St. Paul › Summit Hill

846 Lincoln Ave

Triplex · 3 units: 2 bed / 1.5 bath ×3 unit split estimated · 3,871 sq ft

Saint Paul, MN · Summit Hill (Grand Avenue) · View the listing ↗

Far off

38 photos

Photos courtesy of Edina Realty, Inc., via Realtor.com.

Asking price: $900,000
Monthly cash flow: −$2,615
Estimated rent: $5,175/mo
Break-even price: $408,699

Adjust the numbers See the full breakdown

From the listing

Rare opportunity in the heart of Summit Hill. This beautifully updated 1880 triplex blends historic character with thoughtful modern improvements in one of St. Paul's most desirable neighborhoods. A welcoming open front porch sets the tone for the home's timeless charm. The spacious main-level residence lives like a single-family home, featuring an updated kitchen that has been opened to the living and dining areas, creating an ideal space for gathering and entertaining. It offers four bedrooms, including a private primary suite with marble tile 3/4 bath and two separate closets, plus an additional full bathroom and in-unit laundry. Central air conditioning adds comfort to this expansive main-floor home. The upper level includes two historic one-bedroom apartments, with large living room and separate formal dining rooms. Each is equipped with two mini-split systems providing efficient heating and air conditioning. These units feature shared upper-level laundry set for added convenience. Outside, the property offers an exceptional five garage stalls, including one equipped with an electric vehicle charger. Located in the highly sought-after Summit Hill neighborhood, residents enjoy the ability to walk to neighborhood restaurants, coffee shops, groceries, fitness studios, and more. A rare opportunity to own a classic St. Paul property with modern updates, strong rental flexibility, and an unbeatable location.

Listing courtesy of Edina Realty, Inc. (Marcy Wengler). Description from Realtor.com, MLS #7006102. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a $900K asking price on a Summit Hill triplex that our numbers say supports about $409K, with cash flow around -$2,600 a month and a 2.9% cap rate. The description is lifestyle-heavy: the main unit lives like a single-family home and the upper units are two one-bedrooms. No rents, no lease terms and no expenses are given. The photos show a well-kept exterior and a nicely done main-floor bath, but nothing of the upper units, mechanicals or basement. It has sat 210 days, so there's room to negotiate, but this only works as an owner-occupied or lifestyle purchase, not an investment at this price. Ask for the rent roll and confirm the rental license first, since it shows as expired in 2024.

Things to consider

Price is far above what the numbers support At ask, cash flow is about -$2,600 a month and the cap rate is 2.9%. The break-even price is about $409K, so this works only as an owner-occupant purchase at a steep discount.
Rent roll is missing Without actual rents and leases, you can't judge income. Our estimate is $1,725 per unit, which doesn't come close to covering costs. St. Paul's 3% cap would also limit rent increases for sitting tenants.
Taxes will rise for an investor The seller's bill is homestead-reduced at $13,705. An investor pays the higher non-homestead rate, which hurts cash flow further.
Unit mix is unusual A 4-bed main unit plus two 1-beds sharing laundry may rent unevenly. One-beds also turn over more often.Listing says: “These units feature shared upper-level laundry set for added convenience.”
Old building, thin systems detail An 1880 house needs inspection of wiring, plumbing, foundation and roof. The description only mentions cosmetic and HVAC updates.
Negotiating leverage exists 210 days on market and a gap of about $491K to break-even suggest the seller needs to cut deeply.

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

doneMain-floor kitchen updated and opened to living and dining areasListing says: updated kitchen that has been opened to the living and dining areas
doneMini-split heating and cooling in each upper unitListing says: Each is equipped with two mini-split systems providing efficient heating and air conditioning
doneMain unit central airListing says: Central air conditioning adds comfort to this expansive main-floor home

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: $900,000
Cash to close: $207,000
Price per unit: $300,000
GRM: 14.5

Each month

Cash flow: −$2,615/mo
Cash-on-cash: −15.2%
Cap rate: 2.9%
DSCR: 0.45×

Break-even

Price that breaks even: $408,699
Rent that breaks even: $8,485/mo

Long run

Year 30: property vs stocks: $2.05M vs $3.80M
Cash flow turns positive: not within 30 years

Monthly

Monthly breakdown

Rent	$5,175
Vacancy (6%)	−$310
Collected	$4,864
Property tax Estimate	−$1,262
Insurance Estimate	−$336
Water, sewer, trash Estimate	−$255
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (7% of rent)	−$362
Capital reserve (8% of rent)	−$414
Net operating income	$2,175
Mortgage (principal + interest)	−$4,790
Cash flow	−$2,615
Principal paid down (equity, not cash)	$609

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$2,053,464

Your equity when you sell: $2,053,464
Rental profits, invested at 7%: $0

Same money in stocks$3,798,084

Cash to close, invested at 7%: $1,575,737
Monthly shortfalls, invested: $2,222,347

Stocks come out $1,744,620 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 $2.05M, stocks $3.80M. 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 $1,725/mo · range $1,550–$1,900 · 14 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
913 Ashland Ave, Saint Paul	$1,600	2 / 1	1,150	0.4 mi	2026-09-05	Apartment
1022 Osceola Ave, Saint Paul	$1,549	2 / 1	800	0.4 mi	2026-07-02	Apartment
651-655 Portland Ave, Saint Paul	$1,449	2 / 1	1,100	0.5 mi	2026-07-01	Apartment
1044 Saint Clair Ave Unit Lower, Saint Paul	$2,100	2 / 2	2,000	0.5 mi	2022-08-08	Duplex triplex
874 Selby Ave, Saint Paul	$1,250	2 / 1	620	0.5 mi	2026-09-28	Apartment
826 Selby Ave Apt 2, Saint Paul	$1,700	2 / 1	1,200	0.6 mi	—	Apartment
874 Selby Ave Apt 3, Saint Paul	$1,250	2 / 1	650	0.6 mi	2026-09-20	Apartment
180 Milton St N, Saint Paul	$1,650	2 / 1	1,105	0.6 mi	2025-10-02	Apartment
755 Selby Ave, Saint Paul	$1,500	2 / 1	1,003	0.6 mi	2026-02-18	Apartment
1135-1137 Goodrich Ave, Saint Paul	$2,350	2 / 1	1,300	0.6 mi	2026-09-04	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

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 022823420274: homestead=Y
mediumAsking is $491,301 above the price where cash flow breaks even ($408,699) at the default scenario. Based on: Derived: price $900,000 vs. break-even $408,699
mediumRental license expired in August 2024 and shows renewal due. Confirm it is current and lists three units. Based on: data: city.rental_license · AI review
mediumUpper units share laundry, and the main unit is a large 4-bed. The mix is unusual and may be hard to rent at rates that support the price. Listing says: These units feature shared upper-level laundry set for added convenience. · AI review
mediumBuilt in 1880 with no mention of wiring, plumbing or foundation updates beyond cosmetic work. Needs inspection. Based on: data: listing.year_built · AI review
low$649 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 022823420274: special assessments (payable 2026) = $648.76

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 213 days on market
Five garage stalls could produce parking income or fit an owner-occupant who wants space. Listing says: the property offers an exceptional five garage stalls, including one equipped with an electric vehicle charger · AI review
Mini-splits in the upper units mean separate heat and cooling, which may keep owner utility costs low. Listing says: Each is equipped with two mini-split systems providing efficient heating and air conditioning. · AI review
210 days on market suggests the seller may accept a large cut. Based on: data: listing.days_on_market · AI review

Questions for the agent

What are the current rents and lease end dates for all three units, and is the main unit occupied?
Is the rental license current, and does it list three units?
What does each unit pay for gas and electric, and what is the owner's total utility cost?
What is the age of the roof, wiring, plumbing and the main heating system?
What are the special assessments for, and do they continue?
Why has it sat 210 days, and have there been price cuts or offers?

Bottom line

A pretty, well-located triplex priced far above what the rents support, so it only works as a house hack at a much lower price. 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. $721,900 market value × 2.10% (median for non-homestead duplexes/triplexes in the city).	$15,141
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,035
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$255
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 1880: +1 pt capital reserve; "fully updated" in the description: -1 pts each	7% / 8%

Price history Realtor.com

On the market since 2026-03-06 (213 days); down $75,000 (7.7%) from the first ask of $975,000; last sold for $549,000 on 2013-11-20.

Date	Event	Price
2026-09-25	Price changed	$900,000
2026-06-24	Price changed	$950,000
2026-03-06	Listed	$975,000
2017-12-11	Sold	—
2013-11-20	Sold	$549,000
2013-10-14	Listed	$549,000
2007-08-11	Sold public record	$587,500
1995-08-11	Sold public record	$255,000

County record Public record

Recorded as	three family dwelling, platted lot
Living units	3
Year built	1880
Market value (2026)	$721,900
Property tax, payable 2026	$13,705
Special assessments	$649
Homestead	yes
Last sale	—

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 3+ Units: 3 unit(s), B, status renewal due, renews 2024-08-11.

Nearest highway

I 35E, about 773 m away.

Crime in Summit Hill

235 incidents in the last 12 months (35 per 1,000 residents), −14% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.