit(s), A, status pending, renews 2025-09-16.
Nearest highway
I 94, about 1128 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.