1012 Logan St

St. Joseph, MO 64505

$139,900F

3 bd · 2.0 ba · 1,100 sqft · Built 1927 · SingleFamily · Pending · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $850/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$121
• HOA: −$0
• Vac / Maint / Mgmt: −$178
• Net cashflow: $-184/mo
• Annual: $-2,203/yr
• Cap rate: 4.72%
• Cash-on-cash: -5.63%
• DSCR: 0.75
• 1% rule: 0.61%
• Cash to close: $39,172

Investor read

• This is a 3-bed/2.0-bath single-family listed at $140k.
• At list price, monthly cash flow is $-184 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $107k (23.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $85k (39.2% below list).
• It's been on market 64 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $85k (39.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• St. Joseph (urban): math 28% / reading 38% proficiency, ranked #241 of 324 in MO (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lindbergh Elem. (math 16% / reading 23%, grade F, #941 of 1,115 statewide, top 86%, 484 students, 99% FRL); Robidoux Middle (math 19% / reading 28%, grade F, #328 of 391 statewide, top 84%, 390 students, 99% FRL); Lafayette High (math 16% / reading 47%, grade F, #371 of 521 statewide, top 71%, 717 students, 100% FRL) — zoned schools average 99% FRL vs 53% district-wide (47 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 126 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 70 units permitted in Buchanan County in 2024 (0 in 5+ unit buildings).
• Buchanan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask has dropped $15k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Questions for listing agent

• 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?
• It's been on market 64 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
• Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.