3508 Watson Rd · St. Louis, MO 63139

$1,795,000

400 bd · 410.0 ba · 11,400 sqft · MultiFamily public records · 49 Days on market

Built 1951 0.28 ac lot

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Why this score? — see what drove the C 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 +25.6/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• Rent growth +3.8/5.0
• 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: 20 units. confirmed

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

Don't miss this exceptional, fully occupied 20-unit all 1-bedroom units complex just steps from the highly sought-after St. Louis Hills neighborhood, only blocks from Lindenwood and Tilles Park. This all-brick property features individually metered, all-electric units with hardwood floors, ensuring easy maintenance and turnover. Additional income of around $6,000 annually from coin laundry and extra basement storage with a half bath boosts ROI. The building is turn-key, with a new architectural shingle pitched roof, ample parking, and a stable tenant base with potential for rent increases. Tenants enjoy the convenience of being within walking distance to public transit, shopping, and popula

Key facts

• 0.28 acre lot
• Built 1951
• Listed 49 days

Property features AI

Finance

• Financial info: Gross income approximately $184,936; Net operating income approximately $143,742
• HOA & community: 20 units in the community

Exterior

• Parking: Open parking lot (unassigned spaces)
• Security: Smoke detectors
• Utilities: Public water; Sewer connected; Ameren electric; Cable connected
• Home design: Residential income property; Five-family or larger; Two levels
• Construction: Brick construction; Basement: partial, concrete and crawl space
• Exterior features: Public water and sewer connections; Cable and electricity connected; Brick exterior; Lot about 0.277 acres; One building containing 20 units; No pool

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Twenty 1-bedroom units (units are on multiple levels)
• Bathrooms: Each unit has 1 bathroom; Basement includes bathroom(s)
• Heating & cooling: Electric heating; Wall-mounted cooling units; Ceiling fans; Other cooling features
• Interior features: Exhaust fan; Gas water heater; Smoke detectors
• Laundry & utility: Common area laundry; Other laundry features

What this means for you Summary

Snapshot

• This is a 20 × 1-bed/1-bath units multifamily listed at $1.79M.

Deal economics

• At list price, monthly cash flow is $4k ($51k/yr) — positive. Per door: $212/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $1.79M).
• Recommended offer: $1.74M (3.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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 C — 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: Mason Elem. (math 22% / reading 37%, grade F, #813 of 1,115 statewide, top 75%, 389 students, 99% FRL); Gateway Middle (math 0% / reading 8%, grade F, #389 of 391 statewide, top 100%, 506 students, 99% FRL); Roosevelt High (math 2% / reading 8%, grade F, #517 of 521 statewide, top 100%, 460 students, 99% FRL) — zoned schools average 99% FRL vs 80% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.4%/yr); 138 active listings in the ZIP; solid renter incomes; 294 units permitted in St. Louis city in 2024 (227 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $12k of loan paydown is wiped out by about $54k 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 + 5.4% rent growth), your $503k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($1.74M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $850k; list at $1.79M implies a 111% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,741,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.08% ✓
• Cap rate: 9.13%
• Cash-on-cash: 10.12%
• DSCR: 1.45
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.39% rent growth · sell at horizon

5-year hold

• IRR: 1.3%
• Equity multiple: 1.05×
• Total profit: $26,529
• Equity at exit: $267,640

10-year hold

• IRR: 13.0%
• Equity multiple: 2.14×
• Total profit: $574,996
• Equity at exit: $155,199

Cash invested: $502,600 (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 63139

• Rents YoY: 5.4%
• Active inventory: 138
• Price-to-rent: 153.9×

Monthly cashflow live

• Estimated rent: $19,434 high
• Mortgage (P&I): −$9,413
• Tax from tax record: −$952 /mo · $11,421/yr
• Insurance: −$748
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,081
• Net cashflow: $4,240

Break-even live

Break-even rent $14,067

Max offer price $1,795,000

Occupancy floor 73%

Sensitivity live

Price	-10% $5,256	-5% $4,748	+0% $4,240	+5% $3,732	+10% $3,224
Rent	-10% $2,705	-5% $3,472	+0% $4,240	+5% $5,008	+10% $5,775
Rate	-1.0pp $5,144	-0.5pp $4,697	base $4,240	+0.5pp $3,775	+1.0pp $3,302

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

Units	Beds	Baths	Est. rent
▸ 20× units	1	1	$19,440
Total (20 units)			$19,434

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: $448,750
• Closing costs: $53,850
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $1,795,000 Active 49 DOM
2. 2026-06-17
   days on market $1,795,000 Active 48 DOM
3. 2026-06-16
   days on market $1,795,000 Active 47 DOM
4. 2026-06-15
   days on market $1,795,000 Active 46 DOM
5. 2026-06-13
   days on market $1,795,000 Active 44 DOM
6. 2026-06-09
   days on market $1,795,000 Active 40 DOM
7. 2026-06-08
   days on market $1,795,000 Active 39 DOM
8. 2026-06-07
   days on market $1,795,000 Active 38 DOM
9. 2026-06-05
   days on market $1,795,000 Active 35 DOM
10. 2026-06-03
    days on market $1,795,000 Active 34 DOM
11. 2026-06-02
    days on market $1,795,000 Active 33 DOM
12. 2026-06-01
    days on market $1,795,000 Active 32 DOM
13. 2026-05-31
    days on market $1,795,000 Active 31 DOM
14. 2026-04-30
    listed $1,795,000 Active 934-char remark
15. 2025-05-06
    listed $1,895,000 Active
16. 2017-08-21
    soldstatus
17. 2004-01-15
    soldstatus $850,000
18. 2001-04-20
    soldstatus
19. 2001-04-20
    soldstatus
20. 2000-01-12
    soldstatus
21. 1999-09-15
    soldstatus $185,000
22. 1996-09-23
    soldstatus $328,468

ⓘ 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: $11,421 · $952/mo
• Projected year-2 tax: $17,412 · $1,451/mo
• Expected delta: +$5,991/yr (+$499/mo · 52.5%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥108°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: $233,208
• − Mortgage interest: −$100,548
• − Property taxes: −$11,421
• − Insurance: −$8,975
• − Repairs & maintenance: −$18,657
• − Management: −$18,657
• − Depreciation: −$52,218
• Taxable income: $22,733
• Est. tax owed @ 24.0%: −$5,456
• After-tax cash flow: $45,425/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): 21,631
• Household income: $75,757
• Rent vs Own: 37.4% rent · 62.6% own
• Severe rent burden: 653.0

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: Predominantly White (70%)
• Race & ethnicity: White 70% Black 16% Two or more races 7% Hispanic / Latino 5% Asian 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 4% Slovak 2% Romanian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 93% English-only · Spanish 2% Other Indo-European 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: ▼ -277.54%
• Current HPI: 256.7513
• Rent YoY: ▲ 5.39%
• 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

+446.5% since first listed

9 events — show timeline

• 2026-04-30 Listed $1,795,000 MARIS as Distributed by MLS Grid
• 2025-05-06 Listed $1,895,000 MARIS as Distributed by MLS Grid
• 2017-08-21 Sold (Public Records) — Public Records
• 2004-01-15 Sold (Public Records) $850,000 Public Records
• 2001-04-20 Sold (Public Records) — Public Records
• 2001-04-20 Sold (Public Records) — Public Records
• 2000-01-12 Sold (Public Records) — Public Records
• 1999-09-15 Sold (Public Records) $185,000 Public Records
• 1996-09-23 Sold (Public Records) $328,468 Public Records

Property tax history

+0.2%/yr

Latest (2023): $11,421 · -3.7% YoY. Source: county tax records.