St. Paul › Frogtown

677 Sherburne Ave

Fourplex · 4 units: 1 bed / 1 bath ×4 unit split estimated · 1,866 sq ft

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

Overpriced

73 photos

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

Asking price: $464,900
Monthly cash flow: −$591
Estimated rent: $4,400/mo
Break-even price: $353,946

Adjust the numbers See the full breakdown

From the listing

The ultimate house hack that BEATS the 1% rule! These AirBnB units bring in about $2,000 a month each!! Don't miss this prime St. Paul location near downtown, Green Line, Regions Hospital, Allianz Field, and the State Capitol. Great for an Owner-occupant to generate consistent STR income from corporate travelers, medical professionals, concert-goers, and Twin Cities visitors. Established online presence, optimized SEO, and strong occupancy rates. Experienced co-host available for seamless transition. Major updates include brand-new roof, updated furnace, and newer water heater. Frequent professional cleanings keep property exceptionally maintained and move-in ready. Flexible opportunity for short-term rentals, long-term rentals, or house hacking. Property may be sold furnished or unfurnished. Rare turnkey multifamily investment opportunity with immediate income potential. Welcome Home!

Listing courtesy of RE/MAX Results (Kerby & Cristina Real Estate Experts). Description from Realtor.com, MLS #7132105. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is sold as a short-term-rental house hack, not a normal rental, and that changes how to read it. The $2,000-a-month-per-unit Airbnb claim is unverified, and our long-term estimate is about $1,100 per 1-bed unit. At the ask, our underwriting shows -$591 a month and a 4.9% cap, with break-even near $353,946. The rental license expired in August 2024 and the city's record shows a four-unit building, so the first things to check are the license and whether STR use is allowed there. Ask for 12+ months of platform payouts, taxes and cleaning costs before you spend time on a showing. At this price it only works if the STR income is real and you can run it yourself.

Things to consider

STR income is unverified The pitch rests on $2,000 per unit per month gross. Without statements, expenses and vacancy, you can't tell what's left. Our long-term estimate is far lower.Listing says: “These AirBnB units bring in about $2,000 a month each!!”
Numbers are negative at the ask Underwriting shows -$591/month and a 4.9% cap on long-term rents. If STR fails, you'd carry the building at a loss.
Licensing and legality An expired rental license and STR rules can affect whether the income is allowed and whether the insurer or lender will go along.
Rent cap on long-term fallback If you convert to long-term leases, St. Paul's 3% cap limits future increases on sitting tenants.
Taxes and assessments eat into returns Non-homestead tax of about $8,777 plus $1,035 in assessments is a heavy load on a $465K building.
Recent systems claims need proof A new roof and furnace would be a real plus, but the listing gives no dates or permits.Listing says: “Major updates include brand-new roof, updated furnace, and newer water heater.”

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

doneBrand-new roofListing says: Major updates include brand-new roof, updated furnace, and newer water heater.
doneUpdated furnaceListing says: Major updates include brand-new roof, updated furnace, and newer water heater.
doneNewer water heaterListing says: Major updates include brand-new roof, updated furnace, and newer water heater.

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: $464,900
Cash to close: $106,927
Price per unit: $116,225
GRM: 8.8

Each month

Cash flow: −$591/mo
Cash-on-cash: −6.6%
Cap rate: 4.9%
DSCR: 0.76×

Break-even

Price that breaks even: $353,946
Rent that breaks even: $5,167/mo

Long run

Year 30: property vs stocks: $1.30M vs $1.06M
Cash flow turns positive: year 12

Monthly

Monthly breakdown

Rent	$4,400
Vacancy (6%)	−$264
Collected	$4,136
Property tax Public record	−$731
Insurance Estimate	−$373
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$352
Capital reserve (9% of rent)	−$396
Net operating income	$1,884
Mortgage (principal + interest)	−$2,474
Cash flow	−$591
Principal paid down (equity, not cash)	$315

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$1,296,531

Your equity when you sell: $1,060,728
Rental profits, invested at 7%: $235,803

Same money in stocks$1,062,748

Cash to close, invested at 7%: $813,956
Monthly shortfalls, invested: $248,793

The building comes out $233,783 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 $1.30M, stocks $1.06M. 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.

1 bed estimate $1,100/mo · range $1,000–$1,275 · 10 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
627 Aurora Ave W, Saint Paul	$1,100	1 / 1	—	0.2 mi	2025-01-03	Apartment
769 University Ave W, Saint Paul	$925	1 / 1	—	0.2 mi	2026-08-03	Apartment
562 Edmund Ave W, Saint Paul	$895	1 / 1	650	0.2 mi	2026-04-29	Apartment
937 University Ave W, Saint Paul	$999	1 / 1	612	0.5 mi	2024-07-19	Apartment
848 Englewood Ave, Saint Paul	$1,423	1 / 1	600	0.6 mi	2026-07-24	Apartment
203 Grotto St N, Saint Paul	$1,195	1 / 1	875	0.7 mi	2026-09-23	Apartment
655 Selby Ave, Saint Paul	$1,150	1 / 1	628	0.7 mi	2026-09-24	Apartment
755 Selby Ave, Saint Paul	$1,300	1 / 1	—	0.7 mi	2026-02-18	Apartment
984 Van Buren Ave, Saint Paul	$949	1 / 1	610	0.7 mi	2025-08-05	Apartment
996 Van Buren Ave, Saint Paul	$949	1 / 1	610	0.8 mi	2025-07-31	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

highIncome claim is Airbnb gross, not leases. No occupancy, expense or payout data is given, and STR income is volatile. Listing says: These AirBnB units bring in about $2,000 a month each!! · AI review
highRental license shows expired and the city lists the building as 4 units. Confirm it's current and that STR use is allowed. Based on: data: city.rental_license · AI review
medium$1,035 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 352923140139: special assessments (payable 2026) = $1,035.34
mediumLikely 'ultimate' marketing claim: the 1% rule claim depends entirely on unverified STR revenue, while our long-term numbers are negative. Listing says: The ultimate house hack that BEATS the 1% rule! · AI review
mediumPrice is above what our long-term rents support: break-even is about $24K below ask. Based on: data: underwriting.break_even_price · AI review
lowFurnished sale and an 'experienced co-host' suggest the income depends on the current operator and listings. Confirm what transfers. Listing says: Property may be sold furnished or unfurnished. · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 32 days on market, 2 price cuts
Long-term rental fallback at about $1,250 per unit, or owner-occupy one unit and rent the others. Listing says: Flexible opportunity for short-term rentals, long-term rentals, or house hacking. · AI review
32 days on market with a break-even below ask gives room to negotiate. Based on: data: listing.days_on_market · AI review
Roof, furnace and water heater are said to be recent, which lowers near-term capital needs if verified. Listing says: Major updates include brand-new roof, updated furnace, and newer water heater. · AI review

Questions for the agent

Can I see 12+ months of Airbnb/VRBO payouts, occupancy and platform statements per unit?
Is the rental license current, and does St. Paul allow short-term rentals in this building? Is there a STR license?
What are the monthly utilities, cleaning, supplies and co-host costs?
Are there permits and dates for the roof, furnace and water heater?
What are the $1,035 special assessments for, and are they paid at closing?
Which listings, reviews and furnishings transfer with the sale?

Bottom line

The Airbnb pitch is unproven, and on long-term rents it loses money at the ask, so it's worth a look only with real STR statements and a clean license. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)	$8,777
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,473
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 1886: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-05-07 (151 days, relisted 1×); down $85,099 (15.5%) from the first ask of $549,999; last sold for $450,000 on 2022-06-28; listed for rent at $900/mo on 2021-12-07.

Date	Event	Price
2026-09-24	Price changed	$464,900
2026-09-03	Listed	$479,900
2026-08-21	Removed	$479,999
2026-07-11	Price changed	$479,999
2026-06-25	Relisted	$495,000
2026-06-24	Removed	—
2026-06-24	Removed	$524,999
2026-06-21	Removed	—
2026-06-20	Listed	$495,000
2026-06-04	Price changed	$524,999
2026-05-07	Listed	$549,999
2022-06-28	Sold	$450,000
2022-05-05	Listed	$485,000
2021-12-09	Removed	—
2021-12-07	Listed for rent	$900/mo
2021-06-11	Sold	$355,000
2020-12-28	Listed	$349,900
2020-12-23	Removed	$354,900
2020-11-10	Price changed	$354,900
2020-10-09	Price changed	$364,900
2020-08-26	Price changed	$374,900
2020-07-30	Listed	$399,900
2015-07-15	Sold public record	$212,241
2000-09-18	Sold public record	$100,000
1990-09-17	Sold public record	$49,900

County record Public record

Recorded as	apartments 4-6 rental units
Living units	4
Year built	1886
Market value (2026)	$463,600
Property tax, payable 2026	$8,777
Special assessments	$1,035
Homestead	no
Last sale	2022-06-23 · $450,000

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 3+ Units: 4 unit(s), B, status renewal due, renews 2024-08-13.

Nearest highway

I 94, about 562 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.