5518 Waterman Blvd Unit 2E · St. Louis, MO 63112

$50,000

3 bd · 1.5 ba · 1,090 sqft · Condo public records · 1 Days on market

Built 1915 $530/mo HOA · 28% of rent

---

Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Key facts

• $530 HOA
• 2 garage spots
• Built 1915

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $50k.

Deal economics

• At list price, monthly cash flow is $620 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Cap rate 21.2% 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 B — 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.
• Zoned schools: Hamilton Elem. Community Ed. (math 2% / reading 8%, grade F, #1,072 of 1,115 statewide, top 98%, 253 students, 99% FRL); Sumner High (math 2% / reading 2%, grade F, #520 of 521 statewide, top 100%, 264 students, 99% FRL) — zoned schools average 99% FRL vs 80% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.4%/yr); 118 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 294 units permitted in St. Louis city in 2024 (227 in 5+ unit buildings).
• At $1,893/mo this rent would consume 50% of the median local household income ($46k/yr) (locally 1457% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k 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 (-3.0% appreciation + 2.4% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent; built in 1915 — 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 $50,000

Questions for the listing agent

1. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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: 3.79% ✓
• Cap rate: 21.17%
• Cash-on-cash: 53.14%
• DSCR: 3.36
• GRM: 2.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.39% rent growth · sell at horizon

5-year hold

• IRR: 50.4%
• Equity multiple: 3.18×
• Total profit: $30,586
• Equity at exit: $7,455

10-year hold

• IRR: 55.6%
• Equity multiple: 6.30×
• Total profit: $74,241
• Equity at exit: $4,323

Cash invested: $14,000 (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 63112

• Rents YoY: 2.4%
• Active inventory: 118
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $1,893 high
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• HOA: −$530
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $620

Break-even live

Break-even rent $1,108

Max offer price $50,000

Occupancy floor 62%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5527 Waterman Blvd St. Louis, MO	2.0	1.5	1389	$1,495	$1.08	16d	1	0.04mi
5510 Pershing Ave Saint Louis, MO	3.0	1.0–2.0	827	$3,247	$3.92	2d	20	0.09mi
5394 Pershing Ave Saint Louis, MO	3.0	2.0	1500	$2,595	$1.73	44d	1	0.10mi
5330 Pershing Ave Saint Louis, MO	2.0	2.0	845	$1,145	$1.36	44d	2	0.21mi
5316 Pershing Ave Saint Louis, MO	1.0–2.0	1.0	770	$1,500	$1.95	4d	5	0.23mi
445 Clara Ave Saint Louis, MO	2.0	2.5	1188	$2,750	$2.31	44d	1	0.24mi
501 Clara Ave Saint Louis, MO	1.0–2.0	1.0–2.0	850	$1,845	$2.17	15d	21	0.26mi
501 Clara Ave Saint Louis, MO	1.0–2.0	1.0–2.0	915	$1,885	$2.06	2d	21	0.26mi
275 Union Blvd St. Louis, MO	3.0	1.0–3.0	1317	$4,686	$3.56	2d	58	0.27mi
5660 Kingsbury Ave Saint Louis, MO	1.0–2.0	1.0–2.0	789	$1,550	$1.96	44d	23	0.28mi
5660 Kingsbury Ave Saint Louis, MO	1.0–2.0	1.0–2.0	789	$1,520	$1.93	3d	16	0.28mi
5500 Delmar Blvd Unit 5540-Apt 202 St. Louis, MO	2.0	2.0	875	$1,395	$1.59	8d	1	0.29mi
5560 Delmar Blvd Saint Louis, MO	1.0–2.0	1.0–2.0	752	$1,395	$1.85	16d	1	0.32mi
415 DeBaliviere Ave Unit 208 St. Louis, MO	2.0	2.0	955	$1,700	$1.78	16d	1	0.35mi
415 DeBaliviere Ave Unit 101 St. Louis, MO	2.0	2.0	976	$1,750	$1.79	16d	1	0.35mi
415 DeBaliviere Ave Unit 201 St. Louis, MO	2.0	1.0	842	$1,599	$1.90	16d	1	0.35mi
5535 Delmar Blvd St. Louis, MO	1.0–2.0	1.0–2.0	911	$1,970	$2.16	2d	14	0.35mi
629 Clara Ave Apt 26 St. Louis, MO	2.0	2.0	1155	$1,615	$1.40	44d	1	0.36mi
5572 Clemens Ave Unit 1W St. Louis, MO	3.0	1.0	900	$1,025	$1.14	15d	1	0.49mi
5783 McPherson Ave Unit 1FL St. Louis, MO	2.0	2.0	1250	$1,950	$1.56	8d	1	0.52mi
5783 McPherson Ave Unit 2FL St. Louis, MO	3.0	2.0	1320	$2,550	$1.93	8d	1	0.52mi
5803 Waterman Blvd St. Louis, MO	2.0	2.0	1432	$1,850	$1.29	44d	1	0.62mi
5855 Washington Blvd Unit 1A St. Louis, MO	2.0	1.0	850	$999	$1.18	44d	1	0.63mi
5345 Cabanne Ave Unit 5345 Cabanne 1S St. Louis, MO	2.0	1.0	800	$950	$1.19	44d	1	0.68mi
5861 Nina Pl Apt 2W St. Louis, MO	3.0	1.0	1400	$1,750	$1.25	44d	1	0.68mi
5130 Kensington Ave Unit 1 St. Louis, MO	3.0	2.0	1200	$1,245	$1.04	24d	1	0.69mi
5804 Cates Ave Unit 2 St. Louis, MO	3.0	1.0	1500	$1,500	$1.00	4d	1	0.71mi
5920 McPherson Ave Unit 1st Floor St. Louis, MO	3.0	1.0	1300	$2,550	$1.96	44d	1	0.75mi
5811 Cabanne Ave St. Louis, MO	2.0	1.0	800	$1,250	$1.56	44d	1	0.81mi
6009 Kingsbury Ave Saint Louis, MO	2.0	1.0	1368	$1,300	$0.95	24d	1	0.87mi
6009 Kingsbury Ave Saint Louis, MO	3.0	1.0	1368	$2,000	$1.46	4d	1	0.87mi
6017 Kingsbury Ave Unit 2f St. Louis, MO	4.0	1.0	1500	$3,250	$2.17	18d	1	0.88mi
6023 Waterman Blvd Saint Louis, MO	4.0	1.5	1200	$3,800	$3.17	44d	1	0.88mi
100 N Kingshighway Blvd Saint Louis, MO	3.0	1.0–2.0	1211	$7,099	$5.86	44d	84	0.89mi
100 N Kingshighway Blvd Saint Louis, MO	3.0	1.0–2.0	1171	$6,995	$5.97	2d	80	0.89mi
40 N Kingshighway Blvd Saint Louis, MO	2.0	1.0–2.0	860	$2,545	$2.96	2d	54	0.92mi
40 N Kingshighway Blvd Saint Louis, MO	3.0	1.0–2.0	872	$2,695	$3.09	44d	54	0.92mi
4954 W Pine Blvd Saint Louis, MO	2.0	2.0	950	$1,300	$1.37	24d	1	0.95mi
6036 Washington Blvd Apt 1W St. Louis, MO	2.0	1.0	1200	$1,350	$1.12	18d	1	0.95mi
4949 W Pine Blvd St. Louis, MO	1.0–2.0	1.0–2.0	925	$2,225	$2.41	4d	12	0.96mi

HOA detail condo

• Monthly dues: $530 · $6,360/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-04-16
   status Pending
2. 2026-04-16
   listed $50,000 Active
3. 2026-04-16
   historical $50,000
4. 2023-09-26
   soldstatus $215,000
5. 2020-11-12
   soldstatus $174,900
6. 2016-06-27
   soldstatus $215,000
7. 2015-12-18
   soldstatus $167,500
8. 2014-01-23
   soldstatus $154,500
9. 2007-06-18
   soldstatus $215,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥107°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,717
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$250
• − Repairs & maintenance: −$1,817
• − Management: −$1,817
• − HOA: −$6,360
• − Depreciation: −$1,455
• Taxable income: $7,467
• Est. tax owed @ 24.0%: −$1,792
• After-tax cash flow: $5,648/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
• County: Saint Louis City · 254,015 people
• City population: 283,259
• Metro: St. Louis, MO-IL
• Population (ZIP): 17,985
• Household income: $45,542
• Rent vs Own: 64.1% rent · 35.9% own
• Severe rent burden: 1457.0

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: Majority Black (63%)
• Race & ethnicity: Black 63% White 24% Asian 6% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Lithuanian 1% Scotch-Irish 1% Romanian 1%
• Foreign-born: 9% · China, South Korea, Canada
• Languages at home: 88% English-only · Spanish 3% Chinese 2% Korean 2%

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: ▼ -158.94%
• Current HPI: 115.1863
• Rent YoY: ▲ 2.39%
• Metro: St. Louis, MO-IL
• 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

-76.7% since first listed

9 events — show timeline

• 2026-04-16 Pending — MARIS as Distributed by MLS Grid
• 2026-04-16 Listed $50,000 MARIS as Distributed by MLS Grid
• 2026-04-16 Coming Soon $50,000 MARIS as Distributed by MLS Grid
• 2023-09-26 Sold (Public Records) $215,000 Public Records
• 2020-11-12 Sold (Public Records) $174,900 Public Records
• 2016-06-27 Sold (Public Records) $215,000 Public Records
• 2015-12-18 Sold (Public Records) $167,500 Public Records
• 2014-01-23 Sold (Public Records) $154,500 Public Records
• 2007-06-18 Sold (Public Records) $215,000 Public Records

Property tax history

+1.2%/yr

Latest (2024): $2,578 · +4.7% YoY. Source: county tax records.