688 Magnolia Ave E

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 1,655 sq ft

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

Cash flows

11 photos

Photos courtesy of Midwest Homes - Broker, via Realtor.com.

Asking price: $159,900
Monthly cash flow: $491
Estimated rent: $2,750/mo
Break-even price: $252,186

Adjust the numbers See the full breakdown

First look

This is a cheap, as-is up/down duplex in Payne-Phalen that needs real work. The numbers look good on paper: our underwriting shows about $491/month cash flow and a 10.1% cap at ask, with rents estimated near $1,375 per unit. But the seller bought it for $115K last month and wants $159.9K with no visible work done, and the photos show a gutted, dated interior. The floor plans show a 2-bed-ish upper and a first floor with no bedrooms listed, so the unit mix needs confirming. Check rental licensing, the special assessments, the mechanicals and the basement before you spend time on a showing. It's worth a look only if the repair budget leaves room under the break-even number.

Things to consider

Rental licensing is unconfirmed Without a certificate of occupancy you may not legally rent until it passes inspection, which delays income and can force repairs.
Price jumped 39% in a month Our break-even price is well above ask, but the seller's purchase price suggests the real value is lower; use it in negotiations.
Rehab cost is unknown and not in our numbers The cash flow estimate assumes rentable units at market rent. Flooring, paint, kitchens and baths come out of your return.From photo 2
Rents capped at 3% for sitting tenants If tenants are in place at low rents, you can't catch up to market quickly in St. Paul.
As-is sale with $800 in special assessments The seller won't fix inspection findings, and the assessments add to your costs if they aren't paid at closing.Listing says: “Home sold as-is”

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

neededCosmetic updates: refinish, fresh paint, flooringListing says: strong potential to increase rents with cosmetic updates, including refinished finishes, fresh paint, and flooring
neededSold as-isListing says: Home sold as-is

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: $159,900
Cash to close: $36,777
Price per unit: $79,950
GRM: 4.8

Each month

Cash flow: $491/mo
Cash-on-cash: 16.0%
Cap rate: 10.1%
DSCR: 1.58×

Break-even

Price that breaks even: $252,186
Rent that breaks even: $2,086/mo

Long run

Year 30: property vs stocks: $1.42M vs $280K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$2,750
Vacancy (6%)	−$165
Collected	$2,585
Property tax Public record	−$260
Insurance Estimate	−$203
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (10% of rent)	−$275
Capital reserve (10% of rent)	−$275
Net operating income	$1,342
Mortgage (principal + interest)	−$851
Cash flow	$491
Principal paid down (equity, not cash)	$108

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$1,424,191

Your equity when you sell: $364,832
Rental profits, invested at 7%: $1,059,359

Same money in stocks$279,956

Cash to close, invested at 7%: $279,956

The building comes out $1,144,235 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 $1.42M, stocks $280K. The property wins.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-02. The estimate above is RentCast's, weighted toward the closest matches.

2 bed / 1 bath estimate $1,375/mo · range $1,225–$1,525

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
Case Ave E, Unit 1, Saint Paul 55130 off market	$1,500	2 / 1	1,150	0.4 mi	2026-04-20	95%
709-711 Jessamine Ave E, Saint Paul 55106 off market	$1,250	2 / 1	1,100	0.1 mi	2026-09-11	95%
1039-1041 Arkwright St, Saint Paul 55130	$1,445	2 / 1	1,100	0.6 mi	2026-09-19	94%
421 Mount Ida St, Saint Paul 55130 off market	$1,549	2 / 1	1,100	0.9 mi	2026-06-22	94%
914 Lawson Ave E, Saint Paul 55106	$1,490	2 / 1	1,055	0.5 mi	2026-08-31	94%
701 Hawthorne Ave E, Saint Paul 55106 off market	$1,390	2 / 1	—	0.3 mi	2026-03-13	93%
870 E Cook Ave, Unit 4, Saint Paul 55106 off market	$1,050	2 / 1	—	0.4 mi	2026-05-20	93%
754 Payne Ave Apt D, Saint Paul 55130	$1,361	2 / 1	—	0.7 mi	2026-09-27	93%
666 Sims Ave, Saint Paul 55106 off market	$1,160	2 / 1	1,000	0.3 mi	2025-11-20	93%
1337 Arkwright St N, Unit 106, Saint Paul 55130 off market	$1,150	2 / 1	—	0.8 mi	2026-03-13	93%

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

mediumNo rental certificate (CofO) on file in the city's data. Ask whether the building is licensed as a rental and when it was last inspected. Public record: St. Paul Certificate of Occupancy – Residential: no record for 688 MAGNOLIA AVE E (dataset last updated mid-2025)
mediumBought for $115,000 in Sep 2026; asking is 39% more 1 months later. Ask what was done to justify the jump. Public record: Ramsey County parcel 292922130004: last sale 2026-09-04, $115,000
mediumSold as-is: the seller won't fix what the inspection finds. Price that in. Listing says: "and easy access to major roads. Home sold as-is"
mediumFlip-style markup: bought at $115K a month ago, listed at $169.9K with no visible renovation. The seller may have little knowledge of the building's condition. Based on: data: county.last_sale_price · AI review
mediumUnit is likely vacant and unrenovated, so you carry rehab cost and lease-up time before any rent. Our cash flow assumes rent starts immediately. Based on: photo 2 · AI review
mediumBuilt in 1884 with a concrete block or stone-style basement wall visible; check the foundation and moisture. Based on: photo 5 · AI review
mediumBoarded-up upper windows on the rear suggest prior vacancy or damage; confirm the cause and any water intrusion. Based on: photo 5 · AI review
low$800 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 292922130004: special assessments (payable 2026) = $800.00

Opportunities

Cosmetic refresh could lift rents to the estimated $1,375 per unit midpoint Listing says: This duplex offers strong potential to increase rents with cosmetic updates · AI review
Detached two-car garage per the floor plan could be rented or used as a perk Based on: photo 10 · AI review
Hardwood floors appear to be present throughout the main level and may refinish well Based on: photo 3 · AI review

Questions for the agent

Is the building licensed as a rental, and is a certificate of occupancy on file with the city?
What are the $800 special assessments for, and does the seller pay them at closing?
What work did the seller do since buying for $115K last month?
Is each unit separately metered for gas and electric, and how many furnaces and water heaters are there?
Why were the upper windows boarded, and has there been any water damage?
What is the true unit layout, and does the first floor have a legal bedroom?

Bottom line

Cheap entry and decent paper numbers, but the seller's quick markup and the unrenovated condition mean you should price in a full rehab and licensing risk. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)	$3,118
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,435
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 1884: +1 pt capital reserve; "as-is" in the description: +2 pts each	10% / 10%

Price history Realtor.com

On the market since 2026-09-22 (13 days); down $10,000 (5.9%) from the first ask of $169,900; last sold for $81,964 on 2026-09-04.

Date	Event	Price
2026-10-01	Price changed	$159,900
2026-09-22	Listed	$169,900
2026-09-04	Sold public record	$81,964

County record Public record

Recorded as	two family dwelling - up/dwn
Living units	2
Year built	1884
Market value (2026)	$221,800
Property tax, payable 2026	$3,118
Special assessments	$800
Homestead	no
Last sale	2026-09-04 · $115,000

Source: Ramsey County parcel records.

City rental certificate (CofO)

No record in St. Paul Certificate of Occupancy – Residential (dataset last updated mid-2025).

Nearest highway

I 35E;US 10, about 1337 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.