303 S Institute St · Richmond, MO 64085

$190,000

3 bd · 2.0 ba · 1,856 sqft · SingleFamily public records · 100 Days on market

Built 1910 0.50 ac lot $102/sqft · 7% below area Est $205k · 7% under

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +11.4/30.0
• ARV discount +10.7/15.0
• Appreciation +5.1/10.0
• Livability +3.4/5.0
• DSCR +3.3/10.0
• Schools +3.0/10.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Charming 2-story home full of character and space! This 3-bed, 2-bath property sits on a double lot with convenient alley access, offering extra room for parking, a future garage, or outdoor entertaining. Inside, you’ll love the beautiful original woodwork, large rooms, and timeless details throughout. The home features a comfortable main living area plus a second living room/seating area upstairs, perfect for a cozy retreat, office, or playroom. Located close to parks and schools, this property combines classic charm with a convenient location and plenty of space to grow.

Key facts

• Alley access
• Close to parks
• Second living room

Tags

• DOUBLE LOT
• ALLEY ACCESS
• ORIGINAL WOODWORK
• MAIN LIVING AREA
• SECOND LIVING ROOM
• CLOSE TO PARKS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $-66 ($-794/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (6.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (25.3% below list).
• Recommended offer: $142k (25.3% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 3.6% in Richmond — 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.

Location & tenants

• Location reads 67/100 on livability (#198 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Richmond R-XVI (town): math 32% / reading 39% proficiency, ranked #209 of 324 in MO (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sunrise Elem. (math 33% / reading 37%, grade F, #672 of 1,115 statewide, top 60%, 447 students, 53% FRL); Richmond Middle (math 35% / reading 39%, grade F, #220 of 391 statewide, top 59%, 359 students, 40% FRL); Richmond High (math 22% / reading 47%, grade F, #321 of 521 statewide, top 67%, 454 students, 32% FRL) — zoned schools at 42% FRL track the district average.
• Market conditions: 102 active listings in the ZIP; 56 units permitted in Ray County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($1k loan paydown + $562 appreciation (0.3% local appreciation)).
• Ray County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($173k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $141,986 (25.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 0.75% ✗
• Cap rate: 5.88%
• Cash-on-cash: -1.49%
• DSCR: 0.93
• GRM: 11.2

CMA / ARV

• ARV (median comp): $204,636
• List price: $190,000
• Delta: -7.15%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
306 Morningside Dr	0.31mi	3/2.0	1,872 (+1%)	9mo	$219,000	$117	77
407 Morningside Ter	0.42mi	3/2.5	1,860 (+0%)	2mo	$225,000	$121	76
415 Chestnut St	0.26mi	4/2.0 (+1)	1,900 (+2%)	14mo	$186,000	$98	67
305 E Main St	0.49mi	3/2.0	1,880 (+1%)	10mo	$195,000	$104	67
505 Hickory St	0.29mi	3/3.0	1,649 (-11%)	2mo	$259,000	$157	62
212 Sanderson Dr	0.64mi	4/2.5 (+1)	1,716 (-8%)	4mo	$219,000	$128	48
201 W Royle St	0.72mi	3/2.0	1,743 (-6%)	10mo	$210,900	$121	47
203 Sanderson Dr	0.68mi	3/2.0	1,632 (-12%)	5mo	$244,900	$150	44
409 Benton St	0.43mi	4/3.0 (+1)	1,610 (-13%)	9mo	$267,500	$166	41
303 Wellington St	0.48mi	4/2.0 (+1)	1,584 (-15%)	10mo	$180,000	$114	39
614 S Thornton St	0.74mi	3/2.5	2,063 (+11%)	7mo	$260,000	$126	39
514 Crispin St	0.67mi	3/1.0	1,625 (-12%)	7mo	$25,000	$15	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.3% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.8%
• Equity multiple: 0.87×
• Total profit: $-7,169
• Equity at exit: $57,997

10-year hold

• IRR: 2.7%
• Equity multiple: 1.30×
• Total profit: $16,074
• Equity at exit: $72,013

Cash invested: $53,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 81 Strongly Landlord-Friendly
• State Missouri: 81 Strongly Landlord-Friendly · R+10
• County: — inherits STATE
• City: — inherits STATE

Generally landlord-friendly; St Louis has some habitability requirements.

Methodology + full state rankings →

ZIP-level market 64085

• Home prices YoY: 0.1%
• Active inventory: 102
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,420 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$112 /mo · $1,347/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $-66

Break-even live

Break-even rent $1,504

Max offer price $178,317

Occupancy floor 100%

Sensitivity live

Price	-10% $41	-5% $-12	+0% $-66	+5% $-120	+10% $-174
Rent	-10% $-178	-5% $-122	+0% $-66	+5% $-10	+10% $46
Rate	-1.0pp $30	-0.5pp $-18	base $-66	+0.5pp $-115	+1.0pp $-165

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-21
   days on market $190,000 Active 100 DOM
2. 2026-06-21
   days on market $190,000 Active 99 DOM
3. 2026-06-18
   days on market $190,000 Active 97 DOM
4. 2026-06-17
   days on market $190,000 Active 96 DOM
5. 2026-06-16
   days on market $190,000 Active 95 DOM
6. 2026-06-15
   days on market $190,000 Active 94 DOM
7. 2026-06-13
   days on market $190,000 Active 92 DOM
8. 2026-06-12
   days on market $190,000 Active 91 DOM
9. 2026-06-09
   days on market $190,000 Active 88 DOM
10. 2026-06-08
    days on market $190,000 Active 87 DOM
11. 2026-06-07
    days on market $190,000 Active 86 DOM
12. 2026-06-07
    days on market $190,000 Active 85 DOM
13. 2026-06-04
    days on market $190,000 Active 82 DOM
14. 2026-06-02
    days on market $190,000 Active 81 DOM
15. 2026-06-01
    days on market $190,000 Active 80 DOM
16. 2026-05-31
    days on market $190,000 Active 79 DOM
17. 2026-05-17
    price $190,000 585-char remark

    Show marketing remark (585 chars)

    Charming 2-story home full of character and space! This 3-bed, 2-bath property sits on a double lot with convenient alley access, offering extra room for parking, a future garage, or outdoor entertaining. Inside, you’ll love the beautiful original woodwork, large rooms, and timeless details throughout. The home features a comfortable main living area plus a second living room/seating area upstairs, perfect for a cozy retreat, office, or playroom. Located close to parks and schools, this property combines classic charm with a convenient location and plenty of space to grow.

18. 2026-03-12
    listed $200,000 Active 585-char remark

    Show marketing remark (585 chars)

    Charming 2-story home full of character and space! This 3-bed, 2-bath property sits on a double lot with convenient alley access, offering extra room for parking, a future garage, or outdoor entertaining. Inside, you’ll love the beautiful original woodwork, large rooms, and timeless details throughout. The home features a comfortable main living area plus a second living room/seating area upstairs, perfect for a cozy retreat, office, or playroom. Located close to parks and schools, this property combines classic charm with a convenient location and plenty of space to grow.

19. 2016-07-29
    soldstatus Sold 235-char remark

    Show marketing remark (235 chars)

    Plenty of space in this three bedroom, two bath house. Home features a living room and sitting room downstairs, a second sitting room upstairs, main level master bedroom and laundry, and so much more. Home is updated and move-in ready!

20. 2016-05-25
    status Pending 235-char remark

    Show marketing remark (235 chars)

    Plenty of space in this three bedroom, two bath house. Home features a living room and sitting room downstairs, a second sitting room upstairs, main level master bedroom and laundry, and so much more. Home is updated and move-in ready!

21. 2016-05-18
    listed $86,900 Active 235-char remark

    Show marketing remark (235 chars)

    Plenty of space in this three bedroom, two bath house. Home features a living room and sitting room downstairs, a second sitting room upstairs, main level master bedroom and laundry, and so much more. Home is updated and move-in ready!

22. 2013-09-20
    soldstatus
23. 2012-08-31
    listed $92,000
24. 2010-05-12
    historical
25. 2009-08-18
    listed $98,500
26. 2004-11-20
    soldstatus
27. 2004-10-10
    listed $69,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MO · Resets to sale price

• Current annual tax: $1,347 · $112/mo
• Projected year-2 tax: $1,843 · $154/mo
• Expected delta: +$496/yr (+$41/mo · 36.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,038
• − Mortgage interest: −$10,643
• − Property taxes: −$1,347
• − Insurance: −$950
• − Repairs & maintenance: −$1,363
• − Management: −$1,363
• − Depreciation: −$5,527
• Taxable loss: −$4,155
• Est. tax savings @ 24.0%: +$997
• After-tax cash flow: $204/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Richmond R-XVI
• NCES district ID: 2926480
• Math proficiency: 32% ▼ -11.00%
• Reading proficiency: 39% ▼ -8.00%
• Median HH income: $44,070
• Composite: 30.17/100
• National rank: #6321
• State rank: #209 of 324 in MO

Livability — Richmond

• Score: 67/100
• State rank: #198
• US rank: #10160

Category grades

Amenities F Commute F Cost of living A+ Crime C Employment B- Housing A+ Health & safety C- User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, MO
• Population (ZIP): 8,113

Population outlook (Ray County) Hauer SSP2

• Today (2025): 21,420 people
• By 2030: 20,507 · -4.3%
• By 2040: 18,550 · -13.4%
• By 2050: 16,516 · -22.9%
• By 2075: 12,899 · -39.8%
• By 2100: 10,413 · -51.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 3% Two or more races 3% Black 2% Native American 1%
• Common ancestry: Lithuanian 3% Slovak 2% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Ray

• 2024 margin: Solid R (+48.7) · D 25.1% · R 73.8% · Other 1.1%
• 2008→2024 swing: -45.5pp toward R · 2008: -3.2pp · 2024: -48.7pp
• All cycles: 2024: R+48.7 2020: R+45.0 2016: R+37.1 2012: R+14.9 2008: R+3.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.30%
• Current HPI: 374.3671
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.84%
• F500 in state: 20

Industry mix (Fortune 500 HQ in MO)

Industry	F500 HQs	Revenue
▸Healthcare	1	$163B
▸Insurance	1	$21B
▸Industrial Technology	1	$17B
▸Retail	1	$16B
▸Industrial Distribution	1	$10B
▸Utilities	1	$9B

Price history

+171.8% since first listed

11 events — show timeline

• 2026-05-17 Price Changed $190,000 Heartland MLS as Distributed by MLS Grid
• 2026-03-12 Listed $200,000 Heartland MLS as Distributed by MLS Grid
• 2016-07-29 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2016-05-25 Pending — Heartland MLS as Distributed by MLS Grid
• 2016-05-18 Listed $86,900 Heartland MLS as Distributed by MLS Grid
• 2013-09-20 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2012-08-31 Listed $92,000 Heartland MLS as Distributed by MLS Grid
• 2010-05-12 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2009-08-18 Listed $98,500 Heartland MLS as Distributed by MLS Grid
• 2004-11-20 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2004-10-10 Listed $69,900 Heartland MLS as Distributed by MLS Grid

Property tax history

+9.5%/yr

Latest (2025): $1,347 · +4.4% YoY. Source: county tax records.