Lofty 5133 Dresden Ave

Lofty 5133 Dresden Ave

St. Louis, MO
Projected Return

Company Description

Property originally listed for sale on the marketplace by Jessica R. Range with Realty Executives of St. Louis.

Click here to learn more about how third parties sell their properties on the Lofty Marketplace.

The Operating Reserve balance ($2,950) is below full.

Owners voted to apply 50% of cash flow to replenish the reserve until it's full ($5,000).

Based on the monthly cash flow ($531.17) once the Property Manager's leasing fee is paid, it will take ~7.7 months for the reserve to be full.

The Operating Reserve balance is part of the property value. As a result, the property will increase in value as the Operating Reserve is replenished.

Single Family Home located in St. Louis, Missouri.


  • Located near parks and restaurants
  • Detached Garage
  • Kitchen features ceramic tile floors with custom white cabinets
  • All appliances, including the washer and dryer will stay.
  • Newer hardwood floors throughout.
  • Outside features a separate patio off the front part of the kitchen and a deck
  • The Closing Costs have been increased to account for repairs which will be made post-close. View the Inspection Report Repairs document for more details.

Property Management and Insurance

Occupancy Status

  • 1 year lease (07/03/2023 - 07/03/2024)
  • $1,014.95 ($975 rent + Resident Benefit Package of $39.95)
  • $975 Security Deposit
  • The leasing fee is $487.50 and will be deducted from July's rent.
  • Lease Agreement

Location Data

  • 2.5/5 Neighborhood Rating on Roofstock
  • "A-" Rating for Zip Code on Niche

Due Diligence Documents

Property Updates

  • Property Update (07/03/2023):

    • The Property Manager confirmed the new tenant moved in today as scheduled.
    • The tenant signed a 1 year lease at $1,014.95. This includes $975 rent + Resident Benefit Package of $39.95
    • The lease term is 07/03/2023 - 07/03/2024.
    • The tenant paid a Security Deposit of $975.
    • The leasing fee is $487.50 and will be deducted from July's rent.
    • The tenant will be responsible for all utilities.
    • Lease Agreement
  • Property Update (06/17/2023):

    • A new tenant has been approved and will move-in on 7/03/2023.
    • The tenant signed a 1 year lease at $975 + Resident Benefit Package of $39.95, totaling $1,014.95.
    • The lease term is 7/03/23-7/03/24.
    • The tenant will be responsible for all utilities.
    • The lease agreement is currently being redacted and will be uploaded to the property's Dropbox folder once the redaction is complete.
  • Property Update (06/11/2023):

    • The listing had 9 showings and 0 applications in the last 7 days.
    • Because the property received no applications, the PM has reduced the rental rate from $1,025 to $975.
    • Property Listing
  • Property Update (05/24/2023):

    • The PM completed the walk-through and confirmed the property is ready to be marketed for rent.
    • The PM predicts the target rent to be $925-$1,025. They will list the property today with a rental rate of $1,025.
  • Property Update (05/23/2023):

    • The PM confirmed that the property passed the city compliance inspection.
    • The PM has scheduled a QA inspection on 5/24 to prepare the property for marketing.
    • The PM is also re-evaluating current market rents as a 1-bedroom property. The PM advised that the additional room does not have a door or closet to be considered a second bedroom, and is more like a dining room.
  • Property Update (05/06/2023):

    • The Property Manager confirmed the city re-inspection is scheduled for 5/11.
    • Once the repairs are approved by the city, the property will be put back on the market for rent at $1,190/month.
  • Property Update (04/22/2023):

    • The compliance inspection repairs were completed on 4/18.
    • The PM is waiting on the city to schedule the re-inspection.
    • Once the repairs are approved by the city, the property will be put back on the market for rent at $1,190/month.
  • Property Update (04/01/2023):

    • The vendor provided a repair estimate to address the violations from the Compliance inspection.
    • The repair estimate includes installing Co2s outside of bedrooms, installing new address numbers at the front and rear of the house, power-washing the garage, replacing damaged wood trim and door trim at the garage, and prepping and painting the entire exterior of the garage.
    • The total estimated cost for these repairs is $2,500.
    • The Closing Costs were increased by $2,315 to account for issues found in the Inspection Report.
    • Those funds will go towards these repairs and the remaining $185 will come out of the Operating Reserve.
    • The Operating Reserve balance after the repairs is $4,783.04.
    • Once the repairs are completed and approved, the property will be put back on the market for rent at $1,190/month.
    • Repair Invoice
  • Property Update (03/13/2023):

    • There is mildew in the basement. This was noted in the Inspection Report at the time of launch and $500 was added to the Closing Costs to make these repairs. - There was an additional $1,815 added to the Closing Costs to account for more post-closing repairs to get the property rent-ready.
    • The repair includes prepping and painting the storage room and ceiling with mold-killing primer, as well as addressing problem areas in the main basement by scraping out old concrete caulk and resealing where needed. Bleach will be used for cleaning.
    • The estimated cost is $900 for cleaning mildew in the basement.
    • Additionally, the property failed the mandatory City compliance inspection.
    • The first violation was related to chipped paint on the garage/shed.
    • The second violation was regarding the absence of minimum-sized house numbers on the required location.
    • The third violation involves a carbon monoxide detector not being provided or maintained outside the sleeping rooms. The chipped paint violation must be fixed by the re-inspection date, or it will be referred to the Health Department for lead paint inspection.
    • The PM is working to get estimates to bring the property up to code.
    • The PM advised that the listing will have to be removed so that the Days on Market will not increase and deter leasing.
    • The two-month rent credit provided by the seller has now ended for this property. Owners will begin receiving daily rent again once a new lease begins.
    • Mildew in Basement Invoice
    • CoC Inspection Report
  • Property Update (02/18/2023):

    • The listing agent visited the property and recommends installing missing smoke detectors, light bulbs, & switch/outlet covers.
    • The PM will complete these repairs and will review pricing adjustments if the listing does not gain traction after the repairs are completed.
  • Property Update (01/28/2023):

    • The Property Manager successfully inspected, photographed, and installed a Tenant Turner box last week after the property officially closed with the title company.
    • The property was listed for rent at $1,190.
    • Owners will continue to receive daily rent via the rent credit provided by the seller.
Amount Raised : $0
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