180 Grace Chapel Rd #302

Blue Eye, MO 65611

$135,000C+

2 bd · 2.0 ba · 1,150 sqft · Built 2008 · Condo · Pending · 241 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,574/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$118
• HOA: −$150
• Vac / Maint / Mgmt: −$331
• Net cashflow: $267/mo
• Annual: $3,209/yr
• Cap rate: 8.67%
• Cash-on-cash: 8.49%
• DSCR: 1.38
• 1% rule: 1.17%
• Cash to close: $37,800

Investor read

• This is a 2-bed/2.0-bath condo listed at $135k.
• At list price, monthly cash flow is $267 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• It's been on market 241 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($933 loan paydown + $4k appreciation (2.6% local appreciation)).
• Location reads 61/100 on livability (#449 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+; Watch: health & safety C-, schools D, crime F.
• Blue Eye R-V (rural): math 41% / reading 47% proficiency, ranked #107 of 324 in MO (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 91 active listings in the ZIP; 191 units permitted in Stone County in 2024 (0 in 5+ unit buildings).
• Stone County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 3y 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.
• At projected returns (2.6% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 8.7% vs local median 4.0% in Blue Eye — 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 241 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• 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?
• Crime grade is F 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.