892 4th St E · St. Paul, MN 55106

$350,000

4 bd · 2.0 ba · 1,548 sqft · MultiFamily public records · 31 Days on market

Built 1900 4,922 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 +29.5/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Rent growth +4.1/5.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Completely rebuilt from the studs up, this stunning St. Paul duplex offers the rare opportunity to own a like-new investment property or convert it into a spacious single-family home! Each unit features 2 bedrooms and 1 full bath with modern finishes throughout. Enjoy all-new kitchens, bathrooms, flooring, appliances, windows, and doors with absolutely no carpet. Major mechanical and structural updates include new high-efficiency furnaces, water heaters, ductwork, insulation, sheetrock, electrical systems from the outside meter throughout the home, all new plumbing and water lines including the water service from the street, plus all new waste and vent stacks from the main clean-out through

Key facts

• New kitchens
• New doors
• New flooring

Tags

• NEW KITCHENS
• NEW BATHROOMS
• NEW FLOORING
• NEW APPLIANCES
• NEW WINDOWS
• NEW DOORS

Property features AI

Finance

• Other: Two total residential units; Unit A: 2 bedrooms, 1 bathroom, 876 total area; Unit B: 2 bedrooms, 1 bathroom, 729 total area
• Financial info: Other annual assessment: $572.02; Tax year 2026 annual tax: $4,587.98 (taxes with assessments $5,160)

Exterior

• Parking: Detached or attached 2-car garage (2 garage spaces)
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential income property; Duplex up-and-down configuration; Not owner-occupied
• Construction: Above-grade finished area 1,604 square feet; Below-grade area 876 square feet; Total building area 2,480 square feet; Foundation is block
• Exterior features: Lot approximately 0.113 acres (40 x 124)

Interior

• Kitchen: Kitchens present in each unit
• Bedrooms: Total of 4 bedrooms; Up/down duplex with two 2-bedroom units
• Bathrooms: Each unit has 1 full bathroom (2 full bathrooms total)
• Heating & cooling: Forced air heating; Hot water heating
• Interior features: Partial basement; Block foundation; Two levels
• Laundry & utility: Natural gas fuel

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $350k).
• Recommended offer: $340k (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 fast (+6.3%/yr); 255 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• At $4,608/mo this rent would consume 79% of the median local household income ($70k/yr) (locally 2046% 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.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $98k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $339,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 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 1900 — 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: 1.32% ✓
• Cap rate: 10.58%
• Cash-on-cash: 15.31%
• DSCR: 1.68
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.26% rent growth · sell at horizon

5-year hold

• IRR: 9.6%
• Equity multiple: 1.39×
• Total profit: $38,572
• Equity at exit: $52,186

10-year hold

• IRR: 21.3%
• Equity multiple: 3.09×
• Total profit: $204,820
• Equity at exit: $30,262

Cash invested: $98,000 (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 55106

• Rents YoY: 6.3%
• Active inventory: 255
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $4,608 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$409 /mo · $4,906/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$968
• Net cashflow: $1,250

Break-even live

Break-even rent $3,025

Max offer price $350,000

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,608
Total (2 units)			$4,608

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
333 Sibley St Saint Paul, MN	3.0	1.0–2.0	1358	$3,269	$2.41	10d	10	1.40mi
180 E Kellogg Blvd St Paul, MN	3.0	1.0–2.5	1436	$4,595	$3.20	1d	22	1.42mi

Listing history 14 events

1. 2026-06-18
   days on market $350,000 Active 31 DOM
2. 2026-06-17
   pricedays on market $350,000 Active 30 DOM
3. 2026-06-16
   days on market $365,000 Active 29 DOM
4. 2026-06-15
   days on market $365,000 Active 28 DOM
5. 2026-06-13
   days on market $365,000 Active 26 DOM
6. 2026-06-09
   days on market $365,000 Active 22 DOM
7. 2026-06-08
   days on market $365,000 Active 21 DOM
8. 2026-06-07
   days on market $365,000 Active 20 DOM
9. 2026-06-04
   days on market $365,000 Active 17 DOM
10. 2026-06-03
    days on market $365,000 Active 16 DOM
11. 2026-06-02
    days on market $365,000 Active 15 DOM
12. 2026-06-01
    days on market $365,000 Active 14 DOM
13. 2026-05-31
    days on market $365,000 Active 13 DOM
14. 2026-05-18
    listed $365,000 Active

ⓘ 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: $4,906 · $409/mo
• Projected year-2 tax: $4,906 · $409/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: $55,296
• − Mortgage interest: −$19,605
• − Property taxes: −$4,906
• − Insurance: −$1,750
• − Repairs & maintenance: −$4,424
• − Management: −$4,424
• − Depreciation: −$10,182
• Taxable income: $10,005
• Est. tax owed @ 24.0%: −$2,401
• After-tax cash flow: $12,601/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): 56,708
• Household income: $70,187
• Rent vs Own: 38.9% rent · 61.1% own
• Severe rent burden: 2046.0

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 0.75)
• Race & ethnicity: Asian 34% White 32% Black 15% Hispanic / Latino 11% Two or more races 10%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 4% Lithuanian 2% Romanian 2%
• Foreign-born: 25% · Canada, Philippines, Vietnam
• Languages at home: 59% English-only · Other Asian/Pacific 27% Spanish 9% 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: ▼ -239.48%
• Current HPI: 288.7205
• Rent YoY: ▲ 6.26%
• 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

1 event — show timeline

• 2026-05-18 Listed $365,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+9.7%/yr

Latest (2025): $4,906 · +14.3% YoY. Source: county tax records.