375 Erie St

Duplex · 2 units: mix unknown ×2 · 1,440 sq ft

Saint Paul, MN · West Seventh – Fort Road (West 7th, Irvine Park) · View the listing ↗

40 photos

Photos, via Realtor.com.

Needs more info before these numbers mean much. The county records 1 living unit (single family dwelling, platted lot), but this analysis counts 2. An extra unit may not be legal or licensed; confirm before counting its rent.

Asking price: $250,000
Monthly cash flow: −$79
Estimated rent: $2,550/mo
Break-even price: $235,141

Adjust the numbers See the full breakdown

From the listing

375 Erie Street offers a great opportunity for an owner-occupant or investor looking for a St. Paul duplex with immediate income potential. The property has been recently refreshed with new interior paint and features hardwood floors, original woodwork, spacious rooms, and plenty of character throughout. Both units offer functional layouts with good-sized living spaces, kitchens, and bedrooms, along with several of the details you expect to find in an older St. Paul home. The property is currently vacant, making it easy to show and giving a new owner flexibility at closing. Even better, the upper unit already has tenants scheduled to move in mid-October, allowing the buyer to step into a property that will begin producing rental income shortly after closing. This creates a particularly nice opportunity for an owner-occupant who wants to live in one unit while having rental income from the other, or an investor looking to get a head start on leasing.

Description from Realtor.com, MLS #7136357. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1885 house the county records as a single-family home, and the listing sells it as a duplex with no rents, no utility details and no repair notes. At $250K our numbers show about -$79/month cash flow and a 6.0% cap rate, and the break-even price is around $235K, so it only pencils below ask. The first thing to check is whether the second unit is legal: the county shows one living unit and the city has no rental license on file. The photos show a fresh-paint, original-wood house with a stone-walled basement, and the lower unit's separate kitchen is not clearly shown. Worth a showing only if the agent can document the second unit, and then only at a lower price.

Things to consider

Second unit may not be legal If it is a single-family house, the rent from the 'lower unit' may not be countable, and the licence could be costly or impossible to obtain.
Cash flow is negative at ask Our underwriting shows a loss each month at $250K with 20% down, so the price needs to come down or rents need to beat our estimates.
Rent estimates are ours, not the seller's No rents are stated, so income depends on our estimate of about $2,550 total, which needs checking against actual leases.
Old stone foundation and older systems An 1885 house with a stone basement and an older panel could need foundation, electrical or water-heater work soon.From photo 9
Special assessments and tax status Investor taxes are non-homestead, and the $216 assessment may recur or be due at closing.

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

doneFresh interior paintListing says: recently refreshed with new interior paint

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: $250,000
Cash to close: $57,500
Price per unit: $125,000
GRM: 8.2

Each month

Cash flow: −$79/mo
Cash-on-cash: −1.7%
Cap rate: 6.0%
DSCR: 0.94×

Break-even

Price that breaks even: $235,141
Rent that breaks even: $2,651/mo

Long run

Year 30: property vs stocks: $952K vs $449K
Cash flow turns positive: year 4

Monthly

Monthly breakdown

Rent	$2,550
Vacancy (6%)	−$153
Collected	$2,397
Property tax Public record	−$317
Insurance Our research	−$200
Water, sewer, trash Our research	−$160
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$204
Capital reserve (8% of rent)	−$204
Net operating income	$1,252
Mortgage (principal + interest)	−$1,331
Cash flow	−$79
Principal paid down (equity, not cash)	$169

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$952,094

Your equity when you sell: $570,407
Rental profits, invested at 7%: $381,687

Same money in stocks$448,846

Cash to close, invested at 7%: $437,705
Monthly shortfalls, invested: $11,141

The building comes out $503,248 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 $952K, stocks $449K. The property wins.

Red flags and opportunities

Watch for

highThe county records 1 living unit (single family dwelling, platted lot), but this analysis counts 2. An extra unit may not be legal or licensed; confirm before counting its rent. Public record: Ramsey County parcel 122823230012: living units=1, type=SINGLE FAMILY DWELLING, PLATTED LOT
highPrice is above what our numbers support; cash flow is negative at ask. Based on: data: underwriting.cash_flow_monthly · 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 375 ERIE ST (dataset last updated mid-2025)
mediumDescription says nothing about heat, utilities, roof, or systems, so operating costs can't be judged. Listing says: Both units offer functional layouts with good-sized living spaces, kitchens, and bedrooms · AI review
mediumListing leans on tenants who haven't moved in yet; no rent amount or lease is stated for the upper unit. Listing says: the upper unit already has tenants scheduled to move in mid-October · AI review
low$216 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 122823230012: special assessments (payable 2026) = $216.26
lowChanged hands in Nov 2024; the county record doesn't show a price. Ask what the seller paid and what changed since. Public record: Ramsey County parcel 122823230012: last sale 2024-11-15
lowSold for $220K in Nov 2024 — seller is asking $30K more 22 months later. Source: Our research notes

Opportunities

Owner-occupant could live in one unit and rent the other, if the second unit is legal. Listing says: an owner-occupant who wants to live in one unit while having rental income from the other · AI review
Break-even price is below ask, which gives room to negotiate. Based on: data: underwriting.break_even_price · AI review

Questions for the agent

Is the second unit legal, and is there a rental license or certificate of occupancy? The county lists one living unit.
What rent and lease terms has the incoming upper tenant signed?
What did the seller pay in Nov 2024, and what has changed since?
What are the $216 special assessments for, and will the seller pay them at closing?
Are there separate meters and separate heat for each unit? What is the heating system and its age?
How old are the roof, the electrical panel and the water heater?

Bottom line

Charming old house sold as a duplex, but the county shows one unit, rents are unstated, and the numbers are negative at $250K. AI-assisted summary

What the records say

Listing summary

Up/down, 1,440 sq ft, fresh paint, hardwoods, forced air, 200-amp service, roof 8 yrs or newer. Vacant now; upper has tenants lined up for mid-October. Tenants pay gas & electric.

Research notes

Lower 1-bed was advertised at $1,065 in 2024, so $1,050 is in line.
On-street parking only; small building, so the 3-bed upper is tight.

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead). Our earlier figure was $4,026.	$3,810
Insurance / yr Our researchour research. quote-based estimate	$2,400
Water, sewer, trash / mo Our researchour research	$160
Heat / mo Our researchour research	$0
Lawn care / mo Assumptionassumption. $120/mo for 6 months, spread over 12; no snow removal	$60
Repairs / capital reserve Our researchour research	8% / 8%

Price history Realtor.com

On the market since 2026-09-03 (32 days); last sold for $220,000 on 2025-01-21.

Date	Event	Price
2026-09-03	Listed	$250,000
2025-01-21	Sold public record	$220,000
2024-09-20	Sold public record	$220,000
2022-05-21	Removed	—
2021-12-07	Listed	$215,000
2021-09-11	Removed	$229,900
2021-07-07	Listed	$229,900
2021-01-07	Sold	$155,000
2020-12-07	Price changed	$174,950
2020-12-03	Relisted	$185,900
2020-11-26	Removed	$185,900
2020-11-12	Price changed	$185,900
2020-11-11	Relisted	$197,000
2020-11-06	Removed	$197,000
2020-10-28	Listed	$197,000

County record Public record

Recorded as	single family dwelling, platted lot
Living units	1
Year built	1885
Market value (2026)	$237,800
Property tax, payable 2026	$3,810
Special assessments	$216
Homestead	no
Last sale	2024-11-15

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

CH 37, about 302 m away.

Crime in West Seventh – Fort Road

635 incidents in the last 12 months (49 per 1,000 residents), +6% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.