6572 County Road 424

Fulton, MO 65251

$49,000B-

3 bd · 2.0 ba · 980 sqft · Built 1996 · Manufactured · Pending · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,209/mo
• Mortgage (P&I): −$257
• Tax + insurance: −$35
• HOA: −$0
• Vac / Maint / Mgmt: −$254
• Net cashflow: $663/mo
• Annual: $7,961/yr
• Cap rate: 22.54%
• Cash-on-cash: 58.02%
• DSCR: 3.58
• 1% rule: 2.47%
• Cash to close: $13,720

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $49k.
• At list price, monthly cash flow is $663 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $339 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#115 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities F, commute F, employment D-.
• South Callaway County R-II (rural): math 40% / reading 52% proficiency, ranked #76 of 324 in MO (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Callaway Elem. (math 52% / reading 52%, grade C-, #231 of 1,115 statewide, top 24%, 173 students, 31% FRL); South Callaway High (math 32% / reading 57%, grade F, #179 of 521 statewide, top 39%, 248 students, 29% FRL).
• Market conditions: 134 active listings in the ZIP; 40 units permitted in Callaway County in 2024 (0 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 22.5% vs local median 4.0% in Fulton — 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.
• 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.