661 Payne Ave

Saint Paul, MN · Payne – Phalen (Railroad Island) · Listing office ↗ · Find the listing ↗

Asking price: $475,000
Monthly cash flow: −$244
Estimated rent: $4,200/mo
Break-even price: $429,065

Adjust these numbers in the calculator See the full breakdown

The numbers

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

Estimated rent per unit Estimate

1 bed / 1 bath (est.)$1,050 $900–$1,200
1 bed / 1 bath (est.)$1,050 $900–$1,200
1 bed / 1 bath (est.)$1,050 $900–$1,200
1 bed / 1 bath (est.)$1,050 $900–$1,200

Rough screening estimate from bedroom count only ($750 + $300 per bedroom, ±15%). Not comparable-rental data; a RentCast estimate replaces it for the top candidates. Confidence: low.

Rent rules: Capped at 3%/yr for sitting tenants.

Price: $475,000
Monthly cash flow: −$244
Cash to close: $109,250
Cap rate: 5.8%
Cash-on-cash: −2.7%
DSCR: 0.90×
GRM: 9.4
Price per unit: $118,750
Price that breaks even: $429,065
Rent that breaks even: $4,518/mo
Cash flow turns positive: year 5
Year 30: property vs stocks: $1.73M vs $879K

Monthly breakdown

Rent	$4,200
Vacancy (6%)	−$252
Collected	$3,948
Property tax Public record	−$161
Insurance Estimate	−$390
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$336
Capital reserve (9% of rent)	−$378
Net operating income	$2,284
Mortgage (principal + interest)	−$2,528
Cash flow	−$244
Principal paid down (equity, not cash)	$322

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: this property vs. the same money in stocks

This propertyStocks at 7%

Year 30 (loan paid off): property $1.73M, stocks $879K. The property wins.

How those totals add up

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,152,950
Minus 6% selling cost	−$69,177
Minus loan still owedTenants' rent paid down all $427,500 of principal by year 30	$0
Plus rental profits, invested at 7%$264,873 of profit by year 30, before investment growth	$431,209
What you'd walk away with	$1,514,982
If you put the same money in stocks
Cash to close ($61,750) invested at 7%	$470,057
Monthly shortfalls ($43,997 total by yr 30) investedThe money you'd have put into the building while it lost money	$273,105
What you'd walk away with	$743,162
Building minus stocks	$771,820

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,152,950
Minus 6% selling cost	−$69,177
Minus loan still owedTenants' rent paid down all $427,500 of principal by year 30	$0
Plus rental profits, invested at 7%$120,362 of profit by year 30, before investment growth	$166,781
What you'd walk away with	$1,250,554
If you put the same money in stocks
Cash to close ($61,750) invested at 7%	$470,057
Monthly shortfalls ($102,339 total by yr 30) investedThe money you'd have put into the building while it lost money	$561,377
What you'd walk away with	$1,031,433
Building minus stocks	$219,121

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,128,677
Minus 6% selling cost	−$67,721
Minus loan still owedTenants' rent paid down all $418,500 of principal by year 30	$0
Plus rental profits, invested at 7%$280,681 of profit by year 30, before investment growth	$466,421
What you'd walk away with	$1,527,377
If you put the same money in stocks
Cash to close ($60,450) invested at 7%	$460,161
Monthly shortfalls ($37,979 total by yr 30) investedThe money you'd have put into the building while it lost money	$238,704
What you'd walk away with	$698,865
Building minus stocks	$828,512

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,128,677
Minus 6% selling cost	−$67,721
Minus loan still owedTenants' rent paid down all $418,500 of principal by year 30	$0
Plus rental profits, invested at 7%$131,520 of profit by year 30, before investment growth	$185,886
What you'd walk away with	$1,246,842
If you put the same money in stocks
Cash to close ($60,450) invested at 7%	$460,161
Monthly shortfalls ($91,672 total by yr 30) investedThe money you'd have put into the building while it lost money	$510,868
What you'd walk away with	$971,029
Building minus stocks	$275,813

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,152,950
Minus 6% selling cost	−$69,177
Minus loan still owedTenants' rent paid down all $380,000 of principal by year 30	$0
Plus rental profits, invested at 7%$354,528 of profit by year 30, before investment growth	$646,214
What you'd walk away with	$1,729,986
If you put the same money in stocks
Cash to close ($109,250) invested at 7%	$831,639
Monthly shortfalls ($7,060 total by yr 30) investedThe money you'd have put into the building while it lost money	$47,222
What you'd walk away with	$878,861
Building minus stocks	$851,125

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,152,950
Minus 6% selling cost	−$69,177
Minus loan still owedTenants' rent paid down all $380,000 of principal by year 30	$0
Plus rental profits, invested at 7%$185,767 of profit by year 30, before investment growth	$287,269
What you'd walk away with	$1,371,042
If you put the same money in stocks
Cash to close ($109,250) invested at 7%	$831,639
Monthly shortfalls ($41,153 total by yr 30) investedThe money you'd have put into the building while it lost money	$240,977
What you'd walk away with	$1,072,616
Building minus stocks	$298,426

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,128,677
Minus 6% selling cost	−$67,721
Minus loan still owedTenants' rent paid down all $372,000 of principal by year 30	$0
Plus rental profits, invested at 7%$371,198 of profit by year 30, before investment growth	$690,446
What you'd walk away with	$1,751,402
If you put the same money in stocks
Cash to close ($106,950) invested at 7%	$814,131
Monthly shortfalls ($4,569 total by yr 30) investedThe money you'd have put into the building while it lost money	$31,123
What you'd walk away with	$845,254
Building minus stocks	$906,148

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,128,677
Minus 6% selling cost	−$67,721
Minus loan still owedTenants' rent paid down all $372,000 of principal by year 30	$0
Plus rental profits, invested at 7%$198,540 of profit by year 30, before investment growth	$313,452
What you'd walk away with	$1,374,409
If you put the same money in stocks
Cash to close ($106,950) invested at 7%	$814,131
Monthly shortfalls ($34,766 total by yr 30) investedThe money you'd have put into the building while it lost money	$206,829
What you'd walk away with	$1,020,960
Building minus stocks	$353,449

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,152,950
Minus 6% selling cost	−$69,177
Minus loan still owedTenants' rent paid down all $356,250 of principal by year 30	$0
Plus rental profits, invested at 7%$405,662 of profit by year 30, before investment growth	$787,294
What you'd walk away with	$1,871,067
If you put the same money in stocks
Cash to close ($133,000) invested at 7%	$1,012,430
Monthly shortfalls ($1,310 total by yr 30) investedThe money you'd have put into the building while it lost money	$9,195
What you'd walk away with	$1,021,625
Building minus stocks	$849,442

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,152,950
Minus 6% selling cost	−$69,177
Minus loan still owedTenants' rent paid down all $356,250 of principal by year 30	$0
Plus rental profits, invested at 7%$225,078 of profit by year 30, before investment growth	$370,458
What you'd walk away with	$1,454,230
If you put the same money in stocks
Cash to close ($133,000) invested at 7%	$1,012,430
Monthly shortfalls ($23,581 total by yr 30) investedThe money you'd have put into the building while it lost money	$145,058
What you'd walk away with	$1,157,488
Building minus stocks	$296,742

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,128,677
Minus 6% selling cost	−$67,721
Minus loan still owedTenants' rent paid down all $348,750 of principal by year 30	$0
Plus rental profits, invested at 7%$422,753 of profit by year 30, before investment growth	$837,783
What you'd walk away with	$1,898,739
If you put the same money in stocks
Cash to close ($130,200) invested at 7%	$991,116
Monthly shortfalls ($439 total by yr 30) investedThe money you'd have put into the building while it lost money	$3,123
What you'd walk away with	$994,238
Building minus stocks	$904,501

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,128,677
Minus 6% selling cost	−$67,721
Minus loan still owedTenants' rent paid down all $348,750 of principal by year 30	$0
Plus rental profits, invested at 7%$238,384 of profit by year 30, before investment growth	$400,390
What you'd walk away with	$1,461,347
If you put the same money in stocks
Cash to close ($130,200) invested at 7%	$991,116
Monthly shortfalls ($18,923 total by yr 30) investedThe money you'd have put into the building while it lost money	$118,430
What you'd walk away with	$1,109,545
Building minus stocks	$351,802

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.

Red flags and opportunities

Watch for

mediumBought for $395,000 in Jul 2025; asking is 20% more 14 months later. Ask what was done to justify the jump. Public record: Ramsey County parcel 322922210016: last sale 2025-07-21, $395,000
low$865 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 322922210016: special assessments (payable 2026) = $865.00

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 126 days on market

Questions for the agent

Can we see the current leases and a rent roll, with move-in dates?
What did water/sewer/trash, heat and electric cost the owner over the last 12 months?
How old are the roof, boiler or furnaces, water heaters and electrical panels?
Is the building licensed as a rental for this many units, and when was the last city inspection?
Any special assessments pending, and will the seller pay them off at closing?

Standard questions worth asking about any building.

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)	$1,929
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,675
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$340
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 1884: +1 pt capital reserve	8% / 9%

County record Public record

Recorded as	apartments 4-6 rental units
Living units	4
Year built	1884
Market value (2026)	$413,100
Property tax, payable 2026	$1,929
Special assessments	$865
Homestead	no
Last sale	2025-07-21 · $395,000

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 3+ Units: 4 unit(s), B, status pending, renews 2027-09-22.

Nearest highway

I 94;US 10, about 681 m away.

Crime in Payne – Phalen

1,694 incidents in the last 12 months (51 per 1,000 residents), −10% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.

Status history

2026-05-29New at $475,000