1105 S Boundary St

Kirksville, MO 63501

$117,900D-

2 bd · 1.5 ba · 924 sqft · Built 1950 · SingleFamily · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $772/mo
• Mortgage (P&I): −$618
• Tax + insurance: −$88
• HOA: −$0
• Vac / Maint / Mgmt: −$162
• Net cashflow: $-97/mo
• Annual: $-1,159/yr
• Cap rate: 5.31%
• Cash-on-cash: -3.51%
• DSCR: 0.84
• 1% rule: 0.65%
• Cash to close: $33,012

Investor read

• This is a 2-bed/1.5-bath single-family listed at $118k.
• At list price, monthly cash flow is $-97 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $101k (14.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $77k (34.5% below list).
• It's been on market 41 days — a 3% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $77k (34.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $815 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#211 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, health & safety B+; Watch: schools C-, crime D, amenities F.
• Kirksville R-III (town): math 31% / reading 45% proficiency, ranked #194 of 324 in MO (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.8%/yr); 234 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 18 units permitted in Adair County in 2024 (0 in 5+ unit buildings).
• 4 sale attempts since 2y ago; this cycle's ask has dropped $12k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• This rent is only 15% of the median local income ($61k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 41 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D 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?
• 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.