Deal Analysis - Affton (St. Louis), MO

Affton Property (St. Louis, MO)

Here is the latest deal analysis!

Deal Highlights

• Single Family - 3 bed - 1 bath - 1,120 sqft - MLS listing

• List Price: $184,900

• ARV: $189,000

• Monthly cash-flow: $200

• Cash on cash: 4.6%

Deal Details

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We are growing increasingly interested and curious about the Affton neighborhood of St. Louis County, Missouri. We like the good schools. The housing stock seems to be better maintained and with higher quality finishes than other neighborhoods in St. Louis County. Many friends and locals have reported it as an increasingly trendy neighborhood attracting a growing food truck scene, and younger crowds.

We’ve been looking at 3+ beds, 2+ baths. +1000 sqft. properties with a basement and garage (or carport). Here are some Affton stats we have collected in our daily analysis of the market:

• Median home list price: $225,000

• Average price per square foot: $154

• Median rent: $1700

• Average cash-on-cash return: 2%

• Average monthly cashflow: $56

Despite our interest and the few Affton properties we have analyzed so far, we chose not to extend an offer on the property herein. This is primarily because it does not fit our typical buy-box. We have more success keeping residents longer, signing and renewing longer leases in 3+ beds, 2+ baths homes. This property is missing a bathroom. While this property would meet our minimum $200/month free cashflow and is well above area averages, it represents merely a 4.6% cash-on-cash return. In the other zip codes where we operate in St Louis, we typically see +10% cash-on-cash returns.

We have increased confidence that we will be able to find something in Affton. Let’s keep looking!

What We Learned From This Analysis

• Despite median Affton home prices being $225,000, there are deals to be found in the neighborhood.

• Quality of properties and finished in Affton are significantly higher than other St. Louis County neighborhoods we’ve looked at.

• It will take a while to find a deal that fits our buy-box and criteria.

Detailed Property Analysis

Greenholly Dr, St. Louis, MO

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