525 Galtier St · St. Paul, MN 55103

$361,950

4 bd · 2.0 ba · 1,640 sqft · MultiFamily public records · 34 Days on market

Built 1900 1,916 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 +9.2/10.0
• 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

Well-located up-and-down duplex in St. Paul's North End neighborhood offering strong access to public transportation, the State Capitol campus, and the restaurants, retail, and services along University Avenue. This duplex presents an excellent opportunity for investors seeking stable rental demand in a centrally located area with long-term upside potential. The property features traditional up-and-down duplex functionality with convenient access to major transportation corridors, downtown St Paul, and nearby employment centers. Utilities are currently partially owner-paid, with ownership implementing a RUBS utility reimbursement program across the portfolio beginning Q3 2026. Future owners

Key facts

• 1,916 sq ft lot
• Built 1900
• Listed 33 days

Property features AI

Finance

• Other: Lot dimensions approximately 34 x 50 (0.044 acres)
• Financial info: Property is not owner-occupied; Two units total; Gross income reported: $33,840; Owner pays: electricity, gas, trash collection, water; Tenants pay: electricity and gas; Rental license: Standard (licensed)

Exterior

• Utilities: City water connected; City sewer connected; Electric service with circuit breakers; Fuel: Electric and Natural Gas
• Home design: Residential income duplex (up-and-down); Two stories; Entry level information not specified; Accessible doors 36"+
• Construction: Built with block, concrete and frame construction; Block and concrete perimeter foundation (dimensions 28 x 41); Pitched asphalt roof (over 8 years old)
• Exterior features: City street frontage; Publicly maintained road

Interior

• Kitchen: Unit 1: Range, Refrigerator; Unit 1: Gas water heater; Unit 2: Range, Refrigerator; Unit 2: Water heater (gas listed with appliances for unit 1)
• Bedrooms: Total of 4 bedrooms (two 2-bedroom units)
• Bathrooms: Two full bathrooms (one per unit)
• Heating & cooling: Boiler hot-water heating; No central air (units report no cooling system)
• Interior features: Two levels; Doors 36"+; Basement: block foundation and unfinished
• Laundry & utility: No cooling systems listed; Heating: Boiler with hot water

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $362k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $851/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $362k).
• Recommended offer: $351k (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 fast (+4.0%/yr); 44 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• At $5,140/mo this rent would consume 127% of the median local household income ($48k/yr) (locally 787% 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 $11k 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 + 4.0% rent growth), your $101k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($351k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $351,091 (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 1900 — 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: 1.42% ✓
• Cap rate: 11.94%
• Cash-on-cash: 20.15%
• DSCR: 1.90
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.05% rent growth · sell at horizon

5-year hold

• IRR: 13.5%
• Equity multiple: 1.55×
• Total profit: $55,238
• Equity at exit: $53,968

10-year hold

• IRR: 23.1%
• Equity multiple: 3.08×
• Total profit: $210,659
• Equity at exit: $31,295

Cash invested: $101,346 (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 55103

• Home prices YoY: -9.0%
• Rents YoY: 4.0%
• Active inventory: 44
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $5,140 high
• Mortgage (P&I): −$1,898
• Tax from tax record: −$310 /mo · $3,714/yr
• Insurance: −$151
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,079
• Net cashflow: $1,702

Break-even live

Break-even rent $2,985

Max offer price $361,950

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$5,140
Total (2 units)			$5,140

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: $90,488
• Closing costs: $10,858
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
255 Western Ave N Saint Paul, MN	3.0	1.0–2.0	1049	$3,700	$3.53	1d	23	0.62mi
101 10th St E Saint Paul, MN	3.0	1.0–2.0	887	$2,490	$2.81	2d	25	0.85mi
333 Sibley St Saint Paul, MN	3.0	1.0–2.0	1358	$3,269	$2.41	10d	10	1.27mi
111 Kellogg Blvd E Saint Paul, MN	3.0	1.0–2.0	1000	$2,783	$2.78	1d	20	1.29mi
180 E Kellogg Blvd St Paul, MN	3.0	1.0–2.5	1436	$4,595	$3.20	1d	22	1.38mi

Listing history 15 events

1. 2026-06-18
   days on market $361,950 Active 34 DOM
2. 2026-06-17
   days on market $361,950 Active 33 DOM
3. 2026-06-16
   days on market $361,950 Active 32 DOM
4. 2026-06-15
   days on market $361,950 Active 31 DOM
5. 2026-06-13
   days on market $361,950 Active 29 DOM
6. 2026-06-09
   days on market $361,950 Active 25 DOM
7. 2026-06-08
   days on market $361,950 Active 24 DOM
8. 2026-06-07
   days on market $361,950 Active 23 DOM
9. 2026-06-04
   days on market $361,950 Active 20 DOM
10. 2026-06-03
    days on market $361,950 Active 19 DOM
11. 2026-06-02
    days on market $361,950 Active 18 DOM
12. 2026-06-01
    days on market $361,950 Active 17 DOM
13. 2026-05-31
    days on market $361,950 Active 16 DOM
14. 2026-05-16
    listed $361,950 Active 932-char remark
15. 2026-05-15
    historical $361,950 932-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: $3,714 · $310/mo
• Projected year-2 tax: $3,884 · $324/mo
• Expected delta: +$170/yr (+$14/mo · 4.6%)

ⓘ 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: $61,680
• − Mortgage interest: −$20,275
• − Property taxes: −$3,714
• − Insurance: −$1,810
• − Repairs & maintenance: −$4,934
• − Management: −$4,934
• − Depreciation: −$10,529
• Taxable income: $15,483
• Est. tax owed @ 24.0%: −$3,716
• After-tax cash flow: $16,710/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): 13,125
• Household income: $48,390
• Rent vs Own: 58.3% rent · 41.7% own
• Severe rent burden: 787.0

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: Highly diverse neighborhood (Simpson 0.75)
• Race & ethnicity: White 34% Black 28% Asian 22% Hispanic / Latino 12% Two or more races 9% Native American 1%
• Hispanic origin (detail): Mexican 6% Cuban 4%
• Common ancestry: Portuguese 6% Lithuanian 2% Romanian 2%
• Foreign-born: 26% · Vietnam, Canada, Philippines
• Languages at home: 63% English-only · Other Asian/Pacific 16% Spanish 5% Vietnamese 3%

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: ▼ -32.28%
• Current HPI: 327.7672
• Rent YoY: ▲ 4.05%
• 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 $361,950 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-15 Coming Soon $361,950 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+9.0%/yr

Latest (2025): $3,714 · +3.6% YoY. Source: county tax records.