18356 Lassiter Ln

St. Robert, MO 65583

$139,900D+

3 bd · 2.0 ba · 1,152 sqft · Built 2025 · Manufactured · Active · 79 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,336/mo
• Mortgage (P&I): −$743
• Tax + insurance: −$236
• HOA: −$0
• Vac / Maint / Mgmt: −$281
• Net cashflow: $76/mo
• Annual: $916/yr
• Cap rate: 6.94%
• Cash-on-cash: 2.31%
• DSCR: 1.10
• 1% rule: 0.94%
• Cash to close: $39,675

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $140k. Condition is rated good.
• At list price, monthly cash flow is $76 ($916/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 $134k (4.5% below list).
• It's been on market 79 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $980 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Waynesville R-VI (town): math 46% / reading 53% proficiency, ranked #41 of 324 in MO (top 13%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Waynesville East Elem. (math 51% / reading 53%, grade C-, #231 of 1,115 statewide, top 24%, 929 students, 44% FRL); Waynesville Sr. High (math 37% / reading 53%, grade D-, #176 of 521 statewide, top 34%, 1,704 students, 39% FRL).
• Market conditions: Rents rising fast (+10.3%/yr); 156 active listings in the ZIP; solid renter incomes; 62 units permitted in Pulaski County in 2024 (0 in 5+ unit buildings).
• Cap rate 6.9% vs local median 4.4% in St. Robert — 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 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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.