3648 Shenandoah Ave · St. Louis, MO 63110

$499,000

None bd · 6.0 ba · 2,802 sqft · MultiFamily public records · 78 Days on market

Built 1906 3,084 sqft lot $178/sqft · 32% above area Est $378k · 32% over

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Why this score? — see what drove the C 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
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• Rent growth +4.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Investor Alert! Welcome to this fully rented, gorgeous multifamily building just blocks from Tower Grove Park! Step inside to a clean and updated first and second floor common hallway. This sale is composed of only the west half of this building and has 6 efficient units that have high potential for rent increases and improvements. 3 units on the second floor, and 3 units on the first floor. Perfect for SLU students, Barnes Jewish/Cardinal Glennon employees or any of other prospects vying to live in Shaw at an affordable price. Several updates throughout the building and in a couple units (see supplements). Both floors have direct access to the fully, unfinished basement. There is no laundry and could be added for some easy extra income. Several tenants are going on their second year here. Whether you want to keep it for long-term cash flow, renovate and resale, or explore short term rentals, this property offers many exit strategies. Owner currently pays all utilities for tenants with no RUBS (again, an easy opportunity for more cash flow). Please do not disturb tenants.

Key facts

• Several updates
• Efficient units
• Multifamily building

Tags

• MULTIFAMILY BUILDING
• UPDATED COMMON HALLWAY
• EFFICIENT UNITS
• DIRECT ACCESS TO BASEMENT
• SEVERAL UPDATES

What this means for you Summary

Snapshot

• This is a ?-bed/6.0-bath multifamily listed at $499k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $499k).
• Recommended offer: $469k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.1% 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 C — 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.
• Market conditions: Rents rising fast (+6.2%/yr); 98 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 294 units permitted in St. Louis city in 2024 (227 in 5+ unit buildings).
• At $6,562/mo this rent would consume 96% of the median local household income ($82k/yr) (locally 921% 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 $3k of loan paydown is wiped out by about $15k 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 + 6.2% rent growth), your $140k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($469k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $180k; list at $499k implies a 177% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $469,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.32% ✓
• Cap rate: 11.14%
• Cash-on-cash: 17.33%
• DSCR: 1.77
• GRM: 6.3

CMA / ARV

• ARV (median comp): $378,005
• List price: $499,000
• Delta: 32.01%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2715 Arkansas Ave	0.28mi	4/4.0	3,060 (+9%)	12mo	$485,000	$158	53
3818 Wyoming St	0.75mi	—/—	2,650 (-5%)	6mo	$250,000	$94	51
3433-3435 Juniata St	0.64mi	9/6.0	3,196 (+14%)	1mo	$449,900	$141	46
3662/3664 Wyoming St	0.73mi	6/2.0	2,754 (-2%)	2mo	$359,900	$131	45
2704 Alhambra Ct	0.24mi	4/2.0	2,420 (-14%)	10mo	$300,000	$124	42
3202-3204 Halliday Ave	0.55mi	7/3.0	3,080 (+10%)	7mo	$350,000	$114	40
4212 Castleman Ave	0.75mi	4/2.0	2,628 (-6%)	2mo	$425,000	$162	37
4138 Botanical Ave	0.56mi	8/4.0	2,450 (-13%)	10mo	$200,000	$82	37
3521 Hartford St	0.54mi	3/2.0	2,448 (-13%)	3mo	$264,900	$108	35
3418 Hartford St	0.62mi	5/2.0	2,528 (-10%)	6mo	$319,999	$127	34
4131 Flad Ave	0.57mi	4/2.0	2,500 (-11%)	11mo	$415,000	$166	30
2858 Victor St	0.74mi	10/4.0	2,474 (-12%)	11mo	$339,900	$137	29

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 6.24% rent growth · sell at horizon

5-year hold

• IRR: 12.1%
• Equity multiple: 1.50×
• Total profit: $69,638
• Equity at exit: $74,403

10-year hold

• IRR: 23.4%
• Equity multiple: 3.31×
• Total profit: $322,658
• Equity at exit: $43,144

Cash invested: $139,720 (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 63110

• Rents YoY: 6.2%
• Active inventory: 98
• Price-to-rent: 38.0×

Monthly cashflow live

• Estimated rent: $6,562 medium
• Mortgage (P&I): −$2,617
• Tax from tax record: −$342 /mo · $4,103/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,378
• Net cashflow: $2,017

Break-even live

Break-even rent $4,008

Max offer price $499,000

Occupancy floor 64%

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$6,564
Total (6 units)			$6,562

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: $124,750
• Closing costs: $14,970
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3228 Arsenal St Unit 1f St. Louis, MO	2.0	1.0	2702	$1,395	$0.52	23d	1	0.66mi
3908 McDonald Ave Saint Louis, MO	3.0	2.0	1927	$2,500	$1.30	4d	1	1.01mi
3458 Giles Ave Saint Louis, MO	3.0	2.5	2204	$2,400	$1.09	7d	1	1.07mi
3807 Potomac St Saint Louis, MO	3.0	1.0	2588	$1,100	$0.43	43d	1	1.11mi
3807 Potomac St Saint Louis, MO	3.0	1.0	2588	$1,300	$0.50	7d	1	1.11mi
2643 Wyoming St Saint Louis, MO	3.0	2.5	2592	$2,600	$1.00	43d	1	1.25mi
3653 S Grand Blvd Saint Louis, MO	1.0	1.0	2050	$1,350	$0.66	1d	4	1.32mi
3429 Ohio Ave Saint Louis, MO	3.0	3.0	1938	$2,250	$1.16	16d	1	1.44mi
2035 Allen Ave Saint Louis, MO	2.0	2.0	2974	$1,625	$0.55	14d	1	1.46mi

Listing history 16 events

1. 2026-06-18
   days on market $499,000 Active 78 DOM
2. 2026-06-17
   days on market $499,000 Active 77 DOM
3. 2026-06-16
   days on market $499,000 Active 76 DOM
4. 2026-06-15
   days on market $499,000 Active 75 DOM
5. 2026-06-13
   days on market $499,000 Active 73 DOM
6. 2026-06-09
   days on market $499,000 Active 69 DOM
7. 2026-06-08
   days on market $499,000 Active 68 DOM
8. 2026-06-08
   days on market $499,000 Active 67 DOM
9. 2026-06-05
   days on market $499,000 Active 64 DOM
10. 2026-06-03
    days on market $499,000 Active 63 DOM
11. 2026-06-02
    days on market $499,000 Active 62 DOM
12. 2026-06-01
    days on market $499,000 Active 61 DOM
13. 2026-05-31
    days on market $499,000 Active 60 DOM
14. 2026-04-01
    listed $499,000 Active 1088-char remark

    Show marketing remark (1088 chars)

    Investor Alert! Welcome to this fully rented, gorgeous multifamily building just blocks from Tower Grove Park! Step inside to a clean and updated first and second floor common hallway. This sale is composed of only the west half of this building and has 6 efficient units that have high potential for rent increases and improvements. 3 units on the second floor, and 3 units on the first floor. Perfect for SLU students, Barnes Jewish/Cardinal Glennon employees or any of other prospects vying to live in Shaw at an affordable price. Several updates throughout the building and in a couple units (see supplements). Both floors have direct access to the fully, unfinished basement. There is no laundry and could be added for some easy extra income. Several tenants are going on their second year here. Whether you want to keep it for long-term cash flow, renovate and resale, or explore short term rentals, this property offers many exit strategies. Owner currently pays all utilities for tenants with no RUBS (again, an easy opportunity for more cash flow). Please do not disturb tenants.

15. 2005-07-25
    soldstatus $180,000
16. 1994-05-09
    soldstatus

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

Tax reassessment forecast MO · Resets to sale price

• Current annual tax: $4,103 · $342/mo
• Projected year-2 tax: $4,840 · $403/mo
• Expected delta: +$737/yr (+$61/mo · 18.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 ≥108°F today · 20 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: $78,744
• − Mortgage interest: −$27,952
• − Property taxes: −$4,103
• − Insurance: −$2,495
• − Repairs & maintenance: −$6,300
• − Management: −$6,300
• − Depreciation: −$14,516
• Taxable income: $17,079
• Est. tax owed @ 24.0%: −$4,099
• After-tax cash flow: $20,109/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): 17,645
• Household income: $81,655
• Rent vs Own: 56.4% rent · 43.6% own
• Severe rent burden: 921.0

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 White (65%)
• Race & ethnicity: White 65% Black 19% Two or more races 9% Hispanic / Latino 8% Asian 4%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Lithuanian 5% Slovak 3% Italian 3%
• Foreign-born: 6% · Canada, China, South Korea
• Languages at home: 91% English-only · Spanish 3% French/Haitian/Cajun 1% Other Asian/Pacific 1%

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: ▼ -206.93%
• Current HPI: 342.2466
• Rent YoY: ▲ 6.24%
• 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

+177.2% since first listed

3 events — show timeline

• 2026-04-01 Listed $499,000 MARIS as Distributed by MLS Grid
• 2005-07-25 Sold (Public Records) $180,000 Public Records
• 1994-05-09 Sold (Public Records) — Public Records

Property tax history

+6.7%/yr

Latest (2024): $4,103 · +5.1% YoY. Source: county tax records.