813 Minnehaha Ave W
Duplex · 2 units: 2 bed / 1 bath and 1 bed / 1 bath unit split estimated · 1,444 sq ft
Saint Paul, MN · Frogtown (Thomas-Dale) · View the listing ↗
Photos courtesy of Keller Williams Realty, via Realtor.com.
- Asking price
- $182,500 2 units · $91K per unit
- Monthly cash flow
- −$74 at 20% down, 7%
- Break-even price
- $168,601 where cash flow hits $0
First look
This is a family-owned up/down held 30+ years, sold as-is for cash or hard money only, with no tenants and no rents. Our numbers at the ask show about -$74/month cash flow and a 5.9% cap, with break-even near $168.6K versus the $182.5K ask, so the price only works if you buy lower or add rent. The photos show original kitchens and baths, a ceiling stain in the dining room, and a basement with exposed old wiring, so budget for a real rehab. Get a contractor through before offering. The county shows a change of hands in Oct 2025 with no price, so ask about that. Worth a showing only if you can buy under break-even and you've priced the rehab.
Things to consider
- Price is above break-even Our model shows negative cash flow at the ask before any rehab cost. You need a lower price or higher rents to make it work.
- Rehab scope is unknown and likely large Dated kitchens and baths, a ceiling stain and old basement wiring point to heavy spending before you can rent at market. As-is means you carry all of it.Listing says: “Property is in need of updates and repairs and is being sold as-is.”
- Financing is limited Cash or hard money raises carrying costs and forces a refinance later, which cuts returns at today's rates.Listing says: “Cash or hard money only.”
- Legal status of the units The upper unit was never rented, so it may lack a license or compliant egress. Confirm before you count on two rents.Listing says: “The upstairs unit was occupied by a family member and was not used as a rental.”
- Taxes will rise for an investor The seller's homestead bill is lower than the non-homestead bill you will pay, plus $432 in special assessments.
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
- neededGeneral updates and repairs; sold as-isListing says: Property is in need of updates and repairs and is being sold as-is.
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
- $182,500
- Cash to close
- $23,725
- Price per unit
- $91,250
- GRM
- 6.5
Each month
- Cash flow
- −$298/mo
- Cash-on-cash
- −15.1%
- Cap rate
- 5.9%
- DSCR
- 0.75×
Break-even
- Price that breaks even
- $136,998
- Rent that breaks even
- $2,753/mo
Long run
- Year 30: property vs stocks
- $562K vs $278K
- Cash flow turns positive
- year 9
The deal
- Price
- $182,500
- Cash to close
- $23,725
- Price per unit
- $91,250
- GRM
- 6.5
Each month
- Cash flow
- −$497/mo
- Cash-on-cash
- −25.1%
- Cap rate
- 4.6%
- DSCR
- 0.58×
Break-even
- Price that breaks even
- $106,646
- Rent that breaks even
- $3,108/mo
Long run
- Year 30: property vs stocks
- $436K vs $461K
- Cash flow turns positive
- year 21
The deal
- Price
- $172,500
- Cash to close
- $22,425
- Price per unit
- $86,250
- GRM
- 6.1
Each month
- Cash flow
- −$233/mo
- Cash-on-cash
- −12.4%
- Cap rate
- 6.2%
- DSCR
- 0.79×
Break-even
- Price that breaks even
- $136,998
- Rent that breaks even
- $2,664/mo
Long run
- Year 30: property vs stocks
- $577K vs $236K
- Cash flow turns positive
- year 7
The deal
- Price
- $172,500
- Cash to close
- $22,425
- Price per unit
- $86,250
- GRM
- 6.1
Each month
- Cash flow
- −$431/mo
- Cash-on-cash
- −23.1%
- Cap rate
- 4.9%
- DSCR
- 0.62×
Break-even
- Price that breaks even
- $106,646
- Rent that breaks even
- $3,008/mo
Long run
- Year 30: property vs stocks
- $425K vs $394K
- Cash flow turns positive
- year 18
The deal
- Price
- $182,500
- Cash to close
- $41,975
- Price per unit
- $91,250
- GRM
- 6.5
Each month
- Cash flow
- −$74/mo
- Cash-on-cash
- −2.1%
- Cap rate
- 5.9%
- DSCR
- 0.92×
Break-even
- Price that breaks even
- $168,601
- Rent that breaks even
- $2,450/mo
Long run
- Year 30: property vs stocks
- $646K vs $332K
- Cash flow turns positive
- year 5
The deal
- Price
- $182,500
- Cash to close
- $41,975
- Price per unit
- $91,250
- GRM
- 6.5
Each month
- Cash flow
- −$273/mo
- Cash-on-cash
- −7.8%
- Cap rate
- 4.6%
- DSCR
- 0.72×
Break-even
- Price that breaks even
- $131,248
- Rent that breaks even
- $2,766/mo
Long run
- Year 30: property vs stocks
- $464K vs $459K
- Cash flow turns positive
- year 16
The deal
- Price
- $172,500
- Cash to close
- $39,675
- Price per unit
- $86,250
- GRM
- 6.1
Each month
- Cash flow
- −$21/mo
- Cash-on-cash
- −0.6%
- Cap rate
- 6.2%
- DSCR
- 0.98×
Break-even
- Price that breaks even
- $168,601
- Rent that breaks even
- $2,378/mo
Long run
- Year 30: property vs stocks
- $673K vs $304K
- Cash flow turns positive
- year 2
The deal
- Price
- $172,500
- Cash to close
- $39,675
- Price per unit
- $86,250
- GRM
- 6.1
Each month
- Cash flow
- −$220/mo
- Cash-on-cash
- −6.6%
- Cap rate
- 4.9%
- DSCR
- 0.76×
Break-even
- Price that breaks even
- $131,248
- Rent that breaks even
- $2,685/mo
Long run
- Year 30: property vs stocks
- $460K vs $400K
- Cash flow turns positive
- year 13
The deal
- Price
- $182,500
- Cash to close
- $51,100
- Price per unit
- $91,250
- GRM
- 6.5
Each month
- Cash flow
- −$13/mo
- Cash-on-cash
- −0.3%
- Cap rate
- 5.9%
- DSCR
- 0.99×
Break-even
- Price that breaks even
- $179,842
- Rent that breaks even
- $2,368/mo
Long run
- Year 30: property vs stocks
- $704K vs $390K
- Cash flow turns positive
- year 2
The deal
- Price
- $182,500
- Cash to close
- $51,100
- Price per unit
- $91,250
- GRM
- 6.5
Each month
- Cash flow
- −$212/mo
- Cash-on-cash
- −5.0%
- Cap rate
- 4.6%
- DSCR
- 0.77×
Break-even
- Price that breaks even
- $139,998
- Rent that breaks even
- $2,674/mo
Long run
- Year 30: property vs stocks
- $486K vs $482K
- Cash flow turns positive
- year 13
The deal
- Price
- $172,500
- Cash to close
- $48,300
- Price per unit
- $86,250
- GRM
- 6.1
Each month
- Cash flow
- $37/mo
- Cash-on-cash
- 0.9%
- Cap rate
- 6.2%
- DSCR
- 1.04×
Break-even
- Price that breaks even
- $179,842
- Rent that breaks even
- $2,300/mo
Long run
- Year 30: property vs stocks
- $736K vs $368K
- Cash flow turns positive
- year 1
The deal
- Price
- $172,500
- Cash to close
- $48,300
- Price per unit
- $86,250
- GRM
- 6.1
Each month
- Cash flow
- −$162/mo
- Cash-on-cash
- −4.0%
- Cap rate
- 4.9%
- DSCR
- 0.81×
Break-even
- Price that breaks even
- $139,998
- Rent that breaks even
- $2,597/mo
Long run
- Year 30: property vs stocks
- $486K vs $427K
- Cash flow turns positive
- year 10
Monthly
Monthly breakdown
| Rent | $2,350 |
| Vacancy (6%) | −$141 |
| Collected | $2,209 |
| Property tax Estimate | −$414 |
| Insurance Estimate | −$198 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$235 |
| Capital reserve (10% of rent) | −$235 |
| Net operating income | $897 |
| Mortgage (principal + interest) | −$1,093 |
| PMI | −$103 |
| Cash flow | −$298 |
| Principal paid down (equity, not cash) | $139 |
| Rent | $2,350 |
| Vacancy (6%) | −$141 |
| Collected | $2,209 |
| Property tax Estimate | −$414 |
| Insurance Estimate | −$198 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$235 |
| Capital reserve (10% of rent) | −$235 |
| Property management | −$199 |
| Net operating income | $699 |
| Mortgage (principal + interest) | −$1,093 |
| PMI | −$103 |
| Cash flow | −$497 |
| Principal paid down (equity, not cash) | $139 |
| Rent | $2,350 |
| Vacancy (6%) | −$141 |
| Collected | $2,209 |
| Property tax Estimate | −$414 |
| Insurance Estimate | −$198 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$235 |
| Capital reserve (10% of rent) | −$235 |
| Net operating income | $897 |
| Mortgage (principal + interest) | −$1,033 |
| PMI | −$97 |
| Cash flow | −$233 |
| Principal paid down (equity, not cash) | $131 |
| Rent | $2,350 |
| Vacancy (6%) | −$141 |
| Collected | $2,209 |
| Property tax Estimate | −$414 |
| Insurance Estimate | −$198 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$235 |
| Capital reserve (10% of rent) | −$235 |
| Property management | −$199 |
| Net operating income | $699 |
| Mortgage (principal + interest) | −$1,033 |
| PMI | −$97 |
| Cash flow | −$431 |
| Principal paid down (equity, not cash) | $131 |
| Rent | $2,350 |
| Vacancy (6%) | −$141 |
| Collected | $2,209 |
| Property tax Estimate | −$414 |
| Insurance Estimate | −$198 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$235 |
| Capital reserve (10% of rent) | −$235 |
| Net operating income | $897 |
| Mortgage (principal + interest) | −$971 |
| Cash flow | −$74 |
| Principal paid down (equity, not cash) | $124 |
| Rent | $2,350 |
| Vacancy (6%) | −$141 |
| Collected | $2,209 |
| Property tax Estimate | −$414 |
| Insurance Estimate | −$198 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$235 |
| Capital reserve (10% of rent) | −$235 |
| Property management | −$199 |
| Net operating income | $699 |
| Mortgage (principal + interest) | −$971 |
| Cash flow | −$273 |
| Principal paid down (equity, not cash) | $124 |
| Rent | $2,350 |
| Vacancy (6%) | −$141 |
| Collected | $2,209 |
| Property tax Estimate | −$414 |
| Insurance Estimate | −$198 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$235 |
| Capital reserve (10% of rent) | −$235 |
| Net operating income | $897 |
| Mortgage (principal + interest) | −$918 |
| Cash flow | −$21 |
| Principal paid down (equity, not cash) | $117 |
| Rent | $2,350 |
| Vacancy (6%) | −$141 |
| Collected | $2,209 |
| Property tax Estimate | −$414 |
| Insurance Estimate | −$198 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$235 |
| Capital reserve (10% of rent) | −$235 |
| Property management | −$199 |
| Net operating income | $699 |
| Mortgage (principal + interest) | −$918 |
| Cash flow | −$220 |
| Principal paid down (equity, not cash) | $117 |
| Rent | $2,350 |
| Vacancy (6%) | −$141 |
| Collected | $2,209 |
| Property tax Estimate | −$414 |
| Insurance Estimate | −$198 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$235 |
| Capital reserve (10% of rent) | −$235 |
| Net operating income | $897 |
| Mortgage (principal + interest) | −$911 |
| Cash flow | −$13 |
| Principal paid down (equity, not cash) | $116 |
| Rent | $2,350 |
| Vacancy (6%) | −$141 |
| Collected | $2,209 |
| Property tax Estimate | −$414 |
| Insurance Estimate | −$198 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$235 |
| Capital reserve (10% of rent) | −$235 |
| Property management | −$199 |
| Net operating income | $699 |
| Mortgage (principal + interest) | −$911 |
| Cash flow | −$212 |
| Principal paid down (equity, not cash) | $116 |
| Rent | $2,350 |
| Vacancy (6%) | −$141 |
| Collected | $2,209 |
| Property tax Estimate | −$414 |
| Insurance Estimate | −$198 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$235 |
| Capital reserve (10% of rent) | −$235 |
| Net operating income | $897 |
| Mortgage (principal + interest) | −$861 |
| Cash flow | $37 |
| Principal paid down (equity, not cash) | $110 |
| Rent | $2,350 |
| Vacancy (6%) | −$141 |
| Collected | $2,209 |
| Property tax Estimate | −$414 |
| Insurance Estimate | −$198 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (10% of rent) | −$235 |
| Capital reserve (10% of rent) | −$235 |
| Property management | −$199 |
| Net operating income | $699 |
| Mortgage (principal + interest) | −$861 |
| Cash flow | −$162 |
| Principal paid down (equity, not cash) | $110 |
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
- Your equity when you sell
- $416,396
- Rental profits, invested at 7%
- $145,489
Sells for $442,975 (value up 3% a year), minus 6% selling cost ($26,579). Rent paid down $164,250 of loan.
$88,801 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $180,601
- Monthly shortfalls, invested
- $97,579
$23,725 put into an index fund instead of the down payment and closing costs.
$15,685 you'd have paid in while the building lost money, invested instead.
The building comes out $283,707 ahead after 30 years.
- Your equity when you sell
- $416,396
- Rental profits, invested at 7%
- $19,372
Sells for $442,975 (value up 3% a year), minus 6% selling cost ($26,579). Rent paid down $164,250 of loan.
$15,791 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $180,601
- Monthly shortfalls, invested
- $280,710
$23,725 put into an index fund instead of the down payment and closing costs.
$56,177 you'd have paid in while the building lost money, invested instead.
Stocks come out $25,542 ahead after 30 years.
- Your equity when you sell
- $393,581
- Rental profits, invested at 7%
- $183,077
Sells for $418,703 (value up 3% a year), minus 6% selling cost ($25,122). Rent paid down $155,250 of loan.
$105,137 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $170,705
- Monthly shortfalls, invested
- $65,554
$22,425 put into an index fund instead of the down payment and closing costs.
$10,196 you'd have paid in while the building lost money, invested instead.
The building comes out $340,399 ahead after 30 years.
- Your equity when you sell
- $393,581
- Rental profits, invested at 7%
- $31,192
Sells for $418,703 (value up 3% a year), minus 6% selling cost ($25,122). Rent paid down $155,250 of loan.
$23,912 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $170,705
- Monthly shortfalls, invested
- $222,918
$22,425 put into an index fund instead of the down payment and closing costs.
$42,473 you'd have paid in while the building lost money, invested instead.
The building comes out $31,151 ahead after 30 years.
- Your equity when you sell
- $416,396
- Rental profits, invested at 7%
- $230,092
Sells for $442,975 (value up 3% a year), minus 6% selling cost ($26,579). Rent paid down $146,000 of loan.
$123,643 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $319,524
- Monthly shortfalls, invested
- $12,788
$41,975 put into an index fund instead of the down payment and closing costs.
$1,890 you'd have paid in while the building lost money, invested instead.
The building comes out $314,176 ahead after 30 years.
- Your equity when you sell
- $416,396
- Rental profits, invested at 7%
- $47,810
Sells for $442,975 (value up 3% a year), minus 6% selling cost ($26,579). Rent paid down $146,000 of loan.
$34,221 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $319,524
- Monthly shortfalls, invested
- $139,754
$41,975 put into an index fund instead of the down payment and closing costs.
$25,970 you'd have paid in while the building lost money, invested instead.
The building comes out $4,928 ahead after 30 years.
- Your equity when you sell
- $393,581
- Rental profits, invested at 7%
- $279,406
Sells for $418,703 (value up 3% a year), minus 6% selling cost ($25,122). Rent paid down $138,000 of loan.
$141,163 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $302,016
- Monthly shortfalls, invested
- $1,771
$39,675 put into an index fund instead of the down payment and closing costs.
$249 you'd have paid in while the building lost money, invested instead.
The building comes out $369,199 ahead after 30 years.
- Your equity when you sell
- $393,581
- Rental profits, invested at 7%
- $66,690
Sells for $418,703 (value up 3% a year), minus 6% selling cost ($25,122). Rent paid down $138,000 of loan.
$44,794 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $302,016
- Monthly shortfalls, invested
- $98,304
$39,675 put into an index fund instead of the down payment and closing costs.
$17,382 you'd have paid in while the building lost money, invested instead.
The building comes out $59,951 ahead after 30 years.
- Your equity when you sell
- $416,396
- Rental profits, invested at 7%
- $287,252
Sells for $442,975 (value up 3% a year), minus 6% selling cost ($26,579). Rent paid down $136,875 of loan.
$143,767 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $388,986
- Monthly shortfalls, invested
- $1,132
$51,100 put into an index fund instead of the down payment and closing costs.
$159 you'd have paid in while the building lost money, invested instead.
The building comes out $313,529 ahead after 30 years.
- Your equity when you sell
- $416,396
- Rental profits, invested at 7%
- $69,744
Sells for $442,975 (value up 3% a year), minus 6% selling cost ($26,579). Rent paid down $136,875 of loan.
$46,410 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $388,986
- Monthly shortfalls, invested
- $92,873
$51,100 put into an index fund instead of the down payment and closing costs.
$16,304 you'd have paid in while the building lost money, invested instead.
The building comes out $4,282 ahead after 30 years.
- Your equity when you sell
- $393,581
- Rental profits, invested at 7%
- $342,680
Sells for $418,703 (value up 3% a year), minus 6% selling cost ($25,122). Rent paid down $129,375 of loan.
$161,571 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $367,672
$48,300 put into an index fund instead of the down payment and closing costs.
The building comes out $368,588 ahead after 30 years.
- Your equity when you sell
- $393,581
- Rental profits, invested at 7%
- $92,861
Sells for $418,703 (value up 3% a year), minus 6% selling cost ($25,122). Rent paid down $129,375 of loan.
$57,983 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $367,672
- Monthly shortfalls, invested
- $59,430
$48,300 put into an index fund instead of the down payment and closing costs.
$9,913 you'd have paid in while the building lost money, invested instead.
The building comes out $59,340 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
Year 30 (loan paid off): property $562K, stocks $278K. The property wins.
Year 30 (loan paid off): property $436K, stocks $461K. Stocks win.
Year 30 (loan paid off): property $577K, stocks $236K. The property wins.
Year 30 (loan paid off): property $425K, stocks $394K. The property wins.
Year 30 (loan paid off): property $646K, stocks $332K. The property wins.
Year 30 (loan paid off): property $464K, stocks $459K. The property wins.
Year 30 (loan paid off): property $673K, stocks $304K. The property wins.
Year 30 (loan paid off): property $460K, stocks $400K. The property wins.
Year 30 (loan paid off): property $704K, stocks $390K. The property wins.
Year 30 (loan paid off): property $486K, stocks $482K. The property wins.
Year 30 (loan paid off): property $736K, stocks $368K. The property wins.
Year 30 (loan paid off): property $486K, stocks $427K. 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 $1,350/mo · range $1,275–$1,450 · 6 rentals within 0.75 mi
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 1010 Lafond Ave Apt 1, Saint Paul | $1,225 | 2 / 1 | 0.5 mi |
| 579 Van Buren Ave, Saint Paul | $1,275 | 2 / 1 | 0.5 mi |
| 769 University Ave W, Saint Paul | $1,155 | 2 / 1 | 0.5 mi |
| 787-789 Aurora Ave, Saint Paul | $1,425 | 2 / 1 | 0.6 mi |
| 627 Aurora Ave W, Saint Paul | $1,300 | 2 / 1 | 0.7 mi |
| 761 Como Ave, Saint Paul | $1,369 | 2 / 1 | 0.7 mi |
1 bed estimate $1,000/mo · range $950–$1,075 · 9 rentals within 0.75 mi
| Address | Rent | Bd / Ba | Distance |
|---|---|---|---|
| 984 Van Buren Ave, Saint Paul | $949 | 1 / 1 | 0.4 mi |
| 996 Van Buren Ave, Saint Paul | $949 | 1 / 1 | 0.4 mi |
| 769 University Ave W, Saint Paul | $925 | 1 / 1 | 0.5 mi |
| 937 University Ave W, Saint Paul | $999 | 1 / 1 | 0.6 mi |
| 995 St Albans St N Unit 203, Saint Paul | $1,050 | 1 / 1 | 0.6 mi |
| 562 Edmund Ave W, Saint Paul | $895 | 1 / 1 | 0.6 mi |
| 627 Aurora Ave W, Saint Paul | $1,100 | 1 / 1 | 0.7 mi |
| 714 Jessamine Ave W, Saint Paul | $999 | 1 / 1 | 0.7 mi |
| 594 Lawson Ave W, Saint Paul | $899 | 1 / 1 | 0.7 mi |
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
- highCash or hard money only limits financing and the buyer pool, and the rehab is unscoped. Listing says: Cash or hard money only. · AI review
- mediumThe seller is homesteaded, so the current tax bill is lower than what an investor will pay. We use an estimated non-homestead tax instead. Public record: Ramsey County parcel 262923430101: homestead=Y
- mediumSold as-is: the seller won't fix what the inspection finds. Price that in. Listing says: "of updates and repairs and is being sold as-is . Cash or hard money only. Bring your"
- mediumUpper unit was never a rental, so it may not be licensed or rent-ready. Confirm both units are legal. Listing says: The upstairs unit was occupied by a family member and was not used as a rental. · AI review
- mediumUnderwriting at ask is negative cash flow; price is above break-even. Based on: data: underwriting · 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 262923430101: special assessments (payable 2026) = $432.50
- lowChanged hands in Oct 2025; the county record doesn't show a price. Ask what the seller paid and what changed since. Public record: Ramsey County parcel 262923430101: last sale 2025-10-20
- low"Investor special" is code for deferred maintenance. Get contractor quotes before offering. Listing says: "Investor special with excellent fix-and-flip potential! This family-owned and occupied"
- lowCentral heat type in county record with one furnace-style duct system visible suggests shared heating, which may mean the owner pays heat. Based on: data: county.heat_type · AI review
Opportunities
- Renovate and add value; both units can be refreshed and rented at market after rehab. Listing says: offers a great opportunity for an investor ready to renovate and add value · AI review
- No sitting tenants, so no 3% rent cap applies and you can set rents at market after the rehab. Based on: data: underwriting.rent_rule · AI review
Questions for the agent
- What did the seller pay in Oct 2025, and why did it change hands?
- Is the property licensed as a two-unit rental, and is the upper unit legal with its own kitchen and egress?
- What are the $432 special assessments for, and will the seller pay them off at closing?
- Is there separate heat, electric and gas metering for each unit, or one system?
- What is the cause of the ceiling stain in the dining room, and how old are the roof, furnace, water heater and electrical panel?
- Will the seller consider financing, or is a hard money lender acceptable for the closing timeline?
Bottom line
A gut-rehab-level up/down that loses money at the asking price, so it only pencils if you buy under about $168K and have a firm repair budget. AI-assisted summary
What the records say
Where each number comes from
| Property tax / yr Estimateestimate. Seller is homesteaded; an investor pays the non-homestead rate. $236,600 market value × 2.10% (median for non-homestead duplexes/triplexes in the city). | $4,962 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $2,377 |
| 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 1913: +1 pt capital reserve; "as-is" in the description: +2 pts each | 10% / 10% |
Price history Realtor.com
On the market since 2026-07-15 (82 days); down $7,400 (3.9%) from the first ask of $189,900; last sold for $67,500 on 2002-06-17.
| Date | Event | Price |
|---|---|---|
| Price changed | $182,500 | |
| Listed | $185,000 | |
| Removed | $189,900 | |
| Listed | $189,900 | |
| Sold public record | $67,500 | |
| Sold public record | $46,000 |
County record Public record
| Recorded as | two family dwelling - up/dwn |
| Living units | 2 |
| Year built | 1913 |
| Market value (2026) | $236,600 |
| Property tax, payable 2026 | $4,228 |
| Special assessments | $432 |
| Homestead | yes |
| Last sale | 2025-10-20 |
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 1265 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.