245-247 Morton St W · St. Paul, MN 55107

$399,900

4 bd · 2.0 ba · 2,024 sqft · MultiFamily public records · 5 Days on market

Built 1930 8,973 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 +29.4/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Ideal side by side stucco duplex, with large fenced backyard and deck. Both units are the same with 2 bedrooms, livingroom, formal dining room, kitchen and 1 bath. Full separate basement with washer and dryer. Both units have hardwood floors and natural woodwork. Many updates includes newer windows, newer roof(2017) and new furnaces(2020). Across the street from Cherokee Hts. School and Baker Playground.

Key facts

• 8,973 sq ft lot
• 2 garage spots
• Built 1930

Property features AI

Finance

• Financial info: Two-unit property (income/residential duplex); Owner responsible for insurance, grounds care, repairs, sewer, snow removal, taxes, trash collection and water; Tenants pay cable TV, electricity and fuel
• HOA & community: Deck listed as an association amenity

Exterior

• Parking: Detached 2-car garage (20 x 24) with concrete and storage
• Utilities: City water connected; City sewer connected; Natural gas service; 100 amp electrical service with circuit breakers
• Home design: Residential income property; Duplex (side-by-side); Two levels
• Construction: Block foundation; Pitched asphalt roof (age 8 years or less)
• Exterior features: Stucco exterior; Deck; Chain link fencing; Corner lot with medium tree coverage; Public transit within six blocks; Street lights, sidewalks, curbs, and paved streets

Interior

• Kitchen: Range/oven; Refrigerator; Exhaust fan/hood; Gas water heater
• Bedrooms: Total of 4 bedrooms (2 in each unit)
• Flooring: Hardwood floors; Tile floors
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Forced air heating
• Interior features: Hardwood floors; Tile floors; Paneled doors; Kitchen window; Walk-in closet(s); Ceiling fan(s); Cable available
• Laundry & utility: Washer/dryer hookups in each unit; Washer hookup; Dryer hookup (gas); Laundry sink in lower level

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $400k).

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 fast (+10.8%/yr); 64 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• At $5,330/mo this rent would consume 86% 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 $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 + 8.0% rent growth), your $112k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $399,900

Questions for the listing agent

1. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.33% ✓
• Cap rate: 10.54%
• Cash-on-cash: 15.18%
• DSCR: 1.68
• GRM: 6.3

CMA / ARV

No comps found within radius.

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: $53,702
• Equity at exit: $59,626

10-year hold

• IRR: 24.2%
• Equity multiple: 3.60×
• Total profit: $291,562
• Equity at exit: $34,576

Cash invested: $111,972 (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: 12.5×

Monthly cashflow live

• Estimated rent: $5,330 medium
• Mortgage (P&I): −$2,097
• Tax from tax record: −$530 /mo · $6,362/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,119
• Net cashflow: $1,417

Break-even live

Break-even rent $3,537

Max offer price $399,900

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	2	$5,330
Total (2 units)			$5,330

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
111 Kellogg Blvd E Saint Paul, MN	3.0	1.0–2.0	1000	$2,783	$2.78	2d	20	1.39mi
180 E Kellogg Blvd St Paul, MN	3.0	1.0–2.5	1436	$4,595	$3.20	2d	22	1.49mi
100 Imperial Dr W #303 Saint Paul, MN	3.0	2.0	1646	$2,800	$1.70	24d	1	1.49mi

Listing history 20 events

1. 2026-05-04
   status Pending 1017-char remark
2. 2026-04-30
   listed $399,900 Active 1017-char remark
3. 2026-04-24
   historical $399,900 1017-char remark
4. 2020-10-20
   soldstatus $389,000
5. 2020-10-09
   soldstatus $389,000 Sold 409-char remark

   Show marketing remark (409 chars)

   Ideal side by side stucco duplex, with large fenced backyard and deck. Both units are the same with 2 bedrooms, livingroom, formal dining room, kitchen and 1 bath. Full separate basement with washer and dryer. Both units have hardwood floors and natural woodwork. Many updates includes newer windows, newer roof(2017) and new furnaces(2020). Across the street from Cherokee Hts. School and Baker Playground.

6. 2020-09-10
   status Pending 409-char remark

   Show marketing remark (409 chars)

   Ideal side by side stucco duplex, with large fenced backyard and deck. Both units are the same with 2 bedrooms, livingroom, formal dining room, kitchen and 1 bath. Full separate basement with washer and dryer. Both units have hardwood floors and natural woodwork. Many updates includes newer windows, newer roof(2017) and new furnaces(2020). Across the street from Cherokee Hts. School and Baker Playground.

7. 2020-08-24
   historical Contingent - Inspection 409-char remark

   Show marketing remark (409 chars)

   Ideal side by side stucco duplex, with large fenced backyard and deck. Both units are the same with 2 bedrooms, livingroom, formal dining room, kitchen and 1 bath. Full separate basement with washer and dryer. Both units have hardwood floors and natural woodwork. Many updates includes newer windows, newer roof(2017) and new furnaces(2020). Across the street from Cherokee Hts. School and Baker Playground.

8. 2020-08-22
   listed $389,000 Active 409-char remark

   Show marketing remark (409 chars)

   Ideal side by side stucco duplex, with large fenced backyard and deck. Both units are the same with 2 bedrooms, livingroom, formal dining room, kitchen and 1 bath. Full separate basement with washer and dryer. Both units have hardwood floors and natural woodwork. Many updates includes newer windows, newer roof(2017) and new furnaces(2020). Across the street from Cherokee Hts. School and Baker Playground.

9. 2004-12-23
   soldstatus $280,000

   Show marketing remark (195 chars)

   NEW ELECTRICAL NEW GARAGE DOORS $5000.00 ALLOWANCE TO BUYER TO SPRUCE UP THE OTHER SIDE OR DO WITH WHAT THEY WANT !!!!!!!!!!! TENANTS ARE SATISFIED WITH WHAT THEY HAVE VERY CLEAN TRUTH IN HOUSING

10. 2004-12-23
    soldstatus $272,440

    Show marketing remark (195 chars)

    NEW ELECTRICAL NEW GARAGE DOORS $5000.00 ALLOWANCE TO BUYER TO SPRUCE UP THE OTHER SIDE OR DO WITH WHAT THEY WANT !!!!!!!!!!! TENANTS ARE SATISFIED WITH WHAT THEY HAVE VERY CLEAN TRUTH IN HOUSING

11. 2004-11-14
    historical

    Show marketing remark (195 chars)

    NEW ELECTRICAL NEW GARAGE DOORS $5000.00 ALLOWANCE TO BUYER TO SPRUCE UP THE OTHER SIDE OR DO WITH WHAT THEY WANT !!!!!!!!!!! TENANTS ARE SATISFIED WITH WHAT THEY HAVE VERY CLEAN TRUTH IN HOUSING

12. 2004-10-04
    listed $286,500

    Show marketing remark (195 chars)

    NEW ELECTRICAL NEW GARAGE DOORS $5000.00 ALLOWANCE TO BUYER TO SPRUCE UP THE OTHER SIDE OR DO WITH WHAT THEY WANT !!!!!!!!!!! TENANTS ARE SATISFIED WITH WHAT THEY HAVE VERY CLEAN TRUTH IN HOUSING

13. 2004-09-17
    historical
14. 2004-08-03
    listed $289,900
15. 2004-07-16
    soldstatus $260,500
16. 2004-06-10
    historical
17. 2004-06-07
    listed $259,900
18. 2003-10-06
    soldstatus $212,000
19. 2003-08-18
    historical
20. 2003-06-18
    listed $249,900

ⓘ 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: $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 ≥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: $63,960
• − Mortgage interest: −$22,401
• − Property taxes: −$6,362
• − Insurance: −$2,000
• − Repairs & maintenance: −$5,117
• − Management: −$5,117
• − Depreciation: −$11,633
• Taxable income: $11,331
• Est. tax owed @ 24.0%: −$2,719
• After-tax cash flow: $14,282/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

+66.1% since first listed

22 events — show timeline

• 2026-05-27 Sold (Public Records) $415,000 Public Records
• 2026-05-22 Sold (MLS) $415,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-04 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-30 Listed $399,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-24 Coming Soon $399,900 NORTHSTARMLS as Distributed by MLS Grid
• 2020-10-20 Sold (Public Records) $389,000 Public Records
• 2020-10-09 Sold (MLS) $389,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-09-10 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2020-08-24 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2020-08-22 Listed $389,000 NORTHSTARMLS as Distributed by MLS Grid
• 2004-12-23 Sold (Public Records) $272,440 Public Records
• 2004-12-23 Sold (MLS) $280,000 NORTHSTARMLS as Distributed by MLS Grid
• 2004-11-14 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2004-10-04 Listed $286,500 NORTHSTARMLS as Distributed by MLS Grid
• 2004-09-17 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2004-08-03 Listed $289,900 NORTHSTARMLS as Distributed by MLS Grid
• 2004-07-16 Sold (MLS) $260,500 NORTHSTARMLS as Distributed by MLS Grid
• 2004-06-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2004-06-07 Listed $259,900 NORTHSTARMLS as Distributed by MLS Grid
• 2003-10-06 Sold (Public Records) $212,000 Public Records
• 2003-08-18 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2003-06-18 Listed $249,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+2.5%/yr

Latest (2025): $6,362 · +7.6% YoY. Source: county tax records.