Multifamily in Metro St Louis area on Illinois side

[Devin Haertling]

Looking for advice on the market for multifamily in metro st louis in illinois.  

Looking at Shiloh, Belleville, Fairview Heights, etc.

Anyone with ideas on the market?

I currently own 6 single family 50 miles east of St Louis and looking to expand

[Account Closed]

Hi,

I'm a realtor and investor in the area. A partner and I started buying about a year ago in the Metro East. We have 4 houses and a 4plex as long term rentals and have flipped two houses. I'm always looking for good multifamily (and SFR), but there isn't a whole lot of multifamily that goes on the market here. LoopNet is full of deals that have been there for a year and are mostly overpriced, as I understand is typical of most places. You can get pretty good returns on duplexes and single family, but you have to know the area as Belleville, Fairview Heights and Swansea can be spotty in terms of neighborhood quality. We were lucky to get a house in Mascoutah in a good neighborhood last year around Christmas for 106, put about 10 in it and it appraised at 155 and rents for 1400/mo. Those deals have dried up, as the area housing market improves and I've only really found undervalued stuff at lower price points. The forclosed stuff is being listed at 150 in that neighborhood now. I've yet to find anything in Shiloh or O'Fallon that fit my criteria and was undervalued enough to buy. On Ronald's point about the base, I'm in the Guard here, and with the various Commands here I think the base is BRAC safe for the foreseeable future.