3956 Pennsylvania Ave · St. Louis, MO 63118

$359,900

32 bd · 4.0 ba · 2,886 sqft · MultiFamily public records · 48 Days on market

Built 1927 2,709 sqft lot $125/sqft · 84% above area

---

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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.7/5.0
• 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 (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Amazing opportunity for equity and cash on cash. Owner started work but has decided to finish other projects he has backed up. Most of the electrical is completed, new plumbing, new sheetrock and framing, mechanicals are in place but does need repairs, tuck pointing completed in multiple areas of the property. Cool outdoor space that can be set up for tenant enjoyment. Contractor stated it would be around 10k a unit to finish (bring your own contractor). All in around 150k with repairs and multi families around the building are selling for a little over 200k. Rents in the four plex next door are between 650-750 with all 4 units rented. Cash flow at this price point is around $2800 month which is ROI over 22%. Refinance out and do it again. Perfect project for BRRRR! AS IS contract. No inspections by the seller nor guarantee of any work or pricing.

Key facts

• 2,709 sq ft lot
• Built 1927
• Listed 47 days

Property features AI

Finance

• Other: Total living area reported as 2,886 (source: public records); Lot size approximately 0.0622 acres; All 4 units currently leased
• Financial info: Seller may consider concessions
• HOA & community: Community contains 4 units

Exterior

• Utilities: Public water; Electric service by Ameren
• Home design: Residential income property (2–4 units); Quadruplex; Single building with 4 units; Facing direction: not specified; Entry level: not specified
• Construction: Brick exterior; Built year: not specified
• Exterior features: Brick construction; Public water

Interior

• Kitchen: Stainless steel appliances
• Bedrooms: Four 2-bedroom units (total of 8 bedrooms across the building)
• Bathrooms: Four bathrooms (one per unit)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Stainless steel appliances; Unfinished basement

What this means for you Summary

Snapshot

• This is a 3 × 11-bed/?-bath units multifamily listed at $360k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $502/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $360k).
• Recommended offer: $349k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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 B — 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.
• Zoned schools: Meramec Elem. (math 2% / reading 8%, grade F, #1,072 of 1,115 statewide, top 98%, 202 students, 98% FRL); Roosevelt High (math 2% / reading 8%, grade F, #517 of 521 statewide, top 100%, 460 students, 99% FRL) — zoned schools average 99% FRL vs 80% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.9%/yr); 243 active listings in the ZIP; 294 units permitted in St. Louis city in 2024 (227 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k 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.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $101k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($349k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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 $180k; list at $360k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — 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 $349,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% 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 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.40% ✓
• Cap rate: 11.31%
• Cash-on-cash: 17.93%
• DSCR: 1.80
• GRM: 5.9

CMA / ARV

• ARV (median comp): $195,968
• List price: $359,900
• Delta: 83.65%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.89% rent growth · sell at horizon

5-year hold

• IRR: 11.6%
• Equity multiple: 1.47×
• Total profit: $47,433
• Equity at exit: $53,662

10-year hold

• IRR: 22.1%
• Equity multiple: 3.05×
• Total profit: $206,843
• Equity at exit: $31,118

Cash invested: $100,772 (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 63118

• Rents YoY: 4.9%
• Active inventory: 243
• Price-to-rent: 17.8×

Monthly cashflow live

• Estimated rent: $5,054 medium
• Mortgage (P&I): −$1,887
• Tax est. 1.5%: −$450 /mo · $5,398/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,061
• Net cashflow: $1,505

Break-even live

Break-even rent $3,148

Max offer price $359,900

Occupancy floor 65%

Sensitivity live

Price	-10% $1,754	-5% $1,630	+0% $1,505	+5% $1,381	+10% $1,257
Rent	-10% $1,106	-5% $1,306	+0% $1,505	+5% $1,705	+10% $1,905
Rate	-1.0pp $1,687	-0.5pp $1,597	base $1,505	+0.5pp $1,412	+1.0pp $1,317

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

Units	Beds	Baths	Est. rent
▸ 3× units	11	—	$5,055
Total (3 units)			$5,054

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: $89,975
• Closing costs: $10,797
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-21
   days on market $359,900 Active 48 DOM
2. 2026-06-18
   days on market $359,900 Active 45 DOM
3. 2026-06-17
   days on market $359,900 Active 44 DOM
4. 2026-06-16
   days on market $359,900 Active 43 DOM
5. 2026-06-15
   days on market $359,900 Active 42 DOM
6. 2026-06-13
   days on market $359,900 Active 40 DOM
7. 2026-06-09
   days on market $359,900 Active 36 DOM
8. 2026-06-08
   days on market $359,900 Active 35 DOM
9. 2026-06-07
   days on market $359,900 Active 34 DOM
10. 2026-06-05
    days on market $359,900 Active 31 DOM
11. 2026-06-03
    days on market $359,900 Active 30 DOM
12. 2026-06-02
    days on market $359,900 Active 29 DOM
13. 2026-06-01
    days on market $359,900 Active 28 DOM
14. 2026-05-31
    days on market $359,900 Active 27 DOM
15. 2026-05-05
    listed $359,900 Active 886-char remark
16. 2026-05-04
    historical $359,900 886-char remark
17. 2026-01-14
    historical $995
18. 2026-01-14
    listed $995
19. 2023-05-17
    soldstatus Closed 870-char remark

    Show marketing remark (870 chars)

    Amazing opportunity for equity and cash on cash. Owner started work but has decided to finish other projects he has backed up. Most of the electrical is completed, new plumbing, new sheetrock and framing, mechanicals are in place but does need repairs, tuck pointing completed in multiple areas of the property. Cool outdoor space that can be set up for tenant enjoyment. Contractor stated it would be around 10k a unit to finish (bring your own contractor). All in around 150k with repairs and multi families around the building are selling for a little over 200k. Rents in the four plex next door are between 650-750 with all 4 units rented. Cash flow at this price point is around $2800 month which is ROI over 22%. Refinance out and do it again. Perfect project for BRRRR! AS IS contract. No inspections by the seller nor guarantee of any work or pricing.

20. 2023-04-09
    status Pending 870-char remark

    Show marketing remark (870 chars)

    Amazing opportunity for equity and cash on cash. Owner started work but has decided to finish other projects he has backed up. Most of the electrical is completed, new plumbing, new sheetrock and framing, mechanicals are in place but does need repairs, tuck pointing completed in multiple areas of the property. Cool outdoor space that can be set up for tenant enjoyment. Contractor stated it would be around 10k a unit to finish (bring your own contractor). All in around 150k with repairs and multi families around the building are selling for a little over 200k. Rents in the four plex next door are between 650-750 with all 4 units rented. Cash flow at this price point is around $2800 month which is ROI over 22%. Refinance out and do it again. Perfect project for BRRRR! AS IS contract. No inspections by the seller nor guarantee of any work or pricing.

21. 2023-03-09
    soldstatus $180,000
22. 2023-02-02
    historical Active Under Contract 870-char remark

    Show marketing remark (870 chars)

    Amazing opportunity for equity and cash on cash. Owner started work but has decided to finish other projects he has backed up. Most of the electrical is completed, new plumbing, new sheetrock and framing, mechanicals are in place but does need repairs, tuck pointing completed in multiple areas of the property. Cool outdoor space that can be set up for tenant enjoyment. Contractor stated it would be around 10k a unit to finish (bring your own contractor). All in around 150k with repairs and multi families around the building are selling for a little over 200k. Rents in the four plex next door are between 650-750 with all 4 units rented. Cash flow at this price point is around $2800 month which is ROI over 22%. Refinance out and do it again. Perfect project for BRRRR! AS IS contract. No inspections by the seller nor guarantee of any work or pricing.

23. 2023-01-26
    listed $107,500 Active 870-char remark

    Show marketing remark (870 chars)

    Amazing opportunity for equity and cash on cash. Owner started work but has decided to finish other projects he has backed up. Most of the electrical is completed, new plumbing, new sheetrock and framing, mechanicals are in place but does need repairs, tuck pointing completed in multiple areas of the property. Cool outdoor space that can be set up for tenant enjoyment. Contractor stated it would be around 10k a unit to finish (bring your own contractor). All in around 150k with repairs and multi families around the building are selling for a little over 200k. Rents in the four plex next door are between 650-750 with all 4 units rented. Cash flow at this price point is around $2800 month which is ROI over 22%. Refinance out and do it again. Perfect project for BRRRR! AS IS contract. No inspections by the seller nor guarantee of any work or pricing.

24. 2022-11-29
    price $110,000
25. 2022-10-25
    price $130,000
26. 2021-11-05
    soldstatus $58,000
27. 2003-11-19
    soldstatus
28. 2002-12-18
    soldstatus
29. 1998-07-06
    soldstatus
30. 1993-05-04
    soldstatus

ⓘ 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 5/10 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: $60,648
• − Mortgage interest: −$20,160
• − Property taxes: −$5,398
• − Insurance: −$1,800
• − Repairs & maintenance: −$4,852
• − Management: −$4,852
• − Depreciation: −$10,470
• Taxable income: $13,117
• Est. tax owed @ 24.0%: −$3,148
• After-tax cash flow: $14,918/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): 25,913
• Household income: $57,762
• Rent vs Own: 56.1% rent · 43.9% own
• Severe rent burden: 1495.0

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 44% Black 41% Two or more races 8% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Slovak 2% Lithuanian 2% Romanian 2%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 90% English-only · Spanish 5% Vietnamese 1% French/Haitian/Cajun 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: ▼ -347.51%
• Current HPI: 171.5963
• Rent YoY: ▲ 4.89%
• 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

+520.5% since first listed

16 events — show timeline

• 2026-05-05 Listed $359,900 MARIS as Distributed by MLS Grid
• 2026-05-04 Coming Soon $359,900 MARIS as Distributed by MLS Grid
• 2026-01-14 Rental Removed $995 APPFOLIO
• 2026-01-14 Listed for Rent $995 APPFOLIO
• 2023-05-17 Sold (MLS) — MARIS as Distributed by MLS Grid
• 2023-04-09 Pending — MARIS as Distributed by MLS Grid
• 2023-03-09 Sold (Public Records) $180,000 Public Records
• 2023-02-02 Contingent — MARIS as Distributed by MLS Grid
• 2023-01-26 Listed $107,500 MARIS as Distributed by MLS Grid
• 2022-11-29 Price Changed $110,000 MARIS as Distributed by MLS Grid
• 2022-10-25 Price Changed $130,000 MARIS as Distributed by MLS Grid
• 2021-11-05 Sold (Public Records) $58,000 Public Records
• 2003-11-19 Sold (Public Records) — Public Records
• 2002-12-18 Sold (Public Records) — Public Records
• 1998-07-06 Sold (Public Records) — Public Records
• 1993-05-04 Sold (Public Records) — Public Records

Property tax history

+2.1%/yr

Latest (2024): $299 · +4.7% YoY. Source: county tax records.