935 Saint Clair Ave

St. Paul, MN 55105

$385,000F

3 bd · 1.0 ba · 1,236 sqft · Built 1916 · SingleFamily · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,953/mo
• Mortgage (P&I): −$2,019
• Tax + insurance: −$604
• HOA: −$0
• Vac / Maint / Mgmt: −$620
• Net cashflow: $-290/mo
• Annual: $-3,476/yr
• Cap rate: 5.39%
• Cash-on-cash: -3.22%
• DSCR: 0.86
• 1% rule: 0.77%
• Cash to close: $107,800

Investor read

• This is a 3-bed/1.0-bath single-family listed at $385k.
• At list price, monthly cash flow is $-290 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $334k (13.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $295k (23.3% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $295k (23.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads: area grade F — 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.
• Zoned schools: Randolph Heights Elementary (math 62% / reading 62%, grade B, #180 of 857 statewide, top 23%, 437 students, 31% FRL); Hidden River Middle School (math 21% / reading 39%, grade F, #199 of 258 statewide, top 78%, 559 students, 61% FRL); Central Senior High (math 52% / reading 67%, grade C+, #46 of 471 statewide, top 11%, 1,691 students, 49% FRL) — zoned schools average 47% FRL vs 64% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 50% at this address vs 27% district-wide (+24 pts) — the actual schools serving this property are materially stronger than the St. Paul Public School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.1%/yr); 128 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 1d 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).
• Ramsey County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 9 sale attempts since 19y 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.
• This rent runs 33% of the median local income ($107k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.
• 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.