12 Bobwhite Dr

Kirksville, MO 63531

$159,000C+

4 bd · 2.0 ba · 1,704 sqft · Built 2000 · MultiFamily · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,711/mo
• Mortgage (P&I): −$834
• Tax + insurance: −$244
• HOA: −$0
• Vac / Maint / Mgmt: −$359
• Net cashflow: $274/mo
• Annual: $3,289/yr
• Cap rate: 8.36%
• Cash-on-cash: 7.39%
• DSCR: 1.33
• 1% rule: 1.08%
• Cash to close: $44,520

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $159k.
• At list price, monthly cash flow is $274 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $12k of equity ($1k loan paydown + $11k appreciation (7.0% local appreciation)).
• Location reads 67/100 on livability (#211 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, health & safety B+; Watch: schools C-, crime D, amenities F.
• Kirksville R-III (town): math 31% / reading 45% proficiency, ranked #194 of 324 in MO (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 1 active listings in the ZIP; 18 units permitted in Adair County in 2024 (0 in 5+ unit buildings).
• At projected returns (7.0% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 8.4% vs local median 5.2% in Kirksville — 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D 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.
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.