1969 Greenglen #301

Kirkwood, MO 63122

$99,000C-

1 bd · 1.0 ba · 657 sqft · Built 1967 · Condo · Pending · 97 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,376/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$133
• HOA: −$425
• Vac / Maint / Mgmt: −$289
• Net cashflow: $10/mo
• Annual: $124/yr
• Cap rate: 6.42%
• Cash-on-cash: 0.45%
• DSCR: 1.02
• 1% rule: 1.39%
• Cash to close: $27,720

Investor read

• This is a 1-bed/1.0-bath condo listed at $99k.
• At list price, monthly cash flow is $10 ($124/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• It's been on market 97 days — a 9% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $90k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#27 in MO, #2,478 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B; Watch: cost of living C-, commute F.
• Kirkwood R-VII (suburban): math 57% / reading 68% proficiency, ranked #5 of 324 in MO (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: George R. Robinson Elem. (math 47% / reading 63%, grade C, #185 of 1,115 statewide, top 17%, 493 students, 17% FRL); Kirkwood Sr. High (math 72% / reading 79%, grade A-, #3 of 521 statewide, top 0%, 1,775 students, 11% FRL) — zoned schools at 14% FRL track the district average.
• Watch-outs: HOA is 31% of rent.
• Market conditions: Rents rising fast (+6.6%/yr); 211 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 920 units permitted in St. Louis County in 2024 (250 in 5+ unit buildings).
• 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 6.4% vs local median 2.4% in Kirkwood — 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.
• This rent is only 12% of the median local income ($136k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• 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.