1210 Wicklow Rd Unit L

Manchester, MO 63021

$155,000D-

2 bd · 1.5 ba · 1,140 sqft · Built 1969 · Condo · Pending · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,613/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$209
• HOA: −$496
• Vac / Maint / Mgmt: −$339
• Net cashflow: $-243/mo
• Annual: $-2,918/yr
• Cap rate: 4.41%
• Cash-on-cash: -6.72%
• DSCR: 0.70
• 1% rule: 1.04%
• Cash to close: $43,400

Investor read

• This is a 2-bed/1.5-bath condo listed at $155k.
• At list price, monthly cash flow is $-243 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $112k (27.7% below list).
• Meets the 1% rule at list price ($2k rent vs $155k).
• It's been on market 36 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $112k (27.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#47 in MO, #3,638 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities D-, commute F, health & safety F.
• Parkway C-2 (suburban): math 49% / reading 62% proficiency, ranked #18 of 324 in MO (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Carman Trails Elem. (math 42% / reading 52%, grade D-, #347 of 1,115 statewide, top 35%, 383 students, 26% FRL); South Middle (math 41% / reading 55%, grade C-, #84 of 391 statewide, top 22%, 541 students, 20% FRL); South High (math 42% / reading 68%, grade C, #65 of 521 statewide, top 13%, 1,598 students, 23% FRL).
• Watch-outs: HOA is 31% of rent.
• Market conditions: Rents rising (+1.9%/yr); 245 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 920 units permitted in St. Louis County in 2024 (250 in 5+ unit buildings).
• 3 sale attempts since 8y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $115k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.4% vs local median 3.4% in Manchester — 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.
• This rent is only 16% of the median local income ($120k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• 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?
• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
• Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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?