688 Magnolia Ave E

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

Cash flows

Asking price: $169,900
Monthly cash flow: $520
Estimated rent: $2,750/mo
Break-even price: $267,686

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.)$1,375 $1,225–$1,525
2 bed / 1 bath (est.)$1,375 $1,225–$1,525

RentCast long-term rent estimate per unit, with our adjustments listed below. Confidence: medium.

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

Price: $169,900
Monthly cash flow: $520
Cash to close: $39,077
Cap rate: 10.1%
Cash-on-cash: 16.0%
DSCR: 1.58×
GRM: 5.1
Price per unit: $84,950
Price that breaks even: $267,686
Rent that breaks even: $2,074/mo
Cash flow turns positive: year 1
Year 30: property vs stocks: $1.52M vs $297K

Monthly breakdown

Rent	$2,750
Vacancy (6%)	−$165
Collected	$2,585
Property tax Public record	−$260
Insurance Estimate	−$203
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$220
Capital reserve (9% of rent)	−$248
Net operating income	$1,425
Mortgage (principal + interest)	−$904
Cash flow	$520
Principal paid down (equity, not cash)	$115

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 $1.52M, stocks $297K. The property wins.

How those totals add up

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$412,392
Minus 6% selling cost	−$24,744
Minus loan still owedTenants' rent paid down all $152,910 of principal by year 30	$0
Plus rental profits, invested at 7%$408,925 of profit by year 30, before investment growth	$969,658
What you'd walk away with	$1,357,307
If you put the same money in stocks
Cash to close ($22,087) invested at 7%	$168,132
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$168,132
Building minus stocks	$1,189,175

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$412,392
Minus 6% selling cost	−$24,744
Minus loan still owedTenants' rent paid down all $152,910 of principal by year 30	$0
Plus rental profits, invested at 7%$276,104 of profit by year 30, before investment growth	$607,772
What you'd walk away with	$995,420
If you put the same money in stocks
Cash to close ($22,087) invested at 7%	$168,132
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$168,132
Building minus stocks	$827,288

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$388,119
Minus 6% selling cost	−$23,287
Minus loan still owedTenants' rent paid down all $143,910 of principal by year 30	$0
Plus rental profits, invested at 7%$430,751 of profit by year 30, before investment growth	$1,039,271
What you'd walk away with	$1,404,103
If you put the same money in stocks
Cash to close ($20,787) invested at 7%	$158,236
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$158,236
Building minus stocks	$1,245,867

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$388,119
Minus 6% selling cost	−$23,287
Minus loan still owedTenants' rent paid down all $143,910 of principal by year 30	$0
Plus rental profits, invested at 7%$297,930 of profit by year 30, before investment growth	$677,385
What you'd walk away with	$1,042,217
If you put the same money in stocks
Cash to close ($20,787) invested at 7%	$158,236
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$158,236
Building minus stocks	$883,981

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$412,392
Minus 6% selling cost	−$24,744
Minus loan still owedTenants' rent paid down all $135,920 of principal by year 30	$0
Plus rental profits, invested at 7%$454,205 of profit by year 30, before investment growth	$1,127,357
What you'd walk away with	$1,515,005
If you put the same money in stocks
Cash to close ($39,077) invested at 7%	$297,464
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$297,464
Building minus stocks	$1,217,541

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$412,392
Minus 6% selling cost	−$24,744
Minus loan still owedTenants' rent paid down all $135,920 of principal by year 30	$0
Plus rental profits, invested at 7%$321,384 of profit by year 30, before investment growth	$765,470
What you'd walk away with	$1,153,118
If you put the same money in stocks
Cash to close ($39,077) invested at 7%	$297,464
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$297,464
Building minus stocks	$855,654

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$388,119
Minus 6% selling cost	−$23,287
Minus loan still owedTenants' rent paid down all $127,920 of principal by year 30	$0
Plus rental profits, invested at 7%$473,366 of profit by year 30, before investment growth	$1,187,688
What you'd walk away with	$1,552,520
If you put the same money in stocks
Cash to close ($36,777) invested at 7%	$279,956
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$279,956
Building minus stocks	$1,272,564

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$388,119
Minus 6% selling cost	−$23,287
Minus loan still owedTenants' rent paid down all $127,920 of principal by year 30	$0
Plus rental profits, invested at 7%$340,545 of profit by year 30, before investment growth	$825,801
What you'd walk away with	$1,190,633
If you put the same money in stocks
Cash to close ($36,777) invested at 7%	$279,956
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$279,956
Building minus stocks	$910,677

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$412,392
Minus 6% selling cost	−$24,744
Minus loan still owedTenants' rent paid down all $127,425 of principal by year 30	$0
Plus rental profits, invested at 7%$474,551 of profit by year 30, before investment growth	$1,191,421
What you'd walk away with	$1,579,069
If you put the same money in stocks
Cash to close ($47,572) invested at 7%	$362,130
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$362,130
Building minus stocks	$1,216,939

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$412,392
Minus 6% selling cost	−$24,744
Minus loan still owedTenants' rent paid down all $127,425 of principal by year 30	$0
Plus rental profits, invested at 7%$341,730 of profit by year 30, before investment growth	$829,534
What you'd walk away with	$1,217,183
If you put the same money in stocks
Cash to close ($47,572) invested at 7%	$362,130
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$362,130
Building minus stocks	$855,053

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$388,119
Minus 6% selling cost	−$23,287
Minus loan still owedTenants' rent paid down all $119,925 of principal by year 30	$0
Plus rental profits, invested at 7%$492,514 of profit by year 30, before investment growth	$1,247,981
What you'd walk away with	$1,612,813
If you put the same money in stocks
Cash to close ($44,772) invested at 7%	$340,816
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$340,816
Building minus stocks	$1,271,997

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$388,119
Minus 6% selling cost	−$23,287
Minus loan still owedTenants' rent paid down all $119,925 of principal by year 30	$0
Plus rental profits, invested at 7%$359,693 of profit by year 30, before investment growth	$886,095
What you'd walk away with	$1,250,927
If you put the same money in stocks
Cash to close ($44,772) invested at 7%	$340,816
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$340,816
Building minus stocks	$910,111

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

mediumNo rental certificate (CofO) on file in the city's data. Ask whether the building is licensed as a rental and when it was last inspected. Public record: St. Paul Certificate of Occupancy – Residential: no record for 688 MAGNOLIA AVE E (dataset last updated mid-2025)
mediumBought for $115,000 in Sep 2026; asking is 48% more 1 months later. Ask what was done to justify the jump. Public record: Ramsey County parcel 292922130004: last sale 2026-09-04, $115,000
low$800 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 292922130004: special assessments (payable 2026) = $800.00

Opportunities

None found.

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)	$3,118
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,435
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 1884: +1 pt capital reserve	8% / 9%

County record Public record

Recorded as	two family dwelling - up/dwn
Living units	2
Year built	1884
Market value (2026)	$221,800
Property tax, payable 2026	$3,118
Special assessments	$800
Homestead	no
Last sale	2026-09-04 · $115,000

Source: Ramsey County parcel records.

City rental certificate (CofO)

No record in St. Paul Certificate of Occupancy – Residential (dataset last updated mid-2025).

Nearest highway

I 35E;US 10, about 1337 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

2026-09-22New at $169,900