One of the most important things every investor needs to do before purchasing a property is a profitability analysis. At first glance, many deals seem great, but upon further review turn out to be less than ideal. You just can’t tell for sure until you do the numbers. That’s where this spreadsheet might come in handy.

If you have Microsoft Excel (or OpenOffice), this financial spreadsheet will do the analysis for you.  I find particularly useful when scrutinizing deals as you can quickly determine if a property is worth further research by simply plugging in a  few numbers. Simply enter the rents, expenses and financing and it figures out how profitable the investment will be. Of course, this is a very simplified spreadsheet. It does not account for major repairs, appreciation or tax benefits. However, it should give you a realistic snapshot of an investments potential.

I like to pay particular attention to both cash-on-cash return, which consider real-world financing scenarios, and the always popular cap rate.  The percentage cash-on-cash return tells you how much money you will get back in a given year for the money you put it, while the cap rate is the yearly return assuming the property was purchased with cash.

You can download this spreadsheet for yourself by clicking on this link: Rental Property Analysis. Hope it comes in handy.  If you have any questions or comments of the spreadsheet, please contact me.

After years of dormancy, this project just popped up out of nowhere. In an message to students and faculty of Saint Louis University, the university’s President Lawrence Biondi revealed that a bridge over the railways between Chouteau Avenue and Interstate-64 on July 1, 2010.

Details are very sparse at this point, but it sounds like the bridge will be closed for a year in order to demolish the old bridge, and build the new bridge and Metrolink station. The last renderings for this bridge came out in 2006 so there is no telling what it will look like. But with the construction date to start so soon, you can expect we will be seeing much about this very soon.

I will post any new information that pops up in the next few days, but in the meantime, here is the direct copy of the message from Biondi. A big thanks to urbanstl.com user bk18 for posting this on the forums:

I want to update you on the latest news regarding the reconstruction of the Grand Boulevard Bridge planned by the City of St. Louis. City officials have notified us that the tentative start date is July 1st, 2010. We were also told that the bridge will be closed for about one year.

This $27 million project will completely replace the bridge as well as the Grand Boulevard MetroLink station. Although the closure will be inconvenient, it’s critical to remember that this important project will improve our Midtown neighborhood. Traveling across the bridge — either by foot or in a car — will be safer. The beautification of the bridge will compliment enhancements we are planning along Grand through our Medical Center. We applied for and received a federal grant, administered through the state, which will help fund new lighting, sidewalks, bike lanes and a landscaped, irrigated median along Grand between Chouteau and Park Avenues. A right-hand turn lane from Grand onto eastbound Chouteau also will be added.

The City, Saint Louis University Hospital and SSM Cardinal Glennon Children’s Medical Center are assisting us with this project. Look for more details about these improvements in future messages.

In anticipation of the closure of the bridge, we have been working on plans to minimize the impact on our operations. I will share those plans with you as we draw closer to construction.

With the area having just finished up with the I-64 project and the similar Jefferson Avenue Bridge project, I would image people would be used to the reroutes. Should be interesting.

Although they have been leasing units since November, I just now got a chance to take a look at the recently completed Courtyard Lofts at Polar Wave project. Located at 2222 Gravois Ave in the St. Louis, neighborhood of Benton Park, the 14-townhome project is located in the same building as Shock City Studios and Bittersweet Bakery among other businesses.

When driving by the complex along Gravois, you might miss the residential component to the project entirely. That’s because the vehicle access to the courtyard is in the rear, via Sidney Street. There is a gate-entry along Gravois, but any tenant coming to the complex in a car would come around back. From that angle, they can access the underground garage for the project, which provides 2 parking spots per tenant as well as a bike rack.

Most of the units are 2 bed, 2 bath, but there are a few that are 1 bed due to handicap access and site restrictions. Finish levels seen to be of a very nice quality with concrete floors on the first level and carpeting upstairs. The picture gallery below does more just than I can put to words. Overall, I would say the the project is very impressive. I really didn’t notice anything that I didn’t like during my visit. It looks like the commercial and residential additions provided by the Polar Wave project are going to be a great long-term addition to the fabric of Benton Park.

Prices run from $850 for a 1 bed, 1 bath unit to $1495 for the oversized 2 bed, 2 bath. The units are currently be leased by Julia Mittelstadt of Prudential Alliance Realtors. For more on the units currently available, please click here: available townhomes.

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This might seem a bit off-topic for this blog, but if you are in real estate or any other business, you have likely run into this issue. Clients, agents, and tenants send me documents all the time that are for software I don’t have. Openoffice is a good (and free option) to handle that problem, but there is also a free file convertor online that I have been using a lot lately: Zamzar.

The good thing about this method is that there is no need to download any software. This is a webware program that handles all the conversion through a website. The free version can convert just about any file you might have, into a format that you support. I have found this particularity helpful in working with Microsoft Publisher files, which are notoriously tough to work with. It also works with just about any other product from Microsoft, Adobe, Corel, etc.

To use the service, simply go to zamzar.com. Once there, simply select the files on your computer that you wish to convert, what format to convert them to, and what email address to send the files to. It might take a few minutes to process, but when the procedure is complete, a link to the new file will be sent directly to you.

So the next time some sends you a Wordperfect resume that you have no way of opening, consider Zamzar as an option. It just might come in handy.  And its the best price anyone could hope for: FREE.

Filling vacancies in your apartment units quickly can be the difference between success and failure with real estate investments. Looking for tenants anywhere you can find them increases your odds of success, but never forget that not all situations are equal. One area to be especially careful of is when working with renting to family members.I am not talking about renting a unit to a member of your own family, although that can be an issue as well. I am referring to the situation where you have a vacancy in your upstairs unit and the downstairs tenant refers their cousin Billy as a potential renter.  Should you run across this situation I just have one simple thing to tell you: “Be careful.”

The first thing to ask yourself is whether the tenant doing the referring has been a good tenant. If they haven’t, a referral from them should be avoided. If they have been exemplary, it might be worth giving the person a shot, but make sure you run your normal background checks and that the person truly qualifies.

Even if they do, just use good judgment on how you handle things. I have been witness to a few horror stories where two or more units in a building were rented by family members, who seemed to think that since they knew each other that they could do anything they wanted. Keeping discipline in an apartment building can be a challenge in an situation, but things like these can make things even more murky.

You also can face problems if the referrer or referee family member defaults on their lease and you have to evict them. Some tenants might not blame you at all if you evict their relative and they deserve it, but others might walk out on their lease along with their departing kin.

The morale of the story is simply to be aware that things can be too to be true in the world of property management. Should you encounter a situation such as this, just make sure you consider the baggage that comes along with taking on related tenants.

There is no doubt that Grand Boulevard has been on the upswing in recent years. To the north, Grand Center continues to be  a focal point of activity for the arts and education. To the south, Grand South Grand has increasingly become a South City alternative to the Delmar Loop. Tower Grove Park and SLU have really added to the mix as well. However, one of the greatest failures along the street has been the area between Gravois and Chippewa.

To be more precise, the area south of Utah and north of Osage. Discounting North St. Louis (that is a whole other story), this section of the street is the farthest behind in tapping it’s potential. Populated by a variety of suburban-styled fast food establishments, the most rundown Schnuck’s in South City, a former grocery store turned office, cookie-cutter stripmalls, a recent yet uninspired retired-housing project, and a plethora of vacant and underused properties; it doesn’t take a urban renewal specialist to realize the area isn’t all it can be.

I began considering this issue when sitting at a stoplight on Grand at Chippewa. Following the buyout of  long-time flower-shop destination Nettie’s at 3801 S Grand, by Walter Knoll florists last year, the companies former home at Their former home, which is at the intersection of S Grand and Chippewa had been vacant for about a year. I’m not sure when they moved in, but I struck by the new use of this former mainstay: a cellphone selling, convenience store. A step in the wrong direction if I have ever seen one.

A few years ago, things were looking up in the area when the Lawrence Group was working on the South Side Tower and had put forth a development plan for the Melba and Farmers & Merchants buildings at Grand and Gravois. But with the recession, the project came to a halt with no signs of revival. And while Grand South Grand (Grand from Arsenal to Utah) gets street-art and an upcoming streetscape project, this section of the street moves in the opposite direction.

There is no doubt that it is going to take time, money and a lot of effort from a  lot of people to make a big change along this stretch, but that doesn’t mean we shouldn’t look towards the future. A good start would be to include this section of Grand in the 3-lane reconfiguration of the streetscape that is being put in place north of Utah. As it stands, Grand will be three lanes from Arsenal to Utah, five lanes from Utah to Chippewa, the back to 3 lanes for the rest of the route southward.  This back and forth hurts the flow of traffic and prevents this struggling section of South Grands from receiving the benefits of a more pedestrian-friendly layout like the neighboring sections. Lets start there so when the next development boom hits, companies like the Lawrence Group will be able to offer a better product.

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Confusing headline huh? I guess it should really read “Fremont Park in the South St. Louis neighborhood of Benton Park in the midst of upgrades.” Because that is what it is getting. Over the last few days crews have removed most of the sidewalks at the 2.31 acres park, which is located on the south side of Lynch Street between McNair and Salena.

I have been unable to determine the exact nature and extend of the improvements, but it seems that the sidewalks will all be replaced at a minimum. The current layout of the park consists of a softball field, a playground, and a couple of open spaces with benches. There isn’t much too it, but its nice to see Fremont getting  some attention, considering the fact that there are two larger parks in the neighborhood (Benton Park and Cherokee Park).

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Looks like the Shaw neighborhood will be getting another addition to it’s restaurant lineup. Mama Josephine’s located at 4000 Shaw Boulevard, will be offering homestyle meals starting March 2010. Not many details on the place yet, but the sign says they will have dine-in, carryout and delivery.

Located about a block east of Sasha’s on Shaw, the restaurant will be operating out of the commercial space of the former townhome development at Lawrence Street and Shaw.  Not only is this good news for the neighborhood, its also great for the street of Shaw itself. I have written about the development potential on the street before and it’s great to see places like Mama Josephine’s and Sasha’s tapping into that.

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If you have ever purchased a market-rate or foreclosure property for a quick fix and flip, there is a good chance that you have run into problems with FHA financing. Until now, FHA would not insure any financing on a property that had already sold within the last 90 days. And since so many buyers are using FHA to finance their homes these days, that is an issue. With a decent sized crew on a smaller property, this timetable required some owners to sit on vacant properties while they seasoned. But as of February 1, 2010 that will no longer be the case.

Due to the current glut of foreclosures on the market, FHA has released a waiver to their current seasoning guidelines for at least one calendar year. Restrictions will still apply to ensure that the program is not abused, but if you are doing legitimate work on a property these restrictions should not pose a problem.

For more on this rule change, check out the official waiver from HUD.

It’s been far too long since I have relayed my thoughts on the state of the investment real estate market, so in the spirit of the season, here is a quick rundown of my current investment market impressions in South St. Louis, Missouri:

• Single-Families – There is no doubt that the $8000 homebuyer credit had a positive impact on house sales in the fall. September and October were especially productive. With the deadline for the credit originally set for November 30th, buyers were in a frenzy to find and close on properties prior to that deadline. Of course, when the program was extended until April 30th, 2010, the sense of urgency wore off. Couple that with the typical slowdown during the winter holidays and the market for these properties has been particularity slow for the past month or so. The good news is that with the holidays now over and the new homebuyer credit deadline  approaching in a little over three months, the market should see a nice resurgence soon. After April 30th though, its anybodies guess what is going to happen. So if you are in the middle of am rehab or thinking of selling a house, I would hurry up.
• Condos – Not much to say here other than to avoid them. There have been some pretty good deals out there as of late, but the big issue is that buyers can’t get condo financing right now. Unless you can make sense of renting a condo or seller-financing it, I would stay away from them until something changes financing-wise.
  
• Multi-Families – Where last year seem to offer a steady mix of 2-family and 4-family foreclosures, the last few months have been very heavy on the duplexes. Since the fall, however, things have been very heavy on the duplexes. Some of the single bedroom properties don’t present the greatest deals, but there heavy been a  fair amount of 2+ bedroom properties that heavy been pretty solid. It seems that a great many of the 4-families out there have already been foreclosed and sold, so it is possible that this might be somewhat of a permanent trend.
• Apartment Rentals – November and early December were great for renting mid-level apartments. We moved a lot of inventory during that time. The properties that seemed to be getting less activity were the cheap units ($450 for single) and expensive ones ($650 for single). There hasn’t been much of a resurgence following the holidays as seems to happen some years. Lots of window-shoppers out there requesting showings, but not many pulling the trigger. Average would probably be the best way to describe the current amount of rental activity.
• Neighborhoods – When looking for investment properties, location and price are always big factors. But the one thing it is hard to control is where all the good inventory is coming from at any given time. Much of last year produced a glut of quality foreclosures and short sales in neighborhoods like Tower Grove South, Shaw and Tower Grove East. But since the fall, things seem to have shifted increasingly eastward, with the best deals coming up in Tower Grove East, Fox Park, McKinley Heights, and Benton Park. Areas further south such as Benton Park West, Gravois Park, Dutchtown and Bevo continue to have a solid flow of inventory coming through as well, obviously rentability and resale remain a concern.
• Best Investment Bets – So what’s the moral to this story? Obviously you should be on the lookout for all types of property in any quality area, but if I had to point you in one direction it would be Tower Grove East. Despite the sluggish economy of the past few years, or maybe even because of it, this neighborhood is really changing fast. There has always been a nice housing base, but the vast amount of foreclosures on derelict and substandard properties recently in the neighborhood has created a huge influx of development in the vicinity. Pricing hasn’t really caught up yet so there remain some pretty good deals. Look out for properties of all types there. Also pay attention to the increasing number of singles and duplexes in Benton Park and McKinley Heights. Benton Park West and Gravois Park within one block north or south of Cherokee is also a place to watch.

Things have been a little quite on the development front in the Forest Park Southeast neighborhood of St. Louis this year. With Amy & Amrit Gill’s Restoration St. Louis starting no high-profile projects in 2009, changes have been slow compared the previous two years. Things might be changing to 2010.

The Post Dispatch ran a full article yesterday on the Gill’s rumored green project along Manchester. Details are similar to those previously reported, with 24 new apartments and about 10,000 of street-level commercial proposed for th vacant lots at 4190 and 4556 Manchester.

The biggest news, however, is that they intend for this project to be no only green, but totally “off the grid.” That’s right, no connection with Ameren UE at all, by using things like geothermal heat, solar panels and wind turbines. Of course, at $3.6 million per 18,000 sq ft building, this project wouldn’t be cheap. And with as much as $250,000 of the projects funds potentially coming from federal stimulus money and $400,000 from federal tax credits, those costs will partially subsidized as well.

One has to wonder if a totally “off the grid” project is really a smart option with the current financial market and limited battery technologies, but one thing is for sure At least the Gill’s can’t be accused of lacking ambition.

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Being a landlord or rehabber can be a tough business. Juggling tenants and repairs are a struggle in their own right, but sometimes the most stressful things can less tangible. For instance: keeping up with occupancy codes. And as of late, the City of St. Louis has been rabid in their enforcement.

In the past couple months I have personally experienced incorrect condemnation warnings and heard similar stories from numerous clients. As any City-investor knows, just about any property in a Housing Conservation District needs to be inspected by the City of St. Louis before it can be occupied. These inspections need to occur whenever there is a change in property ownership or a new tenant moves in. Simple enough right?

The problem is that one of the ways the City polices these changes is utility bills. If the gas, electric or water bill user switches at a property it is often as evidence of one of these changes. A warning is typically sent to the property owner followed by eventual condemnation if the owner does not comply. And when accurate, I have no problem with this. The trouble is that the system is not always inaccurate.

Take my situation for example. I rehabbed a house during the fall and just finished with it a little over a month ago. Nobody lives in it and it is not under contract yet, but that doesn’t stop the City from sending me an ominous and threatening letter about getting an inspection. But since it is not occupied yet I am under no obligation to get the inspection. I know this and their language doesn’t frighten me, but it might be different for others.

A more drastic example is from one of my clients buildings. I represented him in the purchase of the property last summer and have been leasing apartments in the building for him. The property is a 12-family, and it currently about 50% occupied. All occupied units have had proper inspections, but the vacant units are being inspected after each is fixed up and occupied. As long as nobody lives in any of the uninspected units it should be no problem right? Tell that to the tenants that got a condemnation notice on their door the day before Thanksgiving. I don’t manage the place, but got a call from one of the tenants I placed in the building that night and he was anxious to say the least. I explained the situation to him and it all eventually worked out just fine, but neither I nor the property owner should have ever been placed in that situation.

Since there is no obvious fix for this situation, the best advice I can give is to understand your rights and responsibilities and keep up with them. In the event of an issue, if you are honest with your tenants any major issue can easily be avoided. Just make sure the communication are always open or you could find yourself in the middle of something that is a little more difficult to dig your way out of.

For the basics on these inspections check out the St. Louis Housing Conservation website.

With the success of the 3-lane configuration test on South Grand, the powers that be decided to leave the bollards and concrete dividers creating the effect in place. The idea was that it would help people get used to the new layout, which is looming. The only problem is that those chunks of concrete are ugly.Enter the Saint Louis art community.

Since those bollards will be around for awhile (who knows how long it will be until the streetscape is actually redone), it seems that some people couldn’t stand to leave things status-quo for the winter. Over the last week or so, nearly all the bollards have been painted. There seems to have been at least three different artists who contributed. Judging by the art styles at least. Its pretty obvious in the pics below.  One of them appears to be Peat “The Eye Guy” Wollinger (http://www.flickr.com/photos/stensoul/) The long concrete divider at the northwest corner of Grand and Arsenal has also been painted, but I couldn’t take a good picture with all the traffic.

Overall, it adds a nice flair to the neighborhood. Even if you don’t like them, its nice to see businesses and residents being proactive in the area. That’s more than can be said of others. Make sure you keep an eye out for them the next time you pass through. Sorry, I couldn’t resist.

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They are still interconnected, but as time goes by they might diverge somewhat. I will continue to refine the site over the next few weeks and have a similar makeover coming to the actual blog. These changes have been a long time coming and when the final product is ready it will be better for both you readers and myself alike. I hope you like what I have done so far.

*NOTE – I am still working out a few bugs in the display for Internet Explorer. Should have those worked out in the next day or so. Also, I need to work on fixing all the blog links on the site so bare with me for a few days.

Although the impact of the Interstate 64 closure through St. Louis over the last two years has been less severe than most feared, it still had an impact nonetheless. Since we’ve all be inundated by news on the subject lately I won’t bore you with rehashes of other articles, but I did want to point out a couple of real estate-related affects.

The obvious one is that this closure has had an impact on anyone owning properties along the construction zone. Areas like Maplewood, Richmond Heights and Dogtown were probably the most negatively affected. The number of “For Rent” sings in these areas has been higher since the second phase of the project as would be assumed. Owners selling their homes have also had a harder time (at least at the prices that wanted) since most people would be reluctant to move-into an area in the midst of a traffic inducing construction project. Now that the project is over, and the flow of traffic goes back to normal, these areas can go back to their normal patterns.

Since I don’t do a ton of transactions in the areas listed above, I haven’t really witnessed this impact first hand. The one thing that I have had to deal with over the last two years is the pain in getting to title companies. For whatever reason, most title companies I have to use on all these foreclosure deals are around I-64. First American in Brentwood, Mokan, Investors and Continental in Clayton, and Bankers & Lenders as well as a few others further out. With having to drop off earnest money or show up for closings a couple times each week, the overly-long routes to these places have proven to be a huge pain.

For the time this reopening is going to shave off these trips, I am most thankful. If you are an agent yourself or an investor who buys a lot of properties I’m sure you can relate. It’s nice to be able to get where you are going without going in a circle. It’s good to simply be back to normal.

I had a little debate with a client yesterday about ceiling fans (Don’t I lead a glamorous life?), and it has me wondering what most people think of them. When buying a house or renting an apartment, what are your feelings towards ceiling fans? Are they a perk or an eyesore?

I have always been a supporter of using fans myself. In my own home, I use them often as they make the house more comfortable. They aren’t exactly the most beautiful things in the world, but their functionality more than makes up for it. I have always assumed this was how most people felt, but when my client told me that he hated fans and took them out of his home and never installs them in his rehabs, I started to wonder if this was a common held opinion. I’ll leave that choice up to you.

So what do you think of ceiling fans? Please fill out the poll below and fell free to elaborate in the comments section.

Even in the midst of neglect beauty can often be found. Buildings caving on themselves from lack of repair are not what most would consider aesthetically pleasing, but even in these wrecks a trained eye can see things worth noting. For instance, take a look at these pictures.

Photographer Robert “Ferd” Frank took these photos of the building at 3500 Illinois in the Marine Villa neighborhood. I posted an article on this property yesterday and if you look at the pictures I took, they look quite dreary and dull. But with the right lighting and exposure things look quite different. Obviously it will be to the benefit of all when this property and others like it are saved, but even in the worst of conditions there is always a positive side.

For more similar pics, check out the Ferdworks website.

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Gut rehabs of LRA (Land Reutilization Authority) have been few and far between in the past eighteen months, with construction financing has been virtually nonexistent in this economic climate. So you can count me surprised when I got a call from a friend saying that this 4,932 sq ft monster in Marine Villa was going to be turned into a single family home.

Originally a bakery on the first floor and a boarding house on the second and third, this 1902 property is undergoing demo as I write this. For those unfamiliar with it, the property is at the southeast corner of the intersection of Illinois and Potomac, just south of the Cherokee Antique District. Being developed by Tiger Lily Development by Clover Leaf General Contracting, the projected is being targeted for a June completion. That might seem a tad long, but considering the current condition of the property, such a timetable would be quite impressive.

To put it mildly, this place is a wreck. The garage addition on the rear needs to be totally ripped out, the roof is shot, the structure needs to be jacked up, all the floors are caving in… you get the idea. The picture gallery below is eyeopening to say the least. Due to budget restraints some improvements the developers wanted to tackle won’t be happening, but the rehab will be historic (they are using Missouri Historic Tax Credits) and green. Here are a few bullet points on the finished project:

• Spray foam insulation to maximize energy efficiency
• Geothermal heating and cooling system
• 4 bedrooms with one being on the first floor
• Third floor is a large loft area, which will be finished
• Storefront will be restored to the original glass
• Large 2-car carport int he rear

That is just a taste of what they will be doing. Quite impressive on such a limited budget. Its certainly great to see such grandiose projects still taking place in Marine Villa and Benton Park, which is just a block north. Expect more as the project progress.

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The Post Dispatch is reporting that Cardinals President Bill Dewitt III has informed them not to expect any changes in the 2010 lineup at the future Ballpark Village project location. Citing uncertain market conditions and financing concerns, it seems that 2011 is the earliest we can expect to hear anything. Obviously this site will eventually be developed since it is arguably the most developable infill location in the City of St. Louis, but this wait is a little trying.

On one hand I want to see the best development possible so if that means waiting for things to get better in the real estate market, so be it. On the other hand, I just can’t believe that they can’t get this thing off the ground considering St. Louis’ love affair with all thing Cardinals baseball. If other projects Downtown can get off the ground in less desirable locations I have no doubt that demand at Ballpark Village would be enough to get the first phase of this project off the ground at least. Hopefully the wait is worth it in the end and they don’t just plop a cookie-cutter project down. Too bad it will be so long until we find out.Enjoy playing softball and parking close to the stadium.

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After being under construction for years (literally), the commercial storefront at 3182 Morganford appears to be nearly ready for business. So what’s going to open up in this long vacant space at Morganford and Connecticut? A restaurant called Plaza Cafe & Grill.

Plaza Pastries & Donuts on the Connecticut side of the building finally opened at the end of this summer, but the main storefront has been sitting, nearly complete, for some time.  An “Opening Soon” sign has been up for over a month now, but the actual signs for the business are now in place so hopefully that means the opening is eminent. Another boon to Morganford and the Tower Grove South neighborhood as a whole. Aren’t we supposed to be in a  recession?

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The Magnolia Place condo development, under construction for more than a year at 4101 Magnolia in the Shaw neighborhood, is finally coming online. Units in the first phase, on the west end of the property, are now coming available and look to be quite nice. The development website is now up and running with pics and unit details. Prices are starting at $89,900.

Check out the project website for more details.

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We ran into a few snags along the way, my contractor bailed on me with two weeks to go, and there was a nice little delay in getting the concrete countertops in, but my rehab project at 3969 Humphrey is finally complete.Its been about four months since the project started in July, but I am really happy with the results. The property is going on the market later tonight for $134,900.

Just about everything was redone on the place. Here is a rundown of what we did:

• Totally redone kitchen including 42″ cabinets, concrete counters, stainless appliances,and unique magnetic-chalkboard backsplash.
• Totally redone bathroom
• Roof
• Flooring including maple hardwoods in living areas, tile in kitchen and bath, and carpets in bedrooms
• Low-E, thermal windows
• Furnace, AC condenser and water heater
• Plumbing including lateral to the yard and half service
• Electric including 200 amp service, 95% interior wiring and all fixtures; siding on rear addition
• Security alarm
• Fresh drywall and paint
• Landscaping

Needless to say, the place is virtually brand new. Take a look at it yourself via the pictures and video below. If you want to compare the final product to what it looked like before, you can see old pics here. I’m sure the place will sell fast, but there is no question that it feels very good to be done. Especially since I will probably try to do another one before the housing credit expires in April. What fun;)

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It’s 5:30pm and you just got home from work.  Your iPhone alerts you to an email you just received from a perspective tenant. It just wait until the morning can’t it? Not if you want to rent your unit to a good tenant ASAP.

If you have been renting  apartments for long you know ow annoying it can be trying to get back to all the email and phone inquiries. I do it for a living and even I have to fight the itch to put it off. Its tough, but that doesn’t mean you can afford to sit on your hands. Vacancies are up right now and ever minute counts. Obviously the more time that passes, the more likely that tenant will find a unit somewhere else. But there is another reason to get back quickly:  It’s your first impression.

All landlords screen their tenants to some degree (if you are smart you do a full screening), but most of them fail to realize that good tenants screen landlords as well. A quick response makes them think you are on the ball, but if it takes two days to get back they might be a little more skeptical. In their mind, that might mean that it will take two days to get a response to that broken furnace.

Obviously this is presumptuous, but perception is reality when all you know of someone is the first impression. People like good service and all tenants (good and bad) want to feel like their prospective landlord will take care of them if something happens with the property.

You don’t necessarily have to run off to a showing at the drop of a hat, but when you get back to a prospect quickly it lets them know that you are attentive. Tenants with good credit and income know they are every landlords dream. Just keep in mind while you are searching for this dream tenant that these people are in demand. You need to try to impress them. And gettign back to them quickly is a good start.

The following tables display all the multi-family properties sold in the City of St. Louis south of Delmar, from September 1st to September 30th, 2009. The properties are broken down by number of units.

It’s been a little over two months since I last posted about my ongoing rehab project, but I am happy to say that it will be done in less than two weeks. Trim work is about halfway complete so it will mostly be odds and ends from here on out.

At this point the roof, electric, plumbing, rear siding, HVAC, hardwoods, tile, kitchen cabinets, doors and windows are all complete. Baseboard trim should be finished up by Saturday so that finish caulking and painting can be completed. Other than that, here is the work that remains:

• Carpets
• Appliances
• Concrete counters
• Remaining bathroom fixtures
• Landscaping
• Painting the basement
• All those fun little odds and ends

In addition to the subcontractors, I will be at the house all weekend trying to finish up the outside. We are getting very close though and should be able to start cleaning up by the end of next weekend. Just in time to get the place under contract and close before the $8,000 homebuyer credit potentially expires. Since we upped the scale of the work at the place, and because the market is supporting it, the asking price will be $134,900 when it goes live. If you know anyone looking for a place, be sure to give them a heads up.

I plan on having an open house when the project is complete so expect details on that and final pics and a walkthrough video very soon. In the meantime, check out the current pics.

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If you frequent South Saint Louis, you have no-doubt seen Morganford Road. Stretching north and south from Arsenal at Tower Grove Park to Bayless in South Saint Louis County, the street is quite prominent. That is why it is so perplexing that there is no consistent name given to the street. Is it Morganford or Morgan Ford?

The origin of the street’s name literally comes from the name of a ford. A man by the name of Morgan (first or last name, I don’t know) operated a ford at River Des Peres. The street was named after this man. Despite a recently posted Post Dispatch story to the contrary, Morgan Ford was not a person’s first and last name. It was a literal ford.

I have always used the Morganford spelling myself, as it just seems to fit. Considering the fact that many local organizations and businesses, online mapping services such as Google and Yahoo, and even the postal service recognize this spelling, it seems right. But not so fast. The City of St. Louis officially recognizes the street as “Morgan Ford.”  Local business associations along the strip also recognize this spelling. All those street signs with the “Morgan Ford” spelling aren’t typos.

So what is the “official” name? That depends on who you ask. I am temped to start using the Morgan Ford spelling as the City uses that spelling on street signs, but the lack of postal and online recognition of this spelling holds me back.  This is a blog after all, so maybe I should keep in sync with the rest of the web-world. Which side of this name battle are you on? Me, I guess I am a Morganford man.