437 Wheeler St N

Saint Paul, MN · Union Park (Merriam Park, Snelling-Hamline, Lexington-Hamline) · Find the listing ↗

Asking price: $375,000
Monthly cash flow: −$254
Estimated rent: $4,275/mo
Break-even price: $327,271

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

2 bed / 1 bath (est.)$1,100 $850–$1,375
2 bed / 1 bath (est.)$1,100 $850–$1,375
2 bed / 1 bath (est.)$1,100 $850–$1,375
1 bed / 1 bath (est.)$975 $800–$1,175

RentCast long-term rent estimate per unit, with our adjustments listed below. Confidence: medium. As of 2026-10-02. See the comparable rentals ↓

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

Price: $375,000
Monthly cash flow: −$254
Cash to close: $86,250
Cap rate: 5.6%
Cash-on-cash: −3.5%
DSCR: 0.87×
GRM: 7.3
Price per unit: $93,750
Price that breaks even: $327,271
Rent that breaks even: $4,605/mo
Cash flow turns positive: year 7
Year 30: property vs stocks: $1.22M vs $721K

Monthly breakdown

Rent	$4,275
Vacancy (6%)	−$257
Collected	$4,018
Property tax Public record	−$738
Insurance Estimate	−$412
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$342
Capital reserve (9% of rent)	−$385
Net operating income	$1,742
Mortgage (principal + interest)	−$1,996
Cash flow	−$254
Principal paid down (equity, not cash)	$254

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 $1.22M, stocks $721K. The property wins.

How those totals add up

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$910,223
Minus 6% selling cost	−$54,613
Minus loan still owedTenants' rent paid down all $337,500 of principal by year 30	$0
Plus rental profits, invested at 7%$145,722 of profit by year 30, before investment growth	$225,281
What you'd walk away with	$1,080,891
If you put the same money in stocks
Cash to close ($48,750) invested at 7%	$371,097
Monthly shortfalls ($45,018 total by yr 30) investedThe money you'd have put into the building while it lost money	$269,015
What you'd walk away with	$640,112
Building minus stocks	$440,779

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$910,223
Minus 6% selling cost	−$54,613
Minus loan still owedTenants' rent paid down all $337,500 of principal by year 30	$0
Plus rental profits, invested at 7%$24,865 of profit by year 30, before investment growth	$29,532
What you'd walk away with	$885,142
If you put the same money in stocks
Cash to close ($48,750) invested at 7%	$371,097
Monthly shortfalls ($130,637 total by yr 30) investedThe money you'd have put into the building while it lost money	$635,834
What you'd walk away with	$1,006,932
Building minus stocks	−$121,790

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$885,951
Minus 6% selling cost	−$53,157
Minus loan still owedTenants' rent paid down all $328,500 of principal by year 30	$0
Plus rental profits, invested at 7%$159,999 of profit by year 30, before investment growth	$254,399
What you'd walk away with	$1,087,193
If you put the same money in stocks
Cash to close ($47,450) invested at 7%	$361,202
Monthly shortfalls ($37,469 total by yr 30) investedThe money you'd have put into the building while it lost money	$228,519
What you'd walk away with	$589,721
Building minus stocks	$497,472

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$885,951
Minus 6% selling cost	−$53,157
Minus loan still owedTenants' rent paid down all $328,500 of principal by year 30	$0
Plus rental profits, invested at 7%$31,603 of profit by year 30, before investment growth	$38,637
What you'd walk away with	$871,431
If you put the same money in stocks
Cash to close ($47,450) invested at 7%	$361,202
Monthly shortfalls ($115,550 total by yr 30) investedThe money you'd have put into the building while it lost money	$575,327
What you'd walk away with	$936,528
Building minus stocks	−$65,097

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$910,223
Minus 6% selling cost	−$54,613
Minus loan still owedTenants' rent paid down all $300,000 of principal by year 30	$0
Plus rental profits, invested at 7%$210,665 of profit by year 30, before investment growth	$368,924
What you'd walk away with	$1,224,534
If you put the same money in stocks
Cash to close ($86,250) invested at 7%	$656,557
Monthly shortfalls ($10,020 total by yr 30) investedThe money you'd have put into the building while it lost money	$64,589
What you'd walk away with	$721,146
Building minus stocks	$503,388

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$910,223
Minus 6% selling cost	−$54,613
Minus loan still owedTenants' rent paid down all $300,000 of principal by year 30	$0
Plus rental profits, invested at 7%$58,676 of profit by year 30, before investment growth	$79,082
What you'd walk away with	$934,692
If you put the same money in stocks
Cash to close ($86,250) invested at 7%	$656,557
Monthly shortfalls ($64,508 total by yr 30) investedThe money you'd have put into the building while it lost money	$337,316
What you'd walk away with	$993,873
Building minus stocks	−$59,181

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$885,951
Minus 6% selling cost	−$53,157
Minus loan still owedTenants' rent paid down all $292,000 of principal by year 30	$0
Plus rental profits, invested at 7%$226,385 of profit by year 30, before investment growth	$408,065
What you'd walk away with	$1,240,859
If you put the same money in stocks
Cash to close ($83,950) invested at 7%	$639,049
Monthly shortfalls ($6,579 total by yr 30) investedThe money you'd have put into the building while it lost money	$43,398
What you'd walk away with	$682,447
Building minus stocks	$558,412

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$885,951
Minus 6% selling cost	−$53,157
Minus loan still owedTenants' rent paid down all $292,000 of principal by year 30	$0
Plus rental profits, invested at 7%$67,927 of profit by year 30, before investment growth	$94,280
What you'd walk away with	$927,074
If you put the same money in stocks
Cash to close ($83,950) invested at 7%	$639,049
Monthly shortfalls ($54,597 total by yr 30) investedThe money you'd have put into the building while it lost money	$292,183
What you'd walk away with	$931,231
Building minus stocks	−$4,157

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$910,223
Minus 6% selling cost	−$54,613
Minus loan still owedTenants' rent paid down all $281,250 of principal by year 30	$0
Plus rental profits, invested at 7%$248,592 of profit by year 30, before investment growth	$466,463
What you'd walk away with	$1,322,073
If you put the same money in stocks
Cash to close ($105,000) invested at 7%	$799,287
Monthly shortfalls ($3,039 total by yr 30) investedThe money you'd have put into the building while it lost money	$20,726
What you'd walk away with	$820,013
Building minus stocks	$502,060

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$910,223
Minus 6% selling cost	−$54,613
Minus loan still owedTenants' rent paid down all $281,250 of principal by year 30	$0
Plus rental profits, invested at 7%$81,519 of profit by year 30, before investment growth	$117,849
What you'd walk away with	$973,459
If you put the same money in stocks
Cash to close ($105,000) invested at 7%	$799,287
Monthly shortfalls ($42,442 total by yr 30) investedThe money you'd have put into the building while it lost money	$234,681
What you'd walk away with	$1,033,968
Building minus stocks	−$60,509

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$885,951
Minus 6% selling cost	−$53,157
Minus loan still owedTenants' rent paid down all $273,750 of principal by year 30	$0
Plus rental profits, invested at 7%$264,888 of profit by year 30, before investment growth	$511,858
What you'd walk away with	$1,344,652
If you put the same money in stocks
Cash to close ($102,200) invested at 7%	$777,972
Monthly shortfalls ($1,371 total by yr 30) investedThe money you'd have put into the building while it lost money	$9,561
What you'd walk away with	$787,533
Building minus stocks	$557,119

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$885,951
Minus 6% selling cost	−$53,157
Minus loan still owedTenants' rent paid down all $273,750 of principal by year 30	$0
Plus rental profits, invested at 7%$91,871 of profit by year 30, before investment growth	$136,860
What you'd walk away with	$969,653
If you put the same money in stocks
Cash to close ($102,200) invested at 7%	$777,972
Monthly shortfalls ($34,831 total by yr 30) investedThe money you'd have put into the building while it lost money	$197,131
What you'd walk away with	$975,104
Building minus stocks	−$5,451

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.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-02. The estimate above is RentCast's, weighted toward the closest matches.

2 bed / 1 bath estimate $1,100/mo · range $850–$1,375

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
418 Pierce St N, Saint Paul 55104 off market	$950	2 / 1	—	0.2 mi	2026-06-17	94%
613 Snelling Ave N, Saint Paul 55104	$1,600	2 / 1	—	0.5 mi	2026-04-14	93%
1702 Hague Ave, Apt 3, Saint Paul 55104 off market	$1,249	2 / 1	—	0.6 mi	2026-07-07	93%
1702 Hague Ave, Saint Paul 55104 off market	$1,249	2 / 1	—	0.6 mi	2025-11-03	93%
619-625 Snelling Ave N, Saint Paul 55104 off market	$500	1 / 1	3,000	0.5 mi	2022-05-17	86%
1905-07 Feronia Ave, Saint Paul 55104	$1,000	1 / 1	—	0.2 mi	2026-04-14	84%
1757 Thomas Ave W, Unit 9, Saint Paul 55104 off market	$975	1 / 1	—	0.3 mi	2026-04-30	84%
1670 Marshall Ave, Saint Paul 55104	$1,050	1 / 1	—	0.5 mi	2025-05-28	84%
1705 Hague Ave, Saint Paul 55104 off market	$1,175	1 / 1	—	0.6 mi	2026-03-18	84%
1702 Hague Ave, Apt 4, Saint Paul 55104 off market	$1,125	1 / 1	—	0.6 mi	2026-03-20	84%

1 bed / 1 bath estimate $975/mo · range $800–$1,175

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
619-625 Snelling Ave N, Saint Paul 55104 off market	$500	1 / 1	3,000	0.5 mi	2022-05-17	95%
1905-07 Feronia Ave, Saint Paul 55104	$1,000	1 / 1	—	0.2 mi	2026-04-14	94%
1757 Thomas Ave W, Unit 9, Saint Paul 55104 off market	$975	1 / 1	—	0.3 mi	2026-04-30	93%
1670 Marshall Ave, Saint Paul 55104	$1,050	1 / 1	—	0.5 mi	2025-05-28	93%
1705 Hague Ave, Saint Paul 55104 off market	$1,175	1 / 1	—	0.6 mi	2026-03-18	93%
1702 Hague Ave, Apt 4, Saint Paul 55104 off market	$1,125	1 / 1	—	0.6 mi	2026-03-20	93%
293 Wilder St N, Saint Paul 55104	$1,300	1 / 1	5,121	0.6 mi	2026-09-26	92%
432 N Dewey St, Saint Paul 55104 off market	$925	0 / 1	—	0.2 mi	2026-06-24	84%
1693 Sherburne Ave, Saint Paul 55104	$950	0 / 1	—	0.2 mi	2026-09-15	84%
418 Pierce St N, Saint Paul 55104 off market	$950	2 / 1	—	0.2 mi	2026-06-17	84%

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

Red flags and opportunities

Watch for

medium$1,513 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 332923420041: special assessments (payable 2026) = $1,513.32

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 114 days on market, 1 price cuts

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)	$8,859
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,940
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 1900: +1 pt capital reserve	8% / 9%

County record Public record

Recorded as	apartments 4-6 rental units
Living units	4
Year built	1900
Market value (2026)	$422,400
Property tax, payable 2026	$8,859
Special assessments	$1,513
Homestead	no
Last sale	2019-06-26 · $361,000

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 3+ Units: 4 unit(s), A, status pending, renews 2028-01-05.

Nearest highway

I 94, about 264 m away.

Crime in Union Park

1,613 incidents in the last 12 months (84 per 1,000 residents), −27% vs. the year before. St. Paul police incidents, excluding proactive visits and community events. Union Park's incident count includes the Midway retail corridor, which inflates the per-resident rate.

Status history

2025-04-10Price cut at $375,000 (was $435,000) · from listing history
2026-06-10New at $375,000