968 Sherburne Ave · St. Paul, MN 55104

$354,900

4 bd · 2.0 ba · 2,004 sqft · MultiFamily public records · 21 Days on market

Built 1900 3,267 sqft lot

---

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 +29.1/30.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• ARV discount +7.5/15.0
• Rent growth +3.1/5.0
• 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 MLS

Beautiful, freshly remodeled, energy efficient up-and-down duplex investment opportunity in an accessible area of Saint Paul. Home has been fully remodeled with new sheetrock throughout the home, and fully insulated walls. New central air system, new appliances in both units, and new backsplash in the kitchens. Units have separate water and electric meters, separate AC condensers and separate entrances with common areas also. This bright and beautiful home brings the light in, with stylish kitchens and well lit living areas. Enjoy this vacant, move-in ready home as an owner occupant or bring in renters right away!

Key facts

• Stylish kitchens
• High quality updates
• New appliances

Tags

• HIGH QUALITY UPDATES
• NEW SHEETROCK
• FULLY INSULATED WALLS
• BRAND NEW CENTRAL AC SYSTEMS
• STYLISH KITCHENS
• NEW APPLIANCES

Property features AI

Finance

• Other: Total living area reported as 2,004 sq ft; Building area total reported as 2,958
• Financial info: Property configured as 2 units; Basic placeholder figures listed for multi-family income/expenses

Exterior

• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Duplex (up and down); Residential income property; Two-story
• Construction: Foundation area approximately 954; Below-grade area 954; Above-grade finished area 2,004
• Exterior features: Lot dimensions approximately 33 x 100; Lot size 0.075 acre

Interior

• Kitchen: Microwave; Range; Refrigerator; Owned water softener
• Bedrooms: 4 bedrooms total (configured as two 2-bedroom units)
• Bathrooms: Each unit has 1 full bathroom (2 full bathrooms total)
• Heating & cooling: Forced air heating
• Interior features: Full, unfinished basement; Two levels
• Laundry & utility: Washer/Dryer not specified

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $355k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $615/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $355k).
• Recommended offer: $350k (1.5% 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 (+2.5%/yr); 191 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• At $4,829/mo this rent would consume 77% of the median local household income ($76k/yr) (locally 2116% 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 $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 + 2.5% rent growth), your $99k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($350k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $299k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $349,576 (1.5% below list)

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 1900 — 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: 1.36% ✓
• Cap rate: 10.45%
• Cash-on-cash: 14.84%
• DSCR: 1.66
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.5% rent growth · sell at horizon

5-year hold

• IRR: 4.8%
• Equity multiple: 1.19×
• Total profit: $18,508
• Equity at exit: $52,917

10-year hold

• IRR: 13.8%
• Equity multiple: 2.08×
• Total profit: $107,723
• Equity at exit: $30,685

Cash invested: $99,372 (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 55104

• Rents YoY: 2.5%
• Active inventory: 191
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $4,829 medium
• Mortgage (P&I): −$1,861
• Tax from tax record: −$577 /mo · $6,922/yr
• Insurance: −$148
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,014
• Net cashflow: $1,229

Break-even live

Break-even rent $3,273

Max offer price $354,900

Occupancy floor 70%

Sensitivity live

Price	-10% $1,430	-5% $1,330	+0% $1,229	+5% $1,129	+10% $1,028
Rent	-10% $848	-5% $1,038	+0% $1,229	+5% $1,420	+10% $1,611
Rate	-1.0pp $1,408	-0.5pp $1,319	base $1,229	+0.5pp $1,137	+1.0pp $1,044

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,828
Total (2 units)			$4,829

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: $88,725
• Closing costs: $10,647
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	2d	23	1.28mi
1555 Selby Ave Saint Paul, MN	3.0	1.0–2.0	1129	$4,394	$3.89	0d	6	1.36mi

Listing history 25 events

1. 2026-06-18
   days on market $354,900 Active 21 DOM
2. 2026-06-17
   days on market $354,900 Active 20 DOM
3. 2026-06-16
   days on market $354,900 Active 19 DOM
4. 2026-06-15
   days on market $354,900 Active 18 DOM
5. 2026-06-13
   days on market $354,900 Active 16 DOM
6. 2026-06-09
   days on market $354,900 Active 12 DOM
7. 2026-06-08
   days on market $354,900 Active 11 DOM
8. 2026-06-07
   days on market $354,900 Active 10 DOM
9. 2026-06-04
   days on market $354,900 Active 7 DOM
10. 2026-06-03
    days on market $354,900 Active 6 DOM
11. 2026-06-02
    days on market $354,900 Active 5 DOM
12. 2026-06-01
    days on market $354,900 Active 4 DOM
13. 2026-05-31
    days on market $354,900 Active 3 DOM
14. 2026-05-22
    historical
15. 2026-05-17
    status Active
16. 2026-04-05
    listed $354,900 Active
17. 2026-03-17
    historical
18. 2021-12-06
    soldstatus $299,000 Sold 621-char remark

    Show marketing remark (621 chars)

    Beautiful, freshly remodeled, energy efficient up-and-down duplex investment opportunity in an accessible area of Saint Paul. Home has been fully remodeled with new sheetrock throughout the home, and fully insulated walls. New central air system, new appliances in both units, and new backsplash in the kitchens. Units have separate water and electric meters, separate AC condensers and separate entrances with common areas also. This bright and beautiful home brings the light in, with stylish kitchens and well lit living areas. Enjoy this vacant, move-in ready home as an owner occupant or bring in renters right away!

19. 2021-11-29
    status Pending 621-char remark

    Show marketing remark (621 chars)

    Beautiful, freshly remodeled, energy efficient up-and-down duplex investment opportunity in an accessible area of Saint Paul. Home has been fully remodeled with new sheetrock throughout the home, and fully insulated walls. New central air system, new appliances in both units, and new backsplash in the kitchens. Units have separate water and electric meters, separate AC condensers and separate entrances with common areas also. This bright and beautiful home brings the light in, with stylish kitchens and well lit living areas. Enjoy this vacant, move-in ready home as an owner occupant or bring in renters right away!

20. 2021-11-04
    historical Contingent - Inspection 621-char remark

    Show marketing remark (621 chars)

    Beautiful, freshly remodeled, energy efficient up-and-down duplex investment opportunity in an accessible area of Saint Paul. Home has been fully remodeled with new sheetrock throughout the home, and fully insulated walls. New central air system, new appliances in both units, and new backsplash in the kitchens. Units have separate water and electric meters, separate AC condensers and separate entrances with common areas also. This bright and beautiful home brings the light in, with stylish kitchens and well lit living areas. Enjoy this vacant, move-in ready home as an owner occupant or bring in renters right away!

21. 2021-10-09
    price $299,900 621-char remark

    Show marketing remark (621 chars)

    Beautiful, freshly remodeled, energy efficient up-and-down duplex investment opportunity in an accessible area of Saint Paul. Home has been fully remodeled with new sheetrock throughout the home, and fully insulated walls. New central air system, new appliances in both units, and new backsplash in the kitchens. Units have separate water and electric meters, separate AC condensers and separate entrances with common areas also. This bright and beautiful home brings the light in, with stylish kitchens and well lit living areas. Enjoy this vacant, move-in ready home as an owner occupant or bring in renters right away!

22. 2021-08-27
    listed $324,900 Active 621-char remark

    Show marketing remark (621 chars)

    Beautiful, freshly remodeled, energy efficient up-and-down duplex investment opportunity in an accessible area of Saint Paul. Home has been fully remodeled with new sheetrock throughout the home, and fully insulated walls. New central air system, new appliances in both units, and new backsplash in the kitchens. Units have separate water and electric meters, separate AC condensers and separate entrances with common areas also. This bright and beautiful home brings the light in, with stylish kitchens and well lit living areas. Enjoy this vacant, move-in ready home as an owner occupant or bring in renters right away!

23. 2021-08-25
    historical $324,900 621-char remark

    Show marketing remark (621 chars)

    Beautiful, freshly remodeled, energy efficient up-and-down duplex investment opportunity in an accessible area of Saint Paul. Home has been fully remodeled with new sheetrock throughout the home, and fully insulated walls. New central air system, new appliances in both units, and new backsplash in the kitchens. Units have separate water and electric meters, separate AC condensers and separate entrances with common areas also. This bright and beautiful home brings the light in, with stylish kitchens and well lit living areas. Enjoy this vacant, move-in ready home as an owner occupant or bring in renters right away!

24. 2007-07-25
    soldstatus $1,086,317
25. 1990-06-15
    soldstatus $15,000

ⓘ 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: $6,922 · $577/mo
• Projected year-2 tax: $6,922 · $577/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: $57,948
• − Mortgage interest: −$19,880
• − Property taxes: −$6,922
• − Insurance: −$1,774
• − Repairs & maintenance: −$4,636
• − Management: −$4,636
• − Depreciation: −$10,324
• Taxable income: $9,776
• Est. tax owed @ 24.0%: −$2,346
• After-tax cash flow: $12,403/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): 45,762
• Household income: $75,712
• Rent vs Own: 46.9% rent · 53.1% own
• Severe rent burden: 2116.0

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 0.60)
• Race & ethnicity: White 60% Black 19% Two or more races 10% Asian 7% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 8% Romanian 3% Lithuanian 3%
• Foreign-born: 12% · Canada, Vietnam, China
• Languages at home: 83% English-only · Spanish 4% Other Asian/Pacific 4% French/Haitian/Cajun 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: ▼ -532.26%
• Current HPI: 245.6146
• Rent YoY: ▲ 2.50%
• 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

+2266.0% since first listed

12 events — show timeline

• 2026-05-22 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-17 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-05 Listed $354,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-17 Coming Soon — NORTHSTARMLS as Distributed by MLS Grid
• 2021-12-06 Sold (MLS) $299,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-11-29 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-11-04 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2021-10-09 Price Changed $299,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-08-27 Listed $324,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-08-25 Coming Soon $324,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-07-25 Sold (Public Records) $1,086,317 Public Records
• 1990-06-15 Sold (Public Records) $15,000 Public Records

Property tax history

+8.4%/yr

Latest (2025): $6,922 · +12.9% YoY. Source: county tax records.