66 9th St E #2115 · St. Paul, MN 55101

$162,000

2 bd · 2.0 ba · 1,120 sqft · Condo public records · 93 Days on market

Built 1983 $947/mo HOA · 39% of rent

---

Why this score? — see what drove the D- 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).

• 1% rule +9.8/10.0
• Cash flow +7.7/30.0
• ARV discount +7.5/15.0
• Rent growth +2.6/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +2.4/10.0
• Schools +2.4/10.0
• DSCR +1.8/10.0

Listing remarks MLS

This truly must-see 21st floor corner 2 bedroom and 2 bathroom condo. Enjoy spectacular views from your large balcony and side windows. Improvements include stainless steel appliances and a newer forced air furnace and AC. Other great amenities include an updated party room and exercise room, sauna, free laundry, free extra storage and an amazing outside in ground heated pool. Just move in and enjoy this fabulous downtown Saint Paul location that is attached to the skyway system, a short walk to Mears Park, the Farmer's Market, Saint Paul Grill, Grand Casino Arena and the Saint Paul Saints baseball stadium. You'll also enjoy 1 deeded secured parking stall in the attached garage ramp # 109 on Level P10. The seller will pay $5000.00 towards the buyers closing costs or a 2-1 rate buy down. Enjoy the outdoor pool and sundecks this summer.

Key facts

• Exercise room
• Sauna
• Large balcony

Tags

• LARGE BALCONY
• STAINLESS STEEL APPLIANCES
• UPDATED PARTY ROOM
• EXERCISE ROOM
• SAUNA
• FREE LAUNDRY

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $162k.

Deal economics

• At list price, monthly cash flow is $-189 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (20.6% below list).
• Meets the 1% rule at list price ($2k rent vs $162k).
• Recommended offer: $129k (20.6% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads: area grade D — 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 flat; 77 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• This rent runs 44% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 93 days — a 9% lower offer ($147k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 39% of rent.

Recommended offer $128,662 (20.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 1.48% ✓
• Cap rate: 4.90%
• Cash-on-cash: -4.99%
• DSCR: 0.78
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.2% rent growth · sell at horizon

5-year hold

• IRR: -30.9%
• Equity multiple: 0.03×
• Total profit: $-44,218
• Equity at exit: $24,155

10-year hold

• IRR: -79.5%
• Equity multiple: -0.70×
• Total profit: $-76,941
• Equity at exit: $14,007

Cash invested: $45,360 (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 55101

• Home prices YoY: -2.1%
• Rents YoY: 0.2%
• Active inventory: 77
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,400 high
• Mortgage (P&I): −$850
• Tax from tax record: −$220 /mo · $2,644/yr
• Insurance: −$68
• HOA: −$947
• Vacancy / Maint / Mgmt: −$504
• Net cashflow: $-189

Break-even live

Break-even rent $2,638

Max offer price $128,662

Occupancy floor —

Sensitivity live

Price	-10% $-97	-5% $-143	+0% $-189	+5% $-235	+10% $-280
Rent	-10% $-378	-5% $-284	+0% $-189	+5% $-94	+10% $1
Rate	-1.0pp $-107	-0.5pp $-148	base $-189	+0.5pp $-231	+1.0pp $-273

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: $40,500
• Closing costs: $4,860
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
101 10th St E Saint Paul, MN	3.0	1.0–2.0	887	$2,051	$2.31	2d	25	0.17mi
141 4th St E Saint Paul, MN	2.0	1.0–2.0	811	$2,420	$2.98	20d	20	0.30mi
333 Sibley St Saint Paul, MN	3.0	1.0–2.0	1358	$2,577	$1.90	10d	10	0.33mi
111 Kellogg Blvd E Saint Paul, MN	3.0	1.0–2.0	1000	$2,266	$2.27	2d	20	0.34mi
240 5th St E St Paul, MN	2.0	1.0–2.0	949	$2,770	$2.92	2d	10	0.39mi
250 6th St E St Paul, MN	2.0	1.0–2.0	980	$2,868	$2.93	2d	16	0.39mi
180 E Kellogg Blvd St Paul, MN	3.0	1.0–2.5	1436	$3,467	$2.41	2d	22	0.42mi
253 Kellogg Blvd W Saint Paul, MN	2.0	1.0–2.0	1208	$3,198	$2.65	3d	12	0.45mi
330 9th St E St Paul, MN	1.0–2.0	1.0	978	$2,495	$2.55	3d	3	0.48mi
400 Spring St Saint Paul, MN	1.0–2.0	1.0–2.0	1205	$3,275	$2.72	3d	31	1.00mi
255 Western Ave N Saint Paul, MN	3.0	1.0–2.0	1049	$2,940	$2.80	2d	23	1.07mi

HOA detail condo

• Monthly dues: $947 · $11,364/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-18
   days on market $162,000 Active 93 DOM
2. 2026-06-17
   days on market $162,000 Active 92 DOM
3. 2026-06-16
   days on market $162,000 Active 91 DOM
4. 2026-06-15
   days on market $162,000 Active 90 DOM
5. 2026-06-13
   days on market $162,000 Active 88 DOM
6. 2026-06-09
   days on market $162,000 Active 84 DOM
7. 2026-06-08
   days on market $162,000 Active 83 DOM
8. 2026-06-07
   days on market $162,000 Active 82 DOM
9. 2026-06-04
   days on market $162,000 Active 79 DOM
10. 2026-06-03
    days on market $162,000 Active 78 DOM
11. 2026-06-02
    days on market $162,000 Active 77 DOM
12. 2026-06-01
    days on market $162,000 Active 76 DOM
13. 2026-05-31
    days on market $162,000 Active 75 DOM
14. 2026-03-17
    listed $180,000 Active 846-char remark

    Show marketing remark (846 chars)

    This truly must-see 21st floor corner 2 bedroom and 2 bathroom condo. Enjoy spectacular views from your large balcony and side windows. Improvements include stainless steel appliances and a newer forced air furnace and AC. Other great amenities include an updated party room and exercise room, sauna, free laundry, free extra storage and an amazing outside in ground heated pool. Just move in and enjoy this fabulous downtown Saint Paul location that is attached to the skyway system, a short walk to Mears Park, the Farmer's Market, Saint Paul Grill, Grand Casino Arena and the Saint Paul Saints baseball stadium. You'll also enjoy 1 deeded secured parking stall in the attached garage ramp # 109 on Level P10. The seller will pay $5000.00 towards the buyers closing costs or a 2-1 rate buy down. Enjoy the outdoor pool and sundecks this summer.

ⓘ 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: $2,644 · $220/mo
• Projected year-2 tax: $2,644 · $220/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $28,795
• − Mortgage interest: −$9,075
• − Property taxes: −$2,644
• − Insurance: −$810
• − Repairs & maintenance: −$2,304
• − Management: −$2,304
• − HOA: −$11,364
• − Depreciation: −$4,713
• Taxable loss: −$4,418
• Est. tax savings @ 24.0%: +$1,060
• After-tax cash flow: $-1,204/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): 7,911
• Household income: $64,863
• Rent vs Own: 78.8% rent · 21.2% own
• Severe rent burden: 1202.0

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 (67%)
• Race & ethnicity: White 67% Asian 13% Black 10% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Portuguese 8% Romanian 3% Italian 3%
• Foreign-born: 11% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 3% Other Asian/Pacific 3% Tagalog/Filipino 2%

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: ▼ -5.29%
• Current HPI: 248.1315
• Rent YoY: ▲ 0.20%
• 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

1 event — show timeline

• 2026-03-17 Listed $180,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+2.0%/yr

Latest (2025): $2,644 · +4.8% YoY. Source: county tax records.