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St. Paul › Payne – Phalen

861 Cook Ave E

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 2,000 sq ft

Saint Paul, MN · Payne – Phalen (Railroad Island) · View the listing ↗

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Photos, via Realtor.com.

Asking price
$240,000
2 units · $120K per unit
Monthly cash flow
−$189
at 20% down, 7%
Estimated rent
$2,500/mo
medium confidence · 25 rentals within 1.5 mi
Break-even price
$204,489
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a 1893 up/down in Payne-Phalen asking $240K, with a description that gives almost nothing: no rents, no lease status, no utilities, no repair list. Our numbers show about -$189/month at ask with a 5.4% cap rate, and break-even is around $204K, so it doesn't work at today's rates without a price cut. At 61 days on market there is room to negotiate. Photos show dated, worn finishes, an old porch and deck, and a radiator in the bath. Get the rent roll, rental license status, and heating setup first, then decide on a showing. It's only worth seeing if the price moves toward break-even or you plan to live in one unit.

Things to consider

  1. Numbers don't work at ask Our model shows negative monthly cash flow and a break-even price below ask. You'd need a lower price or a lower-cost financing plan.
  2. Rents are unknown and capped With no stated rents, income is only our 2-bed estimate. St. Paul's cap limits increases for sitting tenants, so a low existing rent stays low.
  3. Rental license is not on file An unlicensed or uninspected rental can mean required repairs and delays before you can legally collect rent.
  4. Taxes are high for the value Non-homestead taxes plus assessments take a large share of income on an investor purchase.
  5. Old building with dated finishes An 1893 build with worn porch, deck and finishes means budgeting for systems and exterior work.From photo 2

From the photos

Listing photo 1
1 of 8Check

Front exterior shows painted siding with a tiered stone retaining wall and steps; the front looks maintained, though the siding paint appears aged.

Listing photo 2
2 of 8Concern

Enclosed porch has worn carpet over what appears to be an old floor, and a window air conditioner. Look for water damage and condition under the carpet.

Listing photo 3
3 of 8Plus

Original-style wood staircase and woodwork in the shared entry look solid, but carpet and paint are dated and worn.

Listing photo 4
4 of 8Concern

Rear wood deck and stairs look weathered, with rail and structure to inspect for rot and safety.

Listing photo 5
5 of 8Plus

Detached two-stall garage with a single-width driveway and alley access; siding and doors look dated but intact.

Listing photo 6
6 of 8Plus

Kitchen has oak-style cabinets, tile floor and a gas range; looks like a mid-grade past update, in usable shape but not new.

Listing photo 9
7 of 8Check

Bath has tiled tub surround, newer-looking vanity and a wall radiator, suggesting hot-water heat. Heat system and age are unconfirmed.

Listing photo 10
8 of 8Check

Another room has old sheet flooring and a wall heater, so condition varies by room. No photos of basement, boiler, panel or the second unit's kitchen, so only one unit may be shown.

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

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
$240,000
Cash to close
$55,200
Price per unit
$120,000
GRM
8.0

Each month

Cash flow
−$189/mo
Cash-on-cash
−4.1%
Cap rate
5.4%
DSCR
0.85×

Break-even

Price that breaks even
$204,489
Rent that breaks even
$2,745/mo

Long run

Year 30: property vs stocks
$769K vs $473K
Cash flow turns positive
year 8

Monthly

Monthly breakdown

Rent$2,500
Vacancy (6%)−$150
Collected$2,350
Property tax Public record−$396
Insurance Estimate−$211
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$200
Capital reserve (9% of rent)−$225
Net operating income$1,088
Mortgage (principal + interest)−$1,277
Cash flow−$189
Principal paid down (equity, not cash)$163

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$768,798
Your equity when you sell
$547,590

Sells for $582,543 (value up 3% a year), minus 6% selling cost ($34,953). Rent paid down $192,000 of loan.

Rental profits, invested at 7%
$221,208

$129,268 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$473,432
Cash to close, invested at 7%
$420,196

$55,200 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$53,235

$8,398 you'd have paid in while the building lost money, invested instead.

The building comes out $295,366 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 $769K, stocks $473K. 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 $1,250/mo · range $1,125–$1,475 · 25 rentals within 1.5 mi

AddressRentBd / BaSq ftDistanceListedType
914 Lawson Ave E, Saint Paul $1,490 2 / 1 1,055 0.1 mi 2026-08-31 Apartment
734 Sims Ave, Saint Paul $1,695 2 / 1 1,834 0.4 mi 2026-07-31 Duplex triplex
1360 Payne Ave, Saint Paul $1,199 2 / 1 695 0.8 mi 2026-02-13 Apartment
904-906 Burr St, Saint Paul $999 2 / 1 900 0.8 mi 2025-01-11 Apartment
1270 Magnolia Ave E Apt 205, Saint Paul $995 2 / 1 800 0.8 mi — Apartment
1267 Cook Ave E, Saint Paul $995 2 / 1 800 0.9 mi 2025-01-03 Apartment
953 Desoto St, Saint Paul $950 2 / 1 650 0.9 mi 2026-02-12 Apartment
1039-1041 Arkwright St, Saint Paul $1,445 2 / 1 1,100 1.0 mi 2026-09-19 Apartment
1310 Maryland Ave E, Saint Paul $1,226 2 / 1 900 1.0 mi 2026-04-29 Apartment
1348 Ames Ave, Saint Paul $1,275 2 / 1 800 1.0 mi 2025-12-18 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

  • highListing gives no rents, lease status or tenant info, so income is unverified. Listing says: lease both units for steady cash flow · AI review
  • mediumNo rental certificate (CofO) on file in the city's data. Ask whether the building is licensed as a rental and when it was last inspected. Public record: St. Paul Certificate of Occupancy – Residential: no record for 861 COOK AVE E (dataset last updated mid-2025)
  • mediumRadiators in the bath suggest boiler/hot-water heat, but county lists central heat. Heating type and who pays is unclear. Based on: photo 9 · 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 282922230127: special assessments (payable 2026) = $432.50
  • lowPorch floor and deck wood look weathered and worn; likely deferred exterior maintenance. Based on: photo 2 · AI review

Opportunities

  • Owner-occupy one unit and rent the other to cut carrying cost. Listing says: Live in one unit and rent the other · AI review
  • Price is above our break-even and the listing has sat 61 days, so there is room to negotiate. Based on: data: underwriting.break_even_price · AI review

Questions for the agent

  • What are the current rents, lease types and end dates for each unit?
  • Is the building licensed as a rental in St. Paul, and when was it last inspected?
  • What is the heating system, how many boilers or furnaces, and who pays each utility?
  • What are the $432 special assessments for, and are they paid at closing?
  • What are the roof, water heater and electrical panel ages?
  • Is each unit really 2 bed / 1 bath, and is the unit split what you described?

Bottom line

A thin listing on an old up/down that loses money at $240K, so only worth a look at a lower price or as an owner-occupant. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)$4,750
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,530
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 1893: +1 pt capital reserve8% / 9%

Price history Realtor.com

On the market since 2026-08-02 (64 days); down $10,000 (4.0%) from the first ask of $250,000; last sold for $135,000 on 2007-08-29.

DateEventPrice
Price changed$240,000
Listed$250,000
Sold public record$135,000
Sold public record$199,900

County record Public record

Recorded astwo family dwelling - up/dwn
Living units2
Year built1893
Market value (2026)$229,600
Property tax, payable 2026$4,750
Special assessments$432
Homesteadno
Last sale2022-06-30

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 35E;US 10, about 1909 m away.

Crime in Payne – Phalen

1,695 incidents in the last 12 months (51 per 1,000 residents), −10% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.