479 Michigan St · St. Paul, MN 55102

$389,900

5 bd · 2.0 ba · 2,153 sqft · MultiFamily public records · 22 Days on market

Built 1913 4,791 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 +2.9/5.0
• 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 MLS

***Multiple offers received Highest and BEst due Saturday 6/15 at 12 noon***Turn of the century Brick Duplex located in the hip west 7th neighborhood. Both units are large and feature hard wood floors and separate utilities. Close to Keg and Case, Day by Day, Bad weather, coffee and all that west 7th has to offer. Each unit has their own laundry in the basement.

Key facts

• 4,791 sq ft lot
• Built 1913
• Listed 22 days

Property features AI

Finance

• Other: Not owner-occupied
• Financial info: Gross income reported: $40,260
• HOA & community: Porch listed as an association amenity

Exterior

• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential income property; Two levels; Two-unit building (duplex/other multi-family)
• Construction: Other foundation type
• Exterior features: Stone and wood exterior; Porch

Interior

• Kitchen: Kitchens in each unit
• Bedrooms: Total of 5 bedrooms (3-bedroom unit and 2-bedroom unit)
• Bathrooms: 2 full bathrooms (one in each unit)
• Heating & cooling: Forced air heating; No cooling in the smaller unit
• Interior features: Full basement
• Laundry & utility: Natural gas service

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $390k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $390k).
• Recommended offer: $384k (1.5% 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 (+1.6%/yr); 145 active listings in the ZIP; solid renter incomes; 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• At $6,143/mo this rent would consume 96% of the median local household income ($76k/yr) (locally 1116% 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 $3k of loan paydown is wiped out by about $12k 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 + 1.6% rent growth), your $109k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($384k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y 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 $320k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $384,051 (1.5% 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 1913 — 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. 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.
6. 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.
7. 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: 1.58% ✓
• Cap rate: 12.47%
• Cash-on-cash: 22.05%
• DSCR: 1.98
• GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.6% rent growth · sell at horizon

5-year hold

• IRR: 13.1%
• Equity multiple: 1.52×
• Total profit: $56,224
• Equity at exit: $58,135

10-year hold

• IRR: 20.9%
• Equity multiple: 2.65×
• Total profit: $180,170
• Equity at exit: $33,711

Cash invested: $109,172 (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 55102

• Rents YoY: 1.6%
• Active inventory: 145
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $6,143 high
• Mortgage (P&I): −$2,045
• Tax from tax record: −$640 /mo · $7,680/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,290
• Net cashflow: $2,006

Break-even live

Break-even rent $3,604

Max offer price $389,900

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$6,144
Total (2 units)			$6,143

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: $97,475
• Closing costs: $11,697
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-05-07
   status Pending
2. 2026-04-22
   historical Contingent - Inspection
3. 2026-04-15
   listed $389,900 Active
4. 2025-10-13
   historical
5. 2025-07-07
   status Active
6. 2025-07-07
   price $389,900
7. 2025-06-11
   listed $395,000 Active
8. 2019-07-03
   soldstatus $320,000
9. 2019-06-29
   soldstatus $320,000 Sold 364-char remark

   Show marketing remark (364 chars)

   ***Multiple offers received Highest and BEst due Saturday 6/15 at 12 noon***Turn of the century Brick Duplex located in the hip west 7th neighborhood. Both units are large and feature hard wood floors and separate utilities. Close to Keg and Case, Day by Day, Bad weather, coffee and all that west 7th has to offer. Each unit has their own laundry in the basement.

10. 2019-06-17
    historical 364-char remark

    Show marketing remark (364 chars)

    ***Multiple offers received Highest and BEst due Saturday 6/15 at 12 noon***Turn of the century Brick Duplex located in the hip west 7th neighborhood. Both units are large and feature hard wood floors and separate utilities. Close to Keg and Case, Day by Day, Bad weather, coffee and all that west 7th has to offer. Each unit has their own laundry in the basement.

11. 2019-06-07
    listed $299,900 Active 364-char remark

    Show marketing remark (364 chars)

    ***Multiple offers received Highest and BEst due Saturday 6/15 at 12 noon***Turn of the century Brick Duplex located in the hip west 7th neighborhood. Both units are large and feature hard wood floors and separate utilities. Close to Keg and Case, Day by Day, Bad weather, coffee and all that west 7th has to offer. Each unit has their own laundry in the basement.

12. 2019-06-02
    historical $299,900 364-char remark

    Show marketing remark (364 chars)

    ***Multiple offers received Highest and BEst due Saturday 6/15 at 12 noon***Turn of the century Brick Duplex located in the hip west 7th neighborhood. Both units are large and feature hard wood floors and separate utilities. Close to Keg and Case, Day by Day, Bad weather, coffee and all that west 7th has to offer. Each unit has their own laundry in the basement.

13. 2007-08-16
    soldstatus $120,000
14. 2007-07-18
    historical
15. 2007-05-24
    listed $125,900

ⓘ 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: $7,680 · $640/mo
• Projected year-2 tax: $7,680 · $640/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 ≥100°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: $73,716
• − Mortgage interest: −$21,840
• − Property taxes: −$7,680
• − Insurance: −$1,950
• − Repairs & maintenance: −$5,897
• − Management: −$5,897
• − Depreciation: −$11,343
• Taxable income: $19,109
• Est. tax owed @ 24.0%: −$4,586
• After-tax cash flow: $19,484/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): 19,630
• Household income: $76,406
• Rent vs Own: 55.1% rent · 44.9% own
• Severe rent burden: 1116.0

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: Predominantly White (77%)
• Race & ethnicity: White 77% Black 10% Two or more races 6% Hispanic / Latino 5% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 10% Lithuanian 5% Romanian 3%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 87% English-only · Spanish 4% Other Indo-European 1% German/W. Germanic 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: ▼ -217.83%
• Current HPI: 241.7112
• Rent YoY: ▲ 1.60%
• 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

+209.7% since first listed

15 events — show timeline

• 2026-05-07 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-22 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-15 Listed $389,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-13 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-07 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-07 Price Changed $389,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-06-11 Listed $395,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-07-03 Sold (Public Records) $320,000 Public Records
• 2019-06-29 Sold (MLS) $320,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-06-17 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-06-07 Listed $299,900 NORTHSTARMLS as Distributed by MLS Grid
• 2019-06-02 Coming Soon $299,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-08-16 Sold (MLS) $120,000 NORTHSTARMLS as Distributed by MLS Grid
• 2007-07-18 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-05-24 Listed $125,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+7.3%/yr

Latest (2025): $7,680 · +15.6% YoY. Source: county tax records.