935 Iglehart Ave · St. Paul, MN 55104

$599,900

7 bd · 3.0 ba · 2,307 sqft · MultiFamily public records · 21 Days on market

Built 1891 4,835 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 +22.7/30.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• 1% rule +6.4/10.0
• 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

Move In Ready. Unique 3BR/1Bath Up & 4BR/2Bath Down Duplex. New 2 Car Garage. 2022 Code Compliance Complete, New Appliances, New Floors, Separate Laundry & Utilities. Must See!

Key facts

• Fully leased
• Modern finishes
• Updated kitchens

Tags

• TURNKEY UPDATED DUPLEX
• FULLY LEASED
• EXTENSIVELY RENOVATED
• MODERN FINISHES
• UPDATED KITCHENS
• STAINLESS STEEL APPLIANCES

Property features AI

Finance

• Other: Property is not owner-occupied
• Financial info: Gross income reported: $51,864; Owner pays exterior maintenance, HVAC maintenance, insurance, repairs, and management; Tenants pay electricity, gas, sewer, trash collection and water; Rental license: Standard (licensed)

Exterior

• Parking: 2-car garage
• Utilities: City water connected; City sewer connected; Natural gas fuel
• Home design: Residential income property (duplex up and down); Two levels
• Construction: Foundation area approximately 1,152; Foundation dimensions 24x48
• Exterior features: Deck; Metal exterior; Chain link fencing; Tree coverage - light; Public transit within ~6 blocks

Interior

• Kitchen: Unit 1 appliances: Microwave, Range, Refrigerator; Unit 2 appliances: Microwave, Range, Refrigerator, Stainless steel appliances
• Bedrooms: Total of 7 bedrooms (across units)
• Bathrooms: Unit 1: 2 bathrooms (1 full, 1 three-quarter); Unit 2: 1 full bathroom
• Heating & cooling: Forced air heating; Central cooling (both units)
• Interior features: Finished basement with egress window(s); Block basement; Basement has additional unfinished/other areas; In-unit laundry available; Washer/dryer hookup
• Laundry & utility: In-unit laundry; Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 1×4.0bd/2.0ba + 1×3.0bd/1.0ba units multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $516/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $600k).
• Recommended offer: $591k (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 (+2.5%/yr); 191 active listings in the ZIP; solid renter incomes; 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• At $6,831/mo this rent would consume 108% 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 $4k of loan paydown is wiped out by about $18k 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 21 days — a 2% lower offer ($591k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y 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.

Risks & watch-outs

• Watch-outs: built in 1891 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $590,901 (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 1891 — 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: 1.14% ✓
• Cap rate: 8.36%
• Cash-on-cash: 7.37%
• DSCR: 1.33
• GRM: 7.3

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: -5.6%
• Equity multiple: 0.79×
• Total profit: $-34,699
• Equity at exit: $89,447

10-year hold

• IRR: 3.5%
• Equity multiple: 1.25×
• Total profit: $41,448
• Equity at exit: $51,868

Cash invested: $167,972 (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: 15.9×

Monthly cashflow live

• Estimated rent: $6,831 medium
• Mortgage (P&I): −$3,146
• Tax from tax record: −$969 /mo · $11,630/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,435
• Net cashflow: $1,031

Break-even live

Break-even rent $5,525

Max offer price $599,900

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
1× unit	4.0	2	$3,143
1× unit	3.0	1	$3,689
Total (2 units)			$6,831

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: $149,975
• Closing costs: $17,997
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-18
   days on market $599,900 Active 21 DOM
2. 2026-06-17
   days on market $599,900 Active 20 DOM
3. 2026-06-16
   days on market $599,900 Active 19 DOM
4. 2026-06-15
   days on market $599,900 Active 18 DOM
5. 2026-06-13
   days on market $599,900 Active 16 DOM
6. 2026-06-09
   days on market $599,900 Active 12 DOM
7. 2026-06-08
   days on market $599,900 Active 11 DOM
8. 2026-06-07
   days on market $599,900 Active 10 DOM
9. 2026-06-04
   days on market $599,900 Active 7 DOM
10. 2026-06-03
    days on market $599,900 Active 6 DOM
11. 2026-06-02
    days on market $599,900 Active 5 DOM
12. 2026-06-01
    days on market $599,900 Active 4 DOM
13. 2026-05-31
    days on market $599,900 Active 3 DOM
14. 2026-04-23
    listed $624,900 Active 1047-char remark
15. 2026-04-09
    historical $624,900 1047-char remark
16. 2024-04-10
    historical $2,050
17. 2024-03-27
    price $2,050
18. 2023-12-01
    listed $2,150
19. 2022-10-31
    soldstatus $540,000 Sold 184-char remark

    Show marketing remark (184 chars)

    Move In Ready. Unique 3BR/1Bath Up & 4BR/2Bath Down Duplex. New 2 Car Garage. 2022 Code Compliance Complete, New Appliances, New Floors, Separate Laundry & Utilities. Must See!

20. 2022-09-12
    status Pending 184-char remark

    Show marketing remark (184 chars)

    Move In Ready. Unique 3BR/1Bath Up & 4BR/2Bath Down Duplex. New 2 Car Garage. 2022 Code Compliance Complete, New Appliances, New Floors, Separate Laundry & Utilities. Must See!

21. 2022-09-01
    price $599,900 184-char remark

    Show marketing remark (184 chars)

    Move In Ready. Unique 3BR/1Bath Up & 4BR/2Bath Down Duplex. New 2 Car Garage. 2022 Code Compliance Complete, New Appliances, New Floors, Separate Laundry & Utilities. Must See!

22. 2022-07-30
    price $625,000 184-char remark

    Show marketing remark (184 chars)

    Move In Ready. Unique 3BR/1Bath Up & 4BR/2Bath Down Duplex. New 2 Car Garage. 2022 Code Compliance Complete, New Appliances, New Floors, Separate Laundry & Utilities. Must See!

23. 2022-03-15
    listed $646,000 Active 184-char remark

    Show marketing remark (184 chars)

    Move In Ready. Unique 3BR/1Bath Up & 4BR/2Bath Down Duplex. New 2 Car Garage. 2022 Code Compliance Complete, New Appliances, New Floors, Separate Laundry & Utilities. Must See!

24. 2022-03-07
    historical $646,000 184-char remark

    Show marketing remark (184 chars)

    Move In Ready. Unique 3BR/1Bath Up & 4BR/2Bath Down Duplex. New 2 Car Garage. 2022 Code Compliance Complete, New Appliances, New Floors, Separate Laundry & Utilities. Must See!

25. 2019-09-04
    soldstatus $66,000
26. 2017-09-29
    soldstatus $48,000
27. 2017-08-28
    soldstatus $48,000 Sold
28. 2017-08-12
    status Pending
29. 2017-08-02
    price $44,900
30. 2017-07-20
    listed $49,900 Active

ⓘ 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: $11,630 · $969/mo
• Projected year-2 tax: $11,630 · $969/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: $81,972
• − Mortgage interest: −$33,604
• − Property taxes: −$11,630
• − Insurance: −$3,000
• − Repairs & maintenance: −$6,558
• − Management: −$6,558
• − Depreciation: −$17,452
• Taxable income: $3,172
• Est. tax owed @ 24.0%: −$761
• After-tax cash flow: $11,616/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

+1102.2% since first listed

19 events — show timeline

• 2026-05-29 Listed $599,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-23 Listed $624,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-09 Coming Soon — NORTHSTARMLS as Distributed by MLS Grid
• 2024-04-10 Rental Removed $2,050 APPFOLIO
• 2024-03-27 Price Changed $2,050 APPFOLIO
• 2023-12-01 Listed for Rent $2,150 APPFOLIO
• 2022-10-31 Sold (MLS) $540,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-09-12 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-09-01 Price Changed $599,900 NORTHSTARMLS as Distributed by MLS Grid
• 2022-07-30 Price Changed $625,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-03-15 Listed $646,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-03-07 Coming Soon $646,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-09-04 Sold (Public Records) $66,000 Public Records
• 2017-09-29 Sold (Public Records) $48,000 Public Records
• 2017-08-28 Sold (MLS) $48,000 NORTHSTARMLS as Distributed by MLS Grid
• 2017-08-12 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2017-08-02 Price Changed $44,900 NORTHSTARMLS as Distributed by MLS Grid
• 2017-07-20 Listed $49,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+19.3%/yr

Latest (2025): $11,630 · +11.9% YoY. Source: county tax records.