938 Palace Ave · St. Paul, MN 55102

$275,000

3 bd · 1.0 ba · 969 sqft · SingleFamily public records · 30 Days on market

Built 1914 4,791 sqft lot

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Why this score? — see what drove the C+ 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 +26.7/30.0
• DSCR +9.2/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Rent growth +2.9/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 938 Palace Ave in Saint Paul a charming 3 bedroom, 1 bath home located in a quiet, established neighborhood. This well maintained property features natural hardwood floors throughout the main level, adding warmth and character the moment you step inside. The updated kitchen offers modern touches along with a new refrigerator and dishwasher making it both functional and move-in ready. Additional updates include a refreshed bathroom and new water heater, providing added peace of mind. One of the standout features is the rare 3-car garage, offering ample space for vehicles, storage, or even a workshop an uncommon find in this area. Whether you’re looking for your first home or a solid investment, this property offers a great combination of updates, charm, and location. Don’t miss your chance to own a move-in ready home in the heart of Saint Paul!

Key facts

• Refreshed bathroom
• New water heater
• New refrigerator

Tags

• NATURAL HARDWOOD FLOORS
• UPDATED KITCHEN
• NEW REFRIGERATOR
• NEW DISHWASHER
• REFRESHED BATHROOM
• NEW WATER HEATER

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $744 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $271k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — 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 (+1.6%/yr); 145 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• At $3,322/mo this rent would consume 52% of the median local household income ($76k/yr) (locally 1116% 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 $8k 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.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 16y ago; this cycle's ask has dropped $24k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $230k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $270,875 (1.5% below list)

Questions for the listing agent

1. Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.21% ✓
• Cap rate: 9.54%
• Cash-on-cash: 11.60%
• DSCR: 1.52
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.6% rent growth · sell at horizon

5-year hold

• IRR: -0.6%
• Equity multiple: 0.98×
• Total profit: $-1,726
• Equity at exit: $41,003

10-year hold

• IRR: 7.6%
• Equity multiple: 1.54×
• Total profit: $41,291
• Equity at exit: $23,777

Cash invested: $77,000 (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 55102

• Rents YoY: 1.6%
• Active inventory: 145
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $3,322 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$323 /mo · $3,878/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$698
• Net cashflow: $744

Break-even live

Break-even rent $2,380

Max offer price $275,000

Occupancy floor 73%

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
470 Lexington Pkwy S Saint Paul, MN	2.0	1.0–2.0	1175	$3,500	$2.98	1d	19	0.31mi
740 Victoria St S Saint Paul, MN	3.0	1.0–2.0	1076	$3,746	$3.48	2d	39	0.75mi
695 Grand Ave Saint Paul, MN	1.0–2.0	1.0–2.0	1130	$5,795	$5.13	17d	10	0.92mi
380 Randolph Ave Saint Paul, MN	2.0	1.0–2.0	753	$2,946	$3.91	1d	18	1.16mi

Listing history 33 events

1. 2026-05-09
   status Pending 878-char remark

   Show marketing remark (878 chars)

   Welcome to 938 Palace Ave in Saint Paul a charming 3 bedroom, 1 bath home located in a quiet, established neighborhood. This well maintained property features natural hardwood floors throughout the main level, adding warmth and character the moment you step inside. The updated kitchen offers modern touches along with a new refrigerator and dishwasher making it both functional and move-in ready. Additional updates include a refreshed bathroom and new water heater, providing added peace of mind. One of the standout features is the rare 3-car garage, offering ample space for vehicles, storage, or even a workshop an uncommon find in this area. Whether you’re looking for your first home or a solid investment, this property offers a great combination of updates, charm, and location. Don’t miss your chance to own a move-in ready home in the heart of Saint Paul!

2. 2026-05-04
   historical Contingent - Inspection 878-char remark

   Show marketing remark (878 chars)

   Welcome to 938 Palace Ave in Saint Paul a charming 3 bedroom, 1 bath home located in a quiet, established neighborhood. This well maintained property features natural hardwood floors throughout the main level, adding warmth and character the moment you step inside. The updated kitchen offers modern touches along with a new refrigerator and dishwasher making it both functional and move-in ready. Additional updates include a refreshed bathroom and new water heater, providing added peace of mind. One of the standout features is the rare 3-car garage, offering ample space for vehicles, storage, or even a workshop an uncommon find in this area. Whether you’re looking for your first home or a solid investment, this property offers a great combination of updates, charm, and location. Don’t miss your chance to own a move-in ready home in the heart of Saint Paul!

3. 2026-05-02
   status Active 878-char remark

   Show marketing remark (878 chars)

   Welcome to 938 Palace Ave in Saint Paul a charming 3 bedroom, 1 bath home located in a quiet, established neighborhood. This well maintained property features natural hardwood floors throughout the main level, adding warmth and character the moment you step inside. The updated kitchen offers modern touches along with a new refrigerator and dishwasher making it both functional and move-in ready. Additional updates include a refreshed bathroom and new water heater, providing added peace of mind. One of the standout features is the rare 3-car garage, offering ample space for vehicles, storage, or even a workshop an uncommon find in this area. Whether you’re looking for your first home or a solid investment, this property offers a great combination of updates, charm, and location. Don’t miss your chance to own a move-in ready home in the heart of Saint Paul!

4. 2026-05-02
   price $275,000 878-char remark

   Show marketing remark (878 chars)

   Welcome to 938 Palace Ave in Saint Paul a charming 3 bedroom, 1 bath home located in a quiet, established neighborhood. This well maintained property features natural hardwood floors throughout the main level, adding warmth and character the moment you step inside. The updated kitchen offers modern touches along with a new refrigerator and dishwasher making it both functional and move-in ready. Additional updates include a refreshed bathroom and new water heater, providing added peace of mind. One of the standout features is the rare 3-car garage, offering ample space for vehicles, storage, or even a workshop an uncommon find in this area. Whether you’re looking for your first home or a solid investment, this property offers a great combination of updates, charm, and location. Don’t miss your chance to own a move-in ready home in the heart of Saint Paul!

5. 2026-05-01
   historical 878-char remark

   Show marketing remark (878 chars)

   Welcome to 938 Palace Ave in Saint Paul a charming 3 bedroom, 1 bath home located in a quiet, established neighborhood. This well maintained property features natural hardwood floors throughout the main level, adding warmth and character the moment you step inside. The updated kitchen offers modern touches along with a new refrigerator and dishwasher making it both functional and move-in ready. Additional updates include a refreshed bathroom and new water heater, providing added peace of mind. One of the standout features is the rare 3-car garage, offering ample space for vehicles, storage, or even a workshop an uncommon find in this area. Whether you’re looking for your first home or a solid investment, this property offers a great combination of updates, charm, and location. Don’t miss your chance to own a move-in ready home in the heart of Saint Paul!

6. 2026-04-15
   price $285,000 878-char remark

   Show marketing remark (878 chars)

   Welcome to 938 Palace Ave in Saint Paul a charming 3 bedroom, 1 bath home located in a quiet, established neighborhood. This well maintained property features natural hardwood floors throughout the main level, adding warmth and character the moment you step inside. The updated kitchen offers modern touches along with a new refrigerator and dishwasher making it both functional and move-in ready. Additional updates include a refreshed bathroom and new water heater, providing added peace of mind. One of the standout features is the rare 3-car garage, offering ample space for vehicles, storage, or even a workshop an uncommon find in this area. Whether you’re looking for your first home or a solid investment, this property offers a great combination of updates, charm, and location. Don’t miss your chance to own a move-in ready home in the heart of Saint Paul!

7. 2026-04-07
   listed $299,000 Active 878-char remark

   Show marketing remark (878 chars)

   Welcome to 938 Palace Ave in Saint Paul a charming 3 bedroom, 1 bath home located in a quiet, established neighborhood. This well maintained property features natural hardwood floors throughout the main level, adding warmth and character the moment you step inside. The updated kitchen offers modern touches along with a new refrigerator and dishwasher making it both functional and move-in ready. Additional updates include a refreshed bathroom and new water heater, providing added peace of mind. One of the standout features is the rare 3-car garage, offering ample space for vehicles, storage, or even a workshop an uncommon find in this area. Whether you’re looking for your first home or a solid investment, this property offers a great combination of updates, charm, and location. Don’t miss your chance to own a move-in ready home in the heart of Saint Paul!

8. 2024-02-22
   soldstatus $229,900
9. 2024-02-20
   soldstatus $229,900 Sold 602-char remark

   Show marketing remark (602 chars)

   Nice 3 bedroom home in quiet neighborhood with easy access to highway and close to downtown. Looking for a rare 3 car garage for the extra car, wood shop etc. This home has it. Home features hardwood floors, large 16x12 master bedroom, good size kitchen, main floor bedroom that could be used as an office, front porch is a great place to kick your shoes off before walking in the home and tons of storage in basement, upper level and in the 3 car garage. Home has newer AC, furnace and water heater along with vinyl/metal siding and a long lasting metal roof. The big items are done. This is an Estate

10. 2024-01-12
    status Pending 602-char remark

    Show marketing remark (602 chars)

    Nice 3 bedroom home in quiet neighborhood with easy access to highway and close to downtown. Looking for a rare 3 car garage for the extra car, wood shop etc. This home has it. Home features hardwood floors, large 16x12 master bedroom, good size kitchen, main floor bedroom that could be used as an office, front porch is a great place to kick your shoes off before walking in the home and tons of storage in basement, upper level and in the 3 car garage. Home has newer AC, furnace and water heater along with vinyl/metal siding and a long lasting metal roof. The big items are done. This is an Estate

11. 2024-01-03
    price $229,900 602-char remark

    Show marketing remark (602 chars)

    Nice 3 bedroom home in quiet neighborhood with easy access to highway and close to downtown. Looking for a rare 3 car garage for the extra car, wood shop etc. This home has it. Home features hardwood floors, large 16x12 master bedroom, good size kitchen, main floor bedroom that could be used as an office, front porch is a great place to kick your shoes off before walking in the home and tons of storage in basement, upper level and in the 3 car garage. Home has newer AC, furnace and water heater along with vinyl/metal siding and a long lasting metal roof. The big items are done. This is an Estate

12. 2023-12-14
    listed $249,900 Active 602-char remark

    Show marketing remark (602 chars)

    Nice 3 bedroom home in quiet neighborhood with easy access to highway and close to downtown. Looking for a rare 3 car garage for the extra car, wood shop etc. This home has it. Home features hardwood floors, large 16x12 master bedroom, good size kitchen, main floor bedroom that could be used as an office, front porch is a great place to kick your shoes off before walking in the home and tons of storage in basement, upper level and in the 3 car garage. Home has newer AC, furnace and water heater along with vinyl/metal siding and a long lasting metal roof. The big items are done. This is an Estate

13. 2022-12-02
    soldstatus $215,956
14. 2022-11-30
    soldstatus $222,500 Sold
15. 2022-11-16
    status Pending
16. 2022-10-12
    price $229,900
17. 2022-10-04
    price $239,900
18. 2022-09-26
    price $249,900
19. 2022-09-08
    listed $254,900 Active
20. 2019-07-23
    soldstatus $199,900
21. 2019-06-21
    soldstatus $199,900 Sold
22. 2019-06-14
    status Pending
23. 2019-05-12
    historical
24. 2019-05-06
    price $199,900
25. 2019-05-06
    status Active
26. 2018-05-07
    historical
27. 2018-05-02
    price $235,000
28. 2018-05-02
    status Active
29. 2018-05-02
    historical
30. 2018-04-24
    listed $250,000 Active
31. 2011-06-27
    historical
32. 2011-06-20
    soldstatus $44,000
33. 2010-09-24
    listed $89,900

ⓘ 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: $3,878 · $323/mo
• Projected year-2 tax: $3,878 · $323/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 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $39,863
• − Mortgage interest: −$15,404
• − Property taxes: −$3,878
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,189
• − Management: −$3,189
• − Depreciation: −$8,000
• Taxable income: $4,828
• Est. tax owed @ 24.0%: −$1,159
• After-tax cash flow: $7,775/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): 19,630
• Household income: $76,406
• Rent vs Own: 55.1% rent · 44.9% own
• Severe rent burden: 1116.0

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: Predominantly White (77%)
• Race & ethnicity: White 77% Black 10% Two or more races 6% Hispanic / Latino 5% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 10% Lithuanian 5% Romanian 3%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 87% English-only · Spanish 4% Other Indo-European 1% German/W. Germanic 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: ▼ -217.83%
• Current HPI: 241.7112
• Rent YoY: ▲ 1.60%
• 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

+205.9% since first listed

33 events — show timeline

• 2026-05-09 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-04 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-02 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-02 Price Changed $275,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-15 Price Changed $285,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-07 Listed $299,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-02-22 Sold (Public Records) $229,900 Public Records
• 2024-02-20 Sold (MLS) $229,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-01-12 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2024-01-03 Price Changed $229,900 NORTHSTARMLS as Distributed by MLS Grid
• 2023-12-14 Listed $249,900 NORTHSTARMLS as Distributed by MLS Grid
• 2022-12-02 Sold (Public Records) $215,956 Public Records
• 2022-11-30 Sold (MLS) $222,500 NORTHSTARMLS as Distributed by MLS Grid
• 2022-11-16 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-10-12 Price Changed $229,900 NORTHSTARMLS as Distributed by MLS Grid
• 2022-10-04 Price Changed $239,900 NORTHSTARMLS as Distributed by MLS Grid
• 2022-09-26 Price Changed $249,900 NORTHSTARMLS as Distributed by MLS Grid
• 2022-09-08 Listed $254,900 NORTHSTARMLS as Distributed by MLS Grid
• 2019-07-23 Sold (Public Records) $199,900 Public Records
• 2019-06-21 Sold (MLS) $199,900 NORTHSTARMLS as Distributed by MLS Grid
• 2019-06-14 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2019-05-12 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-05-06 Price Changed $199,900 NORTHSTARMLS as Distributed by MLS Grid
• 2019-05-06 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2018-05-07 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2018-05-02 Price Changed $235,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-05-02 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2018-05-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2018-04-24 Listed $250,000 NORTHSTARMLS as Distributed by MLS Grid
• 2011-06-27 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2011-06-20 Sold (MLS) $44,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-09-24 Listed $89,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+11.4%/yr

Latest (2025): $3,878 · +16.3% YoY. Source: county tax records.