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823 Englewood Ave

Duplex · 2 units: 2 bed ×2 · 2,328 sq ft

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

Far off
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Photos courtesy of NRT-Minnesota (CB Burnet), via Realtor.com.

Asking price
$379,999
2 units · $190K per unit
Monthly cash flow
−$953
at 20% down, 7%
Estimated rent
$2,600/mo
low confidence · 6 rentals within 0.75 mi
Break-even price
$200,991
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is an up/down duplex with a finished basement that the listing sells as a third unit. At $379,999 the numbers don't work: our estimate is about -$953 a month and a 3.4% cap rate, and break-even is near $201K. The listing gives no rents, no lease status and no utility info, so ask for the rent roll first. Then confirm whether the basement is a legal, licensed unit, because the county and city records show two units and no rental license. Worth a showing only if the price drops a lot or you plan to owner-occupy and rent the rest.

Things to consider

  1. Price far above what the rents support We estimate -$953 a month at asking. Break-even is about $179K lower, so a big cut is needed.
  2. Rent growth is capped at 3% a year In St. Paul, sitting tenants limit how fast rents can catch up to market, which hurts the case for paying more now.
  3. Investor tax bill will be higher The listed tax reflects the seller's homestead status. Our underwriting uses a higher non-homestead tax.
  4. Updates are partly cosmetic The roof and boilers help, but some rooms still look dated. Verify permits and budget for the rest.From photo 6

From the photos

Listing photo 1
1 of 8Check

Exterior vinyl or aluminum-type siding looks intact. Window AC units are visible, which suggests no central cooling.

Listing photo 2
2 of 8Plus

Upstairs rooms have newer carpet and original stained wood trim. They appear clean and in good shape.

Listing photo 5
3 of 8Plus

Radiator covers and a cast-iron radiator suggest hydronic heat. That fits the new boilers claim.

Listing photo 6
4 of 8Concern

Dark wood paneling and dated finishes in this bedroom point to an unrenovated unit.

Listing photo 8
5 of 8Plus

Bathroom has new subway tile and a new vanity. It looks like a recent cosmetic update.

Listing photo 9
6 of 8Concern

Basement has new vinyl plank flooring and electric baseboard heat. Ceilings are low with exposed, patched drywall.

Listing photo 10
7 of 8Plus

Two wall-hung high-efficiency boilers are visible. A basement kitchenette is next to them, and the ceiling is partly open.

Listing photo 10
8 of 8Check

No photos of the main-floor kitchen, electrical panel, roof or basement egress. Check these in person.

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

Condition and repairs

  • doneBrand-new roofListing says: boasting a brand-new roof, two new high-efficiency boilers, a completely renovated lower-level kitchen
  • doneTwo new high-efficiency boilersListing says: two new high-efficiency boilers
  • doneRenovated lower-level kitchenListing says: a completely renovated lower-level kitchen

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
$379,999
Cash to close
$87,400
Price per unit
$190,000
GRM
12.2

Each month

Cash flow
−$953/mo
Cash-on-cash
−13.1%
Cap rate
3.4%
DSCR
0.53×

Break-even

Price that breaks even
$200,991
Rent that breaks even
$3,806/mo

Long run

Year 30: property vs stocks
$871K vs $1.39M
Cash flow turns positive
year 27

Monthly

Monthly breakdown

Rent$2,600
Vacancy (6%)−$156
Collected$2,444
Property tax Estimate−$536
Insurance Estimate−$218
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (7% of rent)−$182
Capital reserve (8% of rent)−$208
Net operating income$1,070
Mortgage (principal + interest)−$2,023
Cash flow−$953
Principal paid down (equity, not cash)$257

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$870,723
Your equity when you sell
$867,016

Sells for $922,357 (value up 3% a year), minus 6% selling cost ($55,341). Rent paid down $303,999 of loan.

Rental profits, invested at 7%
$3,707

$3,541 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,388,225
Cash to close, invested at 7%
$665,309

$87,400 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$722,915

$168,717 you'd have paid in while the building lost money, invested instead.

Stocks come out $517,502 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 $871K, stocks $1.39M. 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 $1,300/mo · range $1,250–$1,450 · 6 rentals within 0.75 mi

AddressRentBd / BaSq ftDistanceListedType
1010 Lafond Ave Apt 1, Saint Paul $1,225 2 / 1 750 0.5 mi 2024-07-01 Apartment
579 Van Buren Ave, Saint Paul $1,275 2 / 1 800 0.5 mi — Apartment
769 University Ave W, Saint Paul $1,155 2 / 1 — 0.6 mi 2026-08-03 Apartment
787-789 Aurora Ave, Saint Paul $1,425 2 / 1 888 0.6 mi 2026-09-15 Apartment
761 Como Ave, Saint Paul $1,369 2 / 1 1,120 0.7 mi 2026-01-18 Apartment
805 Como Ave, Saint Paul $1,199 2 / 1 750 0.7 mi 2025-01-15 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

  • highBasement is marketed as a third living space but records show two units and no rental license. Legality and egress are unverified. Based on: data: city.rental_license · AI review
  • highThe tax bill will rise for an investor. Asking price is far above what the rents support. Based on: data: underwriting.break_even_price · 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 262923430122: homestead=Y
  • mediumAsking is $179,008 above the price where cash flow breaks even ($200,991) at the default scenario. Based on: Derived: price $379,999 vs. break-even $200,991
  • mediumNo rents, lease terms or occupancy are given, so income can't be checked against our estimates. Listing says: offering exceptional rental income potential and strong ROI · 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 262923430122: special assessments (payable 2026) = $432.50
  • lowMarketed as an investment, but listed 37 days with no income details. Based on: data: listing.days_on_market · AI review

Opportunities

  • New roof and boilers lower near-term capital spending if documented. Listing says: boasting a brand-new roof, two new high-efficiency boilers · AI review
  • Large fenced triple lot could support a garage or added parking, subject to city rules. Listing says: The property sits on a massive, rare triple lot that is fully fenced · AI review
  • Owner-occupying one unit would soften the weak investor numbers. Listing says: Incredible investment or owner-occupant opportunity in the heart of the Twin Cities! · AI review

Questions for the agent

  • What are the current rents and lease status for each unit, and can I see the rent roll?
  • Is the basement a legal, licensed unit with egress, and does the rental license list two or three units?
  • Who did the roof and boiler work, when, and were permits pulled?
  • What are the $432 special assessments for, and are they paid at closing?
  • Do the units have separate heat, meters and water heaters, and who pays which utilities?
  • Why has it been listed 37 days, and is the seller open to a lower price?

Bottom line

Updated duplex on a big lot, but at $380K it loses money every month, and the third unit is unproven. 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. $306,600 market value × 2.10% (median for non-homestead duplexes/triplexes in the city).$6,431
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,620
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 1907: +1 pt capital reserve; "completely renovated" in the description: -1 pts each7% / 8%

Price history Realtor.com

On the market since 2026-08-26 (40 days); down $20,000 (5.0%) from the first ask of $399,999; last sold for $315,000 on 2021-03-22.

DateEventPrice
Price changed$379,999
Listed$399,999
Removed—
Listed$349,900
Sold$315,000
Listed$339,900
Removed$339,000
Listed$339,000
Removed$339,900
Removed$339,900
Relisted$339,900
Removed$314,900
Listed$314,900
Sold public record$205,000
Sold public record$118,335

County record Public record

Recorded astwo family dwelling - up/dwn
Living units2
Year built1907
Market value (2026)$306,600
Property tax, payable 2026$5,010
Special assessments$432
Homesteadyes
Last sale2021-03-22 · $315,000

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 1367 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.