654 Fuller Ave

Triplex · 3 units: 3 bed / 1 bath and 2 bed / 1 bath ×2 unit split estimated · 3,400 sq ft

Saint Paul, MN · Summit – University (Rondo, Cathedral Hill) · View the listing ↗

Cash flows

70 photos

Photos courtesy of RE/MAX Results, via Realtor.com.

Asking price: $350,000
Monthly cash flow: $220
Estimated rent: $4,800/mo
Break-even price: $391,266

Adjust the numbers See the full breakdown

From the listing

Huge opportunity for an investor or owner-occupant. Nice licensed Triplex. Well-maintained with newer flooring and paint throughout. The building is vacant, so you can start fresh. Previously, the owner rented the main level as a 3-bedroom, the second level as a 2-bedroom, and the third level as a 2-bedroom. They rented to non-profits who paid approximately what Section 8 would have paid. Rent for the main was $2192/mo, the second level was $1448, and the third level was $1562. All separate meters for electric; owner pays the heat on the boiler, but separately metered water heaters (two of which were replaced during the current ownership), and owned coin-operated laundry. Don't miss the amazing 3 car garage. The owner never allowed the tenants access to the garage, but you could possibly adjust the rent upwards with garage access. The owner also replaced the roof during their ownership.

Listing courtesy of RE/MAX Results (John Mazzara). Description from Realtor.com, MLS #7136908. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a vacant licensed triplex at $350K, built 1893, and our model shows about $258/month cash flow at a 7.3% cap rate on asking. That works only if the old rents hold: $2,192, $1,448 and $1,562 add up to $5,202/month, and the main-level rent is well above our $1,850 estimate. Those rents came from non-profit tenants paying Section 8-like amounts, so they may not carry over to ordinary tenants. The owner pays boiler heat, and heat is a real cost to price in. Check the rental license first, since the city record shows it as pending and the listed expiry date has passed. If the license and the rent history hold up, the property is worth a showing.

Things to consider

Rents depend on whether they hold up for ordinary tenants The $5,202 total came from non-profit tenants paying roughly Section 8 levels, and the main-level rent is above our estimate. Test the rents against market comparables before you rely on them.Listing says: “They rented to non-profits who paid approximately what Section 8 would have paid.”
Owner pays heat The owner pays boiler heat, which cuts net income. Get actual bills and the boiler's age.Listing says: “owner pays the heat on the boiler”
Vacant building gives flexibility You can set new rents and rehab without the 3% cap on sitting tenants, but vacancy costs money until you lease up.Listing says: “The building is vacant, so you can start fresh.”
Garage could add income A 3-car garage never offered to tenants could bring extra monthly rent, but confirm its condition and that it is part of the sale.Listing says: “Don't miss the amazing 3 car garage.”
Unit finishes look dated Kitchens and baths look older, so budget for updates before pushing rents toward the top of our range.From photo 6
Taxes are high for a non-homestead investor property The $8,077 tax bill and $649 in assessments weigh on cash flow. Our underwriting already includes taxes, so check them against the listing numbers.

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

Main level (3-bed): $2,192 (vacant)Listing says: Rent for the main was $2192/mo
Second level (2-bed): $1,448 (vacant)Listing says: the second level was $1448
Third level (2-bed): $1,562 (vacant)Listing says: the third level was $1562

Condition and repairs

doneTwo water heaters replacedListing says: separately metered water heaters (two of which were replaced during the current ownership)
doneRoof replacedListing says: The owner also replaced the roof during their ownership.
doneNewer flooring and paint throughoutListing says: Well-maintained with newer flooring and paint throughout.

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: $350,000
Cash to close: $80,500
Price per unit: $116,667
GRM: 6.1

Each month

Cash flow: $220/mo
Cash-on-cash: 3.3%
Cap rate: 7.1%
DSCR: 1.12×

Break-even

Price that breaks even: $391,266
Rent that breaks even: $4,515/mo

Long run

Year 30: property vs stocks: $1.78M vs $613K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$4,800
Vacancy (6%)	−$288
Collected	$4,512
Property tax Public record	−$673
Insurance Estimate	−$325
Water, sewer, trash Estimate	−$255
Heat Estimate	−$300
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$384
Capital reserve (9% of rent)	−$432
Net operating income	$2,082
Mortgage (principal + interest)	−$1,863
Cash flow	$220
Principal paid down (equity, not cash)	$237

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$1,777,683

Your equity when you sell: $798,569
Rental profits, invested at 7%: $979,114

Same money in stocks$612,787

Cash to close, invested at 7%: $612,787

The building comes out $1,164,896 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 $1.78M, stocks $613K. 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 $1,625–$2,100 · 8 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
555-565 N Kent St, Saint Paul	$1,435	3 / 1	875	0.4 mi	2026-04-29	Apartment
865/867 Hague Ave, Saint Paul	$1,625	3 / 1	1,300	0.7 mi	2026-06-16	Apartment
987 Dayton Ave, Saint Paul	$2,050	3 / 1	2,000	0.8 mi	2026-08-26	Apartment
989 Dayton Ave, Saint Paul	$2,050	3 / 1	2,000	0.8 mi	—	Apartment
690 Virginia St, Saint Paul	$1,500	3 / 1	1,620	0.9 mi	2023-03-24	Apartment
653 Galtier St, Saint Paul	$1,750	3 / 1.5	1,520	1.0 mi	2025-08-06	Apartment
610 N Capitol Blvd Unit 3, Saint Paul	$1,650	3 / 1	1,600	1.3 mi	—	Apartment
764 Capitol Hts Unit 2, Saint Paul	$1,800	3 / 1	840	1.4 mi	2026-04-24	Apartment

2 bed estimate $1,500/mo · range $1,375–$1,725 · 16 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
627 Aurora Ave W, Saint Paul	$1,300	2 / 1	699	0.1 mi	2025-01-03	Apartment
787-789 Aurora Ave, Saint Paul	$1,425	2 / 1	888	0.3 mi	2026-09-15	Apartment
769 University Ave W, Saint Paul	$1,155	2 / 1	—	0.3 mi	2026-08-03	Apartment
490 Charles Ave Apt 3, Saint Paul	$1,400	2 / 1	750	0.4 mi	—	Apartment
640 Dayton Ave, Saint Paul	$1,900	2 / 1	1,080	0.5 mi	2026-09-26	Duplex triplex
655 Selby Ave, Saint Paul	$1,300	2 / 1	842	0.5 mi	2026-09-24	Apartment
755 Selby Ave, Saint Paul	$1,500	2 / 1	1,003	0.5 mi	2026-02-18	Apartment
228 Victoria St N Apt 2, Saint Paul	$1,695	2 / 1	1,000	0.6 mi	2026-09-01	Apartment
826 Selby Ave Apt 2, Saint Paul	$1,700	2 / 1	1,200	0.6 mi	—	Apartment
579 Van Buren Ave, Saint Paul	$1,275	2 / 1	800	0.6 mi	—	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

mediumPast rents came from non-profit tenants paying roughly Section 8 levels, so they may not match open-market rents. The main-level rent is well above our estimate. Listing says: They rented to non-profits who paid approximately what Section 8 would have paid. · AI review
mediumRental license shows as pending and the listed expiry date has passed. Confirm it is current and covers 3 units. Based on: data: city.rental_license · AI review
mediumOwner pays heat on a single boiler, which adds to expenses. Ask for the actual heating bills. Listing says: owner pays the heat on the boiler · AI review
low$649 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 352923410210: special assessments (payable 2026) = $648.76
lowSold in 2013 for $187K and now asking $350K. Check the price against what the rents support. Based on: data: county.last_sale_price · AI review
lowThe building sits about 200 m from I-94, which may mean noise. Based on: data: highway.distance_m · AI review

Opportunities

Garage access was never offered to tenants, so charging for it could raise rent. Listing says: you could possibly adjust the rent upwards with garage access · AI review
The building is vacant, so you can set new rents without the 3% cap on sitting tenants and do work between tenants. Listing says: The building is vacant, so you can start fresh. · AI review
Coin-operated laundry is owned and adds income. Ask what it earns. Listing says: owned coin-operated laundry · AI review

Questions for the agent

Can you send the rent roll and 12 months of expenses, including heating bills and what the coin laundry brought in?
Is the rental license current for 3 units, and why is it showing as pending?
Who were the non-profit tenants, and why did they leave? Were rents paid on time?
How old is the boiler, and how old is the wiring and panels?
What are the $649 in special assessments for, and does the seller pay them at closing?
Is the 3-car garage in good shape, and does it come with the sale?

Bottom line

A vacant, licensed triplex with a recent roof and positive cash flow on paper, but the rents came from non-profit tenants and the license shows as pending, so verify both before you pay $350K. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)	$8,077
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$3,905
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$255
Heat / mo Estimateestimate. owner-paid heat (one boiler or stated in the listing)	$300
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 2026-09-01 (34 days); down $25,000 (6.7%) from the first ask of $375,000; last sold for $187,629 on 2013-06-20.

Date	Event	Price
2026-09-26	Price changed	$350,000
2026-09-01	Listed	$375,000
2013-06-20	Sold	$187,629
2013-04-22	Price changed	$194,900
2013-02-27	Price changed	$199,000
2012-12-31	Price changed	$205,000
2012-12-06	Price changed	$209,100
2012-10-22	Listed	$214,900
2012-10-17	Removed	$219,500
2012-07-30	Removed	$219,500
2012-07-30	Price changed	$219,500
2012-04-19	Listed	$219,500
2012-04-19	Listed	$234,000
2008-03-31	Sold public record	$111,617
2004-03-30	Sold public record	$185,294
2003-01-16	Sold public record	$130,000
1999-12-01	Sold public record	$91,500
1994-10-31	Sold public record	$58,500

County record Public record

Recorded as	three family dwelling, platted lot
Living units	3
Year built	1893
Market value (2026)	$360,200
Property tax, payable 2026	$8,077
Special assessments	$649
Homestead	no
Last sale	2013-06-20 · $187,269

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 3+ Units: 3 unit(s), A, status pending, renews 2025-10-24.

Nearest highway

I 94, about 204 m away.

Crime in Summit – University

1,066 incidents in the last 12 months (59 per 1,000 residents), −13% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.