10068 Puttington Dr

Lakeshire, MO 63123

$525,000C

8 bd · 4.0 ba · 3,456 sqft · Built 1968 · MultiFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,376/mo
• Mortgage (P&I): −$2,753
• Tax + insurance: −$629
• HOA: −$0
• Vac / Maint / Mgmt: −$1,129
• Net cashflow: $865/mo
• Annual: $10,378/yr
• Cap rate: 8.27%
• Cash-on-cash: 7.06%
• DSCR: 1.31
• 1% rule: 1.02%
• Cash to close: $147,000

Investor read

• This is a 4 × 2-bed/1-bath units multifamily listed at $525k.
• At list price, monthly cash flow is $865 ($10k/yr) — positive. Per door: $216/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $525k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#227 in MO) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A, housing B+; Watch: amenities F, commute F, health & safety F.
• Lindbergh Schools (suburban): math 41% / reading 55% proficiency, ranked #38 of 324 in MO (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 13% free/reduced lunch — higher-income household profile.
• Zoned schools: Concord Elem. School (math 43% / reading 62%, grade C-, #226 of 1,115 statewide, top 21%, 552 students, 10% FRL); Lindbergh Sr. High (math 56% / reading 70%, grade B-, #26 of 521 statewide, top 5%, 2,235 students, 12% FRL) — zoned schools at 11% FRL track the district average.
• Market conditions: Rents rising (+3.0%/yr); 186 active listings in the ZIP; solid renter incomes; 920 units permitted in St. Louis County in 2024 (250 in 5+ unit buildings).
• 3 sale attempts since 5y 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 $375k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• 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.
• At $5,376/mo this rent would consume 84% of the median local household income ($77k/yr) (locally 753% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.
• 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.