2323 Locust St #411 · St. Louis, MO 63103

$139,900

2 bd · 1.0 ba · 1,335 sqft · Condo · 101 Days on market

Built 1922 $105/sqft · 16% below area Est $166k · 16% under $600/mo HOA · 37% of rent ↓ 9% since listing

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Why this score? — see what drove the D 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).

• ARV discount +14.7/15.0
• 1% rule +6.5/10.0
• Cash flow +5.6/30.0
• Appreciation +5.3/10.0
• Rent growth +4.8/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Welcome to the Westgate Condos located in the historic Haas Building...built in 1923! This 2 bedroom/1 bath unit sits on the 4th floor overlooking STL city! You'll love living here, no need to pay to park for games when you're walking distance to City SC, Schlafly Tap Room & so much more that midtown has to offer! This condo is true loft-style living with concrete floors tall ceilings and a whole wall of windows in the living room. Two private bedrooms, a full bath, large primary closet & in-unit laundry fill one side of the unit. The other side is an open kitchen & living room layout. The kitchen features SS appliances, granite countertops & a kitchen island. The living room is filled with natural light & a gas fireplace-- such a cool vibe! Head up the elevator for all this community has to offer -- a community clubhouse room with a lounge area, kitchen, etc. that opens up to the amazing ROOFTOP POOL with city views! Such a great place to relax during the day or hang out at night and see the city energy! The unit includes an assigned basement parking spot with garage door opener for easy parking. Live here and enjoy everything the city has to offer with a pool & easy living!

Key facts

• Tall ceilings
• Loft-style living
• Concrete floors

Tags

• HISTORIC HAAS BUILDING
• LOFT-STYLE LIVING
• CONCRETE FLOORS
• TALL CEILINGS
• WHOLE WALL OF WINDOWS
• OPEN KITCHEN

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $-292 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $98k (30.2% below list).
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $98k (30.2% below list) — sets the bar for cash-flow.
• Cap rate 3.8% vs local median 5.0% in St. Louis — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads: area grade D — 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 (+9.2%/yr); 70 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); lower-income renter base — watch delinquency; 294 units permitted in St. Louis city in 2024 (227 in 5+ unit buildings).
• At $1,613/mo this rent would consume 47% of the median local household income ($41k/yr) (locally 960% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $2k of equity ($967 loan paydown + $929 appreciation (0.7% local appreciation)).
• St. Louis County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 37% of rent; built in 1922 — 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 $97,599 (30.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 1.15% ✓
• Cap rate: 3.79%
• Cash-on-cash: -8.96%
• DSCR: 0.60
• GRM: 7.2

CMA / ARV

• ARV (median comp): $166,384
• List price: $139,900
• Delta: -15.92%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

0.66% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -4.6%
• Equity multiple: 0.76×
• Total profit: $-9,365
• Equity at exit: $45,332

10-year hold

• IRR: 5.8%
• Equity multiple: 1.81×
• Total profit: $31,773
• Equity at exit: $58,408

Cash invested: $39,172 (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 63103

• Home prices YoY: 0.6%
• Rents YoY: 9.2%
• Active inventory: 70
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,613 high
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,098/yr
• Insurance: −$58
• HOA: −$600
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $-292

Break-even live

Break-even rent $1,983

Max offer price $97,599

Occupancy floor —

Sensitivity live

Price	-10% $-196	-5% $-244	+0% $-292	+5% $-341	+10% $-389
Rent	-10% $-420	-5% $-356	+0% $-292	+5% $-229	+10% $-165
Rate	-1.0pp $-222	-0.5pp $-257	base $-292	+0.5pp $-329	+1.0pp $-365

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2323 Locust ST #308 St Louis, MO	2.0	1.0	1386	$1,750	$1.26	24d	1	0.03mi
2323 Locust St Saint Louis, MO	1.0–2.0	1.0	1239	$1,750	$1.41	44d	2	0.03mi
416 N 23rd St St. Louis, MO	1.0–2.0	1.0	780	$1,775	$2.28	5d	23	0.06mi
2200 Locust St Saint Louis, MO	1.0–2.0	1.0–1.5	862	$1,695	$1.97	4d	6	0.12mi
2605-2637 Washington Ave St. Louis, MO	1.0–2.0	1.0–2.0	775	$1,645	$2.12	12d	7	0.12mi
2206 Lucas Ave St. Louis, MO	1.0–2.0	1.0–2.0	1047	$1,900	$1.81	2d	20	0.15mi
2034 Lucas Ave St. Louis, MO	1.0–2.0	1.0	1080	$1,525	$1.41	44d	1	0.22mi
715 N 21st St St. Louis, MO	1.0–2.0	1.0–2.0	900	$1,355	$1.51	24d	1	0.22mi
1900 Washington Ave Saint Louis, MO	1.0–2.0	1.0–2.0	960	$1,650	$1.72	2d	12	0.33mi
1901 Washington Ave Saint Louis, MO	1.0–2.0	1.0–2.0	1076	$1,500	$1.39	5d	38	0.36mi
1815 Locust St Saint Louis, MO	1.0–2.0	1.0–2.0	983	$1,543	$1.57	44d	7	0.38mi
1800 Washington Ave Saint Louis, MO	1.0–2.0	1.0–2.0	927	$1,645	$1.77	44d	13	0.41mi
1717 Olive St Saint Louis, MO	2.0	1.0–2.0	957	$2,982	$3.12	2d	64	0.45mi
1706 Washington Ave St. Louis, MO	1.0–2.0	1.0–2.0	997	$1,761	$1.77	2d	10	0.49mi
1709 Washington Ave St. Louis, MO	1.0	1.5	1200	$1,200	$1.00	16d	1	0.50mi
1635 Washington Ave Saint Louis, MO	1.0–2.0	1.0	1135	$1,495	$1.32	3d	4	0.54mi
1627 Washington Ave Apt 503 St. Louis, MO	2.0	2.0	1400	$1,750	$1.25	44d	1	0.55mi
1627 Washington Ave Unit 202 St. Louis, MO	2.0	1.0	1450	$1,625	$1.12	44d	1	0.55mi
3041 Locust St St. Louis, MO	2.0	2.0	1243	$2,072	$1.67	44d	1	0.57mi
1501 Locust St Saint Louis, MO	1.0	1.0	1002	$1,200	$1.20	44d	1	0.64mi
1405 Pine St St. Louis, MO	2.0	2.0	1020	$1,240	$1.22	4d	1	0.73mi
1324 Washington Ave St. Louis, MO	2.0	2.0	1789	$1,962	$1.10	2d	1	0.75mi
3307 Olive St St. Louis, MO	1.0–2.0	1.0	912	$1,220	$1.34	44d	1	0.77mi
1307 Washington Ave St. Louis, MO	1.0–2.0	1.0	1261	$1,485	$1.18	8d	17	0.79mi
1226 Olive St St. Louis, MO	1.0–2.0	1.0–2.0	1157	$1,700	$1.47	2d	2	0.83mi
1300 Convention Plz Saint Louis, MO	2.0	1.0	877	$1,350	$1.54	44d	1	0.85mi
1209 Washington Ave Saint Louis, MO	1.0–2.0	1.5–2.0	1483	$2,190	$1.48	2d	22	0.87mi
300 N Tucker Blvd St. Louis, MO	1.0–2.0	1.0–2.0	1013	$1,875	$1.85	2d	10	0.91mi
1133 Washington Ave St. Louis, MO	2.0	1.0–2.0	637	$1,292	$2.03	44d	1	0.92mi
1110 Washington Ave Saint Louis, MO	1.0–2.0	1.0–2.0	1006	$1,426	$1.42	3d	19	0.97mi
1720 Chouteau Ave #404 Saint Louis, MO	2.0	2.0	1089	$1,495	$1.37	24d	1	1.01mi
1720 Chouteau Ave #404 Saint Louis, MO	2.0	2.0	1089	$1,450	$1.33	22d	1	1.01mi
1014 Locust St Saint Louis, MO	1.0–2.0	1.0–2.0	1110	$2,070	$1.86	2d	2	1.01mi
1000 Washington Ave Saint Louis, MO	1.0–2.0	1.0–2.0	959	$1,950	$2.03	2d	24	1.02mi
1006 Olive St Unit 702 St. Louis, MO	2.0	2.0	1400	$1,600	$1.14	44d	1	1.03mi
1115 Carr St St. Louis, MO	1.0–2.0	1.0	747	$1,123	$1.50	5d	13	1.04mi
1917 Rutger St Saint Louis, MO	2.0	2.0	1020	$1,595	$1.56	44d	1	1.07mi
1023 Spruce St St. Louis, MO	1.0–2.0	1.0–2.0	957	$1,425	$1.49	2d	17	1.08mi
2348 Rutger St Saint Louis, MO	2.0	1.0	1020	$1,250	$1.23	44d	1	1.08mi
1111 Biddle St Saint Louis, MO	2.0	1.0	1200	$1,295	$1.08	44d	1	1.08mi

HOA detail condo

• Monthly dues: $600 · $7,200/yr
• Likely covers: gaspool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-18
   days on market $139,900 Active 101 DOM
2. 2026-06-17
   days on market $139,900 Active 100 DOM
3. 2026-06-16
   days on market $139,900 Active 99 DOM
4. 2026-06-15
   days on market $139,900 Active 98 DOM
5. 2026-06-13
   days on market $139,900 Active 96 DOM
6. 2026-06-09
   days on market $139,900 Active 92 DOM
7. 2026-06-08
   days on market $139,900 Active 91 DOM
8. 2026-06-08
   days on market $139,900 Active 90 DOM
9. 2026-06-05
   days on market $139,900 Active 87 DOM
10. 2026-06-03
    days on market $139,900 Active 86 DOM
11. 2026-06-02
    days on market $139,900 Active 85 DOM
12. 2026-06-01
    days on market $139,900 Active 84 DOM
13. 2026-05-31
    days on market $139,900 Active 83 DOM
14. 2026-04-14
    price $145,000 1218-char remark

    Show marketing remark (1218 chars)

    Welcome to the Westgate Condos located in the historic Haas Building...built in 1923! This 2 bedroom/1 bath unit sits on the 4th floor overlooking STL city! You'll love living here, no need to pay to park for games when you're walking distance to City SC, Schlafly Tap Room & so much more that midtown has to offer! This condo is true loft-style living with concrete floors tall ceilings and a whole wall of windows in the living room. Two private bedrooms, a full bath, large primary closet & in-unit laundry fill one side of the unit. The other side is an open kitchen & living room layout. The kitchen features SS appliances, granite countertops & a kitchen island. The living room is filled with natural light & a gas fireplace-- such a cool vibe! Head up the elevator for all this community has to offer -- a community clubhouse room with a lounge area, kitchen, etc. that opens up to the amazing ROOFTOP POOL with city views! Such a great place to relax during the day or hang out at night and see the city energy! The unit includes an assigned basement parking spot with garage door opener for easy parking. Live here and enjoy everything the city has to offer with a pool & easy living!

15. 2026-03-31
    price $150,000 1218-char remark

    Show marketing remark (1218 chars)

    Welcome to the Westgate Condos located in the historic Haas Building...built in 1923! This 2 bedroom/1 bath unit sits on the 4th floor overlooking STL city! You'll love living here, no need to pay to park for games when you're walking distance to City SC, Schlafly Tap Room & so much more that midtown has to offer! This condo is true loft-style living with concrete floors tall ceilings and a whole wall of windows in the living room. Two private bedrooms, a full bath, large primary closet & in-unit laundry fill one side of the unit. The other side is an open kitchen & living room layout. The kitchen features SS appliances, granite countertops & a kitchen island. The living room is filled with natural light & a gas fireplace-- such a cool vibe! Head up the elevator for all this community has to offer -- a community clubhouse room with a lounge area, kitchen, etc. that opens up to the amazing ROOFTOP POOL with city views! Such a great place to relax during the day or hang out at night and see the city energy! The unit includes an assigned basement parking spot with garage door opener for easy parking. Live here and enjoy everything the city has to offer with a pool & easy living!

16. 2026-03-09
    listed $159,900 Active 1218-char remark

    Show marketing remark (1218 chars)

    Welcome to the Westgate Condos located in the historic Haas Building...built in 1923! This 2 bedroom/1 bath unit sits on the 4th floor overlooking STL city! You'll love living here, no need to pay to park for games when you're walking distance to City SC, Schlafly Tap Room & so much more that midtown has to offer! This condo is true loft-style living with concrete floors tall ceilings and a whole wall of windows in the living room. Two private bedrooms, a full bath, large primary closet & in-unit laundry fill one side of the unit. The other side is an open kitchen & living room layout. The kitchen features SS appliances, granite countertops & a kitchen island. The living room is filled with natural light & a gas fireplace-- such a cool vibe! Head up the elevator for all this community has to offer -- a community clubhouse room with a lounge area, kitchen, etc. that opens up to the amazing ROOFTOP POOL with city views! Such a great place to relax during the day or hang out at night and see the city energy! The unit includes an assigned basement parking spot with garage door opener for easy parking. Live here and enjoy everything the city has to offer with a pool & easy living!

ⓘ 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 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: $19,359
• − Mortgage interest: −$7,837
• − Property taxes: −$2,098
• − Insurance: −$700
• − Repairs & maintenance: −$1,549
• − Management: −$1,549
• − HOA: −$7,200
• − Depreciation: −$4,070
• Taxable loss: −$5,643
• Est. tax savings @ 24.0%: +$1,354
• After-tax cash flow: $-2,154/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): 8,778
• Household income: $40,943
• Rent vs Own: 82.5% rent · 17.5% own
• Severe rent burden: 960.0

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 0.65)
• Race & ethnicity: White 43% Black 40% Asian 8% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Romanian 3% Lithuanian 2% Italian 2%
• Foreign-born: 8% · Canada, China
• Languages at home: 87% English-only · Other Indo-European 4% Spanish 3% Arabic 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: ▲ 0.66%
• Current HPI: 116.4477
• Rent YoY: ▲ 9.20%
• 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

-9.3% since first listed

3 events — show timeline

• 2026-04-14 Price Changed $145,000 MARIS as Distributed by MLS Grid
• 2026-03-31 Price Changed $150,000 MARIS as Distributed by MLS Grid
• 2026-03-09 Listed $159,900 MARIS as Distributed by MLS Grid