729 Shenandoah Ave · St. Louis, MO 63104

$399,999

None bd · None ba · 6,399 sqft · MultiFamily public records · 42 Days on market

Built 1892 4,425 sqft lot $63/sqft · 32% below area Est $592k · 32% under

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• Rent growth +4.4/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Built 1892 this multi-unit building has the makings of 3 townhouses. 729 and 731 are mostly gutted and ready for rehab.  731 1/2 has 3 units and is occupied.  New roof, new copper water service, tuckpointing in good condition.

Key facts

• Multi-unit building
• New roof
• 4,425 sq ft lot

Tags

• MULTI-UNIT BUILDING
• NEW ROOF
• NEW COPPER WATER SERVICE
• TUCKPOINTING IN GOOD CONDITION

Property features AI

Finance

• Other: Approximately 0.1016-acre lot
• Financial info: Annual property tax reported for 2025

Exterior

• Home design: Residential income property; Five-family (5+ units)
• Construction: Brick construction
• Exterior features: Located in the Soulard neighborhood

Interior

• Bedrooms: No main or upper-level bedrooms listed
• Bathrooms: No main or upper-level bathrooms listed
• Heating & cooling: Ceiling fans; Wall/window air conditioning units
• Interior features: Ceiling fans; Wall/window air conditioning units

What this means for you Summary

Snapshot

• This is a multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $400k).
• Recommended offer: $388k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.5% vs local median 5.0% in St. Louis — 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.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• St. Louis City (urban): math 10% / reading 18% proficiency, ranked #312 of 324 in MO (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Adams Elem. (math 2% / reading 8%, grade F, #1,072 of 1,115 statewide, top 98%, 174 students, 98% FRL); Gateway Middle (math 0% / reading 8%, grade F, #389 of 391 statewide, top 100%, 506 students, 99% FRL); Beaumont Cte High School (math 5% / reading 5%, grade F, #517 of 521 statewide, top 100%, 236 students, 99% FRL) — zoned schools average 99% FRL vs 80% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+7.5%/yr); 165 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 294 units permitted in St. Louis city in 2024 (227 in 5+ unit buildings).
• At $5,804/mo this rent would consume 101% of the median local household income ($69k/yr) (locally 1429% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• St. Louis County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 7.5% rent growth), your $112k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($388k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1892 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $387,999 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1892 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
5. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
6. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.45% ✓
• Cap rate: 12.53%
• Cash-on-cash: 22.27%
• DSCR: 1.99
• GRM: 5.7

CMA / ARV

• ARV (median comp): $592,500
• List price: $399,999
• Delta: -32.49%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1022 Russell Blvd	0.18mi	12/10.0	6,528 (+2%)	9mo	$850,000	$130	81
2337 S 7th St	0.11mi	6/6.0	6,996 (+9%)	5mo	$575,000	$82	75
2016 S 9th St	0.16mi	6/6.0	5,500 (-14%)	3mo	$400,000	$73	67
2401 S 11th	0.27mi	12/13.0	5,700 (-11%)	6mo	$689,900	$121	64
912 Lafayette Ave	0.45mi	36/36.0	6,000 (-6%)	9mo	$750,000	$125	61

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 7.52% rent growth · sell at horizon

5-year hold

• IRR: 19.8%
• Equity multiple: 1.85×
• Total profit: $95,074
• Equity at exit: $59,641

10-year hold

• IRR: 30.9%
• Equity multiple: 4.37×
• Total profit: $377,283
• Equity at exit: $34,585

Cash invested: $112,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 81 Strongly Landlord-Friendly
• State Missouri: 81 Strongly Landlord-Friendly · R+10
• County: — inherits STATE
• City: — inherits STATE

Generally landlord-friendly; St Louis has some habitability requirements.

Methodology + full state rankings →

ZIP-level market 63104

• Rents YoY: 7.5%
• Active inventory: 165
• Price-to-rent: 17.2×

Monthly cashflow live

• Estimated rent: $5,804 high
• Mortgage (P&I): −$2,098
• Tax from tax record: −$243 /mo · $2,911/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,219
• Net cashflow: $2,078

Break-even live

Break-even rent $3,173

Max offer price $399,999

Occupancy floor 59%

Sensitivity live

Price	-10% $2,305	-5% $2,191	+0% $2,078	+5% $1,965	+10% $1,852
Rent	-10% $1,620	-5% $1,849	+0% $2,078	+5% $2,307	+10% $2,537
Rate	-1.0pp $2,280	-0.5pp $2,180	base $2,078	+0.5pp $1,975	+1.0pp $1,869

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,805
Total (3 units)			$5,804

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2303-2305 Russell Blvd St. Louis, MO	2.0	1.0	6204	$1,380	$0.22	16d	1	0.87mi

Listing history 15 events

1. 2026-06-17
   status $399,999 Pending 42 DOM
2. 2026-06-17
   days on market $399,999 Active Under Contract 42 DOM
3. 2026-06-16
   days on market $399,999 Active Under Contract 41 DOM
4. 2026-06-15
   days on market $399,999 Active Under Contract 40 DOM
5. 2026-06-13
   days on market $399,999 Active Under Contract 38 DOM
6. 2026-06-09
   days on market $399,999 Active Under Contract 34 DOM
7. 2026-06-08
   days on market $399,999 Active Under Contract 33 DOM
8. 2026-06-07
   days on market $399,999 Active Under Contract 32 DOM
9. 2026-06-05
   days on market $399,999 Active Under Contract 29 DOM
10. 2026-06-03
    days on market $399,999 Active Under Contract 28 DOM
11. 2026-06-02
    days on market $399,999 Active Under Contract 27 DOM
12. 2026-06-01
    days on market $399,999 Active Under Contract 26 DOM
13. 2026-05-31
    days on market $399,999 Active Under Contract 25 DOM
14. 2026-05-07
    historical Active Under Contract 236-char remark
15. 2026-05-06
    listed $399,999 Active 236-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MO · Resets to sale price

• Current annual tax: $2,911 · $243/mo
• Projected year-2 tax: $3,880 · $323/mo
• Expected delta: +$969/yr (+$81/mo · 33.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥109°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $69,648
• − Mortgage interest: −$22,406
• − Property taxes: −$2,911
• − Insurance: −$2,000
• − Repairs & maintenance: −$5,572
• − Management: −$5,572
• − Depreciation: −$11,636
• Taxable income: $19,550
• Est. tax owed @ 24.0%: −$4,692
• After-tax cash flow: $20,247/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: St. Louis City
• NCES district ID: 2929280
• Math proficiency: 10% ▼ -6.00%
• Reading proficiency: 18% ▼ -3.00%
• Median HH income: $35,685
• Composite: 11.54/100
• National rank: #9699
• State rank: #312 of 324 in MO

Livability — St. Louis

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: St. Louis, MO
• County: Saint Louis City · 254,015 people
• City population: 283,259
• Metro: St. Louis, MO-IL
• Population (ZIP): 19,007
• Household income: $68,764
• Rent vs Own: 55.1% rent · 44.9% own
• Severe rent burden: 1429.0

Population outlook (St. Louis County) Hauer SSP2

• Today (2025): 315,737 people
• By 2030: 313,865 · -0.6%
• By 2040: 305,439 · -3.3%
• By 2050: 296,529 · -6.1%
• By 2075: 271,028 · -14.2%
• By 2100: 255,359 · -19.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 51% Black 37% Two or more races 6% Hispanic / Latino 4% Asian 2%
• Common ancestry: Romanian 3% Lithuanian 3% Slovak 2%
• Foreign-born: 5% · Canada
• Languages at home: 93% English-only · Other Indo-European 2% Spanish 1% German/W. Germanic 1%

Political lean MEDSL · St. Louis

• 2024 margin: Solid D (+64.7) · D 81.4% · R 16.7% · Other 2.0%
• 2008→2024 swing: -3.5pp toward R · 2008: 68.2pp · 2024: 64.7pp
• All cycles: 2024: D+64.7 2020: D+66.2 2016: D+63.7 2012: D+66.6 2008: D+68.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -159.69%
• Current HPI: 252.3452
• Rent YoY: ▲ 7.52%
• Metro: St. Louis, MO-IL
• State GDP YoY: ▲ 1.84%
• F500 in state: 20

Industry mix (Fortune 500 HQ in MO)

Industry	F500 HQs	Revenue
▸Healthcare	1	$163B
▸Insurance	1	$21B
▸Industrial Technology	1	$17B
▸Retail	1	$16B
▸Industrial Distribution	1	$10B
▸Utilities	1	$9B

Price history

3 events — show timeline

• 2026-06-17 Pending — MARIS as Distributed by MLS Grid
• 2026-05-07 Contingent — MARIS as Distributed by MLS Grid
• 2026-05-06 Listed $399,999 MARIS as Distributed by MLS Grid

Property tax history

-2.0%/yr

Latest (2024): $2,911 · +4.8% YoY. Source: county tax records.