How much to rent a home for in Richmond Heights, MO?

Question

Hello BP friends,

I'm at the beginning stages of analyzing investment properties in the St. Louis area. I'm currently looking at a 2 bedroom 1 bath ( + finished basement) home that was remodeled recently. The asking price is $145,000. Looking for an estimation on monthly rent. Would greatly appreciate it.

Perron Riley · Answer

@Jessica Bunge

As @Corey Schaecher mentioned, Richmond Heights rents are based on where the property is located and what school district the house is in.  Given your description, I suspect this one is south of 40 (I-64) and in the MRH school district.  Rents will be a little lower along the lines of what others have mentioned.  It's a good rental area though, along with Maplewood and Brentwood.

Carlos Altamirano · Answer

@Jessica Bunge

Hello Jess, not sure if anyone that mentioned this but centimeter.com is a good resource to ball park rents in any area. Looking at rentals on CL will give you an estimation too. Also, calling other landlords and apartment complexes and asking their rent rate is a good strategy too.

We are new to the Saint Louis market with a current multi-family in escrow that we are pretty excited about. Happy Investing!

Corey Schaecher · Answer

She's right, it's a developing area that still has a ways to go but is very popular with investors right now. Several people on BP have properties there and I'm sure there are other posts from folks who know more about it than I. It's got some new popular restaurants and bars and is an LGBT friendly neighborhood.  Turn key properties might be tough to make a great return (I haven't looked there so I can't say with certainty) you'd have to do the math obviously but there are also a lot of houses that could use some work where you could build equity.  If you get a deal and the area continues on this path, you could have a good bump in equity in the next few years.

Also, I tried to PM you but don't think I can since I'm not Pro, but I'm currently in the process of re-renting my Dogtown house (next to Richmond heights) and there's a lot of interest in that area. I had someone offer me an extra hundred a month (4th showing)  so they could lock it up. When I told another applicant he said it was the third time its happened to him.  So you could very likely get that house under contract and have a signed lease by the time you close (obviously with a provision in the lease saying re contingent on the closing going forward). If you're paying cash and it's turnkey, it's something to think about if you think you can get the rent to make it worthwhile.  $145k could also get you a duplex in South City.  I can let you know some decent areas but it sounds like your cousin has her finger on the pulse.

Jessica Bunge · Answer

Thank you Zach, appreciate the input.

Jessica Bunge · Answer

This is great. Extremely appreciative of both your feedback. I am from a small town outside of St. Louis but have lived in Los Angeles for the last 10 years. CA is extremely over priced so I'm looking back west to invest. The idea is to invest in CA in a few years.

Here is another question for you. Do you know much about The Grove area? My cousin says it has some great potential and has a lot of developments this year. Thoughts?

Corey Schaecher · Answer

It depends what little pocket inside Richmond Heights you're talking about, but probably in the $1200/month range. I have a 3bd/2 bath in the next little area to the east (dogtown), and it goes for $1400, I might be able to squeeze $1450.  I have a 2bed, 1 bath in the next area to the west of Richmond heights (brentwood) and I get $1700 there. Its a bit nicer area where if you were to try and buy turnkey there, that's house would $220+. But from what ive seen in richmond heights, depending on the surroundings, you should be thinking in the $1100-$1300 range. Happy to answer any questions about the area.

Zach Stillman · Answer

GGuess would be 1000 to 1400....low is 600, class a apts are 1600

How much to rent a home for in Richmond Heights, MO?

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