485 Belvidere St E · St. Paul, MN 55107

$425,000

8 bd · 4.0 ba · 2,624 sqft · MultiFamily public records · 84 Days on market

Built 1893 4,878 sqft lot $162/sqft · 50% above area Est $388k · 9% over

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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 +29.6/30.0
• DSCR +10.0/10.0
• 1% rule +7.3/10.0
• Rent growth +5.0/5.0
• ARV discount +3.3/15.0
• 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 (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

4-plex on St. Paul's West Side. Potential owner-occupant opportunity with one unit becoming vacant at the end of June. Located in a tucked-away residential block with easy access to downtown, West Side Flats, and District del Sol. Near parks, restaurants, and transit. Two 2BR/1BA and two 1BR/1BA units, 2,950 SF total. All four tenants on signed leases (mid-2026 through mid-2027) with rents raised during the most recent lease-up cycle. Current rents still sit below market ceiling, leaving room on renewals. Tenants pay gas and electric; landlord covers water/sewer and trash. Enrolled in St. Paul's 4d Affordable Housing Incentive Program, featuring up to 80% reduction in property tax class rates. The covenant transfers with the property, with estimated annual savings of $4,600+ over standard rates. Two units turned over in mid-2025 and were re-leased at meaningfully higher rents. The recent turnover cycle is complete; all four units are performing well with no deferred maintenance carried over. Priced under $500k with a low tax basis, strong occupancy, and cash flow in place. This is a rare combination to find in St. Paul's current market.

Key facts

• Close to parks
• Strong renter demand
• Fully leased 4-plex

Tags

• FULLY LEASED 4-PLEX
• EASY ACCESS TO DOWNTOWN
• STRONG RENTER DEMAND
• CLOSE TO PARKS
• LOCAL RESTAURANTS

What this means for you Summary

Snapshot

• This is a 4 × 2.0-bed/1.0-bath units multifamily listed at $425k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $385/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $425k).
• Recommended offer: $400k (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 fast (+10.8%/yr); 64 active listings in the ZIP; 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• At $5,232/mo this rent would consume 84% of the median local household income ($75k/yr) (locally 639% 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 $13k 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 + 8.0% rent growth), your $119k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($400k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 10y ago; this cycle's ask has dropped $50k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1893 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $399,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 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 1893 — 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: 1.23% ✓
• Cap rate: 10.64%
• Cash-on-cash: 15.53%
• DSCR: 1.69
• GRM: 6.8

CMA / ARV

• ARV (median comp): $388,382
• List price: $425,000
• Delta: 9.43%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 11.4%
• Equity multiple: 1.48×
• Total profit: $56,740
• Equity at exit: $63,369

10-year hold

• IRR: 23.9%
• Equity multiple: 3.53×
• Total profit: $301,024
• Equity at exit: $36,746

Cash invested: $119,000 (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 55107

• Home prices YoY: -16.2%
• Rents YoY: 10.8%
• Active inventory: 64
• Price-to-rent: 27.1×

Monthly cashflow live

• Estimated rent: $5,232 high
• Mortgage (P&I): −$2,229
• Tax from tax record: −$187 /mo · $2,248/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,099
• Net cashflow: $1,540

Break-even live

Break-even rent $3,282

Max offer price $425,000

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2.0	1	$5,232
Total (4 units)			$5,232

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2026-06-18
   days on market $425,000 Active 84 DOM
2. 2026-06-17
   days on market $425,000 Active 83 DOM
3. 2026-06-16
   days on market $425,000 Active 82 DOM
4. 2026-06-15
   price $425,000 Active 81 DOM
5. 2026-06-15
   days on market $449,750 Active 81 DOM
6. 2026-06-13
   days on market $449,750 Active 79 DOM
7. 2026-06-09
   days on market $449,750 Active 75 DOM
8. 2026-06-08
   days on market $449,750 Active 74 DOM
9. 2026-06-07
   days on market $449,750 Active 73 DOM
10. 2026-06-04
    days on market $449,750 Active 70 DOM
11. 2026-06-03
    days on market $449,750 Active 69 DOM
12. 2026-06-02
    days on market $449,750 Active 68 DOM
13. 2026-06-01
    days on market $449,750 Active 67 DOM
14. 2026-05-31
    days on market $449,750 Active 66 DOM
15. 2026-05-01
    price $449,750 1158-char remark

    Show marketing remark (1158 chars)

    4-plex on St. Paul's West Side. Potential owner-occupant opportunity with one unit becoming vacant at the end of June. Located in a tucked-away residential block with easy access to downtown, West Side Flats, and District del Sol. Near parks, restaurants, and transit. Two 2BR/1BA and two 1BR/1BA units, 2,950 SF total. All four tenants on signed leases (mid-2026 through mid-2027) with rents raised during the most recent lease-up cycle. Current rents still sit below market ceiling, leaving room on renewals. Tenants pay gas and electric; landlord covers water/sewer and trash. Enrolled in St. Paul's 4d Affordable Housing Incentive Program, featuring up to 80% reduction in property tax class rates. The covenant transfers with the property, with estimated annual savings of $4,600+ over standard rates. Two units turned over in mid-2025 and were re-leased at meaningfully higher rents. The recent turnover cycle is complete; all four units are performing well with no deferred maintenance carried over. Priced under $500k with a low tax basis, strong occupancy, and cash flow in place. This is a rare combination to find in St. Paul's current market.

16. 2026-03-26
    listed $475,000 Active 1158-char remark

    Show marketing remark (1158 chars)

    4-plex on St. Paul's West Side. Potential owner-occupant opportunity with one unit becoming vacant at the end of June. Located in a tucked-away residential block with easy access to downtown, West Side Flats, and District del Sol. Near parks, restaurants, and transit. Two 2BR/1BA and two 1BR/1BA units, 2,950 SF total. All four tenants on signed leases (mid-2026 through mid-2027) with rents raised during the most recent lease-up cycle. Current rents still sit below market ceiling, leaving room on renewals. Tenants pay gas and electric; landlord covers water/sewer and trash. Enrolled in St. Paul's 4d Affordable Housing Incentive Program, featuring up to 80% reduction in property tax class rates. The covenant transfers with the property, with estimated annual savings of $4,600+ over standard rates. Two units turned over in mid-2025 and were re-leased at meaningfully higher rents. The recent turnover cycle is complete; all four units are performing well with no deferred maintenance carried over. Priced under $500k with a low tax basis, strong occupancy, and cash flow in place. This is a rare combination to find in St. Paul's current market.

17. 2025-09-16
    historical
18. 2025-06-18
    price $499,000
19. 2025-06-02
    price $515,000
20. 2025-05-26
    price $525,000
21. 2025-05-15
    listed $539,000 Active
22. 2023-07-25
    soldstatus $425,000 Sold
23. 2023-07-25
    soldstatus $425,000
24. 2023-07-18
    status Pending
25. 2023-07-18
    status Active
26. 2023-06-08
    historical Contingent - Subject to Financing
27. 2023-05-15
    status Active
28. 2023-05-01
    historical Contingent - Inspection
29. 2023-04-27
    listed $435,000 Active
30. 2023-01-01
    historical
31. 2022-11-07
    price $437,000
32. 2022-10-21
    listed $450,000 Active
33. 2019-12-18
    soldstatus $315,000
34. 2016-09-08
    historical
35. 2016-08-29
    soldstatus $170,274
36. 2016-08-18
    listed $269,900 Active
37. 2016-08-15
    soldstatus $170,275 Sold
38. 2016-07-15
    status Pending
39. 2016-07-14
    historical Contingent - Inspection
40. 2016-07-12
    listed $175,000 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: $2,248 · $187/mo
• Projected year-2 tax: $3,504 · $292/mo
• Expected delta: +$1,256/yr (+$105/mo · 55.9%)

ⓘ 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: $62,784
• − Mortgage interest: −$23,807
• − Property taxes: −$2,248
• − Insurance: −$2,125
• − Repairs & maintenance: −$5,023
• − Management: −$5,023
• − Depreciation: −$12,364
• Taxable income: $12,195
• Est. tax owed @ 24.0%: −$2,927
• After-tax cash flow: $15,555/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): 15,377
• Household income: $74,531
• Rent vs Own: 39.4% rent · 60.6% own
• Severe rent burden: 639.0

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: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 47% Hispanic / Latino 23% Two or more races 16% Black 13% Asian 9% Native American 2%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Portuguese 7% Lithuanian 3% Romanian 2%
• Foreign-born: 18% · Canada, Philippines, Vietnam
• Languages at home: 72% English-only · Spanish 15% Other Asian/Pacific 4% Tagalog/Filipino 2%

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: ▼ -57.70%
• Current HPI: 298.8714
• Rent YoY: ▲ 10.76%
• 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

+157.0% since first listed

26 events — show timeline

• 2026-05-01 Price Changed $449,750 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-26 Listed $475,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-16 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-06-18 Price Changed $499,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-06-02 Price Changed $515,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-05-26 Price Changed $525,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-05-15 Listed $539,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-07-25 Sold (Public Records) $425,000 Public Records
• 2023-07-25 Sold (MLS) $425,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-07-18 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-07-18 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2023-06-08 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2023-05-15 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2023-05-01 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2023-04-27 Listed $435,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-01-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2022-11-07 Price Changed $437,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-10-21 Listed $450,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-12-18 Sold (Public Records) $315,000 Public Records
• 2016-09-08 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2016-08-29 Sold (Public Records) $170,274 Public Records
• 2016-08-18 Listed $269,900 NORTHSTARMLS as Distributed by MLS Grid
• 2016-08-15 Sold (MLS) $170,275 NORTHSTARMLS as Distributed by MLS Grid
• 2016-07-15 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2016-07-14 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2016-07-12 Listed $175,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

-6.2%/yr

Latest (2025): $2,248 · -66.3% YoY. Source: county tax records.