7347 Delmar Blvd

University City, MO 63130

$379,500C+

4 bd · 2.0 ba · 2,480 sqft · Built 1941 · MultiFamily · Active · 134 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,078/mo
• Mortgage (P&I): −$1,990
• Tax + insurance: −$475
• HOA: −$0
• Vac / Maint / Mgmt: −$856
• Net cashflow: $756/mo
• Annual: $9,075/yr
• Cap rate: 8.68%
• Cash-on-cash: 8.54%
• DSCR: 1.38
• 1% rule: 1.07%
• Cash to close: $106,260

Investor read

• This is a 2 × 4-bed/2.0-bath units multifamily listed at $380k.
• At list price, monthly cash flow is $756 ($9k/yr) — positive. Per door: $378/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $380k).
• It's been on market 134 days — a 12% lower offer ($334k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $334k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#84 in MO) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, cost of living B; Watch: amenities D-, commute D-, health & safety F.
• University City (suburban): math 15% / reading 26% proficiency, ranked #297 of 324 in MO (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.6%/yr); 162 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 920 units permitted in St. Louis County in 2024 (250 in 5+ unit buildings).
• Current owner paid $215k; list at $380k implies a 77% gain — meaningful room to come down on a strong offer.
• 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 8.7% vs local median 4.9% in University City — 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.
• At $4,078/mo this rent would consume 57% of the median local household income ($86k/yr) (locally 893% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 134 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• 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.