Multiple 4-Plexes in Saint Louis MO – RENTED

IMPORTANT

1. The asking is $275,000 per building (per 4-plex). SDI’s suggested offer is $265,000
2. This package includes two to eight fourplexes – we are still in communications with the seller’s agent to understand better what is currently available for sale.
3. Actual address: call/email/ask us.
   1. Any rental and lease info has not been verified yet – the seller will only be able to provide such info after offer acceptance (we are still trying to get some of the info sooner rather than later)
4. About the area – see PM’s notes below. Generally speaking, this is a good city and location with good schools. The street is subpar to the greater area and nearby streets have mobile homes (doesn’t look like a mobile home park)
5. The street has 20+ similar 4-plexes buildings.

What’s the Opportunity

1. Rented 4-plex – generating from day 1.
2. With the right management and attention, each property can be improved by adding some restrictions and guidelines making the tenants more complicit with proper and better care of the building, its appearances, and presentability.
3. Some improvements to the exterior (landscaping) and interior can help increase the rent and improve cash flow.
4. Benn on the market for multiple years + group buying power may result in better pricing – TBD

SDI’s Local Agent’s Feedback

You have to go through the mobile home park to get to the buildings. Which is in disrepair with lots of junk and has been on the market for 2-3 years.
But, the buildings themselves are fine.
Just not great driving through a bad mobile home park in order to get to it.
The street does look cleaner (than google street view) – the buildings look fine. But, driving through a run-down mobile home park is not ideal!

SDI’s Property Manager’s Feedback

This is in general is a good area.
My assistant property manager, says she has family in the area and has an idea about the area.
She said the area is ok.
They will never be high-income properties, but they could be stable income with the right tenant mix and building care.
The more of these units we control the better you can control the neighborhood so more is better.

Info Provided by the Seller (unverified yet)

Showings: All units are currently occupied. Showings with an accepted contract only – No exceptions.

Inspections: Inspections are mainly for the buyer’s knowledge only. Please advise your Client to make their best offers from a primarily “As-Is” perspective.

*offer pending

Notes

277 has a newer HVAC (That is the only difference between the 277 and 285 that we could see from the information we were given.)
The listing agent said that there are no section 8 tenants in these buildings (277 & 285).
As for if the seller has any trouble with tenants not paying and she said “no, he collects his rent.” – we will ask for more detailed information on the rent roll once under contract.

FAQ

• Can I buy with a mortgage?
  • Yes, and we have preferred lenders for you to use if you wish.
• Do you know the condition of each unit internally?
  • Not yet.
• Do you have a local property manager we can use?
  • Yes, we sure do.
• Can I buy cash?
  • Yes, of course.
• Can I buy more than 1 property?
  • Yes
• Is there a way for me to buy all and get financing for all of them under 1 mortgage?
  • Generally speaking yes, and we have a lender who may be able to do it.

Disclaimer

Information contained herein was obtained from sources deemed reliable, however, Simply Do It and/or the owner(s) of the property make no guarantees, warranties or representation as to the completeness or accuracy thereof. The presentation of the property is offered subject to errors, omissions, changes in price and/or terms, prior sale or lease or removal from the market for any reason without notice.

The analysis is provided “As Is”. All the information is believed to be accurate (except for the small effects of some simplifying assumptions), but is not guaranteed, and depends on the values entered for the property. This analysis is intended for the purpose of illustrative projections. The information provided is not intended to replace or substitute for any legal, accounting, investment, real estate, tax, or other professional advice, consultation, or service. Simply Do It and/or the owner(s) are not responsible nor liable for any damages arising from the use of the analysis info.