893 Jenks Ave

Fourplex · 4 units: 1 bed / 1 bath ×4 unit split estimated · 4,326 sq ft

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

Cash flows

34 photos

Photos courtesy of Home Avenue, Inc - Broker, via Realtor.com.

Asking price: $374,000
Monthly cash flow: $82
Estimated rent: $4,200/mo
Break-even price: $389,349

Adjust the numbers See the full breakdown

From the listing

Turnkey Investment Opportunity - Fully Rented 4-Unit in St. Paul. Don't miss this excellent income-producing property in the heart of St. Paul! This well-maintained fourplex features four 1-bedroom / 1-bathroom units, all currently rented and generating steady cash flow. Each unit includes private forced air heating system with individual thermostat, Dedicated 50 Amp electrical panel, Individual 40-gallon water heater. One unit was just updated. Utilities: Tenants pay gas and electric, Owner pays trash, water, sewer, lawn care, snow removal, and common area electricity. Additional Amenities: Off-street parking behind the building, Lockable basement storage units for each tenant, Coin-operated washer and dryer in the basement for added income. Close to shopping, bike trails, and public transit. This property offers low-maintenance ownership with separate mechanicals for each unit, making it ideal for both seasoned investors and those new to multifamily real estate. Fully rented and ready to produce income from day one. Schedule your showing today!

Listing courtesy of Home Avenue, Inc - Broker (Brian Raney). Description from Realtor.com, MLS #6813006. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a four-unit building of 1-bed/1-bath apartments with separate forced-air heat and water heaters, so tenants pay gas and electric and the owner's utility bill is limited to water, sewer and trash. Our numbers show about $82/mo cash flow at the $374K ask with 20% down, and a 6.6% cap rate. That is thin, but the break-even price is about $389K, so it works only if rents hold near our $1,050 estimate. The listing gives no rents and no rent roll, and it has sat 333 days, so ask why. Start with the rent roll, leases, the $865 special assessment and the pending rental license. Photos show basic, dated finishes, so budget turnover costs. Worth a showing only if the real rents come in at or above our estimate and the price comes down.

Things to consider

Cash flow is thin at asking About $82/mo at 20% down leaves little cushion for turnover, vacancy or repairs. Small rent misses or a repair would wipe it out.
Rents are unverified The listing claims steady cash flow but gives no numbers. Our estimate is about $1,050 per unit, and actual rents drive whether this works.Listing says: “all currently rented and generating steady cash flow”
Rent increases are capped in St. Paul If existing rents are below market, the 3% cap limits how fast you can close the gap with sitting tenants.
Owner-paid costs add up Water and sewer for four units, plus lawn, snow and common electricity, come out of your income every month.Listing says: “Owner pays trash, water, sewer, lawn care, snow removal, and common area electricity.”
Dated finishes beyond the one updated unit Photos suggest only light cosmetic work, so budget for kitchens, baths and flooring at turnover.From photo 6
Long time on market 333 days suggests the price may be too high or there are issues. It gives you leverage to negotiate.

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

doneOne unit was just updated; scope and which unit are not specifiedListing says: One unit was just updated.

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: $374,000
Cash to close: $86,020
Price per unit: $93,500
GRM: 7.4

Each month

Cash flow: $82/mo
Cash-on-cash: 1.1%
Cap rate: 6.6%
DSCR: 1.04×

Break-even

Price that breaks even: $389,349
Rent that breaks even: $4,094/mo

Long run

Year 30: property vs stocks: $1.71M vs $655K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$4,200
Vacancy (6%)	−$252
Collected	$3,948
Property tax Public record	−$673
Insurance Estimate	−$429
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$336
Capital reserve (9% of rent)	−$378
Net operating income	$2,072
Mortgage (principal + interest)	−$1,991
Cash flow	$82
Principal paid down (equity, not cash)	$253

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$1,713,386

Your equity when you sell: $853,328
Rental profits, invested at 7%: $860,057

Same money in stocks$654,806

Cash to close, invested at 7%: $654,806

The building comes out $1,058,580 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 $1.71M, stocks $655K. 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.

1 bed estimate $1,050/mo · range $975–$1,125 · 24 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
870 E Cook Ave Unit 3, Saint Paul	$900	1 / 1	580	0.1 mi	—	Apartment
556 Jenks Ave E Unit 4, Saint Paul	$1,000	1 / 1	—	0.7 mi	2026-08-19	Apartment
1272 Magnolia Ave E Apt 104, Saint Paul	$850	1 / 1	675	0.8 mi	—	Apartment
1269 Cook Ave E Apt 208, Saint Paul	$850	1 / 1	600	0.8 mi	—	Apartment
1267 Cook Ave E, Saint Paul	$850	1 / 1	600	0.8 mi	2025-01-03	Apartment
658 Greenbrier St, Saint Paul	$1,157	1 / 1	750	0.8 mi	2026-02-25	Apartment
616 Ivy Ave E, Saint Paul	$1,150	1 / 1	502	0.9 mi	2026-03-20	Apartment
1348 Ames Ave, Saint Paul	$1,050	1 / 1	600	0.9 mi	2025-12-18	Apartment
940 E 3rd St, Saint Paul	$899	1 / 1	500	1.0 mi	2026-06-30	Apartment
321 Bates Ave, Saint Paul	$925	1 / 1	560	1.1 mi	2026-05-13	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

highNo rents, lease terms or rent roll given despite 'fully rented' and 'steady cash flow' claims Listing says: all currently rented and generating steady cash flow · AI review
mediumRental license shows Pending status; confirm the 4-unit license is valid and transfers Based on: data: city.rental_license · AI review
mediumBuilt 1889 with a 50-amp panel per unit; wiring age and condition unknown, insurer may ask questions Listing says: Dedicated 50 Amp electrical panel · AI review
low$865 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 282922230064: special assessments (payable 2026) = $865.00
lowFour 1-bed units mean more tenant turnover, and the owner pays water and sewer for all four Listing says: Owner pays trash, water, sewer, lawn care, snow removal, and common area electricity. · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 336 days on market, 1 price cuts
Coin-operated laundry gives a small extra income stream; ask for actual collections Listing says: Coin-operated washer and dryer in the basement for added income. · AI review
Separate heat, panels and water heaters per unit keeps owner utilities low and simplifies repairs Listing says: separate mechanicals for each unit · AI review
Over 11 months on market gives room to negotiate toward the break-even price Based on: data: listing.days_on_market · AI review

Questions for the agent

Can I see the rent roll, leases and 12 months of income and expenses, including laundry income?
Which unit was updated, what was done and when, and what do the other three look like?
What are the $865 special assessments for, and will the seller pay them off at closing?
What is the status of the rental license, and are there any open inspection orders?
Why has it been listed since November, and have there been price cuts or failed deals?
What are the ages of the roof, furnaces, water heaters and wiring?

Bottom line

A tidy-looking fourplex with low owner utilities, but it only barely cash flows at asking and nothing in the listing proves the rents. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)	$8,071
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$5,150
Water, sewer, trash / mo Listinglisting. tenants pay water	$0
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 1889: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2025-11-03 (336 days); down $25,000 (6.3%) from the first ask of $399,000; last sold for $310,000 on 2021-11-08.

Date	Event	Price
2026-09-14	Removed	$384,900
2026-02-21	Price changed	$374,000
2026-01-31	Price changed	$389,000
2025-11-03	Listed	$399,000
2021-11-08	Sold public record	$310,000
2021-10-18	Listed	$299,900
2021-09-28	Sold	$310,000
2021-08-12	Listed	$299,900
2016-04-18	Sold public record	$185,000
2013-01-18	Removed	$134,900
2013-01-07	Listed	$134,900
2012-10-18	Removed	$138,000
2012-06-27	Listed	$138,000
2009-11-03	Sold public record	$76,000
2009-09-28	Sold public record	$60,556
2002-12-20	Sold public record	$215,000
2002-03-31	Sold public record	$175,000
1998-09-01	Sold public record	$76,600
1995-01-19	Sold public record	$77,500

County record Public record

Recorded as	apartments 4-6 rental units
Living units	4
Year built	1889
Market value (2026)	$360,000
Property tax, payable 2026	$8,071
Special assessments	$865
Homestead	no
Last sale	2021-09-22 · $310,000

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 3+ Units: 4 unit(s), A, status pending, renews 2028-08-01.

Nearest highway

I 35E;US 10, about 2023 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.