29253 Des Moines St

Wayland, MO 63472

$155,000B

4 bd · 2.0 ba · 2,246 sqft · Built 1900 · MultiFamily · Active · 49 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,053/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$258
• HOA: −$0
• Vac / Maint / Mgmt: −$431
• Net cashflow: $551/mo
• Annual: $6,608/yr
• Cap rate: 10.56%
• Cash-on-cash: 15.23%
• DSCR: 1.68
• 1% rule: 1.32%
• Cash to close: $43,400

Investor read

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $155k. Condition is rated good.
• At list price, monthly cash flow is $551 ($7k/yr) — positive. Per door: $275/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• It's been on market 49 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $150k (3.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• Location reads 52/100 on livability (#868 in MO) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Clark County R-I (rural): math 29% / reading 32% proficiency, ranked #268 of 324 in MO (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Black Hawk Elem. (math 32% / reading 27%, grade F, #813 of 1,115 statewide, top 75%, 365 students, 56% FRL); Clark Co. High (math 27% / reading 42%, grade F, #321 of 521 statewide, top 67%, 308 students, 46% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 2 units permitted in Clark County in 2024 (0 in 5+ unit buildings).
• Clark County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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 F-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.