597 Virginia St

Duplex · 2 units: 3 bed / 1 bath and 2 bed / 1 bath unit split estimated · 2,026 sq ft

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

28 photos

Photos courtesy of Keller Williams Premier Realty - Broker, via Realtor.com.

Asking price: $359,500
Monthly cash flow: −$306
Estimated rent: $3,200/mo
Break-even price: $301,983

Adjust the numbers See the full breakdown

From the listing

Incredible opportunity to own a fully renovated, turn-key duplex in the heart of Saint Paul! Located at 597 Virginia Street in the Frogtown neighborhood, this property has undergone extensive updates, making it an ideal investment for both seasoned investors and owner-occupants looking to offset their mortgage with rental income. Nearly every major component of the property has been upgraded, reducing future maintenance costs and offering peace of mind for years to come. Both units feature updated kitchens and bathrooms, with the upper unit's kitchen renovated in 2020 and all bathrooms fully redone in 2023. Sleek granite countertops were added in 2023, enhancing durability and appeal. Major exterior improvements include a new roof, siding, and all soft metal installed in 2022, along with gutter covers to further reduce maintenance. The property also includes a full plumbing upgrade to modern PEX water lines throughout the kitchens and bathrooms, completed in 2023. Additional enhancements include three newer windows in the lower unit, fresh interior paint, and ceiling repairs in the upper unit (2024) and lower unit (2025), and a recently added third bedroom in the lower unit, significantly increasing rental potential. Both leases are currently month-to-month, offering flexibility to adjust rents or occupy a unit as needed. Unit 1 rent increases to $1,650 in January 2026, and Unit 2 rent increases to $1,450 in January 2026, creating stronger projected income for the next owner. Buyer's agent to confirm all measurements. No same-day showings; 36-48 hours' notice required due to tenant occupancy. This is a truly turn-key asset-perfect for an investor seeking a low-maintenance addition to their portfolio or a buyer looking to live in one unit while collecting rent from the other. Rarely does duplex with this level of updating come to market.

Listing courtesy of Keller Williams Premier Realty - Broker (William Schultz). Description from Realtor.com, MLS #6819684. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a flipped-and-listed duplex that has sat 311 days at $359,500, and our numbers say it doesn't work at that price. At our base case it loses about $306 a month with a 5.4% cap rate, and break-even is near $302K, so the seller is roughly $57K above what the rents support. The listing leans hard on 2020-2025 updates, but the county market value is only $242,800 and the owner sold in June 2025 with no price on record, so find out what they paid and what they spent. The photos show cosmetic finishes (granite, subway tile, fresh paint) over old radiators, so the heating system and who pays for it matter most. Worth a showing only if the price comes down a lot and the rent roll and permits check out.

Things to consider

Price is far above what the rents support Cash flow is about -$306 a month and break-even is near $302K. Today's rates leave no room at ask.
Rent growth is limited St. Paul caps increases at 3% a year for sitting tenants, and the $1,725 and $1,475 rents are already near our estimates. You can't raise your way out.
Month-to-month tenants Rents are not locked in and tenants can leave soon after closing, so budget for turnover and vacancy.Listing says: “Both leases are currently month-to-month”
Quality of the renovation Permits, the unit's legality and the cause of the ceiling repairs decide whether the updates are real value or cosmetic.Listing says: “a recently added third bedroom in the lower unit”
Heat and owner utility costs are unclear If one boiler serves both units, the owner may pay heat, which could be several hundred dollars a month.From photo 5
Taxes and assessments The non-homestead tax bill is $5,751 plus $432 in assessments, a big expense against these rents.

From the photos

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

Rents the listing states

Unit 1: $1,650 (month-to-month)Listing says: Unit 1 rent increases to $1,650 in January 2026
Unit 2: $1,450 (month-to-month)Listing says: Unit 2 rent increases to $1,450 in January 2026

Condition and repairs

doneNew roof, siding and soft metal (2022)Listing says: a new roof, siding, and all soft metal installed in 2022
doneUpper unit kitchen renovated (2020)Listing says: the upper unit's kitchen renovated in 2020
doneAll bathrooms redone (2023)Listing says: all bathrooms fully redone in 2023
doneGranite countertops (2023)Listing says: Sleek granite countertops were added in 2023
donePEX water lines in kitchens and baths (2023)Listing says: full plumbing upgrade to modern PEX water lines throughout the kitchens and bathrooms, completed in 2023
doneThree newer windows in lower unitListing says: three newer windows in the lower unit
doneCeiling repairs, upper (2024) and lower (2025)Listing says: ceiling repairs in the upper unit (2024) and lower unit (2025)
doneThird bedroom added in lower unitListing says: a recently added third bedroom in the lower unit

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: $359,500
Cash to close: $82,685
Price per unit: $179,750
GRM: 9.4

Each month

Cash flow: −$306/mo
Cash-on-cash: −4.4%
Cap rate: 5.4%
DSCR: 0.84×

Break-even

Price that breaks even: $301,983
Rent that breaks even: $3,588/mo

Long run

Year 30: property vs stocks: $1.16M vs $719K
Cash flow turns positive: year 8

Monthly

Monthly breakdown

Rent	$3,200
Vacancy (6%)	−$192
Collected	$3,008
Property tax Public record	−$479
Insurance Estimate	−$211
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (7% of rent)	−$224
Capital reserve (8% of rent)	−$256
Net operating income	$1,607
Mortgage (principal + interest)	−$1,913
Cash flow	−$306
Principal paid down (equity, not cash)	$243

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$1,156,239

Your equity when you sell: $820,245
Rental profits, invested at 7%: $335,994

Same money in stocks$718,989

Cash to close, invested at 7%: $629,419
Monthly shortfalls, invested: $89,570

The building comes out $437,250 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 $1.16M, stocks $719K. 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 $1,725/mo · range $1,550–$1,850 · 6 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
690 Virginia St, Saint Paul	$1,500	3 / 1	1,620	0.2 mi	2023-03-24	Apartment
653 Galtier St, Saint Paul	$1,750	3 / 1.5	1,520	0.2 mi	2025-08-06	Apartment
555-565 N Kent St, Saint Paul	$1,435	3 / 1	875	0.4 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	1.4 mi	2026-06-16	Apartment

2 bed estimate $1,475/mo · range $1,350–$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	0.1 mi	2026-09-23	Apartment
409 Lafond Ave Apt 2, Saint Paul	$1,450	2 / 1	1,000	0.1 mi	2021-12-23	Apartment
490 Charles Ave Apt 3, Saint Paul	$1,400	2 / 1	750	0.3 mi	—	Apartment
579 Van Buren Ave, Saint Paul	$1,275	2 / 1	800	0.5 mi	—	Apartment
581 Park St, Saint Paul	$1,549	2 / 1	—	0.5 mi	2026-08-15	Apartment
627 Aurora Ave W, Saint Paul	$1,300	2 / 1	699	0.6 mi	2025-01-03	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

mediumCeiling repairs in both units in 2024 and 2025 suggest repeated moisture or structural trouble. Ask what caused them. Listing says: ceiling repairs in the upper unit (2024) and lower unit (2025) · AI review
mediumThe third bedroom in the lower unit was 'recently added'. Check permits, egress and that the rental license covers it. Listing says: a recently added third bedroom in the lower unit · AI review
mediumRental license status is Pending, not active. Based on: data: city.rental_license · AI review
mediumAsk price is far above the county's assessed value of $242,800. Based on: data: county.market_value · 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 362923130039: special assessments (payable 2026) = $432.50
lowChanged hands in Jun 2025; the county record doesn't show a price. Ask what the seller paid and what changed since. Public record: Ramsey County parcel 362923130039: last sale 2025-06-20
lowMonth-to-month tenants can leave quickly. Count on turnover soon after closing. Listing says: "significantly increasing rental potential. Both leases are currently month-to-month , offering flexibility to adjust rents or occupy"
low'Turn-key' claim is marketing. The photos show worn carpet and scuffed paint. Based on: photo 5 · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 314 days on market
Heavy price room: 311 days listed and break-even is about $87K below ask. Based on: data: underwriting.break_even_price · AI review
Recent roof, siding, plumbing and bath updates lower near-term capex, which helps if you buy at the right price. Listing says: a new roof, siding, and all soft metal installed in 2022 · AI review
Rents sit near our estimates, so no big upside from rent increases, but no big downside either. Based on: data: rent_estimate · AI review

Questions for the agent

What did the seller pay in June 2025, and what did they spend on the work? Were permits pulled for the bedroom addition, baths and plumbing?
What caused the ceiling repairs in 2024 and 2025?
How is heat supplied and who pays for it? Radiators are visible, so is there one boiler for both units?
Can I see signed leases, the rent roll and the last 12 months of utility bills?
What are the $432 special assessments for, and does the seller pay them off at closing?
Why is the rental license pending, and is the lower unit licensed with its third bedroom?

Bottom line

Nicely refreshed on the surface, but at $359,500 it loses money every month and needs a price near $302K to work. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)	$5,752
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,537
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; "fully renovated" in the description: -1 pts each	7% / 8%

Price history Realtor.com

On the market since 2025-11-25 (314 days); last sold for $169,900 on 2017-12-14.

Date	Event	Price
2026-06-29	Removed	$359,500
2025-11-25	Listed	$359,500
2017-12-14	Sold	$169,900
2017-12-13	Relisted	$169,900
2017-07-02	Removed	$169,900
2017-06-24	Listed	$169,900
1996-12-02	Sold public record	$52,000

County record Public record

Recorded as	two family dwelling - up/dwn
Living units	2
Year built	1900
Market value (2026)	$242,800
Property tax, payable 2026	$5,752
Special assessments	$432
Homestead	no
Last sale	2025-06-20

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 2 Units: 2 unit(s), B, status pending, renews 2027-02-09.

Nearest highway

I 94, about 872 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.