313 E 3rd St

Altamont, MO 64620

$35,000B-

3 bd · 1.0 ba · 939 sqft · Built 1900 · SingleFamily · Active · 156 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $903/mo
• Mortgage (P&I): −$184
• Tax + insurance: −$58
• HOA: −$0
• Vac / Maint / Mgmt: −$190
• Net cashflow: $472/mo
• Annual: $5,659/yr
• Cap rate: 22.46%
• Cash-on-cash: 57.75%
• DSCR: 3.57
• 1% rule: 2.58%
• Cash to close: $9,800

Investor read

• This is a 3-bed/1.0-bath single-family listed at $35k. Condition is rated poor.
• At list price, monthly cash flow is $472 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($903 rent vs $35k).
• It's been on market 156 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($242 loan paydown + $2k appreciation (5.5% local appreciation)).
• Location reads 54/100 on livability (#769 in MO) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, 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.
• Zoned schools: Covel D. Searcy Elem. (math 52% / reading 57%, grade C, #190 of 1,115 statewide, top 19%, 218 students, 44% FRL); Gallatin Middle School (math 37% / reading 37%, grade F, #220 of 391 statewide, top 59%, 166 students, 36% FRL); Gallatin High (math 57% / reading 64%, grade C+, #32 of 521 statewide, top 6%, 164 students, 34% FRL) — zoned schools at 38% FRL track the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 35 active listings in the ZIP.
• Daviess County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.5% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 156 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Tarp covering the house.
• Major: exterior — Tarp covering the house.
• Major: flooring — Worn-out wood flooring.
• Major: interior walls/paint — Painted walls with visible wear.
• Major: landscaping — Overgrown yard and debris around the house.