1149 Minnehaha Ave E

Saint Paul, MN · Dayton's Bluff · View the listing ↗

Overpriced

56 photos

Photos courtesy of Keller Williams Realty, via Realtor.com.

Asking price: $339,900
Monthly cash flow: −$590
Estimated rent: $3,050/mo
Break-even price: $228,992

Adjust the numbers See the full breakdown

From the listing

Welcome to historic Dayton's Bluff! According to recent inspections, this property is in exceptional condition. Opportunity awaits. Seller has installed a brand new roof as of last week. A $23,000 value to the new owner. This stately duplex has unusual and awesome features, including a huge flat side yard, full fencing, a newer oversized garage with second level above that could be finished or just used for storage, bring all of your toys or set up a huge workshop. Central AC, both units have dishwashers, upper level has private laundry, a massive basement for storage or finishing, and a two level owner's suite. From the moment you walk up you will be impressed by the giant Victorian front balconies and separate unit entrances. Both units vacant. Both units pay for their own heat and electric. The upper level three bedroom two bath unit has forced air and central air, and features a grand amount of space, with the original Victorian living room/dining room layout, as well as a side room perfect for an office. Three bedrooms in total with the huge owner's suite in the finished third level. This property is absolutely ideal for owner occupant, off site landlord, or short term rental with its phenomenal presentation and condition, superb garage, great curb appeal, and lovely grounds. Upper unit should rent for $1650-1800. Book your private showing today!

Listing courtesy of Keller Williams Realty (Paul Olson). Description from Realtor.com, MLS #7113268. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a vacant up/down in Dayton's Bluff asking $339,900, and the numbers don't work. Our underwriting shows about -$590 a month with a 4.3% cap rate, and break-even is near $229K. The only rent in the listing is a projection for the upper ($1,650-1,800), which lines up with our $1,750 mid estimate but isn't income. The new roof is a plus, but it was installed 'last week', so ask for the permit and invoice. The seller's rental license shows expired in 2025, and the description pitches this to owner-occupants. A showing makes sense only if you'd live in one unit or the price drops a lot, and the lower unit's size and beds need confirming first.

Things to consider

Price is well above what rents support At asking, cash flow is about -$590 a month and the cap rate is 4.3%. Break-even is roughly $111K lower, so a pure investor needs a big cut.
No actual rents exist Both units are vacant, so income rests on estimates. The upper's $1,650-1,800 is the agent's number, and the lower unit has none.Listing says: “Upper unit should rent for $1650-1800.”
New roof is a real plus but needs documentation A roof replaced last week removes a major near-term cost. Verify the permit and who paid.Listing says: “Seller has installed a brand new roof as of last week.”
Tax bill is the investor (non-homestead) rate At $7,991 plus assessments, taxes take a large share of income at this rent level.
Owner-occupant angle may be the better fit Living in one unit lowers the financing rate and cost, and you rent the other. That changes the numbers a lot.Listing says: “This property is absolutely ideal for owner occupant, off site landlord, or short term rental”

From the photos

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

Condition and repairs

doneBrand new roof installed last weekListing says: Seller has installed a brand new roof as of last week.
doneNewer oversized garage with unfinished second levelListing says: a newer oversized garage with second level above that could be finished or just used for storage

AI-assisted first read of the listing description and photos (Claude), checked against public records. Every rent and repair above quotes the listing; verify with the agent, leases and an inspection.

The numbers

Edit rents, costs and assumptions

Default: 20% down (no PMI), offer at asking, self-managed, 7.00% for 30 years, buyer pays closing costs (3%).

The deal

Price: $339,900
Cash to close: $78,177
Price per unit: $169,950
GRM: 9.3

Each month

Cash flow: −$590/mo
Cash-on-cash: −9.1%
Cap rate: 4.3%
DSCR: 0.67×

Break-even

Price that breaks even: $228,992
Rent that breaks even: $3,817/mo

Long run

Year 30: property vs stocks: $846K vs $925K
Cash flow turns positive: year 17

Monthly

Monthly breakdown

Rent	$3,050
Vacancy (6%)	−$183
Collected	$2,867
Property tax Public record	−$666
Insurance Estimate	−$234
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$244
Capital reserve (9% of rent)	−$274
Net operating income	$1,219
Mortgage (principal + interest)	−$1,809
Cash flow	−$590
Principal paid down (equity, not cash)	$230

Cash flow each year

Rents +3%/yr (St. Paul's cap for sitting tenants), costs +3.5%/yr. Red bars are months you'd cover out of pocket.

30 years

How those totals add up

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$825,027
Minus 6% selling cost	−$49,502
Minus loan still owedTenants' rent paid down all $305,910 of principal by year 30	$0
Plus rental profits, invested at 7%$23,330 of profit by year 30, before investment growth	$27,607
What you'd walk away with	$803,132
If you put the same money in stocks
Cash to close ($44,187) invested at 7%	$336,363
Monthly shortfalls ($124,242 total by yr 30) investedThe money you'd have put into the building while it lost money	$601,960
What you'd walk away with	$938,323
Building minus stocks	−$135,191

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$825,027
Minus 6% selling cost	−$49,502
Minus loan still owedTenants' rent paid down all $305,910 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$775,525
If you put the same money in stocks
Cash to close ($44,187) invested at 7%	$336,363
Monthly shortfalls ($248,222 total by yr 30) investedThe money you'd have put into the building while it lost money	$975,718
What you'd walk away with	$1,312,081
Building minus stocks	−$536,556

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$800,754
Minus 6% selling cost	−$48,045
Minus loan still owedTenants' rent paid down all $296,910 of principal by year 30	$0
Plus rental profits, invested at 7%$30,018 of profit by year 30, before investment growth	$36,620
What you'd walk away with	$789,328
If you put the same money in stocks
Cash to close ($42,887) invested at 7%	$326,467
Monthly shortfalls ($109,104 total by yr 30) investedThe money you'd have put into the building while it lost money	$541,360
What you'd walk away with	$867,827
Building minus stocks	−$78,499

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$800,754
Minus 6% selling cost	−$48,045
Minus loan still owedTenants' rent paid down all $296,910 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$752,709
If you put the same money in stocks
Cash to close ($42,887) invested at 7%	$326,467
Monthly shortfalls ($226,396 total by yr 30) investedThe money you'd have put into the building while it lost money	$906,105
What you'd walk away with	$1,232,572
Building minus stocks	−$479,863

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$825,027
Minus 6% selling cost	−$49,502
Minus loan still owedTenants' rent paid down all $271,920 of principal by year 30	$0
Plus rental profits, invested at 7%$53,253 of profit by year 30, before investment growth	$70,952
What you'd walk away with	$846,477
If you put the same money in stocks
Cash to close ($78,177) invested at 7%	$595,103
Monthly shortfalls ($63,578 total by yr 30) investedThe money you'd have put into the building while it lost money	$329,816
What you'd walk away with	$924,919
Building minus stocks	−$78,442

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$825,027
Minus 6% selling cost	−$49,502
Minus loan still owedTenants' rent paid down all $271,920 of principal by year 30	$0
Plus rental profits, invested at 7%$808 of profit by year 30, before investment growth	$820
What you'd walk away with	$776,344
If you put the same money in stocks
Cash to close ($78,177) invested at 7%	$595,103
Monthly shortfalls ($158,444 total by yr 30) investedThe money you'd have put into the building while it lost money	$661,048
What you'd walk away with	$1,256,151
Building minus stocks	−$479,807

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$800,754
Minus 6% selling cost	−$48,045
Minus loan still owedTenants' rent paid down all $263,920 of principal by year 30	$0
Plus rental profits, invested at 7%$62,319 of profit by year 30, before investment growth	$85,676
What you'd walk away with	$838,384
If you put the same money in stocks
Cash to close ($75,877) invested at 7%	$577,595
Monthly shortfalls ($53,483 total by yr 30) investedThe money you'd have put into the building while it lost money	$284,208
What you'd walk away with	$861,803
Building minus stocks	−$23,419

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$800,754
Minus 6% selling cost	−$48,045
Minus loan still owedTenants' rent paid down all $263,920 of principal by year 30	$0
Plus rental profits, invested at 7%$2,418 of profit by year 30, before investment growth	$2,523
What you'd walk away with	$755,231
If you put the same money in stocks
Cash to close ($75,877) invested at 7%	$577,595
Monthly shortfalls ($140,893 total by yr 30) investedThe money you'd have put into the building while it lost money	$602,420
What you'd walk away with	$1,180,015
Building minus stocks	−$424,784

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$825,027
Minus 6% selling cost	−$49,502
Minus loan still owedTenants' rent paid down all $254,925 of principal by year 30	$0
Plus rental profits, invested at 7%$73,423 of profit by year 30, before investment growth	$104,637
What you'd walk away with	$880,162
If you put the same money in stocks
Cash to close ($95,172) invested at 7%	$724,474
Monthly shortfalls ($43,043 total by yr 30) investedThe money you'd have put into the building while it lost money	$235,334
What you'd walk away with	$959,807
Building minus stocks	−$79,645

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$825,027
Minus 6% selling cost	−$49,502
Minus loan still owedTenants' rent paid down all $254,925 of principal by year 30	$0
Plus rental profits, invested at 7%$5,295 of profit by year 30, before investment growth	$5,728
What you'd walk away with	$781,253
If you put the same money in stocks
Cash to close ($95,172) invested at 7%	$724,474
Monthly shortfalls ($122,226 total by yr 30) investedThe money you'd have put into the building while it lost money	$537,791
What you'd walk away with	$1,262,264
Building minus stocks	−$481,011

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$800,754
Minus 6% selling cost	−$48,045
Minus loan still owedTenants' rent paid down all $247,425 of principal by year 30	$0
Plus rental profits, invested at 7%$83,434 of profit by year 30, before investment growth	$122,608
What you'd walk away with	$875,316
If you put the same money in stocks
Cash to close ($92,372) invested at 7%	$703,159
Monthly shortfalls ($35,091 total by yr 30) investedThe money you'd have put into the building while it lost money	$196,744
What you'd walk away with	$899,904
Building minus stocks	−$24,588

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$800,754
Minus 6% selling cost	−$48,045
Minus loan still owedTenants' rent paid down all $247,425 of principal by year 30	$0
Plus rental profits, invested at 7%$8,576 of profit by year 30, before investment growth	$9,573
What you'd walk away with	$762,282
If you put the same money in stocks
Cash to close ($92,372) invested at 7%	$703,159
Monthly shortfalls ($107,544 total by yr 30) investedThe money you'd have put into the building while it lost money	$485,075
What you'd walk away with	$1,188,235
Building minus stocks	−$425,953

Future dollars. At 3% inflation, divide year-30 figures by about 2.4 for today's buying power. Rental profits are assumed invested, not spent.

30 years: this property vs. the same money in stocks

This propertyStocks at 7%

Year 30 (loan paid off): property $846K, stocks $925K. Stocks win.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-04. The estimate is the median asking rent of every rental we found nearby (the count is shown for each); houses are left out. Asking rents from Realtor.com rental listings, not signed leases.

3 bed estimate $1,750/mo · range $1,600–$1,900 · 6 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1124 Minnehaha Ave E Apt 1, Saint Paul	$1,750	3 / 1	832	0.1 mi	2026-03-25	Apartment
Ross Ave Unit 1090, Saint Paul	$1,910	3 / 1	—	0.2 mi	2026-09-02	Apartment
1056 3rd St E, Saint Paul	$1,695	3 / 1	925	0.5 mi	2026-09-17	Apartment
1056 3rd St E, Saint Paul	$1,695	3 / 1	925	0.5 mi	2026-08-20	Apartment
1428 7th St E, Saint Paul	$1,871	3 / 2	1,205	0.6 mi	2025-01-03	Apartment
1465 Minnehaha Ave E Apt 1, Saint Paul	$1,200	3 / 1	950	0.7 mi	—	Apartment

2 bed estimate $1,300/mo · range $1,175–$1,425 · 7 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1428 7th St E, Saint Paul	$1,624	2 / 1	835	0.6 mi	2025-01-03	Apartment
1439 7th St E, Saint Paul	$1,400	2 / 1	—	0.7 mi	2026-07-02	Apartment
1351 Conway St, Saint Paul	$1,179	2 / 1	756	0.7 mi	2024-06-02	Apartment
1348 Ames Ave, Saint Paul	$1,275	2 / 1	800	0.7 mi	2025-12-18	Apartment
1430 York Ave, Saint Paul	$1,155	2 / 1	835	0.7 mi	2024-04-26	Apartment
948 Euclid St Unit 1, Saint Paul	$1,400	2 / 1	972	0.7 mi	2026-09-23	Apartment
1267 Cook Ave E, Saint Paul	$995	2 / 1	800	0.7 mi	2025-01-03	Apartment

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: Realtor.com rental listings. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

mediumAsking is $110,908 above the price where cash flow breaks even ($228,992) at the default scenario. Based on: Derived: price $339,900 vs. break-even $228,992
mediumRental license shows renewal due and expired in 2025; confirm it is current and the 2-unit status is legal. Based on: data: city.rental_license · AI review
mediumPrice is far above the last sale ($218K in 2016) and above the county market value, with 74 days on market. Based on: data: county.last_sale_price · AI review
low$432 in special assessments on the payable 2026 tax bill (often street, sewer or code-enforcement charges). Ask what they're for, whether they continue, and whether the seller pays them off at closing. Public record: Ramsey County parcel 282922430102: special assessments (payable 2026) = $432.50
lowListing is written for owner-occupants and short-term rental. Short-term rental may not be allowed here, and it isn't a basis for underwriting rent. Listing says: This property is absolutely ideal for owner occupant, off site landlord, or short term rental · AI review

Opportunities

Both units are vacant, so you can set rents and screen tenants fresh. Without sitting tenants the 3% cap isn't a constraint at lease-up. Listing says: Both units vacant. · AI review
Garage has an unfinished second level that could add storage or workshop space. Listing says: second level above that could be finished or just used for storage · AI review
Tenants pay their own heat and electric, so owner expenses stay low. Listing says: Both units pay for their own heat and electric. · AI review

Questions for the agent

Who did the roof, and can I see the permit, invoice and warranty?
What inspections show the 'exceptional condition', and can I get the reports?
What are the $432 special assessments for, and does the seller pay them at closing?
What are the lower unit's bed and bath counts, square footage and last rent?
Is the rental license current, and has the city inspected recently?
Why vacant for 74 days, and is the seller open to a price cut?

Bottom line

Nice-looking, well-kept duplex, but at $339,900 it loses about $590 a month as a rental and only works as an owner-occupant buy or at a much lower price. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)	$7,992
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,805
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$170
Heat / mo Assumptionassumption. tenants pay heat; confirm with the agent	$0
Lawn care / mo Assumptionassumption. $120/mo for 6 months, spread over 12; no snow removal	$60
Repairs / capital reserve Rulerule. built 1917: +1 pt capital reserve	8% / 9%

Status history

2026-07-23New at $339,900

County record Public record

Recorded as	two family dwelling - up/dwn
Living units	2
Year built	1917
Market value (2026)	$344,800
Property tax, payable 2026	$7,992
Special assessments	$432
Homestead	no
Last sale	2016-05-26 · $218,000

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 2 Units: 2 unit(s), B, status renewal due, renews 2025-05-13.

Nearest highway

I 94;US 10;US 61, about 1249 m away.

Crime in Dayton's Bluff

971 incidents in the last 12 months (52 per 1,000 residents), −6% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.