Hello fellow BPers, I'm interested in buying a four-plex in the southwest of Saint Louis, MO in a neighborhood called Benton Park West for long term investment. I'd like to get your feedback on whether this is a good neighborhood to invest in. Property is being rehabbed and it yields great cashflow with tenants in place already. I'm mainly looking for neighborhood and market outlook feedback from investors with experience in this market. Thank you.
Real Estate Investor · StL, MO · Member since 2008 · 294 posts · 152 votes
7y
It could be. Benton Park is a solid neighborhood. Even true Benton Park West has good areas. But some people extend what I think of as Benton Park West into some questionable areas in order to make the property sound better than what it really is.
My generic, know no specifics about the property advice for 63118 is: "63118 is where out of state investors go to die." So do your homework and trust no seller.
Realtor · Saint Louis, MO · Member since 2017 · 228 posts · 174 votes
7y
@Mario Rosales Benton Park is one of the better neighborhoods in STL city, stability wise. In the last few years, that stability has has driven up prices to the point that finding properties with good numbers is a challenge. If you have one that does then I would be excited for you. If you need a 2nd pair of eyes on the project, I would be happy to help.
Real Estate Investor · StL, MO · Member since 2008 · 294 posts · 152 votes
7y
It could be. Benton Park is a solid neighborhood. Even true Benton Park West has good areas. But some people extend what I think of as Benton Park West into some questionable areas in order to make the property sound better than what it really is.
My generic, know no specifics about the property advice for 63118 is: "63118 is where out of state investors go to die." So do your homework and trust no seller.
Investor · Arlington, VA · Member since 2012 · 1k+ posts · 491 votes
7y
As an out-of-state investor in 63118, I couldn't agree more with @Bob Hines. I've been slowly dying in parts of 63118 since 2015 lol. Of the five properties I own, two are complete dogs. The others actually perform quite nicely. It's really street by street.
I've had a lot of success in Benton Park proper however. Can't speak for BPW, but Fox Park looks like it may be primed to be the next Benton Park.
It could be. Benton Park is a solid neighborhood. Even true Benton Park West has good areas. But some people extend what I think of as Benton Park West into some questionable areas in order to make the property sound better than what it really is.
My generic, know no specifics about the property advice for 63118 is: "63118 is where out of state investors go to die." So do your homework and trust no seller.
this is why i love this place... i was going to pull the trigger on a deal there.... thxs buddy.. any other recommendation along with Benton Park?
Central New Jersey · Member since 2018 · 20 posts · 1 vote
6y
Hi all,
I am an out of state investor. I am looking at a MF in 63112. I came across this thread as I am researching the St Louis Market. Can you advise on the housing demand and neighborhood in / around 63112.
Investor · Saint Louis, MO · Member since 2015 · 32 posts · 18 votes
6y
@Prashanth Sundar. I can't comment on market demand for 63112 as I don't invest there, but generally the areas near the Wash U North Campus and south of Cabanne Ave. are the better areas. The closer you get to Forest Park, the better the neighborhood. It's a very fractured zip, the $10k homes in the far north to 7 figure homes overlooking the park. I would highly suggest visiting the area first-there is some new construction SFH along with Multi's that are basically a shell.
The extension of the Delmar Loop East into St. Louis City proper as well as Wash U’s North Campus have kick started development in the area. It’s definitely not a short term play but could play very well long term. The best current neighborhoods are Skinker-Debaliviere and Debaliviere Place with the West End more up and coming. Visitation Park, Hamilton Heights and Wells-Goodfellow have a long way to go IMO.
Rental Property Investor · Saint Louis, MO · Member since 2014 · 313 posts · 326 votes
6y
Definitely get input from investors on the ground. Sellers blur the lines (lie) all the time about which neighborhood the property is in and even if they're technically correct because the outline of the zip code of neighborhood that pops up on Google Maps shows the property is "in" the desirable neighborhood, there are always good and bad streets and good and bad blocks. On top of that, some buildings of older out-of-date layouts (shotgun) that are not as desirable for renters. Always consider the systems (boilers vs. furnace, window a/c vs. central air) as well. A dumpy building on the most desirable block in a place like BPW will probably have a comparable sticker price its neighbors, but you won't get near the pro forma rents. Tread carefully!