2203 Twin Oaks Dr

Harrisonville, MO 64701

$441,000B-

6 bd · 3.0 ba · 1,704 sqft · Built 1986 · MultiFamily · Active · 350 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $12,629/mo
• Mortgage (P&I): −$2,313
• Tax + insurance: −$428
• HOA: −$0
• Vac / Maint / Mgmt: −$2,652
• Net cashflow: $7,237/mo
• Annual: $86,841/yr
• Cap rate: 26.17%
• Cash-on-cash: 70.97%
• DSCR: 4.16
• 1% rule: 2.86%
• Cash to close: $123,480

Investor read

• This is a 6-bed/3.0-bath multifamily listed at $441k.
• At list price, monthly cash flow is $7k ($87k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $441k).
• It's been on market 350 days — a 12% lower offer ($388k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $388k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#231 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime F, amenities F.
• Harrisonville R-IX (town): math 32% / reading 46% proficiency, ranked #150 of 324 in MO (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 119 active listings in the ZIP; 588 units permitted in Cass County in 2024 (0 in 5+ unit buildings).
• Cass County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $123k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 26.2% vs local median 3.3% in Harrisonville — 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 350 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.