1636-1638 Minnehaha Ave W · St. Paul, MN 55104

$485,000

8 bd · 4.0 ba · 3,532 sqft · MultiFamily · 82 Days on market

Built 1908 Fair condition 6,185 sqft lot ↓ 4% since listing

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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 +29.1/30.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Schools +2.4/10.0
• Condition / age +2.2/5.0
• 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

Looking for a way to offset your mortgage? This duplex, recently adjusted in price, is the perfect candidate for an owner-occupant or a dedicated investor. Live in the sprawling Unit 1636, a ton of character with hardwood floors on each level and a "Harry Potter" style entry to the 33X33 loft, which can be used as a 2 additional for five-bedroom setup or a custom creative-social workspace, while Unit 1638 pays $1,700 toward your expenses. The property has been meticulously maintained by the same family for years and features classic details like hardwood floors and vaulted ceilings. Steps from campus and local amenities, it includes a more modern built two-car garage plus storage room (open rafters!) for two more cars off-street.

Key facts

• 6,185 sq ft lot
• 2 garage spots
• Built 1908

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.5-bath units multifamily listed at $485k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $834/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $485k).
• Recommended offer: $456k (6.0% 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); 189 active listings in the ZIP; solid renter incomes; 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• At $6,355/mo this rent would consume 101% 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 $3k of loan paydown is wiped out by about $15k 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 $136k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($456k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $455,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 1.31% ✓
• Cap rate: 10.42%
• Cash-on-cash: 14.75%
• DSCR: 1.66
• GRM: 6.4

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: 4.7%
• Equity multiple: 1.18×
• Total profit: $24,606
• Equity at exit: $72,315

10-year hold

• IRR: 13.7%
• Equity multiple: 2.07×
• Total profit: $145,747
• Equity at exit: $41,934

Cash invested: $135,800 (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 55104

• Rents YoY: 2.5%
• Active inventory: 189
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $6,355 medium
• Mortgage (P&I): −$2,543
• Tax est. 1.5%: −$606 /mo · $7,275/yr
• Insurance: −$202
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,335
• Net cashflow: $1,669

Break-even live

Break-even rent $4,243

Max offer price $485,000

Occupancy floor 69%

Sensitivity live

Price	-10% $2,004	-5% $1,836	+0% $1,669	+5% $1,501	+10% $1,334
Rent	-10% $1,167	-5% $1,418	+0% $1,669	+5% $1,920	+10% $2,171
Rate	-1.0pp $1,913	-0.5pp $1,792	base $1,669	+0.5pp $1,543	+1.0pp $1,415

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1.5	$6,354
Total (2 units)			$6,355

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: $121,250
• Closing costs: $14,550
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $485,000 Active 82 DOM
2. 2026-06-18
   days on market $485,000 Active 79 DOM
3. 2026-06-17
   days on market $485,000 Active 78 DOM
4. 2026-06-16
   days on market $485,000 Active 77 DOM
5. 2026-06-15
   days on market $485,000 Active 76 DOM
6. 2026-06-13
   days on market $485,000 Active 74 DOM
7. 2026-06-09
   days on market $485,000 Active 70 DOM
8. 2026-06-08
   days on market $485,000 Active 69 DOM
9. 2026-06-08
   remarks 576-char remark
10. 2026-06-07
    days on market $485,000 Active 68 DOM
11. 2026-06-04
    days on market $485,000 Active 65 DOM
12. 2026-06-03
    days on market $485,000 Active 64 DOM
13. 2026-06-02
    days on market $485,000 Active 63 DOM
14. 2026-06-01
    days on market $485,000 Active 62 DOM
15. 2026-05-31
    days on market $485,000 Active 61 DOM
16. 2026-04-24
    price $499,900 749-char remark

    Show marketing remark (749 chars)

    Looking for a way to offset your mortgage? This duplex, recently adjusted in price, is the perfect candidate for an owner-occupant or a dedicated investor. Live in the sprawling Unit 1636, a ton of character with hardwood floors on each level and a "Harry Potter" style entry to the 33X33 loft, which can be used as a 2 additional for five-bedroom setup or a custom creative-social workspace, while Unit 1638 pays $1,700 toward your expenses. The property has been meticulously maintained by the same family for years and features classic details like hardwood floors and vaulted ceilings. Steps from campus and local amenities, it includes a more modern built two-car garage plus storage room (open rafters!) for two more cars off-street.

17. 2026-04-01
    listed $519,900 Active 749-char remark

    Show marketing remark (749 chars)

    Looking for a way to offset your mortgage? This duplex, recently adjusted in price, is the perfect candidate for an owner-occupant or a dedicated investor. Live in the sprawling Unit 1636, a ton of character with hardwood floors on each level and a "Harry Potter" style entry to the 33X33 loft, which can be used as a 2 additional for five-bedroom setup or a custom creative-social workspace, while Unit 1638 pays $1,700 toward your expenses. The property has been meticulously maintained by the same family for years and features classic details like hardwood floors and vaulted ceilings. Steps from campus and local amenities, it includes a more modern built two-car garage plus storage room (open rafters!) for two more cars off-street.

18. 2026-03-24
    historical $519,900 749-char remark

    Show marketing remark (749 chars)

    Looking for a way to offset your mortgage? This duplex, recently adjusted in price, is the perfect candidate for an owner-occupant or a dedicated investor. Live in the sprawling Unit 1636, a ton of character with hardwood floors on each level and a "Harry Potter" style entry to the 33X33 loft, which can be used as a 2 additional for five-bedroom setup or a custom creative-social workspace, while Unit 1638 pays $1,700 toward your expenses. The property has been meticulously maintained by the same family for years and features classic details like hardwood floors and vaulted ceilings. Steps from campus and local amenities, it includes a more modern built two-car garage plus storage room (open rafters!) for two more cars off-street.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $76,260
• − Mortgage interest: −$27,168
• − Property taxes: −$7,275
• − Insurance: −$2,425
• − Repairs & maintenance: −$6,101
• − Management: −$6,101
• − Depreciation: −$14,109
• Taxable income: $13,082
• Est. tax owed @ 24.0%: −$3,140
• After-tax cash flow: $16,885/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This multi-family home requires moderate renovations, including painting and updating the kitchen and bathrooms, to improve its condition and value.

Repairs flagged

• Major Paint — Paint appears worn and needs repainting
• Major Kitchen — No photos of kitchen, but based on similar properties, it likely needs updates
• Major Bathrooms — No photos of bathrooms, but based on similar properties, they likely need updates
• Major Exterior — No photos of exterior, but based on similar properties, it likely needs updates

Value-add opportunities

• Both Paint — Fresh paint can improve the home's curb appeal and interior aesthetics
• Both Kitchen and bathrooms — Updating these spaces can significantly increase the home's value and appeal to potential buyers or renters

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Paint appears worn and needs repainting	Major	$15,000–50,000
Kitchen · No photos of kitchen, but based on similar properties, it likely needs updates	Major	$15,000–50,000
Bathrooms · No photos of bathrooms, but based on similar properties, they likely need updates	Major	$15,000–50,000
Exterior · No photos of exterior, but based on similar properties, it likely needs updates	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both Paint — Fresh paint can improve the home's curb appeal and interior aesthetics ↑
• Both Kitchen and bathrooms — Updating these spaces can significantly increase the home's value and appeal to potential buyers or renters ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-3.8% since first listed

3 events — show timeline

• 2026-04-24 Price Changed $499,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-01 Listed $519,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-24 Coming Soon $519,900 NORTHSTARMLS as Distributed by MLS Grid