591 Payne Ave

Duplex · 2 units: 3 bed ×2 · 2,344 sq ft

Saint Paul, MN · Payne – Phalen (Railroad Island) · View the listing ↗

Cash flows

34 photos

Photos courtesy of Keller Williams Realty, via Realtor.com.

Asking price: $275,000
Monthly cash flow: $272
Estimated rent: $3,600/mo
Break-even price: $326,041

Adjust the numbers See the full breakdown

From the listing

Back on market after tenant did not vacate by agreed upon closing date! 593 side is now vacant, clean, and ready for its next occupant. Sold as-is but it speaks for itself that this is a well cared for duplex when both units have been rented for years on end, the currently occupied side for 9 years! These units are configured as 3 bed/1 bath (vacant) and 3 bed/2 bath (on month-to-month lease) with the 3rd bedrooms' closets adjacent to the rooms (right side 3rd bedroom is non-conforming by just a few sqft). The basements are separate with its own utilities and private laundry for each unit. One newer boiler. Separate driveways and one car garages for each unit (old barn doors). Fenced backyards.

Listing courtesy of Keller Williams Realty (Shae Hanson). Description from Realtor.com, MLS #7131404. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a side-by-side duplex with two 3-bedroom units, priced at $275K. Our underwriting at the ask shows about $272/mo cash flow and a 7.6% cap rate, so it works at today's rates with 20% down, and break-even is around $326K. No current rent is stated, and the occupied side is month-to-month after a failed closing. Get the real rent for the 9-year tenant first, since a long-tenured rent is probably below our $1,800 estimate and St. Paul caps increases at 3%. The vacant side is clean but the photos show dated finishes and ceiling stains. It's worth a showing if the occupied rent is solid, and a lower price would add cushion.

Things to consider

Modest cash flow at the ask Our underwriting shows about $272/mo at the asking price, which leaves limited room for repairs, turnover or higher taxes. Price is still a big lever.
Occupied rent is unknown and capped A 9-year tenant is probably paying under market, and St. Paul limits increases to 3% a year. If the real rent is well below $1,800, income falls short of our estimate.Listing says: “the currently occupied side for 9 years”
Heat and utility setup unclear One boiler may mean the owner pays heat for both units. That could cost around $250 or more per month and change the numbers.Listing says: “One newer boiler.”
As-is sale with visible wear The seller won't fix what the inspection finds, and the photos show ceiling stains and dated finishes. Budget for repairs and negotiate.From photo 6
Taxes as an investor The county bill is already non-homestead, so use it as is. The $432 in special assessments adds to the annual cost.

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

neededSold as-is, no seller repairsListing says: Sold as-is but it speaks for itself that this is a well cared for duplex
doneOne newer boilerListing says: One newer boiler.

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: 6.4

Each month

Cash flow: $272/mo
Cash-on-cash: 5.2%
Cap rate: 7.6%
DSCR: 1.19×

Break-even

Price that breaks even: $326,041
Rent that breaks even: $3,233/mo

Long run

Year 30: property vs stocks: $1.58M vs $481K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$3,600
Vacancy (6%)	−$216
Collected	$3,384
Property tax Public record	−$480
Insurance Estimate	−$219
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (10% of rent)	−$360
Capital reserve (10% of rent)	−$360
Net operating income	$1,735
Mortgage (principal + interest)	−$1,464
Cash flow	$272
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$1,582,113

Your equity when you sell: $627,447
Rental profits, invested at 7%: $954,666

Same money in stocks$481,475

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

The building comes out $1,100,638 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 $1.58M, 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.

3 bed estimate $1,800/mo · range $1,700–$2,025 · 15 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
691 Bedford St Unit A, Saint Paul	$2,052	3 / 1	1,050	0.2 mi	2025-09-24	Apartment
595 Minnehaha Ave E, Saint Paul	$1,155	3 / 1	830	0.3 mi	2025-01-03	Apartment
586 Reaney Ave E Unit 586U2, Saint Paul	$1,614	3 / 1	1,100	0.3 mi	2023-06-04	Apartment
283-289 Bates Ave, Saint Paul	$1,249	3 / 1	900	0.6 mi	2026-04-29	Apartment
300 Broadway St, Saint Paul	$1,900	3 / 1.5	2,100	0.7 mi	2025-04-03	Apartment
880 Wilson Ave, Saint Paul	$1,425	3 / 1	—	0.8 mi	2026-07-21	Apartment
101 10th St E, Saint Paul	$2,299	3 / 2	1,197	1.0 mi	2025-05-17	Apartment
764 Capitol Hts Unit 2, Saint Paul	$1,800	3 / 1	840	1.0 mi	2026-04-24	Apartment
584 Magnolia Ave E Unit 1, Saint Paul	$1,900	3 / 2	—	1.0 mi	2026-07-15	Multi family
1056 3rd St E, Saint Paul	$1,695	3 / 1	925	1.1 mi	2026-08-20	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

mediumSold as-is: the seller won't fix what the inspection finds. Price that in. Listing says: "clean, and ready for its next occupant. Sold as-is but it speaks for itself that this is"
mediumOne boiler serves both units, yet the description also says each basement has separate utilities. Heat setup is unclear and could mean the owner pays heat. Listing says: The basements are separate with its own utilities and private laundry for each unit. · AI review
mediumRight-side third bedroom is non-conforming, so it may not count as a legal bedroom. That could hurt rent and the rental license. Listing says: right side 3rd bedroom is non-conforming by just a few sqft · AI review
mediumPrior deal fell through because the tenant stayed past the agreed closing date. The occupied side may be hard to deliver vacant, or the tenant may be uncooperative. Listing says: Back on market after tenant did not vacate by agreed upon closing date! · 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 322922240018: special assessments (payable 2026) = $432.50
lowMonth-to-month tenants can leave quickly. Count on turnover soon after closing. Listing says: "bed/1 bath (vacant) and 3 bed/2 bath (on month-to-month lease) with the 3rd bedrooms' closets adjacent to"
lowRental license shows Pending status. Confirm it is in good standing and transfers. Based on: data: city.rental_license · AI review

Opportunities

The seller bought for $90,000 in Sep 2010, so they can take a lower offer and still come out well ahead. Public record: Ramsey County parcel 322922240018: last sale 2010-09-10, $90,000
The vacant side can be rented at market right away, or you can set the rent yourself with no sitting-tenant cap. Listing says: 593 side is now vacant, clean, and ready for its next occupant. · AI review
Separate laundry, driveways and garages for each unit support rent and tenant quality. Listing says: Separate driveways and one car garages for each unit (old barn doors). · AI review
Seller bought at $90K in 2010, so there is room to negotiate. Based on: data: county.last_sale_price · AI review

Questions for the agent

What does the 591 tenant pay, and is there a signed lease or only month-to-month?
Is the one boiler shared, and who pays for heat in each unit?
What are the $432 special assessments for, and will the seller pay them at closing?
What is the age and condition of the roof, the garages (old barn doors) and the electrical panels?
Is the rental license pending for a reason, and does the non-conforming bedroom affect it?
What caused the ceiling stains in the vacant kitchen?

Bottom line

A workable side-by-side with modest positive cash flow at the ask, so the occupied rent decides whether it's worth it. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)	$5,760
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,625
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 1889: +1 pt capital reserve; "as-is" in the description: +2 pts each	10% / 10%

Price history Realtor.com

On the market since 2026-04-14 (174 days, relisted 1×); last sold for $90,000 on 2010-11-30.

Date	Event	Price
2026-08-22	Listed	$275,000
2026-08-22	Removed	$275,000
2026-08-18	Removed	$275,000
2026-07-10	Relisted	$275,000
2026-06-24	Removed	—
2026-04-27	Relisted	$275,000
2026-04-21	Removed	—
2026-04-14	Listed	$275,000
2021-03-18	Removed	$109,900
2011-06-13	Removed	$109,900
2010-11-30	Sold public record	$90,000
2010-09-22	Sold	$90,000
2010-08-12	Listed	$99,900
2010-08-07	Price changed	$109,900
2010-07-31	Price changed	$115,000
2010-07-26	Listed	$119,900
2009-07-28	Sold	$40,000
2009-07-07	Price changed	$69,900
2009-06-30	Price changed	$75,000
2009-06-23	Price changed	$79,900
2009-06-16	Price changed	$82,900
2009-05-05	Price changed	$87,000
2009-04-14	Price changed	$89,900
2009-04-07	Price changed	$94,900
2009-04-04	Price changed	$99,900

County record Public record

Recorded as	two family dwelling - side/side
Living units	2
Year built	1889
Market value (2026)	$263,900
Property tax, payable 2026	$5,760
Special assessments	$432
Homestead	no
Last sale	2010-09-10 · $90,000

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 2 Units: 2 unit(s), B, status pending, renews 2027-06-28.

Nearest highway

I 94;US 10, about 449 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.