690 Conway St

Duplex · 2 units: 2 bed ×2 · 1,590 sq ft

Saint Paul, MN · Dayton's Bluff · View the listing ↗

Overpriced

24 photos

Photos, via Realtor.com.

Asking price: $265,000
Monthly cash flow: −$324
Estimated rent: $2,650/mo
Break-even price: $204,063

Adjust the numbers See the full breakdown

From the listing

Don't miss this excellent opportunity to own a well-maintained duplex with strong income potential. Lower unit features 2 bedrooms and 2 bathrooms, upper unit features 2 bedrooms and 1 bathroom, offering functional layouts that appeal to a wide range of tenants. Whether you're looking to expand your investment portfolio or live in one unit while renting the other, this property offers flexibility and reliable cash flow. With steady rental demand and the potential for long-term appreciation, this duplex is an ideal addition to any investor's portfolio. Schedule your showing today and see the value this income-producing property has to offer!

Description from Realtor.com, MLS #7104760. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

The listing gives no rents, no lease status, no utilities and no repair history, so everything rests on our estimates. At $265K with 20% down, our model shows about -$324/month and a 4.9% cap rate. Break-even price is about $204K, roughly $61K below ask. At 91 days on market there is room to push on price, but the numbers only work well below ask. Photos show a tidy, older building with hardwoods and mid-grade kitchens, but nothing of the boiler, panel or basement. Get the rent roll, utility bills and a rental license check before a showing. It is worth seeing only if the seller will come down hard.

Things to consider

Numbers are negative at ask Our model shows negative monthly cash flow and a break-even price near $204K. You would need a major price cut to get a workable deal.
No rent roll Without stated rents or lease status, you can't verify income. Sitting-tenant rents can only rise 3% a year in St. Paul.
Investor taxes will be higher than the seller's bill The seller's homestead tax is lower than what you will pay. That cuts into cash flow compared with the listing figure.
Age of the building and unseen systems An 1885 build with radiators means an old boiler, possible old wiring and plumbing. Budget for a thorough inspection before you rely on any repair estimate.From photo 3
Seller's price history The seller paid $205K in 2018 and is asking $265K. Check whether improvements justify the gain.

From the photos

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

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: $265,000
Cash to close: $60,950
Price per unit: $132,500
GRM: 8.3

Each month

Cash flow: −$324/mo
Cash-on-cash: −6.4%
Cap rate: 4.9%
DSCR: 0.77×

Break-even

Price that breaks even: $204,063
Rent that breaks even: $3,071/mo

Long run

Year 30: property vs stocks: $741K vs $598K
Cash flow turns positive: year 12

Monthly

Monthly breakdown

Rent	$2,650
Vacancy (6%)	−$159
Collected	$2,491
Property tax Estimate	−$523
Insurance Estimate	−$201
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$212
Capital reserve (9% of rent)	−$238
Net operating income	$1,086
Mortgage (principal + interest)	−$1,410
Cash flow	−$324
Principal paid down (equity, not cash)	$179

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$741,338

Your equity when you sell: $604,632
Rental profits, invested at 7%: $136,707

Same money in stocks$597,903

Cash to close, invested at 7%: $463,967
Monthly shortfalls, invested: $133,936

The building comes out $143,435 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 $741K, stocks $598K. 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.

2 bed estimate $1,325/mo · range $1,175–$1,450 · 8 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
283-289 Bates Ave, Saint Paul	$1,124	2 / 1	711	0.1 mi	2026-04-29	Apartment
701 E 3rd St, Saint Paul	$1,099	2 / 1	880	0.1 mi	2024-04-15	Apartment
207 N Maple St, Saint Paul	$1,150	2 / 1	600	0.3 mi	2026-03-12	Apartment
948 Euclid St Unit 1, Saint Paul	$1,400	2 / 1	972	0.4 mi	2026-09-23	Apartment
1000 McLean Ave, Saint Paul	$1,299	2 / 1	734	0.6 mi	2026-07-14	Apartment
665 Bedford St Unit 2, Saint Paul	$1,400	2 / 1	800	0.7 mi	2023-12-20	Duplex triplex
1034 Suburban Ave E Unit 307, Saint Paul	$1,270	2 / 1	620	0.7 mi	2026-05-02	Apartment
1034 Suburban Ave E Unit 301, Saint Paul	$1,270	2 / 1	620	0.7 mi	2026-05-02	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

highAsk is far above the break-even price from our underwriting, so the deal is negative at ask. Based on: data: underwriting.break_even_price · AI review
mediumThe seller is homesteaded, so the current tax bill is lower than what an investor will pay. We use an estimated non-homestead tax instead. Public record: Ramsey County parcel 322922410061: homestead=Y
mediumHeat type is listed as central but the photos show radiators, which suggests a boiler. Confirm the heating system and who pays for it. Based on: data: county.heat_type · AI review
low$701 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 322922410061: special assessments (payable 2026) = $700.54
lowThe 1885 building sits about 228 m from an interstate, which can mean noise and affect tenant demand. Based on: data: highway.distance_m · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 91 days on market
Lower unit has 2 baths against 1 in the upper, which could support a rent at the higher end of the range. Listing says: Lower unit features 2 bedrooms and 2 bathrooms · AI review
Seller could be flexible after three months on the market, so there is room to negotiate toward the break-even price. Based on: data: listing.days_on_market · AI review
Owner-occupant option: live in one unit and rent the other, which may help financing and cash flow. Listing says: live in one unit while renting the other · AI review

Questions for the agent

What are the current rents, lease end dates and security deposits for each unit? Can you share the rent roll?
Who pays heat, water, and trash? What were the utility bills over the last 12 months?
What is the heating system (boiler or furnace), and how old are it, the water heater and the roof?
What are the $701 special assessments for, and does the seller pay them at closing?
Is the property licensed as a rental in St. Paul, and when was the last inspection?
Why has it sat 91 days, and have there been price changes or offers?

Bottom line

Tidy but dated duplex with no rent data and a negative cash flow at ask; it only works near $205K. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Estimateestimate. Seller is homesteaded; an investor pays the non-homestead rate. $299,200 market value × 2.10% (median for non-homestead duplexes/triplexes in the city).	$6,275
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,417
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 1885: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-07-06 (91 days); down $10,000 (3.6%) from the first ask of $275,000; last sold for $205,000 on 2018-06-05.

Date	Event	Price
2026-08-15	Price changed	$265,000
2026-07-06	Listed	$275,000
2021-03-18	Removed	$35,900
2018-06-05	Sold public record	$205,000
2011-10-06	Removed	$35,900
2011-08-24	Listed	$35,900
2011-08-22	Removed	$35,900
2011-06-23	Listed	$35,900
2006-01-01	Sold public record	$128,629
1996-07-22	Sold public record	$55,900

County record Public record

Recorded as	two family dwelling - up/dwn
Living units	2
Year built	1885
Market value (2026)	$299,200
Property tax, payable 2026	$5,255
Special assessments	$701
Homestead	yes
Last sale	2018-04-20 · $205,000

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 94;US 10, about 228 m away.

Crime in Dayton's Bluff

970 incidents in the last 12 months (52 per 1,000 residents), −6% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.