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