3656 Bates St · St. Louis, MO 63116

$840,000

16 bd · 8.0 ba · 7,056 sqft · MultiFamily public records · 83 Days on market

Built 1940 0.28 ac lot $119/sqft · 221% above area

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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).

• Cash flow +20.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• 1% rule +4.8/10.0
• Rent growth +3.2/5.0
• 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 MLS

Presenting 3656–3660 Bates Street, a fully leased 8-unit brick apartment building located in South St. Louis. Situated along a residential corridor, the property offers investors a stabilized asset in an established neighborhood with strong rental demand and low tenant turnover. The property consists of eight two-bedroom, one-bathroom units, all of which have been updated in recent years. Units feature efficient layouts, hardwood flooring, ample natural light, and both front and rear private entrances. The building is secured by an electronic entry system and offers off-street parking, new concrete patio and walkways, and newly constructed decks and stairways. Significant capital improvements include a new roof (2021), new foundation (2022), tuckpointing, four new HVAC systems, and four new hot water heaters, positioning the property for minimal near-term capital needs. Conveniently located near public transportation, major highways, shopping, dining, Carondelet Park, and the YMCA.

Key facts

• Hardwood flooring
• Ample natural light
• Private entrances

Tags

• BRICK APARTMENT BUILDING
• HARDWOOD FLOORING
• AMPLE NATURAL LIGHT
• PRIVATE ENTRANCES
• ELECTRONIC ENTRY SYSTEM
• OFF-STREET PARKING

What this means for you Summary

Snapshot

• This is a 8 × 2-bed/1-bath units multifamily listed at $840k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $146/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $819k (2.5% below list).
• Recommended offer: $790k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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 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 (+2.6%/yr); 255 active listings in the ZIP; 294 units permitted in St. Louis city in 2024 (227 in 5+ unit buildings).
• At $8,191/mo this rent would consume 160% of the median local household income ($61k/yr) (locally 1923% 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 $25k 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.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($790k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $280k; list at $840k implies a 200% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — 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 $789,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% 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 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 0.98% ✗
• Cap rate: 7.96%
• Cash-on-cash: 5.96%
• DSCR: 1.27
• GRM: 8.5

CMA / ARV

• ARV (median comp): $392,785
• List price: $840,000
• Delta: 113.86%
• Verdict: OVERPRICED
• Comps: 8 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.62% rent growth · sell at horizon

5-year hold

• IRR: -7.5%
• Equity multiple: 0.72×
• Total profit: $-65,067
• Equity at exit: $125,247

10-year hold

• IRR: 1.6%
• Equity multiple: 1.11×
• Total profit: $25,628
• Equity at exit: $72,628

Cash invested: $235,200 (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 63116

• Rents YoY: 2.6%
• Active inventory: 255
• Price-to-rent: 68.4×

Monthly cashflow live

• Estimated rent: $8,191 high
• Mortgage (P&I): −$4,405
• Tax from tax record: −$548 /mo · $6,581/yr
• Insurance: −$350
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,720
• Net cashflow: $1,167

Break-even live

Break-even rent $6,713

Max offer price $840,000

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 8× units	2	1	$8,192
Total (8 units)			$8,191

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: $210,000
• Closing costs: $25,200
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $840,000 Active 83 DOM
2. 2026-06-17
   days on market $840,000 Active 82 DOM
3. 2026-06-16
   days on market $840,000 Active 81 DOM
4. 2026-06-15
   days on market $840,000 Active 80 DOM
5. 2026-06-13
   days on market $840,000 Active 78 DOM
6. 2026-06-09
   days on market $840,000 Active 74 DOM
7. 2026-06-08
   days on market $840,000 Active 73 DOM
8. 2026-06-08
   days on market $840,000 Active 72 DOM
9. 2026-06-05
   days on market $840,000 Active 69 DOM
10. 2026-06-03
    days on market $840,000 Active 68 DOM
11. 2026-06-02
    days on market $840,000 Active 67 DOM
12. 2026-06-01
    days on market $840,000 Active 66 DOM
13. 2026-05-31
    days on market $840,000 Active 65 DOM
14. 2026-03-27
    listed $840,000 Active 1002-char remark

    Show marketing remark (1002 chars)

    Presenting 3656–3660 Bates Street, a fully leased 8-unit brick apartment building located in South St. Louis. Situated along a residential corridor, the property offers investors a stabilized asset in an established neighborhood with strong rental demand and low tenant turnover. The property consists of eight two-bedroom, one-bathroom units, all of which have been updated in recent years. Units feature efficient layouts, hardwood flooring, ample natural light, and both front and rear private entrances. The building is secured by an electronic entry system and offers off-street parking, new concrete patio and walkways, and newly constructed decks and stairways. Significant capital improvements include a new roof (2021), new foundation (2022), tuckpointing, four new HVAC systems, and four new hot water heaters, positioning the property for minimal near-term capital needs. Conveniently located near public transportation, major highways, shopping, dining, Carondelet Park, and the YMCA.

15. 2025-05-08
    listed $799,000 Active
16. 2020-07-22
    soldstatus
17. 2009-02-05
    soldstatus
18. 2006-06-21
    soldstatus $280,000
19. 2005-03-11
    soldstatus $208,500
20. 2002-01-08
    soldstatus
21. 1999-04-02
    soldstatus $97,000

ⓘ 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: $6,581 · $548/mo
• Projected year-2 tax: $8,148 · $679/mo
• Expected delta: +$1,567/yr (+$131/mo · 23.8%)

ⓘ 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 ≥108°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: $98,292
• − Mortgage interest: −$47,053
• − Property taxes: −$6,581
• − Insurance: −$4,200
• − Repairs & maintenance: −$7,863
• − Management: −$7,863
• − Depreciation: −$24,436
• Taxable income: $295
• Est. tax owed @ 24.0%: −$71
• After-tax cash flow: $13,938/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): 42,170
• Household income: $61,433
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 1923.0

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 0.63)
• Race & ethnicity: White 54% Black 27% Hispanic / Latino 10% Two or more races 8% Asian 5%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Lithuanian 4% Romanian 2% Italian 2%
• Foreign-born: 11% · Canada, Vietnam, Philippines
• Languages at home: 85% English-only · Spanish 6% Vietnamese 2% Arabic 2%

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: ▼ -271.19%
• Current HPI: 215.7108
• Rent YoY: ▲ 2.62%
• 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

+766.0% since first listed

8 events — show timeline

• 2026-03-27 Listed $840,000 MARIS as Distributed by MLS Grid
• 2025-05-08 Listed $799,000 MARIS as Distributed by MLS Grid
• 2020-07-22 Sold (Public Records) — Public Records
• 2009-02-05 Sold (Public Records) — Public Records
• 2006-06-21 Sold (Public Records) $280,000 Public Records
• 2005-03-11 Sold (Public Records) $208,500 Public Records
• 2002-01-08 Sold (Public Records) — Public Records
• 1999-04-02 Sold (Public Records) $97,000 Public Records

Property tax history

+6.5%/yr

Latest (2024): $6,581 · +56.0% YoY. Source: county tax records.