1606 College St

Lamar, MO 64759

$124,900C-

3 bd · 1.0 ba · 1,728 sqft · Built 1900 · SingleFamily · Active · 49 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,229/mo
• Mortgage (P&I): −$655
• Tax + insurance: −$208
• HOA: −$0
• Vac / Maint / Mgmt: −$258
• Net cashflow: $108/mo
• Annual: $1,293/yr
• Cap rate: 7.33%
• Cash-on-cash: 3.70%
• DSCR: 1.16
• 1% rule: 0.98%
• Cash to close: $34,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $125k. Condition is rated fair.
• At list price, monthly cash flow is $108 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $123k (1.6% below list).
• It's been on market 49 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#284 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B; Watch: amenities F, commute F, employment F.
• Lamar R-I (town): math 37% / reading 37% proficiency, ranked #196 of 324 in MO (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lamar Elem. (math 40% / reading 35%, grade F, #607 of 1,115 statewide, top 55%, 268 students, 54% FRL); Lamar Middle (math 39% / reading 37%, grade F, #211 of 391 statewide, top 55%, 266 students, 53% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 62 active listings in the ZIP; 6 units permitted in Barton County in 2024 (0 in 5+ unit buildings).
• Barton County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Questions for listing agent

• It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and worn
• Major: kitchen flooring — severely worn carpet
• Moderate: exterior siding — visible wear
• Major: landscaping — overgrown lawn and trees