1027 Caroline Dr · Washington, MO 63090

$10,500,000

None bd · 13225.0 ba · 105,000 sqft · MultiFamily · 6 Days on market

Built 1974

---

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 +27.5/30.0
• DSCR +9.6/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 115 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

115-unit value-add multifamily portfolio | 8.05% in-place (T3) cap, 9.41% proforma stabilized Strong unit mix - 80% of units are 2 beds Proven rent-up model: 2/3rds of units renovated, 1/3rd remaining for proven upside Market rent spread of at least $137/unit/month across non-renovated units High growth submarket - Franklin County: 4% vacancy, 2.2% annual population growth Dual-asset structure: 89-unit flagship complex and 26-unit garden community Extremely supply-constrained submarket

Key facts

• Built 1974
• Listed 6 days

Property features AI

Finance

• Other: Total of 115 units across the community; Property contains 10 buildings; Unit mix includes efficiencies, 1-bedroom and 2-bedroom units (unit counts: 2 efficiencies, 21 one-bedrooms, 92 two-bedrooms listed across types—26, 66, and additional 2-bedroom count)
• Financial info: Gross income reported at $1,241,365; Net operating income reported at $845,305
• HOA & community: Community contains 115 units

Exterior

• Home design: Residential income property; 5-family-or-more property subtype; Apartment building structure; Two levels
• Construction: Brick construction
• Exterior features: Apartment building with multiple units; GPS-recommended for directions

Interior

• Kitchen: Kitchens present within each unit (standard apartment kitchens)
• Bedrooms: Multiple unit bedrooms across the property (various 1- and 2-bedroom units and efficiencies)
• Bathrooms: Predominantly one bathroom per unit
• Heating & cooling: Central air; Wall unit(s)
• Interior features: Central air and wall unit(s) for cooling
• Laundry & utility: On-site laundry/utility facilities (typical for apartment building)

What this means for you Summary

Snapshot

• This is a 115 × 2-bed/1.5-bath units multifamily listed at $10.50M.

Deal economics

• At list price, monthly cash flow is $31k ($372k/yr) — positive. Per door: $269/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($131k rent vs $10.50M).
• Cap rate 9.8% vs local median 2.4% in Washington — 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 81/100 on livability (#13 in MO, #1,373 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute F.
• Washington (town): math 41% / reading 55% proficiency, ranked #46 of 324 in MO (top 14%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Point Elementary (math 41% / reading 41%, grade F, #520 of 1,115 statewide, top 47%, 407 students, 33% FRL); Washington High School (math 29% / reading 73%, grade D+, #109 of 521 statewide, top 21%, 1,322 students, 20% FRL) — zoned schools at 26% FRL track the district average.
• Market conditions: 203 active listings in the ZIP; 614 units permitted in Franklin County in 2024 (100 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $73k of loan paydown is wiped out by about $315k of value loss. Plan a longer hold.
• Franklin County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $2.94M cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• 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 $10,500,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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?
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: 1.25% ✓
• Cap rate: 9.83%
• Cash-on-cash: 12.65%
• DSCR: 1.56
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 2.4%
• Equity multiple: 1.09×
• Total profit: $273,898
• Equity at exit: $1,565,584

10-year hold

• IRR: 12.0%
• Equity multiple: 1.95×
• Total profit: $2,787,571
• Equity at exit: $907,848

Cash invested: $2,940,000 (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 63090

• Active inventory: 203
• Price-to-rent: 767.7×

Monthly cashflow live

• Estimated rent: $131,072 medium
• Mortgage (P&I): −$55,063
• Tax est. 1.5%: −$13,125 /mo · $157,500/yr
• Insurance: −$4,375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$27,525
• Net cashflow: $30,984

Break-even live

Break-even rent $91,852

Max offer price $10,500,000

Occupancy floor 71%

Sensitivity live

Price	-10% $38,240	-5% $34,612	+0% $30,984	+5% $27,356	+10% $23,727
Rent	-10% $20,629	-5% $25,806	+0% $30,984	+5% $36,161	+10% $41,338
Rate	-1.0pp $36,272	-0.5pp $33,654	base $30,984	+0.5pp $28,263	+1.0pp $25,495

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

Units	Beds	Baths	Est. rent
▸ 115× units	2	1.5	$131,100
Total (115 units)			$131,072

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: $2,625,000
• Closing costs: $315,000
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-21
   days on market $10,500,000 Active 6 DOM
2. 2026-06-18
   days on market $10,500,000 Active 3 DOM
3. 2026-06-17
   days on market $10,500,000 Active 2 DOM
4. 2026-06-16
   remarks 490-char remark
5. 2026-06-16
   listed $10,500,000 Active 1 DOM

ⓘ 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 2/10 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $1,572,864
• − Mortgage interest: −$588,163
• − Property taxes: −$157,500
• − Insurance: −$52,500
• − Repairs & maintenance: −$125,829
• − Management: −$125,829
• − Depreciation: −$305,455
• Taxable income: $217,588
• Est. tax owed @ 24.0%: −$52,221
• After-tax cash flow: $319,584/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: Washington
• NCES district ID: 2931110
• Math proficiency: 41% ▼ -3.00%
• Reading proficiency: 55% ▼ -1.00%
• Median HH income: $58,344
• Composite: 41.87/100
• National rank: #3372
• State rank: #46 of 324 in MO

Livability — Washington

• Score: 81/100
• State rank: #13
• US rank: #1373

Category grades

Amenities A+ Commute F Cost of living A+ Crime B Employment B+ Housing A+ Health & safety B+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Washington, MO
• Population (ZIP): 22,471

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 103,600 people
• By 2030: 103,298 · -0.3%
• By 2040: 100,607 · -2.9%
• By 2050: 94,280 · -9.0%
• By 2075: 77,103 · -25.6%
• By 2100: 54,405 · -47.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 6% Hispanic / Latino 1%
• Common ancestry: Lithuanian 3% Romanian 3% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · German/W. Germanic 1%

Political lean MEDSL · Franklin

• 2024 margin: Solid R (+45.9) · D 26.5% · R 72.4% · Other 1.1%
• 2008→2024 swing: -33.5pp toward R · 2008: -12.4pp · 2024: -45.9pp
• All cycles: 2024: R+45.9 2020: R+43.8 2016: R+46.1 2012: R+27.9 2008: R+12.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -96.53%
• Current HPI: 175.3309
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-06-15 Listed $10,500,000 MARIS as Distributed by MLS Grid