595 Syndicate St N

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 1,872 sq ft

Saint Paul, MN · Hamline – Midway · View the listing ↗

Overpriced

40 photos

Photos courtesy of NRT-Minnesota (CB Burnet), via Realtor.com.

Asking price: $355,000
Monthly cash flow: −$434
Estimated rent: $3,150/mo
Break-even price: $273,411

Adjust the numbers See the full breakdown

From the listing

Welcome home to this classic up-and-down duplex on a corner lot in St. Paul's vibrant Midway neighborhood! Combining original 1920s character with important modern updates, this well-maintained property offers exceptional flexibility for an owner-occupant, house hacker, investor or buyer looking to share a home with friends or family. With two separate units, separate entrances and separate addresses, the property offers an excellent opportunity to offset your housing costs while building equity. Live in one unit and rent the other, purchase with friends and share expenses, or use the property as an investment for future appreciation. Each unit features two bedrooms and one full bath, with hardwood floors, wide woodwork and charming vintage details throughout. The main-level unit features natural woodwork in the living room and separate dining room, an updated bathroom vanity and sink, and a kitchen with stainless-steel appliances. The upper unit also features natural woodwork in the living and dining rooms, an updated bathroom vanity and sink, and newer vinyl windows. Each unit has its own washer and dryer located in the separate unfinished basement. The basement also offers excellent potential for future finishing as an office, family room, hobby space or additional living area. The two-car garage features an interior divider wall, with additional driveway parking in front of each garage-especially convenient during winter snow emergencies. The corner lot offers plenty of yard space and great potential for gardens and outdoor enjoyment. The corner location at Thomas Avenue and Syndicate Street N brings abundant natural light through south- and east-facing windows. Just three blocks from University Avenue METRO Green Line LRT stops, making access to downtown St. Paul, Minneapolis and the University of Minnesota especially convenient. Allianz Field, Target, local cafes, Hamline University, Concordia University and Gaultier Community Elementary are all within approximately one mile. Recent updates include exterior/front porch painting (2026) and replacement of one of two boilers (2026). Each unit has its own boiler and hot water heater, with separate gas and electric meters for each unit. Come see 595 Syndicate Street / 1282 Thomas Avenue and imagine the possibilities!

Listing courtesy of NRT-Minnesota (CB Burnet) (Linda Alter). Description from Realtor.com, MLS #7147492. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1926 up/down duplex with two 2-bed/1-bath units, each with its own boiler, water heater and meters, which is good for an investor. But the numbers are thin: at asking, our model shows about -$434/month and a 4.9% cap rate, and break-even is near $273K, roughly $82K under the $355K ask. The listing gives no rents or occupancy, so first get the rent roll, lease dates and whether the owner lives in one unit. Taxes run $6,993 as non-homestead, and the rental license shows Pending with an expiry in 2025, so check that first. Worth a showing only if the price comes down a lot or the rents beat our $1,575 midpoint.

Things to consider

Price is well above what the rents support Our model shows negative cash flow at asking and a break-even price around $273K. Getting to a workable deal means a big price cut or higher rents than our estimate.
Rents are not stated Without a rent roll you cannot check income. St. Paul's 3% cap also limits increases on sitting tenants, so in-place rents matter.
Non-homestead taxes are a heavy cost Taxes of about $6,993 plus assessments eat a large share of the income on two 2-bed units.
Mixed mechanical age One new boiler and one older one means a likely near-term replacement cost for the other unit.Listing says: “replacement of one of two boilers (2026)”
Separate utilities help operating costs Each unit has its own meters and boiler, so tenants can pay their own heat and electric and the owner's expense is lower.Listing says: “Each unit has its own boiler and hot water heater”
Rental license status needs checking A pending or lapsed license can delay renting, and a unit that fails inspection could mean required repairs.

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

doneExterior and front porch paintedListing says: exterior/front porch painting (2026)
doneOne of two boilers replacedListing says: replacement of one of two boilers (2026)
doneNewer vinyl windows in upper unitListing says: newer vinyl windows
doneUpdated bathroom vanity and sink in both unitsListing says: an updated bathroom vanity and sink

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: $355,000
Cash to close: $81,650
Price per unit: $177,500
GRM: 9.4

Each month

Cash flow: −$434/mo
Cash-on-cash: −6.4%
Cap rate: 4.9%
DSCR: 0.77×

Break-even

Price that breaks even: $273,411
Rent that breaks even: $3,707/mo

Long run

Year 30: property vs stocks: $1.01M vs $796K
Cash flow turns positive: year 12

Monthly

Monthly breakdown

Rent	$3,150
Vacancy (6%)	−$189
Collected	$2,961
Property tax Public record	−$583
Insurance Estimate	−$189
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$252
Capital reserve (8% of rent)	−$252
Net operating income	$1,455
Mortgage (principal + interest)	−$1,889
Cash flow	−$434
Principal paid down (equity, not cash)	$240

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$1,013,858

Your equity when you sell: $809,977
Rental profits, invested at 7%: $203,881

Same money in stocks$795,859

Cash to close, invested at 7%: $621,541
Monthly shortfalls, invested: $174,319

The building comes out $217,999 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 $1.01M, stocks $796K. 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 $1,575/mo · range $1,200–$1,925

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
1222 University Ave W, Saint Paul 55104 off market	$1,624	2 / 1	—	0.3 mi	2025-04-10	94%
1270 Seminary Ave, Saint Paul 55104	$1,500	2 / 1	—	0.4 mi	2026-09-26	93%
1021 Charles 1021 Ave, Unit 1, Saint Paul 55104 off market	$1,650	2 / 1	—	0.6 mi	2026-06-13	93%
613 Snelling Ave N, Saint Paul 55104	$1,600	2 / 1	—	0.6 mi	2026-04-14	93%
418 Pierce St N, Saint Paul 55104 off market	$950	2 / 1	—	0.9 mi	2026-06-17	93%
1305 University Ave W, Saint Paul 55104	$1,060	2 / 2	—	0.2 mi	2026-07-17	89%
937 Thomas Ave W, Saint Paul 55104 off market	$1,200	2 / 1	1,000	0.7 mi	2025-09-02	88%
422 Pierce St N, Saint Paul 55104 off market	$1,250	2 / 1	1,000	0.9 mi	2026-06-08	88%
987 Dayton Ave, Unit 989, Saint Paul 55104 off market	$2,150	3 / 1	2,000	1.0 mi	2026-09-08	87%
989 Dayton Ave, Saint Paul 55104	$2,050	3 / 1	2,000	1.0 mi	2026-10-05	87%

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

highAt asking price the deal loses money each month and the cap rate is low. Based on: data: underwriting.cash_flow_monthly · AI review
mediumOne boiler is original age, the other was just replaced. Ask which one and how old the old one is. Listing says: replacement of one of two boilers (2026) · AI review
mediumRental license shows Pending and an expiry date in 2025. The property may not be properly licensed to rent. Based on: data: city.rental_license · 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 342923130106: special assessments (payable 2026) = $432.50
lowAsking price is well above the county market value of $341K and the 2021 sale price of $305K. Based on: data: county.market_value · AI review

Opportunities

Separate meters, boilers and water heaters mean tenants can pay their own utilities and you avoid shared-bill problems. Listing says: separate gas and electric meters for each unit · AI review
Unfinished basement could add storage or a finished space, subject to egress and code. Listing says: excellent potential for future finishing as an office, family room, hobby space · AI review
Two-car garage with a divider wall and driveway parking in front of each gives one space per unit, which helps rentability. Listing says: The two-car garage features an interior divider wall · AI review

Questions for the agent

What are the current rents, lease end dates and security deposits, and is either unit owner-occupied?
Which boiler was replaced, and how old is the other one? Any service records?
What are the $432 special assessments for, and does the seller pay them at closing?
What is the status of the rental license, and why does it show Pending?
Who pays water, sewer and trash, and what were the last 12 months of those bills?
What is the age and condition of the roof, electrical panels and wiring?

Bottom line

Tidy, well-laid-out duplex with separate utilities, but $355K is too high for these rents, so negotiate hard or pass. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)	$6,994
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,268
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. base rate	8% / 8%

Price history Realtor.com

On the market since 2026-10-02 (3 days); last sold for $305,000 on 2021-02-04; listed for rent at $1,100/mo on 2018-10-10.

Date	Event	Price
2026-10-02	Listed	$355,000
2021-02-04	Sold public record	$305,000
2018-10-14	Rental removed	$1,100/mo
2018-10-10	Rent changed	$1,100/mo
2018-10-09	Rent changed	$1,200/mo
2018-09-11	Listed for rent	$1,250/mo

County record Public record

Recorded as	two family dwelling - up/dwn
Living units	2
Year built	1926
Market value (2026)	$341,200
Property tax, payable 2026	$6,994
Special assessments	$432
Homestead	no
Last sale	2021-02-01 · $305,000

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 2 Units: 2 unit(s), A, status pending, renews 2025-10-14.

Nearest highway

I 94, about 798 m away.

Crime in Hamline – Midway

1,219 incidents in the last 12 months (101 per 1,000 residents), −3% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.