891 Iglehart Ave

Watch for

• highNo rents, leases or expenses given; 'strong cash flow' is unsupported and our numbers show a monthly loss. Listing says: offering strong cash flow and full occupancy in a stable rental market · AI review
• mediumFire-inspection grade C: more deficiencies than typical; expect more frequent inspections and repair orders. Public record: St. Paul Certificate of Occupancy – Residential: 891 IGLEHART AVE, grade/tier=C, status=Renewal Due
• medium$4,348 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 352923340063: special assessments (payable 2026) = $4,347.86
• mediumProjected utility bill-backs (RUBS) are not income yet, and in St. Paul they may count toward the 3% cap. Listing says: "are currently partially owner-paid with ownership implementing a RUBS utility reimbursement program across the portfolio beginning Q3"
• mediumOne of several properties the same owner listed the same day — a portfolio sell-off. Get the rent roll and trailing-12 expenses. Source: Our research notes
• medium'RUBS starting Q3 2026' is a projection, not income — and billing back utilities on existing St. Paul leases may count against the 3% cap. Source: Our research notes
• mediumRental license shows renewal due with an expiry in 2023. Confirm it is current and that all three units are licensed. Based on: data: city.rental_license · AI review
• mediumOwner pays an unspecified share of utilities, which cuts into NOI. Get actual bills. Listing says: Utilities are currently partially owner-paid · AI review
• mediumStucco exterior with a worn finish and a rear wood porch/deck structure; inspect for moisture and structure. The 1889 foundation needs a look too. Based on: photo 10 · AI review
• lowClose to I-94 (about 222 m), which may affect noise and tenant appeal. Based on: data: highway · AI review

Opportunities

• Long time on market: room to negotiate. Based on: Listing data: 143 days on market
• 140 days on market and a price well above our break-even gives room to negotiate hard. Based on: data: listing.days_on_market · AI review
• Coin laundry, a detached 2-car garage and off-street parking can add income and support rents. Listing says: coin-operated laundry, detached 2-car garage, alley access, off-street surface parking · AI review
• Original woodwork and hardwood floors give the units character that supports rents without major work. Based on: photo 3 · AI review

Questions for the agent

• Can I see the rent roll, lease dates and 12 months of expenses, including which utilities the owner pays?
• What is the unit mix, and are all three units legally licensed with egress?
• What are the $4,348 in special assessments for, and will the seller pay them at closing?
• Why is the rental license shown as expired, and what were the Grade C fire-inspection deficiencies?
• How old are the roof, boiler or furnaces, electrical panels and the stucco repairs?
• Why has it sat 140 days, and is the seller part of a portfolio sale open to a price cut?

Bottom line

Charming old triplex, but at $422,750 it loses money and needs a price near $333K to work. AI-assisted summary

Listing summary

Triplex, 7 bed / 4 bath, coin laundry, 2-car garage, off-street parking. Fully occupied. Owner currently pays part of utilities.

Research notes

• Unit mix is my estimate; the listing doesn't give it.

Where each number comes from

Price history Realtor.com

On the market since 2026-05-15 (143 days); down $47,500 (10.1%) from the first ask of $470,250.

County record Public record

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 3+ Units: 3 unit(s), C, status renewal due, renews 2023-12-20.

Nearest highway

I 94, about 222 m away.

Crime in Summit – University

1,066 incidents in the last 12 months (59 per 1,000 residents), −13% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.