My Fourplex in the Patch Neighborhood South Saint Louis

[Andrew Moore]

People say around here... You can think about it or just do it... We'll I did it. I currently live outside of the US, own two rentals in Colorado and slowly working my way into real estate. With recommendations found here on BP I found Peter owner STL Mogul Realty. Brian with STL Mogul was an AWESOME agent and worked hard answering my questions and helping to find the property. Time zones and some turn-over at STL have made things interesting with STL Mogul management, I'll post a more detailed review for STL Mogul Realty at a later date.

Having NOT been to the area, I was/am really relying on the input of my agent, but obviously it fall on me. My agent said it was "Not great and not too bad." I hope not to be one of "those" out of state buyers, who overpay for properties, but I wanted to do something and this seems better than lottery tickets.  Time will tell.

Property is off South Broadway Sold For $142,500. Four 2 bed 1 bath units with two driveways and two garages. Garages can rent for $50-$75 each. Property is almost turnkey with some exterior differed maintenance and a couple water heaters.

I'll spare the details and keep the numbers simple.

Property without garage income.

Units leased for $625 each ($2500)

MGT 10% Vacancy 10% Repairs 10% Maintenance 5% =$875

Expenses = Water, Sewer, Electric (common area), Yard = $300

PITI= $780

Monthly Cash flow $545 = 14-15% CoC

+ garage income closer to 16-17% CoC

Hoping for a little appreciation to cover my closing costs and selling expenses down the road. 

Time will tell!

[Janett Lewis]

Well done! I live in St. Louis and have several SFR. I can't wait to move into Multifamily. I have partnered up with a contractor here and I'm excited about the developments happening all around this area. I think over the next 5 years we should see some appreciation. The affordability makes it a nice place to live. Coming from San Diego CA the houses are GREAT values.