2408 S 10th St · St. Louis, MO 63104

$910,000

88 bd · 64.0 ba · 6,448 sqft · MultiFamily public records · 37 Days on market

Built 1889 4,456 sqft lot

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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 +27.2/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Rent growth +4.4/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

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

Own a piece of Soulard—and make it pay you back. This rare 8-unit sits right in the heart of Soulard, just steps from the farmers market, bars, and some of the city’s best restaurants. Whether you’re looking to house hack or add another solid asset to your portfolio, this one checks the boxes. The building features a strong unit mix—five true 1-bedrooms and three 2-bedrooms—with spacious, functional layouts tenants love. In-unit laundry, off-street parking, and charming wood-burning stoves & exposed brick make these units easy to rent and easy to keep full. Three vacant units create immediate opportunity: move into one and offset your living expenses, or

Key facts

• Off street parking
• Exposed brick
• 8 unit

Tags

• 8 UNIT
• IN UNIT LAUNDRY
• OFF STREET PARKING
• WOOD BURNING STOVES
• EXPOSED BRICK
• THREE VACANT UNITS

Property features AI

Finance

• Other: Above-grade finished area reported as 6,448 (assessor)
• Financial info: Building contains a total of 8 units across 1 building; 5 units currently leased
• HOA & community: Community contains 8 units

Exterior

• Parking: Off-street parking
• Utilities: Public water service; Electric service by Ameren
• Home design: Residential income property; 5-family-or-more building; Apartment building with three or more stories; Facing information not provided
• Construction: Brick construction
• Exterior features: Public water; Property located in the Soulard neighborhood

Interior

• Bedrooms: Five 1-bedroom units; Three 2-bedroom units
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Full basement; Wood-burning stove

What this means for you Summary

Snapshot

• This is a 5×1bd/1.0ba + 3×2bd/1.0ba units multifamily listed at $910k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $327/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $910k).
• Recommended offer: $883k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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.
• Zoned schools: Shenandoah Elem. (math 5% / reading 5%, grade F, #1,072 of 1,115 statewide, top 98%, 136 students, 98% FRL); Roosevelt High (math 2% / reading 8%, grade F, #517 of 521 statewide, top 100%, 460 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 fast (+7.5%/yr); 165 active listings in the ZIP; 294 units permitted in St. Louis city in 2024 (227 in 5+ unit buildings).
• At $10,344/mo this rent would consume 181% of the median local household income ($69k/yr) (locally 1429% 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 $6k of loan paydown is wiped out by about $27k 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 + 7.5% rent growth), your $255k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($883k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1889 — 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 $882,700 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1889 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.14% ✓
• Cap rate: 9.74%
• Cash-on-cash: 12.30%
• DSCR: 1.55
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.52% rent growth · sell at horizon

5-year hold

• IRR: 6.5%
• Equity multiple: 1.27×
• Total profit: $67,823
• Equity at exit: $135,684

10-year hold

• IRR: 19.3%
• Equity multiple: 2.94×
• Total profit: $493,729
• Equity at exit: $78,680

Cash invested: $254,800 (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 63104

• Rents YoY: 7.5%
• Active inventory: 165
• Price-to-rent: 60.9×

Monthly cashflow live

• Estimated rent: $10,344 high
• Mortgage (P&I): −$4,772
• Tax from tax record: −$408 /mo · $4,896/yr
• Insurance: −$379
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,172
• Net cashflow: $2,612

Break-even live

Break-even rent $7,037

Max offer price $910,000

Occupancy floor 70%

Sensitivity live

Price	-10% $3,128	-5% $2,870	+0% $2,612	+5% $2,355	+10% $2,097
Rent	-10% $1,795	-5% $2,204	+0% $2,612	+5% $3,021	+10% $3,430
Rate	-1.0pp $3,071	-0.5pp $2,844	base $2,612	+0.5pp $2,377	+1.0pp $2,137

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

Units	Beds	Baths	Est. rent
▸ 5× units	1	1	$6,230
▸ 3× units	2	1	$4,116
Total (8 units)			$10,344

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: $227,500
• Closing costs: $27,300
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-01
   status Pending
2. 2026-03-24
   listed $910,000 Active

ⓘ 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: $4,896 · $408/mo
• Projected year-2 tax: $8,827 · $736/mo
• Expected delta: +$3,931/yr (+$328/mo · 80.3%)

ⓘ 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 6/10 Major 7 d/yr ≥109°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: $124,128
• − Mortgage interest: −$50,974
• − Property taxes: −$4,896
• − Insurance: −$4,550
• − Repairs & maintenance: −$9,930
• − Management: −$9,930
• − Depreciation: −$26,473
• Taxable income: $17,375
• Est. tax owed @ 24.0%: −$4,170
• After-tax cash flow: $27,180/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): 19,007
• Household income: $68,764
• Rent vs Own: 55.1% rent · 44.9% own
• Severe rent burden: 1429.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 51% Black 37% Two or more races 6% Hispanic / Latino 4% Asian 2%
• Common ancestry: Romanian 3% Lithuanian 3% Slovak 2%
• Foreign-born: 5% · Canada
• Languages at home: 93% English-only · Other Indo-European 2% Spanish 1% German/W. Germanic 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: ▼ -159.69%
• Current HPI: 252.3452
• Rent YoY: ▲ 7.52%
• 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

2 events — show timeline

• 2026-05-01 Pending — MARIS as Distributed by MLS Grid
• 2026-03-24 Listed $910,000 MARIS as Distributed by MLS Grid

Property tax history

+1.7%/yr

Latest (2024): $4,896 · +4.9% YoY. Source: county tax records.