115 S 13th St

St. Joseph, MO 64501

$379,000B-

120 bd · None ba · 2,440 sqft · Built 1900 · MultiFamily · Active · 96 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,319/mo
• Mortgage (P&I): −$1,988
• Tax + insurance: −$632
• HOA: −$0
• Vac / Maint / Mgmt: −$1,747
• Net cashflow: $3,953/mo
• Annual: $47,434/yr
• Cap rate: 18.81%
• Cash-on-cash: 44.70%
• DSCR: 2.99
• 1% rule: 2.19%
• Cash to close: $106,120

Investor read

• This is a 12 × 1-bed/1-bath units multifamily listed at $379k.
• At list price, monthly cash flow is $4k ($47k/yr) — positive. Per door: $329/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $379k).
• It's been on market 96 days — a 9% lower offer ($345k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $345k (9.0% 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 $11k of value loss. Plan a longer hold.
• Location reads: area grade B — 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: 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 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 97 active listings in the ZIP; 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.
• 6 sale attempts since 23y ago; this cycle's ask has dropped $251k (40%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $106k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 18.8% vs local median 4.7% in St. Joseph — 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.
• At $8,319/mo this rent would consume 214% of the median local household income ($47k/yr) (locally 721% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 96 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — 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.
• 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.