323 W Michigan St · St. Paul, MN 55102

$310,000

3 bd · 1.0 ba · 1,790 sqft · SingleFamily public records · 15 Days on market

Built 1896 3,136 sqft lot $173/sqft · 10% below area Est $327k · 5% under

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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).

• Cash flow +12.8/30.0
• ARV discount +9.9/15.0
• 1% rule +4.9/10.0
• DSCR +3.8/10.0
• Rent growth +2.9/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 323 W. Michigan Street, a stunning turn of the century brick two-story Victorian-style home nestled in the heart of Saint Paul’s Historic West Seventh neighborhood. Rich with timeless character yet thoughtfully updated, this home offers the best of old-world craftsmanship and modern livability. Inside you’re immediately greeted by an air-lock entryway foyer–an energy-efficient feature ahead of its time–and soaring 10' ceilings that set the tone for what’s to come. Historic details shine throughout, including mostly original woodwork, 8-inch baseboards, oversized doorways, solid Victorian-style five-panel doors, crown molding, and a beautiful ceiling medallion in the dining room. The living and dining rooms are separated by an impressive solid-wood pocket door, adding both elegance and flexibility to the layout. While the character is unmistakable, the home has been thoughtfully updated and is truly move-in ready, offering comfort and convenience without compromising its rich historic soul. Natural light fills the generous living spaces through oversize windows, making them ideal for everyday living or entertaining. Located in one of Saint Paul’s most beloved neighborhoods, you’ll enjoy living on tree-lined streets, with classic architecture, and easy access to parks, dining, and downtown. Enjoy the best of city living with easy walking access to downtown Saint Paul’s restaurants, entertainment, parks, and riverfront, along with nearby bus routes and light rail connections for effortless commuting. This is a rare opportunity to own a beautifully preserved piece of West Seventh history in a location that puts everything well within reach!

Key facts

• Historic details
• Oversized windows
• Easy access to parks

Tags

• ENERGY EFFICIENT FEATURE
• AIR LOCK ENTRYWAY FOYER
• OVERSIZED WINDOWS
• SOLID WOOD POCKET DOOR
• HISTORIC DETAILS
• EASY ACCESS TO PARKS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $310k.

Deal economics

• At list price, monthly cash flow is $-27 ($-328/yr) — negative.
• To cash-flow at today's rent, offer at most $305k (1.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $308k (0.6% below list).
• Recommended offer: $305k (1.6% 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 rising (+1.6%/yr); 145 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• At $3,081/mo this rent would consume 48% of the median local household income ($76k/yr) (locally 1116% 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 $9k 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 15 days — a 2% lower offer ($305k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 29y 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 $180k; list at $310k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1896 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $305,166 (1.6% 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. Built in 1896 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.99% ✗
• Cap rate: 6.19%
• Cash-on-cash: -0.38%
• DSCR: 0.98
• GRM: 8.4

CMA / ARV

• ARV (median comp): $327,324
• List price: $310,000
• Delta: -5.29%
• Verdict: FAIR
• Comps: 4 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.6% rent growth · sell at horizon

5-year hold

• IRR: -18.6%
• Equity multiple: 0.35×
• Total profit: $-56,014
• Equity at exit: $46,222

10-year hold

• IRR: -14.5%
• Equity multiple: 0.23×
• Total profit: $-67,111
• Equity at exit: $26,803

Cash invested: $86,800 (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 55102

• Rents YoY: 1.6%
• Active inventory: 145
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $3,081 high
• Mortgage (P&I): −$1,626
• Tax from tax record: −$706 /mo · $8,476/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$647
• Net cashflow: $-27

Break-even live

Break-even rent $3,115

Max offer price $305,166

Occupancy floor 96%

Sensitivity live

Price	-10% $148	-5% $60	+0% $-27	+5% $-115	+10% $-203
Rent	-10% $-271	-5% $-149	+0% $-27	+5% $94	+10% $216
Rate	-1.0pp $129	-0.5pp $51	base $-27	+0.5pp $-108	+1.0pp $-189

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: $77,500
• Closing costs: $9,300
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
400 Spring St Saint Paul, MN	1.0–2.0	1.0–2.0	1205	$3,275	$2.72	3d	31	0.41mi
695 Grand Ave Saint Paul, MN	1.0–2.0	1.0–2.0	1130	$5,795	$5.13	18d	10	0.89mi
253 Kellogg Blvd W Saint Paul, MN	2.0	1.0–2.0	1208	$3,198	$2.65	3d	12	0.90mi
255 Western Ave N Saint Paul, MN	3.0	1.0–2.0	1049	$3,700	$3.53	2d	23	0.99mi
111 Kellogg Blvd E Saint Paul, MN	3.0	1.0–2.0	1000	$2,783	$2.78	2d	20	1.35mi
140 Belvidere St W Unit 1 St Paul, MN	2.0	1.0	1600	$1,650	$1.03	3d	1	1.38mi
101 10th St E Saint Paul, MN	3.0	1.0–2.0	887	$2,490	$2.81	2d	25	1.42mi
141 4th St E Saint Paul, MN	2.0	1.0–2.0	811	$2,420	$2.98	20d	20	1.43mi

Listing history 12 events

1. 2026-05-05
   status Pending 1726-char remark

   Show marketing remark (1726 chars)

   Welcome to 323 W. Michigan Street, a stunning turn of the century brick two-story Victorian-style home nestled in the heart of Saint Paul’s Historic West Seventh neighborhood. Rich with timeless character yet thoughtfully updated, this home offers the best of old-world craftsmanship and modern livability. Inside you’re immediately greeted by an air-lock entryway foyer–an energy-efficient feature ahead of its time–and soaring 10' ceilings that set the tone for what’s to come. Historic details shine throughout, including mostly original woodwork, 8-inch baseboards, oversized doorways, solid Victorian-style five-panel doors, crown molding, and a beautiful ceiling medallion in the dining room. The living and dining rooms are separated by an impressive solid-wood pocket door, adding both elegance and flexibility to the layout. While the character is unmistakable, the home has been thoughtfully updated and is truly move-in ready, offering comfort and convenience without compromising its rich historic soul. Natural light fills the generous living spaces through oversize windows, making them ideal for everyday living or entertaining. Located in one of Saint Paul’s most beloved neighborhoods, you’ll enjoy living on tree-lined streets, with classic architecture, and easy access to parks, dining, and downtown. Enjoy the best of city living with easy walking access to downtown Saint Paul’s restaurants, entertainment, parks, and riverfront, along with nearby bus routes and light rail connections for effortless commuting. This is a rare opportunity to own a beautifully preserved piece of West Seventh history in a location that puts everything well within reach!

2. 2026-04-29
   price $310,000 1726-char remark

   Show marketing remark (1726 chars)

   Welcome to 323 W. Michigan Street, a stunning turn of the century brick two-story Victorian-style home nestled in the heart of Saint Paul’s Historic West Seventh neighborhood. Rich with timeless character yet thoughtfully updated, this home offers the best of old-world craftsmanship and modern livability. Inside you’re immediately greeted by an air-lock entryway foyer–an energy-efficient feature ahead of its time–and soaring 10' ceilings that set the tone for what’s to come. Historic details shine throughout, including mostly original woodwork, 8-inch baseboards, oversized doorways, solid Victorian-style five-panel doors, crown molding, and a beautiful ceiling medallion in the dining room. The living and dining rooms are separated by an impressive solid-wood pocket door, adding both elegance and flexibility to the layout. While the character is unmistakable, the home has been thoughtfully updated and is truly move-in ready, offering comfort and convenience without compromising its rich historic soul. Natural light fills the generous living spaces through oversize windows, making them ideal for everyday living or entertaining. Located in one of Saint Paul’s most beloved neighborhoods, you’ll enjoy living on tree-lined streets, with classic architecture, and easy access to parks, dining, and downtown. Enjoy the best of city living with easy walking access to downtown Saint Paul’s restaurants, entertainment, parks, and riverfront, along with nearby bus routes and light rail connections for effortless commuting. This is a rare opportunity to own a beautifully preserved piece of West Seventh history in a location that puts everything well within reach!

3. 2026-04-20
   listed $320,000 Active 1726-char remark

   Show marketing remark (1726 chars)

   Welcome to 323 W. Michigan Street, a stunning turn of the century brick two-story Victorian-style home nestled in the heart of Saint Paul’s Historic West Seventh neighborhood. Rich with timeless character yet thoughtfully updated, this home offers the best of old-world craftsmanship and modern livability. Inside you’re immediately greeted by an air-lock entryway foyer–an energy-efficient feature ahead of its time–and soaring 10' ceilings that set the tone for what’s to come. Historic details shine throughout, including mostly original woodwork, 8-inch baseboards, oversized doorways, solid Victorian-style five-panel doors, crown molding, and a beautiful ceiling medallion in the dining room. The living and dining rooms are separated by an impressive solid-wood pocket door, adding both elegance and flexibility to the layout. While the character is unmistakable, the home has been thoughtfully updated and is truly move-in ready, offering comfort and convenience without compromising its rich historic soul. Natural light fills the generous living spaces through oversize windows, making them ideal for everyday living or entertaining. Located in one of Saint Paul’s most beloved neighborhoods, you’ll enjoy living on tree-lined streets, with classic architecture, and easy access to parks, dining, and downtown. Enjoy the best of city living with easy walking access to downtown Saint Paul’s restaurants, entertainment, parks, and riverfront, along with nearby bus routes and light rail connections for effortless commuting. This is a rare opportunity to own a beautifully preserved piece of West Seventh history in a location that puts everything well within reach!

4. 2025-12-30
   historical
5. 2025-12-17
   listed $350,000 Active
6. 2024-01-31
   historical
7. 2024-01-31
   listed $1
8. 2022-06-30
   soldstatus $180,000
9. 1998-03-23
   soldstatus $88,500
10. 1997-09-03
    soldstatus $88,325
11. 1997-07-09
    historical
12. 1997-05-20
    listed $85,000

ⓘ 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: $8,476 · $706/mo
• Projected year-2 tax: $8,476 · $706/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 ≥100°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: $36,969
• − Mortgage interest: −$17,365
• − Property taxes: −$8,476
• − Insurance: −$1,550
• − Repairs & maintenance: −$2,958
• − Management: −$2,958
• − Depreciation: −$9,018
• Taxable loss: −$5,355
• Est. tax savings @ 24.0%: +$1,285
• After-tax cash flow: $957/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): 19,630
• Household income: $76,406
• Rent vs Own: 55.1% rent · 44.9% own
• Severe rent burden: 1116.0

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 (77%)
• Race & ethnicity: White 77% Black 10% Two or more races 6% Hispanic / Latino 5% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 10% Lithuanian 5% Romanian 3%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 87% English-only · Spanish 4% Other Indo-European 1% German/W. Germanic 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: ▼ -217.83%
• Current HPI: 241.7112
• Rent YoY: ▲ 1.60%
• 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

+264.7% since first listed

12 events — show timeline

• 2026-05-05 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-29 Price Changed $310,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-20 Listed $320,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-30 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-17 Listed $350,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-01-31 Listed $1 NORTHSTARMLS as Distributed by MLS Grid
• 2024-01-31 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2022-06-30 Sold (Public Records) $180,000 Public Records
• 1998-03-23 Sold (Public Records) $88,500 Public Records
• 1997-09-03 Sold (MLS) $88,325 NORTHSTARMLS as Distributed by MLS Grid
• 1997-07-09 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1997-05-20 Listed $85,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+10.6%/yr

Latest (2025): $8,476 · +86.9% YoY. Source: county tax records.