4140 Michigan Ave · St. Louis, MO 63118

$184,000

4 bd · 2.0 ba · 2,728 sqft · MultiFamily public records · 4 Days on market

Built 1908 3,101 sqft lot Est $142k · 30% over

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Why this score? — see what drove the C 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 +7.4/10.0
• Rent growth +3.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Turnkey, cash-flowing duplex in the heart of South St. Louis. This investment property features two occupied units generating a combined monthly rental income of $1,840 Add this income-producing asset to your portfolio and start collecting rent from day one.

Key facts

• 3,101 sq ft lot
• Built 1908
• Listed 4 days

Property features AI

Finance

• Other: Property listed as residential income; Public records used for lot and living area information

Exterior

• Utilities: Electric service by Ameren; Electricity connected; Natural gas connected; Water connected; Sewer connected
• Home design: Residential income property (2–4 units); Two-unit building
• Construction: Brick exterior; Living area about 2728 (per public records)
• Exterior features: Lot recorded at approximately 0.0712 acres; Located in the Dutchtown neighborhood

Interior

• Bedrooms: Unit A: 2 bedrooms; Unit B: 3 bedrooms
• Bathrooms: Unit A: 1 bathroom; Unit B: 1 bathroom
• Heating & cooling: Central air
• Interior features: Full walk-out basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $184k.

Deal economics

• At list price, monthly cash flow is $720 ($9k/yr) — positive. Per door: $360/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $184k).
• Cap rate 11.0% 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 C — 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); 240 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 294 units permitted in St. Louis city in 2024 (227 in 5+ unit buildings).
• At $2,278/mo this rent would consume 47% of the median local household income ($58k/yr) (locally 1495% 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 $1k of loan paydown is wiped out by about $6k 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 $52k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $148k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1908 — 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 $184,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.24% ✓
• Cap rate: 10.99%
• Cash-on-cash: 16.77%
• DSCR: 1.75
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $141,856
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3829 Minnesota Ave	0.40mi	4/2.0	2,798 (+3%)	2mo	$65,000	$23	75
3417 Keokuk St	0.42mi	4/2.0	2,678 (-2%)	9mo	$75,000	$28	69
4511 Minnesota Ave	0.44mi	4/4.0	2,788 (+2%)	3mo	$49,900	$18	65
3106 Chippewa St	0.45mi	4/2.0	2,490 (-9%)	2mo	$109,900	$44	63
3614 Alberta St	0.50mi	4/2.0	2,560 (-6%)	9mo	$145,000	$57	59
3716 Louisiana Ave	0.58mi	4/2.0	2,600 (-5%)	11mo	$119,900	$46	56
3618 Pennsylvania Ave	0.68mi	4/2.0	2,522 (-8%)	6mo	$160,000	$63	50
3721 Iowa Ave	0.64mi	4/2.0	2,500 (-8%)	8mo	$130,000	$52	49
3733 Oregon Ave	0.56mi	4/4.0	2,480 (-9%)	4mo	$220,000	$89	48
3743 Louisiana Ave	0.54mi	4/2.0	2,356 (-14%)	7mo	$209,900	$89	46
4656 Virginia Ave	0.68mi	5/2.0 (+1)	3,014 (+10%)	1mo	$244,900	$81	45
3654 Phillips Pl	0.73mi	4/4.0	3,094 (+13%)	11mo	$50,000	$16	26

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 9.8%
• Equity multiple: 1.40×
• Total profit: $20,362
• Equity at exit: $27,435

10-year hold

• IRR: 20.3%
• Equity multiple: 2.85×
• Total profit: $95,252
• Equity at exit: $15,909

Cash invested: $51,520 (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: 240
• Price-to-rent: 13.5×

Monthly cashflow live

• Estimated rent: $2,278 high
• Mortgage (P&I): −$965
• Tax from tax record: −$38 /mo · $458/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $720

Break-even live

Break-even rent $1,367

Max offer price $184,000

Occupancy floor 63%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,278
Total (2 units)			$2,278

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: $46,000
• Closing costs: $5,520
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4135 S Compton Ave Saint Louis, MO	3.0	2.0	2104	$1,600	$0.76	43d	1	0.10mi
4312 Oregon Ave Saint Louis, MO	4.0	2.0	2032	$2,000	$0.98	1d	1	0.32mi
4222 S 38th St Unit 4222 St. Louis, MO	3.0	2.0	1836	$1,400	$0.76	20d	1	0.56mi
3540 Michigan Ave Saint Louis, MO	4.0	2.0	1758	$1,800	$1.02	1d	1	0.73mi
3510 California Ave Saint Louis, MO	3.0	2.0	1800	$1,200	$0.67	43d	1	0.84mi
3429 Ohio Ave Saint Louis, MO	3.0	3.0	1938	$2,250	$1.16	16d	1	0.97mi
3526 S Spring Ave Saint Louis, MO	4.0	2.0	2244	$2,877	$1.28	43d	1	0.99mi
3458 Giles Ave Saint Louis, MO	3.0	2.5	2204	$2,400	$1.09	7d	1	1.03mi
3807 Potomac St Saint Louis, MO	3.0	1.0	2588	$1,100	$0.43	43d	1	1.11mi
3807 Potomac St Saint Louis, MO	3.0	1.0	2588	$1,300	$0.50	7d	1	1.11mi
3450 Wisconsin Ave Saint Louis, MO	1.0–3.0	1.0–2.0	1219	$2,300	$1.89	1d	15	1.18mi
2643 Wyoming St Saint Louis, MO	3.0	2.5	2592	$2,600	$1.00	43d	1	1.28mi
3908 McDonald Ave Saint Louis, MO	3.0	2.0	1927	$2,500	$1.30	4d	1	1.29mi

Listing history 5 events

1. 2026-06-18
   days on market $184,000 Active 4 DOM
2. 2026-06-17
   days on market $184,000 Active 3 DOM
3. 2026-06-16
   days on market $184,000 Active 2 DOM
4. 2026-06-15
   remarks 259-char remark
5. 2026-06-15
   listed $184,000 Active 1 DOM

ⓘ 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: $458 · $38/mo
• Projected year-2 tax: $1,785 · $149/mo
• Expected delta: +$1,327/yr (+$111/mo · 289.5%)

ⓘ 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 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: $27,336
• − Mortgage interest: −$10,307
• − Property taxes: −$458
• − Insurance: −$920
• − Repairs & maintenance: −$2,187
• − Management: −$2,187
• − Depreciation: −$5,353
• Taxable income: $5,924
• Est. tax owed @ 24.0%: −$1,422
• After-tax cash flow: $7,216/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

+457.6% since first listed

3 events — show timeline

• 2026-06-14 Listed $184,000 MARIS as Distributed by MLS Grid
• 2022-04-08 Sold (Public Records) $148,000 Public Records
• 2016-08-25 Sold (Public Records) $33,000 Public Records

Property tax history

+3.4%/yr

Latest (2024): $458 · +4.8% YoY. Source: county tax records.