11905 Homestead Ave · Spanish Lake, MO 63138

$114,000

3 bd · 1.0 ba · 912 sqft · SingleFamily public records · 105 Days on market

Built 1961 7,230 sqft lot $125/sqft · at area comps Est $118k · at est.

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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 +27.7/30.0
• DSCR +9.7/10.0
• ARV discount +9.1/15.0
• 1% rule +7.3/10.0
• Livability +2.6/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Excellent turnkey investment opportunity! This tenant-occupied 3-bedroom home offers immediate rental income in a peaceful neighborhood setting. Inside, enjoy a low-maintenance blend of wood and vinyl flooring and a massive kitchen featuring abundant cabinetry and generous counter space that flows seamlessly into the open dining and family areas. The wide driveway and 1-car garage provide ample parking, while the spacious, level backyard and private deck create desirable outdoor living space. A strong addition to any rental portfolio with lasting tenant appeal.

Key facts

• Abundant cabinetry
• Wide driveway
• Tenant-occupied home

Tags

• TENANT-OCCUPIED HOME
• MASSIVE KITCHEN
• ABUNDANT CABINETRY
• GENEROUS COUNTER SPACE
• OPEN DINING AND FAMILY AREAS
• WIDE DRIVEWAY

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $114k.

Deal economics

• At list price, monthly cash flow is $344 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $114k).
• Recommended offer: $104k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 7.9% in Spanish Lake — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 51/100 on livability (#870 in MO) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Hazelwood (suburban): math 11% / reading 26% proficiency, ranked #306 of 324 in MO (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents soft (-1.5%/yr); 101 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 920 units permitted in St. Louis County in 2024 (250 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $788 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($104k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 14y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $74k; list at $114k implies a 55% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $103,740 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1961 — 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.23% ✓
• Cap rate: 9.91%
• Cash-on-cash: 12.92%
• DSCR: 1.57
• GRM: 6.8

CMA / ARV

• ARV (median comp): $118,215
• List price: $114,000
• Delta: -3.57%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12019 Krenning Ln	0.22mi	3/1.0	930 (+2%)	1mo	$119,900	$129	85
1459 Cove Ln	0.17mi	3/1.5	988 (+8%)	3mo	$79,900	$81	74
1209 Northdale Ave	0.54mi	2/1.0 (-1)	864 (-5%)	1mo	$79,900	$92	60
1231 Reale Ave	0.48mi	2/1.5 (-1)	864 (-5%)	2mo	$69,900	$81	60
1135 Cove Ln	0.65mi	2/1.0 (-1)	936 (+3%)	2mo	$85,000	$91	59
1136 Walker Ave	0.67mi	3/1.0	864 (-5%)	3mo	$125,000	$145	57
1125 Walker Ave	0.69mi	3/1.0	864 (-5%)	3mo	$114,999	$133	57
1200 Baron Ave	0.71mi	3/1.0	864 (-5%)	2mo	$77,500	$90	56
12336 Santa Maria Dr	0.60mi	3/1.0	1,020 (+12%)	1mo	$125,000	$123	51
1321 Dominica Dr	0.62mi	3/1.0	1,012 (+11%)	2mo	$124,900	$123	51
12371 Pinta Dr	0.66mi	3/1.0	1,020 (+12%)	3mo	$72,900	$71	47
1316 Bayonne Dr	0.66mi	2/1.5 (-1)	1,015 (+11%)	2mo	$105,000	$103	42

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -0.6%
• Equity multiple: 0.98×
• Total profit: $-695
• Equity at exit: $16,998

10-year hold

• IRR: 5.7%
• Equity multiple: 1.37×
• Total profit: $11,717
• Equity at exit: $9,857

Cash invested: $31,920 (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 63138

• Home prices YoY: -31.0%
• Rents YoY: -1.5%
• Active inventory: 101
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,402 high
• Mortgage (P&I): −$598
• Tax from tax record: −$119 /mo · $1,425/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $344

Break-even live

Break-even rent $967

Max offer price $114,000

Occupancy floor 70%

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: $28,500
• Closing costs: $3,420
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1504 Redman Blvd Saint Louis, MO	3.0	2.0	1014	$1,299	$1.28	4d	1	0.11mi
1473 Broadlawns Ln Saint Louis, MO	3.0	1.0	1000	$1,400	$1.40	43d	1	0.12mi
1455 Broadlawns Ln Saint Louis, MO	3.0	1.0	912	$1,395	$1.53	12d	1	0.14mi
1376 Cove Ln Saint Louis, MO	3.0	1.0	925	$1,365	$1.48	23d	1	0.32mi
1359 Cove Ln Saint Louis, MO	3.0	1.0	925	$1,427	$1.54	2d	1	0.33mi
11930 Criterion Ave Saint Louis, MO	3.0	1.0	816	$1,350	$1.65	43d	1	0.36mi
1708 San Remo Ct St. Louis, MO	1.0–3.0	1.0–1.5	1053	$1,300	$1.23	1d	9	0.38mi
11891 Bridgevale Ave Saint Louis, MO	3.0	1.0	864	$1,350	$1.56	23d	1	0.40mi
1223 Walker Ave Saint Louis, MO	4.0	1.0	936	$1,800	$1.92	43d	1	0.51mi
1218 Walker Ave Saint Louis, MO	3.0	1.0	936	$1,275	$1.36	23d	1	0.53mi
1321 Dominica Dr Saint Louis, MO	3.0	1.0	1012	$1,400	$1.38	43d	1	0.63mi
1132 Redman Blvd Saint Louis, MO	4.0	1.0	1080	$1,195	$1.11	43d	1	0.64mi
1141 Scott Ave Saint Louis, MO	3.0	1.0	864	$1,400	$1.62	22d	1	0.67mi
11921 Larimore Rd Saint Louis, MO	3.0	1.0	1078	$1,100	$1.02	43d	1	0.79mi
12367 Horizon Village Dr Unit 12367 I St. Louis, MO	2.0	1.0	836	$995	$1.19	23d	1	0.88mi
11969 Continental Dr St. Louis, MO	2.0–3.0	1.5	1075	$1,325	$1.23	1d	3	0.89mi
12401 Horizon Village Dr Unit 12415 A St. Louis, MO	2.0	1.0	836	$995	$1.19	43d	1	0.97mi
1333 N Garden Dr St. Louis, MO	2.0	1.0	626	$1,100	$1.76	43d	1	1.11mi
1342 N Garden Dr Saint Louis, MO	2.0	1.0	626	$1,100	$1.76	1d	3	1.15mi
11592 Las Ladera Dr Florissant, MO	3.0	2.0	986	$1,616	$1.64	7d	1	1.41mi

Listing history 18 events

1. 2026-06-18
   days on market $114,000 Active 105 DOM
2. 2026-06-17
   days on market $114,000 Active 104 DOM
3. 2026-06-16
   days on market $114,000 Active 103 DOM
4. 2026-06-15
   days on market $114,000 Active 102 DOM
5. 2026-06-13
   days on market $114,000 Active 100 DOM
6. 2026-06-13
   days on market $114,000 Active 99 DOM
7. 2026-06-09
   days on market $114,000 Active 96 DOM
8. 2026-06-08
   days on market $114,000 Active 95 DOM
9. 2026-06-07
   days on market $114,000 Active 94 DOM
10. 2026-06-05
    days on market $114,000 Active 91 DOM
11. 2026-06-03
    days on market $114,000 Active 90 DOM
12. 2026-06-02
    days on market $114,000 Active 89 DOM
13. 2026-05-31
    days on market $114,000 Active 88 DOM
14. 2026-03-04
    listed $114,000 Active 567-char remark

    Show marketing remark (567 chars)

    Excellent turnkey investment opportunity! This tenant-occupied 3-bedroom home offers immediate rental income in a peaceful neighborhood setting. Inside, enjoy a low-maintenance blend of wood and vinyl flooring and a massive kitchen featuring abundant cabinetry and generous counter space that flows seamlessly into the open dining and family areas. The wide driveway and 1-car garage provide ample parking, while the spacious, level backyard and private deck create desirable outdoor living space. A strong addition to any rental portfolio with lasting tenant appeal.

15. 2012-07-12
    soldstatus 419-char remark

    Show marketing remark (419 chars)

    REO PROPERTY - BANK OWNED. PROPERTY SOLD AS IS'' WITHOUT REPAIR, WARRANTY OR SELLER DISCLOSURE. Buyer or Buyer's Agent is responsible for utility activation related to inspections. Listing Broker & Seller assume no responsibility & make no guarantees/warranties or representations as to the availability or accuracy of the property information photographs, or other information depicted or described herein.

16. 2012-05-24
    listed $27,000 419-char remark

    Show marketing remark (419 chars)

    REO PROPERTY - BANK OWNED. PROPERTY SOLD AS IS'' WITHOUT REPAIR, WARRANTY OR SELLER DISCLOSURE. Buyer or Buyer's Agent is responsible for utility activation related to inspections. Listing Broker & Seller assume no responsibility & make no guarantees/warranties or representations as to the availability or accuracy of the property information photographs, or other information depicted or described herein.

17. 2003-09-26
    soldstatus $73,505
18. 1961-06-05
    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: $1,425 · $119/mo
• Projected year-2 tax: $1,425 · $119/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥107°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,824
• − Mortgage interest: −$6,386
• − Property taxes: −$1,425
• − Insurance: −$570
• − Repairs & maintenance: −$1,346
• − Management: −$1,346
• − Depreciation: −$3,316
• Taxable income: $2,436
• Est. tax owed @ 24.0%: −$585
• After-tax cash flow: $3,538/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: Hazelwood
• NCES district ID: 2913830
• Math proficiency: 11% ▼ -13.00%
• Reading proficiency: 26% ▼ -6.00%
• Median HH income: $51,621
• Composite: 16.77/100
• National rank: #9156
• State rank: #306 of 324 in MO

Livability — Spanish Lake

• Score: 51/100
• State rank: #870
• US rank: #25189

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spanish Lake, MO
• County: Saint Louis County · 888,823 people
• City population: 18,233
• Metro: St. Louis, MO-IL
• Population (ZIP): 18,233
• Household income: $56,096
• Rent vs Own: 50.1% rent · 49.9% own
• Severe rent burden: 925.0

Population outlook (St. Louis County) Hauer SSP2

• Today (2025): 1,025,227 people
• By 2030: 1,028,023 · +0.3%
• By 2040: 1,020,940 · -0.4%
• By 2050: 1,007,280 · -1.8%
• By 2075: 987,277 · -3.7%
• By 2100: 921,984 · -10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (81%)
• Race & ethnicity: Black 81% White 14% Two or more races 4% Hispanic / Latino 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · St. Louis

• 2024 margin: Strong D (+23.4) · D 60.8% · R 37.4% · Other 1.7%
• 2008→2024 swing: +3.5pp toward D · 2008: 19.9pp · 2024: 23.4pp
• All cycles: 2024: D+23.4 2020: D+24.0 2016: D+16.2 2012: D+13.7 2008: D+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -74.09%
• Current HPI: 165.2146
• Rent YoY: ▼ -1.54%
• 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

+55.1% since first listed

5 events — show timeline

• 2026-03-04 Listed $114,000 MARIS as Distributed by MLS Grid
• 2012-07-12 Sold (MLS) — MARIS as Distributed by MLS Grid
• 2012-05-24 Listed $27,000 MARIS as Distributed by MLS Grid
• 2003-09-26 Sold (Public Records) $73,505 Public Records
• 1961-06-05 Sold (Public Records) — Public Records

Property tax history

+1.3%/yr

Latest (2022): $1,425 · +1.5% YoY. Source: county tax records.