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6 Duplexes (12 Units) Rented in St. Louis MO

Suggsted Offer $ 190,000 per duplex
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Overview

  • Updated On:
  • January 24, 2021
  • 2 Bedrooms
  • 1 Bathrooms
  • 1,440.00 ft2
  • Year Built: 1960

Property Description

 

General Info

  • There are 6 duplexes available
  • Asking is $219,000 per one duplex ($109,500 per side)
  • By grouping one or multiple investors, we plan to come in  and offer on all 6 duplexes a good-strong offer
  • Preference will be given to any investor that would by all or more than one
  • Our target offer price is 185k-190k achieving it by making offers on all 6

Next Step

  1. Questions are BEST posted as a comment below
  2. Chose which ones/ you would like to make an offer on
  3. Email or call us for more info or to make an offer.

Area/Location

SDI’s Local Realtor Remarks

  • These are located in a desirable area with good schools.
  • I have been watching these buildings for a few weeks and they just lowered the price yesterday to $219,000 which makes the numbers work.
  • I talked with the seller’s agent today and there is much more interest now at this price so I would recommend if you are interested, please let me know as soon as possible.
    She does not have any offers yet so I think we could offer less than the list price.
  • I drove by all of the duplexes today (Fri. 1/8/21)
  • Some are in better shape than others.
  • 409/411 | 413/415 | 417/419 are in a cul de sac at the end of a street of single-family homes.
  • The roofs on all of the properties seem to be older.
  • They are all brick which is positive.
  • I am hoping we could get them for lower than $219,000.

FAQ

1. Basements: Right now we don’t know if any of the basements are finished or unfinished.
2. Market rent: $850 is pretty reasonable.
3. Offer price: we could offer $205, 210k or somewhere around that and see what the seller says.
4. Known concerns: no concerns other than the roofs are older.
The property manager says it’s still a good place to have a rental.
5. Units 1112 – 2420 have a mobile home park behind them – is that an issue? Yes, there’s a mobile home park behind but there is a line of trees back there.
6. Roff and HVAC ages? waiting to hear back from the seller.
7. One seller for all duplexes? Same seller on all of them.
8. St. Charles is very popular. Good schools. Taxes are approx 1700. Lindenwood College nearby.

Duplexes specs and details

Reported Expenses
Unit Rent Deposit Lease expires 2019 Taxes Ins Main Beds Bath Sq Ft Garage Yr
409 $825 $600 8/31/21
$1,841
$700
$421
2 1 720 0 1960
411 $825 $500 8/31/21 2 1 720 0 1960
$1,650 $1,100
413* $800 $800 2/28/21
$1,643
$700
$463
2 1 720 0 1960
415 $800 $500 6/30/21 2 1 720 0 1960
$1,600 $1,300 Statues:  reserved to Y.V.
417 $850 $850 2/28/21
$1,646
$700
$562
2 1 720 0 1960
419** $850 $500 10/31/21 2 1 720 0 1960
$1,700 $1,350
1112 $875 $850 6/30/21
$1,977
$700
$1,214
2 1 744 0 1959
1114 $800 $500 12/31/21 2 1 744 0 1959
$1,675 $1,350
1204 $825 $500 12/31/21
$1,815
$700
$1,165
2 1 744 0 1959
1206 $865 $895 7/31/21 2 1 744 0 1959
$1,690 $1,395
2420 $895 $895 12/31/21
$1,882
$700
$893
2 1 744 0 1959
2422 $850 $850 4/30/21 2 1 744 0 1959
$1,745 $1,745

* not renewing the lease
** Tenant has received an eviction notice. 

 

Analysis

Pricing Indicators
Market Value $215,000
Asking $219,000
GAP $4,000
SDI’s suggested Offer per duplex $200,000
Offer-Asking GAP ($) -$19,000
Offer-Asking GAP (%) 9%
Offer-MarketValue Gap ($) -$15,000
Offer-MarketValue Gap (%) 7%
Day on Market 105
Project Annual Cashflow $4,876

 

Purchase Assumptions My Offer
Asking $219,000
Suggsted offer (low) $200,000
Suggsted offer (high) $219,000
Suggsted offer (options) $200,000
Land Value (%) 25%
Building Value (%) 75%
 Market Value (after improvements) $215,000
 Improvements (lower) $4,000
 Improvements (upper) $6,500
 Closing Costs $2,500
 Mortgage Costs $2,500
 Other Fees At Closing $295
 Total Cost $210,545

 

Financing Assumptions
 Down Payment (%) 25%
 Down Payment Amount $50,000
 Financed Amount $150,000
 Interest Rate 3.40%
 Mortgage Term (Years) 30
 Monthly Mortgage Payment $665
 Cash Outlay (Total Out of Pocket) $60,545

 

Financial Assumptions Monthly Yearly
Rent (upper) $1,695 $1,790 $21,480
Rent (lower) $1,600 $19,200
 Property Tax Rate (Approx.) 1.39%
 Property Taxes $137 $1,643
 Insurance $110 $1,320
 Repairs $160 $1,920
Variable-Cost PM 7.5%
Property Management Fee $127 $1,526
 Leasing Fee 75% $53 $636
 HOA $0 $0
 Vacancy Rate 5.0%
 Total Fixed Expenses $665 $7,986
 Total Expenses (Fixed + Mortgage) $1,331 $15,969

 

Financial Analysis / Deal Attractiveness
Years: 5
 Cap Rate 8.1%
 Net Cash Flow $24,378
 Equity Increase $62,267
 Total Gain $86,645
 Average Cash Flow/Year $4,876
 Average Cash Flow/Month $406
 Average Gain/Year $17,329
 Average ROI 143.1%
 Annual ROI 28.6%
 Projected Property Value $261,580

 

DISCLAIMER

This analysis is provided “As Is”. All the information is believed to be accurate
(except for the small effects of some simplifying assumptions),
but is not guaranteed, and depends on the values entered for the property.
This analysis is intended for the purpose of illustrative projections. The information
provided is not intended to replace or substitute for any legal, accounting,
investment, real estate, tax, or other professional advice, consultation, or service.
The author of this analysis spreadsheet is not responsible nor liable for any
damages arising from the use of the tool.

 

Area:
State/County:
Zip: 63301
Country: United States
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Property Id : 27837
Price: Suggsted Offer $ 190,000 per duplex
Property Size: 1,440.00 ft2
Rooms: 3
Bedrooms: 2
Bathrooms: 1
Year Built: 1960
Garage: 0
Garage Size: 0
Rent (mo): 1650
ROI (ann): 19
Cashflow (mo): 405
Property Taxes (mo): 1650
Insurance (mo): 110
Repairs (mo): 100
Management Fee (mo): 125
Leasing Fee (ann): 650
HOA (mo): 0
Vacancy Rate (ann): 5
walkscore60 / Somewhat Walkable more details here

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