3126 Carnaby Ln Unit C

Bridgeton, MO 63044

$97,400B-

2 bd · 1.0 ba · 951 sqft · Built 1971 · Condo · Active · 101 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,879/mo
• Mortgage (P&I): −$511
• Tax + insurance: −$117
• HOA: −$375
• Vac / Maint / Mgmt: −$395
• Net cashflow: $482/mo
• Annual: $5,780/yr
• Cap rate: 12.23%
• Cash-on-cash: 21.19%
• DSCR: 1.94
• 1% rule: 1.93%
• Cash to close: $27,272

Investor read

• This is a 2-bed/1.0-bath condo listed at $97k.
• At list price, monthly cash flow is $482 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $97k).
• It's been on market 101 days — a 9% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $89k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $673 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#691 in MO) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Pattonville R-III (suburban): math 32% / reading 46% proficiency, ranked #147 of 324 in MO (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pattonville Sr. High (math 33% / reading 64%, grade D, #147 of 521 statewide, top 29%, 1,893 students, 39% FRL) — zoned schools at 39% FRL track the district average.
• Market conditions: 31 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 920 units permitted in St. Louis County in 2024 (250 in 5+ unit buildings).
• 2 sale attempts since 11y ago; this cycle's ask has dropped $12k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~6 years — after that, you're playing with house money.
• 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 12.2% vs local median 5.3% in Bridgeton — 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.

Questions for listing agent

• It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• 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?
• 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.