585 Sherburne Ave · St. Paul, MN 55103

$325,000

5 bd · 2.0 ba · 2,402 sqft · MultiFamily public records · 33 Days on market

Built 1889 4,704 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
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• Rent growth +3.5/5.0
• 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

Turn-key duplex just blocks from the light rail & University Ave. This home is ready to go with new carpet, flooring, paint, windows and more. Main floor unit features three bedrooms and upper unit features 2 bedrooms. Unfinished basement area is perfect for storage and has laundry in place. Units would rent for $1250 & $1300 respectively but currently vacant. With easy access to University Ave, light rail, downtown and more - this location works well. Don't miss this one!

Key facts

• 4,704 sq ft lot
• Built 1889
• Listed 33 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $712/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $325k).
• Recommended offer: $315k (3.0% 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.
• Zoned schools: Capitol Hill Magnet/Rondo (math 53% / reading 68%, grade B-, #203 of 857 statewide, top 24%, 1,082 students, 44% FRL); Hidden River Middle School (math 21% / reading 39%, grade F, #199 of 258 statewide, top 78%, 559 students, 61% FRL); Central Senior High (math 52% / reading 67%, grade C+, #46 of 471 statewide, top 11%, 1,691 students, 49% FRL).
• Zoned-school proficiency averages 50% at this address vs 27% district-wide (+23 pts) — the actual schools serving this property are materially stronger than the St. Paul Public School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+4.0%/yr); 45 active listings in the ZIP; 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• At $4,715/mo this rent would consume 117% of the median local household income ($48k/yr) (locally 787% 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 $10k 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 + 4.0% rent growth), your $91k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $245k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $315,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% 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 1889 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.45% ✓
• Cap rate: 11.55%
• Cash-on-cash: 18.78%
• DSCR: 1.84
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.05% rent growth · sell at horizon

5-year hold

• IRR: 11.8%
• Equity multiple: 1.47×
• Total profit: $43,186
• Equity at exit: $48,459

10-year hold

• IRR: 21.6%
• Equity multiple: 2.93×
• Total profit: $175,937
• Equity at exit: $28,100

Cash invested: $91,000 (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 55103

• Home prices YoY: -9.0%
• Rents YoY: 4.0%
• Active inventory: 45
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $4,715 medium
• Mortgage (P&I): −$1,704
• Tax from tax record: −$461 /mo · $5,530/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$990
• Net cashflow: $1,424

Break-even live

Break-even rent $2,912

Max offer price $325,000

Occupancy floor 65%

Sensitivity live

Price	-10% $1,608	-5% $1,516	+0% $1,424	+5% $1,332	+10% $1,240
Rent	-10% $1,052	-5% $1,238	+0% $1,424	+5% $1,611	+10% $1,797
Rate	-1.0pp $1,588	-0.5pp $1,507	base $1,424	+0.5pp $1,340	+1.0pp $1,254

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,714
Total (2 units)			$4,715

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-04-20
   status Pending
2. 2026-04-06
   price $325,000
3. 2026-03-19
   listed $345,000 Active
4. 2026-03-13
   historical $345,000
5. 2025-11-07
   listed $349,900 Active
6. 2022-12-29
   soldstatus $245,000
7. 2022-12-14
   soldstatus $245,000 Sold 487-char remark

   Show marketing remark (487 chars)

   Turn-key duplex just blocks from the light rail & University Ave. This home is ready to go with new carpet, flooring, paint, windows and more. Main floor unit features three bedrooms and upper unit features 2 bedrooms. Unfinished basement area is perfect for storage and has laundry in place. Units would rent for $1250 & $1300 respectively but currently vacant. With easy access to University Ave, light rail, downtown and more - this location works well. Don't miss this one!

8. 2022-11-23
   status Pending 487-char remark

   Show marketing remark (487 chars)

   Turn-key duplex just blocks from the light rail & University Ave. This home is ready to go with new carpet, flooring, paint, windows and more. Main floor unit features three bedrooms and upper unit features 2 bedrooms. Unfinished basement area is perfect for storage and has laundry in place. Units would rent for $1250 & $1300 respectively but currently vacant. With easy access to University Ave, light rail, downtown and more - this location works well. Don't miss this one!

9. 2022-11-10
   historical Contingent - Inspection 487-char remark

   Show marketing remark (487 chars)

   Turn-key duplex just blocks from the light rail & University Ave. This home is ready to go with new carpet, flooring, paint, windows and more. Main floor unit features three bedrooms and upper unit features 2 bedrooms. Unfinished basement area is perfect for storage and has laundry in place. Units would rent for $1250 & $1300 respectively but currently vacant. With easy access to University Ave, light rail, downtown and more - this location works well. Don't miss this one!

10. 2022-11-04
    listed $254,900 Active 487-char remark

    Show marketing remark (487 chars)

    Turn-key duplex just blocks from the light rail & University Ave. This home is ready to go with new carpet, flooring, paint, windows and more. Main floor unit features three bedrooms and upper unit features 2 bedrooms. Unfinished basement area is perfect for storage and has laundry in place. Units would rent for $1250 & $1300 respectively but currently vacant. With easy access to University Ave, light rail, downtown and more - this location works well. Don't miss this one!

ⓘ 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: $5,530 · $461/mo
• Projected year-2 tax: $5,530 · $461/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: $56,580
• − Mortgage interest: −$18,205
• − Property taxes: −$5,530
• − Insurance: −$1,625
• − Repairs & maintenance: −$4,526
• − Management: −$4,526
• − Depreciation: −$9,455
• Taxable income: $12,713
• Est. tax owed @ 24.0%: −$3,051
• After-tax cash flow: $14,040/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): 13,125
• Household income: $48,390
• Rent vs Own: 58.3% rent · 41.7% own
• Severe rent burden: 787.0

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 0.75)
• Race & ethnicity: White 34% Black 28% Asian 22% Hispanic / Latino 12% Two or more races 9% Native American 1%
• Hispanic origin (detail): Mexican 6% Cuban 4%
• Common ancestry: Portuguese 6% Lithuanian 2% Romanian 2%
• Foreign-born: 26% · Vietnam, Canada, Philippines
• Languages at home: 63% English-only · Other Asian/Pacific 16% Spanish 5% Vietnamese 3%

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: ▼ -32.28%
• Current HPI: 327.7672
• Rent YoY: ▲ 4.05%
• 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

+27.5% since first listed

10 events — show timeline

• 2026-04-20 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-06 Price Changed $325,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-19 Listed $345,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-13 Coming Soon $345,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-07 Listed $349,900 NORTHSTARMLS as Distributed by MLS Grid
• 2022-12-29 Sold (Public Records) $245,000 Public Records
• 2022-12-14 Sold (MLS) $245,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-11-23 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-11-10 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2022-11-04 Listed $254,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+5.8%/yr

Latest (2025): $5,530 · +22.3% YoY. Source: county tax records.