591 Payne Ave · St. Paul, MN 55130

$275,000

6 bd · 2.0 ba · 2,298 sqft · MultiFamily public records · 47 Days on market

Built 1889 5,488 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 +3.5/5.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This property is part of a 5-property portfolio, offering 4 single-family homes and 1 duplex in the Payne/Phalen and Dayton’s Bluff neighborhoods. MLS #s available upon request. List price reflects the standalone value; portfolio purchase offers approximately an 8% discount, with a total portfolio price of $1,285,000 and an estimated 10% CAP based on current information. Sold as-is but it speaks for itself that this is a well cared for duplex when both units have been rented for years on end, one side for 9 years! These units are configured as 3 bed/1 bath and 3 bed/2 bath with the 3rd bedrooms’ closets adjacent to the rooms (right side 3rd bedroom is non-confirming by just a few sqft). The basements are separate with its own utilities and private laundry for each unit. One newer boiler. Separate driveways and one car garages for each unit (old barn doors). Fenced backyards.

Key facts

• Private laundry
• Newer boiler
• Fenced backyards

Tags

• WELL CARED FOR DUPLEX
• SEPARATE BASEMENTS
• PRIVATE LAUNDRY
• NEWER BOILER
• FENCED BACKYARDS

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $275k).
• Recommended offer: $267k (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 (+3.9%/yr); 58 active listings in the ZIP; 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• At $5,095/mo this rent would consume 113% of the median local household income ($54k/yr) (locally 818% 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 $8k 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 + 3.9% rent growth), your $77k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 20y 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 $90k; list at $275k implies a 206% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1889 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $266,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1889 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.85% ✓
• Cap rate: 15.18%
• Cash-on-cash: 31.75%
• DSCR: 2.41
• GRM: 4.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.94% rent growth · sell at horizon

5-year hold

• IRR: 27.8%
• Equity multiple: 2.17×
• Total profit: $90,181
• Equity at exit: $41,003

10-year hold

• IRR: 35.9%
• Equity multiple: 4.46×
• Total profit: $266,474
• Equity at exit: $23,777

Cash invested: $77,000 (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 55130

• Home prices YoY: -17.6%
• Rents YoY: 3.9%
• Active inventory: 58
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $5,095 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$431 /mo · $5,174/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,070
• Net cashflow: $2,037

Break-even live

Break-even rent $2,516

Max offer price $275,000

Occupancy floor 55%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$2,548
1× unit	3	2	$2,548
Total (2 units)			$5,095

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-08
   status $275,000 Pending 47 DOM
2. 2026-06-07
   days on market $275,000 Contingent - Inspection 47 DOM
3. 2026-06-04
   days on market $275,000 Contingent - Inspection 44 DOM
4. 2026-06-03
   days on market $275,000 Contingent - Inspection 43 DOM
5. 2026-06-02
   days on market $275,000 Contingent - Inspection 42 DOM
6. 2026-06-01
   days on market $275,000 Contingent - Inspection 41 DOM
7. 2026-06-01
   status $275,000 Contingent - Inspection 40 DOM
8. 2026-05-31
   days on market $275,000 Active 40 DOM
9. 2026-04-27
   status Active 900-char remark

   Show marketing remark (900 chars)

   This property is part of a 5-property portfolio, offering 4 single-family homes and 1 duplex in the Payne/Phalen and Dayton’s Bluff neighborhoods. MLS #s available upon request. List price reflects the standalone value; portfolio purchase offers approximately an 8% discount, with a total portfolio price of $1,285,000 and an estimated 10% CAP based on current information. Sold as-is but it speaks for itself that this is a well cared for duplex when both units have been rented for years on end, one side for 9 years! These units are configured as 3 bed/1 bath and 3 bed/2 bath with the 3rd bedrooms’ closets adjacent to the rooms (right side 3rd bedroom is non-confirming by just a few sqft). The basements are separate with its own utilities and private laundry for each unit. One newer boiler. Separate driveways and one car garages for each unit (old barn doors). Fenced backyards.

10. 2026-04-14
    listed $275,000 Active 900-char remark

    Show marketing remark (900 chars)

    This property is part of a 5-property portfolio, offering 4 single-family homes and 1 duplex in the Payne/Phalen and Dayton’s Bluff neighborhoods. MLS #s available upon request. List price reflects the standalone value; portfolio purchase offers approximately an 8% discount, with a total portfolio price of $1,285,000 and an estimated 10% CAP based on current information. Sold as-is but it speaks for itself that this is a well cared for duplex when both units have been rented for years on end, one side for 9 years! These units are configured as 3 bed/1 bath and 3 bed/2 bath with the 3rd bedrooms’ closets adjacent to the rooms (right side 3rd bedroom is non-confirming by just a few sqft). The basements are separate with its own utilities and private laundry for each unit. One newer boiler. Separate driveways and one car garages for each unit (old barn doors). Fenced backyards.

11. 2010-11-30
    soldstatus $90,000
12. 2010-09-22
    soldstatus $90,000 148-char remark

    Show marketing remark (148 chars)

    Fantastic addition to your real estate portfolio! Side by Side 3+ BR and 2+ BR duplex. Tenants pay heat and electric. Separate garage. 593 autoshow.

13. 2010-09-20
    historical 148-char remark

    Show marketing remark (148 chars)

    Fantastic addition to your real estate portfolio! Side by Side 3+ BR and 2+ BR duplex. Tenants pay heat and electric. Separate garage. 593 autoshow.

14. 2010-08-12
    listed $99,900 148-char remark

    Show marketing remark (148 chars)

    Fantastic addition to your real estate portfolio! Side by Side 3+ BR and 2+ BR duplex. Tenants pay heat and electric. Separate garage. 593 autoshow.

15. 2010-08-11
    historical
16. 2010-07-26
    listed $109,900
17. 2009-08-11
    soldstatus $40,000
18. 2009-07-28
    soldstatus $40,000
19. 2009-07-13
    historical
20. 2009-01-14
    listed $45,000
21. 2006-11-13
    soldstatus $183,413
22. 2006-09-18
    listed $199,900
23. 2006-08-01
    historical
24. 2006-06-14
    listed $230,000
25. 2006-06-05
    historical
26. 2006-03-01
    listed $230,000
27. 1997-12-15
    soldstatus $65,000
28. 1997-12-15
    soldstatus $27,000

ⓘ 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: $5,174 · $431/mo
• Projected year-2 tax: $5,174 · $431/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: $61,140
• − Mortgage interest: −$15,404
• − Property taxes: −$5,174
• − Insurance: −$1,375
• − Repairs & maintenance: −$4,891
• − Management: −$4,891
• − Depreciation: −$8,000
• Taxable income: $21,404
• Est. tax owed @ 24.0%: −$5,137
• After-tax cash flow: $19,309/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): 17,775
• Household income: $54,130
• Rent vs Own: 54.0% rent · 46.0% own
• Severe rent burden: 818.0

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 0.69)
• Race & ethnicity: Asian 47% Black 22% White 19% Hispanic / Latino 9% Two or more races 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 3% Swedish 2% Romanian 1%
• Foreign-born: 33% · Philippines, Canada, Vietnam
• Languages at home: 44% English-only · Other Asian/Pacific 37% Spanish 7% Other Indo-European 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: ▼ -60.12%
• Current HPI: 281.2507
• Rent YoY: ▲ 3.94%
• 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

+323.1% since first listed

20 events — show timeline

• 2026-04-27 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-14 Listed $275,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-11-30 Sold (Public Records) $90,000 Public Records
• 2010-09-22 Sold (MLS) $90,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-09-20 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2010-08-12 Listed $99,900 NORTHSTARMLS as Distributed by MLS Grid
• 2010-08-11 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2010-07-26 Listed $109,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-08-11 Sold (Public Records) $40,000 Public Records
• 2009-07-28 Sold (MLS) $40,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-07-13 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-01-14 Listed $45,000 NORTHSTARMLS as Distributed by MLS Grid
• 2006-11-13 Sold (MLS) $183,413 NORTHSTARMLS as Distributed by MLS Grid
• 2006-09-18 Listed $199,900 NORTHSTARMLS as Distributed by MLS Grid
• 2006-08-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-06-14 Listed $230,000 NORTHSTARMLS as Distributed by MLS Grid
• 2006-06-05 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-03-01 Listed $230,000 NORTHSTARMLS as Distributed by MLS Grid
• 1997-12-15 Sold (Public Records) $27,000 Public Records
• 1997-12-15 Sold (Public Records) $65,000 Public Records

Property tax history

+7.1%/yr

Latest (2025): $5,174 · +8.0% YoY. Source: county tax records.