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694 Marshall Ave

Duplex · 2 units: 3 bed / 1 bath ×2 unit split estimated · 5,164 sq ft

Saint Paul, MN · Summit – University (Rondo, Cathedral Hill) · View the listing ↗

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Photos, via Realtor.com.

Asking price
$508,250
2 units · $254K per unit
Monthly cash flow
−$3
at 20% down, 7%
Estimated rent
$4,950/mo
medium confidence
Break-even price
$507,595
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a big 1894 up/down priced at $508K against a county market value of $337K, and our underwriting at asking lands at about break-even cash flow (-$3/mo) with a 6.4% cap. That is thin for the risk. The listing gives no rents, no expenses and no heat details, and the 'RUBS' upside is a projection, not income. Photos show dated but livable interiors and a rough stone basement, so check the foundation, the heating setup and the pending rental license first. At 143 days on market there is room to negotiate, and I'd only show it if the price comes down meaningfully.

Things to consider

  1. Price vs. value and income At asking, our model shows roughly zero cash flow and a 6.4% cap, leaving no cushion for repairs or vacancy. Cutting the price is the main lever.
  2. Rent growth is capped St. Paul's 3% cap on sitting tenants limits how fast rents can rise toward our estimates, so the upside is slower than the listing implies.
  3. RUBS is not income yet Utility bill-backs are a plan, and in St. Paul they may count toward the 3% cap on existing leases.Listing says: “ownership implementing a RUBS utility reimbursement program across the portfolio beginning Q3 2026”
  4. Special assessments add cost About $1,450 on the tax bill adds to carrying costs. Find out what they cover and whether they end.
  5. Old building condition A stone foundation, peeling basement walls and exterior stairs on an 1894 house point to inspection and maintenance costs.From photo 9
  6. Negotiating room 143 days listed suggests the seller is overpriced. Use this to push for a price the rents can support.

From the photos

Listing photo 3
1 of 8Check

Exterior is a large 1894 wood-sided house with stacked porches; paint and porch decking appear weathered and should be inspected.

Listing photo 6
2 of 8Concern

Kitchen appears dated with older white appliances, but the countertops and hardwood floors look serviceable.

Listing photo 7
3 of 8Plus

Bathroom appears recently refreshed with a new vanity and fiberglass tub surround.

Listing photo 9
4 of 8Concern

Basement has rough stone foundation walls with heavily peeling paint, which can point to moisture. Needs a structural and water inspection.

Listing photo 9
5 of 8Plus

Coin-style shared laundry in the basement appears to serve the building.

Listing photo 4
6 of 8Check

Living room has worn carpet and baseboard hot-water or steam-style heaters, which seems to conflict with the county's 'central' heat type. Confirm the heating system.

Listing photo 10
7 of 8Check

Rear exterior has wooden exterior stairs and decks that appear to be a separate access for the upper unit. Check condition and code compliance.

Listing photo 1
8 of 8Check

No photos of the boiler or furnace, the electrical panel, the roof up close, or the second unit.

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
$508,250
Cash to close
$116,898
Price per unit
$254,125
GRM
8.6

Each month

Cash flow
−$3/mo
Cash-on-cash
−0.0%
Cap rate
6.4%
DSCR
1.00×

Break-even

Price that breaks even
$507,595
Rent that breaks even
$4,955/mo

Long run

Year 30: property vs stocks
$2.19M vs $890K
Cash flow turns positive
year 2

Monthly

Monthly breakdown

Rent$4,950
Vacancy (6%)−$297
Collected$4,653
Property tax Public record−$597
Insurance Estimate−$283
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$396
Capital reserve (9% of rent)−$446
Net operating income$2,702
Mortgage (principal + interest)−$2,705
Cash flow−$3
Principal paid down (equity, not cash)$344

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$2,193,779
Your equity when you sell
$1,159,637

Sells for $1,233,656 (value up 3% a year), minus 6% selling cost ($74,019). Rent paid down $406,600 of loan.

Rental profits, invested at 7%
$1,034,143

$514,672 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$890,151
Cash to close, invested at 7%
$889,854

$116,898 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$298

$42 you'd have paid in while the building lost money, invested instead.

The building comes out $1,303,628 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 $2.19M, stocks $890K. 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 $2,475/mo · range $2,150–$2,775

AddressRentBd / BaSq ftDistanceListedMatch
89 Oxford St N, Saint Paul 55104 off market $1,850 3 / 1 — 0.8 mi 2026-03-23 93%
220/222 Virginia St, Saint Paul 55102 off market $2,500 3 / 1.5 — 0.7 mi 2026-06-24 91%
987 Dayton Ave, Saint Paul 55104 $2,050 3 / 1 2,000 0.6 mi 2026-08-26 84%
989 Dayton Ave, Saint Paul 55104 $2,050 3 / 1 2,000 0.6 mi 2026-10-05 84%
987 Dayton Ave, Unit 989, Saint Paul 55104 off market $2,150 3 / 1 2,000 0.6 mi 2026-09-08 84%
138 Arundel St, Saint Paul 55102 off market $1,300 2 / 1 — 0.6 mi 2026-02-24 84%
617 Marshall Ave, Unit 1, Saint Paul 55102 off market $2,290 3 / 1 1,400 0.2 mi 2023-05-04 82%
865/867 Hague Ave, Saint Paul 55104 $1,625 3 / 1 1,300 0.4 mi 2026-06-16 82%
776 Dayton Ave, Apt 1B, Saint Paul 55104 off market $1,950 3 / 1 1,200 0.2 mi 2025-12-09 81%
935-937 Marshall Ave, Saint Paul 55104 off market $2,200 3 / 1 1,294 0.5 mi 2025-12-09 81%

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

  • highNo rents or lease terms given, so income can't be verified. Ask for the rent roll and leases. Listing says: strong long-term tenant appeal · AI review
  • highAsking price is far above county market value, which makes the numbers hard to support. Based on: data: county.market_value · AI review
  • medium$1,450 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 022823110027: special assessments (payable 2026) = $1,449.70
  • 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 Pending with an expiry date of April 2026 already passed. Confirm it is current for two units. Based on: data: city.rental_license · AI review
  • mediumOwner currently pays part of the utilities and the listing doesn't say which. This could be a hidden expense. Listing says: Utilities are currently partially owner-paid · AI review
  • lowHighway about 390 m away may mean some traffic noise. Based on: data: highway · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 143 days on market
  • Large double lot with side yard space could add value or tenant amenities. Listing says: Property sits on a large double lot with substantial side yard space · AI review
  • Detached garage and gravel off-street parking help rentability in this area. Listing says: detached garage for tenant parking or storage and additional gravel surface off-street parking · AI review
  • Long time on market gives negotiating leverage. Based on: data: listing.days_on_market · AI review

Questions for the agent

  • What are the current rents, lease end dates and security deposits for each unit?
  • Which utilities does the owner pay now, and what were the trailing 12 months of costs?
  • What are the $1,450 special assessments for, and does the seller pay them at closing?
  • Is the rental license current, and why does it show Pending?
  • How is each unit heated and metered? Are there separate furnaces and electric meters?
  • Why is the owner selling, and are other properties being sold in the same portfolio?

Bottom line

Big, solid-looking 3-bed/3-bed up/down, but at $508K it only breaks even on our numbers, with no rents given and a sizable gap to county value. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)$7,158
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$3,400
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 1894: +1 pt capital reserve8% / 9%

Price history Realtor.com

On the market since 2026-05-15 (143 days); down $47,500 (8.5%) from the first ask of $555,750.

DateEventPrice
Price changed$508,250
Price changed$535,000
Relisted$555,750
Removed—
Listed$555,750

County record Public record

Recorded astwo family dwelling - up/dwn
Living units2
Year built1894
Market value (2026)$336,900
Property tax, payable 2026$7,158
Special assessments$1,450
Homesteadno
Last sale—

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 2 Units: 2 unit(s), A, status pending, renews 2026-04-15.

Nearest highway

I 94, about 387 m away.

Crime in Summit – University

1,066 incidents in the last 12 months (59 per 1,000 residents), −13% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.