109 Atwater St · St. Paul, MN 55117

$129,000

3 bd · 1.0 ba · 1,008 sqft · SingleFamily public records · 31 Days on market

Built 1884 4,835 sqft lot ↓ 7% since listing

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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 +3.4/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits at 109 Atwater St W in St. Paul. This 3-bedroom, 1-bath home offers great potential for investors, contractors, or buyers looking to build sweat equity. The property will require repairs and updates throughout but provides a solid opportunity for someone with vision to bring it back to life. Property is being sold as-is Located in St. Paul’s North End area, the home offers convenient access to nearby parks, local restaurants, shopping, and major roadways, making it easy to get around the city. With three bedrooms and a functional layout, this property has the potential to be a great investment or renovation project.

Key facts

• Convenient access
• Major roadways
• Nearby parks

Tags

• CONVENIENT ACCESS
• NEARBY PARKS
• LOCAL RESTAURANTS
• MAJOR ROADWAYS

Property features AI

Finance

• Other: Living area reported as about 1,010 total (672 main level finished, 338 below grade finished)
• Financial info: Special funding mortgage type

Exterior

• Parking: Detached 2-car garage (approx. 22.4 x 22.4)
• Utilities: City water (connected); City sewer (connected); Natural gas
• Home design: Residential property; One-and-a-half stories; Entry and principal living areas on the main level
• Construction: Block foundation; Built with block foundation details provided
• Exterior features: Two porches (13.6 x 5.6 and 4.6 x 16); Lot dimensions approximately 122 x 40

Interior

• Kitchen: Kitchen approximately 13 x 14.7
• Bedrooms: Three bedrooms (two on the main level, one on the upper level); Bedroom sizes include 13.1 x 11.4 (upper), 6.2 x 10.8 (upper), and 9.9 x 7.8 (main)
• Bathrooms: One three-quarter bathroom (9 x 9.5)
• Heating & cooling: Baseboard heating; Central air conditioning
• Interior features: One-and-a-half story layout; Block foundation; Has basement
• Laundry & utility: Utility room approximately 9.10 x 12.10

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $129k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $129k).
• Recommended offer: $125k (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 (+3.6%/yr); 170 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• This rent runs 44% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k 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 + 3.6% rent growth), your $36k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($125k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1884 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $125,130 (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 1884 — 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 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: 2.00% ✓
• Cap rate: 16.56%
• Cash-on-cash: 36.67%
• DSCR: 2.63
• GRM: 4.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.6% rent growth · sell at horizon

5-year hold

• IRR: 33.2%
• Equity multiple: 2.41×
• Total profit: $51,033
• Equity at exit: $19,234

10-year hold

• IRR: 40.5%
• Equity multiple: 4.92×
• Total profit: $141,757
• Equity at exit: $11,154

Cash invested: $36,120 (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 55117

• Rents YoY: 3.6%
• Active inventory: 170
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $2,585 high
• Mortgage (P&I): −$676
• Tax from tax record: −$208 /mo · $2,500/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$543
• Net cashflow: $1,104

Break-even live

Break-even rent $1,188

Max offer price $129,000

Occupancy floor 52%

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
101 10th St E Saint Paul, MN	3.0	1.0–2.0	887	$2,490	$2.81	2d	25	1.17mi
330 9th St E St Paul, MN	1.0–2.0	1.0	978	$2,495	$2.55	3d	3	1.28mi
255 Western Ave N Saint Paul, MN	3.0	1.0–2.0	1049	$3,700	$3.53	1d	23	1.37mi
253 Kellogg Blvd W Saint Paul, MN	2.0	1.0–2.0	1208	$3,198	$2.65	2d	12	1.46mi
250 6th St E St Paul, MN	2.0	1.0–2.0	980	$2,868	$2.93	1d	16	1.48mi

Listing history 4 events

1. 2026-05-04
   status Pending
2. 2026-04-28
   historical Contingent - Inspection
3. 2026-04-09
   price $129,000
4. 2026-04-03
   listed $139,000 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: $2,500 · $208/mo
• Projected year-2 tax: $2,500 · $208/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: $31,023
• − Mortgage interest: −$7,226
• − Property taxes: −$2,500
• − Insurance: −$645
• − Repairs & maintenance: −$2,482
• − Management: −$2,482
• − Depreciation: −$3,753
• Taxable income: $11,935
• Est. tax owed @ 24.0%: −$2,864
• After-tax cash flow: $10,381/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): 44,697
• Household income: $70,771
• Rent vs Own: 38.7% rent · 61.3% own
• Severe rent burden: 1588.0

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 0.72)
• Race & ethnicity: White 44% Asian 24% Black 15% Hispanic / Latino 10% Two or more races 10%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 6% Romanian 3% Lithuanian 2%
• Foreign-born: 21% · Canada, Philippines, India
• Languages at home: 68% English-only · Other Asian/Pacific 15% Spanish 8% Other Indo-European 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: ▼ -308.56%
• Current HPI: 267.4216
• Rent YoY: ▲ 3.60%
• 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

-7.2% since first listed

4 events — show timeline

• 2026-05-04 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-28 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-09 Price Changed $129,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-03 Listed $139,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+10.9%/yr

Latest (2025): $2,500 · +10.3% YoY. Source: county tax records.