Home Buying in Saint Louis>Question Details

Tee Murph, Home Buyer in Saint Louis, MO

Where are the best areas to buy rental property in St. Louis? Looking to get a home or duplex that needs work in a nice area.

Asked by Tee Murph, Saint Louis, MO Tue Apr 26, 2011

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Vernae Burrell’s answer
This is a broad questions, as an agent working with Buyers, I need to know your motivation. Some include, how long do you plan on living in St Louis? Are you looking to live in one side and rent the other? What life style are you looking for in an area, for yourself or your tenant? Call me if you wish to discuss this further.
Vernae Burrell Keller Williams Realty SW 314-304-3324 vernae@gmail.com
0 votes Thank Flag Link Sun Feb 3, 2013
I looking for something 31k or less. It could be a house, condo or a flat.
How do I find one in that range?
0 votes Thank Flag Link Wed Jul 1, 2015
Corny but true, "location, location, location" is still the number 1 rule of real estate. I would never buy an investment property in an area I wouldn't personally live in. I'd rather pay more for a property that I can easily attract good quality tenants who will pay on time, take care of my property & not add unnecessary drama to my life. (we've all got enough of that anyway, don't we?!) ;)
0 votes Thank Flag Link Sat Feb 2, 2013
It all depends on how much you want to spend. If you provide an estimated amount, agents will probably be able to point you in different parts on town.
0 votes Thank Flag Link Thu Jan 31, 2013
The best place to buy a duplex is near Washington University. This is the area that commands the highest rents. I may have one on Waterman coming up soon. The price will be somewhere in the high $200,000s. Rental can be $1400 - $1800 for a 2 bedroom.
0 votes Thank Flag Link Wed Aug 10, 2011
A great area is located just to the southeast of downtown Clayton. The area has been refered as the Morolands for along, long time.

John Mathews
8310 Maryand Avenue
St. Louis, Missouri 63105

314-881-3874
0 votes Thank Flag Link Wed Aug 10, 2011
The "golden" area to have a rental is near Washington University. The streets East of Skinker, north of Forest Park Parkway to Delmar....and East on those blocks up to Des Peres Ave command the highest rents.

I just sold two duplexes in that area for full asking price with a cap rate of 9- 10%

Ted Wight
Dielmann Sotheby's International Realty
314-607-5555
tedwight@aol.com
0 votes Thank Flag Link Tue Apr 26, 2011
If you can afford it, you cant go wrong with Clayton, Webster Groves, Richmond Heights or St. Louis Hills. The bigger question for you is R.O.I. and cap rates, if the dont cash flow it just does not work. We handle quite a bit of St. Louis multi family business from 2-200 unit buildings. My advise would be to contact David Voges or Peter Vishion 314-962-1100 Nobody does multis like those two.
0 votes Thank Flag Link Tue Apr 26, 2011
First off, there are two great organizations that can be of assistance to you in your efforts to rehab in the city.
1. Saint Louis Rehabbers Club
2. ReVitalize St. Louis

St. Louis is prime for rehabbing. Right now I think you can get the best deals in Fox Park, Benton Park West, Tower Grove East and South, and Old North. You can always find places in other South city neighborhoods, but there is still some housing stock in these areas to be rehabbed for a good price.

Also, you might not know this but Missouri has one of the most generous historic tax credits in the country. If you rehab a house to historic standards and the house is either historic or is a contributing resource in a historic district, you may receive 25% of your eligible renovation costs back in the form of income tax credits. This goes a long way toward making a project viable. And if you the house will be income-producing (i.e. a rental house), then you can also apply for an additional tax credit through the federal program.

Best of luck with your endeavor.
0 votes Thank Flag Link Tue Apr 26, 2011
I have a great one listed right now in Fenton it already has a tenant on one side. It needs some updating on the other side. Email me if interested nelleke@kw.com
0 votes Thank Flag Link Tue Apr 26, 2011
I work with a lot of landlords who purchase distressed homes to hold as rental property. We buy all over town, but we do the most in south city and north county. There are some great deals out there that you can purchase for a small amount of cash then do a little work and make them rental ready. You can get your initial investment back in as little as a year then your only overhead is maintenance, water, sewer, trash and taxes.
0 votes Thank Flag Link Tue Apr 26, 2011
This is a broad questions, as an agent working with Buyers, I need to know your motivation. Some include, how long do you plan on living in St Louis? Are you looking to live in one side and rent the other? What life style are you looking for in an area, for your or your tenant? Call me if you wish to discuss this further.
0 votes Thank Flag Link Tue Apr 26, 2011
The Central West End condo market is perfect for rentals. I maintain lists of clients eager to rent in the Central West End. There are several factors for the demand. The primary draw is Washington University Medical Center. The Center includes three hospitals, various institutiuons of higer education in the medical field and extensive research facilities. The people who learn and work in the Center need a cross section of housing. The Central West End is a great venue for entertainment and dining. Seventy-five spots within walking distance
0 votes Thank Flag Link Tue Apr 26, 2011
Great question! What are you looking for? There are several areas within the St Louis metropolitan area have great investment areas. Your price range can help determine your areas as well. University City, Central West End, St Louis County, Southwest City, Clayton, Soulard, St Charles. The range is huge as is the rental income. The key is how far do you want to be from your investment if you are going to manage the property. What is your price range?

I would be happy to discuss some options with you. Tina Siebert - Hermann London Group 314-603-8555 or tina@hermannlondon.com
Web Reference: http://hermannlondon.com
0 votes Thank Flag Link Tue Apr 26, 2011
Depends on a lot...how much work do you want to do, how much do you want to spend, etc, etc.
Difficult to say what is "best".
In the city: "Dogtown" area or try South City, west of Kingshighway.
STL County: Try Maplewood, Richmond Heights.
0 votes Thank Flag Link Tue Apr 26, 2011
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