66 9th St E #2115

St. Paul, MN 55101

$162,000D

2 bd · 2.0 ba · 1,120 sqft · Built 1983 · Condo · Active · 96 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,469/mo
• Mortgage (P&I): −$850
• Tax + insurance: −$288
• HOA: −$947
• Vac / Maint / Mgmt: −$518
• Net cashflow: $-134/mo
• Annual: $-1,608/yr
• Cap rate: 5.30%
• Cash-on-cash: -3.55%
• DSCR: 0.84
• 1% rule: 1.52%
• Cash to close: $45,360

Investor read

• This is a 2-bed/2.0-bath condo listed at $162k.
• At list price, monthly cash flow is $-134 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $138k (14.6% below list).
• Meets the 1% rule at list price ($2k rent vs $162k).
• It's been on market 96 days — a 9% lower offer ($147k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (14.6% below list) — sets the bar for cash-flow.
• 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.
• 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.
• Watch-outs: HOA is 38% of rent.
• Market conditions: Rents flat; 76 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).
• Ramsey County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At $2,469/mo this rent would consume 46% of the median local household income ($65k/yr) (locally 1202% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• It's been on market 96 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.