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997 Marion St

Duplex · 2 units: 2 bed / 1 bath ×2 · 1,424 sq ft

Saint Paul, MN · North End (South Como) · View the listing ↗

Cash flows
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Photos, via Realtor.com.

Asking price
$229,900
2 units · $115K per unit
Monthly cash flow
$287
at 20% down, 7%
Estimated rent
$2,700/mo
high confidence · 25 rentals within 1.5 mi
Break-even price
$283,751
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a small, cheap up/down in St. Paul's North End, and the numbers look better than most at today's rates. Stated rents total $2,219 against our $1,350 mid estimate per 2-bed, so there's rent upside, but St. Paul's 3% cap limits how fast sitting tenants can be raised. Our underwriting shows about $287/mo cash flow at ask and a 7.9% cap rate, which looks decent for a 1887 building. Both tenants are month-to-month and the building has sat 136 days, so there's room to negotiate. Check the $432 in special assessments, the pending rental license, and the age of the roof, wiring and foundation first. Photos show a dated kitchen and no basement or mechanicals, so a showing is worth it if the inspection items check out.

Things to consider

  1. Rents are below our estimate, but the cap limits catch-up Stated rents total $2,219 versus about $2,700 estimated. Raises on sitting tenants are limited to 3% a year, so the gap closes mainly on turnover.
  2. Numbers work at the asking price Our model shows about $287/mo cash flow and a 7.9% cap at ask, and break-even is well above the price. That is a rare cushion at current rates.
  3. Month-to-month tenants Income is not locked in. Expect possible turnover, and ask for payment history.Listing says: “Currently rented on a month-to-month lease for $1,075.”
  4. The seller bought in 2023 for $201,800 and now asks $229,900 The county values it at $207,400, so the ask is well above assessed value. Use this to negotiate.

From the photos

Listing photo 1
1 of 7Check

Exterior is vinyl or aluminum siding in generally fair shape; the roof appears older asphalt shingle

Listing photo 2
2 of 7Check

A window air conditioner is visible in the upper-front window, so central AC probably isn't present

Listing photo 3
3 of 7Check

Rear exterior stairs and a second-level deck are wood and stained; the railings appear solid, but check the framing and footings

Listing photo 8
4 of 7Concern

The kitchen has original-looking wood cabinets, a laminate counter and basic white appliances; it is dated but clean

Listing photo 7
5 of 7Plus

Floors appear to be newer laminate or vinyl plank in the kitchen

Listing photo 6
6 of 7Plus

Separate entrances at the front and rear, including a lower-level door, are consistent with two units

Listing photo 7
7 of 7Check

No photos of the basement, furnace, water heater, electrical panel, or the bathrooms

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

Rents the listing states

  • Upper: $1,075 (month-to-month)Listing says: Currently rented on a month-to-month lease for $1,075.
  • Lower: $1,144 (month-to-month)Listing says: It is currently rented on a month-to-month lease for $1,144.

Condition and repairs

  • doneRemodeled upper-level bathroomListing says: a remodeled upper-level bathroom
  • doneLower-unit carpet and paintListing says: newer lower-unit carpet and paint
  • doneFurnaceListing says: a newer furnace
  • doneDeck painted 2023Listing says: a deck painted in 2023
  • doneWater heaterListing says: a new water heater
  • doneSolid-core stairway doorsListing says: new solid-core doors at the top and bottom of the main staircase

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
$229,900
Cash to close
$52,877
Price per unit
$114,950
GRM
7.1

Each month

Cash flow
$287/mo
Cash-on-cash
6.5%
Cap rate
7.9%
DSCR
1.23×

Break-even

Price that breaks even
$283,751
Rent that breaks even
$2,328/mo

Long run

Year 30: property vs stocks
$1.43M vs $403K
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$2,700
Vacancy (6%)−$162
Collected$2,538
Property tax Public record−$141
Insurance Estimate−$198
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$216
Capital reserve (9% of rent)−$243
Net operating income$1,510
Mortgage (principal + interest)−$1,224
Cash flow$287
Principal paid down (equity, not cash)$156

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$1,434,333
Your equity when you sell
$524,546

Sells for $558,028 (value up 3% a year), minus 6% selling cost ($33,482). Rent paid down $183,920 of loan.

Rental profits, invested at 7%
$909,787

$394,077 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$402,513
Cash to close, invested at 7%
$402,513

$52,877 put into an index fund instead of the down payment and closing costs.

The building comes out $1,031,820 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 $1.43M, stocks $403K. 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 $1,350/mo · range $1,150–$1,425 · 25 rentals within 1.5 mi

AddressRentBd / BaSq ftDistanceListedType
390 Cottage Ave W, Saint Paul $1,280 2 / 1 950 0.8 mi 2025-01-03 Apartment
409 Lafond Ave Apt 2, Saint Paul $1,450 2 / 1 1,000 0.8 mi 2021-12-23 Apartment
581 Park St, Saint Paul $1,549 2 / 1 — 0.9 mi 2026-08-15 Apartment
336 Edmund Ave Unit 1, Saint Paul $1,400 2 / 1 725 0.9 mi 2026-09-23 Apartment
579 Van Buren Ave, Saint Paul $1,275 2 / 1 800 0.9 mi — Apartment
761 Como Ave, Saint Paul $1,369 2 / 1 1,120 1.0 mi 2026-01-18 Apartment
490 Charles Ave Apt 3, Saint Paul $1,400 2 / 1 750 1.1 mi — Apartment
1512 Woodbridge St, Saint Paul $1,344 2 / 1 926 1.1 mi 2025-09-04 Apartment
805 Como Ave, Saint Paul $1,199 2 / 1 750 1.1 mi 2025-01-15 Apartment
837 Como Ave, Saint Paul $1,210 2 / 1 690 1.2 mi 2025-01-03 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

  • mediumRental license is still pending, so confirm it is issued and covers two units Based on: data: city.rental_license · AI review
  • medium1887 building: foundation, wiring and roof age are not mentioned Based on: data: listing.year_built · 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 252923140083: special assessments (payable 2026) = $432.50
  • lowMonth-to-month tenants can leave quickly. Count on turnover soon after closing. Listing says: "and 1 full bathroom. Currently rented on a month-to-month lease for $1,075. The lower unit offers 2"
  • lowBoth rents sit well below our estimate, but the 3% cap slows catch-up Based on: data: underwriting.rent_rule · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 139 days on market
  • Rents are below our $1,350 mid estimate; raise at the legal pace or reset on turnover Based on: data: rent_estimate · AI review
  • Many updates are already done (furnace, water heater, bath), so near-term capex may be lower Listing says: Both units are in good condition and feature various updates · AI review
  • Seller has had 136 days with no deal; push on price Based on: data: listing.days_on_market · AI review

Questions for the agent

  • What are the $432 special assessments for, and does the seller pay them at closing?
  • Is the rental license approved, and what is the pending item?
  • How old are the roof, electrical panel and wiring, and what is the foundation type?
  • Who pays heat, water and electric, and is there one furnace or two?
  • How long have the tenants been in place, and are there written leases or deposits?
  • Why has it sat 136 days, and were there price cuts?

Bottom line

Cheap, fairly updated North End duplex with rents under market and a decent cap rate, but check the license, assessments and the old-house systems before offering. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)$1,694
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,372
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 1887: +1 pt capital reserve8% / 9%

Price history Realtor.com

On the market since 2026-03-09 (210 days); down $10,000 (4.2%) from the first ask of $239,900; last sold for $201,800 on 2023-08-01.

DateEventPrice
Removed$234,900
Relisted$229,900
Removed—
Price changed$229,900
Removed—
Listed$234,900
Price changed$234,900
Listed$239,900
Sold public record$201,800
Sold$201,800
Removed—
Price changed$209,900
Price changed$219,900
Listed$229,900
Sold public record$160,000
Sold$160,000
Sold public record$85,500

County record Public record

Recorded astwo family dwelling - up/dwn
Living units2
Year built1887
Market value (2026)$207,400
Property tax, payable 2026$1,694
Special assessments$432
Homesteadno
Last sale2023-06-23 · $201,800

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 2 Units: 2 unit(s), A, status pending, renews 2027-11-30.

Nearest highway

I 35E;US 10, about 1674 m away.

Crime in North End

1,359 incidents in the last 12 months (57 per 1,000 residents), +5% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.