9192 Vanity Fair Dr

Jennings, MO 63136

$7,900,000B

None bd · 51000.0 ba · 211,550 sqft · Built 1971 · MultiFamily · Active · 199 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $191,808/mo
• Mortgage (P&I): −$41,428
• Tax + insurance: −$13,167
• HOA: −$0
• Vac / Maint / Mgmt: −$40,280
• Net cashflow: $96,933/mo
• Annual: $1,163,198/yr
• Cap rate: 21.02%
• Cash-on-cash: 52.59%
• DSCR: 3.34
• 1% rule: 2.43%
• Cash to close: $2,212,000

Investor read

• This is a 100×2bd/1ba + 50×3bd/1ba units multifamily listed at $7.90M. Condition is rated average.
• At list price, monthly cash flow is $97k ($1.16M/yr) — positive. Per door: $646/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($192k rent vs $7.90M).
• It's been on market 199 days — a 12% lower offer ($6.95M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $6.95M (12.0% below list) — sets the bar for market timing.
• In year one you build about $354k of equity ($55k loan paydown + $299k appreciation (3.8% local appreciation)).
• Location reads 67/100 on livability (#208 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, commute A-, housing A-; Watch: schools D-, crime F, amenities F.
• Riverview Gardens (suburban): math 2% / reading 9% proficiency, ranked #324 of 324 in MO (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 90% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.0%/yr); 372 active listings in the ZIP; lower-income renter base — watch delinquency; 920 units permitted in St. Louis County in 2024 (250 in 5+ unit buildings).
• At projected returns (3.8% appreciation + 5.0% rent growth), your $2.21M cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$571k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 21.0% vs local median 12.2% in Jennings — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• At $191,808/mo this rent would consume 5593% of the median local household income ($41k/yr) (locally 3085% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 199 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?

Repairs flagged (vision-AI assessment)

• Minor: Exterior paint — Paint appears faded in some areas
• Moderate: Roof inspection — Roof may need inspection for any potential issues
• Moderate: Flooring replacement — Flooring appears worn in some areas
• Moderate: Interior paint — Paint appears faded in some areas
• Minor: Window cleaning — Windows appear functional but may need cleaning
• Moderate: HVAC inspection — No visible issues, but may need inspection