758 Reaney Ave

Fourplex · 4 units: 3 bed / 1 bath ×4 unit split estimated · 3,748 sq ft

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

50 photos

Photos, via Realtor.com.

Asking price: $650,000
Monthly cash flow: −$281
Estimated rent: $6,400/mo
Break-even price: $597,285

Adjust the numbers See the full breakdown

First look

A fully vacant, remodeled 4-plex of 3-beds sounds good, but the numbers are tight. At $650K, our underwriting shows about -$281/mo cash flow with 20% down and a 5.9% cap rate, and the break-even price is about $597K. The seller paid $410K in 2017 and the county values it at $555K, so the ask is well above both. The listing gives no rents, no utility setup and no details on what 'completely remodeled' covered, so ask for scope, permits and dates. It's been on market 197 days, which gives room to negotiate, and the rental license is still pending. Worth a showing only if the price drops toward or below break-even and the remodel holds up.

Things to consider

Price vs. the numbers At ask, cash flow is negative and the cap rate is about 5.9%. Break-even is about $597K, so you need a lower price to make it work at today's rates.
Remodel scope is unproven 'Completely remodeled' is a claim, not a spec. Photos show paint, floors and a glimpse of a kitchen. Cosmetic work can hide old systems, which would mean big capex later.Listing says: “All four units have been completely remodeled, with shared common areas featuring brand new paint and carpet throughout.”
Rental license pending You need confirmation that all four units are licensed before you can legally rent them. A delay means lost rent.
Rent rule once tenants are in St. Paul caps increases on sitting tenants at 3% a year, so set the starting rents carefully. Our estimate is about $1,600 per unit, which supports the numbers only if rents hold.
Taxes and assessments Taxes of $11,651 at non-homestead rates plus $865 in assessments eat into the income. Check whether the assessments end.
Neighborhood and location Dayton's Bluff is near I-94 and an industrial area, and the adjacent commercial building affects tenant appeal. Check crime, parking and noise before offering.From photo 2

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

doneAll four units completely remodeledListing says: All four units have been completely remodeled, with shared common areas featuring brand new paint and carpet throughout.

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: $650,000
Cash to close: $149,500
Price per unit: $162,500
GRM: 8.5

Each month

Cash flow: −$281/mo
Cash-on-cash: −2.3%
Cap rate: 5.9%
DSCR: 0.92×

Break-even

Price that breaks even: $597,285
Rent that breaks even: $6,764/mo

Long run

Year 30: property vs stocks: $2.39M vs $1.19M
Cash flow turns positive: year 5

Monthly

Monthly breakdown

Rent	$6,400
Vacancy (6%)	−$384
Collected	$6,016
Property tax Public record	−$971
Insurance Estimate	−$378
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$576
Capital reserve (8% of rent)	−$512
Net operating income	$3,179
Mortgage (principal + interest)	−$3,460
Cash flow	−$281
Principal paid down (equity, not cash)	$440

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$2,393,611

Your equity when you sell: $1,483,058
Rental profits, invested at 7%: $910,554

Same money in stocks$1,186,250

Cash to close, invested at 7%: $1,138,032
Monthly shortfalls, invested: $48,218

The building comes out $1,207,361 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 $2.39M, stocks $1.19M. 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 $1,600/mo · range $1,275–$2,050 · 6 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
595 Minnehaha Ave E, Saint Paul	$1,155	3 / 1	830	0.3 mi	2025-01-03	Apartment
586 Reaney Ave E Unit 586U2, Saint Paul	$1,614	3 / 1	1,100	0.3 mi	2023-06-04	Apartment
691 Bedford St Unit A, Saint Paul	$2,052	3 / 1	1,050	0.5 mi	2025-09-24	Apartment
283-289 Bates Ave, Saint Paul	$1,249	3 / 1	900	0.6 mi	2026-04-29	Apartment
Ross Ave Unit 1090, Saint Paul	$1,910	3 / 1	—	0.7 mi	2026-09-02	Apartment
880 Wilson Ave, Saint Paul	$1,425	3 / 1	—	0.7 mi	2026-07-21	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

highAsking price is far above the county value and the 2017 sale price Based on: data: county.market_value · AI review
mediumRental license is only pending, so legal status of all four units is unconfirmed Based on: data: city.rental_license · AI review
mediumNon-homestead tax of $11,651 is a heavy burden on income Based on: data: county.tax · AI review
mediumDescription gives no rents, utilities, systems ages or remodel permits Listing says: Each unit offers 3 bedrooms, a highly desirable and hard to find layout in multifamily properties · AI review
low$865 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 292922440052: special assessments (payable 2026) = $865.00

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 200 days on market
Vacant building lets you set rents and screen tenants from day one, with no inherited leases Listing says: allowing investors to put in their own tenants from day one · AI review
197 days on market suggests room to negotiate toward break-even Based on: data: listing.days_on_market · AI review
Three-bedroom units are in demand, and our estimate is about $1,650 per unit Based on: data: rent_estimate · AI review

Questions for the agent

What did the remodel cover (kitchens, baths, electrical, plumbing, heat), who did it and were permits pulled?
Why is the building vacant and what were the last rents?
What are the $865 special assessments for, and does the seller pay them at closing?
What is the status of the rental license, and are all four units approved as 3-bedrooms with egress?
How old are the boiler(s), roof and electrical panels, and how many heating systems and meters are there?
Are there offers or price cuts so far, and why has it sat 197 days?

Bottom line

Remodeled vacant 3-bed 4-plex that loses money at $650K, so it only works at a price near or below about $597K, once the remodel is verified. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)	$11,651
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,537
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$340
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. 12 bedrooms: +1 pt repairs for wear	9% / 8%

Price history Realtor.com

On the market since 2026-03-19 (200 days); last sold for $410,000 on 2017-07-06.

Date	Event	Price
2026-03-19	Listed	$650,000
2017-07-06	Sold	$410,000
2017-04-26	Price changed	$399,900
2017-04-24	Listed	$399,000
2014-10-22	Sold	$290,000
2014-05-07	Relisted	$299,900
2014-04-10	Removed	$299,900
2014-03-07	Listed	$299,900
2013-06-12	Sold	$159,900
2013-04-29	Price changed	$159,900
2013-03-26	Price changed	$174,900
2013-02-19	Listed	$199,900
2011-10-23	Removed	$120,000
2011-09-13	Price changed	$120,000
2011-08-17	Price changed	$140,000
2011-07-26	Price changed	$150,000
2011-07-05	Price changed	$170,000
2011-06-14	Price changed	$185,000
2011-05-28	Price changed	$215,000
2011-05-21	Price changed	$245,000
2011-04-30	Price changed	$275,000
2011-04-04	Listed	$295,000
2004-12-27	Sold public record	$375,000
1998-12-04	Sold public record	$101,000

County record Public record

Recorded as	apartments 4-6 rental units
Living units	4
Year built	1926
Market value (2026)	$555,500
Property tax, payable 2026	$11,651
Special assessments	$865
Homestead	no
Last sale	2017-07-05 · $410,000

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 3+ Units: 4 unit(s), B, status pending, renews 2027-03-20.

Nearest highway

I 94;US 10, about 1057 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.