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St. Paul › West Side

779 Delaware Ave

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 2,331 sq ft

Saint Paul, MN · West Side (Cherokee Heights, District del Sol) · View the listing ↗

Far off
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Photos courtesy of RE/MAX Results, via Realtor.com.

Asking price
$399,000
2 units · $200K per unit
Monthly cash flow
−$1,030
at 20% down, 7%
Estimated rent
$2,850/mo
medium confidence · 12 rentals within 1.5 mi
Break-even price
$205,475
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a 2-bed/2-bed up/down on the West Side, asking $399K, and our numbers say it doesn't work at today's rates. Cash flow is about -$1,030 a month with 20% down, the cap rate is 3.3%, and break-even is near $205K. The listing gives no rents, only 'leased through August 2027', so rents may be well under our $1,425 mid estimate and the 3% St. Paul cap limits catch-up. Get the leases, rent roll and utility bills first. Photos show original kitchens and dated baths, so budget for updates. Not worth a showing unless the price drops hard or the rents are far above estimate.

Things to consider

  1. Price doesn't fit the income Our model has about -$1,030 a month and a 3.3% cap rate at asking. Break-even is around $205K, so the gap is huge.
  2. Rents are unknown and capped No rents are stated. With long-term tenants and St. Paul's 3% cap, rents may stay below market for years.
  3. Dated interiors Original-looking kitchens and baths mean updates before rent increases, and updates will be hard on tenants through 2027.From photo 5
  4. Leases are in place until Aug 2027 Stable occupancy helps, but you can't reposition the units or owner-occupy before then.Listing says: “Both units are leased through August 2027 with long-term renters”
  5. Property tax and assessments Investors pay the non-homestead tax of about $7,830, plus $432 in special assessments. That weighs heavily on net income.
  6. Rental license status The license shows renewal due. An unlicensed rental can cause fines and problems at closing.

From the photos

Listing photo 1
1 of 8Check

Stucco exterior with a mix of older and newer-looking windows. Check the stucco for cracks and moisture.

Listing photo 5
2 of 8Concern

Kitchen appears original: older wood cabinets, laminate counters, sheet vinyl floor, and older appliances. It will need updating to raise rents.

Listing photo 4
3 of 8Check

Radiator heat is visible in the living room and kitchen, which suggests a boiler. The county lists central heat and air, so confirm the system and whether it's one shared boiler.

Listing photo 7
4 of 8Concern

Bathrooms appear dated but serviceable, with older tile and basic fixtures.

Listing photo 3
5 of 8Plus

Hardwood floors appear in good shape in the living room.

Listing photo 10
6 of 8Check

Unfinished attic has exposed old framing, a brick chimney and visible wiring. Check the roof underside for stains and the wiring type.

Listing photo 8
7 of 8Check

Enclosed sun porch with many windows and old flooring. It's useful space but may be unheated.

Listing photo 2
8 of 8Check

No photos show the basement, furnace or boiler, panels or water heater, or the garage interior.

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

Condition and repairs

  • neededUpper-level walk-up attic is unfinishedListing says: walk-up attic currently unfinished and ready for equity building

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
$399,000
Cash to close
$91,770
Price per unit
$199,500
GRM
11.7

Each month

Cash flow
−$1,030/mo
Cash-on-cash
−13.5%
Cap rate
3.3%
DSCR
0.51×

Break-even

Price that breaks even
$205,475
Rent that breaks even
$4,188/mo

Long run

Year 30: property vs stocks
$911K vs $1.51M
Cash flow turns positive
year 29

Monthly

Monthly breakdown

Rent$2,850
Vacancy (6%)−$171
Collected$2,679
Property tax Public record−$652
Insurance Estimate−$218
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$228
Capital reserve (9% of rent)−$256
Net operating income$1,094
Mortgage (principal + interest)−$2,124
Cash flow−$1,030
Principal paid down (equity, not cash)$270

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$911,281
Your equity when you sell
$910,369

Sells for $968,478 (value up 3% a year), minus 6% selling cost ($58,109). Rent paid down $319,200 of loan.

Rental profits, invested at 7%
$912

$901 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,506,954
Cash to close, invested at 7%
$698,577

$91,770 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$808,377

$194,525 you'd have paid in while the building lost money, invested instead.

Stocks come out $595,673 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 $911K, stocks $1.51M. Stocks win.

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 $1,425/mo · range $1,275–$1,775 · 12 rentals within 1.5 mi

AddressRentBd / BaSq ftDistanceListedType
931 Smith Ave S, West Saint Paul $1,399 2 / 1 750 0.3 mi 2026-07-11 Apartment
930 Dodd Rd Unit 1, West Saint Paul $2,000 2 / 1 1,150 0.5 mi 2026-10-04 Apartment
503 Ohio St, Saint Paul $1,279 2 / 1 800 0.7 mi 2026-03-06 Apartment
543 Michigan St, Saint Paul $1,475 2 / 1 761 1.2 mi 2026-05-27 Duplex triplex
1049 Gorman Ave Unit 1, West Saint Paul $1,700 2 / 1 2,846 1.2 mi 2026-06-22 Multi family
550 View St, Saint Paul $1,100 2 / 1 800 1.3 mi 2025-01-03 Apartment
966 Robert St S, West Saint Paul $1,195 2 / 1 850 1.3 mi 2025-01-03 Apartment
966 Robert St S Apt 106, West Saint Paul $1,195 2 / 1 850 1.3 mi — Apartment
604 Oakdale Ave Apt 2, Saint Paul $1,595 2 / 1 2 1.4 mi 2026-09-05 Multi family
124 Stanley St E, West Saint Paul $900 2 / 1 750 1.4 mi 2026-03-06 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

  • highPrice is far above what the rents support. Last sold for $259,900 in 2015. Based on: data: county.last_sale_price · AI review
  • mediumAsking is $193,525 above the price where cash flow breaks even ($205,475) at the default scenario. Based on: Derived: price $399,000 vs. break-even $205,475
  • mediumRental license shows 'Renewal Due' with an expiry in Feb 2025. Confirm it is current before closing. Based on: data: city.rental_license · AI review
  • mediumListing gives no rents, so income can't be verified. 'Long-term renters' may mean rents well below market. Listing says: Both units are leased through August 2027 with long-term renters · AI review
  • low$432 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 122823440011: special assessments (payable 2026) = $432.50
  • lowListing tax is likely not the full picture. The county shows non-homestead tax of $7,830 plus the special assessment. Based on: data: county.tax · AI review

Opportunities

  • Unfinished walk-up attic could add living space, but needs permits, egress and heat, and would be a big cost. Listing says: walk-up attic currently unfinished and ready for equity building · AI review
  • Leases run to Aug 2027, which gives stable income if rents are real. It also locks in rents. Listing says: Both units are leased through August 2027 with long-term renters · AI review
  • Owner-occupy option: live in one unit and rent the other. Listing says: planning to occupy one unit in the future · AI review

Questions for the agent

  • What are the current rents for each unit, and can I see the leases and rent roll?
  • Who pays heat, water, electric and trash? What were last year's bills?
  • What are the $432 special assessments for, and does the seller pay them at closing?
  • Is the rental license current? Can I see the latest inspection?
  • How old are the roof, boiler or furnace, water heaters and electrical panels?
  • Are the tenants' security deposits transferring, and is a tenant estoppel available?

Bottom line

Pleasant, stable-looking up/down, but at $399K it loses about $1,000 a month in our model and only works at a much lower price. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)$7,830
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,621
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 1917: +1 pt capital reserve8% / 9%

Price history Realtor.com

On the market since 2026-09-21 (14 days); last sold for $259,900 on 2015-12-17.

DateEventPrice
Listed$399,000
Sold public record$259,900
Sold$242,500
Price changed$279,900
Listed$289,900
Sold public record$150,000

County record Public record

Recorded astwo family dwelling - up/dwn
Living units2
Year built1917
Market value (2026)$390,000
Property tax, payable 2026$7,830
Special assessments$432
Homesteadno
Last sale2015-12-11 · $259,900

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 2 Units: 2 unit(s), A, status renewal due, renews 2025-02-05.

Nearest highway

CH 37, about 1172 m away.

Crime in West Side

708 incidents in the last 12 months (45 per 1,000 residents), −17% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.