7389 Maple Ave

Maplewood, MO 63143

$3,300,000C-

2 bd · 2.0 ba · 19,872 sqft · Built 1928 · MultiFamily · Active · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $30,024/mo
• Mortgage (P&I): −$17,306
• Tax + insurance: −$2,517
• HOA: −$0
• Vac / Maint / Mgmt: −$6,305
• Net cashflow: $3,896/mo
• Annual: $46,755/yr
• Cap rate: 7.71%
• Cash-on-cash: 5.06%
• DSCR: 1.23
• 1% rule: 0.91%
• Cash to close: $924,000

Investor read

• This is a 24 × 1-bed/1-bath units multifamily listed at $3.30M.
• At list price, monthly cash flow is $4k ($47k/yr) — positive. Per door: $162/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $3.00M (9.0% below list).
• It's been on market 32 days — a 3% lower offer ($3.20M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $3.00M (9.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $23k of loan paydown is wiped out by about $99k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#5 in MO, #673 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Maplewood-Richmond Heights (suburban): math 40% / reading 56% proficiency, ranked #63 of 324 in MO (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mrh Elementary (math 40% / reading 57%, grade D, #334 of 1,115 statewide, top 30%, 417 students, 26% FRL); Maplewood-Richmond Hgts. High (math 62% / reading 67%, grade B-, #19 of 521 statewide, top 4%, 413 students, 32% FRL).
• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.8%/yr); 44 active listings in the ZIP; 920 units permitted in St. Louis County in 2024 (250 in 5+ unit buildings).
• Current owner paid $1.50M; list at $3.30M implies a 119% gain — meaningful room to come down on a strong offer.
• 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 7.7% vs local median 3.8% in Maplewood — 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.
• At $30,024/mo this rent would consume 547% of the median local household income ($66k/yr) (locally 195% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.