Idaho Ave St Louis, MO 63111
Property Information
Current Status | Occupied |
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Lease Start Date | 12/01/2024 |
Lease End Date | 11/30/2025 |
Utilities | Paid by Tenant |
Initial Investment* | $34,752 |
*Includes down payment plus $3,000 of closing costs
Purchase Price $147,000
Current Rent | $1,300 |
Cap Rate | 8% |
Cash on Cash Return* | 31% |
Net Cash Flow Per Month* | $209 |
*Assuming 20% down with a loan at 2PTSÂ + 7% interest for 30 years. Including equity build up and 3% appreciation per year.
- About This Property
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Situated in the historic Carondelet neighborhood, 6620 Idaho Ave offers proximity to Carondelet Park, providing residents with access to green spaces, walking trails, and recreational facilities. The area boasts a rich architectural heritage and a strong sense of community, with convenient access to local shops, restaurants, and public transportation, enhancing its appeal to tenants and ensuring a steady rental demand. The property’s location within a vibrant neighborhood, combined with its recent renovations and existing Section 8 tenancy, makes it a compelling investment opportunity for those seeking a turnkey rental with reliable income.
Renovations include:
Newly updated kitchen
– New white shaker cabinets installed on both sides
– Laminated countertops
– A sink with updated plumbing, and stainless-steel appliances, including a stove, fridge, dishwasher, and microwave.Newly updated basement
– With drylock treatment for foundation walls
– Freshly painted floors and steps
– Rewired water heater connections, and a new GFCI outlet for the laundry.Newly updated bathroom
– Received updates with a new medicine cabinet, exhaust fan covers, and a tub diverter.Exterior work
– Included power washing the house and garage
– Repairing and painting siding, soffits, fascia, and the front porch
– Replacing damaged windows, gutters, and downspouts
– Tree trimming, gutter repairs, and updates to the roof, chimney, and plumbing vent.Interior renovations
– Repairing ceilings and walls
– Full paint job for walls, doors, and trim, new blinds, ceiling lights, interior doorknobs, and smoke alarms. received updates with a new medicine cabinet, exhaust fan covers, and a tub diverter. General finishing touches included cleaning, replacing locksets, and improving landscaping by removing yard debris, trimming bushes, and reseeding areas.General finishing touches included cleaning, replacing locksets, and improving landscaping by removing yard debris, trimming bushes, and reseeding areas.
- Financing Options
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MartelTurnkey has partnered with some of the top lenders that provide a wide range of financial solutions to meet your Rental investing needs. Talk to an Advisor to learn more or visit our partner to get pre-approved.
- Property Management Company
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Click here to learn more about the property management in our markets. If you have any further questions please schedule a call with an advisor
- Investment Terms
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Purchase and Sale Agreement (PSA): A PSA will be delivered electronically once an agreement has been made and must be executed by Buyer within 24 hours of receipt.
Earnest Money Deposit (EMD) of $1,000 must be wired to the Title Company within 3 days of PSA signing.
Appraisal Contingency is available for financed properties, and will be waived automatically if the property appraises for the sale price. If it does not appraise for the sale price, then the Buyer and Seller will have the opportunity to come to terms or the Buyer can cancel the contract.
Closing Date: The Closing Date will occur within 15 days of PSA execution for cash transactions and 45 days of PSA execution for financing unless otherwise agreed by Buyer and Seller.
Lease Agreement: The current lease agreement will be provided to Buyer at Closing.
Closing Costs: Closing costs shall be paid based on local custom, and will include discounts negotiated by Martel TurnKey to lower transaction costs for Buyers and Sellers. Actual closing costs will be outlined on the final settlement statement. - Buying Process
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Click here to learn more about buying rental properties from MartelTurnkey. If you have any further questions, schedule a call with an advisor
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