1854 Laurel Ave · St. Paul, MN 55104

$595,000

5 bd · 2.0 ba · 2,611 sqft · MultiFamily public records · 2 Days on market

Built 1912 8,363 sqft lot

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Why this score? — see what drove the D 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 +15.6/30.0
• ARV discount +7.5/15.0
• DSCR +4.8/10.0
• 1% rule +4.3/10.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Highly unique must-see corner lot duplex home in the historic St. Paul Merriam Park neighborhood. 4 bedroom upper unit, 2 lower. Owning family occupied (children raised) for 56 years. Move-in ready ! Lot plus boulevard has 8 adult trees! Step from the generous backyard (with garden + patio) into the 13' x 11' Sunroom and then into Unit 1 with 9' ceilings, 2 beds, one bath, updated kitchen, Craftsman living and dining room, gas fireplace, and screened in porch (plus large den in basement). Then above is Unit 2 with 2 stories! The first has 9' ceilings, 2 beds, updated kitchen with induction stove and bath, Craftsman living and dining room, electric fireplace, screened in porch, and large b

Key facts

• 8,363 sq ft lot
• 3 garage spots
• Built 1912

Property features AI

Finance

• Other: Property type: Residential income duplex with two units; Unit 1: 2 bedrooms, 1 full bath, ~1,487 unit area, includes electric fireplace, cable, ceiling fan(s), patio/porch, sun room; Unit 2: 4 bedrooms, 1 full bath, ~1,846 unit area, includes appliances (dishwasher, range, refrigerator, microwave, washer, dryer), chandelier, stainless steel appliances, ceiling fan(s), deck, walk-in closet
• Financial info: Property is free and clear

Exterior

• Parking: Detached or attached 3-car garage (20x30, 7' door height)
• Utilities: City water connected; City sewer connected; 100 amp electric service (Xcel Energy)
• Home design: Residential income property (duplex, up-and-down); Owner occupied; More than 2 stories; Entry levels include main floor primary bedroom(s); Facing direction not specified
• Construction: Stone foundation; Foundation dimensions approximately 30x43; Foundation area below grade approximately 1,290; Roof age 8 years or less; Above-grade finished area and total living area indicate substantial finished space
• Exterior features: Corner lot with heavy tree coverage; Wood exterior; Covered front and rear porch; Patio; Deck; Screened and enclosed porch

Interior

• Kitchen: Range; Dishwasher; Microwave; Refrigerator; Stainless steel appliances; Exhaust fan/hood; Countertops are solid surface
• Bedrooms: Six bedrooms total; Main floor primary bedroom(s) included
• Flooring: Hardwood floors; Tile floors
• Bathrooms: Multiple full bathrooms (units include full baths)
• Heating & cooling: Boiler hot water heating; Fireplaces (electric and freestanding in living areas); Window cooling units; Fuel: Electric and Natural Gas
• Interior features: Finished and partially finished basement with shared access and storage/locker; Historic/period millwork and special millwork; Natural woodwork; Kitchen window; Sun room; Porch; Patio; Deck; Enclosed and screened porch areas
• Laundry & utility: Washer and dryer hookups; Electric dryer hookup; Laundry room and lower level access; Laundry sink; Water heater - gas

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $595k.

Deal economics

• At list price, monthly cash flow is $247 ($3k/yr) — positive. Per door: $124/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $553k (7.1% below list).
• Recommended offer: $553k (7.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — 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); 189 active listings in the ZIP; solid renter incomes; 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• At $5,528/mo this rent would consume 88% 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 $18k 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.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $552,800 (7.1% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.93% ✗
• Cap rate: 6.79%
• Cash-on-cash: 1.78%
• DSCR: 1.08
• GRM: 9.0

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: -14.0%
• Equity multiple: 0.50×
• Total profit: $-83,345
• Equity at exit: $88,716

10-year hold

• IRR: -6.0%
• Equity multiple: 0.62×
• Total profit: $-63,177
• Equity at exit: $51,445

Cash invested: $166,600 (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: 189
• Price-to-rent: 17.9×

Monthly cashflow live

• Estimated rent: $5,528 medium
• Mortgage (P&I): −$3,120
• Tax from tax record: −$752 /mo · $9,020/yr
• Insurance: −$248
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,161
• Net cashflow: $247

Break-even live

Break-even rent $5,215

Max offer price $595,000

Occupancy floor 91%

Sensitivity live

Price	-10% $584	-5% $416	+0% $247	+5% $79	+10% $-90
Rent	-10% $-189	-5% $29	+0% $247	+5% $466	+10% $684
Rate	-1.0pp $547	-0.5pp $399	base $247	+0.5pp $93	+1.0pp $-64

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$5,528
Total (2 units)			$5,528

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: $148,750
• Closing costs: $17,850
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-21
   statusdays on market $595,000 Active 2 DOM
2. 2026-06-18
   days on market $595,000 Coming Soon 14 DOM
3. 2026-06-17
   days on market $595,000 Coming Soon 13 DOM
4. 2026-06-16
   days on market $595,000 Coming Soon 12 DOM
5. 2026-06-15
   remarks 699-char remark
6. 2026-06-15
   days on market $595,000 Coming Soon 11 DOM
7. 2026-06-13
   days on market $595,000 Coming Soon 9 DOM
8. 2026-06-09
   days on market $595,000 Coming Soon 5 DOM
9. 2026-06-08
   days on market $595,000 Coming Soon 4 DOM
10. 2026-06-07
    remarks 695-char remark
11. 2026-06-07
    listed $595,000 Coming Soon 3 DOM

ⓘ 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: $9,020 · $752/mo
• Projected year-2 tax: $9,020 · $752/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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $66,336
• − Mortgage interest: −$33,329
• − Property taxes: −$9,020
• − Insurance: −$2,975
• − Repairs & maintenance: −$5,307
• − Management: −$5,307
• − Depreciation: −$17,309
• Taxable loss: −$6,911
• Est. tax savings @ 24.0%: +$1,659
• After-tax cash flow: $4,626/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

1 event — show timeline

• 2026-06-05 Coming Soon $595,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+4.0%/yr

Latest (2025): $9,020 · +6.2% YoY. Source: county tax records.