5815 Cates Ave · St. Louis, MO 63112

$780,000

576 bd · None ba · 16,779 sqft · MultiFamily public records · 325 Days on market

Built 1928 10,459 sqft lot $46/sqft · 66% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.1/5.0
• 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: 24 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

Back on the market at no fault of the Seller. Prime Investment Opportunity in the Central West End! Expand your portfolio with this 24-unit multifamily property in the thriving Central West End, just minutes from the Delmar Loop, Washington University, BJC Healthcare, and Forest Park. Surrounded by top dining, shopping, and cultural attractions, this prime location drives strong rental demand—ideal for students, professionals, and healthcare workers. The property features 6 studios, 12 one-bedroom units, and 6 two-bedroom units, with the potential to reconfigure layouts for increased income. Additionally, there are 12 parking spaces in the underground garage. Recent upgrades, including a newer roof, windows, and tuck-pointing, add long-term value and appeal. With ongoing revitalization in the area, this is a rare chance to secure a high-potential asset in a growing market. Sold as-is, with the seller to make no inspections or repairs.

Key facts

• Central west end
• 12 parking spaces
• 0.24 acre lot

Tags

• PRIME INVESTMENT OPPORTUNITY
• CENTRAL WEST END
• MINUTES FROM DELMAR LOOP
• MINUTES FROM BJC HEALTHCARE
• MINUTES FROM FOREST PARK
• 12 PARKING SPACES

What this means for you Summary

Snapshot

• This is a 6×?bd/1ba + 12×1bd/1ba + 6×2bd/1ba units multifamily listed at $780k.

Deal economics

• At list price, monthly cash flow is $16k ($192k/yr) — positive. Per door: $667/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($27k rent vs $780k).
• Recommended offer: $686k (12.0% below list) — sets the bar for market timing.
• Cap rate 30.9% 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.
• Market conditions: Rents rising (+2.4%/yr); 121 active listings in the ZIP; 294 units permitted in St. Louis city in 2024 (227 in 5+ unit buildings).
• At $27,094/mo this rent would consume 714% of the median local household income ($46k/yr) (locally 1457% 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 $5k of loan paydown is wiped out by about $23k 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 + 2.4% rent growth), your $218k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 325 days — a 12% lower offer ($686k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $120k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $250k; list at $780k implies a 212% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — 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 $686,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 325 days. Have you received any prior offers? Is the seller open to a 12% 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 1928 — 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. 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 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: 3.47% ✓
• Cap rate: 30.93%
• Cash-on-cash: 87.99%
• DSCR: 4.91
• GRM: 2.4

CMA / ARV

• ARV (median comp): $3,100,000
• List price: $780,000
• Delta: -74.84%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.39% rent growth · sell at horizon

5-year hold

• IRR: 87.9%
• Equity multiple: 5.02×
• Total profit: $877,417
• Equity at exit: $116,301

10-year hold

• IRR: 90.8%
• Equity multiple: 10.21×
• Total profit: $2,012,026
• Equity at exit: $67,440

Cash invested: $218,400 (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 63112

• Rents YoY: 2.4%
• Active inventory: 121
• Price-to-rent: 56.5×

Monthly cashflow live

• Estimated rent: $27,094 high
• Mortgage (P&I): −$4,090
• Tax est. 1.5%: −$975 /mo · $11,700/yr
• Insurance: −$325
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,690
• Net cashflow: $16,014

Break-even live

Break-even rent $6,823

Max offer price $780,000

Occupancy floor 36%

Sensitivity live

Price	-10% $16,553	-5% $16,283	+0% $16,014	+5% $15,744	+10% $15,475
Rent	-10% $13,873	-5% $14,944	+0% $16,014	+5% $17,084	+10% $18,154
Rate	-1.0pp $16,407	-0.5pp $16,212	base $16,014	+0.5pp $15,812	+1.0pp $15,606

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

Units	Beds	Baths	Est. rent
▸ 6× units	0	1	$6,906
▸ 12× units	1	1	$12,792
▸ 6× units	2	1	$7,398
Total (24 units)			$27,094

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: $195,000
• Closing costs: $23,400
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-21
   days on market $780,000 Active 325 DOM
2. 2026-06-18
   days on market $780,000 Active 322 DOM
3. 2026-06-17
   days on market $780,000 Active 321 DOM
4. 2026-06-16
   days on market $780,000 Active 320 DOM
5. 2026-06-15
   days on market $780,000 Active 319 DOM
6. 2026-06-13
   days on market $780,000 Active 317 DOM
7. 2026-06-09
   days on market $780,000 Active 313 DOM
8. 2026-06-08
   days on market $780,000 Active 312 DOM
9. 2026-06-08
   days on market $780,000 Active 311 DOM
10. 2026-06-05
    days on market $780,000 Active 308 DOM
11. 2026-06-03
    days on market $780,000 Active 307 DOM
12. 2026-06-02
    days on market $780,000 Active 306 DOM
13. 2026-06-01
    days on market $780,000 Active 305 DOM
14. 2026-06-01
    days on market $780,000 Active 304 DOM
15. 2026-04-27
    price $780,000 957-char remark

    Show marketing remark (957 chars)

    Back on the market at no fault of the Seller. Prime Investment Opportunity in the Central West End! Expand your portfolio with this 24-unit multifamily property in the thriving Central West End, just minutes from the Delmar Loop, Washington University, BJC Healthcare, and Forest Park. Surrounded by top dining, shopping, and cultural attractions, this prime location drives strong rental demand—ideal for students, professionals, and healthcare workers. The property features 6 studios, 12 one-bedroom units, and 6 two-bedroom units, with the potential to reconfigure layouts for increased income. Additionally, there are 12 parking spaces in the underground garage. Recent upgrades, including a newer roof, windows, and tuck-pointing, add long-term value and appeal. With ongoing revitalization in the area, this is a rare chance to secure a high-potential asset in a growing market. Sold as-is, with the seller to make no inspections or repairs.

16. 2026-02-02
    status Active 957-char remark

    Show marketing remark (957 chars)

    Back on the market at no fault of the Seller. Prime Investment Opportunity in the Central West End! Expand your portfolio with this 24-unit multifamily property in the thriving Central West End, just minutes from the Delmar Loop, Washington University, BJC Healthcare, and Forest Park. Surrounded by top dining, shopping, and cultural attractions, this prime location drives strong rental demand—ideal for students, professionals, and healthcare workers. The property features 6 studios, 12 one-bedroom units, and 6 two-bedroom units, with the potential to reconfigure layouts for increased income. Additionally, there are 12 parking spaces in the underground garage. Recent upgrades, including a newer roof, windows, and tuck-pointing, add long-term value and appeal. With ongoing revitalization in the area, this is a rare chance to secure a high-potential asset in a growing market. Sold as-is, with the seller to make no inspections or repairs.

17. 2025-12-16
    status Pending 957-char remark

    Show marketing remark (957 chars)

    Back on the market at no fault of the Seller. Prime Investment Opportunity in the Central West End! Expand your portfolio with this 24-unit multifamily property in the thriving Central West End, just minutes from the Delmar Loop, Washington University, BJC Healthcare, and Forest Park. Surrounded by top dining, shopping, and cultural attractions, this prime location drives strong rental demand—ideal for students, professionals, and healthcare workers. The property features 6 studios, 12 one-bedroom units, and 6 two-bedroom units, with the potential to reconfigure layouts for increased income. Additionally, there are 12 parking spaces in the underground garage. Recent upgrades, including a newer roof, windows, and tuck-pointing, add long-term value and appeal. With ongoing revitalization in the area, this is a rare chance to secure a high-potential asset in a growing market. Sold as-is, with the seller to make no inspections or repairs.

18. 2025-12-16
    historical Active Under Contract 957-char remark

    Show marketing remark (957 chars)

    Back on the market at no fault of the Seller. Prime Investment Opportunity in the Central West End! Expand your portfolio with this 24-unit multifamily property in the thriving Central West End, just minutes from the Delmar Loop, Washington University, BJC Healthcare, and Forest Park. Surrounded by top dining, shopping, and cultural attractions, this prime location drives strong rental demand—ideal for students, professionals, and healthcare workers. The property features 6 studios, 12 one-bedroom units, and 6 two-bedroom units, with the potential to reconfigure layouts for increased income. Additionally, there are 12 parking spaces in the underground garage. Recent upgrades, including a newer roof, windows, and tuck-pointing, add long-term value and appeal. With ongoing revitalization in the area, this is a rare chance to secure a high-potential asset in a growing market. Sold as-is, with the seller to make no inspections or repairs.

19. 2025-11-07
    status Pending 957-char remark

    Show marketing remark (957 chars)

    Back on the market at no fault of the Seller. Prime Investment Opportunity in the Central West End! Expand your portfolio with this 24-unit multifamily property in the thriving Central West End, just minutes from the Delmar Loop, Washington University, BJC Healthcare, and Forest Park. Surrounded by top dining, shopping, and cultural attractions, this prime location drives strong rental demand—ideal for students, professionals, and healthcare workers. The property features 6 studios, 12 one-bedroom units, and 6 two-bedroom units, with the potential to reconfigure layouts for increased income. Additionally, there are 12 parking spaces in the underground garage. Recent upgrades, including a newer roof, windows, and tuck-pointing, add long-term value and appeal. With ongoing revitalization in the area, this is a rare chance to secure a high-potential asset in a growing market. Sold as-is, with the seller to make no inspections or repairs.

20. 2025-08-28
    price $800,000 957-char remark

    Show marketing remark (957 chars)

    Back on the market at no fault of the Seller. Prime Investment Opportunity in the Central West End! Expand your portfolio with this 24-unit multifamily property in the thriving Central West End, just minutes from the Delmar Loop, Washington University, BJC Healthcare, and Forest Park. Surrounded by top dining, shopping, and cultural attractions, this prime location drives strong rental demand—ideal for students, professionals, and healthcare workers. The property features 6 studios, 12 one-bedroom units, and 6 two-bedroom units, with the potential to reconfigure layouts for increased income. Additionally, there are 12 parking spaces in the underground garage. Recent upgrades, including a newer roof, windows, and tuck-pointing, add long-term value and appeal. With ongoing revitalization in the area, this is a rare chance to secure a high-potential asset in a growing market. Sold as-is, with the seller to make no inspections or repairs.

21. 2025-05-06
    listed $900,000 Active 957-char remark

    Show marketing remark (957 chars)

    Back on the market at no fault of the Seller. Prime Investment Opportunity in the Central West End! Expand your portfolio with this 24-unit multifamily property in the thriving Central West End, just minutes from the Delmar Loop, Washington University, BJC Healthcare, and Forest Park. Surrounded by top dining, shopping, and cultural attractions, this prime location drives strong rental demand—ideal for students, professionals, and healthcare workers. The property features 6 studios, 12 one-bedroom units, and 6 two-bedroom units, with the potential to reconfigure layouts for increased income. Additionally, there are 12 parking spaces in the underground garage. Recent upgrades, including a newer roof, windows, and tuck-pointing, add long-term value and appeal. With ongoing revitalization in the area, this is a rare chance to secure a high-potential asset in a growing market. Sold as-is, with the seller to make no inspections or repairs.

22. 2020-12-22
    soldstatus $250,000
23. 2006-01-09
    soldstatus $456,000
24. 2001-02-12
    soldstatus $140,000
25. 1990-05-10
    soldstatus
26. 1986-05-01
    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 ≥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: $325,128
• − Mortgage interest: −$43,692
• − Property taxes: −$11,700
• − Insurance: −$3,900
• − Repairs & maintenance: −$26,010
• − Management: −$26,010
• − Depreciation: −$22,691
• Taxable income: $191,124
• Est. tax owed @ 24.0%: −$45,870
• After-tax cash flow: $146,296/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): 17,985
• Household income: $45,542
• Rent vs Own: 64.1% rent · 35.9% own
• Severe rent burden: 1457.0

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: Majority Black (63%)
• Race & ethnicity: Black 63% White 24% Asian 6% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Lithuanian 1% Scotch-Irish 1% Romanian 1%
• Foreign-born: 9% · China, South Korea, Canada
• Languages at home: 88% English-only · Spanish 3% Chinese 2% Korean 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: ▼ -158.94%
• Current HPI: 115.1863
• Rent YoY: ▲ 2.39%
• 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

+457.1% since first listed

12 events — show timeline

• 2026-04-27 Price Changed $780,000 MARIS as Distributed by MLS Grid
• 2026-02-02 Relisted — MARIS as Distributed by MLS Grid
• 2025-12-16 Pending — MARIS as Distributed by MLS Grid
• 2025-12-16 Contingent — MARIS as Distributed by MLS Grid
• 2025-11-07 Pending — MARIS as Distributed by MLS Grid
• 2025-08-28 Price Changed $800,000 MARIS as Distributed by MLS Grid
• 2025-05-06 Listed $900,000 MARIS as Distributed by MLS Grid
• 2020-12-22 Sold (Public Records) $250,000 Public Records
• 2006-01-09 Sold (Public Records) $456,000 Public Records
• 2001-02-12 Sold (Public Records) $140,000 Public Records
• 1990-05-10 Sold (Public Records) — Public Records
• 1986-05-01 Sold (Public Records) — Public Records

Property tax history

+1.0%/yr

Latest (2024): $875 · +5.2% YoY. Source: county tax records.