3204 Silver Creek Dr

Joplin, MO 64804

$185,000C-

3 bd · 2.0 ba · 1,458 sqft · Built 1960 · Other · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,675/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$153
• HOA: −$0
• Vac / Maint / Mgmt: −$352
• Net cashflow: $200/mo
• Annual: $2,402/yr
• Cap rate: 7.59%
• Cash-on-cash: 4.64%
• DSCR: 1.21
• 1% rule: 0.91%
• Cash to close: $51,800

Investor read

• This is a 3-bed/2.0-bath other listed at $185k.
• At list price, monthly cash flow is $200 ($2k/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 $168k (9.5% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $168k (9.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#318 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Joplin Schools (urban): math 30% / reading 39% proficiency, ranked #231 of 324 in MO (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Stapleton Elem. (math 38% / reading 47%, grade F, #477 of 1,115 statewide, top 43%, 410 students, 49% FRL); South Middle (math 40% / reading 48%, grade D, #121 of 391 statewide, top 32%, 573 students, 47% FRL).
• Market conditions: Rents rising fast (+15.7%/yr); 353 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 110 units permitted in Newton County in 2024 (40 in 5+ unit buildings).
• Newton County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 12y ago 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $52k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.6% vs local median 5.1% in Joplin — 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.
• This rent runs 32% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1960 — 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.