Renters in South City? (Housing, Tower Grove, Northampton, Southampton) (St. Louis: for sale, apartments)

[tabyzd]

I'm considering moving to the St. Louis area in the next year, and I'm really interested in buying one of the many old brick four-plexes buildings in South City (Tower Grove, Northampton, and a few other neighborhoods I've heard about on this forum) and living in one unit and renting out the other three to help pay the mortgage.

I'm a young professional and South City looks like a great place to call home. Is it a desirable area for professionals? Would I be able to find renters? I have some experience being a landlord, but it's in Portland, OR, where there is a very low "vacancy rate," which means that there are almost more renters than apartments, so it's very easy to find tenants.

I see lots of these old brick apartments for sale, and I love their historic charm. But there seems to be SO many of them in South City, perhaps they were built in a time with St. Louis' population was much higher than today - and I was wondering if there were far more apartments than tenants to fill them.

If anyone has experiences being a renter or a landlord in South City, please tell me your experiences!

[RubyJune]

I'm a South City renter, right by Tower Grove Park. I can't speak specifically to vacancy rates, but here's my observations from living in the city:

1. You have to be very careful which neighbourhood you buy in. Parts of South City are amazing, parts are okay, and parts are out and out garbage. This can even vary block by block.

2. You need to find the sweet spot in charging rent. Err on the side of slightly higher as opposed to slightly lower. If I see a rent that looks too low for the neighbourhood, I assume that neighbourhood is going to pot and you're needing to lower rent just to get people in there. (Too high, though, and you're out of luck too.)

3. The reason there are so many of them is because there are way too many people who have this idea that the city is dangerous and they keep fleeing to the suburbs. But there are lots of people like me who love the city and want no part of the county. Just make sure that what you buy is well kept and maintained, with quality amenities and you can charge a decent rent and get a decent tenant. There are far too many of those houses that the apartments are bare bones, cheap counters, scuffed floors, barely working appliances. Serious tenants won't pay for that. (By serious tenants, I mean people who want a real home as opposed to a place they are flopping for the next year because the rent fit their budget.)

4. Sound proof. Some people just buy these houses and divide them up into apartments without caring that there is a difference between home floors and apartment floors. My friend who lives in Kingshighway Hills - she can hear her neighbour above her sneeze and she always knows what he is watching on television. That is unacceptable. Make sure you take the time to adequately make them apartments.

In short, be a really good landlord, and it should pay off. Quality is key.

[bella84]

I agree with everything RubyJune said!

[tabyzd]

Thank you guys! I am a very conscientious landlord so I don't think that part will be a problem.

I've been told that South City is block-by-block as far as upkeep. Are there any neighborhoods where the whole neighborhood is a good bet? Is Tower Grove (South, East?) pretty solid through and through? Any recommendations?

[bella84]

It really is block-by-block in the Tower Grove area. The closer to the park, the better. That goes for Tower Grove South and Shaw neighborhoods. I think Tower Grove East is a little less stable, but you would probably be okay staying near the park. Southwest Garden, between Kingshighway and the MO Botanical Garden, is also a good area. Going further away, many parts of Southampton and Princeton Heights are good too, particularly near the Macklind Ave business district.

[RubyJune]

Tower Grove East is probably the most hit or miss in the area of town you're describing, with a slightly higher on the miss end. Whenever there is crime in the area, it's almost always TGE. Tower Grove South has more good than bad, but still spotty.

Shaw, Botanical Heights, Southwest Garden, The Hill, Kingshighway Hills, Northampton, Clifton Heights. All of these are great neighbourhoods.

[NewStLouisan]

Shaw, Southampton/Northampton, Southwest Gardens, St. Louis Hills, Princeton Heights, Lindenwood Park, Tower Grove South (north of Chippewa), Tower Grove East (west of Compton), Holly Hills are all great places to live.

Edit: Oh, I live (rent) in Shaw, and love it.

[tabyzd]

Thank you! Is Chippewa a major boundary that is best to stay north of, and if so, how far? I was looking at several places just north and south of Chippewa around right west of Kingshighway (4958 Lindenwood Ave is one address). The google street view makes it out to be a wonderful tree-lined block, and I still don't know why the prices are so incredibly low for these places. Looking for the "gotcha" I guess

[MACelticPrincess]

West of Kingshighway and south of Forest Park is mostly nice and stable areas with lots of families going back 4, 5 generations. East of Kingshighway is hit or miss.

[bella84]

Originally Posted by tabyzd

Thank you! Is Chippewa a major boundary that is best to stay north of, and if so, how far? I was looking at several places just north and south of Chippewa around right west of Kingshighway (4958 Lindenwood Ave is one address). The google street view makes it out to be a wonderful tree-lined block, and I still don't know why the prices are so incredibly low for these places. Looking for the "gotcha" I guess

I personally wouldn't chose to live near the intersection of Kingshxghway and Chippewa. There are a lot of sketchy characters roaming that intersection. However, in general, you are fine to go south of Chippewa and west of Kingshighway. There are nice areas in other sections of the city as well, areas that fall outside of the Kingshighway and Chippewa boundary - many of the neighborhoods have already been listed for you in other posts. While Northampton is a fine neighborhood in general, you are looking a street filled with apartment buildings within the neighborhood. Nothing wrong with that, except that, as I said, there are a lot a sketchy looking people roaming near that intersection. It's generally better, IMHO, to find a location that his a mix of single family and multifamily homes. After driving down a street near where you are looking, only a couple blocks to the north, while looking for properties, I knew that that particular area was not one I would want to live in. Go a little bit further away, in the same neighborhood, and it's much more appealing.