389 Fairview Ave N · St. Paul, MN 55104

$385,000

4 bd · 2.5 ba · 1,824 sqft · MultiFamily public records · 79 Days on market

Built 1903 7,971 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 +28.8/30.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• 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

Great opportunity to own this classic and updated 2-story duplex in Saint Paul’s Merriam Park/Lexington-Hamline neighborhood. Built in 1903, it retains much original charm, especially on the first floor, while having many practical updates including a new roof in 2021 and updated siding. Mini-split A/C in lower unit. The first room you’re greeted with is a huge 3-season porch. The entryway to both units has the classic 1903 staircase. Unit one is on the main floor and has natural woodwork, a bay window, and stained glass. Both units have a similar floor plan. The master bedrooms are in front, and could be multi-purpose. They are both big enough for a king bed. The second bedroom is adjacent, and both bedrooms have good closet space. Both full bathrooms are updated. The main floor bath is off of the 2nd bedroom, and the upper unit bath is at the top of the back stairs. Clean basement with separated electrical. 2-yr old washer. Excellent 2-car garage with ample storage. Fully fenced back yard with a patio. Good walkability to shopping and transit.

Key facts

• Mini split a c
• Updated siding
• Classic staircase

Tags

• 3 SEASON PORCH
• CLASSIC STAIRCASE
• UPDATED SIDING
• MINI SPLIT A C
• CLEAN BASEMENT
• 2 CAR GARAGE

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $385k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $645/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $385k).
• Recommended offer: $362k (6.0% 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); 189 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• At $5,062/mo this rent would consume 80% 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 $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 + 2.5% rent growth), your $108k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($362k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y 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 $330k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $361,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1903 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.31% ✓
• Cap rate: 10.31%
• Cash-on-cash: 14.35%
• DSCR: 1.64
• GRM: 6.3

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: 4.2%
• Equity multiple: 1.16×
• Total profit: $17,309
• Equity at exit: $57,405

10-year hold

• IRR: 13.2%
• Equity multiple: 2.03×
• Total profit: $110,958
• Equity at exit: $33,288

Cash invested: $107,800 (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: 12.7×

Monthly cashflow live

• Estimated rent: $5,062 medium
• Mortgage (P&I): −$2,019
• Tax from tax record: −$530 /mo · $6,362/yr
• Insurance: −$160
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,063
• Net cashflow: $1,289

Break-even live

Break-even rent $3,430

Max offer price $385,000

Occupancy floor 70%

Sensitivity live

Price	-10% $1,507	-5% $1,398	+0% $1,289	+5% $1,180	+10% $1,071
Rent	-10% $890	-5% $1,089	+0% $1,289	+5% $1,489	+10% $1,689
Rate	-1.0pp $1,483	-0.5pp $1,387	base $1,289	+0.5pp $1,190	+1.0pp $1,088

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$5,062
Total (2 units)			$5,062

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: $96,250
• Closing costs: $11,550
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1555 Selby Ave Saint Paul, MN	3.0	1.0–2.0	1129	$4,394	$3.89	0d	6	0.69mi
2424 Territorial Rd Saint Paul, MN	3.0	1.0–2.0	955	$3,660	$3.83	13d	23	1.41mi

Listing history 31 events

1. 2026-06-17
   status $385,000 Pending 79 DOM
2. 2026-06-17
   days on market $385,000 Contingent - Inspection 79 DOM
3. 2026-06-16
   days on market $385,000 Contingent - Inspection 78 DOM
4. 2026-06-15
   days on market $385,000 Contingent - Inspection 77 DOM
5. 2026-06-13
   days on market $385,000 Contingent - Inspection 75 DOM
6. 2026-06-09
   days on market $385,000 Contingent - Inspection 71 DOM
7. 2026-06-08
   days on market $385,000 Contingent - Inspection 70 DOM
8. 2026-06-07
   statusdays on market $385,000 Contingent - Inspection 69 DOM
9. 2026-06-04
   days on market $385,000 Active 66 DOM
10. 2026-06-03
    days on market $385,000 Active 65 DOM
11. 2026-06-02
    days on market $385,000 Active 64 DOM
12. 2026-06-01
    days on market $385,000 Active 63 DOM
13. 2026-05-31
    days on market $385,000 Active 62 DOM
14. 2026-05-13
    price $385,000 1073-char remark

    Show marketing remark (1073 chars)

    Great opportunity to own this classic and updated 2-story duplex in Saint Paul’s Merriam Park/Lexington-Hamline neighborhood. Built in 1903, it retains much original charm, especially on the first floor, while having many practical updates including a new roof in 2021 and updated siding. Mini-split A/C in lower unit. The first room you’re greeted with is a huge 3-season porch. The entryway to both units has the classic 1903 staircase. Unit one is on the main floor and has natural woodwork, a bay window, and stained glass. Both units have a similar floor plan. The master bedrooms are in front, and could be multi-purpose. They are both big enough for a king bed. The second bedroom is adjacent, and both bedrooms have good closet space. Both full bathrooms are updated. The main floor bath is off of the 2nd bedroom, and the upper unit bath is at the top of the back stairs. Clean basement with separated electrical. 2-yr old washer. Excellent 2-car garage with ample storage. Fully fenced back yard with a patio. Good walkability to shopping and transit.

15. 2026-03-30
    listed $395,000 Active 1073-char remark

    Show marketing remark (1073 chars)

    Great opportunity to own this classic and updated 2-story duplex in Saint Paul’s Merriam Park/Lexington-Hamline neighborhood. Built in 1903, it retains much original charm, especially on the first floor, while having many practical updates including a new roof in 2021 and updated siding. Mini-split A/C in lower unit. The first room you’re greeted with is a huge 3-season porch. The entryway to both units has the classic 1903 staircase. Unit one is on the main floor and has natural woodwork, a bay window, and stained glass. Both units have a similar floor plan. The master bedrooms are in front, and could be multi-purpose. They are both big enough for a king bed. The second bedroom is adjacent, and both bedrooms have good closet space. Both full bathrooms are updated. The main floor bath is off of the 2nd bedroom, and the upper unit bath is at the top of the back stairs. Clean basement with separated electrical. 2-yr old washer. Excellent 2-car garage with ample storage. Fully fenced back yard with a patio. Good walkability to shopping and transit.

16. 2026-03-30
    historical

    Show marketing remark (1073 chars)

    Great opportunity to own this classic and updated 2-story duplex in Saint Paul’s Merriam Park/Lexington-Hamline neighborhood. Built in 1903, it retains much original charm, especially on the first floor, while having many practical updates including a new roof in 2021 and updated siding. Mini-split A/C in lower unit. The first room you’re greeted with is a huge 3-season porch. The entryway to both units has the classic 1903 staircase. Unit one is on the main floor and has natural woodwork, a bay window, and stained glass. Both units have a similar floor plan. The master bedrooms are in front, and could be multi-purpose. They are both big enough for a king bed. The second bedroom is adjacent, and both bedrooms have good closet space. Both full bathrooms are updated. The main floor bath is off of the 2nd bedroom, and the upper unit bath is at the top of the back stairs. Clean basement with separated electrical. 2-yr old washer. Excellent 2-car garage with ample storage. Fully fenced back yard with a patio. Good walkability to shopping and transit.

17. 2026-03-03
    price $420,000
18. 2026-01-05
    listed $465,000 Active
19. 2026-01-01
    historical
20. 2025-10-25
    price $465,000
21. 2025-10-02
    listed $500,000 Active
22. 2025-09-30
    historical
23. 2020-06-18
    soldstatus $330,000
24. 2020-06-05
    soldstatus $330,000 Sold
25. 2020-05-09
    status Pending
26. 2020-04-19
    historical
27. 2020-04-16
    historical
28. 2020-04-16
    price $359,500
29. 2020-04-16
    listed $319,500 Active
30. 2020-04-02
    price $328,500
31. 2020-03-27
    listed $359,500 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: $6,362 · $530/mo
• Projected year-2 tax: $6,362 · $530/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: $60,744
• − Mortgage interest: −$21,566
• − Property taxes: −$6,362
• − Insurance: −$1,925
• − Repairs & maintenance: −$4,860
• − Management: −$4,860
• − Depreciation: −$11,200
• Taxable income: $9,972
• Est. tax owed @ 24.0%: −$2,393
• After-tax cash flow: $13,080/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

+7.1% since first listed

18 events — show timeline

• 2026-05-13 Price Changed $385,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-30 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-30 Listed $395,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-03 Price Changed $420,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-05 Listed $465,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-25 Price Changed $465,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-02 Listed $500,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-30 Coming Soon — NORTHSTARMLS as Distributed by MLS Grid
• 2020-06-18 Sold (Public Records) $330,000 Public Records
• 2020-06-05 Sold (MLS) $330,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-05-09 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2020-04-19 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2020-04-16 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2020-04-16 Price Changed $359,500 NORTHSTARMLS as Distributed by MLS Grid
• 2020-04-16 Listed $319,500 NORTHSTARMLS as Distributed by MLS Grid
• 2020-04-02 Price Changed $328,500 NORTHSTARMLS as Distributed by MLS Grid
• 2020-03-27 Listed $359,500 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+7.4%/yr

Latest (2025): $6,362 · +9.7% YoY. Source: county tax records.