Cash flows145 days on market
437 Wheeler St N, Saint Paul
Fourplex · 4 units: 2 bed / 1 bath ×3 and 1 bed / 1 bath unit split estimated · 3,563 sq ft · Union Park · View the listing ↗
Photos courtesy of Metzen Realty And Associates Co. - Broker, via Realtor.com.
+$612 monthly cash flow
After every cost, including reserves for vacancy and repairs, this fourplex puts about $612 a month in your pocket. That’s a 8.5% yearly return on the $86,250 you’d put in.
At $375,000, 20% down, 7.00% for 30 years, self-managed.
- Cash-on-cash return
- 8.5% Yearly cash flow ÷ cash in
- Cap rate
- 8.3% Return if you paid all cash
- Cash to close
- $86,250 Down payment + closing costs
- Break-even price
- $490,026 Most you can pay and still cash flow
Boardwalk’s take
AI-assisted · checked against public recordsCash flow looks fine on our estimates, but the listing is nearly blank, so nothing is proven until you see the rent roll and heating setup.
This is a four-unit building in Union Park with almost no detail in the description: no rents, no unit mix, no utilities, no repair notes. Our underwriting shows positive cash flow at the ask, and break-even is well above the price, but that rests on our rent estimates, not on actual rents. The photos show dated finishes, radiator heat, and a mix of tenant-occupied units, so get the rent roll, lease dates and heating setup before anything else. At 145 days on market there is room to negotiate. It is worth a showing only if the rent roll holds up and the rental license pending status clears.
Things to consider
- No actual rents given Our cash flow uses estimated rents. Real rents could be lower or higher, and St. Paul's 3% cap limits how fast sitting tenants' rents can rise.
- Heat is the biggest unknown expense Radiators in a 1900 building usually mean a boiler. If the owner pays heat, that cuts cash flow noticeably.From photo 3
- Taxes and assessments are heavy Taxes of $8,859 and $1,513 in special assessments reduce net income and may be one-time charges to settle at closing.
- Dated interiors mean capex and turnover costs Original-looking kitchens and baths will need money over time, and larger units take more wear.From photo 6
- Asking price is $375K after 119 days listed A seller who has sat on the market for 145 days may have some negotiating room.
The listing, and how its numbers compare
MLS #7074661What the seller says
Opportunity knocks with this spacious multi-family property in a convenient Saint Paul location. Whether you're looking to add to your investment portfolio or live in one unit while generating rental income from the others, this property offers plenty of flexibility. With over 3,500 finished square feet, generous room sizes, and a layout designed for comfortable living, there's no shortage of space here. The detached 3-car garage provides valuable off-street parking and storage, while the large lot offers additional outdoor space that's hard to find in the city.
Listing courtesy of Metzen Realty And Associates Co. - Broker (Travis Metzen).
The seller’s numbers vs. ours (yearly)
| Line | Seller | Boardwalk |
|---|---|---|
| Gross income | $504,000 | — |
| Property tax | $8,859 (2026) | — |
| Water and sewer | $1,300 | — |
| Heat (fuel) | $2,784 | — |
Seller’s figures as stated in the listing. Ours include vacancy and reserves, and update with your edits.
The building
- Type
- Four Plex
- Year built
- 1900
- Living area
- 3,563 sq ft
- Exterior
- Shakes
- Basement
- Egress Windows, Finished (Livable), Full
Systems and utilities
- Heating
- Hot Water · Natural Gas
- Water / sewer
- City Water · City Sewer
Parking and lot
- Garage
- 3 spaces
- Parking
- Detached Garage, Driveway - Concrete, Garage Door Opener
- Lot
- 0.12 acres · 40x128
- Zoning
- Residential-Multi-Family
Description and facts from Realtor.com. View on Realtor.com ↗
The model: change anything
Every input shows where it came from. Edit one and the whole page updates.
Each month
| Rent | $5,400 |
| Vacancy | −$324 |
| Property tax | −$738 |
| Insurance | −$412 |
| Water, sewer, trash | −$340 |
| Repairs and capital reserve | −$918 |
| Net operating income | $2,608 |
| Mortgage (principal + interest) | −$1,996 |
| Cash flow | $612 |
Detailed assumptions
30 years: this building vs. the same money in stocks
The building comes out $1.85M aheadYear 30 (loan paid off): this building $2,507,396, the same money in stocks $656,557.
Monthly cash flow, year 1 to year 30
See it as a line: this building vs. stocks, year by year
Rents +3% a year (St. Paul’s cap for sitting tenants), costs +3.5%, value +3%, stocks 7%, 6% to sell. Future dollars: at 3% inflation, divide year-30 figures by about 2.4 for today’s buying power. Red bars are months you’d cover out of pocket.
Rent estimate and comparable rentals
2 bed: $1,450/mo · range $1,250–$1,825 · 12 rentals within 0.5 mi · medium confidence
Median asking rent of nearby rentals with the same bedroom count (within 0.5 miles): for rent now or leased in the last 3 years (past rents brought to today at 3% a year), from Realtor.com rental listings. Range is the middle half of those rents. Asking rents, not signed leases. Adjustments: $25/unit (garage mentioned in the description). Rent rules: Capped at 3%/yr for sitting tenants.
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 405 Fairview Ave N, Saint Paul | $1,055 | 2 / 1 | 0.1 mi |
| 401 Fairview Ave N Unit 1, Saint Paul | $1,832asked $1,800 | 2 / 1 | 0.1 mi |
| 1845 University Ave W, Saint Paul | $1,675 | 2 / 2 | 0.2 mi |
| 412 Pierce St N, Saint Paul | $1,195 | 2 / 1 | 0.2 mi |
| 1765 Carroll Ave, Saint Paul | $1,395 | 2 / 1 | 0.2 mi |
| 483 W Lynnhurst Ave Unit 18, Saint Paul | $1,249 | 2 / 1 | 0.3 mi |
| 508 Fry St, Saint Paul | $1,229 | 2 / 1 | 0.3 mi |
| 441 Lynnhurst Ave W, Saint Paul | $1,289 | 2 / 1 | 0.3 mi |
| 1621 St Anthony Ave Apt 6, Saint Paul | $1,440 | 2 / 1 | 0.3 mi |
| 427 Snelling Ave N, Saint Paul | $2,070 | 2 / 2 | 0.4 mi |
Asking rents from Realtor.com listings, not signed leases.
1 bed: $1,050/mo · range $950–$1,150 · 12 rentals within 0.5 mi · medium confidence
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 467 Herschel St, Saint Paul | $999 | 1 / 1 | 0.1 mi |
| 478 Herschel St, Saint Paul | $840 | 1 / 1 | 0.1 mi |
| 468 Herschel St, Saint Paul | $949 | 1 / 1 | 0.1 mi |
| 451 Fairview Ave N, Saint Paul | $1,049 | 1 / 1 | 0.1 mi |
| 405 Fairview Ave N, Saint Paul | $920 | 1 / 1 | 0.1 mi |
| 400 Dewey St, Saint Paul | $1,100 | 1 / 1 | 0.2 mi |
| 1845 University Ave W, Saint Paul | $1,148 | 1 / 1 | 0.2 mi |
| 1693 Sherburne Ave, Saint Paul | $1,150 | 1 / 1 | 0.2 mi |
| 1905-07 Feronia Ave, Saint Paul | $1,000 | 1 / 1 | 0.2 mi |
| 1765 Carroll Ave, Saint Paul | $1,095 | 1 / 1 | 0.2 mi |
Asking rents from Realtor.com listings, not signed leases.
What the photos show
AI review of 10 listing photosPhotos can hide as much as they show; an inspection is the real answer.
Red flags and opportunities
Serious changes whether this is a good buy and keeps it out of our top picks. Check means ask before an offer. Minor is worth knowing. Each one shows its source.
Watch for
- check$1,513 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 332923420041: special assessments (payable 2026) = $1,513.32
- checkDescription gives no rents, lease terms, utilities or condition details for a 4-unit building Listing says: Whether you're looking to add to your investment portfolio or live in one unit while generating rental income from the others · AI review
- checkRental license shows Pending status; confirm it is current and covers four units Based on: data: city.rental_license · AI review
- checkBuilt 1900 with radiators visible; heating is likely a shared boiler, which could mean the owner pays heat Based on: photo 3 · AI review
- minorProperty sits about 264 m from I-94; noise may affect rentability Based on: data: highway.distance_m · AI review
Opportunities
- Long time on market: room to negotiate. Based on: Listing data: 119 days on market, 1 price cuts
- Large detached garage could be rented to tenants for extra income Listing says: The detached 3-car garage provides valuable off-street parking and storage · AI review
- Dated kitchens and baths leave room to add value between turnovers Based on: photo 4 · AI review
Questions for the agent
- Can I get the current rent roll with lease end dates and security deposits?
- Which units are occupied, and are any month-to-month?
- Is there one boiler or separate heat? Who pays heat, water and electric?
- What are the $1,513 special assessments for, and will the seller pay them at closing?
- Why is the rental license pending, and is it licensed for four units?
- What are the ages of the roof, boiler, water heater and electrical panels, and are there any fuses?
What the records say
Price history · Realtor.com
On the market since 2026-06-10 (145 days); last sold for $361,000 on 2019-06-26.
| Date | Event | Price |
|---|---|---|
| Removed | $375,000 | |
| Removed | $435,000 | |
| Relisted | $375,000 | |
| Removed | — | |
| Listed | $375,000 | |
| Sold | $361,000 | |
| Sold public record | $287,000 |
Permit history · City records
No permits on file since 2015-07.
St. Paul approved building permits; St. Paul's public permit file stops at June 2025. Only work done with a permit shows up, so ask about anything the listing says was updated that isn’t here.
County record · Ramsey County
| Recorded as | Apartments 4-6 rental units, 4 units |
| Year built | 1900 |
| Market value (2026) | $422,400 |
| Property tax, payable 2026 | $8,859 |
| Special assessments | $1,513 |
| Homestead | No |
| Last sale | 2019-06-26 · $361,000 |
| City rental certificate (cofo) | 4 units, A, pending, renews Jan 2028 |
| Nearest highway | I-94, about 0.3 km |
Crime in Union Park
1,597 incidents in the last 12 months (83 per 1,000 residents; 1.6× the city rate), −27% vs. the year before. St. Paul police incidents, excluding proactive visits and community events. Union Park's incident count includes the Midway retail corridor, which inflates the per-resident rate.
Location
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Educational analysis, not financial, legal or real estate advice. AI-assisted first read of the listing description and photos, checked against public records. Verify with the agent, leases and an inspection. Prepared 2026-11-02.