4028 N 23rd St · St. Louis, MO 63107

$25,000

6 bd · 3.0 ba · 2,258 sqft · MultiFamily public records · 70 Days on market

Built 1886 2,626 sqft lot $11/sqft · 40% below area Est $42k · 40% under

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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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Appreciation +4.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Investment Opportunity in North St. Louis! Discover the potential of this versatile duplex located in the heart of North St. Louis. Whether you’re looking to convert it into a spacious single-family home or capitalize on dual rental income, this property offers exceptional flexibility and value. Each unit features solid fundamentals and great bones—perfect for a rehab project that can yield strong returns. The surrounding neighborhood is transforming, with several homes being restored and renewed, ushering in a new wave of investment potential. Projected rents are $1,200month for the front unit and $1,200+ for the back unit, providing an estimated total of $2,400+ in monthly income. With its promising location and adaptable layout, this duplex stands as both a smart income generator and a long-term growth asset in a rising area.

Key facts

• 2,626 sq ft lot
• Built 1886
• Listed 69 days

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $25k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $25k).
• Recommended offer: $24k (6.0% below list) — sets the bar for market timing.
• Cap rate 78.3% 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.
• Market conditions: 58 active listings in the ZIP; 294 units permitted in St. Louis city in 2024 (227 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.8%/yr); year-one equity from $173 of loan paydown is wiped out by about $438 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 (-1.8% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $5k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1886 — 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 $23,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1886 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 8.45% ✓
• Cap rate: 78.31%
• Cash-on-cash: 257.19%
• DSCR: 12.44
• GRM: 1.0

CMA / ARV

• ARV (median comp): $41,869
• List price: $25,000
• Delta: -40.29%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-1.75% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 14.27×
• Total profit: $92,863
• Equity at exit: $5,145

10-year hold

• IRR: —
• Equity multiple: 30.32×
• Total profit: $205,224
• Equity at exit: $4,676

Cash invested: $7,000 (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 63107

• Home prices YoY: -1.9%
• Active inventory: 58
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $2,112 high
• Mortgage (P&I): −$131
• Tax from tax record: −$27 /mo · $320/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $1,500

Break-even live

Break-even rent $213

Max offer price $25,000

Occupancy floor 24%

Sensitivity live

Price	-10% $1,514	-5% $1,507	+0% $1,500	+5% $1,493	+10% $1,486
Rent	-10% $1,333	-5% $1,417	+0% $1,500	+5% $1,584	+10% $1,667
Rate	-1.0pp $1,513	-0.5pp $1,507	base $1,500	+0.5pp $1,494	+1.0pp $1,487

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,112
Total (2 units)			$2,112

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $25,000 Active 70 DOM
2. 2026-06-17
   days on market $25,000 Active 69 DOM
3. 2026-06-16
   days on market $25,000 Active 68 DOM
4. 2026-06-15
   days on market $25,000 Active 67 DOM
5. 2026-06-13
   days on market $25,000 Active 65 DOM
6. 2026-06-09
   days on market $25,000 Active 61 DOM
7. 2026-06-08
   days on market $25,000 Active 60 DOM
8. 2026-06-08
   days on market $25,000 Active 59 DOM
9. 2026-06-05
   days on market $25,000 Active 56 DOM
10. 2026-06-03
    days on market $25,000 Active 55 DOM
11. 2026-06-02
    days on market $25,000 Active 54 DOM
12. 2026-06-01
    days on market $25,000 Active 53 DOM
13. 2026-05-31
    days on market $25,000 Active 52 DOM
14. 2026-05-06
    price $25,000 852-char remark

    Show marketing remark (852 chars)

    Investment Opportunity in North St. Louis! Discover the potential of this versatile duplex located in the heart of North St. Louis. Whether you’re looking to convert it into a spacious single-family home or capitalize on dual rental income, this property offers exceptional flexibility and value. Each unit features solid fundamentals and great bones—perfect for a rehab project that can yield strong returns. The surrounding neighborhood is transforming, with several homes being restored and renewed, ushering in a new wave of investment potential. Projected rents are $1,200month for the front unit and $1,200+ for the back unit, providing an estimated total of $2,400+ in monthly income. With its promising location and adaptable layout, this duplex stands as both a smart income generator and a long-term growth asset in a rising area.

15. 2026-04-10
    listed $30,000 Active 852-char remark

    Show marketing remark (852 chars)

    Investment Opportunity in North St. Louis! Discover the potential of this versatile duplex located in the heart of North St. Louis. Whether you’re looking to convert it into a spacious single-family home or capitalize on dual rental income, this property offers exceptional flexibility and value. Each unit features solid fundamentals and great bones—perfect for a rehab project that can yield strong returns. The surrounding neighborhood is transforming, with several homes being restored and renewed, ushering in a new wave of investment potential. Projected rents are $1,200month for the front unit and $1,200+ for the back unit, providing an estimated total of $2,400+ in monthly income. With its promising location and adaptable layout, this duplex stands as both a smart income generator and a long-term growth asset in a rising area.

16. 2026-04-08
    historical $30,000 852-char remark

    Show marketing remark (852 chars)

    Investment Opportunity in North St. Louis! Discover the potential of this versatile duplex located in the heart of North St. Louis. Whether you’re looking to convert it into a spacious single-family home or capitalize on dual rental income, this property offers exceptional flexibility and value. Each unit features solid fundamentals and great bones—perfect for a rehab project that can yield strong returns. The surrounding neighborhood is transforming, with several homes being restored and renewed, ushering in a new wave of investment potential. Projected rents are $1,200month for the front unit and $1,200+ for the back unit, providing an estimated total of $2,400+ in monthly income. With its promising location and adaptable layout, this duplex stands as both a smart income generator and a long-term growth asset in a rising area.

17. 2024-08-01
    soldstatus $23,000
18. 2024-07-25
    soldstatus Closed 405-char remark

    Show marketing remark (405 chars)

    Looking in old north St. Louis...don't miss an opportunity to purchase a historic 3 story multi-family unit. 6 beds, 4 baths, and over 2000+ sq ft. Property needs some repairs, and has awesome potential to be a great income producing asset. Both units have multi level floor plans. Very spacious units. Close to highways, restaurants, and the St. Louis downtown area. Schedule your appt. today! Sold AS-IS

19. 2024-07-10
    status Pending 405-char remark

    Show marketing remark (405 chars)

    Looking in old north St. Louis...don't miss an opportunity to purchase a historic 3 story multi-family unit. 6 beds, 4 baths, and over 2000+ sq ft. Property needs some repairs, and has awesome potential to be a great income producing asset. Both units have multi level floor plans. Very spacious units. Close to highways, restaurants, and the St. Louis downtown area. Schedule your appt. today! Sold AS-IS

20. 2024-07-04
    price $25,000 405-char remark

    Show marketing remark (405 chars)

    Looking in old north St. Louis...don't miss an opportunity to purchase a historic 3 story multi-family unit. 6 beds, 4 baths, and over 2000+ sq ft. Property needs some repairs, and has awesome potential to be a great income producing asset. Both units have multi level floor plans. Very spacious units. Close to highways, restaurants, and the St. Louis downtown area. Schedule your appt. today! Sold AS-IS

21. 2024-03-22
    listed $43,500 Active 405-char remark

    Show marketing remark (405 chars)

    Looking in old north St. Louis...don't miss an opportunity to purchase a historic 3 story multi-family unit. 6 beds, 4 baths, and over 2000+ sq ft. Property needs some repairs, and has awesome potential to be a great income producing asset. Both units have multi level floor plans. Very spacious units. Close to highways, restaurants, and the St. Louis downtown area. Schedule your appt. today! Sold AS-IS

22. 2020-01-16
    price $18,000
23. 2020-01-14
    price $25,000
24. 2005-01-13
    soldstatus

ⓘ 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: $320 · $27/mo
• Projected year-2 tax: $320 · $27/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,344
• − Mortgage interest: −$1,400
• − Property taxes: −$320
• − Insurance: −$125
• − Repairs & maintenance: −$2,028
• − Management: −$2,028
• − Depreciation: −$727
• Taxable income: $18,716
• Est. tax owed @ 24.0%: −$4,492
• After-tax cash flow: $13,511/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
• City population: 283,259
• Population (ZIP): 9,082

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 Black (89%)
• Race & ethnicity: Black 89% White 8% Hispanic / Latino 2% Two or more races 2%
• Common ancestry: Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 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: ▼ -1.75%
• Current HPI: 92.7423
• Rent YoY: —
• Metro: —
• 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

+0.0% since first listed

11 events — show timeline

• 2026-05-06 Price Changed $25,000 MARIS as Distributed by MLS Grid
• 2026-04-10 Listed $30,000 MARIS as Distributed by MLS Grid
• 2026-04-08 Coming Soon $30,000 MARIS as Distributed by MLS Grid
• 2024-08-01 Sold (Public Records) $23,000 Public Records
• 2024-07-25 Sold (MLS) — MARIS as Distributed by MLS Grid
• 2024-07-10 Pending — MARIS as Distributed by MLS Grid
• 2024-07-04 Price Changed $25,000 MARIS as Distributed by MLS Grid
• 2024-03-22 Listed $43,500 MARIS as Distributed by MLS Grid
• 2020-01-16 Price Changed $18,000 MARIS as Distributed by MLS Grid
• 2020-01-14 Price Changed $25,000 MARIS as Distributed by MLS Grid
• 2005-01-13 Sold (Public Records) — Public Records

Property tax history

+1.8%/yr

Latest (2024): $320 · +4.9% YoY. Source: county tax records.