429 Minnehaha Ave E · St. Paul, MN 55130

$330,000

6 bd · 2.0 ba · 2,428 sqft · MultiFamily public records · 11 Days on market

Built 1902 7,143 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.5/5.0
• 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: 2 units. confirmed

Listing remarks

Spacious up-and-down duplex featuring 6 bedrooms, 2 bathrooms, and a 2-car garage. Great opportunity for an owner-occupant or investor. The property includes newer roof and siding, separate utilities with individual newer boilers, water heaters, gas meters, electric meters, and electrical panels for each unit. Enjoy two large front porches, plenty of basement storage, and a spacious attic with potential to be finished for additional living space. Located atop Rivoli Bluff with beautiful views of downtown St. Paul and surrounding areas. Conveniently close to parks, trails, shopping, and easy access to I-94, 35E, and Hwy 52.

Key facts

• Separate utilities
• Newer roof
• Newer siding

Tags

• NEWER ROOF
• NEWER SIDING
• SEPARATE UTILITIES
• INDIVIDUAL WATER HEATERS
• INDIVIDUAL GAS METERS
• INDIVIDUAL ELECTRIC METERS

Property features AI

Finance

• Financial info: Gross income listed as $14,400; Property used as residential income (duplex with 2 units)
• HOA & community: Community association amenities include a patio

Exterior

• Parking: Detached or attached space with concrete parking and electric; 2-car garage with 16' wide x 7' high door; Garage roughly 25 x 24 (about 600 sq ft)
• Utilities: City water connected; City sewer connected; 100 Amp electrical service with circuit breakers (Xcel Energy); Natural gas
• Home design: Residential income duplex (up and down); Two levels; Corner lot; Tree coverage - light; City street frontage
• Construction: Block foundation; Roof replaced/updated within last 8 years; Foundation area noted as block
• Exterior features: Vinyl siding; Front porch and patio; Partial wood fencing

Interior

• Kitchen: Unit 1: Range, Refrigerator; Unit 2: Range, Refrigerator; Kitchen windows
• Bedrooms: Total of 6 bedrooms (across two units); Unit 1: 4 bedrooms; Unit 2: 2 bedrooms
• Flooring: Hardwood floors
• Bathrooms: Unit 1: 1 full bath and 1 three-quarter bath; Unit 2: 1 full bath
• Heating & cooling: Boiler hot water heat; Window cooling units; Natural gas fuel
• Interior features: Daylight/Lookout basement windows; Full unfinished basement with storage space; Ceiling fans; Hardwood floors; Kitchen windows; Patio and porch access
• Laundry & utility: Washer and dryer hookups; Gas dryer hookup; Laundry sink (lower level)

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $330k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $886/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $330k).

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 (+3.9%/yr); 59 active listings in the ZIP; 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• At $5,098/mo this rent would consume 113% of the median local household income ($54k/yr) (locally 818% 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 $2k of loan paydown is wiped out by about $10k 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 + 3.9% rent growth), your $92k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $330,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1902 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.54% ✓
• Cap rate: 12.74%
• Cash-on-cash: 23.01%
• DSCR: 2.02
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.94% rent growth · sell at horizon

5-year hold

• IRR: 17.0%
• Equity multiple: 1.70×
• Total profit: $64,305
• Equity at exit: $49,204

10-year hold

• IRR: 26.2%
• Equity multiple: 3.40×
• Total profit: $221,915
• Equity at exit: $28,532

Cash invested: $92,400 (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 55130

• Home prices YoY: -17.6%
• Rents YoY: 3.9%
• Active inventory: 59
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $5,098 high
• Mortgage (P&I): −$1,731
• Tax from tax record: −$388 /mo · $4,650/yr
• Insurance: −$138
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,071
• Net cashflow: $1,772

Break-even live

Break-even rent $2,855

Max offer price $330,000

Occupancy floor 60%

Sensitivity live

Price	-10% $1,959	-5% $1,865	+0% $1,772	+5% $1,678	+10% $1,585
Rent	-10% $1,369	-5% $1,570	+0% $1,772	+5% $1,973	+10% $2,175
Rate	-1.0pp $1,938	-0.5pp $1,856	base $1,772	+0.5pp $1,686	+1.0pp $1,599

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$5,098
Total (2 units)			$5,098

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: $82,500
• Closing costs: $9,900
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-05-15
   listed $330,000 Active 630-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: $4,650 · $388/mo
• Projected year-2 tax: $4,650 · $388/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: $61,176
• − Mortgage interest: −$18,485
• − Property taxes: −$4,650
• − Insurance: −$1,650
• − Repairs & maintenance: −$4,894
• − Management: −$4,894
• − Depreciation: −$9,600
• Taxable income: $17,003
• Est. tax owed @ 24.0%: −$4,081
• After-tax cash flow: $17,182/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): 17,775
• Household income: $54,130
• Rent vs Own: 54.0% rent · 46.0% own
• Severe rent burden: 818.0

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 0.69)
• Race & ethnicity: Asian 47% Black 22% White 19% Hispanic / Latino 9% Two or more races 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 3% Swedish 2% Romanian 1%
• Foreign-born: 33% · Philippines, Canada, Vietnam
• Languages at home: 44% English-only · Other Asian/Pacific 37% Spanish 7% Other Indo-European 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: ▼ -60.12%
• Current HPI: 281.2507
• Rent YoY: ▲ 3.94%
• 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

2 events — show timeline

• 2026-05-26 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-15 Listed $330,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+8.5%/yr

Latest (2025): $4,650 · +6.4% YoY. Source: county tax records.