891 Iglehart Ave · St. Paul, MN 55104

$470,250

6 bd · 3.5 ba · 2,684 sqft · MultiFamily public records · 34 Days on market

Built 1889 4,835 sqft lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Well maintained triplex located in St Pauls desirable Summit-University neighborhood offering strong cash flow and full occupancy in a stable rental market. Property features hardwood floors, spacious layouts, and strong long-term tenant appeal in a quiet residential setting with convenient access to downtown St Paul, public transportation, shopping, dining, and neighborhood amenities. Additional features include coin-operated laundry, detached 2-car garage, alley access, off-street surface parking, and a nice side yard for tenant enjoyment. The property offers an excellent combination of stable in-place income and long-term operational upside potential. Utilities are currently partially ow

Key facts

• 4,835 sq ft lot
• 2 garage spots
• Built 1889

Property features AI

Finance

• Other: Property has a standard rental license
• Financial info: Gross income reported for the property: $54,348; Owner pays: electricity, gas, repairs, snow removal, taxes, trash collection, water; Tenants pay: electricity, fuel/gas, heat, hot water, snow removal, taxes, trash collection
• HOA & community: Association provides laundry amenities and owns coin-op laundry

Exterior

• Parking: 2-car garage (approximately 20 x 20) with 7' garage door height and 12' width; Gravel and unassigned parking areas; Each of two units includes 1 parking space
• Utilities: City water connected; City sewer connected; Electric service with circuit breakers; Fuel: Electric and natural gas
• Home design: Residential income property (triplex); More than two stories; Owner not occupant
• Construction: Mixed construction: block, concrete, and frame; Stucco and wood exterior finishes; Pitched asphalt roof (older than 8 years); Foundation of block, brick/mortar and concrete perimeter; Foundation dimensions roughly 23 x 52
• Exterior features: Stucco and wood exterior; Partial fencing; Public transit within six blocks; City street frontage with curbs and paved streets; public road maintenance; Level topography; Lot dimensions approximately 40 x 121

Interior

• Kitchen: Each unit includes a range and refrigerator; Gas water heaters serving units
• Bedrooms: Seven total bedrooms (distributed across units)
• Bathrooms: Multiple bathrooms across units including full and half baths
• Heating & cooling: Boiler heating; No central cooling listed for some units
• Interior features: Finished and partially finished basement with storage and shared owner access; Doors are 36"+ for accessibility; More than 2 stories
• Laundry & utility: On-site laundry room in common area; Coin-operated laundry owned by association

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.3-bath units multifamily listed at $470k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $714/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $470k).
• Recommended offer: $456k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• St. Paul Public School District (urban): math 21% / reading 33% proficiency, ranked #270 of 301 in MN (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.5%/yr); 191 active listings in the ZIP; solid renter incomes; 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• At $7,013/mo this rent would consume 111% of the median local household income ($76k/yr) (locally 2116% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Ramsey County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $132k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($456k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1889 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $456,142 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1889 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.49% ✓
• Cap rate: 11.76%
• Cash-on-cash: 19.51%
• DSCR: 1.87
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.5% rent growth · sell at horizon

5-year hold

• IRR: 11.0%
• Equity multiple: 1.43×
• Total profit: $56,845
• Equity at exit: $70,116

10-year hold

• IRR: 19.6%
• Equity multiple: 2.61×
• Total profit: $211,625
• Equity at exit: $40,659

Cash invested: $131,670 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 46 Balanced
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City: — inherits STATE

2024 reforms strengthened tenant protections; ramsey/hennepin courts paced moderate to slow.

Methodology + full state rankings →

ZIP-level market 55104

• Rents YoY: 2.5%
• Active inventory: 191
• Price-to-rent: 16.8×

Monthly cashflow live

• Estimated rent: $7,013 medium
• Mortgage (P&I): −$2,466
• Tax from tax record: −$737 /mo · $8,848/yr
• Insurance: −$196
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,473
• Net cashflow: $2,141

Break-even live

Break-even rent $4,303

Max offer price $470,250

Occupancy floor 64%

Sensitivity live

Price	-10% $2,407	-5% $2,274	+0% $2,141	+5% $2,008	+10% $1,875
Rent	-10% $1,587	-5% $1,864	+0% $2,141	+5% $2,418	+10% $2,695
Rate	-1.0pp $2,378	-0.5pp $2,261	base $2,141	+0.5pp $2,019	+1.0pp $1,895

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.3	$7,014
Total (3 units)			$7,013

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $117,562
• Closing costs: $14,108
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $470,250 Active 34 DOM
2. 2026-06-17
   days on market $470,250 Active 33 DOM
3. 2026-06-16
   days on market $470,250 Active 32 DOM
4. 2026-06-15
   days on market $470,250 Active 31 DOM
5. 2026-06-13
   days on market $470,250 Active 29 DOM
6. 2026-06-09
   days on market $470,250 Active 25 DOM
7. 2026-06-08
   days on market $470,250 Active 24 DOM
8. 2026-06-07
   days on market $470,250 Active 23 DOM
9. 2026-06-04
   days on market $470,250 Active 20 DOM
10. 2026-06-03
    days on market $470,250 Active 19 DOM
11. 2026-06-02
    days on market $470,250 Active 18 DOM
12. 2026-06-01
    days on market $470,250 Active 17 DOM
13. 2026-05-31
    days on market $470,250 Active 16 DOM
14. 2026-05-16
    listed $470,250 Active 913-char remark
15. 2026-05-15
    historical $470,250 913-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MN · Partial reset (capped growth)

• Current annual tax: $8,848 · $737/mo
• Projected year-2 tax: $8,848 · $737/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $84,156
• − Mortgage interest: −$26,341
• − Property taxes: −$8,848
• − Insurance: −$2,351
• − Repairs & maintenance: −$6,732
• − Management: −$6,732
• − Depreciation: −$13,680
• Taxable income: $19,470
• Est. tax owed @ 24.0%: −$4,673
• After-tax cash flow: $21,019/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: St. Paul Public School District
• NCES district ID: 2733840
• Math proficiency: 21% ▼ -11.00%
• Reading proficiency: 33% ▼ -7.00%
• Median HH income: $48,316
• Composite: 23.51/100
• National rank: #7868
• State rank: #270 of 301 in MN

Livability — St. Paul

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: St. Paul, MN
• County: Ramsey County · 542,837 people
• City population: 280,599
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 45,762
• Household income: $75,712
• Rent vs Own: 46.9% rent · 53.1% own
• Severe rent burden: 2116.0

Population outlook (Ramsey County) Hauer SSP2

• Today (2025): 603,431 people
• By 2030: 636,459 · +5.5%
• By 2040: 700,596 · +16.1%
• By 2050: 765,819 · +26.9%
• By 2075: 929,297 · +54.0%
• By 2100: 1,053,924 · +74.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 60% Black 19% Two or more races 10% Asian 7% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 8% Romanian 3% Lithuanian 3%
• Foreign-born: 12% · Canada, Vietnam, China
• Languages at home: 83% English-only · Spanish 4% Other Asian/Pacific 4% French/Haitian/Cajun 1%

Political lean MEDSL · Ramsey

• 2024 margin: Solid D (+43.3) · D 70.5% · R 27.2% · Other 2.3%
• 2008→2024 swing: +9.4pp toward D · 2008: 33.9pp · 2024: 43.3pp
• All cycles: 2024: D+43.3 2020: D+45.4 2016: D+39.4 2012: D+35.3 2008: D+33.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -532.26%
• Current HPI: 245.6146
• Rent YoY: ▲ 2.50%
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• State GDP YoY: ▲ 2.41%
• F500 in state: 34

Industry mix (Fortune 500 HQ in MN)

Industry	F500 HQs	Revenue
▸Healthcare	2	$407B
▸Retail	2	$150B
▸Consumer Goods	2	$32B
▸Industrial Machinery	2	$6B
▸Agriculture	1	$40B
▸Healthcare / Medical Devices	1	$32B

Price history

+0.0% since first listed

2 events — show timeline

• 2026-05-16 Listed $470,250 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-15 Coming Soon $470,250 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+4.8%/yr

Latest (2025): $8,848 · +14.6% YoY. Source: county tax records.