804 S 4th St

Fourplex · 4 units: 2 bed / 1 bath ×3 and 1 bed / 1 bath unit split estimated · 3,008 sq ft

Cash flows

43 photos

Photos courtesy of Weichert Realtors, Community Group, via Realtor.com.

Asking price: $389,000
Monthly cash flow: $727
Estimated rent: $5,250/mo
Break-even price: $525,588

Adjust the numbers See the full breakdown

From the listing

Your next investment property awaits you in St. Peter. This historic building with Victorian charm is a 4-plex that has been well taken care of and many updates have already been taken care of as well. The 4-plex is located one block from the Minnesota Square Park, close to Gustavus College and a short walk to all of the downtown amenities. There may be room behind the building to add garages. You would need to check with the City of St. Peter. The building has all new steel siding, new roof in Nov. 2023, new chimney with a new cement cap in Oct. 21, New stainless steel chimney liner from the top of the chimney to the furnace in May 21. All new appliances within the last 6 years, New water heater in 2019, Coin operated washer and dryer in the basement. New dryer in 2023. All windows are aluminum combination storm windows. The units are all leased and ready for a new owner.

Listing courtesy of Weichert Realtors, Community Group (Richard Draheim). Description from Realtor.com, MLS #7024459. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

A 1890 Victorian four-plex in St. Peter at $389K, listed 217 days, with no rents in the description at all. Our model shows about $727/mo cash flow and an 8.6% cap at asking, but that rests on our rent estimates and unverified taxes, since the county parcel didn't match. The updates are real (roof 2023, siding, chimney, water heater), but the photos show dated kitchens and baths, and the combination storm windows are old. Get the rent roll, leases, taxes and utility bills first. Worth a showing if the actual rents are near our estimate and the units are licensed.

Things to consider

Income is unverified Our $727/mo cash flow uses our rent estimates, not actual rents. If real rents are lower, the cap rate drops fast at this price.Listing says: “The units are all leased and ready for a new owner.”
Recent big-ticket updates reduce near-term capital risk A 2023 roof, new siding and chimney work cover the costliest exterior items, so reserves can focus on interiors.Listing says: “new roof in Nov. 2023”
Interiors look dated and condition varies between units Old kitchens and baths may limit rent growth and will need budgeting at turnover.From photo 7
Heat and electrical details are missing Heat type and who pays it swing cash flow by hundreds a month, and an 1890 building may have dated wiring.
217 days on market gives room to negotiate Long exposure suggests the price may be above what buyers will pay; the break-even price in our model is well above ask, but only if rents are real.
Taxes and unit count unverified Investor tax bills can run well above the seller's, and a wrong unit count changes everything.

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

doneNew roofListing says: new roof in Nov. 2023
doneNew steel sidingListing says: The building has all new steel siding
doneNew chimney cap and stainless liner to furnaceListing says: New stainless steel chimney liner from the top of the chimney to the furnace in May 21
doneAppliances replaced within last 6 yearsListing says: All new appliances within the last 6 years
doneNew water heater (2019) and new dryer (2023)Listing says: New water heater in 2019

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: $389,000
Cash to close: $89,470
Price per unit: $97,250
GRM: 6.2

Each month

Cash flow: $727/mo
Cash-on-cash: 9.8%
Cap rate: 8.6%
DSCR: 1.35×

Break-even

Price that breaks even: $525,588
Rent that breaks even: $4,306/mo

Long run

Year 30: property vs stocks: $2.78M vs $681K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$5,250
Vacancy (6%)	−$315
Collected	$4,935
Property tax Listing	−$446
Insurance Estimate	−$399
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$420
Capital reserve (9% of rent)	−$472
Net operating income	$2,797
Mortgage (principal + interest)	−$2,070
Cash flow	$727
Principal paid down (equity, not cash)	$263

Cash flow each year

Rents +3%/yr, 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$2,777,359

Your equity when you sell: $887,553
Rental profits, invested at 7%: $1,889,806

Same money in stocks$681,068

Cash to close, invested at 7%: $681,068

The building comes out $2,096,291 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 $2.78M, stocks $681K. 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 $1,325/mo · range $1,200–$1,425 · 7 rentals within 10 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
314 S 3rd St Unit 3C, Saint Peter	$1,350	2 / 1	1,160	0.3 mi	2026-10-01	Apartment
301 S Washington Ave, Saint Peter	$1,260	2 / 1	1,157	0.3 mi	2026-01-14	Apartment
208-212 S Minnesota Ave, Saint Peter	$1,100	2 / 1	950	0.4 mi	2024-05-22	Apartment
219 Park Row Unit B, Saint Peter	$1,200	2 / 1	—	0.5 mi	2023-01-06	Apartment
1573 Aspen Dr, Saint Peter	$1,355	2 / 1	816	0.7 mi	2025-04-12	Apartment
111 W Lind St, Mankato	$1,130	2 / 1	775	9.4 mi	2026-08-22	Apartment
101 Main St S, Le Sueur	$1,400	2 / 1	1,050	9.9 mi	2026-08-01	Apartment

1 bed estimate $1,275/mo · range $925–$1,450 · 6 rentals within 10 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1573 Aspen Dr, Saint Peter	$1,255	1 / 1	704	0.7 mi	2025-04-12	Apartment
1247 Range St Apt 118, Mankato	$1,365	1 / 1	758	9.7 mi	2026-08-13	Apartment
1247 Range St Apt 429, Mankato	$1,465	1 / 1	758	9.7 mi	2026-01-26	Apartment
101 Main St S, Le Sueur	$1,175	1 / 1	660	9.9 mi	2026-08-01	Apartment
223 Bridge St, Le Sueur	$750	1 / 1	600	10.0 mi	2026-09-28	Apartment
221 Bridge St, Le Sueur	$900	1 / 1	1,020	10.0 mi	2025-07-16	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

highNo rents, lease terms or expenses given, so income is unverified Listing says: The units are all leased and ready for a new owner. · AI review
mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 804 4TH ST S
mediumOld combination storm windows, not true replacement windows; comfort and heating cost issue Listing says: All windows are aluminum combination storm windows. · AI review
mediumUnit count, taxes and rental license not verified against county or city records Based on: data: county.tax · AI review
mediumLikely wiring and plumbing are original-era for an 1890 building; description says nothing about electrical Based on: data: listing.year_built · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 217 days on market, 1 price cuts
Possible garage addition behind the building could add income, subject to city approval Listing says: There may be room behind the building to add garages. · AI review
Coin-operated laundry already in place for ancillary income Listing says: Coin operated washer and dryer in the basement. · AI review
No rent cap in St. Peter, so rents can follow the market after turnover Based on: data: underwriting.rent_rule · AI review
Near Gustavus and downtown supports rental demand Listing says: close to Gustavus College and a short walk to all of the downtown amenities · AI review

Questions for the agent

Can I see the rent roll, lease end dates and 12 months of expenses?
Who pays heat, water and trash, and how many meters and furnaces or boilers are there?
What is the electrical service and wiring type in each unit?
Is the building licensed for four units with the city, and when was it last inspected?
Why has it sat 217 days, and have there been price cuts or offers?
Are the baseboard heaters electric or hydronic, and what do tenants pay?

Bottom line

Solid-looking updated Victorian four-plex with a decent modeled return, but with no rents or expenses disclosed, it's an unproven number until you see the rent roll. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2025. The tax the listing states. If the seller lives there it may be at the lower homestead rate; an investor owner pays the non-homestead rate, often 20–40% more on the owner's unit.	$5,354
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,787
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. built 1890: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-03-02 (217 days).

Date	Event	Price
2026-06-28	Removed	$399,000
2026-03-02	Listed	$389,000
2025-01-20	Removed	$399,000
2024-09-16	Price changed	$399,000
2024-02-24	Listed	$426,000

From the listing Listing

Listed as	four plex
Property tax, 2025	$5,354
County	Nicollet
Parcel number	194121840

As the listing states it (NorthstarMLS, via Realtor.com). We don't have county records here yet; check the tax, homestead status and special assessments with the county.

Crime, rental-license and vacant-building records are only available for St. Paul and Minneapolis so far. Check with Saint Peter on rental licensing before you buy.