485 Belvidere St E
Fourplex · 4 units: 2 bed / 1 bath ×2 and 1 bed / 1 bath ×2 unit split estimated · 3,600 sq ft
Saint Paul, MN · West Side (Cherokee Heights, District del Sol) · View the listing ↗
Photos, via Realtor.com.
- Asking price
- $425,000 4 units · $106K per unit
- Monthly cash flow
- $704 at 20% down, 7%
- Estimated rent
- $4,650/mo medium confidence
- Break-even price
- $557,281 where cash flow hits $0
First look
This is a 4-plex priced at $425K, the same price the seller paid in July 2023, and it has sat 190 days. Our underwriting shows about $704/month cash flow and an 8.4% cap rate, but that leans on a tax bill of $1,703 that depends on the 4d affordable housing program. The listing gives no actual rents, so the income side is unproven, and it says rents are "below market ceiling" without a number. Get the rent roll, the 4d covenant terms and the trailing-12 expenses before anything else. The photos show a tidy renovated unit, but the building is 1893 and nothing shows the boiler, panel or roof, so it's worth a showing only if the paperwork holds up.
Things to consider
- 4d program drives the tax bill and the rents The low tax basis props up cash flow, but the covenant likely limits rents on some units and must be kept in compliance. Losing it would add thousands a year in taxes.Listing says: “The covenant transfers with the property, with estimated annual savings of $4,600+ over standard rates.”
- Rents are not disclosed Our estimate is about $4,650/month total at mid, but actual rents under 4d limits could be lower. The underwriting result is only as good as the real rent roll.
- Price equals the 2023 purchase The seller paid $425K in 2023 and has had no takers in 190 days. Our break-even price of about $557K suggests numbers pencil, but only if the rents and tax are real.
- Rent increases are capped at 3% for sitting tenants Leases run to mid-2026 through mid-2027, so upside is slow, and St. Paul's cap limits how fast rents catch up.Listing says: “All four tenants on signed leases (mid-2026 through mid-2027)”
- Old building with unseen systems 1893 construction with owner-paid water and sewer means plumbing and hidden repairs hit your costs directly. Budget for inspections of the roof, wiring and plumbing.Listing says: “landlord covers water/sewer and trash”
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
- doneNo deferred maintenance carried over; two units turned over mid-2025Listing says: all four units are performing well with no deferred maintenance carried over
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
- $425,000
- Cash to close
- $55,250
- Price per unit
- $106,250
- GRM
- 7.6
Each month
- Cash flow
- $182/mo
- Cash-on-cash
- 4.0%
- Cap rate
- 8.4%
- DSCR
- 1.07×
Break-even
- Price that breaks even
- $452,822
- Rent that breaks even
- $4,413/mo
Long run
- Year 30: property vs stocks
- $2.57M vs $421K
- Cash flow turns positive
- year 1
The deal
- Price
- $425,000
- Cash to close
- $55,250
- Price per unit
- $106,250
- GRM
- 7.6
Each month
- Cash flow
- −$211/mo
- Cash-on-cash
- −4.6%
- Cap rate
- 7.3%
- DSCR
- 0.92×
Break-even
- Price that breaks even
- $392,764
- Rent that breaks even
- $4,958/mo
Long run
- Year 30: property vs stocks
- $1.99M vs $454K
- Cash flow turns positive
- year 4
The deal
- Price
- $415,000
- Cash to close
- $53,950
- Price per unit
- $103,750
- GRM
- 7.4
Each month
- Cash flow
- $248/mo
- Cash-on-cash
- 5.5%
- Cap rate
- 8.6%
- DSCR
- 1.09×
Break-even
- Price that breaks even
- $452,822
- Rent that breaks even
- $4,328/mo
Long run
- Year 30: property vs stocks
- $2.62M vs $411K
- Cash flow turns positive
- year 1
The deal
- Price
- $415,000
- Cash to close
- $53,950
- Price per unit
- $103,750
- GRM
- 7.4
Each month
- Cash flow
- −$146/mo
- Cash-on-cash
- −3.2%
- Cap rate
- 7.4%
- DSCR
- 0.95×
Break-even
- Price that breaks even
- $392,764
- Rent that breaks even
- $4,863/mo
Long run
- Year 30: property vs stocks
- $2.02M vs $429K
- Cash flow turns positive
- year 3
The deal
- Price
- $425,000
- Cash to close
- $97,750
- Price per unit
- $106,250
- GRM
- 7.6
Each month
- Cash flow
- $704/mo
- Cash-on-cash
- 8.6%
- Cap rate
- 8.4%
- DSCR
- 1.31×
Break-even
- Price that breaks even
- $557,281
- Rent that breaks even
- $3,736/mo
Long run
- Year 30: property vs stocks
- $2.96M vs $744K
- Cash flow turns positive
- year 1
The deal
- Price
- $425,000
- Cash to close
- $97,750
- Price per unit
- $106,250
- GRM
- 7.6
Each month
- Cash flow
- $311/mo
- Cash-on-cash
- 3.8%
- Cap rate
- 7.3%
- DSCR
- 1.14×
Break-even
- Price that breaks even
- $483,369
- Rent that breaks even
- $4,197/mo
Long run
- Year 30: property vs stocks
- $2.35M vs $744K
- Cash flow turns positive
- year 1
The deal
- Price
- $415,000
- Cash to close
- $95,450
- Price per unit
- $103,750
- GRM
- 7.4
Each month
- Cash flow
- $757/mo
- Cash-on-cash
- 9.5%
- Cap rate
- 8.6%
- DSCR
- 1.34×
Break-even
- Price that breaks even
- $557,281
- Rent that breaks even
- $3,667/mo
Long run
- Year 30: property vs stocks
- $3.00M vs $727K
- Cash flow turns positive
- year 1
The deal
- Price
- $415,000
- Cash to close
- $95,450
- Price per unit
- $103,750
- GRM
- 7.4
Each month
- Cash flow
- $364/mo
- Cash-on-cash
- 4.6%
- Cap rate
- 7.4%
- DSCR
- 1.16×
Break-even
- Price that breaks even
- $483,369
- Rent that breaks even
- $4,119/mo
Long run
- Year 30: property vs stocks
- $2.39M vs $727K
- Cash flow turns positive
- year 1
The deal
- Price
- $425,000
- Cash to close
- $119,000
- Price per unit
- $106,250
- GRM
- 7.6
Each month
- Cash flow
- $845/mo
- Cash-on-cash
- 8.5%
- Cap rate
- 8.4%
- DSCR
- 1.40×
Break-even
- Price that breaks even
- $594,433
- Rent that breaks even
- $3,552/mo
Long run
- Year 30: property vs stocks
- $3.12M vs $906K
- Cash flow turns positive
- year 1
The deal
- Price
- $425,000
- Cash to close
- $119,000
- Price per unit
- $106,250
- GRM
- 7.6
Each month
- Cash flow
- $452/mo
- Cash-on-cash
- 4.6%
- Cap rate
- 7.3%
- DSCR
- 1.21×
Break-even
- Price that breaks even
- $515,594
- Rent that breaks even
- $3,990/mo
Long run
- Year 30: property vs stocks
- $2.51M vs $906K
- Cash flow turns positive
- year 1
The deal
- Price
- $415,000
- Cash to close
- $116,200
- Price per unit
- $103,750
- GRM
- 7.4
Each month
- Cash flow
- $895/mo
- Cash-on-cash
- 9.2%
- Cap rate
- 8.6%
- DSCR
- 1.43×
Break-even
- Price that breaks even
- $594,433
- Rent that breaks even
- $3,487/mo
Long run
- Year 30: property vs stocks
- $3.16M vs $885K
- Cash flow turns positive
- year 1
The deal
- Price
- $415,000
- Cash to close
- $116,200
- Price per unit
- $103,750
- GRM
- 7.4
Each month
- Cash flow
- $502/mo
- Cash-on-cash
- 5.2%
- Cap rate
- 7.4%
- DSCR
- 1.24×
Break-even
- Price that breaks even
- $515,594
- Rent that breaks even
- $3,918/mo
Long run
- Year 30: property vs stocks
- $2.54M vs $885K
- Cash flow turns positive
- year 1
Monthly
Monthly breakdown
| Rent | $4,650 |
| Vacancy (6%) | −$279 |
| Collected | $4,371 |
| Property tax Public record | −$142 |
| Insurance Estimate | −$412 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$372 |
| Capital reserve (9% of rent) | −$418 |
| Net operating income | $2,966 |
| Mortgage (principal + interest) | −$2,545 |
| PMI | −$239 |
| Cash flow | $182 |
| Principal paid down (equity, not cash) | $324 |
| Rent | $4,650 |
| Vacancy (6%) | −$279 |
| Collected | $4,371 |
| Property tax Public record | −$142 |
| Insurance Estimate | −$412 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$372 |
| Capital reserve (9% of rent) | −$418 |
| Property management | −$393 |
| Net operating income | $2,573 |
| Mortgage (principal + interest) | −$2,545 |
| PMI | −$239 |
| Cash flow | −$211 |
| Principal paid down (equity, not cash) | $324 |
| Rent | $4,650 |
| Vacancy (6%) | −$279 |
| Collected | $4,371 |
| Property tax Public record | −$142 |
| Insurance Estimate | −$412 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$372 |
| Capital reserve (9% of rent) | −$418 |
| Net operating income | $2,966 |
| Mortgage (principal + interest) | −$2,485 |
| PMI | −$233 |
| Cash flow | $248 |
| Principal paid down (equity, not cash) | $316 |
| Rent | $4,650 |
| Vacancy (6%) | −$279 |
| Collected | $4,371 |
| Property tax Public record | −$142 |
| Insurance Estimate | −$412 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$372 |
| Capital reserve (9% of rent) | −$418 |
| Property management | −$393 |
| Net operating income | $2,573 |
| Mortgage (principal + interest) | −$2,485 |
| PMI | −$233 |
| Cash flow | −$146 |
| Principal paid down (equity, not cash) | $316 |
| Rent | $4,650 |
| Vacancy (6%) | −$279 |
| Collected | $4,371 |
| Property tax Public record | −$142 |
| Insurance Estimate | −$412 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$372 |
| Capital reserve (9% of rent) | −$418 |
| Net operating income | $2,966 |
| Mortgage (principal + interest) | −$2,262 |
| Cash flow | $704 |
| Principal paid down (equity, not cash) | $288 |
| Rent | $4,650 |
| Vacancy (6%) | −$279 |
| Collected | $4,371 |
| Property tax Public record | −$142 |
| Insurance Estimate | −$412 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$372 |
| Capital reserve (9% of rent) | −$418 |
| Property management | −$393 |
| Net operating income | $2,573 |
| Mortgage (principal + interest) | −$2,262 |
| Cash flow | $311 |
| Principal paid down (equity, not cash) | $288 |
| Rent | $4,650 |
| Vacancy (6%) | −$279 |
| Collected | $4,371 |
| Property tax Public record | −$142 |
| Insurance Estimate | −$412 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$372 |
| Capital reserve (9% of rent) | −$418 |
| Net operating income | $2,966 |
| Mortgage (principal + interest) | −$2,209 |
| Cash flow | $757 |
| Principal paid down (equity, not cash) | $281 |
| Rent | $4,650 |
| Vacancy (6%) | −$279 |
| Collected | $4,371 |
| Property tax Public record | −$142 |
| Insurance Estimate | −$412 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$372 |
| Capital reserve (9% of rent) | −$418 |
| Property management | −$393 |
| Net operating income | $2,573 |
| Mortgage (principal + interest) | −$2,209 |
| Cash flow | $364 |
| Principal paid down (equity, not cash) | $281 |
| Rent | $4,650 |
| Vacancy (6%) | −$279 |
| Collected | $4,371 |
| Property tax Public record | −$142 |
| Insurance Estimate | −$412 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$372 |
| Capital reserve (9% of rent) | −$418 |
| Net operating income | $2,966 |
| Mortgage (principal + interest) | −$2,121 |
| Cash flow | $845 |
| Principal paid down (equity, not cash) | $270 |
| Rent | $4,650 |
| Vacancy (6%) | −$279 |
| Collected | $4,371 |
| Property tax Public record | −$142 |
| Insurance Estimate | −$412 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$372 |
| Capital reserve (9% of rent) | −$418 |
| Property management | −$393 |
| Net operating income | $2,573 |
| Mortgage (principal + interest) | −$2,121 |
| Cash flow | $452 |
| Principal paid down (equity, not cash) | $270 |
| Rent | $4,650 |
| Vacancy (6%) | −$279 |
| Collected | $4,371 |
| Property tax Public record | −$142 |
| Insurance Estimate | −$412 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$372 |
| Capital reserve (9% of rent) | −$418 |
| Net operating income | $2,966 |
| Mortgage (principal + interest) | −$2,071 |
| Cash flow | $895 |
| Principal paid down (equity, not cash) | $263 |
| Rent | $4,650 |
| Vacancy (6%) | −$279 |
| Collected | $4,371 |
| Property tax Public record | −$142 |
| Insurance Estimate | −$412 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (8% of rent) | −$372 |
| Capital reserve (9% of rent) | −$418 |
| Property management | −$393 |
| Net operating income | $2,573 |
| Mortgage (principal + interest) | −$2,071 |
| Cash flow | $502 |
| Principal paid down (equity, not cash) | $263 |
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
- $969,692
- Rental profits, invested at 7%
- $1,598,601
Sells for $1,031,587 (value up 3% a year), minus 6% selling cost ($61,895). Rent paid down $382,500 of loan.
$735,915 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $420,577
$55,250 put into an index fund instead of the down payment and closing costs.
The building comes out $2,147,715 ahead after 30 years.
- Your equity when you sell
- $969,692
- Rental profits, invested at 7%
- $1,020,179
Sells for $1,031,587 (value up 3% a year), minus 6% selling cost ($61,895). Rent paid down $382,500 of loan.
$516,235 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $420,577
- Monthly shortfalls, invested
- $33,495
$55,250 put into an index fund instead of the down payment and closing costs.
$4,908 you'd have paid in while the building lost money, invested instead.
The building comes out $1,535,798 ahead after 30 years.
- Your equity when you sell
- $946,875
- Rental profits, invested at 7%
- $1,668,214
Sells for $1,007,314 (value up 3% a year), minus 6% selling cost ($60,439). Rent paid down $373,500 of loan.
$757,741 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $410,681
$53,950 put into an index fund instead of the down payment and closing costs.
The building comes out $2,204,408 ahead after 30 years.
- Your equity when you sell
- $946,875
- Rental profits, invested at 7%
- $1,074,439
Sells for $1,007,314 (value up 3% a year), minus 6% selling cost ($60,439). Rent paid down $373,500 of loan.
$535,759 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $410,681
- Monthly shortfalls, invested
- $18,142
$53,950 put into an index fund instead of the down payment and closing costs.
$2,606 you'd have paid in while the building lost money, invested instead.
The building comes out $1,592,491 ahead after 30 years.
- Your equity when you sell
- $969,692
- Rental profits, invested at 7%
- $1,993,079
Sells for $1,031,587 (value up 3% a year), minus 6% selling cost ($61,895). Rent paid down $340,000 of loan.
$849,181 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $744,098
$97,750 put into an index fund instead of the down payment and closing costs.
The building comes out $2,218,673 ahead after 30 years.
- Your equity when you sell
- $969,692
- Rental profits, invested at 7%
- $1,381,162
Sells for $1,031,587 (value up 3% a year), minus 6% selling cost ($61,895). Rent paid down $340,000 of loan.
$624,593 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $744,098
$97,750 put into an index fund instead of the down payment and closing costs.
The building comes out $1,606,755 ahead after 30 years.
- Your equity when you sell
- $946,875
- Rental profits, invested at 7%
- $2,053,410
Sells for $1,007,314 (value up 3% a year), minus 6% selling cost ($60,439). Rent paid down $332,000 of loan.
$868,342 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $726,590
$95,450 put into an index fund instead of the down payment and closing costs.
The building comes out $2,273,695 ahead after 30 years.
- Your equity when you sell
- $946,875
- Rental profits, invested at 7%
- $1,441,493
Sells for $1,007,314 (value up 3% a year), minus 6% selling cost ($60,439). Rent paid down $332,000 of loan.
$643,753 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $726,590
$95,450 put into an index fund instead of the down payment and closing costs.
The building comes out $1,661,778 ahead after 30 years.
- Your equity when you sell
- $969,692
- Rental profits, invested at 7%
- $2,153,334
Sells for $1,031,587 (value up 3% a year), minus 6% selling cost ($61,895). Rent paid down $318,750 of loan.
$900,077 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $905,858
$119,000 put into an index fund instead of the down payment and closing costs.
The building comes out $2,217,167 ahead after 30 years.
- Your equity when you sell
- $969,692
- Rental profits, invested at 7%
- $1,541,417
Sells for $1,031,587 (value up 3% a year), minus 6% selling cost ($61,895). Rent paid down $318,750 of loan.
$675,488 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $905,858
$119,000 put into an index fund instead of the down payment and closing costs.
The building comes out $1,605,250 ahead after 30 years.
- Your equity when you sell
- $946,875
- Rental profits, invested at 7%
- $2,209,894
Sells for $1,007,314 (value up 3% a year), minus 6% selling cost ($60,439). Rent paid down $311,250 of loan.
$918,040 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $884,544
$116,200 put into an index fund instead of the down payment and closing costs.
The building comes out $2,272,225 ahead after 30 years.
- Your equity when you sell
- $946,875
- Rental profits, invested at 7%
- $1,597,977
Sells for $1,007,314 (value up 3% a year), minus 6% selling cost ($60,439). Rent paid down $311,250 of loan.
$693,452 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $884,544
$116,200 put into an index fund instead of the down payment and closing costs.
The building comes out $1,660,308 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 $2.57M, stocks $421K. The property wins.
Year 30 (loan paid off): property $1.99M, stocks $454K. The property wins.
Year 30 (loan paid off): property $2.62M, stocks $411K. The property wins.
Year 30 (loan paid off): property $2.02M, stocks $429K. The property wins.
Year 30 (loan paid off): property $2.96M, stocks $744K. The property wins.
Year 30 (loan paid off): property $2.35M, stocks $744K. The property wins.
Year 30 (loan paid off): property $3.00M, stocks $727K. The property wins.
Year 30 (loan paid off): property $2.39M, stocks $727K. The property wins.
Year 30 (loan paid off): property $3.12M, stocks $906K. The property wins.
Year 30 (loan paid off): property $2.51M, stocks $906K. The property wins.
Year 30 (loan paid off): property $3.16M, stocks $885K. The property wins.
Year 30 (loan paid off): property $2.54M, stocks $885K. The property wins.
Comparable rentals
Nearby rentals RentCast matched to each unit type, as of 2026-10-05. The estimate above is RentCast's, weighted toward the closest matches.
2 bed / 1 bath estimate $1,350/mo · range $1,075–$1,625
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 554 Bellows St, Saint Paul 55107 | $1,075 | 2 / 1 | 1.4 mi | 92% |
| 554 Bellows St, Apt 11, Saint Paul 55107 | $1,075 | 2 / 1 | 1.4 mi | 92% |
| 196 Mounds Blvd, Unit 8, Saint Paul 55106 off market | $1,390 | 2 / 1 | 2.0 mi | 91% |
| 421-423 Stanley St, Saint Paul 55118 off market | $1,850 | 2 / 1 | 0.6 mi | 84% |
| 149 Morton St E, Saint Paul 55107 | $1,125 | 1 / 1 | 0.7 mi | 83% |
| 654 Stryker Ave, Apt 1, Saint Paul 55107 off market | $1,090 | 1 / 1 | 1.1 mi | 83% |
| 654 Stryker Ave, Apt 3, Saint Paul 55107 off market | $1,090 | 1 / 1 | 1.1 mi | 83% |
| 1335 Oakdale Ave, West, Saint Paul 55118 | $999 | 1 / 1 | 1.2 mi | 83% |
| 65 George, Unit 1, Saint Paul 55107 off market | $950 | 1 / 1 | 1.2 mi | 83% |
| 352 Morton St W, Unit Upper, Saint Paul 55107 off market | $1,600 | 2 / 1 | 1.7 mi | 82% |
1 bed / 1 bath estimate $975/mo · range $925–$1,025
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 149 Morton St E, Saint Paul 55107 | $1,125 | 1 / 1 | 0.7 mi | 93% |
| 654 Stryker Ave, Apt 1, Saint Paul 55107 off market | $1,090 | 1 / 1 | 1.1 mi | 92% |
| 654 Stryker Ave, Apt 3, Saint Paul 55107 off market | $1,090 | 1 / 1 | 1.1 mi | 92% |
| 1335 Oakdale Ave, West, Saint Paul 55118 | $999 | 1 / 1 | 1.2 mi | 92% |
| 65 George, Unit 1, Saint Paul 55107 off market | $950 | 1 / 1 | 1.2 mi | 92% |
| 554 Bellows St, Apt 8, Saint Paul 55107 | $1,000 | 1 / 1 | 1.4 mi | 92% |
| 554 Bellows St, Apt 10, Saint Paul 55107 off market | $1,075 | 1 / 1 | 1.4 mi | 92% |
| 554 Bellows St, Apt 13, Saint Paul 55107 off market | $1,025 | 1 / 1 | 1.4 mi | 92% |
| 554 Bellows St, Saint Paul 55107 | $1,075 | 2 / 1 | 1.4 mi | 82% |
| 554 Bellows St, Apt 11, Saint Paul 55107 | $1,075 | 2 / 1 | 1.4 mi | 82% |
On the maps, this property and comparable rentals. Comparable rentals and rent estimate: RentCast. Rents are asking rents from listings; check them against the actual leases.
Red flags and opportunities
Watch for
- highThe 4d tax program has strings: rent limits and income restrictions on some units. The tax savings are only worth it if the covenant terms work for you. Listing says: Enrolled in St. Paul's 4d Affordable Housing Incentive Program, featuring up to 80% reduction in property tax class rates. · AI review
- mediumAbout 102 m from US 52: traffic noise usually costs $50–100/month in rent. Based on: OpenStreetMap: nearest motorway (US 52) at 102 m
- mediumRent claims are vague and no figures are given. "Below market ceiling" may mean 4d rent caps, not room to raise rents. Listing says: Current rents still sit below market ceiling, leaving room on renewals. · AI review
- mediumSeller bought at $425K in 2023 and wants the same price after 190 days, so no gain for them and little demand at this price. Based on: data: listing.days_on_market · AI review
- low$865 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 092822330009: special assessments (payable 2026) = $865.00
- lowRental license shows Pending status, so confirm the license is current and all four units are legal. Based on: data: city.rental_license · AI review
Opportunities
- Long time on market: room to negotiate. Based on: Listing data: 193 days on market, 1 price cuts
- 190 days on market and a flat price versus the 2023 sale give room to negotiate. Based on: data: listing.days_on_market · AI review
- One unit goes vacant at end of June, which gives an owner-occupant a way to move in and live in one of the units. Listing says: Potential owner-occupant opportunity with one unit becoming vacant at the end of June. · AI review
Questions for the agent
- Can I see the rent roll, signed leases and the trailing-12 expenses?
- What are the 4d covenant terms, rent and income limits, and how long does it run? Does it transfer without re-approval?
- What are the $865 special assessments for, and does the seller pay them at closing?
- How old are the boiler or heat, roof, wiring and water heaters, and how is heat supplied per unit?
- Why has it sat 190 days, and were there any price changes or failed deals?
- Are the 'raised' rents on the two 2025 turnovers documented, and what were they before?
Bottom line
The numbers look decent on paper, but the income and the 4d tax break are unproven, so verify the rent roll and covenant before you offer. AI-assisted summary
What the records say
Where each number comes from
| Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead) | $1,703 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $4,950 |
| Water, sewer, trash / mo Listinglisting. tenants pay water | $0 |
| 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 1893: +1 pt capital reserve | 8% / 9% |
Price history Realtor.com
On the market since 2026-03-26 (193 days); down $50,000 (10.5%) from the first ask of $475,000; last sold for $425,000 on 2023-07-25.
| Date | Event | Price |
|---|---|---|
| Removed | $499,000 | |
| Price changed | $425,000 | |
| Price changed | $449,750 | |
| Listed | $475,000 | |
| Sold | $425,000 | |
| Removed | — | |
| Price changed | $437,000 | |
| Listed | $450,000 | |
| Sold public record | $315,000 | |
| Removed | $269,900 | |
| Sold | $170,275 | |
| Listed | $269,900 | |
| Listed | $175,000 |
County record Public record
| Recorded as | apartments 4-6 rental units |
| Living units | 4 |
| Year built | 1893 |
| Market value (2026) | $399,000 |
| Property tax, payable 2026 | $1,703 |
| Special assessments | $865 |
| Homestead | no |
| Last sale | 2023-07-25 · $425,000 |
Source: Ramsey County parcel records.
City rental certificate (CofO)
Residential 3+ Units: 4 unit(s), A, status pending, renews 2029-08-17.
Nearest highway
US 52, about 102 m away.
Crime in West Side
708 incidents in the last 12 months (45 per 1,000 residents), −17% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.