302 E Richardson St · Gallatin, MO 64640

$174,500

3 bd · 3.0 ba · 1,555 sqft · Other public records · 22 Days on market

Built 1955 0.27 ac lot $112/sqft · at area comps Est $172k · at est.

---

Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Appreciation +10.0/10.0
• Cash flow +8.0/30.0
• ARV discount +7.0/15.0
• Schools +4.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• 1% rule +1.5/10.0

Listing remarks MLS

Great corner lots like this don’t come around often—especially one that’s already fenced and ready to enjoy! This charming property offers the space, layout, and updates buyers are looking for. Step inside to find 3 bedrooms and 2 full baths, plus both a living room AND a family room, giving everyone room to spread out and relax. The updated kitchen is absolutely adorable—stylish, functional, and perfect for everyday living or hosting friends and family. You’ll love the enclosed porch, ideal for morning coffee or unwinding at the end of the day, and outside, the large fenced yard provides plenty of space for kids, pets, or gardening. Bonus: there’s a garden shed for all your tools and extras! With its corner lot, great layout, and move-in-ready appeal, this one checks all the boxes. Homes like this don’t last—schedule your showing before it’s gone!

Key facts

• Fenced yard
• Enclosed porch
• Garden shed

Tags

• CORNER LOT
• FENCED YARD
• ENCLOSED PORCH
• GARDEN SHED

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath other listed at $174k.

Deal economics

• At list price, monthly cash flow is $-176 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $143k (17.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (35.3% below list).
• Recommended offer: $113k (35.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 61/100 on livability (#426 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools D+, amenities F, commute F.
• Gallatin R-V (rural): math 47% / reading 48% proficiency, ranked #66 of 324 in MO (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 124 active listings in the ZIP.

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $17k appreciation (10.0% local appreciation)).
• Daviess County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $112,860 (35.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 0.65% ✗
• Cap rate: 5.08%
• Cash-on-cash: -4.31%
• DSCR: 0.81
• GRM: 12.9

CMA / ARV

• ARV (median comp): $172,447
• List price: $174,500
• Delta: 1.19%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.2%
• Equity multiple: 2.71×
• Total profit: $83,781
• Equity at exit: $157,203

10-year hold

• IRR: 19.2%
• Equity multiple: 6.23×
• Total profit: $255,384
• Equity at exit: $339,015

Cash invested: $48,860 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 81 Strongly Landlord-Friendly
• State Missouri: 81 Strongly Landlord-Friendly · R+10
• County: — inherits STATE
• City: — inherits STATE

Generally landlord-friendly; St Louis has some habitability requirements.

Methodology + full state rankings →

ZIP-level market 64640

• Home prices YoY: 11.1%
• Active inventory: 124
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $1,129 medium
• Mortgage (P&I): −$915
• Tax from tax record: −$79 /mo · $954/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $-176

Break-even live

Break-even rent $1,351

Max offer price $143,468

Occupancy floor —

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $43,625
• Closing costs: $5,235
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-06
   status Active 915-char remark

   Show marketing remark (915 chars)

   Great corner lots like this don’t come around often—especially one that’s already fenced and ready to enjoy! This charming property offers the space, layout, and updates buyers are looking for. Step inside to find 3 bedrooms and 2 full baths, plus both a living room AND a family room, giving everyone room to spread out and relax. The updated kitchen is absolutely adorable—stylish, functional, and perfect for everyday living or hosting friends and family. You’ll love the enclosed porch, ideal for morning coffee or unwinding at the end of the day, and outside, the large fenced yard provides plenty of space for kids, pets, or gardening. Bonus: there’s a garden shed for all your tools and extras! With its corner lot, great layout, and move-in-ready appeal, this one checks all the boxes. Homes like this don’t last—schedule your showing before it’s gone!

2. 2026-04-27
   status Pending 915-char remark

   Show marketing remark (915 chars)

   Great corner lots like this don’t come around often—especially one that’s already fenced and ready to enjoy! This charming property offers the space, layout, and updates buyers are looking for. Step inside to find 3 bedrooms and 2 full baths, plus both a living room AND a family room, giving everyone room to spread out and relax. The updated kitchen is absolutely adorable—stylish, functional, and perfect for everyday living or hosting friends and family. You’ll love the enclosed porch, ideal for morning coffee or unwinding at the end of the day, and outside, the large fenced yard provides plenty of space for kids, pets, or gardening. Bonus: there’s a garden shed for all your tools and extras! With its corner lot, great layout, and move-in-ready appeal, this one checks all the boxes. Homes like this don’t last—schedule your showing before it’s gone!

3. 2026-04-20
   listed $174,500 Active 915-char remark

   Show marketing remark (915 chars)

   Great corner lots like this don’t come around often—especially one that’s already fenced and ready to enjoy! This charming property offers the space, layout, and updates buyers are looking for. Step inside to find 3 bedrooms and 2 full baths, plus both a living room AND a family room, giving everyone room to spread out and relax. The updated kitchen is absolutely adorable—stylish, functional, and perfect for everyday living or hosting friends and family. You’ll love the enclosed porch, ideal for morning coffee or unwinding at the end of the day, and outside, the large fenced yard provides plenty of space for kids, pets, or gardening. Bonus: there’s a garden shed for all your tools and extras! With its corner lot, great layout, and move-in-ready appeal, this one checks all the boxes. Homes like this don’t last—schedule your showing before it’s gone!

4. 2022-07-21
   soldstatus
5. 2022-04-05
   soldstatus
6. 1984-07-17
   soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MO · Resets to sale price

• Current annual tax: $954 · $79/mo
• Projected year-2 tax: $1,693 · $141/mo
• Expected delta: +$739/yr (+$62/mo · 77.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥106°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,543
• − Mortgage interest: −$9,775
• − Property taxes: −$954
• − Insurance: −$872
• − Repairs & maintenance: −$1,083
• − Management: −$1,083
• − Depreciation: −$5,076
• Taxable loss: −$5,301
• Est. tax savings @ 24.0%: +$1,272
• After-tax cash flow: $-836/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Gallatin R-V
• NCES district ID: 2912660
• Math proficiency: 47% ▲ 10.00%
• Reading proficiency: 48% ▲ 6.00%
• Median HH income: $42,284
• Composite: 39.98/100
• National rank: #3832
• State rank: #66 of 324 in MO

Livability — Gallatin

• Score: 61/100
• State rank: #426
• US rank: #17634

Category grades

Amenities F Commute F Cost of living A+ Crime A- Employment F Housing A+ Health & safety F User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gallatin, MO
• Population (ZIP): 3,183

Population outlook (Daviess County) Hauer SSP2

• Today (2025): 7,695 people
• By 2030: 7,386 · -4.0%
• By 2040: 6,860 · -10.9%
• By 2050: 6,375 · -17.2%
• By 2075: 5,084 · -33.9%
• By 2100: 3,583 · -53.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Hispanic / Latino 2% Two or more races 1%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Daviess

• 2024 margin: Solid R (+63.3) · D 17.9% · R 81.2%
• 2008→2024 swing: -40.5pp toward R · 2008: -22.8pp · 2024: -63.3pp
• All cycles: 2024: R+63.3 2020: R+60.2 2016: R+55.1 2012: R+33.0 2008: R+22.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 29.00%
• Current HPI: 290.2333
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.84%
• F500 in state: 20

Industry mix (Fortune 500 HQ in MO)

Industry	F500 HQs	Revenue
▸Healthcare	1	$163B
▸Insurance	1	$21B
▸Industrial Technology	1	$17B
▸Retail	1	$16B
▸Industrial Distribution	1	$10B
▸Utilities	1	$9B

Price history

6 events — show timeline

• 2026-05-06 Relisted — Heartland MLS as Distributed by MLS Grid
• 2026-04-27 Pending — Heartland MLS as Distributed by MLS Grid
• 2026-04-20 Listed $174,500 Heartland MLS as Distributed by MLS Grid
• 2022-07-21 Sold (Public Records) — Public Records
• 2022-04-05 Sold (Public Records) — Public Records
• 1984-07-17 Sold (Public Records) — Public Records

Property tax history

+2.2%/yr

Latest (2025): $954 · +2.6% YoY. Source: county tax records.