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719 Sherburne Ave

Duplex · 2 units: 3 bed / 1 bath ×2 unit split estimated · 1,976 sq ft

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

Cash flows
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Photos courtesy of Keller Williams Integrity RE - Broker, via Realtor.com.

Asking price
$109,900
2 units · $55K per unit
Monthly cash flow
$1,134
at 20% down, 7%
Estimated rent
$3,450/mo
low confidence · 7 rentals within 1.5 mi
Break-even price
$322,965
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a gutted-or-nearly-gutted vacant duplex in St. Paul's Frogtown, listed at $109,900 after selling for $305,000 in 2023. The model shows $1,134/month cash flow and an 18.8% cap rate, but it assumes a finished, rentable building at current rent estimates, and it doesn't include a full rehab budget. The photos show boarded windows, a damaged interior door, wall damage and what appears to be mold-like staining, so I'd treat the rehab as a gut job until proven otherwise. The $19,471 in special assessments and the Category 2 Vacant Building status are the first things to run down, because they can cost real money and control whether you can close or occupy the building at all. Worth a showing only if you can get a city code-compliance scope and a contractor bid first.

Things to consider

  1. Vacant Building Category 2 status The city can block sale or occupancy until a code-compliance plan is approved. That adds time, cost and approval risk before any rent comes in.Listing says: “The building is currently classified as a Category 2 vacant property”
  2. Full rehab cost versus model cash flow The model's $1,134/month assumes a finished building. With no income until the rehab is done, carrying costs and rehab budget decide whether the deal works.
  3. $19,471 in special assessments This is about 18% of the asking price. It might be paid at closing or carried by the buyer, which changes your real purchase price.
  4. Possible moisture or mold damage Water or mold problems can hide structural or roof issues and raise the rehab budget a lot.From photo 8
  5. Rent rules after rehab Once licensed and rented, St. Paul's 3% cap applies to sitting tenants, so set your starting rents carefully.
  6. Long time on market gives negotiating room 112 days and as-is language point to a motivated seller, but the price is already low against past sales.Listing says: “Priced to sell and offered as-is.”

From the photos

Listing photo 1
1 of 8Concern

Windows on the front and upper floors appear boarded or covered with plywood, and the front door is plywood. The building looks secured after vacancy.

Listing photo 3
2 of 8Concern

Interior door has panels cut or broken out and the frame has exposed lath or brick. This appears to be forced-entry or demolition damage.

Listing photo 8
3 of 8Concern

Dark staining and rough, bubbled wall texture along one wall appears to be moisture or mold damage.

Listing photo 10
4 of 8Concern

Bathrooms look dated and dirty; the tub and surround appear usable but fixtures and finishes need replacement.

Listing photo 6
5 of 8Plus

Kitchen has white cabinets, laminate-style counters and subway tile backsplash that appear newer than the rest of the house.

Listing photo 4
6 of 8Check

Radiator heat is visible in several rooms, so the heating is probably a boiler despite the county listing it as central. Boiler condition is not shown.

Listing photo 2
7 of 8Check

Vinyl siding and a detached garage appear in fair shape from outside, but the roof is not shown and no panel, boiler or water heater photos are included.

Listing photo 9
8 of 8Plus

Both units appear to have their own kitchen, which is consistent with a duplex.

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

Condition and repairs

  • neededComplete rehabilitation requiredListing says: requires a complete rehabilitation

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
$109,900
Cash to close
$25,277
Price per unit
$54,950
GRM
2.7

Each month

Cash flow
$1,134/mo
Cash-on-cash
53.8%
Cap rate
18.8%
DSCR
2.94×

Break-even

Price that breaks even
$322,965
Rent that breaks even
$1,918/mo

Long run

Year 30: property vs stocks
$2.18M vs $192K
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$3,450
Vacancy (6%)−$207
Collected$3,243
Property tax Public record−$394
Insurance Estimate−$210
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (10% of rent)−$345
Capital reserve (10% of rent)−$345
Net operating income$1,719
Mortgage (principal + interest)−$585
Cash flow$1,134
Principal paid down (equity, not cash)$74

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$2,184,735
Your equity when you sell
$250,751

Sells for $266,756 (value up 3% a year), minus 6% selling cost ($16,005). Rent paid down $87,920 of loan.

Rental profits, invested at 7%
$1,933,984

$730,277 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$192,415
Cash to close, invested at 7%
$192,415

$25,277 put into an index fund instead of the down payment and closing costs.

The building comes out $1,992,320 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 $2.18M, stocks $192K. 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.

3 bed estimate $1,725/mo · range $1,575–$2,150 · 7 rentals within 1.5 mi

AddressRentBd / BaSq ftDistanceListedType
555-565 N Kent St, Saint Paul $1,435 3 / 1 875 0.3 mi 2026-04-29 Apartment
865/867 Hague Ave, Saint Paul $1,625 3 / 1 1,300 0.8 mi 2026-06-16 Apartment
987 Dayton Ave, Saint Paul $2,050 3 / 1 2,000 0.8 mi 2026-08-26 Apartment
989 Dayton Ave, Saint Paul $2,050 3 / 1 2,000 0.8 mi — Apartment
690 Virginia St, Saint Paul $1,500 3 / 1 1,620 0.9 mi 2023-03-24 Apartment
653 Galtier St, Saint Paul $1,750 3 / 1.5 1,520 1.0 mi 2025-08-06 Apartment
610 N Capitol Blvd Unit 3, Saint Paul $1,650 3 / 1 1,600 1.4 mi — 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

  • highOn the city's Vacant Building registry (Category 2). In St. Paul, Categories 2 and 3 can't be sold or occupied without city approval and a code-compliance plan. Public record: St. Paul Vacant Buildings registry: 719 SHERBURNE AVE, Category 2, vacant as of 04/25/2025
  • highBoarded windows and a damaged interior door suggest past break-ins or neglect. Expect window, door and possibly plumbing and wiring work. Based on: photo 1 · AI review
  • highDark staining and rough, damaged wall surfaces in a room may be water damage or mold. Get it tested before pricing the rehab. Based on: photo 8 · AI review
  • 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 719 SHERBURNE AVE (dataset last updated mid-2025)
  • medium$19,471 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 352923140174: special assessments (payable 2026) = $19,470.86
  • mediumSold as-is: the seller won't fix what the inspection finds. Price that in. Listing says: "a complete rehabilitation. Priced to sell and offered as-is ."
  • mediumPrice is far below the 2023 sale of $305,000. The building has probably been stripped or damaged, so the rehab may be bigger than it looks. Based on: data: county.last_sale_price · AI review
  • mediumUnderwriting assumes full market rents on a building with no rental license and no tenants. Real cash flow is zero until the rehab is done and the unit is licensed. Based on: data: underwriting.cash_flow_monthly · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 112 days on market
  • Motivated-seller language: room to negotiate. Listing says: "2 vacant property and requires a complete rehabilitation. Priced to sell and offered as-is."
  • Very low entry price for a 6-bed duplex, with a light rail stop one block away that supports rental demand. Listing says: just one block from the light rail · AI review
  • Kitchens have newer-looking cabinets, counters and tile backsplash that may be salvageable, which could trim some rehab cost. Based on: photo 6 · AI review
  • Detached garage or shed on the lot adds storage or parking if it's sound. Based on: photo 2 · AI review

Questions for the agent

  • What is the city's code-compliance scope and the Category 2 requirements, and can I see the latest inspection report?
  • What are the $19,471 special assessments for, and will the seller pay them at closing?
  • Is the electrical, plumbing and heating still in the building, or have they been stripped?
  • Why was the property vacated, and what happened to the boarded windows and damaged door?
  • Is it licensed as a duplex, and is each unit legal with proper egress?
  • Are there other offers, and what has the seller declined so far after 112 days?

Bottom line

Cheap price, but this is a gut rehab with a $19K assessment and city vacant-building hurdles, so the 18.8% cap rate is not real until you have a code scope and a bid. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)$4,725
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,523
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 1908: +1 pt capital reserve; "as-is" in the description: +2 pts each10% / 10%

Price history Realtor.com

On the market since 2026-06-15 (112 days); down $50,000 (31.3%) from the first ask of $159,900; last sold for $305,000 on 2023-09-20.

DateEventPrice
Price changed$109,900
Price changed$124,900
Price changed$134,900
Price changed$144,900
Relisted$159,900
Removed—
Listed$159,900
Sold public record$305,000
Sold public record$392,106
Removed$145,000
Listed$145,000
Sold public record$125,000

County record Public record

Recorded astwo family dwelling - up/dwn
Living units2
Year built1908
Market value (2026)$235,300
Property tax, payable 2026$4,725
Special assessments$19,471
Homesteadno
Last sale2023-05-15 · $305,000

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, about 562 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.