2506 7th Ave E

Duplex · 2 units: 4 bed / 1.5 bath and 3 bed / 1.5 bath unit split estimated · 3,600 sq ft

North Saint Paul, MN · View the listing ↗

Overpriced

11 photos

Photos courtesy of Exp Realty - Broker, via Realtor.com.

Asking price: $525,000
Monthly cash flow: −$744
Estimated rent: $4,250/mo
Break-even price: $385,132

Adjust the numbers See the full breakdown

From the listing

Exceptional investment opportunity in the heart of North St. Paul's vibrant and increasingly sought-after "hipster" district. This well-maintained duplex at 2506 7th Ave E offers both strong cash flow and long-term upside, currently generating approximately $40,000 in annual gross income with both units occupied. Rich in character and local history, this unique property was originally built in 1888 and served as the city's first city hall and fire department, offering a rare opportunity to own a true piece of North St. Paul's heritage. The standout feature is the 2506 unit, offering approximately 2,400 finished square feet, including a fully finished third level dedicated to an expansive primary suite. This versatile space provides flexibility for a variety of uses-whether as a luxurious private retreat, home office, creative studio, or additional living area to suit tenant needs. Both units offer comfortable living spaces with solid rental appeal, making this an ideal option for investors or owner-occupants looking to offset their mortgage with rental income. Located within walking distance to local restaurants, coffee shops, grocery stores, and everyday conveniences, this property delivers a unique blend of character, history, and accessibility that continues to attract strong tenant demand. With some additional cosmetic improvements to the exterior, this property presents a true "diamond in the roughan excellent opportunity for an owner-occupant or contractor to build immediate equity while capitalizing on the strong rental income already in place. Whether you're looking to expand your portfolio or secure a property with both income and upside, this duplex offers a compelling combination of location, flexibility, and historic significance. Rental rates currently below market.

Listing courtesy of Exp Realty - Broker (Robert Snyder). Description from Realtor.com, MLS #7065827. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1888 former city hall and fire station converted to a duplex, asking $525K after 156 days on market. The listing claims about $40,000 a year gross, or roughly $3,333 a month, but gives no per-unit rents or lease terms. Our underwriting at the ask shows about -$744 a month and a 4.7% cap rate, with break-even near $385K, so the price is roughly $140K too high for these rents. The photos show a mix: one unit has updated granite kitchen and hardwoods, while another interior shot shows older finishes. Ask for the rent roll, leases and expenses first, and verify the unit count and rental license since we couldn't match a county parcel. Only worth a showing if the seller moves well toward the high $300Ks.

Things to consider

Price is well above what the numbers support At the ask the deal shows negative monthly cash flow and a 4.7% cap rate. Break-even is about $385K.
Income is unverified A $40K gross figure with no rent roll can't be underwritten. Get leases and bank deposits.Listing says: “currently generating approximately $40,000 in annual gross income with both units occupied”
Rents may be below market, but cap rules don't apply No rent cap means rents can rise at lease renewal if the market supports it. Our estimates are about $1,600-$2,650 per unit.
Unit differences and condition One unit looks updated while another looks dated, so rehab budgets and rents will differ by unit.From photo 7
Age and unusual history of the building An 1880s civic building may have structural, wiring and heating quirks. Get a full inspection.Listing says: “originally built in 1888 and served as the city's first city hall and fire department”
Unit count and taxes unverified No county parcel match means tax amount and legal unit count are unconfirmed.

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

neededExterior cosmetic improvementsListing says: With some additional cosmetic improvements to the exterior, this property presents a true "diamond in the rough

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: $525,000
Cash to close: $120,750
Price per unit: $262,500
GRM: 10.3

Each month

Cash flow: −$744/mo
Cash-on-cash: −7.4%
Cap rate: 4.7%
DSCR: 0.73×

Break-even

Price that breaks even: $385,132
Rent that breaks even: $5,217/mo

Long run

Year 30: property vs stocks: $1.44M vs $1.25M
Cash flow turns positive: year 13

Monthly

Monthly breakdown

Rent	$4,250
Vacancy (6%)	−$255
Collected	$3,995
Property tax Listing	−$745
Insurance Estimate	−$248
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$340
Capital reserve (9% of rent)	−$382
Net operating income	$2,050
Mortgage (principal + interest)	−$2,794
Cash flow	−$744
Principal paid down (equity, not cash)	$356

Cash flow each year

Rents +3%/yr, 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$1,441,512

Your equity when you sell: $1,197,854
Rental profits, invested at 7%: $243,658

Same money in stocks$1,254,308

Cash to close, invested at 7%: $919,180
Monthly shortfalls, invested: $335,129

The building comes out $187,204 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 $1.44M, stocks $1.25M. The property wins.

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.

4 bed / 1.5 bath estimate $2,650/mo · range $2,150–$3,150

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
1672 Manton St, Saint Paul 55106 off market	$1,720	3 / 1	—	2.6 mi	2026-06-10	78%
2584 2nd Ave E, North Saint Paul 55109 off market	$2,399	4 / 1.5	1,700	0.2 mi	2026-02-19	73%
1954-1956 Hazelwood St N, Maplewood 55109 off market	$1,895	3 / 1	1,700	2.1 mi	2025-07-16	72%
1786 Ide St, Maplewood 55109 off market	$2,750	4 / 2.5	2,826	2.5 mi	2026-08-19	72%
2654 Hazelwood St, Mahtomedi 55109 off market	$3,000	4 / 3	3,000	2.1 mi	2026-07-23	71%
6181 Upper 35th St N, Oakdale 55128	$1,775	3 / 1	1,250	1.0 mi	2026-02-05	71%
2443 Granada Ave N, Oakdale 55128	$3,290	4 / 2.5	2,582	2.1 mi	2026-10-05	71%
2481 19th Ave E, North Saint Paul 55109 off market	$2,950	4 / 1	1,760	0.9 mi	2026-08-15	70%
3746 Hamlet Ave N, Oakdale 55128 off market	$2,749	4 / 2	1,923	1.8 mi	2026-04-08	69%
1567 Legacy Pkwy E, Maplewood 55109 off market	$2,195	3 / 2.5	1,700	2.5 mi	2026-01-09	69%

3 bed / 1.5 bath estimate $1,600/mo · range $1,225–$2,000

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
1672 Manton St, Saint Paul 55106 off market	$1,720	3 / 1	—	2.6 mi	2026-06-10	88%
1954-1956 Hazelwood St N, Maplewood 55109 off market	$1,895	3 / 1	1,700	2.1 mi	2025-07-16	82%
6181 Upper 35th St N, Oakdale 55128	$1,775	3 / 1	1,250	1.0 mi	2026-02-05	81%
1567 Legacy Pkwy E, Maplewood 55109 off market	$2,195	3 / 2.5	1,700	2.5 mi	2026-01-09	79%
2637 Stillwater Rd E, Apt 2, Maplewood 55119 off market	$1,275	2 / 1	—	2.6 mi	2026-05-01	78%
1865 Magnolia Ave E, Apt 201, Saint Paul 55119	$995	2 / 1	—	2.9 mi	2026-10-05	78%
1851 Magnolia Ave E, Apt 104, Saint Paul 55119 off market	$1,095	2 / 1	—	2.9 mi	2026-09-30	78%
1865 Magnolia Ave E, Apt 301, Saint Paul 55119 off market	$1,115	2 / 1	—	2.9 mi	2026-05-06	78%
1865 Magnolia Ave E, Apt 306, Saint Paul 55119 off market	$1,115	2 / 1	—	2.9 mi	2026-05-12	78%
1876 Magnolia Ave E, Unit 1876-102, Saint Paul 55119 off market	$995	2 / 1	—	2.9 mi	2026-08-05	78%

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

highIncome claim is a single rounded total with no per-unit rents, leases or expense history. Listing says: currently generating approximately $40,000 in annual gross income with both units occupied · AI review
mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 2506 7TH AVE E
mediumOld, unusual converted civic building; structure, foundation, and systems age are unknown. Listing says: originally built in 1888 and served as the city's first city hall and fire department · AI review
mediumDescription is vague on updates, roof, heat and mechanicals. Based on: data: listing · AI review
lowHighway close by (MN 36, about 340 m) may mean noise. Based on: data: highway · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 156 days on market
Rents are said to be below market, so there may be room to raise them. Verify against comps. Listing says: Rental rates currently below market. · AI review
Seller invites an owner-occupant or contractor; exterior cosmetic work could add value. Listing says: an excellent opportunity for an owner-occupant or contractor to build immediate equity · AI review
156 days on market suggests negotiating room. Based on: data: listing.days_on_market · AI review

Questions for the agent

What are the actual rents per unit, lease end dates, and are any month-to-month?
Can you share the trailing-12 expenses, tax bill and utility costs, and who pays heat?
What are the beds and baths of each unit, and is the third-level primary suite legal bedroom space?
How old are the roof, boiler or furnace, water heaters and electrical panels?
Is there a North St. Paul rental license, and does it list two units?
Why has it sat 156 days, and have there been price cuts or offers?

Bottom line

Character building with real upside, but at $525K it loses money monthly and needs roughly $140K off to pencil. 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.	$8,942
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,970
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 1887: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-05-02 (156 days); down $74,900 (12.5%) from the first ask of $599,900; last sold for $270,000 on 2016-07-26.

Date	Event	Price
2026-07-24	Price changed	$525,000
2026-06-09	Price changed	$550,000
2026-05-02	Listed	$599,900
2016-07-26	Sold	$270,000
2016-06-14	Listed	$270,000
2012-08-10	Sold public record	$209,900
2009-08-31	Sold public record	$125,000
2009-01-19	Removed	$242,222
2008-01-21	Listed	$242,222
2001-05-08	Sold public record	$165,000

From the listing Listing

Listed as	duplex side x side
Property tax, 2025	$8,942
County	Ramsey
Parcel number	122922420082

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.

Crime, rental-license and vacant-building records are only available for St. Paul and Minneapolis so far. Check with North Saint Paul on rental licensing before you buy.

Nearest highway

MN 36, about 341 m away.