3704 Greenwood Blvd

Maplewood, MO 63143

$1,825,000B-

1 bd · 1.0 ba · 11,340 sqft · Built 1971 · MultiFamily · Active · 87 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $22,776/mo
• Mortgage (P&I): −$9,570
• Tax + insurance: −$2,071
• HOA: −$0
• Vac / Maint / Mgmt: −$4,783
• Net cashflow: $6,351/mo
• Annual: $76,216/yr
• Cap rate: 10.47%
• Cash-on-cash: 14.92%
• DSCR: 1.66
• 1% rule: 1.25%
• Cash to close: $511,000

Investor read

• This is a 24 × 1-bed/1-bath units multifamily listed at $1.82M.
• At list price, monthly cash flow is $6k ($76k/yr) — positive. Per door: $265/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($23k rent vs $1.82M).
• It's been on market 87 days — a 6% lower offer ($1.72M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.72M (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $13k of loan paydown is wiped out by about $55k 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 Early Childhood Center (460 students, 22% FRL); Mrh Middle (math 30% / reading 51%, grade F, #180 of 391 statewide, top 47%, 220 students, 31% FRL); Maplewood-Richmond Hgts. High (math 62% / reading 67%, grade B-, #19 of 521 statewide, top 4%, 413 students, 32% FRL).
• 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 $700k; list at $1.82M implies a 161% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $511k cash investment doubles in ~8 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 10.5% 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 $22,776/mo this rent would consume 415% 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 87 days. Have you received any prior offers? Is the seller open to a 6% 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 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?