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23 Acker St W

Fourplex · 4 units: 1 bed / 1 bath ×4 unit split estimated · 2,808 sq ft

Saint Paul, MN · North End (South Como) · View the listing ↗

Cash flows
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Photos courtesy of BRIDGE REALTY, LLC., via Realtor.com.

Asking price
$364,500
4 units · $91K per unit
Monthly cash flow
$280
at 20% down, 7%
Estimated rent
$4,600/mo
medium confidence · 25 rentals within 1.5 mi
Break-even price
$417,108
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

The stated rents add up to $4,600 a month, but most of it is subsidized, and the seller paid $280K 18 months ago and now wants $364.5K. Our underwriting at ask shows about $280 a month in cash flow and a 7.3% cap rate, and it breaks even at roughly $417K, so the numbers hold only if the rent roll is real. Verify the rents against leases, the Section 8 and Housing Support contracts, and bank deposits. The owner pays gas, water and trash, and the grade C license has lapsed, so confirm the license and inspection history before anything else. It's worth a showing if the rent roll checks out, and use the 93 days on market to push the price down.

Things to consider

  1. Price jump since the April 2025 sale Asking is 30% above what the seller paid 18 months ago. Unless real work was done, the price may rest on the stated rent roll alone.
  2. Income is mostly subsidized Three of the four units are paid through Section 8 or Housing Support. Those payments are steady but depend on inspections, contracts and a current license.Listing says: “Unit #2 is an efficiency rented for $1,179 per month fully subsidized by Housing Support”
  3. Owner-paid gas, water and trash These costs come out of the $4,600 and can be large in a 1900 building with possibly central heating. Get the actual bills.Listing says: “Owner pays gas water and trash.”
  4. Grade C license, lapsed renewal and special assessments Expect repair orders, and the $1,370 assessment adds to carrying costs. Both could affect the price you offer.
  5. Upside from the low unit and the attic Unit 3 is well under market and could be re-rented at a higher rate after turnover. The attic could add space, but conversion costs and code limits are unknown.Listing says: “Unit #3 is a one bedroom rented for $750 per month with a long-term market tenant”

From the photos

Listing photo 1
1 of 7Check

Wood-shingle-style siding painted bright blue and a front porch with railing. Paint looks fairly fresh, but the porch base appears to have some rust staining or discoloration.

Listing photo 3
2 of 7Check

Kitchen has basic oak cabinets, laminate counters, a white electric range and newer-looking tile-style flooring. It's serviceable and rental-grade, not renovated.

Listing photo 8
3 of 7Plus

A second kitchen has white cabinets, a white electric range and dark plank vinyl flooring that appears recent. Baseboard heat and a floor vent are visible.

Listing photo 5
4 of 7Check

Window air conditioners show in several rooms, so there appears to be no central AC. Tenants likely supply their own.

Listing photo 6
5 of 7Concern

The bathroom shows an older sliding-door tub enclosure and a pedestal sink, while a different unit has a newer one-piece tub surround. Condition varies from unit to unit.

Listing photo 10
6 of 7Concern

The ceiling in the occupied unit shows cracks or stains, and the carpet looks worn. Check for past leaks and wear.

Listing photo 1
7 of 7Check

No photos of the boiler, furnace, electrical panel, roof detail, basement or attic, which are the biggest cost items here.

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

  • Unit 1: $1,565 (lease)Listing says: Unit #1 is a two bedroom rented for $1,565 per month
  • Unit 2: $1,179 (lease)Listing says: Unit #2 is an efficiency rented for $1,179 per month fully subsidized by Housing Support
  • Unit 3: $750 (lease)Listing says: Unit #3 is a one bedroom rented for $750 per month with a long-term market tenant
  • Unit 4: $1,272 (lease)Listing says: Unit #4 is a one bedroom rented for $1,272 per month fully subsidized by Section 8

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

Down payment %
Offer $
Management
Interest rate %
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
$364,500
Cash to close
$83,835
Price per unit
$91,125
GRM
6.6

Each month

Cash flow
$280/mo
Cash-on-cash
4.0%
Cap rate
7.3%
DSCR
1.14×

Break-even

Price that breaks even
$417,108
Rent that breaks even
$4,236/mo

Long run

Year 30: property vs stocks
$1.96M vs $638K
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$4,600
Vacancy (6%)−$276
Collected$4,324
Property tax Public record−$528
Insurance Estimate−$394
Water, sewer, trash Estimate−$340
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$368
Capital reserve (9% of rent)−$414
Net operating income$2,220
Mortgage (principal + interest)−$1,940
Cash flow$280
Principal paid down (equity, not cash)$247

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$1,964,085
Your equity when you sell
$831,653

Sells for $884,737 (value up 3% a year), minus 6% selling cost ($53,084). Rent paid down $291,600 of loan.

Rental profits, invested at 7%
$1,132,432

$504,811 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$638,173
Cash to close, invested at 7%
$638,173

$83,835 put into an index fund instead of the down payment and closing costs.

The building comes out $1,325,912 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 $1.96M, stocks $638K. 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.

1 bed estimate $1,150/mo · range $1,025–$1,525 · 25 rentals within 1.5 mi

AddressRentBd / BaSq ftDistanceListedType
850 Rice St, Saint Paul $1,099 1 / 1 655 0.3 mi 2025-01-03 Apartment
250 W Fuller Ave Unit 10, Saint Paul $895 1 / 1 — 0.9 mi — Apartment
101 10th St E, Saint Paul $1,622 1 / 1 649 0.9 mi 2025-05-17 Apartment
200 10th St E, Saint Paul $1,083 1 / 1 732 0.9 mi 2026-06-12 Apartment
375 Marion St, Saint Paul $815 1 / 1 570 1.0 mi 2025-03-26 Apartment
330 9th St E, Saint Paul $1,595 1 / 1 663 1.0 mi 2026-02-20 Apartment
133 E 7th St, Saint Paul $1,345 1 / 1 785 1.1 mi 2026-08-10 Apartment
20 Exchange St E, Saint Paul $956 1 / 1 486 1.1 mi 2025-12-23 Apartment
496 Front Ave Apt 3, Saint Paul $900 1 / 1 — 1.1 mi 2026-08-10 Apartment
401 Sibley St, Saint Paul $1,555 1 / 1 700 1.1 mi 2024-04-12 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

  • mediumFire-inspection grade C: more deficiencies than typical; expect more frequent inspections and repair orders. Public record: St. Paul Certificate of Occupancy – Residential: 23 ACKER ST W, grade/tier=C, status=Renewal Due
  • medium$1,370 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 302922340012: special assessments (payable 2026) = $1,370.50
  • mediumBought for $280,000 in Apr 2025; asking is 30% more 18 months later. Ask what was done to justify the jump. Public record: Ramsey County parcel 302922340012: last sale 2025-04-03, $280,000
  • mediumMost of the income is subsidized (Section 8 and Housing Support), so it depends on program contracts, inspections and tenants staying qualified. Listing says: Unit #4 is a one bedroom rented for $1,272 per month fully subsidized by Section 8 · AI review
  • mediumUnit 3 at $750 is far below our $1,150 estimate. A long-term tenant under St. Paul's 3% cap means slow catch-up. Listing says: Unit #3 is a one bedroom rented for $750 per month with a long-term market tenant · AI review
  • mediumThe owner pays gas for a 4-unit building with no heat type on record, which raises expenses. Confirm the number of boilers or furnaces and the annual gas bill. Listing says: Owner pays gas water and trash. · AI review
  • mediumThe rental license expired in June 2025 and shows Renewal Due, so it may be lapsed. Subsidy programs usually require a current license. Based on: data: city.rental_license · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 93 days on market
  • Finishing the attic could enlarge units or add a 5th unit. That needs permits, egress and a code check. Listing says: partially finished attic with plenty of ceiling height that provides an opportunity to expand existing units · AI review
  • Unit 3 is well under market, so a turnover could bring a big rent jump (the 3% cap applies only to sitting tenants). Based on: data: rent_estimate · AI review

Questions for the agent

  • Can I see the rent roll, leases and 12 months of bank deposits, plus the Section 8 and Housing Support contracts?
  • What is the annual gas, water and trash cost, and how many boilers or furnaces heat the building?
  • What are the $1,370 special assessments for, and does the seller pay them off at closing?
  • Is the rental license current, and what were the grade C deficiencies?
  • What work was done since the April 2025 purchase to justify the $84K higher ask?
  • Is the attic space permitted, and does it have egress and a legal path to a 5th unit?

Bottom line

Rents look decent on paper, but the price is 30% above what the seller paid 18 months ago and the income leans on subsidies, so verify everything and negotiate hard. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)$6,332
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$4,732
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. built 1900: +1 pt capital reserve8% / 9%

Price history Realtor.com

On the market since 2026-07-04 (93 days, relisted 1×); last sold for $280,000 on 2025-04-03.

DateEventPrice
Relisted$364,500
Removed$364,500
Sold$280,000
Listed$275,000
Sold$80,000
Listed$90,000
Sold public record$189,000
Sold public record$210,000

County record Public record

Recorded asapartments 4-6 rental units
Living units4
Year built1900
Market value (2026)$314,500
Property tax, payable 2026$6,332
Special assessments$1,370
Homesteadno
Last sale2025-04-03 · $280,000

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 3+ Units: 4 unit(s), C, status renewal due, renews 2025-06-05.

Nearest highway

I 35E;US 10, about 813 m away.

Crime in North End

1,359 incidents in the last 12 months (57 per 1,000 residents), +5% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.