937 Thomas Ave · St. Paul, MN 55104

$300,000

5 bd · 2.0 ba · 1,800 sqft · MultiFamily public records · 20 Days on market

Built 1889 4,094 sqft lot

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Why this score? — see what drove the C- 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 +21.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• 1% rule +6.3/10.0
• 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 MLS

Up/Down duplex with 2 bedrooms up and 3 bedrooms down. Rented for $900 up and $1200 down, Currently vacant. Tenants pay Gas and Electric. 2 car garage. City inspection just completed.

Key facts

• Quartz countertops
• In-unit laundry
• Updated kitchen

Tags

• UPDATED KITCHEN
• STAINLESS STEEL APPLIANCES
• QUARTZ COUNTERTOPS
• IN-UNIT LAUNDRY
• NEW LVP FLOORING
• FULL EXTERIOR PAINT JOB

Property features AI

Finance

• Other: Two total rental units (one 3-bedroom unit, one 2-bedroom unit)
• Financial info: Owner pays common area maintenance, exterior maintenance, repairs, sewer, snow removal, taxes, and trash collection; Gross income reported at $41,016; Water/sewer expense listed at $750; Trash expense listed at $900; Insurance expense listed at $1,389; Conventional financing type noted; Standard rental license in place; tenants pay cable, electricity, and gas

Exterior

• Parking: Gravel parking area; 2-car detached garage (22 x 20, 8' door height)
• Utilities: City water (connected); City sewer (connected); Electric and natural gas service
• Home design: Residential income property; Up-and-down duplex; Two levels
• Construction: Stone foundation; Roof age 8 years or less
• Exterior features: Wood exterior; Awning-style patio/porch

Interior

• Kitchen: Range; Microwave; Refrigerator; Stainless steel appliances; Energy Star appliances
• Bedrooms: Total of 5 bedrooms (3-bedroom unit and 2-bedroom unit)
• Flooring: Tile floors; Natural woodwork (wood floors/trim implied)
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Shared basement access with storage/locker; unfinished basement; Ceiling fans; Solid-surface countertops; Kitchen window; Natural woodwork; Tile floors; Open floor plan (one unit)
• Laundry & utility: Washer and dryer (listed in one unit); Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $463 ($6k/yr) — positive. Per door: $231/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $300k).
• Recommended offer: $296k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — 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); 191 active listings in the ZIP; solid renter incomes; 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• At $3,389/mo this rent would consume 54% 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 $2k of loan paydown is wiped out by about $9k 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

• It's been on market 20 days — a 2% lower offer ($296k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 23y 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 $164k; list at $300k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1889 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $295,500 (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 1889 — 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: 1.13% ✓
• Cap rate: 8.14%
• Cash-on-cash: 6.61%
• DSCR: 1.29
• GRM: 7.4

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: -6.7%
• Equity multiple: 0.75×
• Total profit: $-20,689
• Equity at exit: $44,731

10-year hold

• IRR: 2.3%
• Equity multiple: 1.16×
• Total profit: $13,617
• Equity at exit: $25,939

Cash invested: $84,000 (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 55104

• Rents YoY: 2.5%
• Active inventory: 191
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $3,389 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$516 /mo · $6,194/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$712
• Net cashflow: $463

Break-even live

Break-even rent $2,803

Max offer price $300,000

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,388
Total (2 units)			$3,389

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-18
   days on market $300,000 Active 20 DOM
2. 2026-06-17
   days on market $300,000 Active 19 DOM
3. 2026-06-16
   days on market $300,000 Active 18 DOM
4. 2026-06-15
   days on market $300,000 Active 17 DOM
5. 2026-06-13
   days on market $300,000 Active 15 DOM
6. 2026-06-09
   days on market $300,000 Active 11 DOM
7. 2026-06-08
   days on market $300,000 Active 10 DOM
8. 2026-06-07
   days on market $300,000 Active 9 DOM
9. 2026-06-04
   days on market $300,000 Active 6 DOM
10. 2026-06-03
    days on market $300,000 Active 5 DOM
11. 2026-06-02
    days on market $300,000 Active 4 DOM
12. 2026-06-01
    days on market $300,000 Active 3 DOM
13. 2026-05-31
    days on market $300,000 Active 2 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: $6,194 · $516/mo
• Projected year-2 tax: $6,194 · $516/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 4/10 Moderate FEMA zone X (unshaded) · 23% 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: $40,668
• − Mortgage interest: −$16,805
• − Property taxes: −$6,194
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,253
• − Management: −$3,253
• − Depreciation: −$8,727
• Taxable income: $935
• Est. tax owed @ 24.0%: −$224
• After-tax cash flow: $5,330/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

+150.2% since first listed

22 events — show timeline

• 2026-05-29 Listed $300,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-02-02 Sold (Public Records) $163,500 Public Records
• 2022-01-28 Sold (MLS) $163,500 NORTHSTARMLS as Distributed by MLS Grid
• 2022-01-05 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-12-21 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2021-12-16 Listed $170,000 NORTHSTARMLS as Distributed by MLS Grid
• 2017-03-08 Sold (Public Records) $129,000 Public Records
• 2017-02-28 Sold (MLS) $129,000 NORTHSTARMLS as Distributed by MLS Grid
• 2017-02-08 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2017-01-27 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2017-01-21 Listed $114,900 NORTHSTARMLS as Distributed by MLS Grid
• 2016-06-30 Sold (Public Records) $65,000 Public Records
• 2008-11-13 Sold (MLS) $40,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-10-21 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-10-16 Listed $40,000 NORTHSTARMLS as Distributed by MLS Grid
• 2007-11-05 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-10-12 Listed $109,900 NORTHSTARMLS as Distributed by MLS Grid
• 2004-06-22 Sold (Public Records) $205,897 Public Records
• 2004-01-27 Sold (Public Records) $117,000 Public Records
• 2003-12-30 Sold (MLS) $117,000 NORTHSTARMLS as Distributed by MLS Grid
• 2003-12-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2003-11-16 Listed $119,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+10.3%/yr

Latest (2025): $6,194 · +26.5% YoY. Source: county tax records.