St. Paul › Frogtown

525 Galtier St

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 2,200 sq ft

Saint Paul, MN · Frogtown (Thomas-Dale) · View the listing ↗

Cash flows

11 photos

Photos, via Realtor.com.

Asking price: $275,000
Monthly cash flow: $36
Estimated rent: $2,950/mo
Break-even price: $281,774

Adjust the numbers See the full breakdown

From the listing

Well-located up-and-down duplex in St. Paul's North End neighborhood offering strong access to public transportation, the State Capitol campus, and the restaurants, retail, and services along University Avenue. This duplex presents an excellent opportunity for investors seeking stable rental demand in a centrally located area with long-term upside potential. The property features traditional up-and-down duplex functionality with convenient access to major transportation corridors, downtown St Paul, and nearby employment centers. Utilities are currently partially owner-paid, with ownership implementing a RUBS utility reimbursement program across the portfolio beginning Q3 2026. Future ownership will have the opportunity to improve NOI through utility cost recovery and operational efficiencies. Excellent value-add opportunity in an established rental corridor with continued tenant demand and strong location fundamentals.

Description from Realtor.com, MLS #7074939. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1900 up/down in Frogtown with no rents, no repair history and no systems info in the listing, so you're underwriting blind. At $275K, our numbers show about +$36/month at 20% down, a 6.5% cap rate, and a break-even price near $281,800. At today's rates it barely works, and only if rents hold at our $1,475 per unit estimate, so there's little cushion. It has sat 140 days, so there's room to negotiate. The rental license shows Pending with a 2025 expiry, so check that first. Then get the rent roll, utility bills and heat setup. Worth a showing if the seller will hold near the current price and the rents check out.

Things to consider

Numbers barely work at ask Cash flow is slightly positive at $275K and break-even is about $281.8K. There's little cushion, so any rent shortfall or repair surprise turns it negative.
No rent roll Without current rents and lease terms you can't verify income. In St. Paul, sitting tenants are capped at 3% annual increases.
RUBS is a projection Utility reimbursement isn't income yet. It may also count toward the 3% cap on existing leases.Listing says: “ownership implementing a RUBS utility reimbursement program across the portfolio beginning Q3 2026”
Portfolio seller The seller is selling as part of a larger portfolio. That can mean motivation to sell, but ask for records and be wary of thin maintenance.Listing says: “across the portfolio”
Rental license status A pending or lapsed license can block legal rent collection and may trigger inspection items. Verify before offering.
Age and unknown systems A 1900 building can hide old wiring, plumbing and foundation issues. Budget for an inspection and reserves.

From the photos

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

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: $275,000
Cash to close: $63,250
Price per unit: $137,500
GRM: 7.8

Each month

Cash flow: $36/mo
Cash-on-cash: 0.7%
Cap rate: 6.5%
DSCR: 1.02×

Break-even

Price that breaks even: $281,774
Rent that breaks even: $2,903/mo

Long run

Year 30: property vs stocks: $1.23M vs $481K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$2,950
Vacancy (6%)	−$177
Collected	$2,773
Property tax Public record	−$326
Insurance Estimate	−$215
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$236
Capital reserve (9% of rent)	−$266
Net operating income	$1,500
Mortgage (principal + interest)	−$1,464
Cash flow	$36
Principal paid down (equity, not cash)	$186

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$1,230,081

Your equity when you sell: $627,447
Rental profits, invested at 7%: $602,634

Same money in stocks$481,475

Cash to close, invested at 7%: $481,475

The building comes out $748,606 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 $1.23M, stocks $481K. 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 $1,475/mo · range $1,250–$1,550 · 6 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
336 Edmund Ave Unit 1, Saint Paul	$1,400	2 / 1	725	0.2 mi	2026-09-23	Apartment
375 Marion St, Saint Paul	$915	2 / 1	810	0.3 mi	2025-03-26	Apartment
581 Park St, Saint Paul	$1,549	2 / 1	—	0.3 mi	2026-08-15	Apartment
409 Lafond Ave Apt 2, Saint Paul	$1,450	2 / 1	1,000	0.4 mi	2021-12-23	Apartment
490 Charles Ave Apt 3, Saint Paul	$1,400	2 / 1	750	0.5 mi	—	Apartment
204 Western Ave N, Saint Paul	$1,275	2 / 1	800	0.7 mi	2025-03-07	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

highRental license shows Pending and an expired date. Confirm it is current and that the unit count is legal. Based on: data: city.rental_license · AI review
mediumProjected utility bill-backs (RUBS) are not income yet, and in St. Paul they may count toward the 3% cap. Listing says: "are currently partially owner-paid, with ownership implementing a RUBS utility reimbursement program across the portfolio beginning Q3"
mediumOwner pays part of utilities, but the listing doesn't say which ones. Expenses could be higher than assumed. Listing says: Utilities are currently partially owner-paid · AI review
mediumListing gives no rents, lease status or expenses. Income is unverified. Based on: data: rent_estimate · AI review
low$838 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 362923140078: special assessments (payable 2026) = $837.66
lowTax assessed value is far below the asking price, and investors pay the non-homestead rate. Tax could rise after a sale. Based on: data: county.market_value · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 143 days on market
Long time on market gives leverage to negotiate toward the break-even price. Based on: data: listing.days_on_market · AI review
Separate gas meters and baseboard heat appear to give each unit its own heat. If tenants pay it, owner costs drop. Verify. Based on: photo 3 · AI review

Questions for the agent

What are the current rents, lease end dates and security deposits for each unit?
Which utilities does the owner pay, and what were the last 12 months of bills?
Is the rental license current, and why does the city show it as pending?
What are the $838 special assessments for, and will the seller pay them at closing?
What is the age of the roof, boiler or heating, water heater and electrical panel?
Are the units separately metered for gas and electric?

Bottom line

A dated Frogtown duplex with no rent data that roughly breaks even at $275K, so it only works if the rents are real. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)	$3,916
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,585
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 1900: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-05-15 (143 days); down $86,950 (24.0%) from the first ask of $361,950.

Date	Event	Price
2026-08-11	Price changed	$275,000
2026-06-26	Price changed	$325,000
2026-06-25	Relisted	$361,950
2026-06-24	Removed	—
2026-05-15	Listed	$361,950

County record Public record

Recorded as	two family dwelling - up/dwn
Living units	2
Year built	1900
Market value (2026)	$190,400
Property tax, payable 2026	$3,916
Special assessments	$838
Homestead	no
Last sale	—

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 2 Units: 2 unit(s), B, status pending, renews 2025-08-25.

Nearest highway

I 94, about 694 m away.

Crime in Frogtown

824 incidents in the last 12 months (53 per 1,000 residents), −26% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.