This week in one line: three south-city duplexes hit the market in the last two weeks at $159,900 to $169,900. All three clear 1.5 on about $1,000-a-unit rents, with loans above the $100,000 minimum. The cheaper north-county ranches are back under it.
DSCR-ready — financeable this week
$124,900
Carondelet · South City · 63111
7118–7120 Minnesota Ave
2 units × 2 bd / 1.5 ba · 2,716 sqft · $46/sqft · price cut $129,900 → $124,900 · fully leased, through Jan and Feb 2027
Est. rent: ~$2,000/mo Est. PITIA (25% down, 30-yr non-QM @ ~7.25%): ~$960
Est. DSCR: ~2.1 — I flagged this at $129,900 in Issue #5. The seller took another $5,000 off. It's still the strongest ratio on the sheet, with both leases running into 2027. The rents are still undisclosed, so the ~$1,000 a unit is my number; get the leases, because the lender uses the lower of lease or market. The cut pushes the loan further under the line: 75% of $124,900 is $93,675, under the $100,000 minimum many DSCR lenders enforce
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$115,000
North County · 63138
788 Laredo Ave
3 bd / 1.5 ba ranch · 1,040 sqft · $111/sqft · new this week · tenant-occupied · offers due Oct 21 at noon
Est. rent: $1,665/mo lease (~$1,150 market) Est. PITIA (25% down, 30-yr non-QM @ ~7.25%): ~$853
Est. DSCR: ~2.0 lease · ~1.3 market — A $1,665 lease on a 1,040-square-foot north-county ranch is not a market rent. It looks like a voucher rent. Ask whether it's a Housing Choice Voucher contract and when it renews. A lender that reads the lease sees about 2.0. A lender that caps it at market sees about 1.35. Either way it clears, but the gap is the risk if that tenant leaves. Offers are due Tuesday, the loan is $86,250, under $100,000, and north-county municipalities generally require an occupancy inspection between tenants
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$169,000
South City · 63118
3101 Miami St
2 units × 2 bd / 1 ba · 2,224 sqft · $76/sqft · each unit over 1,200 sqft · central air · detached 2-car garage
Est. rent: ~$2,100/mo Est. PITIA (25% down, 30-yr non-QM @ ~7.25%): ~$1,251
Est. DSCR: ~1.7 — Two big two-bedrooms with central air and a garage, the top of the south-city flat market. That's why I used ~$1,050 a unit instead of $1,000. One unit is leased (rent not disclosed) and the other is vacant and owner-occupant ready, so a lender will appraise the vacant unit's rent. Get the lease before you trust either number. A $126,750 loan clears the $100,000 minimum
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$159,900
South City · 63116
3917 Pomona Ct
2 units × 2 bd / 1 ba · 1,512 sqft (one story) · $106/sqft · price cut $165,000 → $159,900 · listed Oct 8 · as-is
Est. rent: ~$2,000/mo (after unit 2 is finished) Est. PITIA (25% down, 30-yr non-QM @ ~7.25%): ~$1,191
Est. DSCR: ~1.7 — One unit largely redone, the other half-finished, and $5,100 off in its first week. The listing projects $1,250–$1,450 a unit. I used $1,000, because that's what south-city two-bedrooms lease for, and it still clears 1.6. Price the rest of the second unit's renovation before you count its rent. One story on a slab, with off-street parking and laundry in each unit, makes it easy to rent and easy to maintain. A $119,925 loan clears $100,000
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$164,900
South City · 63118
3652 S Compton Ave
2 units × 2 bd / 1 ba · 2,332 sqft · $71/sqft · new this week (listed Oct 14) · both units vacant · sold strictly as-is
Est. rent: ~$2,000/mo Est. PITIA (25% down, 30-yr non-QM @ ~7.25%): ~$1,224
Est. DSCR: ~1.6 — It asked $205,000 in February under a different listing number. It's back $40,100 lower. The expensive work was done earlier: HVAC and ductwork, an added electrical panel, PVC plumbing, tuckpointing. What's left is wear and cosmetics. The seller won't provide occupancy inspections, so the city inspection, and anything it turns up, is your cost before either unit can lease. With both units vacant, the lender uses appraised market rent
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$169,900
South City · 63111
3235 Delor St
2 units × 2 bd / 1 ba · built 1925 · new this week (listed Oct 16) · both units leased, $975 and $950
Est. rent: ~$1,925/mo Est. PITIA (25% down, 30-yr non-QM @ ~7.25%): ~$1,257
Est. DSCR: ~1.5 — Disclosed leases on both units. That's rare, and it's the number a lender will actually use. 3243 Delor, a few doors down, sold Sept. 29 after listing at $180,000, so the price is in line with the block. It sold for $144,500 in January 2025, so ask what was done for the extra $25,400. A $127,425 loan clears $100,000
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$125,000
North County · 63138
11378 Red River Dr
3 bd / 2.5 ba ranch · 1,470 sqft · $85/sqft · new this week · full basement, 2-car garage · tenant at $1,325
Est. rent: $1,325/mo lease Est. PITIA (25% down, 30-yr non-QM @ ~7.25%): ~$921
Est. DSCR: ~1.4 — A disclosed $1,325 lease on a three-bed, two-and-a-half-bath ranch with a garage. This is the north-county cash-flow core. The lease term isn't stated; if it ends soon, budget for the municipal occupancy inspection and a turnover. The listing calls for some TLC, so walk it before you assume the rent holds at renewal. The $93,750 loan is under $100,000
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$110,000
North County · 63137
10692 Foxpath Dr
3 bd / 2 ba per listing (1 ba on public record) · 1,808 sqft per listing (1,008 above grade) · $61/sqft · coming soon Oct 22 · HVAC and water heater within 5 years
Est. rent: ~$1,150/mo Est. PITIA (25% down, 30-yr non-QM @ ~7.25%): ~$819
Est. DSCR: ~1.4 — Newer mechanicals at $110,000, but the listing counts the finished basement. Public record shows 1,008 square feet and one bath. An appraiser may not credit the basement footage or the second bath, so rent it like a 3/1, which is what I did. Score the block, not the house: north county runs street by street. The $82,500 loan is under $100,000
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Value-add — buy, fix, refinance
$110,000
South City · 63116
3643 Gasconade St
4 units × 1 bd · 3,674 sqft · $30/sqft · coming soon Oct 21 · strictly as-is · roof sections collapsed, water damage on both floors
Est. after-repair value: ~$240,000–$270,000 if it's legal as 4 units
Path: cash or bridge purchase → gut rehab → DSCR cash-out refi at the new value (75% of $255K ≈ $191K)
A shell, and possibly not a legal four-family. The listing shows the zoning as "B Two-Family" and tells you to verify zoning and occupancy for four units. Settle that with the city before you price anything, because a two-unit approval cuts both the value and the refi. If four units hold up, ~$775 a unit against ~$1,920 PITIA at the refi is about 1.6. That's for an investor with a crew, not a first BRRRR
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$52,000
South City · 63118
3126 Michigan Ave
4 units × 1 bd / 1 ba · 3,536 sqft · $15/sqft · price cut $65,000 → $52,000 · brick four-family
Est. after-repair value: ~$230,000–$260,000
Path: cash purchase → structural + full rehab → DSCR cash-out refi (75% of $245K ≈ $184K)
Down 20% since August, and $15 a foot. It sold for $55,000 in 2023 when the listing said it was gutted to the studs, and a 2020 listing flagged foundation piering. Three years later it's back on the market for less. Find out why the last owner stopped before you decide what it's worth. Get a structural engineer in before a contractor. Stabilized at ~$775 a unit against ~$1,854 PITIA at the refi, it runs about 1.7
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$114,900
South City · 63111
4717 Tennessee Ave
duplex · 2 units × 1 bd / 1 ba · 1,936 sqft · $59/sqft · price cut $124,900 → $114,900 · needs repairs, sold as-is
Est. after-repair value: ~$160,000–$175,000
Path: cash or bridge purchase → renovate both units → DSCR cash-out refi (75% of $167.5K ≈ $126K)
The refi is the problem here, not the rehab. 4335 Minnesota, the turned one-bedroom duplex I pointed to in Issues #4 and #5, is still listed at $165,000. That's roughly the ceiling for this one fixed up. At 75% of ~$167,500, two one-bedrooms at ~$775 cover ~$1,242 PITIA at only about 1.2. This works if you buy well under list or keep the rehab light. Otherwise it's a flip, not a hold
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Since Issue #5
4138 Oregon Ave ($99,900, the as-is one-bedroom duplex) is pending about two weeks after it listed. 4451 Minnesota Ave has dropped out of the sub-$260K multi-family search and isn't showing as pending or sold, so I've pulled it until its status is clear. 4126 Minnesota Ave is still $119,999 at 301 days, with two contracts that fell through, so ask what killed them. No changes at 4617 S Broadway ($199,900), 3922 Minnesota ($159,900), 3614 Alberta ($140,000), 3935 Oregon ($129,000), 10433 Hobkirk ($119,500), 2246 Hudson ($114,900), 2813 Meramec ($99,900) or 3000 Keokuk ($35,000). In 63111, 7 multi-family buildings sold in the last month and 5 more are pending, almost all between $80,000 and $200,000. Rent-ready duplexes at that price move.
Have a deal? Send it — I'll run the numbers.
DSCR pre-qual on the property's cash flow, not your tax returns. Licensed in Missouri and California. Investor scenarios welcome — BRRRR, LTR, STR, LLC-titled.
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This week's market read
Rates held near the high. Freddie Mac's 30-year average was 7.40% on October 15, unchanged from the week before and still the highest since November 2023. The 10-year Treasury has eased to about 5.11% from the ~5.28% average a week earlier, but that hasn't reached rate sheets yet. The Fed meets October 27–28 after September's hike to 3.75%–4.00%. In early October, futures priced roughly an 83% chance of a hold. DSCR pricing runs above conventional. Credit score, LTV, prepayment structure and loan size move it more than the headline does, and loans under $100,000 price worse or don't get done. That's why this sheet stays at ~7.25%. These are educational estimates, not pricing. If you're under contract and closing after the 28th, settle your lock strategy before the meeting. Prices are inching up. Redfin has St. Louis at a $249,881 median sale price for September, up 2.0% from a year ago; $158 a square foot, up 2.6%; and 23 days on market against 20 a year ago. Last issue's figures covered the three months through August, so the lower median is a different window, not a drop. Every rent-ready building on this sheet is under half the city's price per foot. Inventory: Redfin's St. Louis search shows 187 multi-family listings at $260K and under and 237 three-bedroom-plus houses at $130K and under. That search includes some county addresses with a St. Louis mailing address, so don't compare it to last issue's Realtor.com counts. Section 8: HUD's FY2027 Fair Market Rents took effect this month. In 63118 the small-area FMR is now about $1,320 for a two-bedroom and $1,690 for a three-bedroom, up from $1,160 and $1,490. That raises the ceiling on voucher rents, and it explains a lease like the one on Laredo. Underwrite the rent a lender will use, not the rent on the listing sheet. At 25% down, anything priced under about $133,000 puts the loan under the $100,000 minimum several DSCR lenders enforce. North-county municipalities generally require an occupancy inspection between tenants. That's a cost, not a formality.