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692 4th St E

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 3,255 sq ft

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

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Photos, via Realtor.com.

Asking price
$290,000
2 units · $145K per unit
Monthly cash flow
−$252
at 20% down, 7%
Estimated rent
$2,800/mo
medium confidence · 8 rentals within 0.75 mi
Break-even price
$242,665
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a 1900 up/down on the East Side with no rents, no repair details and no heat information in the listing. At $290K our model shows about -$252/month and a 5.3% cap rate, and break-even is near $243K, so the ask is roughly $47K too high. The photos show dated but livable finishes, and radiators suggest boiler heat even though county data says central. First find out who pays heat and water, what the tenants pay and how long they have been there, and what the special assessments are. It is worth a showing only if the price comes down a lot or the rent roll beats our $1,400 per unit estimate.

Things to consider

  1. Price is far above what the rents support Our model has negative monthly cash flow and a break-even near $243K. Buying at $290K means subsidizing the property.
  2. Owner-paid utilities are not defined Unknown utility costs could erase a big part of NOI, and billing tenants back later may be limited by St. Paul's 3% rent cap.Listing says: “Utilities are currently partially owner-paid”
  3. RUBS is a projection, not income Don't underwrite income that does not exist yet. It may not be allowed on existing leases.Listing says: “ownership implementing a RUBS utility reimbursement program across the portfolio beginning Q3 2026”
  4. Rent growth is limited by the 3% cap on sitting tenants If current rents are low, you can't bring them to market quickly.
  5. Special assessments and taxes add cost Taxes are about $4,738 plus $812 in assessments on a non-homestead bill, which weighs on NOI and the closing price.
  6. Seller has leverage issues 140 days on market and a seller who paid $2,733 in 1994 suggest there is room to negotiate hard.

From the photos

Listing photo 6
1 of 7Concern

The kitchen has oak cabinets, tile countertops and an older white range. It looks dated but usable, and a refresh would be cosmetic.

Listing photo 7
2 of 7Check

Cast-iron radiators appear in the bedroom and bathroom, which points to boiler heat. This conflicts with the county's 'central' heat type, so confirm who pays for it.

Listing photo 9
3 of 7Plus

The bathroom has a newer vanity and a vent fan. It looks updated but plain.

Listing photo 5
4 of 7Check

Flooring is mixed: worn carpet in some rooms, laminate or wood-look flooring in others. The photo 5 living room was virtually staged, so it may not match what is there now.

Listing photo 2
5 of 7Check

Stucco and painted siding appear intact in the exterior photos, but the upper balcony railing and the lower part of the stucco warrant a close look. The photos don't show the roof's condition.

Listing photo 10
6 of 7Check

There is a fenced back yard and what appears to be a gravel driveway beside the house. I see no garage in the photos, so parking may be off-street at best.

Listing photo 1
7 of 7Check

No photos of the basement, mechanicals, electrical panels or the upper unit's kitchen and bath, so key systems are unseen.

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
$290,000
Cash to close
$66,700
Price per unit
$145,000
GRM
8.6

Each month

Cash flow
−$252/mo
Cash-on-cash
−4.5%
Cap rate
5.3%
DSCR
0.84×

Break-even

Price that breaks even
$242,665
Rent that breaks even
$3,127/mo

Long run

Year 30: property vs stocks
$917K vs $584K
Cash flow turns positive
year 8

Monthly

Monthly breakdown

Rent$2,800
Vacancy (6%)−$168
Collected$2,632
Property tax Public record−$395
Insurance Estimate−$240
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$224
Capital reserve (9% of rent)−$252
Net operating income$1,292
Mortgage (principal + interest)−$1,544
Cash flow−$252
Principal paid down (equity, not cash)$196

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$917,314
Your equity when you sell
$661,672

Sells for $703,906 (value up 3% a year), minus 6% selling cost ($42,234). Rent paid down $232,000 of loan.

Rental profits, invested at 7%
$255,642

$151,824 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$583,566
Cash to close, invested at 7%
$507,737

$66,700 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$75,828

$12,109 you'd have paid in while the building lost money, invested instead.

The building comes out $333,748 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 $917K, stocks $584K. 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 $1,400/mo · range $1,175–$1,475 · 8 rentals within 0.75 mi

AddressRentBd / BaSq ftDistanceListedType
701 E 3rd St, Saint Paul $1,099 2 / 1 880 0.0 mi 2024-04-15 Apartment
283-289 Bates Ave, Saint Paul $1,124 2 / 1 711 0.1 mi 2026-04-29 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 0.5 mi 2026-09-23 Apartment
665 Bedford St Unit 2, Saint Paul $1,400 2 / 1 800 0.5 mi 2023-12-20 Duplex triplex
685 Burr St, Saint Paul $1,450 2 / 1 750 0.7 mi 2026-04-08 Apartment
468 Beaumont St E Unit 4, Saint Paul $1,350 2 / 1 800 0.7 mi 2026-07-10 Apartment
1000 McLean Ave, Saint Paul $1,299 2 / 1 734 0.7 mi 2026-07-14 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

  • highUnusual ownership (land trust, ground lease or co-op): resale price limits or lease terms can cap your upside. Listing says: "to downtown St Paul, public transportation, Mississippi Market Co-Op , and the restaurants, shopping, and entertainment along"
  • highPrice is well above break-even, and cash flow is negative at the asking price. Based on: data: underwriting.break_even_price · AI review
  • 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"
  • mediumOwner pays part of utilities, but the listing doesn't say which ones. That is an unknown expense. Listing says: Utilities are currently partially owner-paid · AI review
  • mediumRental license is still pending, so the unit count and license status are not yet confirmed. Based on: data: city.rental_license · AI review
  • low$812 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 322922410158: special assessments (payable 2026) = $811.88
  • lowThe property is about 250 m from I-94, so expect road noise, which can affect rents and vacancy. Based on: data: highway · AI review

Opportunities

  • The seller bought for $2,733 in Oct 1994, so they can take a lower offer and still come out well ahead. Public record: Ramsey County parcel 322922410158: last sale 1994-10-01, $2,733
  • Long time on market: room to negotiate. Based on: Listing data: 143 days on market
  • The county market value of $209K is far below the $290K ask, which supports a much lower offer. Based on: data: county.market_value · AI review
  • Large, fenced back yard with space to add parking or a garage, which could add value. Based on: photo 10 · AI review

Questions for the agent

  • What are the current rents, lease end dates and deposits for each unit? Can you send the rent roll?
  • Which utilities does the owner pay, and what were the trailing-12-month costs for each?
  • Is heat from one boiler or separate systems, and how old are the boiler, roof and electrical panels?
  • What are the $812 special assessments for, and will the seller pay them off at closing?
  • Why has it sat 140 days, and is the seller selling off a portfolio?
  • Is the rental license pending because of a violation or an inspection?

Bottom line

The numbers don't work at $290K; unless the rents are well above our estimates, this needs a price near $243K or less. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)$4,738
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,875
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 1900: +1 pt capital reserve8% / 9%

Price history Realtor.com

On the market since 2026-05-15 (143 days); down $94,750 (24.6%) from the first ask of $384,750.

DateEventPrice
Price changed$290,000
Price changed$342,000
Relisted$384,750
Removed—
Listed$384,750

County record Public record

Recorded astwo family dwelling - up/dwn
Living units2
Year built1900
Market value (2026)$209,000
Property tax, payable 2026$4,738
Special assessments$812
Homesteadno
Last sale1994-10-01 · $2,733

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 2 Units: 2 unit(s), A, status pending, renews 2029-10-18.

Nearest highway

I 94;US 10, about 254 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.