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Great Fourplex in St. Louis (near airport)

$ 285,000 Asking
13219 Streetcar Dr,
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48
SOLD

Property Description

  • Offers are due Wed the 7th at 9 am.  Response deadline of Thurs the 8th at 9 pm.
  • Fantastic investment opportunity.
  • Clean and, well-maintained four-family property.
  • Three units are leased with long-term tenants.
  • The fourth unit has been recently updated and is available for lease.
  • All the units are 2 bed, 1 bath with individual storage areas in the basement.
  • They all have individual laundry hook-ups.
  • The units have central air.
  • There is a large parking lot in the rear of the building for tenant use.
  • All four units may be viewed with an accepted contract.
  • Note: Two units are under market because of long-term tenants.
    • Unit C, the vacant unit, has applications pending at $840/month.

The owner is also responsible to pay for:

  • According to the Seller – currently paying:
    • Water, sewer, trash. New tenants are paying $45/month and the two existing tenants will get that added this year at renewal.
    • There is a public lighting bill each month from Ameren that the owner pays.
    • Lawn care
    • Tenants are solely responsible for their electricity and gas with 2 of the units. and Spire.
  • and also:
    • The owner is paying these utilities, however, ew tenants are paying a portion with rent to cover.
    • #B – $45
    • #C – $45 when it re-rents.
    • #A and #D will get the $45 added on renewals this year.

Available documents

  • Analysis excel
  • LB disc.
  • Rental Property Rider
  • Seller disc.

SDI’s Property Manager’s Feedback

The area is ok and the units are about the right quality for the area.
It would be nicer to have the bathrooms and kitchens updated, but I think $825 is going to be your average rent amount for this area for a basic updated unit.
We manage several units similar to this one and $800-$825 is the average.
You could get $900 but you would have to do a big renovation on it to make the place feel brand new and I don’t know if it would be worth the cost.

Property Specifications Unit Per Unit (4)
 Bedrooms 2 8
 Bathrooms 1 4
 Square Feet 830 3320
 Year Built 1960
 Garage Size 0
 Schools Rating (on scale of 0-10) C

 

Purchase Assumptions My Offer Per Unit (4)
Asking $285,000 $71,250
Suggested offer (low) $265,000 $66,250
Suggested offer (high) $275,000 $68,750
Suggested offer (options) $285,000 $71,250
Land Value (%) 25%
Building Value (%) 75%
 Market Value (after improvements) $285,000
 Improvements (lower) $7,500
 Improvements (upper) $9,500 $8,500
 Closing Costs $300
 Mortgage Costs $300
 Other Fees At Closing $295
 Total Cost $294,395

 

Financing Assumptions
 Down Payment (%) 25%
 Down Payment Amount $71,250
 Financed Amount $213,750
 Interest Rate 3.75%
 Mortgage Term (Years) 30
 Monthly Mortgage Payment $990
 Cash Outlay (Total Out of Pocket) $80,645

 

Financial Assumptions Monthly Yearly %
Rent (upper) $3,360 $40,320
Rent (lower) $3,030 $36,360
 Property Tax Rate (Approx.) 1.30%
 Property Taxes $309 $3,705 10%
 Insurance $115 $1,380 4%
 Repairs $175 $2,100 5%
Variable-Cost PM 7.5%
Property Management Fee $240 $2,876 8%
 Leasing Fee $100 $1,198 3%
 HOA* $208 $2,496 7%
 Vacancy Rate 7.0%
 Total Fixed Expenses $1,353 $16,237 42%
 Total Expenses (Fixed + Mortgage) $2,343 $28,116 73%

 

Financial Analysis / Deal Attractiveness
Years: 5
 Net Cash Flow $55,630
 Equity Increase $82,956
 Total Gain $138,585
 Average Cash Flow/Year $11,126
 Average Cash Flow/Month $927
 Average Gain/Year $27,717
 Average ROI 171.8%
 Annual ROI 34.4%
 Projected Property Value $346,746
Address: 13219 Streetcar Dr
Area:
State/county:
Zip: 63043
Country: United States
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Property ID: 30600
Price: $ 285,000 Asking
Year Built: 1960
Garage: 0
Garage Size: 0
External Construction: brick
Rent (mo): 3200
ROI (ann): 19
Cashflow (mo): 930
Property Taxes (mo): 310
Insurance (mo): 115
Repairs (mo): 175
Management Fee (mo): 240
Leasing Fee (ann): 100
HOA (mo): 208
Vacancy Rate (ann): 4
walkscore2 / Car-Dependent more details here

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