677 Sherburne Ave · St. Paul, MN 55104

$524,999

24 bd · 16.0 ba · 4,044 sqft · MultiFamily public records · 42 Days on market

Built 1886 4,356 sqft lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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 (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Amazing profitable 4-plex, 2 2 bed units, 2 1 bed units, 2 car garage, separate electric and heat (furnaces for each unit). Shared laundry in basement. 2 units with lease (1 bed, 2 bed), 1 unit month to month (1 bed), 1 unit owner occupied (2 bed) Exterior freshly painted, rubber on flat garage roof replaced, and a few upgrades throughout the units in the last year. Closing not to be before June 11th. Must have 24 hour notice to show all units, otherwise showings limited to main level 2 bed unit and open house.

Key facts

• 4,356 sq ft lot
• 2 garage spots
• Built 1886

Property features AI

Finance

• Other: Property contains four separate units; Above grade finished area approximately 3,300; total building area around 4,476
• Financial info: Rental license in place (Airbnb, standard, and Short-Term Online Rental Management/STORM); Licensed for short-term rentals

Exterior

• Parking: Detached or attached garage space for 2 vehicles
• Utilities: City water connected; City sewer connected; Natural gas; Electric service with circuit breakers (Xcel Energy)
• Home design: Residential income property; Two levels; Owner-occupied
• Construction: Concrete and frame construction; Roof replaced or is 8 years old or newer; Block foundation
• Exterior features: Stucco and wood exterior; Front porch, awnings and glass-enclosed porch; Full chain-link fencing; City street frontage with curbs and sidewalks

Interior

• Kitchen: Kitchens present in each unit
• Bedrooms: Six total bedrooms (property-wide); individual unit bedrooms vary (units include 2-bed and 1-bed layouts)
• Bathrooms: Multiple full bathrooms across units (each unit listed has 1 full bathroom)
• Heating & cooling: Forced air heating; Window cooling in at least one unit
• Interior features: Basement present with block foundation
• Laundry & utility: Laundry hookups in basement with electric and gas dryer hookups and washer hookup

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $525k.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $681/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $525k).
• Recommended offer: $509k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — 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 $8,086/mo this rent would consume 128% 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 $16k 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 $147k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($509k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 26y 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 $450k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1886 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $509,249 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% 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. Built in 1886 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.54% ✓
• Cap rate: 12.52%
• Cash-on-cash: 22.22%
• DSCR: 1.99
• GRM: 5.4

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: 14.4%
• Equity multiple: 1.57×
• Total profit: $84,414
• Equity at exit: $78,279

10-year hold

• IRR: 22.8%
• Equity multiple: 2.91×
• Total profit: $280,918
• Equity at exit: $45,392

Cash invested: $147,000 (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: 21.6×

Monthly cashflow live

• Estimated rent: $8,086 medium
• Mortgage (P&I): −$2,753
• Tax from tax record: −$694 /mo · $8,324/yr
• Insurance: −$219
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,698
• Net cashflow: $2,722

Break-even live

Break-even rent $4,640

Max offer price $524,999

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 4× units	6	4	$8,084
Total (4 units)			$8,086

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: $131,250
• Closing costs: $15,750
• Reserves months: —
• Total cash needed: —

Listing history 45 events

1. 2026-06-18
   days on market $524,999 Active 42 DOM
2. 2026-06-17
   days on market $524,999 Active 41 DOM
3. 2026-06-16
   days on market $524,999 Active 40 DOM
4. 2026-06-15
   days on market $524,999 Active 39 DOM
5. 2026-06-13
   days on market $524,999 Active 37 DOM
6. 2026-06-09
   days on market $524,999 Active 33 DOM
7. 2026-06-08
   days on market $524,999 Active 32 DOM
8. 2026-06-07
   pricedays on market $524,999 Active 31 DOM
9. 2026-06-04
   days on market $549,999 Active 28 DOM
10. 2026-06-03
    days on market $549,999 Active 27 DOM
11. 2026-06-02
    days on market $549,999 Active 26 DOM
12. 2026-06-01
    days on market $549,999 Active 25 DOM
13. 2026-05-31
    days on market $549,999 Active 24 DOM
14. 2026-05-08
    listed $549,999 Active 862-char remark
15. 2026-05-07
    historical $549,999 862-char remark
16. 2022-12-03
    historical
17. 2022-06-28
    soldstatus $450,000 Sold 522-char remark

    Show marketing remark (522 chars)

    Amazing profitable 4-plex, 2 2 bed units, 2 1 bed units, 2 car garage, separate electric and heat (furnaces for each unit). Shared laundry in basement. 2 units with lease (1 bed, 2 bed), 1 unit month to month (1 bed), 1 unit owner occupied (2 bed) Exterior freshly painted, rubber on flat garage roof replaced, and a few upgrades throughout the units in the last year. Closing not to be before June 11th. Must have 24 hour notice to show all units, otherwise showings limited to main level 2 bed unit and open house.

18. 2022-06-02
    status Pending 522-char remark

    Show marketing remark (522 chars)

    Amazing profitable 4-plex, 2 2 bed units, 2 1 bed units, 2 car garage, separate electric and heat (furnaces for each unit). Shared laundry in basement. 2 units with lease (1 bed, 2 bed), 1 unit month to month (1 bed), 1 unit owner occupied (2 bed) Exterior freshly painted, rubber on flat garage roof replaced, and a few upgrades throughout the units in the last year. Closing not to be before June 11th. Must have 24 hour notice to show all units, otherwise showings limited to main level 2 bed unit and open house.

19. 2022-05-18
    historical Contingent - Inspection 522-char remark

    Show marketing remark (522 chars)

    Amazing profitable 4-plex, 2 2 bed units, 2 1 bed units, 2 car garage, separate electric and heat (furnaces for each unit). Shared laundry in basement. 2 units with lease (1 bed, 2 bed), 1 unit month to month (1 bed), 1 unit owner occupied (2 bed) Exterior freshly painted, rubber on flat garage roof replaced, and a few upgrades throughout the units in the last year. Closing not to be before June 11th. Must have 24 hour notice to show all units, otherwise showings limited to main level 2 bed unit and open house.

20. 2022-05-12
    listed $485,000 Active 522-char remark

    Show marketing remark (522 chars)

    Amazing profitable 4-plex, 2 2 bed units, 2 1 bed units, 2 car garage, separate electric and heat (furnaces for each unit). Shared laundry in basement. 2 units with lease (1 bed, 2 bed), 1 unit month to month (1 bed), 1 unit owner occupied (2 bed) Exterior freshly painted, rubber on flat garage roof replaced, and a few upgrades throughout the units in the last year. Closing not to be before June 11th. Must have 24 hour notice to show all units, otherwise showings limited to main level 2 bed unit and open house.

21. 2022-05-05
    historical $485,000 522-char remark

    Show marketing remark (522 chars)

    Amazing profitable 4-plex, 2 2 bed units, 2 1 bed units, 2 car garage, separate electric and heat (furnaces for each unit). Shared laundry in basement. 2 units with lease (1 bed, 2 bed), 1 unit month to month (1 bed), 1 unit owner occupied (2 bed) Exterior freshly painted, rubber on flat garage roof replaced, and a few upgrades throughout the units in the last year. Closing not to be before June 11th. Must have 24 hour notice to show all units, otherwise showings limited to main level 2 bed unit and open house.

22. 2021-06-17
    soldstatus $355,000
23. 2021-06-11
    soldstatus $355,000 Sold

    Show marketing remark (242 chars)

    Opportunity to own and live mortgage free as an owner occupant. Great cash-flowing opportunity for an investor. Two of the units have three-season porches. Large living rooms in all the units. Live close to everything Saint Paul has to offer.

24. 2021-04-15
    status Pending

    Show marketing remark (242 chars)

    Opportunity to own and live mortgage free as an owner occupant. Great cash-flowing opportunity for an investor. Two of the units have three-season porches. Large living rooms in all the units. Live close to everything Saint Paul has to offer.

25. 2021-04-09
    historical Contingent - Inspection

    Show marketing remark (242 chars)

    Opportunity to own and live mortgage free as an owner occupant. Great cash-flowing opportunity for an investor. Two of the units have three-season porches. Large living rooms in all the units. Live close to everything Saint Paul has to offer.

26. 2021-04-02
    status Active

    Show marketing remark (242 chars)

    Opportunity to own and live mortgage free as an owner occupant. Great cash-flowing opportunity for an investor. Two of the units have three-season porches. Large living rooms in all the units. Live close to everything Saint Paul has to offer.

27. 2021-01-31
    status Pending

    Show marketing remark (242 chars)

    Opportunity to own and live mortgage free as an owner occupant. Great cash-flowing opportunity for an investor. Two of the units have three-season porches. Large living rooms in all the units. Live close to everything Saint Paul has to offer.

28. 2021-01-29
    status Pending

    Show marketing remark (242 chars)

    Opportunity to own and live mortgage free as an owner occupant. Great cash-flowing opportunity for an investor. Two of the units have three-season porches. Large living rooms in all the units. Live close to everything Saint Paul has to offer.

29. 2021-01-27
    historical Contingent - Inspection

    Show marketing remark (242 chars)

    Opportunity to own and live mortgage free as an owner occupant. Great cash-flowing opportunity for an investor. Two of the units have three-season porches. Large living rooms in all the units. Live close to everything Saint Paul has to offer.

30. 2021-01-26
    status Active

    Show marketing remark (242 chars)

    Opportunity to own and live mortgage free as an owner occupant. Great cash-flowing opportunity for an investor. Two of the units have three-season porches. Large living rooms in all the units. Live close to everything Saint Paul has to offer.

31. 2021-01-20
    historical Contingent - Inspection

    Show marketing remark (242 chars)

    Opportunity to own and live mortgage free as an owner occupant. Great cash-flowing opportunity for an investor. Two of the units have three-season porches. Large living rooms in all the units. Live close to everything Saint Paul has to offer.

32. 2021-01-13
    status Active

    Show marketing remark (242 chars)

    Opportunity to own and live mortgage free as an owner occupant. Great cash-flowing opportunity for an investor. Two of the units have three-season porches. Large living rooms in all the units. Live close to everything Saint Paul has to offer.

33. 2021-01-04
    historical Contingent - Inspection

    Show marketing remark (242 chars)

    Opportunity to own and live mortgage free as an owner occupant. Great cash-flowing opportunity for an investor. Two of the units have three-season porches. Large living rooms in all the units. Live close to everything Saint Paul has to offer.

34. 2020-12-28
    listed $349,900 Active

    Show marketing remark (242 chars)

    Opportunity to own and live mortgage free as an owner occupant. Great cash-flowing opportunity for an investor. Two of the units have three-season porches. Large living rooms in all the units. Live close to everything Saint Paul has to offer.

35. 2020-12-22
    historical
36. 2020-11-10
    price $354,900
37. 2020-10-09
    price $364,900
38. 2020-08-26
    price $374,900
39. 2020-07-30
    listed $399,900 Active
40. 2015-07-15
    soldstatus $212,241
41. 2000-09-18
    soldstatus $100,000
42. 2000-04-25
    soldstatus $99,900
43. 2000-03-18
    historical
44. 2000-03-09
    listed $99,900
45. 1990-09-17
    soldstatus $49,900

ⓘ 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: $8,324 · $694/mo
• Projected year-2 tax: $8,324 · $694/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: $97,032
• − Mortgage interest: −$29,408
• − Property taxes: −$8,324
• − Insurance: −$2,625
• − Repairs & maintenance: −$7,763
• − Management: −$7,763
• − Depreciation: −$15,273
• Taxable income: $25,877
• Est. tax owed @ 24.0%: −$6,210
• After-tax cash flow: $26,458/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

+952.1% since first listed

33 events — show timeline

• 2026-06-04 Price Changed $524,999 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-08 Listed $549,999 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-07 Coming Soon $549,999 NORTHSTARMLS as Distributed by MLS Grid
• 2022-12-03 Rental Removed — RENT.
• 2022-06-28 Sold (MLS) $450,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-06-02 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-05-18 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2022-05-12 Listed $485,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-05-05 Coming Soon $485,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-06-17 Sold (Public Records) $355,000 Public Records
• 2021-06-11 Sold (MLS) $355,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-04-15 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-04-09 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2021-04-02 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2021-01-31 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-01-29 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-01-27 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2021-01-26 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2021-01-20 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2021-01-13 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2021-01-04 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2020-12-28 Listed $349,900 NORTHSTARMLS as Distributed by MLS Grid
• 2020-12-22 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2020-11-10 Price Changed $354,900 NORTHSTARMLS as Distributed by MLS Grid
• 2020-10-09 Price Changed $364,900 NORTHSTARMLS as Distributed by MLS Grid
• 2020-08-26 Price Changed $374,900 NORTHSTARMLS as Distributed by MLS Grid
• 2020-07-30 Listed $399,900 NORTHSTARMLS as Distributed by MLS Grid
• 2015-07-15 Sold (Public Records) $212,241 Public Records
• 2000-09-18 Sold (Public Records) $100,000 Public Records
• 2000-04-25 Sold (MLS) $99,900 NORTHSTARMLS as Distributed by MLS Grid
• 2000-03-18 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2000-03-09 Listed $99,900 NORTHSTARMLS as Distributed by MLS Grid
• 1990-09-17 Sold (Public Records) $49,900 Public Records

Property tax history

+5.5%/yr

Latest (2025): $8,324 · +15.5% YoY. Source: county tax records.