429 Mount Ida St
Fourplex · 4 units: 2 bed / 1 bath ×4 unit split estimated · 3,288 sq ft
Saint Paul, MN · Payne – Phalen (Railroad Island) · View the listing ↗
Photos courtesy of Keller Williams Premier Realty, via Realtor.com.
- Asking price
- $510,000 4 units · $128K per unit
- Monthly cash flow
- $242 at 20% down, 7%
- Break-even price
- $555,556 where cash flow hits $0
First look
This is a four-plex asking $510K that the seller bought for $505K in October 2023, so there's almost no gain in nearly three years. Our underwriting at asking shows about +$242/mo cash flow with a 7.0% cap rate, so it works at today's rates at asking, and our break-even price is about $556K. The listing gives no rents, but the Fannie/Freddie operating statement in the photos shows four units at roughly $1,350 each and gross income of about $62,900 a year. Treat that as the seller's paperwork until you see leases and bank deposits. The description mentions voucher-assisted tenants, a pending rental license and a C fire-inspection grade, so check those first. It's worth a showing only if the agent can produce a real rent roll and the numbers hold up.
Things to consider
- Cash flow is positive at asking Our underwriting shows +$242/mo at ask and a break-even near $556K. The cushion depends on our $1,450 rent estimates, which are above the seller's $1,350, so verify rents with leases.
- Seller's expense sheet looks light The $10.5K expense figure in the photos is low against $7.7K taxes alone, plus insurance, repairs and any owner-paid utilities. Rebuild expenses from actual bills.From photo 6
- Rent roll quality and voucher exposure Seller rents of about $1,350 are below our $1,450 estimate, and voucher payments come with inspection rules and slower rent changes. Verify with leases.Listing says: “a stabilized rent roll with a mix of self-pay and voucher-assisted income”
- Licensing and fire-inspection status A pending license and grade C can bring repair orders and cost. Open orders could delay closing or increase your budget.
- Upside plans are speculative Adding bedrooms depends on egress, permits and costs. Value it as a possibility only.Listing says: “add up to two bedrooms on each top floor”
- Special assessments add to costs $1,071 on the tax bill raises carrying costs unless it ends or the seller pays it at closing.
From the photos
Based on 6 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.
Condition and repairs
- doneNew roofListing says: New roof and new gutters in 2025.
- doneNew guttersListing says: New roof and new gutters in 2025.
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
- $510,000
- Cash to close
- $66,300
- Price per unit
- $127,500
- GRM
- 7.3
Each month
- Cash flow
- −$384/mo
- Cash-on-cash
- −6.9%
- Cap rate
- 7.0%
- DSCR
- 0.89×
Break-even
- Price that breaks even
- $451,420
- Rent that breaks even
- $6,305/mo
Long run
- Year 30: property vs stocks
- $2.16M vs $587K
- Cash flow turns positive
- year 5
The deal
- Price
- $510,000
- Cash to close
- $66,300
- Price per unit
- $127,500
- GRM
- 7.3
Each month
- Cash flow
- −$874/mo
- Cash-on-cash
- −15.8%
- Cap rate
- 5.8%
- DSCR
- 0.74×
Break-even
- Price that breaks even
- $376,510
- Rent that breaks even
- $7,095/mo
Long run
- Year 30: property vs stocks
- $1.60M vs $794K
- Cash flow turns positive
- year 10
The deal
- Price
- $500,000
- Cash to close
- $65,000
- Price per unit
- $125,000
- GRM
- 7.2
Each month
- Cash flow
- −$318/mo
- Cash-on-cash
- −5.9%
- Cap rate
- 7.1%
- DSCR
- 0.90×
Break-even
- Price that breaks even
- $451,420
- Rent that breaks even
- $6,219/mo
Long run
- Year 30: property vs stocks
- $2.19M vs $557K
- Cash flow turns positive
- year 5
The deal
- Price
- $500,000
- Cash to close
- $65,000
- Price per unit
- $125,000
- GRM
- 7.2
Each month
- Cash flow
- −$809/mo
- Cash-on-cash
- −14.9%
- Cap rate
- 5.9%
- DSCR
- 0.75×
Break-even
- Price that breaks even
- $376,510
- Rent that breaks even
- $6,998/mo
Long run
- Year 30: property vs stocks
- $1.62M vs $749K
- Cash flow turns positive
- year 9
The deal
- Price
- $510,000
- Cash to close
- $117,300
- Price per unit
- $127,500
- GRM
- 7.3
Each month
- Cash flow
- $242/mo
- Cash-on-cash
- 2.5%
- Cap rate
- 7.0%
- DSCR
- 1.09×
Break-even
- Price that breaks even
- $555,556
- Rent that breaks even
- $5,481/mo
Long run
- Year 30: property vs stocks
- $2.55M vs $893K
- Cash flow turns positive
- year 1
The deal
- Price
- $510,000
- Cash to close
- $117,300
- Price per unit
- $127,500
- GRM
- 7.3
Each month
- Cash flow
- −$248/mo
- Cash-on-cash
- −2.5%
- Cap rate
- 5.8%
- DSCR
- 0.91×
Break-even
- Price that breaks even
- $463,365
- Rent that breaks even
- $6,168/mo
Long run
- Year 30: property vs stocks
- $1.84M vs $940K
- Cash flow turns positive
- year 5
The deal
- Price
- $500,000
- Cash to close
- $115,000
- Price per unit
- $125,000
- GRM
- 7.2
Each month
- Cash flow
- $296/mo
- Cash-on-cash
- 3.1%
- Cap rate
- 7.1%
- DSCR
- 1.11×
Break-even
- Price that breaks even
- $555,556
- Rent that breaks even
- $5,411/mo
Long run
- Year 30: property vs stocks
- $2.59M vs $875K
- Cash flow turns positive
- year 1
The deal
- Price
- $500,000
- Cash to close
- $115,000
- Price per unit
- $125,000
- GRM
- 7.2
Each month
- Cash flow
- −$195/mo
- Cash-on-cash
- −2.0%
- Cap rate
- 5.9%
- DSCR
- 0.93×
Break-even
- Price that breaks even
- $463,365
- Rent that breaks even
- $6,089/mo
Long run
- Year 30: property vs stocks
- $1.86M vs $907K
- Cash flow turns positive
- year 4
The deal
- Price
- $510,000
- Cash to close
- $142,800
- Price per unit
- $127,500
- GRM
- 7.3
Each month
- Cash flow
- $412/mo
- Cash-on-cash
- 3.5%
- Cap rate
- 7.0%
- DSCR
- 1.16×
Break-even
- Price that breaks even
- $592,593
- Rent that breaks even
- $5,258/mo
Long run
- Year 30: property vs stocks
- $2.74M vs $1.09M
- Cash flow turns positive
- year 1
The deal
- Price
- $510,000
- Cash to close
- $142,800
- Price per unit
- $127,500
- GRM
- 7.3
Each month
- Cash flow
- −$79/mo
- Cash-on-cash
- −0.7%
- Cap rate
- 5.8%
- DSCR
- 0.97×
Break-even
- Price that breaks even
- $494,256
- Rent that breaks even
- $5,916/mo
Long run
- Year 30: property vs stocks
- $1.99M vs $1.09M
- Cash flow turns positive
- year 3
The deal
- Price
- $500,000
- Cash to close
- $140,000
- Price per unit
- $125,000
- GRM
- 7.2
Each month
- Cash flow
- $462/mo
- Cash-on-cash
- 4.0%
- Cap rate
- 7.1%
- DSCR
- 1.19×
Break-even
- Price that breaks even
- $592,593
- Rent that breaks even
- $5,192/mo
Long run
- Year 30: property vs stocks
- $2.78M vs $1.07M
- Cash flow turns positive
- year 1
The deal
- Price
- $500,000
- Cash to close
- $140,000
- Price per unit
- $125,000
- GRM
- 7.2
Each month
- Cash flow
- −$29/mo
- Cash-on-cash
- −0.2%
- Cap rate
- 5.9%
- DSCR
- 0.99×
Break-even
- Price that breaks even
- $494,256
- Rent that breaks even
- $5,842/mo
Long run
- Year 30: property vs stocks
- $2.02M vs $1.07M
- Cash flow turns positive
- year 2
Monthly
Monthly breakdown
| Rent | $5,800 |
| Vacancy (6%) | −$348 |
| Collected | $5,452 |
| Property tax Public record | −$646 |
| Insurance Estimate | −$405 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$522 |
| Capital reserve (9% of rent) | −$522 |
| Net operating income | $2,957 |
| Mortgage (principal + interest) | −$3,054 |
| PMI | −$287 |
| Cash flow | −$384 |
| Principal paid down (equity, not cash) | $389 |
| Rent | $5,800 |
| Vacancy (6%) | −$348 |
| Collected | $5,452 |
| Property tax Public record | −$646 |
| Insurance Estimate | −$405 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$522 |
| Capital reserve (9% of rent) | −$522 |
| Property management | −$491 |
| Net operating income | $2,466 |
| Mortgage (principal + interest) | −$3,054 |
| PMI | −$287 |
| Cash flow | −$874 |
| Principal paid down (equity, not cash) | $389 |
| Rent | $5,800 |
| Vacancy (6%) | −$348 |
| Collected | $5,452 |
| Property tax Public record | −$646 |
| Insurance Estimate | −$405 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$522 |
| Capital reserve (9% of rent) | −$522 |
| Net operating income | $2,957 |
| Mortgage (principal + interest) | −$2,994 |
| PMI | −$281 |
| Cash flow | −$318 |
| Principal paid down (equity, not cash) | $381 |
| Rent | $5,800 |
| Vacancy (6%) | −$348 |
| Collected | $5,452 |
| Property tax Public record | −$646 |
| Insurance Estimate | −$405 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$522 |
| Capital reserve (9% of rent) | −$522 |
| Property management | −$491 |
| Net operating income | $2,466 |
| Mortgage (principal + interest) | −$2,994 |
| PMI | −$281 |
| Cash flow | −$809 |
| Principal paid down (equity, not cash) | $381 |
| Rent | $5,800 |
| Vacancy (6%) | −$348 |
| Collected | $5,452 |
| Property tax Public record | −$646 |
| Insurance Estimate | −$405 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$522 |
| Capital reserve (9% of rent) | −$522 |
| Net operating income | $2,957 |
| Mortgage (principal + interest) | −$2,714 |
| Cash flow | $242 |
| Principal paid down (equity, not cash) | $345 |
| Rent | $5,800 |
| Vacancy (6%) | −$348 |
| Collected | $5,452 |
| Property tax Public record | −$646 |
| Insurance Estimate | −$405 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$522 |
| Capital reserve (9% of rent) | −$522 |
| Property management | −$491 |
| Net operating income | $2,466 |
| Mortgage (principal + interest) | −$2,714 |
| Cash flow | −$248 |
| Principal paid down (equity, not cash) | $345 |
| Rent | $5,800 |
| Vacancy (6%) | −$348 |
| Collected | $5,452 |
| Property tax Public record | −$646 |
| Insurance Estimate | −$405 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$522 |
| Capital reserve (9% of rent) | −$522 |
| Net operating income | $2,957 |
| Mortgage (principal + interest) | −$2,661 |
| Cash flow | $296 |
| Principal paid down (equity, not cash) | $339 |
| Rent | $5,800 |
| Vacancy (6%) | −$348 |
| Collected | $5,452 |
| Property tax Public record | −$646 |
| Insurance Estimate | −$405 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$522 |
| Capital reserve (9% of rent) | −$522 |
| Property management | −$491 |
| Net operating income | $2,466 |
| Mortgage (principal + interest) | −$2,661 |
| Cash flow | −$195 |
| Principal paid down (equity, not cash) | $339 |
| Rent | $5,800 |
| Vacancy (6%) | −$348 |
| Collected | $5,452 |
| Property tax Public record | −$646 |
| Insurance Estimate | −$405 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$522 |
| Capital reserve (9% of rent) | −$522 |
| Net operating income | $2,957 |
| Mortgage (principal + interest) | −$2,545 |
| Cash flow | $412 |
| Principal paid down (equity, not cash) | $324 |
| Rent | $5,800 |
| Vacancy (6%) | −$348 |
| Collected | $5,452 |
| Property tax Public record | −$646 |
| Insurance Estimate | −$405 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$522 |
| Capital reserve (9% of rent) | −$522 |
| Property management | −$491 |
| Net operating income | $2,466 |
| Mortgage (principal + interest) | −$2,545 |
| Cash flow | −$79 |
| Principal paid down (equity, not cash) | $324 |
| Rent | $5,800 |
| Vacancy (6%) | −$348 |
| Collected | $5,452 |
| Property tax Public record | −$646 |
| Insurance Estimate | −$405 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$522 |
| Capital reserve (9% of rent) | −$522 |
| Net operating income | $2,957 |
| Mortgage (principal + interest) | −$2,495 |
| Cash flow | $462 |
| Principal paid down (equity, not cash) | $317 |
| Rent | $5,800 |
| Vacancy (6%) | −$348 |
| Collected | $5,452 |
| Property tax Public record | −$646 |
| Insurance Estimate | −$405 |
| Water, sewer, trash Estimate | −$340 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (9% of rent) | −$522 |
| Capital reserve (9% of rent) | −$522 |
| Property management | −$491 |
| Net operating income | $2,466 |
| Mortgage (principal + interest) | −$2,495 |
| Cash flow | −$29 |
| Principal paid down (equity, not cash) | $317 |
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
- $1,163,630
- Rental profits, invested at 7%
- $997,987
Sells for $1,237,904 (value up 3% a year), minus 6% selling cost ($74,274). Rent paid down $459,000 of loan.
$516,967 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $504,693
- Monthly shortfalls, invested
- $82,425
$66,300 put into an index fund instead of the down payment and closing costs.
$12,448 you'd have paid in while the building lost money, invested instead.
The building comes out $1,574,499 ahead after 30 years.
- Your equity when you sell
- $1,163,630
- Rental profits, invested at 7%
- $441,256
Sells for $1,237,904 (value up 3% a year), minus 6% selling cost ($74,274). Rent paid down $459,000 of loan.
$270,952 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $504,693
- Monthly shortfalls, invested
- $288,946
$66,300 put into an index fund instead of the down payment and closing costs.
$46,564 you'd have paid in while the building lost money, invested instead.
The building comes out $811,247 ahead after 30 years.
- Your equity when you sell
- $1,140,813
- Rental profits, invested at 7%
- $1,047,332
Sells for $1,213,631 (value up 3% a year), minus 6% selling cost ($72,818). Rent paid down $450,000 of loan.
$535,649 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $494,797
- Monthly shortfalls, invested
- $62,158
$65,000 put into an index fund instead of the down payment and closing costs.
$9,304 you'd have paid in while the building lost money, invested instead.
The building comes out $1,631,192 ahead after 30 years.
- Your equity when you sell
- $1,140,813
- Rental profits, invested at 7%
- $476,358
Sells for $1,213,631 (value up 3% a year), minus 6% selling cost ($72,818). Rent paid down $450,000 of loan.
$286,733 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $494,797
- Monthly shortfalls, invested
- $254,435
$65,000 put into an index fund instead of the down payment and closing costs.
$40,520 you'd have paid in while the building lost money, invested instead.
The building comes out $867,940 ahead after 30 years.
- Your equity when you sell
- $1,163,630
- Rental profits, invested at 7%
- $1,388,935
Sells for $1,237,904 (value up 3% a year), minus 6% selling cost ($74,274). Rent paid down $408,000 of loan.
$640,439 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $892,918
$117,300 put into an index fund instead of the down payment and closing costs.
The building comes out $1,659,647 ahead after 30 years.
- Your equity when you sell
- $1,163,630
- Rental profits, invested at 7%
- $672,757
Sells for $1,237,904 (value up 3% a year), minus 6% selling cost ($74,274). Rent paid down $408,000 of loan.
$367,332 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $892,918
- Monthly shortfalls, invested
- $47,073
$117,300 put into an index fund instead of the down payment and closing costs.
$7,025 you'd have paid in while the building lost money, invested instead.
The building comes out $896,396 ahead after 30 years.
- Your equity when you sell
- $1,140,813
- Rental profits, invested at 7%
- $1,449,267
Sells for $1,213,631 (value up 3% a year), minus 6% selling cost ($72,818). Rent paid down $400,000 of loan.
$659,600 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $875,409
$115,000 put into an index fund instead of the down payment and closing costs.
The building comes out $1,714,671 ahead after 30 years.
- Your equity when you sell
- $1,140,813
- Rental profits, invested at 7%
- $717,352
Sells for $1,213,631 (value up 3% a year), minus 6% selling cost ($72,818). Rent paid down $400,000 of loan.
$384,064 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $875,409
- Monthly shortfalls, invested
- $31,337
$115,000 put into an index fund instead of the down payment and closing costs.
$4,596 you'd have paid in while the building lost money, invested instead.
The building comes out $951,419 ahead after 30 years.
- Your equity when you sell
- $1,163,630
- Rental profits, invested at 7%
- $1,581,241
Sells for $1,237,904 (value up 3% a year), minus 6% selling cost ($74,274). Rent paid down $382,500 of loan.
$701,514 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,087,030
$142,800 put into an index fund instead of the down payment and closing costs.
The building comes out $1,657,841 ahead after 30 years.
- Your equity when you sell
- $1,163,630
- Rental profits, invested at 7%
- $825,640
Sells for $1,237,904 (value up 3% a year), minus 6% selling cost ($74,274). Rent paid down $382,500 of loan.
$422,467 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,087,030
- Monthly shortfalls, invested
- $7,650
$142,800 put into an index fund instead of the down payment and closing costs.
$1,085 you'd have paid in while the building lost money, invested instead.
The building comes out $894,589 ahead after 30 years.
- Your equity when you sell
- $1,140,813
- Rental profits, invested at 7%
- $1,637,802
Sells for $1,213,631 (value up 3% a year), minus 6% selling cost ($72,818). Rent paid down $375,000 of loan.
$719,477 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,065,716
$140,000 put into an index fund instead of the down payment and closing costs.
The building comes out $1,712,899 ahead after 30 years.
- Your equity when you sell
- $1,140,813
- Rental profits, invested at 7%
- $876,997
Sells for $1,213,631 (value up 3% a year), minus 6% selling cost ($72,818). Rent paid down $375,000 of loan.
$439,689 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,065,716
- Monthly shortfalls, invested
- $2,447
$140,000 put into an index fund instead of the down payment and closing costs.
$344 you'd have paid in while the building lost money, invested instead.
The building comes out $949,647 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 $2.16M, stocks $587K. The property wins.
Year 30 (loan paid off): property $1.60M, stocks $794K. The property wins.
Year 30 (loan paid off): property $2.19M, stocks $557K. The property wins.
Year 30 (loan paid off): property $1.62M, stocks $749K. The property wins.
Year 30 (loan paid off): property $2.55M, stocks $893K. The property wins.
Year 30 (loan paid off): property $1.84M, stocks $940K. The property wins.
Year 30 (loan paid off): property $2.59M, stocks $875K. The property wins.
Year 30 (loan paid off): property $1.86M, stocks $907K. The property wins.
Year 30 (loan paid off): property $2.74M, stocks $1.09M. The property wins.
Year 30 (loan paid off): property $1.99M, stocks $1.09M. The property wins.
Year 30 (loan paid off): property $2.78M, stocks $1.07M. The property wins.
Year 30 (loan paid off): property $2.02M, stocks $1.07M. 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.
2 bed estimate $1,450/mo · range $1,025–$1,525 · 6 rentals within 0.75 mi
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 468 Beaumont St E Unit 4, Saint Paul | $1,350 | 2 / 1 | 0.1 mi |
| 685 Burr St, Saint Paul | $1,450 | 2 / 1 | 0.1 mi |
| 665 Bedford St Unit 2, Saint Paul | $1,400 | 2 / 1 | 0.2 mi |
| 904-906 Burr St, Saint Paul | $999 | 2 / 1 | 0.4 mi |
| 953 Desoto St, Saint Paul | $950 | 2 / 1 | 0.5 mi |
| 1039-1041 Arkwright St, Saint Paul | $1,445 | 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
- highRental license shows as pending and the listed expiry date has passed. Confirm the building is legally licensed as four units. Based on: data: city.rental_license · AI review
- highLast sale was $505K in 2023 and the ask is $510K. The county market value is only $369K, so the price rests on rents and upside, not on value. Based on: data: county.market_value · AI review
- mediumFire-inspection grade C: more deficiencies than typical; expect more frequent inspections and repair orders. Public record: St. Paul Certificate of Occupancy – Residential: 429 MOUNT IDA ST, grade/tier=C, status=Pending
- medium$1,071 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 322922220019: special assessments (payable 2026) = $1,071.04
- mediumVoucher-assisted tenants add inspection requirements and paperwork. Rent-increase timing is also limited by the program and by the 3% cap. Listing says: a mix of self-pay and voucher-assisted income · AI review
- mediumStucco and an 1890 build suggest older systems. The listing says nothing about the boiler or furnace, the wiring or the plumbing. Based on: data: listing.year_built · AI review
- mediumThe upside plan (below-grade bedroom, extra top-floor bedrooms) depends on egress and permits that aren't confirmed. Don't price it in. Listing says: buyer to verify egress and permitting with the City of Saint Paul · AI review
Opportunities
- The second-floor unit opens October 1, so a buyer could live there and have the other three units cover costs. Owner-occupant financing might be available. Listing says: 431 Mount Ida, second floor, opens October 1 · AI review
- Storage rentals in the basement could add small income if the space is dry and legal to rent. Listing says: build out rentable storage in the basement · AI review
- A new roof lowers the near-term big-ticket risk. Listing says: New roof and new gutters in 2025. · AI review
Questions for the agent
- Can I see the current rent roll, leases and 12 months of expenses? Which tenants are on vouchers and what are their rents?
- What is the status of the rental license, and what are the C-grade fire-inspection deficiencies? Are any orders still open?
- What are the $1,071 in special assessments for, and does the seller pay them at closing?
- Who pays for heat, water, and electricity, how many boilers or furnaces are there, and how old are they?
- Why is the second floor vacant on October 1, and what was the prior rent?
- Is the seller open to a price cut given the 2023 purchase at $505K?
Bottom line
A tidy-looking four-plex with a new roof, and $510K is full price for a building the seller bought at $505K in 2023, but cash flow is positive at ask. AI-assisted summary
What the records say
Where each number comes from
| Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead) | $7,749 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $4,864 |
| 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 1890: +1 pt capital reserve; 8 bedrooms: +1 pt repairs for wear | 9% / 9% |
Price history Realtor.com
On the market since 2026-09-04 (31 days); last sold for $505,000 on 2023-10-17.
| Date | Event | Price |
|---|---|---|
| Listed | $510,000 | |
| Sold | $505,000 | |
| Sold | $168,000 | |
| Listed | $180,000 |
County record Public record
| Recorded as | apartments 4-6 rental units |
| Living units | 4 |
| Year built | 1890 |
| Market value (2026) | $369,400 |
| Property tax, payable 2026 | $7,749 |
| Special assessments | $1,071 |
| Homestead | no |
| Last sale | 2023-10-17 · $505,000 |
Source: Ramsey County parcel records.
City rental certificate (CofO)
Residential 3+ Units: 4 unit(s), C, status pending, renews 2025-10-06.
Nearest highway
I 35E;US 10, about 617 m away.
Crime in Payne – Phalen
1,695 incidents in the last 12 months (51 per 1,000 residents), −10% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.