2403 Sandalwood Creek Ct Unit D

Wildwood, MO 63038

$155,000D+

2 bd · 2.0 ba · 944 sqft · Built 1987 · Condo · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,670/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$169
• HOA: −$317
• Vac / Maint / Mgmt: −$351
• Net cashflow: $21/mo
• Annual: $255/yr
• Cap rate: 6.46%
• Cash-on-cash: 0.59%
• DSCR: 1.03
• 1% rule: 1.08%
• Cash to close: $43,400

Investor read

• This is a 2-bed/2.0-bath condo listed at $155k.
• At list price, monthly cash flow is $21 ($255/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#300 in MO) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: amenities F, commute F, cost of living F.
• Rockwood R-VI (suburban): math 51% / reading 64% proficiency, ranked #9 of 324 in MO (top 3%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Green Pines Elem. (math 48% / reading 63%, grade C, #183 of 1,115 statewide, top 16%, 454 students, 9% FRL); Lafayette Sr. High (math 44% / reading 74%, grade C+, #45 of 521 statewide, top 8%, 1,682 students, 10% FRL) — zoned schools at 10% FRL track the district average.
• Market conditions: 55 active listings in the ZIP; 5 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).
• Cap rate 6.5% vs local median 1.7% in Wildwood — 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

• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• 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.
• 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.