346 Maria Ave

Duplex · 2 units: 3 bed / 1 bath ×2 unit split estimated · 2,253 sq ft

Saint Paul, MN · Dayton's Bluff · View the listing ↗

Cash flows

40 photos

Photos courtesy of BRIX Real Estate - Broker, via Realtor.com.

Asking price: $269,900
Monthly cash flow: $316
Estimated rent: $3,400/mo
Break-even price: $329,283

Adjust the numbers See the full breakdown

First look

This is a 2-unit, 6-bedroom up/down in Dayton's Bluff at $269,900, and our underwriting at asking shows about $316/month cash flow and a 7.8% cap rate on estimated rents of about $1,700 per unit. That's workable on paper, but the listing gives no actual rents, no lease status and no utility info, so the income is all our estimate. The seller paid $259,900 in April 2024 and wants about $10K more two and a half years later, so the 'remodeled' label deserves scrutiny. The photos show cosmetic updates over old bones: a stained ceiling in one room, a bare-bones kitchen, and old siding. Get rents, leases, the age of the roof and electrical, and what the special assessments are before a showing. It's worth a look if the rents are real, but verify before you offer.

Things to consider

Income is our estimate, not the seller's Cash flow of $316/month depends on rents of about $1,700 per unit. Actual rents could be lower, and St. Paul's 3% cap limits increases on sitting tenants.
'Remodeled' looks mostly cosmetic Granite and LVP don't tell you about roof, wiring, plumbing or the lower furnace. Deferred items could eat the cash flow.Listing says: “Remodeled Duplex features 3-bedrooms in each unit, hardwood and LVP Flooring, granite counters, updated cabinetry”
Possible water stain on a bedroom ceiling It could be an old roof or plumbing leak. Check the roof and the unit above or below.From photo 9
Taxes will rise for an investor The seller's homestead tax is lower than what an investor will pay. Our underwriting already uses an estimate, but confirm the real number.
Special assessments on the tax bill $572 a year may continue or be due at closing. It affects both price and cash flow.
Seller bought in 2024 for $259,900 With little gain at $269,900, there's not much equity cushion for the seller. Test your offer against our break-even of about $329K only after verifying real rents.

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

doneUpper-level furnace replacedListing says: Upper-level furnace replaced 2024.
doneRemodel: granite counters, updated cabinetry, LVP and hardwood flooringListing says: Remodeled Duplex features 3-bedrooms in each unit, hardwood and LVP Flooring, granite counters, updated cabinetry

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: $269,900
Cash to close: $62,077
Price per unit: $134,950
GRM: 6.6

Each month

Cash flow: $316/mo
Cash-on-cash: 6.1%
Cap rate: 7.8%
DSCR: 1.22×

Break-even

Price that breaks even: $329,283
Rent that breaks even: $2,990/mo

Long run

Year 30: property vs stocks: $1.63M vs $473K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$3,400
Vacancy (6%)	−$204
Collected	$3,196
Property tax Estimate	−$419
Insurance Estimate	−$217
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$272
Capital reserve (9% of rent)	−$306
Net operating income	$1,753
Mortgage (principal + interest)	−$1,437
Cash flow	$316
Principal paid down (equity, not cash)	$183

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$1,633,918

Your equity when you sell: $615,811
Rental profits, invested at 7%: $1,018,107

Same money in stocks$472,546

Cash to close, invested at 7%: $472,546

The building comes out $1,161,372 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 $1.63M, stocks $473K. 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.

3 bed estimate $1,700/mo · range $1,300–$1,775 · 7 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
283-289 Bates Ave, Saint Paul	$1,249	3 / 1	900	0.1 mi	2026-04-29	Apartment
880 Wilson Ave, Saint Paul	$1,425	3 / 1	—	0.4 mi	2026-07-21	Apartment
595 Minnehaha Ave E, Saint Paul	$1,155	3 / 1	830	0.5 mi	2025-01-03	Apartment
691 Bedford St Unit A, Saint Paul	$2,052	3 / 1	1,050	0.5 mi	2025-09-24	Apartment
586 Reaney Ave E Unit 586U2, Saint Paul	$1,614	3 / 1	1,100	0.6 mi	2023-06-04	Apartment
1056 3rd St E, Saint Paul	$1,695	3 / 1	925	0.8 mi	2026-08-20	Apartment
1056 3rd St E, Saint Paul	$1,695	3 / 1	925	0.8 mi	2026-09-17	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

mediumThe seller is homesteaded, so the current tax bill is lower than what an investor will pay. We use an estimated non-homestead tax instead. Public record: Ramsey County parcel 322922130096: homestead=Y
mediumLower-unit furnace age not given; only the upper was replaced. Lower furnace may be old. Listing says: Upper-level furnace replaced 2024. · AI review
mediumCeiling in a bedroom appears stained or peeling, which may mean a past or active leak. Based on: photo 9 · AI review
mediumNo rents, lease status or tenant info given, so income is unverified. Based on: data: rent_estimate · AI review
low$572 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 322922130096: special assessments (payable 2026) = $572.02
lowExterior paint and siding look worn and peeling; budget for paint or siding work. Based on: photo 1 · AI review
lowBuilt in 1900; wiring and plumbing age are not mentioned. Based on: data: listing.year_built · AI review

Opportunities

Estimated rents (~$1,700 per 3-bed) support positive cash flow at asking, if the units are in good condition. Based on: data: underwriting · AI review
Separate furnaces mean each tenant can likely pay their own heat, keeping owner expenses lower. Listing says: separate furnaces. Upper-level furnace replaced 2024. · AI review
Close to Metro State University and transit, which supports rental demand for 3-beds. Listing says: Steps away from Metro State University, Walking distance to Yoerg Brewing Company · AI review

Questions for the agent

What are the current rents, lease end dates and security deposits for each unit?
Who pays which utilities, and are heat and electric separately metered?
What are the $572 in special assessments for, and are they paid off at closing?
How old are the roof, lower furnace, water heaters and electrical panels?
What was the remodel scope and were permits pulled? What is the stain on the bedroom ceiling?
Is the St. Paul rental license in place for both units?

Bottom line

Numbers look decent at asking on estimated rents, but the remodel looks cosmetic and nothing about actual rents or systems is confirmed yet. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Estimateestimate. Seller is homesteaded; an investor pays the non-homestead rate. $239,600 market value × 2.10% (median for non-homestead duplexes/triplexes in the city).	$5,025
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,600
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 1900: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-10-05 (1 days); last sold for $259,000 on 2024-04-04.

Date	Event	Price
2026-10-05	Listed	$269,900
2026-06-28	Removed	$249,900
2024-04-04	Sold	$259,000
2018-06-11	Sold public record	$135,000
2003-02-21	Sold public record	$162,500
2000-09-13	Sold public record	$59,000
1996-04-23	Sold public record	$37,000

County record Public record

Recorded as	two family dwelling - up/dwn
Living units	2
Year built	1900
Market value (2026)	$239,600
Property tax, payable 2026	$3,988
Special assessments	$572
Homestead	yes
Last sale	2024-04-04 · $259,900

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

I 94;US 10, about 231 m away.

Crime in Dayton's Bluff

970 incidents in the last 12 months (52 per 1,000 residents), −6% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.