661 Payne Ave

Fourplex · 4 units: 1 bed / 1 bath ×4 unit split estimated · 2,600 sq ft

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

Cash flows

7 photos

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

Asking price: $475,000
Monthly cash flow: $1,065
Estimated rent: $5,900/mo
Break-even price: $675,006

Adjust the numbers See the full breakdown

From the listing

A strong investment opportunity in one of Saint Paul's high-demand rental corridors. This newly renovated 4-unit mixed-use property sits on a rare double lot and offers excellent cash flow potential with additional upside through below-market rents. The property is Section 8 approved and enrolled in the City of Saint Paul's 4-D Affordable Housing Program, providing valuable property tax reductions and long-term affordability incentives. The asset features a versatile mixed-use zoning configuration that includes both a commercial garage space and a traditional residential garage, creating flexibility for owner-operators, small businesses, contractors, storage income, workshop use, or additional tenant amenities. Investors also have the option to maintain the property as a fully residential income-producing asset. The building has undergone substantial renovations and stabilization, making it a turnkey opportunity for investors seeking immediate cash flow with long-term appreciation potential. Spacious units, strong rental demand, and flexible lease structures provide multiple operational strategies for future ownership. The oversized lot includes a shared backyard with patio space, green space, and garden potential, adding lifestyle appeal for tenants. Located along the vibrant Payne Avenue corridor, the property is walkable to neighborhood staples including Yarusso Bros, Minnesota Music Cafe, local restaurants, retail, parks, and the Bruce Vento Regional Trail. Motivated seller. Excellent opportunity for investors seeking a stabilized multifamily asset with mixed-use flexibility, tax advantages, and future upside in a rapidly improving East Saint Paul market.

Listing courtesy of Keller Williams Realty (Hosie Thurmond). Description from Realtor.com, MLS #7068786. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 4-unit asking $475K, and our numbers work at that price. We show about +$1,065/month at 20% down and a 9.1% cap rate, with break-even near $675K. The listing gives no rents, no rent roll and no expenses, yet it calls the place stabilized and turnkey. The 4-D program and Section 8 claims cut both ways: lower taxes, but capped rents and inspection rules. The $1,929 tax figure looks low and may reflect that program. Get the rent roll, the 4-D paperwork and the pending rental license status before a showing. Then decide if the estimated rents hold up.

Things to consider

Price is below what the estimated rents support Our model has positive cash flow at the asking price and break-even about $200K higher. That cushion depends on the estimated rents holding up, so verify them before relying on it.
Seller flipped at a markup The jump from the 2025 purchase price may reflect renovation costs or just a hopeful ask. Ask for the scope and permits.
Mixed-use claim doesn't match the records The city lists four residential units only, and the license is pending. A commercial garage may not be legal or insurable as described.

From the photos

Based on 7 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

Condition and repairs

doneSubstantial renovations and stabilization across the building (scope and dates not given)Listing says: The building has undergone substantial renovations and stabilization, making it a turnkey opportunity

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: $475,000
Cash to close: $109,250
Price per unit: $118,750
GRM: 6.7

Each month

Cash flow: $1,065/mo
Cash-on-cash: 11.7%
Cap rate: 9.1%
DSCR: 1.42×

Break-even

Price that breaks even: $675,006
Rent that breaks even: $4,518/mo

Long run

Year 30: property vs stocks: $3.72M vs $832K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$5,900
Vacancy (6%)	−$354
Collected	$5,546
Property tax Public record	−$161
Insurance Estimate	−$390
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$472
Capital reserve (9% of rent)	−$531
Net operating income	$3,593
Mortgage (principal + interest)	−$2,528
Cash flow	$1,065
Principal paid down (equity, not cash)	$322

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$3,718,911

Your equity when you sell: $1,083,773
Rental profits, invested at 7%: $2,635,138

Same money in stocks$831,639

Cash to close, invested at 7%: $831,639

The building comes out $2,887,272 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 $3.72M, stocks $832K. 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.

1 bed / 1 bath estimate $1,475/mo · range $1,075–$1,900

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
914 Burr Unit Bedroom St N, Apt 2-1, Saint Paul 55130 off market	$950	1 / 1	—	0.5 mi	2023-05-07	93%
556 Jenks Ave E, Unit 4, Saint Paul 55130	$1,000	1 / 1	—	0.7 mi	2026-08-19	93%
794 Case Ave Apt B, Saint Paul 55106 off market	$1,800	1 / 1	—	0.8 mi	2026-03-04	93%
308 Prince St, Saint Paul 55101	$1,395	1 / 1	1,600	0.9 mi	2025-12-05	89%
931 Arcade St, Unit C, Saint Paul 55106 off market	$2,200	0 / 1	2,300	0.8 mi	2026-04-29	87%
812 7th St E, Saint Paul 55106 off market	$1,125	1 / 1	1,023	0.5 mi	2026-04-07	85%
754 Payne Ave, Saint Paul 55130 off market	$1,063	1 / 1	950	0.2 mi	2025-09-02	84%
754 Payne Ave Apt D, Saint Paul 55130 off market	$1,361	2 / 1	—	0.2 mi	2026-09-27	84%
333 Sibley St, Saint Paul 55101	$1,749	1 / 1	1,030	1.1 mi	2025-01-03	84%
389 Maple St, Saint Paul 55106 off market	$750	0 / 1	—	0.4 mi	2025-10-25	84%

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

highDescribed as mixed-use with a commercial garage, but the city rental license lists 4 residential units and is still pending. Confirm zoning, the license and the legal unit count. Based on: data: city.rental_license · AI review
mediumBought for $395,000 in Jul 2025; asking is 20% more 15 months later. Ask what was done to justify the jump. Public record: Ramsey County parcel 322922210016: last sale 2025-07-21, $395,000
medium4-D program carries rent and income restrictions. The tax savings may come with affordability limits that cap rents and the resale buyer pool. Listing says: enrolled in the City of Saint Paul's 4-D Affordable Housing Program · AI review
medium'Turnkey' and 'stabilized' are claimed but no rents, occupancy or lease terms are given. Also 'below-market rents' means current income is low. Listing says: offers excellent cash flow potential with additional upside through below-market rents · AI review
mediumThe building is 1884 stucco with exterior stairs and a balcony in back. Check structure, stucco moisture and stair and balcony condition. Based on: photo 6 · AI review
low$865 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 322922210016: special assessments (payable 2026) = $865.00

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 129 days on market
Motivated-seller language: room to negotiate. Listing says: "retail, parks, and the Bruce Vento Regional Trail. Motivated seller . Excellent opportunity for investors seeking a stabilized"
Two garages, one described as commercial, could bring in storage or contractor rent if zoning allows. Listing says: a commercial garage space and a traditional residential garage · AI review
Double lot with shared yard and garden space adds tenant appeal and possible future options. Listing says: sits on a rare double lot · AI review
Below-market rents may allow increases at turnover, subject to 4-D rules and the St. Paul 3% cap on sitting tenants. Listing says: additional upside through below-market rents · AI review

Questions for the agent

Can I see the current rent roll, lease dates and security deposits for all four units?
What do the 4-D and Section 8 commitments require: rent limits, inspections, how long they run, and do they transfer to a buyer?
What is the status of the rental license, and why is it pending?
What did the seller renovate after buying for $395K in July 2025, and are there permits?
What are the $865 special assessments for, and will the seller pay them at closing?
Who pays heat and utilities, and are there separate meters and heating systems?

Bottom line

Fresh renovation on a double lot, and at $475K the numbers make money on estimated rents, but the rents, restrictions and license status are all unproven. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)	$1,929
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,675
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$340
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 1884: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-05-29 (129 days, relisted 1×); down $24,999 (5.0%) from the first ask of $499,999; last sold for $395,000 on 2025-09-15.

Date	Event	Price
2026-07-28	Price changed	$475,000
2026-07-16	Relisted	$499,999
2026-06-24	Removed	—
2026-05-29	Listed	$499,999
2025-09-15	Sold public record	$395,000
2025-08-13	Sold	$395,000
2021-03-18	Removed	$249,900
2012-10-31	Sold	$125,000
2012-10-16	Removed	$115,000
2012-08-20	Listed	$115,000
2011-09-18	Removed	$164,900
2011-04-07	Price changed	$164,900
2011-01-18	Price changed	$189,900
2010-12-03	Price changed	$224,900
2010-11-12	Price changed	$249,900
2010-09-17	Listed	$274,900
2006-12-28	Sold public record	$274,500
2006-01-01	Sold public record	$285,000
2003-11-06	Sold public record	$322,000
2003-06-17	Sold public record	$322,000
2000-03-30	Sold public record	$186,500

County record Public record

Recorded as	apartments 4-6 rental units
Living units	4
Year built	1884
Market value (2026)	$413,100
Property tax, payable 2026	$1,929
Special assessments	$865
Homestead	no
Last sale	2025-07-21 · $395,000

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 3+ Units: 4 unit(s), B, status pending, renews 2027-09-22.

Nearest highway

I 94;US 10, about 681 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.