429 Fry St

St. Paul, MN 55104

$699,900B-

12 bd · 6.0 ba · 5,300 sqft · Built 1915 · MultiFamily · Pending · 207 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,485/mo
• Mortgage (P&I): −$3,670
• Tax + insurance: −$2,002
• HOA: −$0
• Vac / Maint / Mgmt: −$2,832
• Net cashflow: $4,981/mo
• Annual: $59,774/yr
• Cap rate: 14.83%
• Cash-on-cash: 30.50%
• DSCR: 2.36
• 1% rule: 1.93%
• Cash to close: $195,972

Investor read

• This is a 6 × 2-bed/1.0-bath units multifamily listed at $700k.
• At list price, monthly cash flow is $5k ($60k/yr) — positive. Per door: $830/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $700k).
• It's been on market 207 days — a 12% lower offer ($616k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $616k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• 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.
• Watch-outs: property tax is 2.9% of price; built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Ramsey County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 18y ago; this cycle's ask has dropped $70k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $196k cash investment doubles in ~4 years — after that, you're playing with house money.
• At $13,485/mo this rent would consume 214% 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.

Questions for listing agent

• It's been on market 207 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.