622 Gorman Ave · St. Paul, MN 55107

$339,000

3 bd · 2.0 ba · 2,183 sqft · SingleFamily public records · 10 Days on market

Built 1942 4,791 sqft lot

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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 +15.4/30.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• DSCR +4.7/10.0
• 1% rule +4.2/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss this beautifully remodeled home! All new appliances in the bright kitchen, which feaures a trendy white backsplash. Giant windows in the living room let in plenty of natural sunlight. There's two bedrooms on the main level along with a full bath. There's an additional 3 bedrooms on the upper level with another full bath. Basement is fully remodeled and has a great sized family room! 2 car garage and laundry room. BRAND NEW roof and siding!!

Key facts

• 4,791 sq ft lot
• 2 garage spots
• Built 1942

Property features AI

Exterior

• Parking: Attached 2-car garage; Asphalt driveway
• Utilities: City water (connected); City sewer (connected); Natural gas
• Home design: Residential property; Two levels; Main entry on main level
• Construction: Built on block foundation; Foundation dimensions approximately 36 x 26; Age of roof over 8 years; Has finished, full basement with daylight/lookout windows and walkout
• Exterior features: Public transit within ~6 blocks; Medium tree coverage; Paved streets; Publicly maintained road; Other detached structures on site; 50 x 100 lot dimensions

Interior

• Kitchen: Kitchen with window; Range; Microwave; Dishwasher; Refrigerator
• Bedrooms: 5 bedrooms total; Main floor bedroom; Upper-level bedrooms (multiple); Lower-level bedroom/bedroom-sized spaces
• Flooring: Hardwood floors; Tile floors
• Bathrooms: 2 full bathrooms; Primary full bath; Main floor full bath; Upper-level full bath
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Hardwood floors; Natural woodwork; Tile floors; Informal dining room; Sauna; 3 bedrooms on one level; main floor bedroom
• Laundry & utility: Washer; Dryer; Lower-level laundry; Water softener (owned)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $339k.

Deal economics

• At list price, monthly cash flow is $130 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $311k (8.3% below list).
• Recommended offer: $311k (8.3% below list) — sets the bar for 1% rule.

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.
• Zoned schools: Cherokee Heights Elementary School (math 5% / reading 15%, grade F, #813 of 857 statewide, top 97%, 225 students, 83% FRL) — zoned schools average 83% FRL vs 64% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 10% at this address vs 27% district-wide (-17 pts) — the specific schools serving this property underperform the St. Paul Public School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+10.8%/yr); 66 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• At $3,108/mo this rent would consume 50% of the median local household income ($75k/yr) (locally 639% 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 $10k 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

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 14 sale attempts since 23y 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 $238k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $310,834 (8.3% below list)

Questions for the listing agent

1. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.92% ✗
• Cap rate: 6.75%
• Cash-on-cash: 1.65%
• DSCR: 1.07
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -8.2%
• Equity multiple: 0.68×
• Total profit: $-30,163
• Equity at exit: $50,546

10-year hold

• IRR: 6.8%
• Equity multiple: 1.63×
• Total profit: $59,342
• Equity at exit: $29,311

Cash invested: $94,920 (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 55107

• Home prices YoY: -16.2%
• Rents YoY: 10.8%
• Active inventory: 66
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $3,108 medium
• Mortgage (P&I): −$1,778
• Tax from tax record: −$406 /mo · $4,874/yr
• Insurance: −$141
• HOA: −$0
• Vacancy / Maint / Mgmt: −$653
• Net cashflow: $130

Break-even live

Break-even rent $2,943

Max offer price $339,000

Occupancy floor 91%

Sensitivity live

Price	-10% $322	-5% $226	+0% $130	+5% $34	+10% $-61
Rent	-10% $-115	-5% $8	+0% $130	+5% $253	+10% $376
Rate	-1.0pp $301	-0.5pp $217	base $130	+0.5pp $43	+1.0pp $-47

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: $84,750
• Closing costs: $10,170
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
140 Belvidere St W Unit 1 St Paul, MN	2.0	1.0	1600	$1,650	$1.03	4d	1	0.54mi
400 Spring St Saint Paul, MN	1.0–2.0	1.0–2.0	1205	$3,275	$2.72	1d	32	1.24mi
111 Kellogg Blvd E Saint Paul, MN	3.0	1.0–2.0	1000	$2,783	$2.78	4d	20	1.34mi
180 E Kellogg Blvd St Paul, MN	3.0	1.0–2.5	1436	$4,595	$3.20	0d	21	1.37mi
333 Sibley St Saint Paul, MN	3.0	1.0–2.0	1358	$3,269	$2.41	12d	10	1.50mi

Listing history 50 events

1. 2026-04-19
   status Pending
2. 2026-04-13
   historical Contingent - Inspection
3. 2026-04-10
   listed $339,000 Active
4. 2026-04-08
   historical $339,000
5. 2017-05-04
   soldstatus $238,000 Sold 455-char remark

   Show marketing remark (455 chars)

   Don't miss this beautifully remodeled home! All new appliances in the bright kitchen, which feaures a trendy white backsplash. Giant windows in the living room let in plenty of natural sunlight. There's two bedrooms on the main level along with a full bath. There's an additional 3 bedrooms on the upper level with another full bath. Basement is fully remodeled and has a great sized family room! 2 car garage and laundry room. BRAND NEW roof and siding!!

6. 2017-04-20
   status Pending 455-char remark

   Show marketing remark (455 chars)

   Don't miss this beautifully remodeled home! All new appliances in the bright kitchen, which feaures a trendy white backsplash. Giant windows in the living room let in plenty of natural sunlight. There's two bedrooms on the main level along with a full bath. There's an additional 3 bedrooms on the upper level with another full bath. Basement is fully remodeled and has a great sized family room! 2 car garage and laundry room. BRAND NEW roof and siding!!

7. 2017-04-05
   historical Contingent - Inspection 455-char remark

   Show marketing remark (455 chars)

   Don't miss this beautifully remodeled home! All new appliances in the bright kitchen, which feaures a trendy white backsplash. Giant windows in the living room let in plenty of natural sunlight. There's two bedrooms on the main level along with a full bath. There's an additional 3 bedrooms on the upper level with another full bath. Basement is fully remodeled and has a great sized family room! 2 car garage and laundry room. BRAND NEW roof and siding!!

8. 2017-03-29
   price $234,997 455-char remark

   Show marketing remark (455 chars)

   Don't miss this beautifully remodeled home! All new appliances in the bright kitchen, which feaures a trendy white backsplash. Giant windows in the living room let in plenty of natural sunlight. There's two bedrooms on the main level along with a full bath. There's an additional 3 bedrooms on the upper level with another full bath. Basement is fully remodeled and has a great sized family room! 2 car garage and laundry room. BRAND NEW roof and siding!!

9. 2017-03-21
   price $239,997 455-char remark

   Show marketing remark (455 chars)

   Don't miss this beautifully remodeled home! All new appliances in the bright kitchen, which feaures a trendy white backsplash. Giant windows in the living room let in plenty of natural sunlight. There's two bedrooms on the main level along with a full bath. There's an additional 3 bedrooms on the upper level with another full bath. Basement is fully remodeled and has a great sized family room! 2 car garage and laundry room. BRAND NEW roof and siding!!

10. 2017-03-13
    price $244,997 455-char remark

    Show marketing remark (455 chars)

    Don't miss this beautifully remodeled home! All new appliances in the bright kitchen, which feaures a trendy white backsplash. Giant windows in the living room let in plenty of natural sunlight. There's two bedrooms on the main level along with a full bath. There's an additional 3 bedrooms on the upper level with another full bath. Basement is fully remodeled and has a great sized family room! 2 car garage and laundry room. BRAND NEW roof and siding!!

11. 2017-03-03
    status Active 455-char remark

    Show marketing remark (455 chars)

    Don't miss this beautifully remodeled home! All new appliances in the bright kitchen, which feaures a trendy white backsplash. Giant windows in the living room let in plenty of natural sunlight. There's two bedrooms on the main level along with a full bath. There's an additional 3 bedrooms on the upper level with another full bath. Basement is fully remodeled and has a great sized family room! 2 car garage and laundry room. BRAND NEW roof and siding!!

12. 2017-03-02
    historical 455-char remark

    Show marketing remark (455 chars)

    Don't miss this beautifully remodeled home! All new appliances in the bright kitchen, which feaures a trendy white backsplash. Giant windows in the living room let in plenty of natural sunlight. There's two bedrooms on the main level along with a full bath. There's an additional 3 bedrooms on the upper level with another full bath. Basement is fully remodeled and has a great sized family room! 2 car garage and laundry room. BRAND NEW roof and siding!!

13. 2017-02-22
    listed $250,000 Active 455-char remark

    Show marketing remark (455 chars)

    Don't miss this beautifully remodeled home! All new appliances in the bright kitchen, which feaures a trendy white backsplash. Giant windows in the living room let in plenty of natural sunlight. There's two bedrooms on the main level along with a full bath. There's an additional 3 bedrooms on the upper level with another full bath. Basement is fully remodeled and has a great sized family room! 2 car garage and laundry room. BRAND NEW roof and siding!!

14. 2016-08-24
    soldstatus $95,000 Sold 177-char remark

    Show marketing remark (177 chars)

    Loads of potential on this one. Was a duplex so has extended family living possibilities. Main floor living if needed, hardwood floors, tile floors. Corner lot, close to School/

15. 2016-07-29
    status Pending 177-char remark

    Show marketing remark (177 chars)

    Loads of potential on this one. Was a duplex so has extended family living possibilities. Main floor living if needed, hardwood floors, tile floors. Corner lot, close to School/

16. 2016-06-29
    historical Contingent - Other 177-char remark

    Show marketing remark (177 chars)

    Loads of potential on this one. Was a duplex so has extended family living possibilities. Main floor living if needed, hardwood floors, tile floors. Corner lot, close to School/

17. 2016-06-14
    listed $92,900 Active 177-char remark

    Show marketing remark (177 chars)

    Loads of potential on this one. Was a duplex so has extended family living possibilities. Main floor living if needed, hardwood floors, tile floors. Corner lot, close to School/

18. 2016-05-26
    historical
19. 2016-05-20
    status Active
20. 2016-05-09
    historical Contingent - Inspection
21. 2016-04-29
    price $92,900
22. 2016-04-15
    status Active
23. 2016-04-01
    historical Contingent - Inspection
24. 2016-03-21
    status Active
25. 2016-03-10
    historical Contingent - Inspection
26. 2016-02-29
    listed $108,900 Active
27. 2014-10-14
    historical
28. 2014-08-06
    historical Contingent - Third Party Approval
29. 2014-07-18
    price $100,000 Active
30. 2014-07-18
    status Active
31. 2014-05-14
    price $110,000
32. 2014-05-14
    historical Contingent - Third Party Approval
33. 2014-04-20
    status Active
34. 2014-03-14
    historical Contingent - Inspection
35. 2014-03-13
    price $120,000
36. 2014-02-28
    price $100,000
37. 2014-02-07
    price $115,000
38. 2014-01-21
    price $125,000
39. 2014-01-21
    listed $139,997 Active
40. 2013-08-20
    historical
41. 2012-09-07
    listed $132,000
42. 2007-06-30
    historical
43. 2007-01-18
    listed $269,900
44. 2003-06-27
    soldstatus $193,500
45. 2003-06-11
    soldstatus $193,500
46. 2003-05-27
    historical
47. 2003-03-28
    soldstatus $63,000
48. 2003-03-28
    soldstatus $90,000
49. 2003-03-03
    listed $199,900
50. 1993-07-13
    soldstatus $63,000

ⓘ 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: $4,874 · $406/mo
• Projected year-2 tax: $4,874 · $406/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: $37,300
• − Mortgage interest: −$18,989
• − Property taxes: −$4,874
• − Insurance: −$1,695
• − Repairs & maintenance: −$2,984
• − Management: −$2,984
• − Depreciation: −$9,862
• Taxable loss: −$4,088
• Est. tax savings @ 24.0%: +$981
• After-tax cash flow: $2,546/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): 15,377
• Household income: $74,531
• Rent vs Own: 39.4% rent · 60.6% own
• Severe rent burden: 639.0

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: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 47% Hispanic / Latino 23% Two or more races 16% Black 13% Asian 9% Native American 2%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Portuguese 7% Lithuanian 3% Romanian 2%
• Foreign-born: 18% · Canada, Philippines, Vietnam
• Languages at home: 72% English-only · Spanish 15% Other Asian/Pacific 4% Tagalog/Filipino 2%

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: ▼ -57.70%
• Current HPI: 298.8714
• Rent YoY: ▲ 10.76%
• 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

+438.1% since first listed

50 events — show timeline

• 2026-04-19 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-13 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-10 Listed $339,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-08 Coming Soon $339,000 NORTHSTARMLS as Distributed by MLS Grid
• 2017-05-04 Sold (MLS) $238,000 NORTHSTARMLS as Distributed by MLS Grid
• 2017-04-20 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2017-04-05 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2017-03-29 Price Changed $234,997 NORTHSTARMLS as Distributed by MLS Grid
• 2017-03-21 Price Changed $239,997 NORTHSTARMLS as Distributed by MLS Grid
• 2017-03-13 Price Changed $244,997 NORTHSTARMLS as Distributed by MLS Grid
• 2017-03-03 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2017-03-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2017-02-22 Listed $250,000 NORTHSTARMLS as Distributed by MLS Grid
• 2016-08-24 Sold (MLS) $95,000 NORTHSTARMLS as Distributed by MLS Grid
• 2016-07-29 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2016-06-29 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2016-06-14 Listed $92,900 NORTHSTARMLS as Distributed by MLS Grid
• 2016-05-26 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2016-05-20 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2016-05-09 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2016-04-29 Price Changed $92,900 NORTHSTARMLS as Distributed by MLS Grid
• 2016-04-15 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2016-04-01 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2016-03-21 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2016-03-10 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2016-02-29 Listed $108,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-10-14 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2014-08-06 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2014-07-18 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2014-07-18 Price Changed $100,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-05-14 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2014-05-14 Price Changed $110,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-04-20 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2014-03-14 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2014-03-13 Price Changed $120,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-02-28 Price Changed $100,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-02-07 Price Changed $115,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-01-21 Price Changed $125,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-01-21 Listed $139,997 NORTHSTARMLS as Distributed by MLS Grid
• 2013-08-20 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2012-09-07 Listed $132,000 NORTHSTARMLS as Distributed by MLS Grid
• 2007-06-30 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-01-18 Listed $269,900 NORTHSTARMLS as Distributed by MLS Grid
• 2003-06-27 Sold (Public Records) $193,500 Public Records
• 2003-06-11 Sold (MLS) $193,500 NORTHSTARMLS as Distributed by MLS Grid
• 2003-05-27 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2003-03-28 Sold (Public Records) $90,000 Public Records
• 2003-03-28 Sold (Public Records) $63,000 Public Records
• 2003-03-03 Listed $199,900 NORTHSTARMLS as Distributed by MLS Grid
• 1993-07-13 Sold (Public Records) $63,000 Public Records

Property tax history

+2.2%/yr

Latest (2025): $4,874 · +3.1% YoY. Source: county tax records.