1748 Martingale Ln

Eureka, MO 63025

$469,900D

4 bd · 2.5 ba · 2,081 sqft · Built — · Other · Active · 309 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,900/mo
• Mortgage (P&I): −$2,464
• Tax + insurance: −$301
• HOA: −$0
• Vac / Maint / Mgmt: −$819
• Net cashflow: $316/mo
• Annual: $3,790/yr
• Cap rate: 7.10%
• Cash-on-cash: 2.88%
• DSCR: 1.13
• 1% rule: 0.83%
• Cash to close: $131,572

Investor read

• This is a 4-bed/2.5-bath other listed at $470k.
• At list price, monthly cash flow is $316 ($4k/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 $390k (17.0% below list).
• It's been on market 309 days — a 12% lower offer ($414k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $390k (17.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#97 in MO) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Rockwood R-VI (suburban): math 51% / reading 64% proficiency, ranked #9 of 324 in MO (top 3%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: 141 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 807 units permitted in Jefferson County in 2024 (104 in 5+ unit buildings).
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Cap rate 7.1% vs local median 3.2% in Eureka — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 309 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.