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686 Virginia St

Fourplex · 4 units: 3 bed / 1 bath ×2 and 2 bed / 1 bath ×2 unit split estimated · 8,032 sq ft

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

Cash flows
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Photos, via Realtor.com.

Asking price
$596,600
4 units · $149K per unit
Monthly cash flow
$366
at 20% down, 7%
Estimated rent
$7,050/mo
medium confidence
Break-even price
$665,330
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a 4-unit brick building in Frogtown listed at $596,600 after 143 days on the market. Our underwriting shows about $366/month cash flow and a 7.1% cap at asking, which looks thin for a 1900 building with unknown systems. The listing gives no rents, no unit mix and no lease terms, so everything rests on our estimates. Get the rent roll, trailing-12 expenses and utility bills first. Also confirm the rental license, which shows 'Renewal Due' with a 2024 expiry. It's worth a showing only if the seller will negotiate well below ask and the books back up the rents.

Things to consider

  1. Income is unverified There are no stated rents or leases, so cash flow depends on our estimates. Real rents, vacancy and tenant history decide whether the deal works.
  2. Rent growth is capped St. Paul's 3% cap limits how fast sitting tenants' rents can rise, so catching up to market takes years.
  3. The RUBS plan is a projection Billing back utilities isn't income yet and could be limited by the cap. Underwrite as if the owner keeps paying them.Listing says: “ownership implementing a RUBS utility reimbursement program across the portfolio beginning Q3 2026”
  4. Taxes and special assessments weigh on NOI A $10.8K tax bill plus $2.3K in assessments eats into cash flow. Check if the assessments recur.
  5. Older building with unseen systems Built in 1900 with dated kitchens and baths and no system photos, so reserves and a full inspection matter.From photo 7
  6. Licensing status An expired or lapsed rental license can mean inspection issues or delays in leasing.

From the photos

Listing photo 2
1 of 8Check

The roof shingles appear fairly recent and the brick looks sound overall, but there are patched or infilled brick panels on the front and side walls.

Listing photo 2
2 of 8Plus

Four front doors under one shared porch suggest four separate entrances, which fits the unit count.

Listing photo 7
3 of 8Concern

The kitchens have basic white cabinets, white appliances and laminate counters. They look dated but serviceable, not renovated.

Listing photo 5
4 of 8Plus

The hardwood floors appear to be in decent shape throughout.

Listing photo 9
5 of 8Concern

The bathroom has a clawfoot tub with an exposed shower riser and an older tile wall. It looks dated, and the plumbing and tub condition are unconfirmed.

Listing photo 6
6 of 8Check

The photo of the dining area shows virtual staging, so the room's actual condition and furnishings aren't shown.

Listing photo 1
7 of 8Check

No photos of boilers, water heaters, electrical panels, basement or the roof up close, and no photos of the other units.

Listing photo 3
8 of 8Check

The living room shows a ceiling fan and a wall vent, so there may be central air or a ducted system in the unit. Confirm what it is.

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

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

Down payment %
Offer $
Management
Interest rate %
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
$596,600
Cash to close
$137,218
Price per unit
$149,150
GRM
7.1

Each month

Cash flow
$366/mo
Cash-on-cash
3.2%
Cap rate
7.1%
DSCR
1.12×

Break-even

Price that breaks even
$665,330
Rent that breaks even
$6,569/mo

Long run

Year 30: property vs stocks
$3.10M vs $1.04M
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$7,050
Vacancy (6%)−$423
Collected$6,627
Property tax Public record−$903
Insurance Estimate−$514
Water, sewer, trash Estimate−$340
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (9% of rent)−$634
Capital reserve (9% of rent)−$634
Net operating income$3,541
Mortgage (principal + interest)−$3,175
Cash flow$366
Principal paid down (equity, not cash)$404

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$3,102,823
Your equity when you sell
$1,361,219

Sells for $1,448,105 (value up 3% a year), minus 6% selling cost ($86,886). Rent paid down $477,280 of loan.

Rental profits, invested at 7%
$1,741,605

$790,302 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,044,538
Cash to close, invested at 7%
$1,044,538

$137,218 put into an index fund instead of the down payment and closing costs.

The building comes out $2,058,285 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 $3.10M, stocks $1.04M. 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.

3 bed / 1 bath estimate $2,225/mo · range $1,825–$2,625

AddressRentBd / BaSq ftDistanceListedMatch
220/222 Virginia St, Saint Paul 55102 off market $2,500 3 / 1.5 — 1.0 mi 2026-06-24 90%
842 Rice St, Apt 303, Saint Paul 55117 off market $1,695 2 / 1 — 0.5 mi 2023-10-30 84%
581 Park St, Saint Paul 55103 $1,549 2 / 1 — 0.6 mi 2026-08-15 84%
842 Rice St, Apt 302, Saint Paul 55117 off market $1,695 2 / 1 — 0.5 mi 2023-10-30 84%
266 W Fuller Ave, Unit 12, Saint Paul 55103 off market $975 2 / 1 — 0.6 mi 2026-07-14 84%
240 W Fuller Ave, Unit 9, Saint Paul 55103 off market $975 2 / 1 — 0.6 mi 2026-07-22 84%
138 Arundel St, Saint Paul 55102 off market $1,300 2 / 1 — 1.2 mi 2026-02-24 83%
690 Virginia St, Saint Paul 55103 $1,500 3 / 1 1,620 0.0 mi 2023-03-24 81%
690 Virginia Ave, Saint Paul 55103 off market $1,500 3 / 1 1,620 0.0 mi 2023-03-24 81%
595 Park St, Saint Paul 55103 off market $1,799 3 / 1 1,325 0.5 mi 2026-04-20 79%

2 bed / 1 bath estimate $1,300/mo · range $975–$1,625

AddressRentBd / BaSq ftDistanceListedMatch
842 Rice St, Apt 303, Saint Paul 55117 off market $1,695 2 / 1 — 0.5 mi 2023-10-30 93%
581 Park St, Saint Paul 55103 $1,549 2 / 1 — 0.6 mi 2026-08-15 93%
842 Rice St, Apt 302, Saint Paul 55117 off market $1,695 2 / 1 — 0.5 mi 2023-10-30 93%
266 W Fuller Ave, Unit 12, Saint Paul 55103 off market $975 2 / 1 — 0.6 mi 2026-07-14 93%
240 W Fuller Ave, Unit 9, Saint Paul 55103 off market $975 2 / 1 — 0.6 mi 2026-07-22 93%
138 Arundel St, Saint Paul 55102 off market $1,300 2 / 1 — 1.2 mi 2026-02-24 92%
842 Rice St, Apt 203, Saint Paul 55117 off market $1,795 2 / 2 — 0.5 mi 2023-10-30 88%
568 Farrington St, Apt 4, Saint Paul 55103 off market $1,150 1 / 1 — 0.3 mi 2026-08-26 84%
250 W Fuller Ave, Unit 10, Saint Paul 55103 $895 1 / 1 — 0.6 mi 2026-10-05 84%
435 Front Ave, Apt 7, Saint Paul 55117 off market $900 1 / 1 — 0.6 mi 2026-05-27 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

  • highListing gives no rents, leases or occupancy, so income is unverified. Based on: data: rent_estimate · AI review
  • medium$2,339 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 362923120050: special assessments (payable 2026) = $2,338.78
  • mediumProjected utility bill-backs (RUBS) are not income yet, and in St. Paul they may count toward the 3% cap. Listing says: "are currently partially owner-paid, with ownership implementing a RUBS utility reimbursement program across the portfolio beginning Q3"
  • mediumRental license shows Renewal Due with a 2024 expiry. Confirm it is current and covers 4 units. Based on: data: city.rental_license · AI review
  • mediumDescription doesn't say which utilities the owner pays, so expenses are unknown. Listing says: Utilities are currently partially owner-paid · AI review
  • lowProperty tax is high for the price, at a non-homestead $10,833 a year. Based on: data: county.tax · AI review

Opportunities

  • The seller bought for $54,000 in Jul 2011, so they can take a lower offer and still come out well ahead. Public record: Ramsey County parcel 362923120050: last sale 2011-07-20, $54,000
  • Long time on market: room to negotiate. Based on: Listing data: 143 days on market
  • Our break-even price is above ask, so the numbers work at asking if our rent estimates hold. Verify them against real rents. Based on: data: underwriting.break_even_price · AI review

Questions for the agent

  • Can I see the current rent roll with lease dates and any month-to-month tenants?
  • Which utilities does the owner pay, and what were the trailing-12 bills?
  • What are the $2,339 special assessments for, and does the seller pay them at closing?
  • Is the St. Paul rental license current for 4 units, and are there open code orders?
  • What are the ages of the boilers or furnaces, the roof, the electrical and the plumbing?
  • What is the unit mix, and is this one of several properties the owner is selling together?

Bottom line

A plain 4-plex that pencils at about 7.1% at ask on estimated rents, but with no rents, no mix and no expenses given, don't offer until you see the books. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)$10,833
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$6,169
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 1900: +1 pt capital reserve; 10 bedrooms: +1 pt repairs for wear9% / 9%

Price history Realtor.com

On the market since 2026-05-15 (143 days); down $73,150 (10.9%) from the first ask of $669,750; last sold for $54,000 on 2012-01-31.

DateEventPrice
Price changed$596,600
Price changed$628,000
Relisted$669,750
Removed—
Listed$669,750
Sold public record$54,000

County record Public record

Recorded asapartments 4-6 rental units
Living units4
Year built1908
Market value (2026)$516,500
Property tax, payable 2026$10,833
Special assessments$2,339
Homesteadno
Last sale2011-07-20 · $54,000

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 3+ Units: 4 unit(s), A, status renewal due, renews 2024-09-19.

Nearest highway

I 94, about 1203 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.