180 Grace Chapel Rd Unit 221

Blue Eye, MO 65611

$177,777D+

2 bd · 2.0 ba · 1,370 sqft · Built 2007 · Condo · Active · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,645/mo
• Mortgage (P&I): −$932
• Tax + insurance: −$164
• HOA: −$150
• Vac / Maint / Mgmt: −$345
• Net cashflow: $53/mo
• Annual: $640/yr
• Cap rate: 6.65%
• Cash-on-cash: 1.29%
• DSCR: 1.06
• 1% rule: 0.93%
• Cash to close: $49,778

Investor read

• This is a 2-bed/2.0-bath condo listed at $178k.
• At list price, monthly cash flow is $53 ($640/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 $164k (7.5% below list).
• It's been on market 61 days — a 6% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $164k (7.5% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (2.6% local appreciation)).
• Location reads 61/100 on livability (#449 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+; Watch: health & safety C-, crime F, amenities F.
• Blue Eye R-V (rural): math 41% / reading 47% proficiency, ranked #107 of 324 in MO (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Blue Eye Elem. (math 37% / reading 47%, grade F, #481 of 1,115 statewide, top 46%, 198 students, 48% FRL); Blue Eye Middle (math 42% / reading 42%, grade D-, #149 of 391 statewide, top 41%, 170 students, 51% FRL); Blue Eye High (math 54% / reading 64%, grade C+, #35 of 521 statewide, top 8%, 178 students, 42% FRL) — zoned schools at 47% FRL track the district average.
• Market conditions: 93 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 191 units permitted in Stone County in 2024 (0 in 5+ unit buildings).
• Stone County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 8y 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 (2.6% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.7% vs local median 3.9% in Blue Eye — 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 61 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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 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?
• 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?