6114 N Virginia Ave

Gladstone, MO 64118

$199,900D+

3 bd · 1.0 ba · 1,050 sqft · Built 1955 · SingleFamily · Coming Soon · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,639/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$244
• HOA: −$0
• Vac / Maint / Mgmt: −$344
• Net cashflow: $3/mo
• Annual: $31/yr
• Cap rate: 6.31%
• Cash-on-cash: 0.06%
• DSCR: 1.00
• 1% rule: 0.82%
• Cash to close: $55,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $200k.
• At list price, monthly cash flow is $3 ($31/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 (18.0% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $164k (18.0% 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 76/100 on livability (#44 in MO, #3,612 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities F, commute F.
• North Kansas City 74 (urban): math 38% / reading 49% proficiency, ranked #98 of 324 in MO (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Oakwood Manor Elementary (math 22% / reading 27%, grade F, #879 of 1,115 statewide, top 81%, 194 students, 51% FRL); Oak Park High (math 36% / reading 56%, grade D-, #170 of 521 statewide, top 33%, 1,756 students, 42% FRL).
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.2%/yr); 183 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 341 units permitted in Clay County in 2024 (40 in 5+ unit buildings).
• Clay County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 17y 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.
• Cap rate 6.3% vs local median 4.4% in Gladstone — 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

• Built in 1955 — 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.
• 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.