446 Virginia St

Duplex · 2 units: 3 bed / 1 bath ×2 unit split estimated · 2,610 sq ft

Saint Paul, MN · Summit – University (Rondo, Cathedral Hill) · View the listing ↗

50 photos

Photos courtesy of RE/MAX Results, via Realtor.com.

Asking price: $350,000
Monthly cash flow: −$309
Estimated rent: $3,550/mo
Break-even price: $291,953

Adjust the numbers See the full breakdown

From the listing

Ready to move in and/or rent out. Historic character with high ceilings and hardwood flooring. Spacious kitchens and main levels. Three bedrooms and a bathroom on one level in each unit. Fun potential in the unfinished third level. Some newer windows and carpet. Separate lower levels with their own laundry hookups. Fully separate utilities. Each unit has their own front porch, and a shared back deck that could be separated by a partition. Transportation and the light rail nearby. Easy access to freeways and downtown St. Paul. New boiler and brand new roof.

Listing courtesy of RE/MAX Results (Kerby & Cristina Real Estate Experts). Description from Realtor.com, MLS #7124151. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a side-by-side two-family with three bedrooms per unit, a new boiler and a brand new roof, which is a good start. But at $350,000 our underwriting shows about -$309 a month and a 5.3% cap rate, and the break-even price is about $291,953. That gap is meaningful, so the price is the problem, not the building. The listing gives no rents, no lease status and no tax or utility costs. The rental license on file expired in 2024 and shows 'Renewal Due', so check that first. Worth a showing only if the seller will come down; otherwise it doesn't work at today's rates.

Things to consider

Price is well above the numbers Underwriting shows negative cash flow at the ask and a lower break-even price. Any offer needs to close much of that gap.
Rent growth is capped St. Paul limits increases to 3% a year for sitting tenants, so a low-rent tenant cannot be raised quickly to market.
Heavy property tax The non-homestead bill plus special assessments takes a big share of rent, which drags cash flow.
Big recent systems are claimed A new roof and boiler lower near-term capex risk, if they are permitted and documented.Listing says: “New boiler and brand new roof.”
Separate utilities help expenses If tenants pay their own, the owner's costs stay lower and more predictable.Listing says: “Fully separate utilities.”
Interior photos skip key areas Kitchens, baths and mechanicals drive rehab cost and none are shown, so inspect before relying on 'ready to move in'.From photo 10

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

doneBrand new roofListing says: New boiler and brand new roof.
doneNew boilerListing says: New boiler and brand new roof.
doneSome newer windows and carpetListing says: Some newer windows and carpet.
neededUnfinished third level needs work to be usableListing says: Fun potential in the unfinished third level.

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: $350,000
Cash to close: $80,500
Price per unit: $175,000
GRM: 8.2

Each month

Cash flow: −$309/mo
Cash-on-cash: −4.6%
Cap rate: 5.3%
DSCR: 0.83×

Break-even

Price that breaks even: $291,953
Rent that breaks even: $3,951/mo

Long run

Year 30: property vs stocks: $1.09M vs $708K
Cash flow turns positive: year 9

Monthly

Monthly breakdown

Rent	$3,550
Vacancy (6%)	−$213
Collected	$3,337
Property tax Public record	−$725
Insurance Estimate	−$225
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$284
Capital reserve (9% of rent)	−$320
Net operating income	$1,554
Mortgage (principal + interest)	−$1,863
Cash flow	−$309
Principal paid down (equity, not cash)	$237

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$1,090,670

Your equity when you sell: $798,569
Rental profits, invested at 7%: $292,100

Same money in stocks$708,026

Cash to close, invested at 7%: $612,787
Monthly shortfalls, invested: $95,239

The building comes out $382,644 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 $1.09M, stocks $708K. 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 $1,775/mo · range $1,600–$2,075 · 8 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
653 Galtier St, Saint Paul	$1,750	3 / 1.5	1,520	0.5 mi	2025-08-06	Apartment
690 Virginia St, Saint Paul	$1,500	3 / 1	1,620	0.5 mi	2023-03-24	Apartment
555-565 N Kent St, Saint Paul	$1,435	3 / 1	875	0.5 mi	2026-04-29	Apartment
610 N Capitol Blvd Unit 3, Saint Paul	$1,650	3 / 1	1,600	0.7 mi	—	Apartment
764 Capitol Hts Unit 2, Saint Paul	$1,800	3 / 1	840	0.8 mi	2026-04-24	Apartment
865/867 Hague Ave, Saint Paul	$1,625	3 / 1	1,300	1.2 mi	2026-06-16	Apartment
987 Dayton Ave, Saint Paul	$2,050	3 / 1	2,000	1.4 mi	2026-08-26	Apartment
989 Dayton Ave, Saint Paul	$2,050	3 / 1	2,000	1.4 mi	—	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

highAsking price is far above what the rents support, about $94K over our break-even. Based on: data: underwriting.break_even_price · AI review
mediumRental license shows expired 2024 and 'Renewal Due'. Confirm it is current and the building is licensed for 2 units. Based on: data: city.rental_license · AI review
mediumListing gives no rents, lease status or occupancy. Income is unverified. Listing says: Ready to move in and/or rent out. · AI review
mediumTax is billed at the non-homestead rate, which is about $8,700 a year and a heavy expense against these rents. Based on: data: county.tax · AI review
low$432 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 362923420057: special assessments (payable 2026) = $432.50

Opportunities

The seller bought for $36,500 in Feb 1997, so they can take a lower offer and still come out well ahead. Public record: Ramsey County parcel 362923420057: last sale 1997-02-07, $36,500
Unfinished third level could add space or a unit, if code, egress and licensing allow. Listing says: Fun potential in the unfinished third level. · AI review
Each unit has its own utilities and laundry hookups, so tenants can pay their own bills. Listing says: Fully separate utilities. · AI review
Seller bought in 1997 for $36,500, so there is room for a low offer. Based on: data: county.last_sale_price · AI review

Questions for the agent

What are the current rents, lease end dates and security deposits for each unit?
Is the rental license current, and is it for 2 units?
Who pulled permits for the new roof and boiler, and what are the dates and warranties?
What are the $432 special assessments for, and will the seller pay them off at closing?
Is the third level permitted to be finished, and does it have egress and a stairway?
Why has it sat 53 days, and has the price changed?

Bottom line

Solid bones with a new roof and boiler, but $350K is about $58K above what the likely rents support. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)	$8,698
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,698
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 1896: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-07-04 (93 days, relisted 1×); down $30,000 (7.9%) from the first ask of $380,000; last sold for $36,500 on 1997-02-21.

Date	Event	Price
2026-09-10	Price changed	$350,000
2026-08-10	Listed	$369,900
2026-07-04	Removed	$380,000
1997-02-21	Sold public record	$36,500

County record Public record

Recorded as	two family dwelling - side/side
Living units	2
Year built	1896
Market value (2026)	$408,200
Property tax, payable 2026	$8,698
Special assessments	$432
Homestead	no
Last sale	1997-02-07 · $36,500

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 2 Units: 2 unit(s), A, status renewal due, renews 2024-08-27.

Nearest highway

I 94, about 378 m away.

Crime in Summit – University

1,066 incidents in the last 12 months (59 per 1,000 residents), −13% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.